Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 26, 2023 | |
Entity Registrant Name | ATLANTIC UNION BANKSHARES CORPORATION | |
Entity Central Index Key | 0000883948 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Securities Act File Number | 001-39325 | |
Entity Tax Identification Number | 54-1598552 | |
Entity Incorporation, State or Country Code | VA | |
Entity Address, Address Line One | 4300 Cox Road | |
Entity Address, City or Town | Glen Allen | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23060 | |
City Area Code | 804 | |
Local Phone Number | 633-5031 | |
Document Period End Date | Sep. 30, 2023 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 75,016,179 | |
Common Stock, Class A | ||
Title of 12(b) Security | Common Stock, par value $1.33 per share | |
Trading Symbol | AUB | |
Security Exchange Name | NYSE | |
Series A Preferred Stock | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/400th Interest in a Share of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A | |
Trading Symbol | AUB.PRA | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 233,526 | $ 216,384 |
Interest-bearing deposits in other banks | 159,718 | 102,107 |
Federal funds sold | 5,701 | 1,457 |
Total cash and cash equivalents | 398,945 | 319,948 |
Securities available for sale, at fair value | 2,084,928 | 2,741,816 |
Securities held to maturity, at carrying value | 843,269 | 847,732 |
Restricted stock, at cost | 104,785 | 120,213 |
Loans held for sale | 6,608 | 3,936 |
Loans held for investment, net of deferred fees and costs | 15,283,620 | 14,449,142 |
Less allowance for loan and lease losses | 125,627 | 110,768 |
Total loans held for investment, net | 15,157,993 | 14,338,374 |
Premises and equipment, net | 94,510 | 118,243 |
Goodwill | 925,211 | 925,211 |
Amortizable intangibles, net | 21,277 | 26,761 |
Bank owned life insurance | 449,452 | 440,656 |
Other assets | 649,258 | 578,248 |
Total assets | 20,736,236 | 20,461,138 |
LIABILITIES | ||
Noninterest-bearing demand deposits | 4,144,949 | 4,883,239 |
Interest-bearing deposits | 12,641,556 | 11,048,438 |
Total deposits | 16,786,505 | 15,931,677 |
Securities sold under agreements to repurchase | 134,936 | 142,837 |
Other short-term borrowings | 495,000 | 1,176,000 |
Long-term borrowings | 390,733 | 389,863 |
Other liabilities | 540,261 | 448,024 |
Total liabilities | 18,347,435 | 18,088,401 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $10.00 par value | 173 | 173 |
Common stock, $1.33 par value | 99,120 | 98,873 |
Additional paid-in capital | 1,779,281 | 1,772,440 |
Retained earnings | 988,133 | 919,537 |
Accumulated other comprehensive loss | (477,906) | (418,286) |
Total stockholders' equity | 2,388,801 | 2,372,737 |
Total liabilities and stockholders' equity | $ 20,736,236 | $ 20,461,138 |
Common shares outstanding | 74,997,132 | 74,712,622 |
Common shares authorized | 200,000,000 | 200,000,000 |
Preferred shares outstanding | 17,250 | 17,250 |
Preferred shares authorized | 500,000 | 500,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 |
Common stock, par value (in dollars per share) | $ 1.33 | $ 1.33 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 221,380 | $ 144,673 | $ 616,544 | $ 382,139 |
Interest on deposits in other banks | 1,309 | 941 | 3,815 | 1,229 |
Interest and dividends on securities: | ||||
Taxable | 16,055 | 14,750 | 48,373 | 43,110 |
Nontaxable | 8,415 | 10,792 | 26,220 | 31,889 |
Total interest and dividend income | 247,159 | 171,156 | 694,952 | 458,367 |
Interest expense: | ||||
Interest on deposits | 83,590 | 15,386 | 200,690 | 25,966 |
Interest on short-term borrowings | 6,499 | 1,229 | 22,106 | 1,805 |
Interest on long-term borrowings | 5,129 | 3,826 | 14,687 | 10,183 |
Total interest expense | 95,218 | 20,441 | 237,483 | 37,954 |
Net interest income | 151,941 | 150,715 | 457,469 | 420,413 |
Provision for credit losses | 4,991 | 6,412 | 22,911 | 12,771 |
Net interest income after provision for credit losses | 146,950 | 144,303 | 434,558 | 407,642 |
Noninterest income: | ||||
Service charges on deposit accounts | 8,557 | 6,784 | 24,577 | 22,421 |
Other service charges, commissions and fees | 2,632 | 1,770 | 6,071 | 5,134 |
Interchange fees | 2,314 | 2,461 | 7,098 | 6,539 |
Fiduciary and asset management fees | 4,549 | 4,134 | 13,169 | 18,329 |
Mortgage banking income | 666 | 1,390 | 1,969 | 6,707 |
Loss on sale of securities | (27,594) | 0 | (40,992) | (2) |
Bank owned life insurance income | 2,973 | 3,445 | 8,671 | 8,858 |
Loan-related interest rate swap fees | 2,695 | 2,050 | 6,450 | 8,510 |
Other operating income | 30,302 | 3,550 | 33,905 | 17,527 |
Total noninterest income | 27,094 | 25,584 | 60,918 | 94,023 |
Noninterest expenses: | ||||
Salaries and benefits | 57,449 | 56,600 | 179,996 | 170,203 |
Occupancy expenses | 6,053 | 6,408 | 18,503 | 19,685 |
Furniture and equipment expenses | 3,449 | 3,673 | 10,765 | 10,860 |
Technology and data processing | 7,923 | 8,273 | 24,631 | 23,930 |
Professional services | 3,291 | 3,504 | 11,138 | 12,274 |
Marketing and advertising expense | 2,219 | 2,343 | 7,387 | 7,008 |
FDIC assessment premiums and other insurance | 4,258 | 3,094 | 12,231 | 8,344 |
Franchise and other taxes | 4,510 | 4,507 | 13,508 | 13,506 |
Loan-related expenses | 1,388 | 1,575 | 4,560 | 5,218 |
Amortization of intangible assets | 2,193 | 2,480 | 6,687 | 8,434 |
Other expenses | 15,775 | 7,466 | 33,036 | 24,550 |
Total noninterest expenses | 108,508 | 99,923 | 322,442 | 304,012 |
Income before income taxes | 65,536 | 69,964 | 173,034 | 197,653 |
Income tax expense | 11,519 | 11,894 | 28,123 | 33,667 |
Net income | 54,017 | 58,070 | 144,911 | 163,986 |
Dividends on preferred stock | 2,967 | 2,967 | 8,901 | 8,901 |
Net Income available to common shareholders | $ 51,050 | $ 55,103 | $ 136,010 | $ 155,085 |
Basic earnings per common share | $ 0.68 | $ 0.74 | $ 1.81 | $ 2.07 |
Diluted earnings per common share | 0.68 | 0.74 | 1.81 | 2.07 |
Dividends declared per common share | $ 0.30 | $ 0.30 | $ 0.90 | $ 0.86 |
Basic weighted average number of common shares outstanding | 74,999,128 | 74,703,699 | 74,942,851 | 75,029,000 |
Diluted weighted average number of common shares outstanding | 74,999,128 | 74,705,054 | 74,943,999 | 75,034,084 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 54,017 | $ 58,070 | $ 144,911 | $ 163,986 | |
Cash flow hedges: | |||||
Change in fair value of cash flow hedges (net of tax, $2,547 and $6,417 for the three months and $3,241 and $15,691 for the nine months ended September 30, 2023 and 2022, respectively) | (9,581) | (24,142) | (12,192) | (59,027) | |
AFS securities: | |||||
Unrealized holding losses arising during period (net of tax, $21,051 and $32,388 for the three months and $21,178 and $112,226 for the nine months ended September 30, 2023 and 2022, respectively) | (79,193) | (121,841) | (79,669) | (422,183) | |
Reclassification adjustment for losses included in net income (net of tax, $5,795 and $0 for the three months and $8,608 and $0 for the nine months ended September 30, 2023 and 2022, respectively) | [1] | 21,799 | 0 | 32,383 | 2 |
HTM securities: | |||||
Reclassification adjustment for accretion of unrealized gain on AFS securities transferred to HTM (net of tax) | [2] | (2) | (4) | (7) | (14) |
Bank owned life insurance: | |||||
Unrealized holding gains arising during the period | 0 | 0 | 10 | 0 | |
Reclassification adjustment for (gains) losses included in net income | [3] | (62) | 151 | (145) | 468 |
Other comprehensive (loss) income: | (67,039) | (145,836) | (59,620) | (480,754) | |
Comprehensive (loss) income | $ (13,022) | $ (87,766) | $ 85,291 | $ (316,768) | |
[1] The gross amounts reclassified into earnings are reported as "Other operating income" on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. The gross amounts reclassified into earnings are reported within interest income on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. Reclassifications in earnings are reported in "Salaries and benefits" expense on the Company’s Consolidated Statements of Income. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax expense (benefit) on change in fair value of cash flow hedges before reclassification adjustments | $ (2,547) | $ (6,417) | $ (3,241) | $ (15,691) |
Tax expense (benefit) related to unrealized holding gains (losses) arising during period | (21,051) | (32,388) | (21,178) | (112,226) |
Tax expense (benefit) related to gains on the sale of securities | $ (5,795) | $ 0 | $ (8,609) | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings | AOCI Attributable to Parent | Total |
Beginning balance at Dec. 31, 2021 | $ 100,101 | $ 173 | $ 1,807,368 | $ 783,794 | $ 18,635 | $ 2,710,071 |
Net Income (Loss) | 43,690 | 43,690 | ||||
Other comprehensive income (loss) (net of taxes) | (210,118) | (210,118) | ||||
Dividends on common stock | (21,163) | (21,163) | ||||
Dividends on preferred stock | (2,967) | (2,967) | ||||
Stock purchased under stock repurchase plan | (837) | (24,181) | (25,018) | |||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 387 | 1,044 | 1,431 | |||
Stock-based compensation expense | 2,409 | 2,409 | ||||
Ending balance at Mar. 31, 2022 | 99,651 | 173 | 1,786,640 | 803,354 | (191,483) | 2,498,335 |
Beginning balance at Dec. 31, 2021 | 100,101 | 173 | 1,807,368 | 783,794 | 18,635 | 2,710,071 |
Net Income (Loss) | 163,986 | |||||
Other comprehensive income (loss) (net of taxes) | (480,754) | (480,754) | ||||
Ending balance at Sep. 30, 2022 | 98,845 | 173 | 1,769,858 | 874,393 | (462,119) | 2,281,150 |
Beginning balance at Mar. 31, 2022 | 99,651 | 173 | 1,786,640 | 803,354 | (191,483) | 2,498,335 |
Net Income (Loss) | 62,226 | 62,226 | ||||
Other comprehensive income (loss) (net of taxes) | (124,800) | (124,800) | ||||
Dividends on common stock | (20,912) | (20,912) | ||||
Dividends on preferred stock | (2,967) | (2,967) | ||||
Stock purchased under stock repurchase plan | (863) | (22,350) | (23,213) | |||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 34 | (154) | (120) | |||
Stock-based compensation expense | 2,927 | 2,927 | ||||
Ending balance at Jun. 30, 2022 | 98,822 | 173 | 1,767,063 | 841,701 | (316,283) | 2,391,476 |
Net Income (Loss) | 58,070 | 58,070 | ||||
Other comprehensive income (loss) (net of taxes) | (145,836) | (145,836) | ||||
Dividends on common stock | (22,411) | (22,411) | ||||
Dividends on preferred stock | (2,967) | (2,967) | ||||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 23 | 66 | 89 | |||
Stock-based compensation expense | 2,729 | 2,729 | ||||
Ending balance at Sep. 30, 2022 | 98,845 | 173 | 1,769,858 | 874,393 | (462,119) | 2,281,150 |
Beginning balance at Dec. 31, 2022 | 98,873 | 173 | 1,772,440 | 919,537 | (418,286) | 2,372,737 |
Net Income (Loss) | 35,653 | 35,653 | ||||
Other comprehensive income (loss) (net of taxes) | 56,353 | 56,353 | ||||
Dividends on common stock | (22,417) | (22,417) | ||||
Dividends on preferred stock | (2,967) | (2,967) | ||||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 199 | (1,654) | (1,455) | |||
Stock-based compensation expense | 2,332 | 2,332 | ||||
Ending balance at Mar. 31, 2023 | 99,072 | 173 | 1,773,118 | 929,806 | (361,933) | 2,440,236 |
Beginning balance at Dec. 31, 2022 | 98,873 | 173 | 1,772,440 | 919,537 | (418,286) | 2,372,737 |
Net Income (Loss) | 144,911 | |||||
Other comprehensive income (loss) (net of taxes) | (59,620) | (59,620) | ||||
Ending balance at Sep. 30, 2023 | 99,120 | 173 | 1,779,281 | 988,133 | (477,906) | 2,388,801 |
Beginning balance at Mar. 31, 2023 | 99,072 | 173 | 1,773,118 | 929,806 | (361,933) | 2,440,236 |
Net Income (Loss) | 55,241 | 55,241 | ||||
Other comprehensive income (loss) (net of taxes) | (48,934) | (48,934) | ||||
Dividends on common stock | (22,498) | (22,498) | ||||
Dividends on preferred stock | (2,967) | (2,967) | ||||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 16 | 89 | 105 | |||
Stock-based compensation expense | 3,287 | 3,287 | ||||
Ending balance at Jun. 30, 2023 | 99,088 | 173 | 1,776,494 | 959,582 | (410,867) | 2,424,470 |
Net Income (Loss) | 54,017 | 54,017 | ||||
Other comprehensive income (loss) (net of taxes) | (67,039) | (67,039) | ||||
Dividends on common stock | (22,499) | (22,499) | ||||
Dividends on preferred stock | (2,967) | (2,967) | ||||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 32 | 59 | 91 | |||
Stock-based compensation expense | 2,728 | 2,728 | ||||
Ending balance at Sep. 30, 2023 | $ 99,120 | $ 173 | $ 1,779,281 | $ 988,133 | $ (477,906) | $ 2,388,801 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Other comprehensive income, tax (benefit) | $ (17,804) | $ (12,992) | $ 14,983 | $ (38,806) | $ (33,214) | $ (49,701) |
Dividends on common stock (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.28 | $ 0.28 |
Dividends on preferred stock (in dollars per share) | $ 171.88 | $ 171.88 | $ 171.88 | $ 171.88 | $ 171.88 | $ 171.88 |
Stock purchased under stock repurchase plan, shares | 649,208 | 629,691 | ||||
Issuance of common stock under Equity Compensation Plans, for services rendered, and vesting of restricted stock, shares | 24,477 | 11,822 | 149,684 | 17,048 | 25,955 | 291,723 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities: | ||
Net income | $ 144,911 | $ 163,986 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of premises and equipment | 9,897 | 10,652 |
Writedown of ROU assets, foreclosed properties, and equipment | 1,929 | 4,768 |
Amortization, net | 18,215 | 23,838 |
Amortization related to acquisitions, net | 3,530 | 2,271 |
Provision for credit losses | 22,911 | 12,771 |
Losses on securities transactions | 40,992 | 2 |
Gain on sale of DHFB | 0 | (9,082) |
BOLI income | (8,671) | (8,858) |
Originations and purchases of LHFS | (109,934) | (263,162) |
Proceeds from sales of LHFS | 107,264 | 270,853 |
Gains on sales of foreclosed properties and former bank premises, net | (798) | (507) |
Gain on sale-leaseback transaction | (27,700) | 0 |
Stock-based compensation expenses | 8,347 | 8,065 |
Issuance of common stock for services | 561 | 611 |
Net increase in other assets | (74,154) | (6,491) |
Net increase in other liabilities | 78,276 | 117,188 |
Net cash provided by operating activities | 215,576 | 326,905 |
Investing activities: | ||
Purchases of AFS securities, restricted stock, and other investments | (425,431) | (97,518) |
Purchases of HTM securities | (13,826) | (225,026) |
Proceeds from sales of AFS securities and restricted stock | 856,881 | 29,719 |
Proceeds from maturities, calls and paydowns of AFS securities | 133,947 | 281,542 |
Proceeds from maturities, calls and paydowns of HTM securities | 15,453 | 8,223 |
Net increase in LHFI | (839,536) | (717,591) |
Net purchases in premises and equipment | (3,835) | (3,054) |
Proceeds from BOLI settlements | 353 | 2,876 |
Proceeds from sale-leaseback transaction | 45,805 | 0 |
Proceeds from sales of foreclosed properties and former bank premises | 5,846 | 5,965 |
Net cash used in investing activities | (224,343) | (714,864) |
Financing activities: | ||
Net (decrease) increase in noninterest-bearing deposits | (738,290) | 83,614 |
Net increase (decrease) in interest-bearing deposits | 1,593,090 | (148,497) |
Net (decrease) increase in short-term borrowings | (688,901) | 162,112 |
Cash dividends paid - common stock | (67,414) | (64,486) |
Cash dividends paid - preferred stock | (8,901) | (8,901) |
Repurchase of common stock | 0 | (48,231) |
Issuance of common stock | 563 | 3,849 |
Vesting of restricted stock, net of shares held for taxes | (2,383) | (3,060) |
Net cash provided by (used in) financing activities | 87,764 | (23,600) |
Increase (decrease) in cash and cash equivalents | 78,997 | (411,559) |
Cash, cash equivalents, and restricted cash at beginning of the period | 319,948 | 802,501 |
Cash, cash equivalents, and restricted cash at end of the period | 398,945 | 390,942 |
Cash payments for: | ||
Interest | 224,809 | 34,099 |
Income taxes | 15,501 | 1,224 |
Supplemental schedule of noncash investing and financing activities | ||
Transfers from loans to foreclosed properties | $ 0 | $ 404 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank had 109 branches and 123 ATMs located throughout Virginia and in portions of Maryland and North Carolina as of September 30, 2023. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements; however, in the opinion of management all adjustments necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other period. The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s 2022 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. Adoption of New Accounting Standards In March 2022, the FASB issued ASU No. 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method to allow nonprepayable financial assets to be included in a closed portfolio hedge using the portfolio layer method and to allow multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU No. 2022-01 effective January 1, 2023 and it did not have significant impact on its consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02 Financial Instruments- Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for TDRs by creditors and instead requires that an entity evaluate whether a loan modification represents a new loan or a continuation of an existing loan, consistent with the accounting for other loan modifications. The amendment also introduces new disclosure requirements for modifications to loans made to a borrower experiencing financial difficulty in the form of principal forgiveness, interest rate reductions, term extensions, or other-than-insignificant payment delays. The Company refers to these modifications to borrowers experiencing financial difficulty as Troubled Loan Modifications, or TLMs. In addition, the amendments 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. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted the amendments of ASU 2022-02 effective January 1, 2023 on a prospective basis. See below in Note 1 “Summary of Significant Accounting Policies” within this Item 1 of this Quarterly Report for discussion of the Company’s accounting policy for Loan Modifications and Note 3 “Loans and Allowance for Loan and Lease Losses” within this Item 1 of this Quarterly Report for more information. In March 2020, the FASB issued ASC 848, Reference Rate Reform . This guidance provides temporary, optional guidance to ease the potential burden in accounting for reference rate reform associated with the LIBOR transition. LIBOR and other interbank offered rates are widely used benchmark or reference rates that have been used in the valuation of loans, derivatives, and other financial contracts. ASC 848 provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. ASC 848 is intended to help stakeholders during the global market-wide reference rate transition period. The LIBOR cessation date for U.S. dollar settings was June 30, 2023. The amendments are effective as of March 12, 2020 through December 31, 2024 and can be adopted at an instrument level. The Company has elected the practical expedients provided in ASC 848 related to (1) accounting for contract modifications on its loans and securities tied to LIBOR and (2) asserting probability of the hedged item occurring, regardless of any expected modification in terms related to reference rate reform for the newly executed cash flow hedges. This amendment did not have a significant impact on the Company’s consolidated financial statements. Loan Modifications The Company evaluates all loan modifications according to the accounting guidance for loan refinancing and restructuring to determine whether the modification should be accounted for as a new loan or a continuation of the existing loan. If the modification meets the criteria to be accounted for as a new loan, any deferred fees and costs remaining prior to the modification are recognized in income and any new deferred fees and costs are recorded on the loan as part of the modification. If the modification does not meet the criteria to be accounted for as a new loan, any new deferred fees and costs resulting from the modification are added to the existing amortized cost basis of the loan. The Company adopted the accounting guidance in ASU No. 2022-02 on January 1, 2023 that eliminates the recognition and measurement of TDRs. Upon adoption of this guidance, the Company no longer applies its TDR accounting policy and instead accounts for modifications in accordance with its loan modifications policy stated in the preceding paragraph. For the Company’s policy for accounting for TDRs prior to the adoption of ASU No. 2022-02, see Note 1 “Summary of Significant Accounting Policies” of the Company’s 2022 Form 10-K. Effective January 1, 2023, the Company refers to modifications to loans where the borrower is experiencing financial difficulty and the modification is in the form of principal forgiveness, interest rate reductions, term extensions, other-than-insignificant payment delays, or a combination of the above modifications, as troubled loan modifications, or TLMs. The Company accounts for TLMs consistently with its accounting policy for accounting for loan modifications. The ALLL on TLMs is measured using the same method as all other LHFI. Refer to Note 3 “Loans and Allowance for Loan and Lease Losses” within this Item 1 of this Quarterly Report for additional disclosures related to TLMs. Accrued Interest Receivable The Company has elected to exclude accrued interest from the amortized cost basis in its determination of the ALLL, as well as the ACL reserve for securities. Accrued interest receivable totaled $68.5 million and $58.9 million on LHFI , $6.7 million and $8.6 million on HTM securities , and $9.0 million and $14.2 million on AFS securities at September 30, 2023 and December 31, 2022, respectively, and is included in “Other assets” on the Company’s Consolidated Balance Sheets. The Company’s policy is to write off accrued interest receivable through reversal of interest income when it becomes probable the Company will not be able to collect the accrued interest. For the quarters ended September 30, 2023 and September 30, 2022, accrued interest receivable write offs were not material to the Company’s consolidated financial statements. Allowance for Loan and Lease Losses The provision for loan losses is an amount sufficient to bring the ALLL to an estimated balance that management considers adequate to absorb expected losses in the loan portfolio over its expected contractual life. The Company periodically reviews its internal policies and practices to enhance the process for estimating the ALLL. Effective September 30, 2023, the Company implemented certain changes to its ALLL estimation methodology, as described below. These changes did not have a significant impact on the overall ALLL estimate. For information regarding the Company’s ALLL methodology before September 30, 2023, as well as the components of the ALLL methodology that did not change, see Note 1 “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” of the Company’s 2022 Form 10-K. Effective September 30, 2023, the Company now uses a loan-level PD/LGD method for all loan portfolios, eliminating the use of vintage and loss rate methods used for the auto and third-party consumer lending portfolios. In addition, the Company now considers various national economic variables in developing the ALLL and no longer uses the Virginia unemployment rate as its most significant economic variable. The national unemployment rate is used for all cohort models, regardless of portfolio type, and a second economic variable, such as national gross domestic product, national CRE pricing index, national home price index, and national retail sales, is used for each model depending on the portfolio type. The ALLL quantitative estimate is sensitive to changes in the economic variable forecasts during the two-year reasonable and supportable period. In determining forecasted expected losses, the Company uses Moody’s economic variable forecasts and applies probability weights to the related economic scenarios. The estimated loan losses that are forecasted using the methodology described above are then adjusted for changes in qualitative factors not inherently considered in the quantitative analysis. The qualitative factors include, among others, industry concentrations of the loan portfolio, expected changes to the economic forecasts, model imprecision, factors related to credit administration. Because current economic conditions and forecasts can change and future events are inherently difficult to predict, the anticipated amount of estimated credit losses on loans, and therefore the appropriateness of the ALLL, could change significantly. It is difficult to estimate how potential changes in any one economic factor or input might affect the overall allowance because a wide variety of factors and inputs are considered in estimating the allowance and changes in those factors and inputs considered may not occur at the same rate and may not be consistent across all loan types. Additionally, changes in factors and inputs may be directionally inconsistent, such that improvement in one factor may offset deterioration in others. |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2023 | |
Securities [Abstract] | |
SECURITIES | 2. SECURITIES Available for Sale The Company’s AFS investment portfolio is generally highly-rated or agency backed. All AFS securities were current with no securities past due or on non-accrual as of September 30, 2023 and December 31, 2022. The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of September 30, 2023 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value September 30, 2023 U.S. government and agency securities $ 62,221 $ — $ (383) $ 61,838 Obligations of states and political subdivisions 587,340 — (169,880) 417,460 Corporate and other bonds (1) 267,816 — (24,998) 242,818 Commercial MBS Agency 215,203 307 (50,289) 165,221 Non-agency 72,057 — (2,575) 69,482 Total commercial MBS 287,260 307 (52,864) 234,703 Residential MBS Agency 1,319,987 1 (268,152) 1,051,836 Non-agency 81,677 — (7,131) 74,546 Total residential MBS 1,401,664 1 (275,283) 1,126,382 Other securities 1,727 — — 1,727 Total AFS securities $ 2,608,028 $ 308 $ (523,408) $ 2,084,928 (1) Other bonds include asset-backed securities. The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2022 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value December 31, 2022 U.S. government and agency securities $ 70,196 $ — $ (8,253) $ 61,943 Obligations of states and political subdivisions 959,999 137 (152,701) 807,435 Corporate and other bonds (1) 243,979 — (17,599) 226,380 Commercial MBS Agency 250,186 75 (39,268) 210,993 Non-agency 99,412 — (4,244) 95,168 Total commercial MBS 349,598 75 (43,512) 306,161 Residential MBS Agency 1,510,110 81 (233,961) 1,276,230 Non-agency 68,815 — (6,812) 62,003 Total residential MBS 1,578,925 81 (240,773) 1,338,233 Other securities 1,664 — — 1,664 Total AFS securities $ 3,204,361 $ 293 $ (462,838) $ 2,741,816 (1) Other bonds include asset-backed securities. The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands). Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value (2) Losses Value Losses September 30, 2023 U.S. government and agency securities $ 59,568 $ (349) $ 2,169 $ (34) $ 61,737 $ (383) Obligations of states and political subdivisions 16,023 (3,567) 399,438 (166,313) 415,461 (169,880) Corporate and other bonds (1) 100,231 (776) 142,587 (24,222) 242,818 (24,998) Commercial MBS Agency 15,074 (709) 135,725 (49,580) 150,799 (50,289) Non-agency — — 69,482 (2,575) 69,482 (2,575) Total commercial MBS 15,074 (709) 205,207 (52,155) 220,281 (52,864) Residential MBS Agency 55,550 (461) 972,755 (267,691) 1,028,305 (268,152) Non-agency 19,776 (90) 45,745 (7,041) 65,521 (7,131) Total residential MBS 75,326 (551) 1,018,500 (274,732) 1,093,826 (275,283) Total AFS securities $ 266,222 $ (5,952) $ 1,767,901 $ (517,456) $ 2,034,123 $ (523,408) December 31, 2022 U.S. government and agency securities $ 2,594 $ (166) $ 59,269 $ (8,087) $ 61,863 $ (8,253) Obligations of states and political subdivisions 588,668 (86,895) 187,375 (65,806) 776,043 (152,701) Corporate and other bonds (1) 206,861 (15,019) 17,121 (2,580) 223,982 (17,599) Commercial MBS Agency 73,362 (7,024) 127,193 (32,244) 200,555 (39,268) Non-agency 66,618 (2,231) 28,550 (2,013) 95,168 (4,244) Total commercial MBS 139,980 (9,255) 155,743 (34,257) 295,723 (43,512) Residential MBS Agency 328,590 (27,769) 929,581 (206,192) 1,258,171 (233,961) Non-agency 18,939 (1,288) 43,064 (5,524) 62,003 (6,812) Total residential MBS 347,529 (29,057) 972,645 (211,716) 1,320,174 (240,773) Total AFS securities $ 1,285,632 $ (140,392) $ 1,392,153 $ (322,446) $ 2,677,785 $ (462,838) (1) Other bonds include asset-backed securities. (2) Comprised of 761 and 363 individual securities as of September 30, 2023 and December 31, 2022, respectively. The Company has evaluated AFS securities in an unrealized loss position for credit related impairment at September 30 , 2023 and December 31, 2022 and concluded no impairment existed based on several factors which included: (1) the majority of these securities are of high credit quality, (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) the contractual terms of the investments do not permit the issuer(s) to settle the securities at a price less than the cost basis of each investment, (4) issuers continue to make timely principal and interest payments, and (5) the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis. Additionally, the majority of the Company’s MBS are issued by FNMA, FHLMC, and GNMA and do not have credit risk given the implicit and explicit government guarantees associated with these agencies. In addition, the non-agency mortgage-backed and asset-backed securities generally received a 20% simplified supervisory formula approach rating. The following table presents the amortized cost and estimated fair value of AFS securities as of September 30, 2023 and December 31, 2022, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2023 December 31, 2022 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 56,948 $ 56,120 $ 42,447 $ 41,735 Due after one year through five years 138,070 135,530 158,063 152,523 Due after five years through ten years 262,259 236,096 343,303 312,935 Due after ten years 2,150,751 1,657,182 2,660,548 2,234,623 Total AFS securities $ 2,608,028 $ 2,084,928 $ 3,204,361 $ 2,741,816 Refer to Note 7 “Commitments and Contingencies” within this Item 1 of this Quarterly Report for information regarding the estimated fair value of AFS securities that were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of September 30 , 2023 and December 31, 2022 . Held to Maturity The Company’s HTM investment portfolio primarily consists of highly-rated municipal securities. The Company’s HTM securities were all current, with no securities past due or on non-accrual at September 30, 2023 and December 31, 2022. The Company reports HTM securities on the Company’s Consolidated Balance Sheets at carrying value. Carrying value is amortized cost, which includes any unamortized unrealized gains and losses recognized in AOCI prior to reclassifying the securities from AFS securities to HTM securities. The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of September 30, 2023 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value September 30, 2023 Obligations of states and political subdivisions $ 700,400 $ 49 $ (64,625) $ 635,824 Corporate and other bonds (1) 4,536 — (170) 4,366 Commercial MBS Agency 27,568 — (6,788) 20,780 Non-agency 24,930 — (904) 24,026 Total commercial MBS 52,498 — (7,692) 44,806 Residential MBS Agency 40,992 — (7,865) 33,127 Non-agency 44,843 — (920) 43,923 Total residential MBS 85,835 — (8,785) 77,050 Total HTM securities $ 843,269 $ 49 $ (81,272) $ 762,046 (1) Other bonds include asset-backed securities. The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2022 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value December 31, 2022 U.S. government and agency securities $ 687 $ — $ (56) $ 631 Obligations of states and political subdivisions 705,990 2,218 (35,957) 672,251 Corporate and other bonds (1) 5,159 — (10) 5,149 Commercial MBS Agency 29,025 — (4,873) 24,152 Non-agency 13,736 — (126) 13,610 Total commercial MBS 42,761 — (4,999) 37,762 Residential MBS Agency 42,699 — (6,427) 36,272 Non-agency 50,436 — (614) 49,822 Total residential MBS 93,135 — (7,041) 86,094 Total HTM securities $ 847,732 $ 2,218 $ (48,063) $ 801,887 (1) Other bonds include asset-backed securities . Credit Quality Indicators & Allowance for Credit Losses – HTM For HTM securities, the Company evaluates the credit risk of its securities on at least a quarterly basis. The Company estimates expected credit losses on HTM debt securities on an individual basis based on the PD/LGD methodology primarily using security-level credit ratings. The Company’s HTM securities ACL was insignificant at September 30, 2023 and December 31, 2022. The primary indicators of credit quality for the Company’s HTM portfolio are security type and credit rating, which is influenced by a number of factors including obligor cash flow, geography, seniority, and others. The majority of the Company’s HTM securities with credit risk are obligations of states and political subdivisions. The following table presents the amortized cost of HTM securities as of September 30, 2023 and December 31, 2022 by security type and credit rating (dollars in thousands): U.S. Government and Agency Obligations of states and political Corporate and other Mortgage-backed Total HTM securities subdivisions bonds securities securities September 30, 2023 Credit Rating: AAA/AA/A $ — $ 689,699 $ — $ 9,471 $ 699,170 BBB/BB/B — 1,171 — — 1,171 Not Rated – Agency (1) — — — 68,561 68,561 Not Rated – Non-Agency (2) — 9,530 4,536 60,301 74,367 Total $ — $ 700,400 $ 4,536 $ 138,333 $ 843,269 December 31, 2022 Credit Rating: AAA/AA/A $ — $ 704,803 $ — $ 2,702 $ 707,505 BBB/BB/B — 1,187 — — 1,187 Not Rated – Agency (1) 687 — — 71,725 72,412 Not Rated – Non-Agency (2) — — 5,159 61,469 66,628 Total $ 687 $ 705,990 $ 5,159 $ 135,896 $ 847,732 (1) Generally considered not to have credit risk given the government guarantees associated with these agencies. (2) Non-agency mortgage-backed and asset-backed securities have limited credit risk, supported by most receiving a 20% simplified supervisory formula approach rating. The following table presents the amortized cost and estimated fair value of HTM securities as of September 30, 2023 and December 31, 2022, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Due in one year or less $ 2,759 $ 2,735 $ 2,010 $ 2,006 Due after one year through five years 36,604 36,272 35,044 35,014 Due after five years through ten years 43,652 41,057 19,941 20,239 Due after ten years 760,254 681,982 790,737 744,628 Total HTM securities $ 843,269 $ 762,046 $ 847,732 $ 801,887 Refer to Note 7 Commitments and Contingencies within this Item 1 of this Quarterly Report for information regarding the estimated fair value of HTM securities that were pledged to secure public deposits as permitted or required by law as of September 30 , 2023 and December 31, 2022 . Restricted Stock, at cost Due to restrictions placed upon the Bank’s common stock investment in the FRB and the FHLB, these securities have been classified as restricted equity securities and carried at cost. These restricted securities are not subject to the investment security classifications and are included as a separate line item on the Company’s Consolidated Balance Sheets. At September 30, 2023 and December 31, 2022, restricted stock consists of FRB stock in the amount of $67.0 million, respectively, and FHLB stock in the amount of $37.8 million and $53.2 million, respectively. Realized Gains and Losses The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Realized gains (losses) (1) : Gross realized gains $ 4 $ 1,352 Gross realized losses (27,598) (42,344) Net realized losses $ (27,594) $ (40,992) Proceeds from sales of securities $ 256,780 $ 856,881 Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Realized losses (1) Gross realized losses (2) (2) Net realized losses $ (2) $ (2) Proceeds from sales of securities $ 12,469 $ 12,469 (1) Includes gains (losses) on sales and calls of securities. |
LOANS AND ALLOWANCE FOR LOAN AN
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES | 9 Months Ended |
Sep. 30, 2023 | |
Loans and Allowance for Loan Losses [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES | 3. LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES The following tables exclude LHFS. The Company’s LHFI are stated at their face amount, net of deferred fees and costs, and consisted of the following at September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Construction and Land Development $ 1,132,940 $ 1,101,260 Commercial Real Estate – Owner Occupied 1,975,281 1,982,608 Commercial Real Estate – Non-Owner Occupied 4,148,218 3,996,130 Multifamily Real Estate 947,153 802,923 Commercial & Industrial 3,432,319 2,983,349 Residential 1-4 Family – Commercial 517,034 538,063 Residential 1-4 Family – Consumer 1,057,294 940,275 Residential 1-4 Family – Revolving 599,282 585,184 Auto 534,361 592,976 Consumer 126,151 152,545 Other Commercial 813,587 773,829 Total LHFI, net of deferred fees and costs (1) 15,283,620 14,449,142 Allowance for loan and lease losses (125,627) (110,768) Total LHFI, net $ 15,157,993 $ 14,338,374 (1) Total loans included unamortized premiums and discounts, and unamortized deferred fees and costs totaling $58.4 million and $50.4 million as of September 30, 2023 and December 31, 2022, respectively. The following table shows the aging of the Company’s LHFI portfolio, by class, at September 30, 2023 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Current Past Due Past Due still Accruing Nonaccrual Total Loans Construction and Land Development $ 1,132,174 $ — $ 386 $ 25 $ 355 $ 1,132,940 Commercial Real Estate – Owner Occupied 1,963,601 3,501 1,902 2,395 3,882 1,975,281 Commercial Real Estate – Non-Owner Occupied 4,134,014 4,573 797 2,835 5,999 4,148,218 Multifamily Real Estate 947,003 — 150 — — 947,153 Commercial & Industrial 3,425,646 3,049 576 792 2,256 3,432,319 Residential 1-4 Family – Commercial 513,573 744 67 817 1,833 517,034 Residential 1-4 Family – Consumer 1,040,519 1,000 1,775 3,632 10,368 1,057,294 Residential 1-4 Family – Revolving 591,748 2,326 602 1,034 3,572 599,282 Auto 530,729 2,703 339 229 361 534,361 Consumer 125,373 517 164 97 — 126,151 Other Commercial 810,027 3,545 — 15 — 813,587 Total LHFI, net of deferred fees and costs $ 15,214,407 $ 21,958 $ 6,758 $ 11,871 $ 28,626 $ 15,283,620 % of total loans 99.55 % 0.14 % 0.04 % 0.08 % 0.19 % 100.00 % The following table shows the aging of the Company’s LHFI portfolio, by class, at December 31, 2022 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Current Past Due Past Due still Accruing Nonaccrual Total Loans Construction and Land Development $ 1,099,555 $ 1,253 $ 45 $ 100 $ 307 $ 1,101,260 Commercial Real Estate – Owner Occupied 1,970,323 2,305 635 2,167 7,178 1,982,608 Commercial Real Estate – Non-Owner Occupied 3,993,091 1,121 48 607 1,263 3,996,130 Multifamily Real Estate 801,694 1,229 — — — 802,923 Commercial & Industrial 2,980,008 824 174 459 1,884 2,983,349 Residential 1-4 Family – Commercial 534,653 1,231 — 275 1,904 538,063 Residential 1-4 Family – Consumer 919,833 5,951 1,690 1,955 10,846 940,275 Residential 1-4 Family – Revolving 577,993 1,843 511 1,384 3,453 585,184 Auto 589,235 2,747 450 344 200 592,976 Consumer 151,958 351 125 108 3 152,545 Other Commercial 773,738 — — 91 — 773,829 Total LHFI, net of deferred fees and costs $ 14,392,081 $ 18,855 $ 3,678 $ 7,490 $ 27,038 $ 14,449,142 % of total loans 99.60 % 0.13 % 0.03 % 0.05 % 0.19 % 100.00 % The following table shows the Company’s amortized cost basis of loans on nonaccrual status, including those on nonaccrual status with no related ALLL, as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Nonaccrual Nonaccrual With No ALLL Nonaccrual Nonaccrual With No ALLL Construction and Land Development $ 355 $ — $ 307 $ — Commercial Real Estate – Owner Occupied 3,882 — 7,178 908 Commercial Real Estate – Non-Owner Occupied 5,999 4,935 1,263 — Commercial & Industrial 2,256 1 1,884 1 Residential 1-4 Family – Commercial 1,833 — 1,904 — Residential 1-4 Family – Consumer 10,368 — 10,846 — Residential 1-4 Family – Revolving 3,572 — 3,453 — Auto 361 — 200 — Consumer — — 3 — Other Commercial — — — — Total LHFI $ 28,626 $ 4,936 $ 27,038 $ 909 There was no interest income recognized on nonaccrual loans during the three and nine months ended September 30, 2023 and 2022. See Note 1 “Summary of Significant Accounting Policies” in the “Notes to the Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” in the Company’s 2022 Form 10-K for additional information on the Company’s policies for nonaccrual loans. Troubled Loan Modifications The Company adopted ASU 2022-02 effective January 1, 2023 on a prospective basis. See Note 1 “Summary of Significant Accounting Policies” within this Item 1 of this Quarterly Report for information on the Company’s accounting policy for loan modifications to borrowers experiencing financial difficulty and how the Company defines TLMs. As of September 30, 2023, the Company had TLMs with an amortized cost basis of $29.4 million with an estimated $155,000 in allowance for those loans. As of September 30, 2023, there was $1.5 million of unfunded commitments on loans modified and designated as TLMs since January 1, 2023. The following tables present the amortized cost basis as of September 30, 2023 of TLMs modified during the three and nine months ended September 30, 2023 since January 1, 2023 (dollars in thousands): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Amortized Cost % of Total Class of Financing Receivable Amortized Cost % of Total Class of Financing Receivable Term Extension Commercial and Industrial $ 97 NM $ 2,008 0.06 % Commercial Real Estate – Non-Owner Occupied — 0.00 % 20,133 0.49 % Commercial Real Estate – Owner Occupied 766 0.04 % 766 0.04 % Residential 1-4 Family – Consumer 29 NM 603 0.06 % Total Term Extension $ 892 $ 23,510 Combination - Term Extension and Interest Rate Reduction Residential 1-4 Family – Consumer $ 127 0.01 % $ 959 0.09 % Residential 1-4 Family – Revolving — 0.00 % 15 NM Total Combination - Term Extension and Interest Rate Reduction $ 127 $ 974 Principal Forgiveness Commercial Real Estate – Non-Owner Occupied — 0.00 % 4,935 0.12 % Total Principal Forgiveness $ — $ 4,935 Total $ 1,019 $ 29,419 NM= Not Meaningful The following table describes the financial effects of TLMs on a weighted average basis for TLMs within that loan type for the three and nine months ended September 30, 2023: Three Months Ended September 30, 2023 Term Extension Loan Type Financial Effect Commercial Real Estate – Owner Occupied Added a weighted-average 0.2 years to the life of loans. Nine Months Ended September 30, 2023 Term Extension Loan Type Financial Effect Commercial and Industrial Added a weighted-average 0.2 years to the life of loans. Commercial Real Estate – Owner Occupied Added a weighted-average 0.2 years to the life of loans. Commercial Real Estate – Non-Owner Occupied Added a weighted-average 0.5 years to the life of loans. Residential 1-4 Family – Consumer Added a weighted-average 10.7 years to the life of loans. Combination - Term Extension and Interest Rate Reduction Loan Type Financial Effect Residential 1-4 Family – Consumer Added a weighted-average 20.3 years to the life of loans and reduced the weighted average contractual interest rate from 8.2% to 7.6% . Residential 1-4 Family – Revolving Added a weighted-average 19.1 years to the life of loans and reduced the weighted average contractual interest rate from 10.5% to 7.3% . Principal Forgiveness Loan Type Financial Effect Commercial Real Estate – Non-Owner Occupied Reduced the amortized cost basis of loans by $3.5 million. The Company considers a default of a TLM to occur when the borrower is 90 days past due following the modification or a foreclosure and repossession of the applicable collateral occurs. During the three and nine months ended September 30, 2023, the Company did not have any significant loans either individually or in the aggregate that went into default that have been modified and designated as TLMs. The Company monitors the performance of TLMs in order to determine the effectiveness of the modifications. As of September 30, 2023, no loans that have been modified and designated as TLMs are past due. Allowance for Loan and Lease Losses ALLL on the loan portfolio is a material estimate for the Company. The Company estimates its ALLL on its loan portfolio on a quarterly basis. The Company models the ALLL using two primary segments, Commercial and Consumer. Each loan segment is further disaggregated into classes based on similar risk characteristics. The Company has identified the following classes within each loan segment: ● Commercial: Construction and Land Development, Commercial Real Estate – Owner Occupied, Commercial Real Estate – Non-Owner Occupied, Multifamily Real Estate, Commercial & Industrial, Residential 1-4 Family – Commercial, and Other Commercial ● Consumer: Residential 1-4 Family – Consumer, Residential 1-4 Family – Revolving, Auto, and Consumer The following tables show the ALLL activity by loan segment for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Commercial Consumer Total Commercial Consumer Total Balance at beginning of period $ 92,970 $ 27,713 $ 120,683 $ 82,753 $ 28,015 $ 110,768 Loans charged-off (788) (841) (1,629) (7,589) (2,368) (9,957) Recoveries credited to allowance 878 457 1,335 1,911 1,626 3,537 Provision charged to operations 5,880 (642) 5,238 21,865 (586) 21,279 Balance at end of period $ 98,940 $ 26,687 $ 125,627 $ 98,940 $ 26,687 $ 125,627 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Commercial Consumer Total Commercial Consumer Total Balance at beginning of period $ 77,413 $ 26,771 $ 104,184 $ 77,902 $ 21,885 $ 99,787 Loans charged-off (1,086) (715) (1,801) (2,852) (2,415) (5,267) Recoveries credited to allowance 605 609 1,214 1,723 2,022 3,745 Provision charged to operations 6,969 (2,557) 4,412 7,128 2,616 9,744 Balance at end of period $ 83,901 $ 24,108 $ 108,009 $ 83,901 $ 24,108 $ 108,009 The increase in net charge offs for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 is primarily due to charge-offs associated with two commercial loans. Credit Quality Indicators The Company’s primary credit quality indicator for the Commercial segment is risk rating categories of Pass, Watch, Special Mention, Substandard, and Doubtful. The primary credit quality indicator for the Consumer segment is delinquency bands of Current, 30-59, 60-89, 90+, and Nonaccrual. See Note 3 “Loans and Allowance for Loan and Lease Losses” in the “Notes to the Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” in the Company’s 2022 Form 10-K for additional information on the Company’s policies and for further information on the Company’s credit quality indicators. Commercial Loans The table below details the amortized cost and gross write-offs of the classes of loans within the Commercial segment by risk level and year of origination as of September 30, 2023 (dollars in thousands): September 30, 2023 Term Loans Amortized Cost Basis by Origination Year Revolving 2023 2022 2021 2020 2019 Prior Loans Total Construction and Land Development Pass $ 168,844 $ 459,943 $ 329,757 $ 22,020 $ 12,638 $ 42,963 $ 45,247 $ 1,081,412 Watch 106 4,432 16,493 — — 836 — 21,867 Special Mention 168 — 4,514 — — 350 — 5,032 Substandard 23 1,244 1,824 21,208 205 125 — 24,629 Total Construction and Land Development $ 169,141 $ 465,619 $ 352,588 $ 43,228 $ 12,843 $ 44,274 $ 45,247 $ 1,132,940 Current period gross writeoff $ — $ — $ — $ — $ — $ (11) $ — $ (11) Commercial Real Estate – Owner Occupied Pass $ 123,946 $ 261,768 $ 196,135 $ 246,359 $ 264,095 $ 763,587 $ 23,835 $ 1,879,725 Watch — 1,325 4,021 2,815 9,671 26,719 847 45,398 Special Mention 788 859 251 — 992 10,312 464 13,666 Substandard 370 — — 337 4,196 31,589 — 36,492 Total Commercial Real Estate – Owner Occupied $ 125,104 $ 263,952 $ 200,407 $ 249,511 $ 278,954 $ 832,207 $ 25,146 $ 1,975,281 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate – Non-Owner Occupied Pass $ 310,417 $ 526,072 $ 714,965 $ 342,131 $ 483,006 $ 1,494,449 $ 23,728 $ 3,894,768 Watch — — 1,691 7,754 27,825 76,136 4 113,410 Special Mention — — — — 18,980 57,063 11,855 87,898 Substandard 4,936 — 2,139 11,298 5,939 27,830 — 52,142 Total Commercial Real Estate – Non-Owner Occupied $ 315,353 $ 526,072 $ 718,795 $ 361,183 $ 535,750 $ 1,655,478 $ 35,587 $ 4,148,218 Current period gross writeoff $ — $ — $ — $ — $ — $ (3,528) $ — $ (3,528) Commercial & Industrial Pass $ 730,110 $ 677,320 $ 449,135 $ 213,937 $ 131,347 $ 160,071 $ 887,127 $ 3,249,047 Watch 596 23,517 186 1,346 18,017 4,814 25,128 73,604 Special Mention 1,809 21,723 1,094 6,890 2,753 1,848 23,984 60,101 Substandard — 150 468 2,109 3,853 3,438 39,549 49,567 Total Commercial & Industrial $ 732,515 $ 722,710 $ 450,883 $ 224,282 $ 155,970 $ 170,171 $ 975,788 $ 3,432,319 Current period gross writeoff $ — $ — $ (6) $ — $ — $ (18) $ (1,813) $ (1,837) Multifamily Real Estate Pass $ 14,082 $ 117,935 $ 244,089 $ 223,382 $ 46,431 $ 254,568 $ 28,521 $ 929,008 Watch — — — — — 395 — 395 Special Mention — — — 250 3,734 232 — 4,216 Substandard — — — 13,534 — — — 13,534 Total Multifamily Real Estate $ 14,082 $ 117,935 $ 244,089 $ 237,166 $ 50,165 $ 255,195 $ 28,521 $ 947,153 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — Residential 1-4 Family – Commercial Pass $ 29,169 $ 63,380 $ 78,926 $ 71,358 $ 46,347 $ 212,109 $ 1,070 $ 502,359 Watch 49 390 586 223 765 6,124 109 8,246 Special Mention 48 — — — — 1,323 — 1,371 Substandard — — 618 182 604 3,401 253 5,058 Total Residential 1-4 Family – Commercial $ 29,266 $ 63,770 $ 80,130 $ 71,763 $ 47,716 $ 222,957 $ 1,432 $ 517,034 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — Other Commercial Pass $ 235,254 $ 126,200 $ 149,863 $ 84,078 $ 123,799 $ 65,234 $ 24,947 $ 809,375 Watch — — — 32 8 3,410 — 3,450 Special Mention 98 — — — — 649 — 747 Substandard — — — — — — 15 15 Total Other Commercial $ 235,352 $ 126,200 $ 149,863 $ 84,110 $ 123,807 $ 69,293 $ 24,962 $ 813,587 Current period gross writeoff $ — $ — $ — $ — $ — $ (2,213) $ — $ (2,213) Total Commercial Pass $ 1,611,822 $ 2,232,618 $ 2,162,870 $ 1,203,265 $ 1,107,663 $ 2,992,981 $ 1,034,475 $ 12,345,694 Watch 751 29,664 22,977 12,170 56,286 118,434 26,088 266,370 Special Mention 2,911 22,582 5,859 7,140 26,459 71,777 36,303 173,031 Substandard 5,329 1,394 5,049 48,668 14,797 66,383 39,817 181,437 Total Commercial $ 1,620,813 $ 2,286,258 $ 2,196,755 $ 1,271,243 $ 1,205,205 $ 3,249,575 $ 1,136,683 $ 12,966,532 Total current period gross writeoff $ — $ — $ (6) $ — $ — $ (5,770) $ (1,813) $ (7,589) The table below details the amortized cost of the classes of loans within the Commercial segment by risk level and year of origination as of December 31, 2022 (dollars in thousands): December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Construction and Land Development Pass $ 357,688 $ 499,738 $ 107,559 $ 17,191 $ 33,801 $ 36,335 $ 34,345 $ 1,086,657 Watch 242 1,637 — — 115 1,669 — 3,663 Special Mention 2,843 411 — — — 93 — 3,347 Substandard 1,254 3,148 40 211 1,345 1,595 — 7,593 Total Construction and Land Development $ 362,027 $ 504,934 $ 107,599 $ 17,402 $ 35,261 $ 39,692 $ 34,345 $ 1,101,260 Commercial Real Estate – Owner Occupied Pass $ 258,953 $ 215,414 $ 257,740 $ 282,110 $ 228,410 $ 624,238 $ 17,190 $ 1,884,055 Watch 1,060 176 2,437 9,567 9,736 31,331 916 55,223 Special Mention — 256 — 93 1,332 18,766 132 20,579 Substandard — 2,565 474 4,728 1,591 12,979 414 22,751 Total Commercial Real Estate – Owner Occupied $ 260,013 $ 218,411 $ 260,651 $ 296,498 $ 241,069 $ 687,314 $ 18,652 $ 1,982,608 Commercial Real Estate – Non-Owner Occupied Pass $ 496,079 $ 661,977 $ 385,084 $ 517,834 $ 373,126 $ 1,389,507 $ 34,804 $ 3,858,411 Watch — 2,151 2,091 11,915 19,550 20,683 2 56,392 Special Mention 232 — — 25,578 702 7,381 — 33,893 Substandard — — 10,460 3,083 29,012 4,879 — 47,434 Total Commercial Real Estate – Non-Owner Occupied $ 496,311 $ 664,128 $ 397,635 $ 558,410 $ 422,390 $ 1,422,450 $ 34,806 $ 3,996,130 Commercial & Industrial Pass $ 849,547 $ 536,982 $ 262,093 $ 182,263 $ 67,648 $ 120,326 $ 846,059 $ 2,864,918 Watch 1,399 1,305 18,682 5,039 12,843 1,984 41,836 83,088 Special Mention — 222 393 2,145 354 1,773 12,380 17,267 Substandard 94 513 112 2,911 1,449 1,339 11,658 18,076 Total Commercial & Industrial $ 851,040 $ 539,022 $ 281,280 $ 192,358 $ 82,294 $ 125,422 $ 911,933 $ 2,983,349 Multifamily Real Estate Pass $ 111,798 $ 90,952 $ 204,159 $ 47,240 $ 59,883 $ 231,745 $ 52,025 $ 797,802 Watch — — — 350 442 416 — 1,208 Special Mention — — — 3,826 — 87 — 3,913 Total Multifamily Real Estate $ 111,798 $ 90,952 $ 204,159 $ 51,416 $ 60,325 $ 232,248 $ 52,025 $ 802,923 Residential 1-4 Family – Commercial Pass $ 58,534 $ 86,881 $ 77,110 $ 50,721 $ 38,090 $ 199,783 $ 803 $ 511,922 Watch 500 — 539 852 1,532 5,378 113 8,914 Special Mention — — 94 7,771 582 2,630 — 11,077 Substandard — 632 1,400 463 473 2,883 299 6,150 Total Residential 1-4 Family – Commercial $ 59,034 $ 87,513 $ 79,143 $ 59,807 $ 40,677 $ 210,674 $ 1,215 $ 538,063 Other Commercial Pass $ 197,454 $ 211,438 $ 149,567 $ 119,795 $ 3,522 $ 69,243 $ 14,177 $ 765,196 Watch 5,095 — — 12 — 3,435 — 8,542 Substandard — — — — — — 91 91 Total Other Commercial $ 202,549 $ 211,438 $ 149,567 $ 119,807 $ 3,522 $ 72,678 $ 14,268 $ 773,829 Total Commercial Pass $ 2,330,053 $ 2,303,382 $ 1,443,312 $ 1,217,154 $ 804,480 $ 2,671,177 $ 999,403 $ 11,768,961 Watch 8,296 5,269 23,749 27,735 44,218 64,896 42,867 217,030 Special Mention 3,075 889 487 39,413 2,970 30,730 12,512 90,076 Substandard 1,348 6,858 12,486 11,396 33,870 23,675 12,462 102,095 Total Commercial $ 2,342,772 $ 2,316,398 $ 1,480,034 $ 1,295,698 $ 885,538 $ 2,790,478 $ 1,067,244 $ 12,178,162 Consumer Loans The following table details the amortized cost of the classes of loans within the Consumer segment based on their delinquency status and year of origination as of September 30, 2023 (dollars in thousands): September 30, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Total Residential 1-4 Family – Consumer Current $ 101,653 $ 255,179 $ 270,580 $ 155,239 $ 33,221 $ 224,635 $ 12 $ 1,040,519 30-59 Days Past Due 47 97 33 173 — 650 — 1,000 60-89 Days Past Due — 427 149 — — 1,199 — 1,775 90+ Days Past Due 49 — 1,719 — — 1,864 — 3,632 Nonaccrual — 491 565 — 106 9,206 — 10,368 Total Residential 1-4 Family – Consumer $ 101,749 $ 256,194 $ 273,046 $ 155,412 $ 33,327 $ 237,554 $ 12 $ 1,057,294 Current period gross writeoff $ — $ (16) $ — $ — $ (69) $ (39) $ — $ (124) Residential 1-4 Family – Revolving Current $ 36,058 $ 56,777 $ 12,148 $ 4,517 $ 1,059 $ 1,165 $ 480,024 $ 591,748 30-59 Days Past Due — 135 — — — — 2,191 2,326 60-89 Days Past Due 183 — — — — — 419 602 90+ Days Past Due — — — — — — 1,034 1,034 Nonaccrual — 157 27 53 — — 3,335 3,572 Total Residential 1-4 Family – Revolving $ 36,241 $ 57,069 $ 12,175 $ 4,570 $ 1,059 $ 1,165 $ 487,003 $ 599,282 Current period gross writeoff $ — $ — $ (3) $ — $ — $ — $ (26) $ (29) Auto Current $ 84,225 $ 229,046 $ 118,931 $ 59,340 $ 28,926 $ 10,261 $ — $ 530,729 30-59 Days Past Due 229 905 851 317 315 86 — 2,703 60-89 Days Past Due — 68 95 69 73 34 — 339 90+ Days Past Due 29 88 65 21 1 25 — 229 Nonaccrual 10 171 68 73 39 — — 361 Total Auto $ 84,493 $ 230,278 $ 120,010 $ 59,820 $ 29,354 $ 10,406 $ — $ 534,361 Current period gross writeoff $ (23) $ (410) $ (171) $ (101) $ (60) $ (48) $ — $ (813) Consumer Current $ 10,803 $ 26,226 $ 11,550 $ 8,635 $ 17,174 $ 25,877 $ 25,107 $ 125,372 30-59 Days Past Due 49 136 55 19 95 133 30 517 60-89 Days Past Due 12 5 12 24 59 19 33 164 90+ Days Past Due 10 40 37 4 — 7 — 98 Nonaccrual — — — — — — — — Total Consumer $ 10,874 $ 26,407 $ 11,654 $ 8,682 $ 17,328 $ 26,036 $ 25,170 $ 126,151 Current period gross writeoff $ (15) $ (65) $ (90) $ (652) $ (14) $ (510) $ (56) $ (1,402) Total Consumer Current $ 232,739 $ 567,228 $ 413,209 $ 227,731 $ 80,380 $ 261,938 $ 505,143 $ 2,288,368 30-59 Days Past Due 325 1,273 939 509 410 869 2,221 6,546 60-89 Days Past Due 195 500 256 93 132 1,252 452 2,880 90+ Days Past Due 88 128 1,821 25 1 1,896 1,034 4,993 Nonaccrual 10 819 660 126 145 9,206 3,335 14,301 Total Consumer $ 233,357 $ 569,948 $ 416,885 $ 228,484 $ 81,068 $ 275,161 $ 512,185 $ 2,317,088 Total current period gross writeoff $ (38) $ (491) $ (264) $ (753) $ (143) $ (597) $ (82) $ (2,368) The following table details the amortized cost of the classes of loans within the Consumer segment based on their delinquency status and year of origination as of December 31, 2022 (dollars in thousands): December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Residential 1-4 Family – Consumer Current $ 212,697 $ 263,734 $ 162,826 $ 36,197 $ 22,629 $ 221,738 $ 12 $ 919,833 30-59 Days Past Due 174 2,169 89 46 220 3,253 — 5,951 60-89 Days Past Due — — — — 413 1,277 — 1,690 90+ Days Past Due — — — 64 — 1,891 — 1,955 Nonaccrual — 423 — 307 940 9,176 — 10,846 Total Residential 1-4 Family – Consumer $ 212,871 $ 266,326 $ 162,915 $ 36,614 $ 24,202 $ 237,335 $ 12 $ 940,275 Residential 1-4 Family – Revolving Current $ 68,434 $ 13,810 $ 4,997 $ 1,672 $ 801 $ 476 $ 487,803 $ 577,993 30-59 Days Past Due 90 — — — — — 1,753 1,843 60-89 Days Past Due — — — — — — 511 511 90+ Days Past Due — — — — — — 1,384 1,384 Nonaccrual — 149 57 — 13 — 3,234 3,453 Total Residential 1-4 Family – Revolving $ 68,524 $ 13,959 $ 5,054 $ 1,672 $ 814 $ 476 $ 494,685 $ 585,184 Auto Current $ 285,036 $ 154,904 $ 81,710 $ 44,086 $ 15,974 $ 7,525 $ — $ 589,235 30-59 Days Past Due 808 772 451 456 134 126 — 2,747 60-89 Days Past Due 65 129 146 76 30 4 — 450 90+ Days Past Due 169 — 111 32 12 20 — 344 Nonaccrual — 113 18 62 2 5 — 200 Total Auto $ 286,078 $ 155,918 $ 82,436 $ 44,712 $ 16,152 $ 7,680 $ — $ 592,976 Consumer Current $ 36,513 $ 15,897 $ 11,019 $ 23,838 $ 16,084 $ 19,070 $ 29,537 $ 151,958 30-59 Days Past Due 61 27 36 113 34 61 19 351 60-89 Days Past Due 43 17 10 11 14 21 9 125 90+ Days Past Due 22 — 9 12 32 — 33 108 Nonaccrual — 3 — — — — — 3 Total Consumer $ 36,639 $ 15,944 $ 11,074 $ 23,974 $ 16,164 $ 19,152 $ 29,598 $ 152,545 Total Consumer Current $ 602,680 $ 448,345 $ 260,552 $ 105,793 $ 55,488 $ 248,809 $ 517,352 $ 2,239,019 30-59 Days Past Due 1,133 2,968 576 615 388 3,440 1,772 10,892 60-89 Days Past Due 108 146 156 87 457 1,302 520 2,776 90+ Days Past Due 191 — 120 108 44 1,911 1,417 3,791 Nonaccrual — 688 75 369 955 9,181 3,234 14,502 Total Consumer $ 604,112 $ 452,147 $ 261,479 $ 106,972 $ 57,332 $ 264,643 $ 524,295 $ 2,270,980 The Company did not have any significant revolving loans convert to term during the nine months ended September 30, 2023 or the year ended December 31, 2022. Prior to the adoption of ASU 2022-02 Troubled Debt Restructurings As of December 31, 2022, the Company had TDRs totaling $14.2 million with an estimated $739,000 of allowance for those loans. TDRs that occurred during the three and nine months ended September 30, 2022 were not significant. A TDR occurred when a lender, for economic or legal reasons, granted a concession to the borrower related to the borrower’s financial difficulties, that it would not have otherwise considered. All loans that were considered to be TDRs were evaluated for credit losses in accordance with the Company’s ALLL methodology. For the three and nine months ended September 30, 2022, the recorded investment in TDRs prior to modifications was not materially impacted by the modifications. The following table provides a summary, by class, of TDRs that continued to accrue interest under the terms of the applicable restructuring agreement, which were considered to be performing, and TDRs that had been placed on nonaccrual status, which were considered to be nonperforming, as of December 31, 2022 (dollars in thousands): December 31, 2022 No. of Recorded Outstanding Loans Investment Commitment Performing Construction and Land Development 3 $ 155 $ — Commercial Real Estate – Owner Occupied 2 997 — Commercial & Industrial 1 93 — Residential 1-4 Family – Consumer 83 7,761 — Residential 1-4 Family – Revolving 3 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 4. GOODWILL AND INTANGIBLE ASSETS The Company’s intangible assets consist of core deposits, goodwill, and other intangibles arising from acquisitions. The Company has determined that core deposit intangibles have finite lives and amortizes them over their estimated useful lives. Core deposit intangibles are being amortized over the period of expected benefit, which ranges from four years to ten years , using an accelerated method. Other amortizable intangible assets are being amortized over the period of expected benefit, which ranges from four years to ten years , using various methods. The Company concluded there was no impairment to the Company’s goodwill or intangible assets as of the balance sheet date. In the normal course of business, the Company routinely monitors the impact of the changes in the financial markets and includes these assessments in the Company’s impairment process. Effective January 1, 2023, the Company made an organizational change to move certain lines of business in the wealth management division that primarily serve Wholesale Banking customers from the Consumer Banking segment to the Wholesale Banking segment. As a result, the Company re-allocated $9.6 million and $1.6 million of goodwill and intangible assets, respectively, from the Consumer Banking segment to the Wholesale Banking segment. The Company determined that there was no impairment to the Bank’s goodwill prior to or after re-allocating goodwill. The Company restated its goodwill and intangible assets segment information for the year ended December 31, 2022 based on this organizational change. The following table presents the Company’s goodwill and intangible assets by operating segment as of September 30, 2023 and December 31, 2022 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total September 30, 2023 Goodwill $ 639,180 $ 286,031 $ — $ 925,211 Intangible Assets 1,366 1,108 18,803 21,277 December 31, 2022 Goodwill $ 639,180 $ 286,031 $ — $ 925,211 Intangible Assets 1,558 75 25,128 26,761 Refer to Note 12 “Segment Reporting and Revenue” for additional information on the Company’s reportable operating segment changes. Amortization expense of intangibles for the three months ended September 30, 2023 and 2022 totaled $2.2 million and $2.5 million, respectively. Amortization expense of intangibles for the nine months ended September 30, 2023 and 2022 totaled $6.7 million and $8.4 million, respectively. As of September 30, 2023, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands): For the remaining three months of 2023 $ 2,095 2024 6,936 2025 5,289 2026 3,654 2027 2,068 Thereafter 1,235 Total estimated amortization expense $ 21,277 |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
LEASES | 5. LEASES Lessor Arrangements The Company’s lessor arrangements consist of sales-type and direct financing leases for equipment, including vehicles and machinery, with terms ranging from 1 month to 122 months . At lease inception the Company estimates the expected residual value of the leased property at the end of the lease term by considering both internal and third-party appraisals. In certain cases, the Company obtains lessee-provided residual value guarantees and third-party residual value insurance to reduce its residual asset risk. At September 30, 2023 and December 31, 2022, the carrying value of residual assets covered by residual value guarantees and residual value insurance was $62.0 million and $44.3 million, respectively. For more information on the Company’s lessor arrangements, refer to Note 1 “Summary of Significant Accounting Policies” in the Company’s 2022 Form 10-K. Total net investment in sales-type and direct financing leases consists of the following (dollars in thousands): September 30, 2023 December 31, 2022 Sales-type and direct financing leases: Lease receivables, net of unearned income and deferred selling profit $ 325,556 $ 266,380 Unguaranteed residual values, net of unearned income and deferred selling profit 16,711 15,159 Total net investment in sales-type and direct financing leases $ 342,267 $ 281,539 Lessee Arrangements The Company’s lessee arrangements consist of operating and finance leases; however, the majority of the leases have been classified as non-cancellable operating leases and are primarily for real estate leases with remaining lease terms of up to 23 years . For more information on the Company’s lessee arrangements, refer to Note 1 “Summary of Significant Accounting Policies” in the Company’s 2022 Form 10-K. On September 20, 2023, the Bank entered into and closed on an agreement for the purchase and sale of 27 properties, which included 25 branches and a drive thru and parking lot, each adjacent to a sold branch, to a single purchaser, for an aggregate purchase price of $45.8 million. Concurrently, the Bank entered into absolute net lease agreements with the purchaser under which the Bank will lease each property for an initial term of 17 years with specified renewal options. The sale-leaseback transaction resulted in a pre-tax gain for the quarter ended September 30, 2023 of approximately $27.7 million, after transaction-related expenses, included in Other Operating Income in the accompanying Consolidated Statements of Income. Each lease agreement includes a 1.5% annual rent escalation during the initial term and 2.0% rent escalation during the renewal terms, if exercised. The Company recorded operating lease ROU assets and corresponding operating lease liabilities of $38.3 million and $38.1 million, respectively, which primarily drove the increases in operating ROU assets and operating lease liabilities at September 30, 2023, compared to December 31, 2022. The tables below provide information about the Company’s lessee lease portfolio and other supplemental lease information (dollars in thousands): September 30, 2023 December 31, 2022 Operating Finance Operating Finance ROU assets $ 68,807 $ 4,899 $ 35,729 $ 5,588 Lease liabilities 75,502 7,369 47,696 8,288 Lease Term and Discount Rate of Operating leases: Weighted-average remaining lease term (years) 11.66 5.33 6.80 6.08 Weighted-average discount rate (1) 6.06 % 1.17 % 2.91 % 1.17 % (1) A lease implicit rate or an incremental borrowing rate is used based on information available at commencement date of lease or at remeasurement date. Nine months ended September 30, 2023 2022 Cash paid for amounts included in measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 68 $ 79 Operating Cash Flows from Operating Leases 8,902 8,514 Financing Cash Flows from Finance Leases 919 885 ROU assets obtained in exchange for lease obligations: Operating leases $ 38,318 $ 1,268 Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net Operating Lease Cost $ 2,381 $ 2,117 $ 7,291 $ 6,658 Finance Lease Cost: Amortization of right-of-use assets 230 230 689 689 Interest on lease liabilities 22 25 68 79 Total Lease Cost $ 2,633 $ 2,372 $ 8,048 $ 7,426 The maturities of lessor and lessee arrangements outstanding are presented in the table below (dollars in thousands): September 30, 2023 Lessor Lessee Sales-type and Direct Financing Operating Finance For the remaining three months of 2023 $ 20,314 $ 3,536 $ 337 2024 84,391 13,666 1,358 2025 73,581 11,603 1,392 2026 62,743 9,146 1,427 2027 50,928 7,759 1,462 Thereafter 76,765 66,137 1,627 Total undiscounted cash flows 368,722 111,847 7,603 Less: Adjustments (1) 43,166 36,345 234 Total (2) $ 325,556 $ 75,502 $ 7,369 (1) Lessor – unearned income and unearned guaranteed residual value; Lessee – imputed interest. (2) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. |
BORROWINGS
BORROWINGS | 9 Months Ended |
Sep. 30, 2023 | |
Borrowings [Abstract] | |
BORROWINGS | 6. BORROWINGS Short-term Borrowings The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Total short-term borrowings consist primarily of securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold, advances from the FHLB, federal funds purchased (which are secured overnight borrowings from other financial institutions), and other lines of credit. Total short-term borrowings consist of the following as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, December 31, 2023 2022 Securities sold under agreements to repurchase $ 134,936 $ 142,837 Federal Funds Purchased — 160,000 FHLB Advances 495,000 1,016,000 Total short-term borrowings $ 629,936 $ 1,318,837 Average outstanding balance during the period $ 633,896 $ 302,060 Average interest rate during the period 4.66 % 1.79 % Average interest rate at end of period 5.12 % 3.89 % The Bank maintains federal funds lines with several correspondent banks; the available balance was $737.0 million and $1.0 billion at September 30, 2023 and December 31, 2022, respectively. The Company maintains an alternate line of credit at a correspondent bank; the available balance was $25.0 million at both September 30, 2023 and December 31, 2022. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with these lines and was in compliance with these covenants as of September 30, 2023 and December 31, 2022. Additionally, the Company had a collateral dependent line of credit with the FHLB of up to $6.2 billion at September 30, 2023 and $6.0 billion at December 31, 2022. The remaining credit availability on the collateral dependent line of credit with the FHLB was $5.7 billion and $4.9 billion at September 30, 2023 and December 31, 2022, respectively. Refer to Note 7 “Commitments and Contingencies” for additional information on the Company’s pledged collateral. Starting in the first quarter of 2023, the Company was eligible to borrow from the Federal Reserve's BTFP, which provides additional contingent liquidity through the pledging of certain qualifying securities. The BTFP is a one-year program ending March 11, 2024, and the Company can borrow any time during the term and can repay the obligation at any time without penalty. As of September 30, 2023, liquidity of $531.0 million was available based on the par-value of qualifying securities from BTFP. The Company had not utilized the BTFP facility as of September 30, 2023. Long-term Borrowings In connection with several previous bank acquisitions, the Company issued $58.5 million and acquired $92.0 million of trust preferred capital notes. The remaining fair value discount on all acquired trust preferred capital notes was $11.9 million and $12.5 million at September 30, 2023 and December 31, 2022, respectively. Total long-term borrowings consist of the following as of September 30, 2023 (dollars in thousands): Spread to Principal 3-Month SOFR (1) Rate (2) Maturity Investment (3) Trust Preferred Capital Securities Trust Preferred Capital Note - Statutory Trust I $ 22,500 2.75 % 8.41 % 6/17/2034 $ 696 Trust Preferred Capital Note - Statutory Trust II 36,000 1.40 % 7.06 % 6/15/2036 1,114 VFG Limited Liability Trust I Indenture 20,000 2.73 % 8.39 % 3/18/2034 619 FNB Statutory Trust II Indenture 12,000 3.10 % 8.76 % 6/26/2033 372 Gateway Capital Statutory Trust I 8,000 3.10 % 8.76 % 9/17/2033 248 Gateway Capital Statutory Trust II 7,000 2.65 % 8.31 % 6/17/2034 217 Gateway Capital Statutory Trust III 15,000 1.50 % 7.16 % 5/30/2036 464 Gateway Capital Statutory Trust IV 25,000 1.55 % 7.21 % 7/30/2037 774 MFC Capital Trust II 5,000 2.85 % 8.51 % 1/23/2034 155 Total Trust Preferred Capital Securities $ 150,500 $ 4,659 Subordinated Debt (4) 2031 Subordinated Debt 250,000 — % 2.875 % 12/15/2031 Total Subordinated Debt (5) $ 250,000 Fair Value Discount (6) (14,426) Investment in Trust Preferred Capital Securities 4,659 Total Long-term Borrowings $ 390,733 (1) As part of the adoption of ASC 848, the index changed from Three-Month LIBOR to Three-Month CME SOFR + 0.262% in the third quarter of 2023. For more information on ASC 848, refer to Note 1 “Summary of Significant Accounting Policies” in Part 1, Item 1 of this Quarterly Report. (2) Rate as of September 30, 2023. Calculated using non-rounded numbers. (3) Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets . (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $11.9 million and $2.6 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. Total long-term borrowings consist of the following as of December 31, 2022 (dollars in thousands): Spread to Principal 3-Month LIBOR (1) Rate (2) Maturity Investment (3) Trust Preferred Capital Securities Trust Preferred Capital Note - Statutory Trust I $ 22,500 2.75 % 7.52 % 6/17/2034 $ 696 Trust Preferred Capital Note - Statutory Trust II 36,000 1.40 % 6.17 % 6/15/2036 1,114 VFG Limited Liability Trust I Indenture 20,000 2.73 % 7.50 % 3/18/2034 619 FNB Statutory Trust II Indenture 12,000 3.10 % 7.87 % 6/26/2033 372 Gateway Capital Statutory Trust I 8,000 3.10 % 7.87 % 9/17/2033 248 Gateway Capital Statutory Trust II 7,000 2.65 % 7.42 % 6/17/2034 217 Gateway Capital Statutory Trust III 15,000 1.50 % 6.27 % 5/30/2036 464 Gateway Capital Statutory Trust IV 25,000 1.55 % 6.32 % 7/30/2037 774 MFC Capital Trust II 5,000 2.85 % 7.62 % 1/23/2034 155 Total Trust Preferred Capital Securities $ 150,500 $ 4,659 Subordinated Debt (4) 2031 Subordinated Debt 250,000 — % 2.875 % 12/15/2031 Total Subordinated Debt (5) $ 250,000 Fair Value Discount (6) (15,296) Investment in Trust Preferred Capital Securities 4,659 Total Long-term Borrowings $ 389,863 (1) The index rate changed from Three-Month LIBOR to Three-Month CME SOFR + 0.262% in the third quarter of 2023 due to LIBOR cessation. (2 ) Rate as of December 31, 2022. Calculated using non-rounded numbers. (3 ) Represents the junior subordinated debentures owned by the Company in trust and is reported in "Other assets" on the Company’s Consolidated Balance Sheets. (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2026, the interest changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $12.5 million and $2.8 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. As of September 30, 2023, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands): Trust Preferred Total Capital Subordinated Fair Value Long-term Notes Debt Discount (1) Borrowings For the remaining three months of 2023 $ — $ — $ (292) $ (292) 2024 — — (1,187) (1,187) 2025 — — (1,211) (1,211) 2026 — — (1,236) (1,236) 2027 — — (1,263) (1,263) Thereafter 155,159 250,000 (9,237) 395,922 Total long-term borrowings $ 155,159 $ 250,000 $ (14,426) $ 390,733 (1) Includes discount on Trust Preferred Capital Securities and Subordinated Debt. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 7. COMMITMENTS AND CONTINGENCIES Litigation and Regulatory Matters In the ordinary course of its operations, the Company and its subsidiaries are subject to loss contingencies related to legal and regulatory proceedings. The Company establishes accruals for those matters when a loss contingency is considered probable and the related amount is reasonably estimable. When it is practicable, the Company estimates possible loss contingencies, whether or not there is an accrued probable loss. When the Company is able to estimate such losses and when it is reasonably possible that the Company could incur losses in excess of the amounts accrued, the Company discloses the aggregate estimation of such possible losses. As previously disclosed, on February 9, 2022, pursuant to the CFPB’s Notice and Opportunity to Respond and Advise process, the CFPB Office of Enforcement notified the Bank that it is considering recommending that the CFPB take legal action against the Bank in connection with alleged violations of Regulation E, 12 C.F.R. § 1005.17, and the Consumer Financial Protection Act, 12 U.S.C. §§ 5531 and 5536, in connection with the Bank’s overdraft practices and policies. In March 2023, the CFPB commenced settlement discussions with the Company to resolve the matter, which are ongoing. As of September 30, 2023, the Company has recorded a probable and estimable liability in connection with this matter. In addition, the Company believes that it is reasonably possible that the Company may experience losses in connection with this matter in excess of what the Company has accrued; however, the Company cannot reasonably estimate any loss beyond the estimated liability that has been recorded. The Company cannot provide assurance whether a settlement will be reached, the final terms or timing of any such settlement, or the final amount of loss (potentially including both restitution and a civil money penalty) with respect to this matter. If the Company and the CFPB do not reach a settlement, the CFPB may commence litigation against the Company. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and letters of credit. These instruments involve elements of credit and interest rate risk in excess of the amount recognized on the Company’s Consolidated Balance Sheets. The contractual amounts of these instruments reflect the extent of the Company’s involvement in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Unless noted otherwise, the Company does not require collateral or other security to support off-balance sheet instruments with credit risk. The Company considers credit losses related to off-balance sheet commitments by undergoing a similar process in evaluating losses for loans that are carried on the balance sheet. The Company considers historical loss and funding information, current and future economic conditions, risk ratings, and past due status among other factors in the consideration of expected credit losses in the Company’s off-balance sheet commitments to extend credit. The Company also records an indemnification reserve based on historical statistics and loss rates related to mortgage loans previously sold. At September 30, 2023 and December 31, 2022, the Company’s reserve for unfunded commitments and indemnification reserve totaled $15.7 million and $14.1 million, respectively. Commitments to extend credit are agreements to lend to customers as long as there are no violations of any conditions established in the contracts. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Letters of credit are conditional commitments issued by the Company to guarantee the performance of customers to third parties. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The following table presents the balances of commitments and contingencies as of the following dates (dollars in thousands): September 30, 2023 December 31, 2022 Commitments with off-balance sheet risk: Commitments to extend credit (1) $ 5,600,928 $ 5,229,252 Letters of credit 146,178 156,459 Total commitments with off-balance sheet risk $ 5,747,106 $ 5,385,711 (1) Includes unfunded overdraft protection . As of September 30, 2023, the Company had approximately $260.4 million in deposits in other financial institutions of which $211.0 million served as collateral for cash flow and loan swap derivatives. As of December 31, 2022, the Company had approximately $273.5 million in deposits in other financial institutions of which $196.2 million served as collateral for the Company’s cash flow and loan swap derivatives. The Company had approximately $46.1 million and $74.0 million in deposits in other financial institutions that were uninsured at September 30, 2023 and December 31, 2022, respectively. At least annually, the Company’s management evaluates the loss risk of its uninsured deposits in financial counterparties. For asset/liability management purposes, the Company uses interest rate contracts to hedge various exposures or to modify the interest rate characteristics of various balance sheet accounts. For the over-the-counter derivatives cleared with the central clearinghouses, the variation margin is treated as a settlement of the related derivatives fair values. Refer to Note 8 “Derivatives” within this Item 1 of this Quarterly Report for additional information. As part of the Company’s liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged at September 30, 2023 and December 31, 2022 (dollars in thousands): Pledged Assets as of September 30, 2023 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 686,217 $ 580,172 $ — $ 1,266,389 Repurchase agreements — 142,537 — — 142,537 FHLB advances — 51,084 — 3,073,097 3,124,181 Derivatives 210,977 59,568 — — 270,545 Fed Funds (3) — 392,491 16,444 452,649 861,584 Other purposes — 15,248 — — 15,248 Total pledged assets $ 210,977 $ 1,347,145 $ 596,616 $ 3,525,746 $ 5,680,484 (1) Balance represents market value. (2) Balance represents carrying value. (3) Includes AFS and HTM securities pledged under the BTFP program. Pledged Assets as of December 31, 2022 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 713,761 $ 579,550 $ — $ 1,293,311 Repurchase agreements — 159,221 — — 159,221 FHLB advances — 36,039 — 2,679,316 2,715,355 Derivatives 196,180 57,114 — — 253,294 Fed Funds — — — 458,680 458,680 Other purposes — 27,311 865 — 28,176 Total pledged assets $ 196,180 $ 993,446 $ 580,415 $ 3,137,996 $ 4,908,037 (1) Balance represents market value. (2) Balance represents book value . |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | 8. DERIVATIVES The Company is exposed to economic risks arising from its business operations and uses derivatives primarily to manage risk associated with changing interest rates, and to assist customers with their risk management objectives. The Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship (cash flow or fair value hedge). The remaining are classified as free-standing derivatives that do not qualify for hedge accounting and consist of interest rate contracts, which include loan swaps, interest rate cap agreements, interest rate lock commitments, RPAs, and foreign exchange contracts. Derivatives Counterparty Credit Risk Derivative instruments contain an element of credit risk that arises from the potential failure of a counterparty to perform according to the terms of the contract. The Company’s exposure to derivative counterparty credit risk, at any point in time, is equal to the amount reported as a derivative asset on the Company’s Consolidated Balance Sheets, assuming no recoveries of underlying collateral. The Company clears certain over-the-counter derivatives with central clearinghouses through futures commission merchants due to applicable regulatory requirements, which reduces the Company’s counterparty risk. The Company also enters into legally enforceable master netting agreements and collateral agreements, where possible, with certain derivative counterparties to mitigate the risk of default on a bilateral basis. These bilateral agreements typically provide the right to offset exposures and require one counterparty to post collateral on derivative instruments in a net liability position to the other counterparty. For the over-the-counter derivatives cleared with central clearinghouses, the variation margin is treated as settlement of the related derivatives fair values. Derivatives designated as accounting hedges Cash Flow Hedges The Company designates derivatives as cash flow hedges when they are used to manage exposure to variability in cash flows related to forecasted transactions on variable rate financial instruments. The Company uses interest rate swap agreements as part of its hedging strategy by exchanging a notional amount, equal to the principal amount of the borrowings or commercial loans, for fixed-rate interest based on benchmarked interest rates. The original terms and conditions of the interest rate swaps vary in range and length. Amounts receivable or payable are recognized as accrued under the terms of the agreements. All swaps were entered into with counterparties that met the Company’s credit standards, and the agreements contain collateral provisions protecting the at-risk party. The Company concluded that the credit risk inherent in the contract is not significant. For derivatives designated and qualifying as cash flow hedges, ineffectiveness is not measured or separately disclosed. Rather, as long as the hedging relationship continues to qualify for hedge accounting, the entire change in the fair value of the hedging instrument is recorded in OCI and recognized in earnings as the hedged transaction affects earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item. At September 30, 2023 and December 31, 2022, the Company had interest rate swaps designated and qualifying as cash flow hedges of the Company’s forecasted variable interest receipts on variable rate loans due to changes in the interest rate with a notional amount of $900 million. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate. Fair Value Hedges Derivatives are designated as fair value hedges when they are used to manage exposure to changes in the fair value of certain financial assets and liabilities, referred to as the hedged items, which fluctuate in value as a result of movements in interest rates. Loans: During the normal course of business, the Company enters into swap agreements to convert certain long-term fixed-rate loans to floating rates to hedge the Company’s exposure to interest rate risk. The Company pays a fixed interest rate to the counterparty and receives a floating rate from the same counterparty calculated on the aggregate notional amount. At September 30, 2023 and December 31, 2022, the aggregate notional amount of the related hedged items for certain long-term fixed rate loans totaled $79.3 million and $83.6 million, respectively, and the fair value of the swaps associated with the derivative related to hedged items was an unrealized gain of $12.8 million and $11.0 million, respectively. AFS Securities: The Company has a swap agreement to hedge the interest rate risk on a portion of its fixed rate AFS securities. At September 30, 2023 and December 31, 2022, the aggregate notional amount of the related hedged items of the AFS securities totaled $50.0 million and the fair value of the swaps associated with the derivative related to hedged items was an unrealized gain of $2.6 million and $1.9 million, respectively. The Company applies hedge accounting in accordance with ASC 815, Derivatives and Hedging , and the fair value hedge and the underlying hedged item, attributable to the risk being hedged, are recorded at fair value with unrealized gains and losses being recorded on the Company’s Consolidated Statements of Income. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows on the derivative hedging instrument with the changes in fair value or cash flows on the designated hedged item or transactions for the risk being hedged. If a hedging relationship ceases to qualify for hedge accounting, the relationship is discontinued and future changes in the fair value of the derivative instrument are recognized in current period earnings. For a discontinued or terminated fair value hedging relationship, all remaining basis adjustments to the carrying amount of the hedged item are amortized to interest income or expense over the remaining life of the hedged item consistent with the amortization of other discounts or premiums. Previous balances deferred in AOCI from discontinued or terminated cash flow hedges are reclassified to interest income or expense as the hedged transactions affect earnings or over the originally specified term of the hedging relationship. The Company’s hedges continue to be highly effective and had no material impact on the Consolidated Statements of Income. Derivatives not designated as accounting hedges Interest Rate Contracts: During the normal course of business, the Company enters into interest rate contracts with borrowers to help meet their financing needs. Upon entering into interest rate contracts, the Company enters into offsetting positions with a third party in order to minimize interest rate risk. These interest rate contracts qualify as financial derivatives with fair values as reported in “Other assets” and “Other liabilities” on the Company’s Consolidated Balance Sheets. RPAs: The Company enters into RPAs where it may either sell or assume credit risk related to a borrower’s performance under certain non-hedging interest rate derivative contracts on participated loans. The Company manages its credit risk under RPAs by monitoring the creditworthiness of the borrowers based on the Company’s normal credit review process. RPAs are carried at fair value with changes in fair value recorded in “Other operating income” on the Company’s Consolidated Statements of Income. Foreign Exchange Contracts: The Company enters into certain foreign exchange derivative contracts that are not designated as accounting hedges primarily to support the banking needs of certain commercial banking customers. These foreign exchange contracts qualify as financial derivatives with fair values reported in “Other assets” and “Other liabilities” on the Company’s Consolidated Balance Sheets with changes in fair value recorded in “Other operating income” on the Company’s Consolidated Statements of Income. At September 30, 2023 and December 31, 2022, the Company’s foreign exchange derivative contracts had an aggregate notional amount of $12.3 million and $10.4 million, respectively. Unrealized losses at both September 30, 2023 and December 31, 2022 were not significant. The Company had no foreign exchange derivative contracts at September 30, 2022. The following table summarizes key elements of the Company’s derivative instruments as of September 30, 2023 and December 31, 2022, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands): September 30, 2023 December 31, 2022 Derivative (2) Derivative (2) Notional or Notional or Contractual Contractual Amount (1) Assets Liabilities Amount (1) Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: (3) Cash flow hedges $ 900,000 $ — $ 14,955 $ 900,000 $ 1,163 $ 6,599 Fair value hedges 129,309 5,102 — 133,576 4,117 — Derivatives not designated as accounting hedges: Interest rate contracts (3)(4) 6,248,254 117,917 276,814 5,820,005 75,030 229,401 (1) Notional amounts are not recorded on the Company’s Consolidated Balance Sheets and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. (3) The Company’s cleared derivatives are classified as a single-unit of accounting, resulting in the fair value of the designated swap being reduced by the variation margin, which is treated as settlement of the related derivatives fair value for accounting purposes. (4) Includes RPAs. The following table summarizes the carrying value of the Company’s hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Cumulative Cumulative Amount of Basis Amount of Basis Adjustments Adjustments Included in the Included in the Carrying Amount Carrying Carrying Amount Carrying of Hedged Amount of the of Hedged Amount of the Assets/(Liabilities) Hedged Assets/(Liabilities) Hedged Amount (1) Assets/(Liabilities) Amount (1) Assets/(Liabilities) Line items on the Consolidated Balance Sheets in which the hedged item is included: Securities available-for-sale (1) (2) $ 84,482 $ (2,589) $ 91,388 $ (1,889) Loans (3) 79,309 (12,635) 83,576 (10,832) (1) These amounts include the amortized cost basis of the investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At September 30, 2023 and December 31, 2022, the amortized cost basis of this portfolio was $84.5 million and $91.4 million, respectively, and the cumulative basis adjustment associated with this hedge was $2.6 million and $1.9 million, respectively. The amount of the designated hedged item at September 30, 2023 and December 31, 2022 totaled $50 million. (2) Carrying value represents amortized cost. (3) The fair value of the swaps associated with the derivative related to hedged items at September 30, 2023 and December 31, 2022 was an unrealized gain of $12.8 million and $11.0 million, respectively. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 9. STOCKHOLDERS’ EQUITY Repurchase Programs As of September 30, 2023, the Company does not have an active share repurchase program. The Company’s prior share repurchase plan expired on December 9, 2022. During the nine months ended September 30, 2022, the Company repurchased an aggregate of 1.3 million shares (or $48.2 million), and none of these shares were repurchased during the third quarter of 2022. Accumulated Other Comprehensive Income (Loss) The change in AOCI for the three and nine months ended September 30, 2023 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) Unrealized for AFS Unrealized (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) on Securities HTM Flow Hedge BOLI Total AOCI (loss) – June 30, 2023 $ (353,811) $ 12 $ (57,221) $ 153 $ (410,867) Other comprehensive (loss) income: Other comprehensive loss before reclassification (79,193) — (9,581) — (88,774) Amounts reclassified from AOCI into earnings 21,799 (2) — (62) 21,735 Net current period other comprehensive loss (57,394) (2) (9,581) (62) (67,039) AOCI (loss) – September 30, 2023 $ (411,205) $ 10 $ (66,802) $ 91 $ (477,906) Unrealized Gains (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) on Securities HTM Flow Hedge BOLI Total AOCI (loss) – December 31, 2022 $ (363,919) $ 17 $ (54,610) $ 226 $ (418,286) Other comprehensive income (loss): Other comprehensive (loss) income before reclassification (79,669) — (12,192) 10 (91,851) Amounts reclassified from AOCI into earnings 32,383 (7) — (145) 32,231 Net current period other comprehensive loss (47,286) (7) (12,192) (135) (59,620) AOCI (loss) – September 30, 2023 $ (411,205) $ 10 $ (66,802) $ 91 $ (477,906) The change in AOCI for the three and nine months ended September 30, 2022 is summarized as follows, net of tax (dollars in thousands): Unrealized Gain (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) Securities HTM Flow Hedge on BOLI Total AOCI (loss) – June 30, 2022 $ (277,577) $ 25 $ (36,452) $ (2,279) $ (316,283) Other comprehensive (loss) income: Other comprehensive loss before reclassification (121,841) — (24,142) — (145,983) Amounts reclassified from AOCI into earnings — (4) — 151 147 Net current period other comprehensive (loss) income (121,841) (4) (24,142) 151 (145,836) AOCI (loss) – September 30, 2022 $ (399,418) $ 21 $ (60,594) $ (2,128) $ (462,119) Unrealized Gain (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) Securities HTM Flow Hedge on BOLI Total AOCI – December 31, 2021 $ 22,763 $ 35 $ (1,567) $ (2,596) $ 18,635 Other comprehensive (loss) income: Other comprehensive loss before reclassification (422,183) — (59,027) — (481,210) Amounts reclassified from AOCI into earnings 2 (14) — 468 456 Net current period other comprehensive (loss) income (422,181) (14) (59,027) 468 (480,754) AOCI (loss) – September 30, 2022 $ (399,418) $ 21 $ (60,594) $ (2,128) $ (462,119) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 10. FAIR VALUE MEASUREMENTS The Company follows ASC 820, Fair Value Measurement to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. ASC 820 clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants. ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy under ASC 820 based on these two types of inputs are as follows: Level 1 Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the markets. Level 3 Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. These unobservable inputs reflect the Company’s assumptions about what market participants would use and information that is reasonably available under the circumstances without undue cost and effort. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Derivative Instruments As discussed in Note 8 “Derivatives” within this Item 1 of this Quarterly Report, the Company records derivative instruments at fair value on a recurring basis. The Company utilizes derivative instruments as part of the management of interest rate risk to modify the re-pricing characteristics of certain portions of the Company’s interest-bearing assets and liabilities, as well as to manage the Company’s exposure to credit risk related to borrower’s performance under interest rate derivatives. The Company has contracted with a third-party vendor to provide valuations for derivatives using standard valuation techniques and therefore classifies such valuations as Level 2. Third-party valuations are validated by the Company using the Bloomberg Valuation Service’s derivative pricing functions. No significant differences were identified during the validation as of September 30, 2023 and December 31, 2022. The Company has considered counterparty credit risk in the valuation of its derivative assets and has considered its own credit risk in the valuation of its derivative liabilities. AFS Securities AFS securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data (Level 2). If the inputs used to provide the evaluation for certain securities are unobservable and/or there is little, if any, market activity, then the security would fall to the lowest level of the hierarchy (Level 3). The Company’s investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third-party portfolio accounting service vendor for valuation of its securities portfolio. The vendor’s primary source for security valuation is ICE, which evaluates securities based on market data. ICE utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company primarily uses the Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any significant differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No significant differences were identified during the validation as of September 30, 2023 and December 31, 2022. The carrying value of restricted FRB and FHLB stock approximates fair value based on the redemption provisions of each entity and is therefore excluded from the table below. Loans Held for Sale Residential loans originated for sale in the open market are carried at fair value. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). Gains and losses on the sale of loans are recorded in current period earnings as a component of “Mortgage banking income” on the Company’s Consolidated Statements of Income. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022 (dollars in thousands): Fair Value Measurements at September 30, 2023 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ 59,568 $ 2,270 $ — $ 61,838 Obligations of states and political subdivisions — 417,460 — 417,460 Corporate and other bonds (1) — 242,818 — 242,818 MBS — 1,361,085 — 1,361,085 Other securities — 1,727 — 1,727 LHFS — 6,608 — 6,608 Financial Derivatives (2) — 123,019 — 123,019 LIABILITIES Financial Derivatives (2) $ — $ 291,769 $ — $ 291,769 (1) Other bonds include asset-backed securities. (2) Includes hedged and non-hedged derivatives. Fair Value Measurements at December 31, 2022 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ 56,606 $ 5,337 $ — $ 61,943 Obligations of states and political subdivisions — 807,435 — 807,435 Corporate and other bonds (1) — 226,380 — 226,380 MBS — 1,644,394 — 1,644,394 Other securities — 1,664 — 1,664 LHFS — 3,936 — 3,936 Financial Derivatives (2) — 80,310 — 80,310 LIABILITIES Financial Derivatives (2) $ — $ 236,000 $ — $ 236,000 (1) Other bonds include asset-backed securities. (2) Includes hedged and non-hedged derivatives. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets after they are evaluated for impairment. The primary assets accounted for at fair value on a nonrecurring basis are related to foreclosed properties, former bank premises, and collateral-dependent loans that are individually assessed. When the asset is secured by real estate, the Company measures the fair value utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser using observable market data. Management may discount the value from the appraisal in determining the fair value if, based on its understanding of the market conditions, the collateral had been impaired below the appraised value (Level 3). The nonrecurring valuation adjustments for these assets did not have a significant impact on the Company’s consolidated financial statements. Fair Value of Financial Instruments ASC 825, Financial Instruments, requires disclosure about fair value of financial instruments for interim periods and excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. Cash and Cash Equivalents For those short-term instruments, the carrying amount is a reasonable estimate of fair value. HTM Securities The Company’s HTM investment portfolio is primarily valued using fair value measurements that are considered to be Level 2, utilizes the same valuation approach as described above with the AFS securities portfolio. Any significant differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No significant differences were identified during the validation as of September 30, 2023 and December 31, 2022. The Company’s Level 3 HTM securities are a result of a prior acquisition and are comprised of asset-backed securities and municipal bonds. Valuations of the asset-backed securities are provided by a third-party vendor specializing in the SBA markets and are based on underlying loan pool information, market data, and recent trading activity for similar securities. Valuations of the municipal bonds are provided by a third-party vendor that specializes in hard-to-value securities and are based on a discounted cash flow model and incorporates considerations for the complexity of the instrument, likelihood it will be called, and credit ratings. The Company reviews the valuations obtained for any material differences between valuation sources by analyzing the various inputs and results utilized by each pricing source. No significant differences were identified during the validation as of September 30, 2023 and December 31, 2022. Loans and Leases The fair value of loans and leases were estimated using an exit price, representing the amount that would be expected to be received if the Company sold the loans and leases. The fair value of performing loans and leases were estimated through use of discounted cash flows. Credit loss assumptions were based on market PD/LGD for loan and lease cohorts. The discount rate was based primarily on recent market origination rates. Fair value of loans and leases individually assessed and their respective levels within the fair value hierarchy are described in the previous section related to fair value measurements of assets that are measured on a nonrecurring basis. Bank Owned Life Insurance The carrying value of BOLI approximates fair value. The Company records these policies at their cash surrender value, which is estimated using information provided by insurance carriers. Deposits The fair value of demand deposits, savings accounts, brokered deposits, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposits were valued using a discounted cash flow calculation that includes a market rate analysis of the current rates offered by market participants for certificates of deposits that mature in the same period. Accrued Interest The carrying amounts of accrued interest approximate fair value. The carrying values and estimated fair values of the Company’s financial instruments at September 30, 2023 and December 31, 2022 are as follows (dollars in thousands): Fair Value Measurements at September 30, 2023 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 398,945 $ 398,945 $ — $ — $ 398,945 AFS securities 2,084,928 59,568 2,025,360 — 2,084,928 HTM securities 843,269 — 760,786 1,260 762,046 Restricted stock 104,785 — 104,785 — 104,785 LHFS 6,608 — 6,608 — 6,608 LHFI, net of deferred fees and costs 15,283,620 — — 14,712,224 14,712,224 Financial Derivatives (1) 123,019 — 123,019 — 123,019 Accrued interest receivable 85,663 — 85,663 — 85,663 BOLI 449,452 — 449,452 — 449,452 LIABILITIES Deposits $ 16,786,505 $ — $ 16,758,971 $ — $ 16,758,971 Borrowings 1,020,669 — 947,640 — 947,640 Accrued interest payable 17,046 — 17,046 — 17,046 Financial Derivatives (1) 291,769 — 291,769 — 291,769 (1) Includes hedged and non-hedged derivatives. Fair Value Measurements at December 31, 2022 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 319,948 $ 319,948 $ — $ — $ 319,948 AFS securities 2,741,816 56,606 2,685,210 — 2,741,816 HTM securities 847,732 — 798,778 3,109 801,887 Restricted stock 120,213 — 120,213 — 120,213 LHFS 3,936 — 3,936 — 3,936 LHFI, net of deferred fees and costs 14,449,142 — — 13,974,926 13,974,926 Financial Derivatives (1) 80,310 — 80,310 — 80,310 Accrued interest receivable 81,953 — 81,953 — 81,953 BOLI 440,656 — 440,656 — 440,656 LIABILITIES Deposits $ 15,931,677 $ — $ 15,927,361 $ — $ 15,927,361 Borrowings 1,708,700 — 1,645,095 — 1,645,095 Accrued interest payable 5,268 — 5,268 — 5,268 Financial Derivatives (1) 236,000 — 236,000 — 236,000 (1) Includes hedged and non-hedged derivatives. The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. Borrowers with fixed rate obligations, however, are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 11. EARNINGS PER SHARE Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares outstanding attributable to stock awards. The following table presents basic and diluted EPS calculations for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net Income $ 54,017 $ 58,070 $ 144,911 $ 163,986 Less: Preferred Stock Dividends 2,967 2,967 8,901 8,901 Net income available to common shareholders $ 51,050 $ 55,103 $ 136,010 $ 155,085 Weighted average shares outstanding, basic 74,999 74,704 74,943 75,029 Dilutive effect of stock awards — 1 1 5 Weighted average shares outstanding, diluted 74,999 74,705 74,944 75,034 Earnings per common share, basic $ 0.68 $ 0.74 $ 1.81 $ 2.07 Earnings per common share, diluted $ 0.68 $ 0.74 $ 1.81 $ 2.07 |
SEGMENT REPORTING AND REVENUE
SEGMENT REPORTING AND REVENUE | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
SEGMENT REPORTING AND REVENUE | 12. SEGMENT REPORTING AND REVENUE Operating Segments Effective January 1, 2023, the Company made an organizational change to move certain lines of business in the wealth management division that primarily serve Wholesale Banking customers from the Consumer Banking segment to the Wholesale Banking segment. As a result, the Company reallocated $9.6 million of goodwill from the Consumer Banking segment to the Wholesale Banking segment and restated its prior segment information for the year ended December 31, 2022, based on this organizational change. Goodwill was evaluated for impairment prior to and immediately following the organizational change. Refer to Note 4 “Goodwill and Intangible Assets” within this Item 1 “Financial Statements” of this Quarterly Report for additional information. In addition, effective January 1, 2023, the Company restated its prior segment operating results for the three and nine months ended September 30, 2022, resulting in a reallocation of noninterest income ( $3.0 million and $9.5 million, respectively) and noninterest expense ( $4.0 million and $12.1 million, respectively) from the Consumer Banking segment to the Wholesale Banking segment. As of September 30, 2023, the Company’s operating segments include the following: ● Wholesale Banking : The Wholesale Banking segment provides loan and deposit services, as well as treasury management, and capital market services to wholesale customers primarily throughout Virginia, Maryland, North Carolina, and South Carolina. These customers include commercial real estate and commercial and industrial customers. This segment also includes the Company’s equipment finance subsidiary, which has nationwide exposure. The private banking and trust businesses also reside in the Wholesale Banking segment. ● Consumer Banking : The Consumer Banking segment provides loan and deposit services to consumers and small businesses throughout Virginia, Maryland, and North Carolina. Consumer Banking includes the home loan division and investment management and advisory services businesses. ● Corporate Other : Corporate Other includes the Company’s Corporate Treasury functions, such as management of the investment securities portfolio, long-term debt, short-term liquidity and funding activities, balance sheet risk management, and other corporate support functions, as well as intercompany eliminations. Segment Reporting Methodology The Company’s segment reporting is based on a “management approach” as described in Note 1 “Summary of Significant Accounting Policies” of the Company’s 2022 Form 10-K . Inter-segment transactions are recorded at cost and eliminated as part of the consolidation process. A management fee for operations and administrative support services is charged to all subsidiaries and eliminated in the consolidated totals. For additional information on the methodologies used in preparing the operating segment results , refer to Note 17 “Segment Reporting and Revenue” in the Company’s 2022 Form 10-K. Segment Results The following tables present the Company’s operating segment results for the three months and nine months ended September 30, 2023 and 2022 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other (1) Total Three Months Ended September 30, 2023 Net interest income $ 68,049 $ 63,912 $ 19,980 $ 151,941 Provision for credit losses 9,310 (4,319) — 4,991 Net interest income after provision for credit losses 58,739 68,231 19,980 146,950 Noninterest income 9,468 13,722 3,904 27,094 Noninterest expenses 40,039 54,994 13,475 108,508 Income before income taxes $ 28,168 $ 26,959 $ 10,409 $ 65,536 Three Months Ended September 30, 2022 (2) Net interest income $ 77,625 $ 58,749 $ 14,341 $ 150,715 Provision for credit losses 8,470 (2,058) — 6,412 Net interest income after provision for credit losses 69,155 60,807 14,341 144,303 Noninterest income 8,453 11,939 5,192 25,584 Noninterest expenses 40,164 54,740 5,019 99,923 Income before income taxes $ 37,444 $ 18,006 $ 14,514 $ 69,964 Wholesale Banking Consumer Banking Corporate Other (1) Total Nine Months Ended September 30, 2023 Net interest income $ 201,722 $ 190,806 $ 64,941 $ 457,469 Provision for credit losses 25,853 (2,947) 5 22,911 Net interest income after provision for credit losses 175,869 193,753 64,936 434,558 Noninterest income 25,743 38,188 (3,013) 60,918 Noninterest expenses 123,207 168,971 30,264 322,442 Income before income taxes $ 78,405 $ 62,970 $ 31,659 $ 173,034 Nine Months Ended September 30, 2022 (2) Net interest income $ 221,979 $ 157,918 $ 40,516 $ 420,413 Provision for credit losses 12,844 (100) 27 12,771 Net interest income after provision for credit losses 209,135 158,018 40,489 407,642 Noninterest income 25,967 45,135 22,921 94,023 Noninterest expenses 118,216 165,523 20,273 304,012 Income before income taxes $ 116,886 $ 37,630 $ 43,137 $ 197,653 (1) For the three and nine months ended September 30, 2023, noninterest expenses include $8.7 million ( $8.7 million included within other expenses and ($67,000) included within salaries and benefits) and $12.6 million ( $9.8 million included within other expenses and $2.8 million included within salaries and benefits), respectively, in expenses associated with strategic cost saving initiatives, principally composed of severance costs related to headcount reductions, costs related to modifying certain third-party vendor contracts, and charges for exiting certain leases. (2) As discussed above, the segment operating results for the three and nine months ended September 30, 2022 include a reallocation from Consumer Banking to Wholesale Banking. The following table presents the Company’s operating segment results for key balance sheet metrics as of September 30, 2023 and December 31, 2022 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total As of September 30, 2023 LHFI, net of deferred fees and costs (1) $ 12,343,799 $ 2,953,367 $ (13,546) $ 15,283,620 Goodwill 639,180 286,031 — 925,211 Deposits 6,537,472 9,726,079 522,954 16,786,505 As of December 31, 2022 LHFI, net of deferred fees and costs (1)(2) $ 11,476,258 $ 2,990,017 $ (17,133) $ 14,449,142 Goodwill (3) 639,180 286,031 — 925,211 Deposits (4) 6,128,729 9,724,598 78,350 15,931,677 (1) Corporate Other includes acquisition accounting fair value adjustments. (2) Wholesale Banking includes a $136.6 million reallocation from Consumer Banking due to the January 1, 2023 organizational change discussed above. (3) Wholesale Banking includes a $9.6 million reallocation from Consumer Banking due to the January 1, 2023 organizational change discussed above. (4) Wholesale Banking includes a $258.7 million reallocation from Consumer Banking due to the January 1, 2023 organizational change discussed above. Revenue The majority of the Company’s noninterest income is being accounted for in accordance with ASC 606, Revenue from Contracts with Customers and comes from short term contracts associated with fees for services provided on deposit accounts and credit cards from the Consumer and Wholesale Banking segments, as well as fiduciary and asset management fees from the Consumer Banking and Wholesale Banking segments. R efer to Note 17 “Segment Reporting and Revenue” in the Company’s 2022 Form 10-K for additional information on the Company’s contract balances, performance obligations, and mortgage banking income. Noninterest income disaggregated by major source for the three and nine months ended September 30, 2023 and 2022, consisted of the following (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Noninterest income: Deposit Service Charges (1) Overdraft fees $ 5,210 $ 3,831 $ 14,873 $ 14,130 Maintenance fees & other 3,347 2,953 9,704 8,291 Other service charges, commissions, and fees (1) 2,632 1,770 6,071 5,134 Interchange fees (1) 2,314 2,461 7,098 6,539 Fiduciary and asset management fees (1) Trust asset management fees 3,120 3,035 9,329 9,726 Registered advisor management fees — — — 5,088 Brokerage management fees 1,429 1,099 3,840 3,515 Mortgage banking income 666 1,390 1,969 6,707 Loss on sale of securities (27,594) — (40,992) (2) Bank owned life insurance income 2,973 3,445 8,671 8,858 Loan-related interest rate swap fees 2,695 2,050 6,450 8,510 Other operating income (2) 30,302 3,550 33,905 17,527 Total noninterest income $ 27,094 $ 25,584 $ 60,918 $ 94,023 (1) Income within scope of ASC 606, Revenue from Contracts with Customers. (2) Includes a $27.7 million gain related to the sale-leaseback transaction for the three and nine months ended September 30, 2023, and a $9.1 million gain related to the sale of DHFB for the nine months ended September 30, 2022. The following tables present noninterest income disaggregated by reportable operating segment for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other (1)(2) Total Three Months Ended September 30, 2023 Noninterest income: Deposit service charges $ 2,184 $ 6,373 $ — $ 8,557 Other service charges and fees 399 2,233 — 2,632 Fiduciary and asset management fees 3,050 1,499 — 4,549 Mortgage banking income — 666 — 666 Other income 3,835 2,951 3,904 10,690 Total noninterest income $ 9,468 $ 13,722 $ 3,904 $ 27,094 Three Months Ended September 30, 2022 (3) Noninterest income: Deposit service charges $ 1,783 $ 5,001 $ — $ 6,784 Other service charges and fees 513 1,257 — 1,770 Fiduciary and asset management fees 2,960 1,174 — 4,134 Mortgage banking income — 1,390 — 1,390 Other income 3,197 3,117 5,192 11,506 Total noninterest income $ 8,453 $ 11,939 $ 5,192 $ 25,584 Wholesale Banking Consumer Banking Corporate Other (1)(2) Total Nine Months Ended September 30, 2023 Noninterest income: Deposit service charges $ 6,268 $ 18,309 $ — $ 24,577 Other service charges and fees 1,140 4,931 — 6,071 Fiduciary and asset management fees 9,118 4,051 — 13,169 Mortgage banking income — 1,969 — 1,969 Other income 9,217 8,928 (3,013) 15,132 Total noninterest income $ 25,743 $ 38,188 $ (3,013) $ 60,918 Nine Months Ended September 30, 2022 (3) Noninterest income: Deposit service charges $ 4,990 $ 17,431 $ — $ 22,421 Other service charges and fees 1,342 3,792 — 5,134 Fiduciary and asset management fees 9,501 8,828 — 18,329 Mortgage banking income — 6,707 — 6,707 Other income 10,134 8,377 22,921 41,432 Total noninterest income $ 25,967 $ 45,135 $ 22,921 $ 94,023 (1) For the three and nine months ended September 30, 2022, other income primarily includes a $9.1 million gain related to the sale of DHFB and income from BOLI. (2) For the three and nine months ended September 30, 2023, other income primarily includes a $27.7 million gain related to the sale-leaseback transaction, losses incurred on the sale of AFS securities ( $27.6 million and $41.0 million, respectively), and income from BOLI. (3) As discussed above, noninterest income for the three and nine months ended September 30, 2022 includes a reallocation from Consumer Banking to Wholesale Banking. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through November 2, 2023, the date the financial statements were issued. On October 26, 2023 , the Company’s Board of Directors declared a quarterly dividend on the outstanding shares of its Series A preferred stock. The Series A preferred stock is represented by depositary shares, each representing a 1/400 th ownership interest in a share of Series A preferred stock . The dividend of $171.88 per share (equivalent to $0.43 per outstanding depositary share) is payable on December 1, 2023 to preferred shareholders of record as of November 16, 2023 . The Company’s Board of Directors also declared a quarterly dividend of $0.32 per share of common stock. The common stock dividend is payable on November 24, 2023 to common 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 [Abstract] | |
The Company | The Company Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank had 109 branches and 123 ATMs located throughout Virginia and in portions of Maryland and North Carolina as of September 30, 2023. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements; however, in the opinion of management all adjustments necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other period. The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s 2022 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In March 2022, the FASB issued ASU No. 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method to allow nonprepayable financial assets to be included in a closed portfolio hedge using the portfolio layer method and to allow multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU No. 2022-01 effective January 1, 2023 and it did not have significant impact on its consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02 Financial Instruments- Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for TDRs by creditors and instead requires that an entity evaluate whether a loan modification represents a new loan or a continuation of an existing loan, consistent with the accounting for other loan modifications. The amendment also introduces new disclosure requirements for modifications to loans made to a borrower experiencing financial difficulty in the form of principal forgiveness, interest rate reductions, term extensions, or other-than-insignificant payment delays. The Company refers to these modifications to borrowers experiencing financial difficulty as Troubled Loan Modifications, or TLMs. In addition, the amendments 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. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted the amendments of ASU 2022-02 effective January 1, 2023 on a prospective basis. See below in Note 1 “Summary of Significant Accounting Policies” within this Item 1 of this Quarterly Report for discussion of the Company’s accounting policy for Loan Modifications and Note 3 “Loans and Allowance for Loan and Lease Losses” within this Item 1 of this Quarterly Report for more information. In March 2020, the FASB issued ASC 848, Reference Rate Reform . This guidance provides temporary, optional guidance to ease the potential burden in accounting for reference rate reform associated with the LIBOR transition. LIBOR and other interbank offered rates are widely used benchmark or reference rates that have been used in the valuation of loans, derivatives, and other financial contracts. ASC 848 provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. ASC 848 is intended to help stakeholders during the global market-wide reference rate transition period. The LIBOR cessation date for U.S. dollar settings was June 30, 2023. The amendments are effective as of March 12, 2020 through December 31, 2024 and can be adopted at an instrument level. The Company has elected the practical expedients provided in ASC 848 related to (1) accounting for contract modifications on its loans and securities tied to LIBOR and (2) asserting probability of the hedged item occurring, regardless of any expected modification in terms related to reference rate reform for the newly executed cash flow hedges. This amendment did not have a significant impact on the Company’s consolidated financial statements. |
Loan Modifications | Loan Modifications The Company evaluates all loan modifications according to the accounting guidance for loan refinancing and restructuring to determine whether the modification should be accounted for as a new loan or a continuation of the existing loan. If the modification meets the criteria to be accounted for as a new loan, any deferred fees and costs remaining prior to the modification are recognized in income and any new deferred fees and costs are recorded on the loan as part of the modification. If the modification does not meet the criteria to be accounted for as a new loan, any new deferred fees and costs resulting from the modification are added to the existing amortized cost basis of the loan. The Company adopted the accounting guidance in ASU No. 2022-02 on January 1, 2023 that eliminates the recognition and measurement of TDRs. Upon adoption of this guidance, the Company no longer applies its TDR accounting policy and instead accounts for modifications in accordance with its loan modifications policy stated in the preceding paragraph. For the Company’s policy for accounting for TDRs prior to the adoption of ASU No. 2022-02, see Note 1 “Summary of Significant Accounting Policies” of the Company’s 2022 Form 10-K. Effective January 1, 2023, the Company refers to modifications to loans where the borrower is experiencing financial difficulty and the modification is in the form of principal forgiveness, interest rate reductions, term extensions, other-than-insignificant payment delays, or a combination of the above modifications, as troubled loan modifications, or TLMs. The Company accounts for TLMs consistently with its accounting policy for accounting for loan modifications. The ALLL on TLMs is measured using the same method as all other LHFI. Refer to Note 3 “Loans and Allowance for Loan and Lease Losses” within this Item 1 of this Quarterly Report for additional disclosures related to TLMs. |
Accrued Interest Receivable | Accrued Interest Receivable The Company has elected to exclude accrued interest from the amortized cost basis in its determination of the ALLL, as well as the ACL reserve for securities. Accrued interest receivable totaled $68.5 million and $58.9 million on LHFI , $6.7 million and $8.6 million on HTM securities , and $9.0 million and $14.2 million on AFS securities at September 30, 2023 and December 31, 2022, respectively, and is included in “Other assets” on the Company’s Consolidated Balance Sheets. The Company’s policy is to write off accrued interest receivable through reversal of interest income when it becomes probable the Company will not be able to collect the accrued interest. For the quarters ended September 30, 2023 and September 30, 2022, accrued interest receivable write offs were not material to the Company’s consolidated financial statements. |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The provision for loan losses is an amount sufficient to bring the ALLL to an estimated balance that management considers adequate to absorb expected losses in the loan portfolio over its expected contractual life. The Company periodically reviews its internal policies and practices to enhance the process for estimating the ALLL. Effective September 30, 2023, the Company implemented certain changes to its ALLL estimation methodology, as described below. These changes did not have a significant impact on the overall ALLL estimate. For information regarding the Company’s ALLL methodology before September 30, 2023, as well as the components of the ALLL methodology that did not change, see Note 1 “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” of the Company’s 2022 Form 10-K. Effective September 30, 2023, the Company now uses a loan-level PD/LGD method for all loan portfolios, eliminating the use of vintage and loss rate methods used for the auto and third-party consumer lending portfolios. In addition, the Company now considers various national economic variables in developing the ALLL and no longer uses the Virginia unemployment rate as its most significant economic variable. The national unemployment rate is used for all cohort models, regardless of portfolio type, and a second economic variable, such as national gross domestic product, national CRE pricing index, national home price index, and national retail sales, is used for each model depending on the portfolio type. The ALLL quantitative estimate is sensitive to changes in the economic variable forecasts during the two-year reasonable and supportable period. In determining forecasted expected losses, the Company uses Moody’s economic variable forecasts and applies probability weights to the related economic scenarios. The estimated loan losses that are forecasted using the methodology described above are then adjusted for changes in qualitative factors not inherently considered in the quantitative analysis. The qualitative factors include, among others, industry concentrations of the loan portfolio, expected changes to the economic forecasts, model imprecision, factors related to credit administration. Because current economic conditions and forecasts can change and future events are inherently difficult to predict, the anticipated amount of estimated credit losses on loans, and therefore the appropriateness of the ALLL, could change significantly. It is difficult to estimate how potential changes in any one economic factor or input might affect the overall allowance because a wide variety of factors and inputs are considered in estimating the allowance and changes in those factors and inputs considered may not occur at the same rate and may not be consistent across all loan types. Additionally, changes in factors and inputs may be directionally inconsistent, such that improvement in one factor may offset deterioration in others. |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Amortized Cost of HTM Securities by Security Type and Credit Rating | The following table presents the amortized cost of HTM securities as of September 30, 2023 and December 31, 2022 by security type and credit rating (dollars in thousands): U.S. Government and Agency Obligations of states and political Corporate and other Mortgage-backed Total HTM securities subdivisions bonds securities securities September 30, 2023 Credit Rating: AAA/AA/A $ — $ 689,699 $ — $ 9,471 $ 699,170 BBB/BB/B — 1,171 — — 1,171 Not Rated – Agency (1) — — — 68,561 68,561 Not Rated – Non-Agency (2) — 9,530 4,536 60,301 74,367 Total $ — $ 700,400 $ 4,536 $ 138,333 $ 843,269 December 31, 2022 Credit Rating: AAA/AA/A $ — $ 704,803 $ — $ 2,702 $ 707,505 BBB/BB/B — 1,187 — — 1,187 Not Rated – Agency (1) 687 — — 71,725 72,412 Not Rated – Non-Agency (2) — — 5,159 61,469 66,628 Total $ 687 $ 705,990 $ 5,159 $ 135,896 $ 847,732 (1) Generally considered not to have credit risk given the government guarantees associated with these agencies. (2) Non-agency mortgage-backed and asset-backed securities have limited credit risk, supported by most receiving a 20% simplified supervisory formula approach rating. |
Gross Realized Gain and Losses on the Sale of Securities | The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Realized gains (losses) (1) : Gross realized gains $ 4 $ 1,352 Gross realized losses (27,598) (42,344) Net realized losses $ (27,594) $ (40,992) Proceeds from sales of securities $ 256,780 $ 856,881 Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Realized losses (1) Gross realized losses (2) (2) Net realized losses $ (2) $ (2) Proceeds from sales of securities $ 12,469 $ 12,469 (1) Includes gains (losses) on sales and calls of securities. |
Available-for-sale Securities | |
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities | The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of September 30, 2023 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value September 30, 2023 U.S. government and agency securities $ 62,221 $ — $ (383) $ 61,838 Obligations of states and political subdivisions 587,340 — (169,880) 417,460 Corporate and other bonds (1) 267,816 — (24,998) 242,818 Commercial MBS Agency 215,203 307 (50,289) 165,221 Non-agency 72,057 — (2,575) 69,482 Total commercial MBS 287,260 307 (52,864) 234,703 Residential MBS Agency 1,319,987 1 (268,152) 1,051,836 Non-agency 81,677 — (7,131) 74,546 Total residential MBS 1,401,664 1 (275,283) 1,126,382 Other securities 1,727 — — 1,727 Total AFS securities $ 2,608,028 $ 308 $ (523,408) $ 2,084,928 (1) Other bonds include asset-backed securities. The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2022 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value December 31, 2022 U.S. government and agency securities $ 70,196 $ — $ (8,253) $ 61,943 Obligations of states and political subdivisions 959,999 137 (152,701) 807,435 Corporate and other bonds (1) 243,979 — (17,599) 226,380 Commercial MBS Agency 250,186 75 (39,268) 210,993 Non-agency 99,412 — (4,244) 95,168 Total commercial MBS 349,598 75 (43,512) 306,161 Residential MBS Agency 1,510,110 81 (233,961) 1,276,230 Non-agency 68,815 — (6,812) 62,003 Total residential MBS 1,578,925 81 (240,773) 1,338,233 Other securities 1,664 — — 1,664 Total AFS securities $ 3,204,361 $ 293 $ (462,838) $ 2,741,816 (1) Other bonds include asset-backed securities. |
Schedule of Gross Unrealized Losses and Fair Value of Investments | The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands). Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value (2) Losses Value Losses September 30, 2023 U.S. government and agency securities $ 59,568 $ (349) $ 2,169 $ (34) $ 61,737 $ (383) Obligations of states and political subdivisions 16,023 (3,567) 399,438 (166,313) 415,461 (169,880) Corporate and other bonds (1) 100,231 (776) 142,587 (24,222) 242,818 (24,998) Commercial MBS Agency 15,074 (709) 135,725 (49,580) 150,799 (50,289) Non-agency — — 69,482 (2,575) 69,482 (2,575) Total commercial MBS 15,074 (709) 205,207 (52,155) 220,281 (52,864) Residential MBS Agency 55,550 (461) 972,755 (267,691) 1,028,305 (268,152) Non-agency 19,776 (90) 45,745 (7,041) 65,521 (7,131) Total residential MBS 75,326 (551) 1,018,500 (274,732) 1,093,826 (275,283) Total AFS securities $ 266,222 $ (5,952) $ 1,767,901 $ (517,456) $ 2,034,123 $ (523,408) December 31, 2022 U.S. government and agency securities $ 2,594 $ (166) $ 59,269 $ (8,087) $ 61,863 $ (8,253) Obligations of states and political subdivisions 588,668 (86,895) 187,375 (65,806) 776,043 (152,701) Corporate and other bonds (1) 206,861 (15,019) 17,121 (2,580) 223,982 (17,599) Commercial MBS Agency 73,362 (7,024) 127,193 (32,244) 200,555 (39,268) Non-agency 66,618 (2,231) 28,550 (2,013) 95,168 (4,244) Total commercial MBS 139,980 (9,255) 155,743 (34,257) 295,723 (43,512) Residential MBS Agency 328,590 (27,769) 929,581 (206,192) 1,258,171 (233,961) Non-agency 18,939 (1,288) 43,064 (5,524) 62,003 (6,812) Total residential MBS 347,529 (29,057) 972,645 (211,716) 1,320,174 (240,773) Total AFS securities $ 1,285,632 $ (140,392) $ 1,392,153 $ (322,446) $ 2,677,785 $ (462,838) (1) Other bonds include asset-backed securities. (2) Comprised of 761 and 363 individual securities as of September 30, 2023 and December 31, 2022, respectively. |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of AFS securities as of September 30, 2023 and December 31, 2022, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2023 December 31, 2022 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 56,948 $ 56,120 $ 42,447 $ 41,735 Due after one year through five years 138,070 135,530 158,063 152,523 Due after five years through ten years 262,259 236,096 343,303 312,935 Due after ten years 2,150,751 1,657,182 2,660,548 2,234,623 Total AFS securities $ 2,608,028 $ 2,084,928 $ 3,204,361 $ 2,741,816 |
Held-to-maturity Securities | |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of HTM securities as of September 30, 2023 and December 31, 2022, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Due in one year or less $ 2,759 $ 2,735 $ 2,010 $ 2,006 Due after one year through five years 36,604 36,272 35,044 35,014 Due after five years through ten years 43,652 41,057 19,941 20,239 Due after ten years 760,254 681,982 790,737 744,628 Total HTM securities $ 843,269 $ 762,046 $ 847,732 $ 801,887 |
Schedule of Carrying Values, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities | The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of September 30, 2023 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value September 30, 2023 Obligations of states and political subdivisions $ 700,400 $ 49 $ (64,625) $ 635,824 Corporate and other bonds (1) 4,536 — (170) 4,366 Commercial MBS Agency 27,568 — (6,788) 20,780 Non-agency 24,930 — (904) 24,026 Total commercial MBS 52,498 — (7,692) 44,806 Residential MBS Agency 40,992 — (7,865) 33,127 Non-agency 44,843 — (920) 43,923 Total residential MBS 85,835 — (8,785) 77,050 Total HTM securities $ 843,269 $ 49 $ (81,272) $ 762,046 (1) Other bonds include asset-backed securities. The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2022 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value December 31, 2022 U.S. government and agency securities $ 687 $ — $ (56) $ 631 Obligations of states and political subdivisions 705,990 2,218 (35,957) 672,251 Corporate and other bonds (1) 5,159 — (10) 5,149 Commercial MBS Agency 29,025 — (4,873) 24,152 Non-agency 13,736 — (126) 13,610 Total commercial MBS 42,761 — (4,999) 37,762 Residential MBS Agency 42,699 — (6,427) 36,272 Non-agency 50,436 — (614) 49,822 Total residential MBS 93,135 — (7,041) 86,094 Total HTM securities $ 847,732 $ 2,218 $ (48,063) $ 801,887 (1) Other bonds include asset-backed securities . |
LOANS AND ALLOWANCE FOR LOAN _2
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Stated at Face Amount, Net of Unearned Income | The following tables exclude LHFS. The Company’s LHFI are stated at their face amount, net of deferred fees and costs, and consisted of the following at September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Construction and Land Development $ 1,132,940 $ 1,101,260 Commercial Real Estate – Owner Occupied 1,975,281 1,982,608 Commercial Real Estate – Non-Owner Occupied 4,148,218 3,996,130 Multifamily Real Estate 947,153 802,923 Commercial & Industrial 3,432,319 2,983,349 Residential 1-4 Family – Commercial 517,034 538,063 Residential 1-4 Family – Consumer 1,057,294 940,275 Residential 1-4 Family – Revolving 599,282 585,184 Auto 534,361 592,976 Consumer 126,151 152,545 Other Commercial 813,587 773,829 Total LHFI, net of deferred fees and costs (1) 15,283,620 14,449,142 Allowance for loan and lease losses (125,627) (110,768) Total LHFI, net $ 15,157,993 $ 14,338,374 (1) Total loans included unamortized premiums and discounts, and unamortized deferred fees and costs totaling $58.4 million and $50.4 million as of September 30, 2023 and December 31, 2022, respectively. |
Summary of Aging of the Loan Portfolio by Class | The following table shows the aging of the Company’s LHFI portfolio, by class, at September 30, 2023 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Current Past Due Past Due still Accruing Nonaccrual Total Loans Construction and Land Development $ 1,132,174 $ — $ 386 $ 25 $ 355 $ 1,132,940 Commercial Real Estate – Owner Occupied 1,963,601 3,501 1,902 2,395 3,882 1,975,281 Commercial Real Estate – Non-Owner Occupied 4,134,014 4,573 797 2,835 5,999 4,148,218 Multifamily Real Estate 947,003 — 150 — — 947,153 Commercial & Industrial 3,425,646 3,049 576 792 2,256 3,432,319 Residential 1-4 Family – Commercial 513,573 744 67 817 1,833 517,034 Residential 1-4 Family – Consumer 1,040,519 1,000 1,775 3,632 10,368 1,057,294 Residential 1-4 Family – Revolving 591,748 2,326 602 1,034 3,572 599,282 Auto 530,729 2,703 339 229 361 534,361 Consumer 125,373 517 164 97 — 126,151 Other Commercial 810,027 3,545 — 15 — 813,587 Total LHFI, net of deferred fees and costs $ 15,214,407 $ 21,958 $ 6,758 $ 11,871 $ 28,626 $ 15,283,620 % of total loans 99.55 % 0.14 % 0.04 % 0.08 % 0.19 % 100.00 % The following table shows the aging of the Company’s LHFI portfolio, by class, at December 31, 2022 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Current Past Due Past Due still Accruing Nonaccrual Total Loans Construction and Land Development $ 1,099,555 $ 1,253 $ 45 $ 100 $ 307 $ 1,101,260 Commercial Real Estate – Owner Occupied 1,970,323 2,305 635 2,167 7,178 1,982,608 Commercial Real Estate – Non-Owner Occupied 3,993,091 1,121 48 607 1,263 3,996,130 Multifamily Real Estate 801,694 1,229 — — — 802,923 Commercial & Industrial 2,980,008 824 174 459 1,884 2,983,349 Residential 1-4 Family – Commercial 534,653 1,231 — 275 1,904 538,063 Residential 1-4 Family – Consumer 919,833 5,951 1,690 1,955 10,846 940,275 Residential 1-4 Family – Revolving 577,993 1,843 511 1,384 3,453 585,184 Auto 589,235 2,747 450 344 200 592,976 Consumer 151,958 351 125 108 3 152,545 Other Commercial 773,738 — — 91 — 773,829 Total LHFI, net of deferred fees and costs $ 14,392,081 $ 18,855 $ 3,678 $ 7,490 $ 27,038 $ 14,449,142 % of total loans 99.60 % 0.13 % 0.03 % 0.05 % 0.19 % 100.00 % |
Summary of Loans on Nonaccrual Status | The following table shows the Company’s amortized cost basis of loans on nonaccrual status, including those on nonaccrual status with no related ALLL, as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Nonaccrual Nonaccrual With No ALLL Nonaccrual Nonaccrual With No ALLL Construction and Land Development $ 355 $ — $ 307 $ — Commercial Real Estate – Owner Occupied 3,882 — 7,178 908 Commercial Real Estate – Non-Owner Occupied 5,999 4,935 1,263 — Commercial & Industrial 2,256 1 1,884 1 Residential 1-4 Family – Commercial 1,833 — 1,904 — Residential 1-4 Family – Consumer 10,368 — 10,846 — Residential 1-4 Family – Revolving 3,572 — 3,453 — Auto 361 — 200 — Consumer — — 3 — Other Commercial — — — — Total LHFI $ 28,626 $ 4,936 $ 27,038 $ 909 |
Summary of TDRs that Continue to Accrue Interest Under the Terms of Restructuring Agreement | The following table provides a summary, by class, of TDRs that continued to accrue interest under the terms of the applicable restructuring agreement, which were considered to be performing, and TDRs that had been placed on nonaccrual status, which were considered to be nonperforming, as of December 31, 2022 (dollars in thousands): December 31, 2022 No. of Recorded Outstanding Loans Investment Commitment Performing Construction and Land Development 3 $ 155 $ — Commercial Real Estate – Owner Occupied 2 997 — Commercial & Industrial 1 93 — Residential 1-4 Family – Consumer 83 7,761 — Residential 1-4 Family – Revolving 3 254 5 Consumer 1 13 — Total performing 93 $ 9,273 $ 5 Nonperforming Commercial Real Estate – Owner Occupied 1 $ 15 $ — Commercial Real Estate – Non-Owner Occupied 2 233 — Commercial & Industrial 2 375 — Residential 1-4 Family – Commercial 3 332 — Residential 1-4 Family – Consumer 23 3,869 — Residential 1-4 Family – Revolving 3 93 — Total nonperforming 34 $ 4,917 $ — Total performing and nonperforming 127 $ 14,190 $ 5 |
Schedule of TLMs by Class and Modification Type | The following tables present the amortized cost basis as of September 30, 2023 of TLMs modified during the three and nine months ended September 30, 2023 since January 1, 2023 (dollars in thousands): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Amortized Cost % of Total Class of Financing Receivable Amortized Cost % of Total Class of Financing Receivable Term Extension Commercial and Industrial $ 97 NM $ 2,008 0.06 % Commercial Real Estate – Non-Owner Occupied — 0.00 % 20,133 0.49 % Commercial Real Estate – Owner Occupied 766 0.04 % 766 0.04 % Residential 1-4 Family – Consumer 29 NM 603 0.06 % Total Term Extension $ 892 $ 23,510 Combination - Term Extension and Interest Rate Reduction Residential 1-4 Family – Consumer $ 127 0.01 % $ 959 0.09 % Residential 1-4 Family – Revolving — 0.00 % 15 NM Total Combination - Term Extension and Interest Rate Reduction $ 127 $ 974 Principal Forgiveness Commercial Real Estate – Non-Owner Occupied — 0.00 % 4,935 0.12 % Total Principal Forgiveness $ — $ 4,935 Total $ 1,019 $ 29,419 NM= Not Meaningful |
Summary of financial effects of TLMs on a weighted average basis for TLMs within that loan type | The following table describes the financial effects of TLMs on a weighted average basis for TLMs within that loan type for the three and nine months ended September 30, 2023: Three Months Ended September 30, 2023 Term Extension Loan Type Financial Effect Commercial Real Estate – Owner Occupied Added a weighted-average 0.2 years to the life of loans. Nine Months Ended September 30, 2023 Term Extension Loan Type Financial Effect Commercial and Industrial Added a weighted-average 0.2 years to the life of loans. Commercial Real Estate – Owner Occupied Added a weighted-average 0.2 years to the life of loans. Commercial Real Estate – Non-Owner Occupied Added a weighted-average 0.5 years to the life of loans. Residential 1-4 Family – Consumer Added a weighted-average 10.7 years to the life of loans. Combination - Term Extension and Interest Rate Reduction Loan Type Financial Effect Residential 1-4 Family – Consumer Added a weighted-average 20.3 years to the life of loans and reduced the weighted average contractual interest rate from 8.2% to 7.6% . Residential 1-4 Family – Revolving Added a weighted-average 19.1 years to the life of loans and reduced the weighted average contractual interest rate from 10.5% to 7.3% . Principal Forgiveness Loan Type Financial Effect Commercial Real Estate – Non-Owner Occupied Reduced the amortized cost basis of loans by $3.5 million. |
Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology | The following tables show the ALLL activity by loan segment for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Commercial Consumer Total Commercial Consumer Total Balance at beginning of period $ 92,970 $ 27,713 $ 120,683 $ 82,753 $ 28,015 $ 110,768 Loans charged-off (788) (841) (1,629) (7,589) (2,368) (9,957) Recoveries credited to allowance 878 457 1,335 1,911 1,626 3,537 Provision charged to operations 5,880 (642) 5,238 21,865 (586) 21,279 Balance at end of period $ 98,940 $ 26,687 $ 125,627 $ 98,940 $ 26,687 $ 125,627 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Commercial Consumer Total Commercial Consumer Total Balance at beginning of period $ 77,413 $ 26,771 $ 104,184 $ 77,902 $ 21,885 $ 99,787 Loans charged-off (1,086) (715) (1,801) (2,852) (2,415) (5,267) Recoveries credited to allowance 605 609 1,214 1,723 2,022 3,745 Provision charged to operations 6,969 (2,557) 4,412 7,128 2,616 9,744 Balance at end of period $ 83,901 $ 24,108 $ 108,009 $ 83,901 $ 24,108 $ 108,009 |
Commercial Portfolio | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Receivables Related Risk Rating | The table below details the amortized cost and gross write-offs of the classes of loans within the Commercial segment by risk level and year of origination as of September 30, 2023 (dollars in thousands): September 30, 2023 Term Loans Amortized Cost Basis by Origination Year Revolving 2023 2022 2021 2020 2019 Prior Loans Total Construction and Land Development Pass $ 168,844 $ 459,943 $ 329,757 $ 22,020 $ 12,638 $ 42,963 $ 45,247 $ 1,081,412 Watch 106 4,432 16,493 — — 836 — 21,867 Special Mention 168 — 4,514 — — 350 — 5,032 Substandard 23 1,244 1,824 21,208 205 125 — 24,629 Total Construction and Land Development $ 169,141 $ 465,619 $ 352,588 $ 43,228 $ 12,843 $ 44,274 $ 45,247 $ 1,132,940 Current period gross writeoff $ — $ — $ — $ — $ — $ (11) $ — $ (11) Commercial Real Estate – Owner Occupied Pass $ 123,946 $ 261,768 $ 196,135 $ 246,359 $ 264,095 $ 763,587 $ 23,835 $ 1,879,725 Watch — 1,325 4,021 2,815 9,671 26,719 847 45,398 Special Mention 788 859 251 — 992 10,312 464 13,666 Substandard 370 — — 337 4,196 31,589 — 36,492 Total Commercial Real Estate – Owner Occupied $ 125,104 $ 263,952 $ 200,407 $ 249,511 $ 278,954 $ 832,207 $ 25,146 $ 1,975,281 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate – Non-Owner Occupied Pass $ 310,417 $ 526,072 $ 714,965 $ 342,131 $ 483,006 $ 1,494,449 $ 23,728 $ 3,894,768 Watch — — 1,691 7,754 27,825 76,136 4 113,410 Special Mention — — — — 18,980 57,063 11,855 87,898 Substandard 4,936 — 2,139 11,298 5,939 27,830 — 52,142 Total Commercial Real Estate – Non-Owner Occupied $ 315,353 $ 526,072 $ 718,795 $ 361,183 $ 535,750 $ 1,655,478 $ 35,587 $ 4,148,218 Current period gross writeoff $ — $ — $ — $ — $ — $ (3,528) $ — $ (3,528) Commercial & Industrial Pass $ 730,110 $ 677,320 $ 449,135 $ 213,937 $ 131,347 $ 160,071 $ 887,127 $ 3,249,047 Watch 596 23,517 186 1,346 18,017 4,814 25,128 73,604 Special Mention 1,809 21,723 1,094 6,890 2,753 1,848 23,984 60,101 Substandard — 150 468 2,109 3,853 3,438 39,549 49,567 Total Commercial & Industrial $ 732,515 $ 722,710 $ 450,883 $ 224,282 $ 155,970 $ 170,171 $ 975,788 $ 3,432,319 Current period gross writeoff $ — $ — $ (6) $ — $ — $ (18) $ (1,813) $ (1,837) Multifamily Real Estate Pass $ 14,082 $ 117,935 $ 244,089 $ 223,382 $ 46,431 $ 254,568 $ 28,521 $ 929,008 Watch — — — — — 395 — 395 Special Mention — — — 250 3,734 232 — 4,216 Substandard — — — 13,534 — — — 13,534 Total Multifamily Real Estate $ 14,082 $ 117,935 $ 244,089 $ 237,166 $ 50,165 $ 255,195 $ 28,521 $ 947,153 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — Residential 1-4 Family – Commercial Pass $ 29,169 $ 63,380 $ 78,926 $ 71,358 $ 46,347 $ 212,109 $ 1,070 $ 502,359 Watch 49 390 586 223 765 6,124 109 8,246 Special Mention 48 — — — — 1,323 — 1,371 Substandard — — 618 182 604 3,401 253 5,058 Total Residential 1-4 Family – Commercial $ 29,266 $ 63,770 $ 80,130 $ 71,763 $ 47,716 $ 222,957 $ 1,432 $ 517,034 Current period gross writeoff $ — $ — $ — $ — $ — $ — $ — $ — Other Commercial Pass $ 235,254 $ 126,200 $ 149,863 $ 84,078 $ 123,799 $ 65,234 $ 24,947 $ 809,375 Watch — — — 32 8 3,410 — 3,450 Special Mention 98 — — — — 649 — 747 Substandard — — — — — — 15 15 Total Other Commercial $ 235,352 $ 126,200 $ 149,863 $ 84,110 $ 123,807 $ 69,293 $ 24,962 $ 813,587 Current period gross writeoff $ — $ — $ — $ — $ — $ (2,213) $ — $ (2,213) Total Commercial Pass $ 1,611,822 $ 2,232,618 $ 2,162,870 $ 1,203,265 $ 1,107,663 $ 2,992,981 $ 1,034,475 $ 12,345,694 Watch 751 29,664 22,977 12,170 56,286 118,434 26,088 266,370 Special Mention 2,911 22,582 5,859 7,140 26,459 71,777 36,303 173,031 Substandard 5,329 1,394 5,049 48,668 14,797 66,383 39,817 181,437 Total Commercial $ 1,620,813 $ 2,286,258 $ 2,196,755 $ 1,271,243 $ 1,205,205 $ 3,249,575 $ 1,136,683 $ 12,966,532 Total current period gross writeoff $ — $ — $ (6) $ — $ — $ (5,770) $ (1,813) $ (7,589) The table below details the amortized cost of the classes of loans within the Commercial segment by risk level and year of origination as of December 31, 2022 (dollars in thousands): December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Construction and Land Development Pass $ 357,688 $ 499,738 $ 107,559 $ 17,191 $ 33,801 $ 36,335 $ 34,345 $ 1,086,657 Watch 242 1,637 — — 115 1,669 — 3,663 Special Mention 2,843 411 — — — 93 — 3,347 Substandard 1,254 3,148 40 211 1,345 1,595 — 7,593 Total Construction and Land Development $ 362,027 $ 504,934 $ 107,599 $ 17,402 $ 35,261 $ 39,692 $ 34,345 $ 1,101,260 Commercial Real Estate – Owner Occupied Pass $ 258,953 $ 215,414 $ 257,740 $ 282,110 $ 228,410 $ 624,238 $ 17,190 $ 1,884,055 Watch 1,060 176 2,437 9,567 9,736 31,331 916 55,223 Special Mention — 256 — 93 1,332 18,766 132 20,579 Substandard — 2,565 474 4,728 1,591 12,979 414 22,751 Total Commercial Real Estate – Owner Occupied $ 260,013 $ 218,411 $ 260,651 $ 296,498 $ 241,069 $ 687,314 $ 18,652 $ 1,982,608 Commercial Real Estate – Non-Owner Occupied Pass $ 496,079 $ 661,977 $ 385,084 $ 517,834 $ 373,126 $ 1,389,507 $ 34,804 $ 3,858,411 Watch — 2,151 2,091 11,915 19,550 20,683 2 56,392 Special Mention 232 — — 25,578 702 7,381 — 33,893 Substandard — — 10,460 3,083 29,012 4,879 — 47,434 Total Commercial Real Estate – Non-Owner Occupied $ 496,311 $ 664,128 $ 397,635 $ 558,410 $ 422,390 $ 1,422,450 $ 34,806 $ 3,996,130 Commercial & Industrial Pass $ 849,547 $ 536,982 $ 262,093 $ 182,263 $ 67,648 $ 120,326 $ 846,059 $ 2,864,918 Watch 1,399 1,305 18,682 5,039 12,843 1,984 41,836 83,088 Special Mention — 222 393 2,145 354 1,773 12,380 17,267 Substandard 94 513 112 2,911 1,449 1,339 11,658 18,076 Total Commercial & Industrial $ 851,040 $ 539,022 $ 281,280 $ 192,358 $ 82,294 $ 125,422 $ 911,933 $ 2,983,349 Multifamily Real Estate Pass $ 111,798 $ 90,952 $ 204,159 $ 47,240 $ 59,883 $ 231,745 $ 52,025 $ 797,802 Watch — — — 350 442 416 — 1,208 Special Mention — — — 3,826 — 87 — 3,913 Total Multifamily Real Estate $ 111,798 $ 90,952 $ 204,159 $ 51,416 $ 60,325 $ 232,248 $ 52,025 $ 802,923 Residential 1-4 Family – Commercial Pass $ 58,534 $ 86,881 $ 77,110 $ 50,721 $ 38,090 $ 199,783 $ 803 $ 511,922 Watch 500 — 539 852 1,532 5,378 113 8,914 Special Mention — — 94 7,771 582 2,630 — 11,077 Substandard — 632 1,400 463 473 2,883 299 6,150 Total Residential 1-4 Family – Commercial $ 59,034 $ 87,513 $ 79,143 $ 59,807 $ 40,677 $ 210,674 $ 1,215 $ 538,063 Other Commercial Pass $ 197,454 $ 211,438 $ 149,567 $ 119,795 $ 3,522 $ 69,243 $ 14,177 $ 765,196 Watch 5,095 — — 12 — 3,435 — 8,542 Substandard — — — — — — 91 91 Total Other Commercial $ 202,549 $ 211,438 $ 149,567 $ 119,807 $ 3,522 $ 72,678 $ 14,268 $ 773,829 Total Commercial Pass $ 2,330,053 $ 2,303,382 $ 1,443,312 $ 1,217,154 $ 804,480 $ 2,671,177 $ 999,403 $ 11,768,961 Watch 8,296 5,269 23,749 27,735 44,218 64,896 42,867 217,030 Special Mention 3,075 889 487 39,413 2,970 30,730 12,512 90,076 Substandard 1,348 6,858 12,486 11,396 33,870 23,675 12,462 102,095 Total Commercial $ 2,342,772 $ 2,316,398 $ 1,480,034 $ 1,295,698 $ 885,538 $ 2,790,478 $ 1,067,244 $ 12,178,162 |
Consumer Portfolio | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Receivables Related Risk Rating | The following table details the amortized cost of the classes of loans within the Consumer segment based on their delinquency status and year of origination as of September 30, 2023 (dollars in thousands): September 30, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Total Residential 1-4 Family – Consumer Current $ 101,653 $ 255,179 $ 270,580 $ 155,239 $ 33,221 $ 224,635 $ 12 $ 1,040,519 30-59 Days Past Due 47 97 33 173 — 650 — 1,000 60-89 Days Past Due — 427 149 — — 1,199 — 1,775 90+ Days Past Due 49 — 1,719 — — 1,864 — 3,632 Nonaccrual — 491 565 — 106 9,206 — 10,368 Total Residential 1-4 Family – Consumer $ 101,749 $ 256,194 $ 273,046 $ 155,412 $ 33,327 $ 237,554 $ 12 $ 1,057,294 Current period gross writeoff $ — $ (16) $ — $ — $ (69) $ (39) $ — $ (124) Residential 1-4 Family – Revolving Current $ 36,058 $ 56,777 $ 12,148 $ 4,517 $ 1,059 $ 1,165 $ 480,024 $ 591,748 30-59 Days Past Due — 135 — — — — 2,191 2,326 60-89 Days Past Due 183 — — — — — 419 602 90+ Days Past Due — — — — — — 1,034 1,034 Nonaccrual — 157 27 53 — — 3,335 3,572 Total Residential 1-4 Family – Revolving $ 36,241 $ 57,069 $ 12,175 $ 4,570 $ 1,059 $ 1,165 $ 487,003 $ 599,282 Current period gross writeoff $ — $ — $ (3) $ — $ — $ — $ (26) $ (29) Auto Current $ 84,225 $ 229,046 $ 118,931 $ 59,340 $ 28,926 $ 10,261 $ — $ 530,729 30-59 Days Past Due 229 905 851 317 315 86 — 2,703 60-89 Days Past Due — 68 95 69 73 34 — 339 90+ Days Past Due 29 88 65 21 1 25 — 229 Nonaccrual 10 171 68 73 39 — — 361 Total Auto $ 84,493 $ 230,278 $ 120,010 $ 59,820 $ 29,354 $ 10,406 $ — $ 534,361 Current period gross writeoff $ (23) $ (410) $ (171) $ (101) $ (60) $ (48) $ — $ (813) Consumer Current $ 10,803 $ 26,226 $ 11,550 $ 8,635 $ 17,174 $ 25,877 $ 25,107 $ 125,372 30-59 Days Past Due 49 136 55 19 95 133 30 517 60-89 Days Past Due 12 5 12 24 59 19 33 164 90+ Days Past Due 10 40 37 4 — 7 — 98 Nonaccrual — — — — — — — — Total Consumer $ 10,874 $ 26,407 $ 11,654 $ 8,682 $ 17,328 $ 26,036 $ 25,170 $ 126,151 Current period gross writeoff $ (15) $ (65) $ (90) $ (652) $ (14) $ (510) $ (56) $ (1,402) Total Consumer Current $ 232,739 $ 567,228 $ 413,209 $ 227,731 $ 80,380 $ 261,938 $ 505,143 $ 2,288,368 30-59 Days Past Due 325 1,273 939 509 410 869 2,221 6,546 60-89 Days Past Due 195 500 256 93 132 1,252 452 2,880 90+ Days Past Due 88 128 1,821 25 1 1,896 1,034 4,993 Nonaccrual 10 819 660 126 145 9,206 3,335 14,301 Total Consumer $ 233,357 $ 569,948 $ 416,885 $ 228,484 $ 81,068 $ 275,161 $ 512,185 $ 2,317,088 Total current period gross writeoff $ (38) $ (491) $ (264) $ (753) $ (143) $ (597) $ (82) $ (2,368) The following table details the amortized cost of the classes of loans within the Consumer segment based on their delinquency status and year of origination as of December 31, 2022 (dollars in thousands): December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Residential 1-4 Family – Consumer Current $ 212,697 $ 263,734 $ 162,826 $ 36,197 $ 22,629 $ 221,738 $ 12 $ 919,833 30-59 Days Past Due 174 2,169 89 46 220 3,253 — 5,951 60-89 Days Past Due — — — — 413 1,277 — 1,690 90+ Days Past Due — — — 64 — 1,891 — 1,955 Nonaccrual — 423 — 307 940 9,176 — 10,846 Total Residential 1-4 Family – Consumer $ 212,871 $ 266,326 $ 162,915 $ 36,614 $ 24,202 $ 237,335 $ 12 $ 940,275 Residential 1-4 Family – Revolving Current $ 68,434 $ 13,810 $ 4,997 $ 1,672 $ 801 $ 476 $ 487,803 $ 577,993 30-59 Days Past Due 90 — — — — — 1,753 1,843 60-89 Days Past Due — — — — — — 511 511 90+ Days Past Due — — — — — — 1,384 1,384 Nonaccrual — 149 57 — 13 — 3,234 3,453 Total Residential 1-4 Family – Revolving $ 68,524 $ 13,959 $ 5,054 $ 1,672 $ 814 $ 476 $ 494,685 $ 585,184 Auto Current $ 285,036 $ 154,904 $ 81,710 $ 44,086 $ 15,974 $ 7,525 $ — $ 589,235 30-59 Days Past Due 808 772 451 456 134 126 — 2,747 60-89 Days Past Due 65 129 146 76 30 4 — 450 90+ Days Past Due 169 — 111 32 12 20 — 344 Nonaccrual — 113 18 62 2 5 — 200 Total Auto $ 286,078 $ 155,918 $ 82,436 $ 44,712 $ 16,152 $ 7,680 $ — $ 592,976 Consumer Current $ 36,513 $ 15,897 $ 11,019 $ 23,838 $ 16,084 $ 19,070 $ 29,537 $ 151,958 30-59 Days Past Due 61 27 36 113 34 61 19 351 60-89 Days Past Due 43 17 10 11 14 21 9 125 90+ Days Past Due 22 — 9 12 32 — 33 108 Nonaccrual — 3 — — — — — 3 Total Consumer $ 36,639 $ 15,944 $ 11,074 $ 23,974 $ 16,164 $ 19,152 $ 29,598 $ 152,545 Total Consumer Current $ 602,680 $ 448,345 $ 260,552 $ 105,793 $ 55,488 $ 248,809 $ 517,352 $ 2,239,019 30-59 Days Past Due 1,133 2,968 576 615 388 3,440 1,772 10,892 60-89 Days Past Due 108 146 156 87 457 1,302 520 2,776 90+ Days Past Due 191 — 120 108 44 1,911 1,417 3,791 Nonaccrual — 688 75 369 955 9,181 3,234 14,502 Total Consumer $ 604,112 $ 452,147 $ 261,479 $ 106,972 $ 57,332 $ 264,643 $ 524,295 $ 2,270,980 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets by operating segment | The following table presents the Company’s goodwill and intangible assets by operating segment as of September 30, 2023 and December 31, 2022 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total September 30, 2023 Goodwill $ 639,180 $ 286,031 $ — $ 925,211 Intangible Assets 1,366 1,108 18,803 21,277 December 31, 2022 Goodwill $ 639,180 $ 286,031 $ — $ 925,211 Intangible Assets 1,558 75 25,128 26,761 |
Estimated Remaining Amortization Expense of Intangibles | As of September 30, 2023, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands): For the remaining three months of 2023 $ 2,095 2024 6,936 2025 5,289 2026 3,654 2027 2,068 Thereafter 1,235 Total estimated amortization expense $ 21,277 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Net Investment in Sales-Type and Direct Financing Lease | Total net investment in sales-type and direct financing leases consists of the following (dollars in thousands): September 30, 2023 December 31, 2022 Sales-type and direct financing leases: Lease receivables, net of unearned income and deferred selling profit $ 325,556 $ 266,380 Unguaranteed residual values, net of unearned income and deferred selling profit 16,711 15,159 Total net investment in sales-type and direct financing leases $ 342,267 $ 281,539 |
Lessee Lease Portfolio and Other Supplemental Lease Information | The tables below provide information about the Company’s lessee lease portfolio and other supplemental lease information (dollars in thousands): September 30, 2023 December 31, 2022 Operating Finance Operating Finance ROU assets $ 68,807 $ 4,899 $ 35,729 $ 5,588 Lease liabilities 75,502 7,369 47,696 8,288 Lease Term and Discount Rate of Operating leases: Weighted-average remaining lease term (years) 11.66 5.33 6.80 6.08 Weighted-average discount rate (1) 6.06 % 1.17 % 2.91 % 1.17 % (1) A lease implicit rate or an incremental borrowing rate is used based on information available at commencement date of lease or at remeasurement date. |
Other Lease Information | Nine months ended September 30, 2023 2022 Cash paid for amounts included in measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 68 $ 79 Operating Cash Flows from Operating Leases 8,902 8,514 Financing Cash Flows from Finance Leases 919 885 ROU assets obtained in exchange for lease obligations: Operating leases $ 38,318 $ 1,268 |
Lease Cost | Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net Operating Lease Cost $ 2,381 $ 2,117 $ 7,291 $ 6,658 Finance Lease Cost: Amortization of right-of-use assets 230 230 689 689 Interest on lease liabilities 22 25 68 79 Total Lease Cost $ 2,633 $ 2,372 $ 8,048 $ 7,426 |
Maturities of Lessor and Lessee Arrangements Outstanding | The maturities of lessor and lessee arrangements outstanding are presented in the table below (dollars in thousands): September 30, 2023 Lessor Lessee Sales-type and Direct Financing Operating Finance For the remaining three months of 2023 $ 20,314 $ 3,536 $ 337 2024 84,391 13,666 1,358 2025 73,581 11,603 1,392 2026 62,743 9,146 1,427 2027 50,928 7,759 1,462 Thereafter 76,765 66,137 1,627 Total undiscounted cash flows 368,722 111,847 7,603 Less: Adjustments (1) 43,166 36,345 234 Total (2) $ 325,556 $ 75,502 $ 7,369 (1) Lessor – unearned income and unearned guaranteed residual value; Lessee – imputed interest. (2) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Borrowings [Abstract] | |
Short-Term Borrowings | Total short-term borrowings consist of the following as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, December 31, 2023 2022 Securities sold under agreements to repurchase $ 134,936 $ 142,837 Federal Funds Purchased — 160,000 FHLB Advances 495,000 1,016,000 Total short-term borrowings $ 629,936 $ 1,318,837 Average outstanding balance during the period $ 633,896 $ 302,060 Average interest rate during the period 4.66 % 1.79 % Average interest rate at end of period 5.12 % 3.89 % |
Long-Term Borrowings | Total long-term borrowings consist of the following as of September 30, 2023 (dollars in thousands): Spread to Principal 3-Month SOFR (1) Rate (2) Maturity Investment (3) Trust Preferred Capital Securities Trust Preferred Capital Note - Statutory Trust I $ 22,500 2.75 % 8.41 % 6/17/2034 $ 696 Trust Preferred Capital Note - Statutory Trust II 36,000 1.40 % 7.06 % 6/15/2036 1,114 VFG Limited Liability Trust I Indenture 20,000 2.73 % 8.39 % 3/18/2034 619 FNB Statutory Trust II Indenture 12,000 3.10 % 8.76 % 6/26/2033 372 Gateway Capital Statutory Trust I 8,000 3.10 % 8.76 % 9/17/2033 248 Gateway Capital Statutory Trust II 7,000 2.65 % 8.31 % 6/17/2034 217 Gateway Capital Statutory Trust III 15,000 1.50 % 7.16 % 5/30/2036 464 Gateway Capital Statutory Trust IV 25,000 1.55 % 7.21 % 7/30/2037 774 MFC Capital Trust II 5,000 2.85 % 8.51 % 1/23/2034 155 Total Trust Preferred Capital Securities $ 150,500 $ 4,659 Subordinated Debt (4) 2031 Subordinated Debt 250,000 — % 2.875 % 12/15/2031 Total Subordinated Debt (5) $ 250,000 Fair Value Discount (6) (14,426) Investment in Trust Preferred Capital Securities 4,659 Total Long-term Borrowings $ 390,733 (1) As part of the adoption of ASC 848, the index changed from Three-Month LIBOR to Three-Month CME SOFR + 0.262% in the third quarter of 2023. For more information on ASC 848, refer to Note 1 “Summary of Significant Accounting Policies” in Part 1, Item 1 of this Quarterly Report. (2) Rate as of September 30, 2023. Calculated using non-rounded numbers. (3) Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets . (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $11.9 million and $2.6 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. Total long-term borrowings consist of the following as of December 31, 2022 (dollars in thousands): Spread to Principal 3-Month LIBOR (1) Rate (2) Maturity Investment (3) Trust Preferred Capital Securities Trust Preferred Capital Note - Statutory Trust I $ 22,500 2.75 % 7.52 % 6/17/2034 $ 696 Trust Preferred Capital Note - Statutory Trust II 36,000 1.40 % 6.17 % 6/15/2036 1,114 VFG Limited Liability Trust I Indenture 20,000 2.73 % 7.50 % 3/18/2034 619 FNB Statutory Trust II Indenture 12,000 3.10 % 7.87 % 6/26/2033 372 Gateway Capital Statutory Trust I 8,000 3.10 % 7.87 % 9/17/2033 248 Gateway Capital Statutory Trust II 7,000 2.65 % 7.42 % 6/17/2034 217 Gateway Capital Statutory Trust III 15,000 1.50 % 6.27 % 5/30/2036 464 Gateway Capital Statutory Trust IV 25,000 1.55 % 6.32 % 7/30/2037 774 MFC Capital Trust II 5,000 2.85 % 7.62 % 1/23/2034 155 Total Trust Preferred Capital Securities $ 150,500 $ 4,659 Subordinated Debt (4) 2031 Subordinated Debt 250,000 — % 2.875 % 12/15/2031 Total Subordinated Debt (5) $ 250,000 Fair Value Discount (6) (15,296) Investment in Trust Preferred Capital Securities 4,659 Total Long-term Borrowings $ 389,863 (1) The index rate changed from Three-Month LIBOR to Three-Month CME SOFR + 0.262% in the third quarter of 2023 due to LIBOR cessation. (2 ) Rate as of December 31, 2022. Calculated using non-rounded numbers. (3 ) Represents the junior subordinated debentures owned by the Company in trust and is reported in "Other assets" on the Company’s Consolidated Balance Sheets. (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2026, the interest changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $12.5 million and $2.8 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. |
Contractual Maturities of Long-Term Debt | As of September 30, 2023, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands): Trust Preferred Total Capital Subordinated Fair Value Long-term Notes Debt Discount (1) Borrowings For the remaining three months of 2023 $ — $ — $ (292) $ (292) 2024 — — (1,187) (1,187) 2025 — — (1,211) (1,211) 2026 — — (1,236) (1,236) 2027 — — (1,263) (1,263) Thereafter 155,159 250,000 (9,237) 395,922 Total long-term borrowings $ 155,159 $ 250,000 $ (14,426) $ 390,733 (1) Includes discount on Trust Preferred Capital Securities and Subordinated Debt. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Balances of Commitments and Contingencies | The following table presents the balances of commitments and contingencies as of the following dates (dollars in thousands): September 30, 2023 December 31, 2022 Commitments with off-balance sheet risk: Commitments to extend credit (1) $ 5,600,928 $ 5,229,252 Letters of credit 146,178 156,459 Total commitments with off-balance sheet risk $ 5,747,106 $ 5,385,711 (1) Includes unfunded overdraft protection . |
Schedule of Pledged Assets, Not Separately Reported on Statement of Financial Position | As part of the Company’s liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged at September 30, 2023 and December 31, 2022 (dollars in thousands): Pledged Assets as of September 30, 2023 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 686,217 $ 580,172 $ — $ 1,266,389 Repurchase agreements — 142,537 — — 142,537 FHLB advances — 51,084 — 3,073,097 3,124,181 Derivatives 210,977 59,568 — — 270,545 Fed Funds (3) — 392,491 16,444 452,649 861,584 Other purposes — 15,248 — — 15,248 Total pledged assets $ 210,977 $ 1,347,145 $ 596,616 $ 3,525,746 $ 5,680,484 (1) Balance represents market value. (2) Balance represents carrying value. (3) Includes AFS and HTM securities pledged under the BTFP program. Pledged Assets as of December 31, 2022 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 713,761 $ 579,550 $ — $ 1,293,311 Repurchase agreements — 159,221 — — 159,221 FHLB advances — 36,039 — 2,679,316 2,715,355 Derivatives 196,180 57,114 — — 253,294 Fed Funds — — — 458,680 458,680 Other purposes — 27,311 865 — 28,176 Total pledged assets $ 196,180 $ 993,446 $ 580,415 $ 3,137,996 $ 4,908,037 (1) Balance represents market value. (2) Balance represents book value . |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Derivatives | The following table summarizes key elements of the Company’s derivative instruments as of September 30, 2023 and December 31, 2022, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands): September 30, 2023 December 31, 2022 Derivative (2) Derivative (2) Notional or Notional or Contractual Contractual Amount (1) Assets Liabilities Amount (1) Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: (3) Cash flow hedges $ 900,000 $ — $ 14,955 $ 900,000 $ 1,163 $ 6,599 Fair value hedges 129,309 5,102 — 133,576 4,117 — Derivatives not designated as accounting hedges: Interest rate contracts (3)(4) 6,248,254 117,917 276,814 5,820,005 75,030 229,401 (1) Notional amounts are not recorded on the Company’s Consolidated Balance Sheets and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. (3) The Company’s cleared derivatives are classified as a single-unit of accounting, resulting in the fair value of the designated swap being reduced by the variation margin, which is treated as settlement of the related derivatives fair value for accounting purposes. (4) Includes RPAs. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table summarizes the carrying value of the Company’s hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Cumulative Cumulative Amount of Basis Amount of Basis Adjustments Adjustments Included in the Included in the Carrying Amount Carrying Carrying Amount Carrying of Hedged Amount of the of Hedged Amount of the Assets/(Liabilities) Hedged Assets/(Liabilities) Hedged Amount (1) Assets/(Liabilities) Amount (1) Assets/(Liabilities) Line items on the Consolidated Balance Sheets in which the hedged item is included: Securities available-for-sale (1) (2) $ 84,482 $ (2,589) $ 91,388 $ (1,889) Loans (3) 79,309 (12,635) 83,576 (10,832) (1) These amounts include the amortized cost basis of the investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At September 30, 2023 and December 31, 2022, the amortized cost basis of this portfolio was $84.5 million and $91.4 million, respectively, and the cumulative basis adjustment associated with this hedge was $2.6 million and $1.9 million, respectively. The amount of the designated hedged item at September 30, 2023 and December 31, 2022 totaled $50 million. (2) Carrying value represents amortized cost. (3) The fair value of the swaps associated with the derivative related to hedged items at September 30, 2023 and December 31, 2022 was an unrealized gain of $12.8 million and $11.0 million, respectively. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Change in Accumulated Other Comprehensive Income | The change in AOCI for the three and nine months ended September 30, 2023 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) Unrealized for AFS Unrealized (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) on Securities HTM Flow Hedge BOLI Total AOCI (loss) – June 30, 2023 $ (353,811) $ 12 $ (57,221) $ 153 $ (410,867) Other comprehensive (loss) income: Other comprehensive loss before reclassification (79,193) — (9,581) — (88,774) Amounts reclassified from AOCI into earnings 21,799 (2) — (62) 21,735 Net current period other comprehensive loss (57,394) (2) (9,581) (62) (67,039) AOCI (loss) – September 30, 2023 $ (411,205) $ 10 $ (66,802) $ 91 $ (477,906) Unrealized Gains (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) on Securities HTM Flow Hedge BOLI Total AOCI (loss) – December 31, 2022 $ (363,919) $ 17 $ (54,610) $ 226 $ (418,286) Other comprehensive income (loss): Other comprehensive (loss) income before reclassification (79,669) — (12,192) 10 (91,851) Amounts reclassified from AOCI into earnings 32,383 (7) — (145) 32,231 Net current period other comprehensive loss (47,286) (7) (12,192) (135) (59,620) AOCI (loss) – September 30, 2023 $ (411,205) $ 10 $ (66,802) $ 91 $ (477,906) The change in AOCI for the three and nine months ended September 30, 2022 is summarized as follows, net of tax (dollars in thousands): Unrealized Gain (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) Securities HTM Flow Hedge on BOLI Total AOCI (loss) – June 30, 2022 $ (277,577) $ 25 $ (36,452) $ (2,279) $ (316,283) Other comprehensive (loss) income: Other comprehensive loss before reclassification (121,841) — (24,142) — (145,983) Amounts reclassified from AOCI into earnings — (4) — 151 147 Net current period other comprehensive (loss) income (121,841) (4) (24,142) 151 (145,836) AOCI (loss) – September 30, 2022 $ (399,418) $ 21 $ (60,594) $ (2,128) $ (462,119) Unrealized Gain (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) Securities HTM Flow Hedge on BOLI Total AOCI – December 31, 2021 $ 22,763 $ 35 $ (1,567) $ (2,596) $ 18,635 Other comprehensive (loss) income: Other comprehensive loss before reclassification (422,183) — (59,027) — (481,210) Amounts reclassified from AOCI into earnings 2 (14) — 468 456 Net current period other comprehensive (loss) income (422,181) (14) (59,027) 468 (480,754) AOCI (loss) – September 30, 2022 $ (399,418) $ 21 $ (60,594) $ (2,128) $ (462,119) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022 (dollars in thousands): Fair Value Measurements at September 30, 2023 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ 59,568 $ 2,270 $ — $ 61,838 Obligations of states and political subdivisions — 417,460 — 417,460 Corporate and other bonds (1) — 242,818 — 242,818 MBS — 1,361,085 — 1,361,085 Other securities — 1,727 — 1,727 LHFS — 6,608 — 6,608 Financial Derivatives (2) — 123,019 — 123,019 LIABILITIES Financial Derivatives (2) $ — $ 291,769 $ — $ 291,769 (1) Other bonds include asset-backed securities. (2) Includes hedged and non-hedged derivatives. Fair Value Measurements at December 31, 2022 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ 56,606 $ 5,337 $ — $ 61,943 Obligations of states and political subdivisions — 807,435 — 807,435 Corporate and other bonds (1) — 226,380 — 226,380 MBS — 1,644,394 — 1,644,394 Other securities — 1,664 — 1,664 LHFS — 3,936 — 3,936 Financial Derivatives (2) — 80,310 — 80,310 LIABILITIES Financial Derivatives (2) $ — $ 236,000 $ — $ 236,000 (1) Other bonds include asset-backed securities. (2) Includes hedged and non-hedged derivatives. |
Carrying Values and Estimated Fair Values of the Company's Financial Instruments | The carrying values and estimated fair values of the Company’s financial instruments at September 30, 2023 and December 31, 2022 are as follows (dollars in thousands): Fair Value Measurements at September 30, 2023 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 398,945 $ 398,945 $ — $ — $ 398,945 AFS securities 2,084,928 59,568 2,025,360 — 2,084,928 HTM securities 843,269 — 760,786 1,260 762,046 Restricted stock 104,785 — 104,785 — 104,785 LHFS 6,608 — 6,608 — 6,608 LHFI, net of deferred fees and costs 15,283,620 — — 14,712,224 14,712,224 Financial Derivatives (1) 123,019 — 123,019 — 123,019 Accrued interest receivable 85,663 — 85,663 — 85,663 BOLI 449,452 — 449,452 — 449,452 LIABILITIES Deposits $ 16,786,505 $ — $ 16,758,971 $ — $ 16,758,971 Borrowings 1,020,669 — 947,640 — 947,640 Accrued interest payable 17,046 — 17,046 — 17,046 Financial Derivatives (1) 291,769 — 291,769 — 291,769 (1) Includes hedged and non-hedged derivatives. Fair Value Measurements at December 31, 2022 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 319,948 $ 319,948 $ — $ — $ 319,948 AFS securities 2,741,816 56,606 2,685,210 — 2,741,816 HTM securities 847,732 — 798,778 3,109 801,887 Restricted stock 120,213 — 120,213 — 120,213 LHFS 3,936 — 3,936 — 3,936 LHFI, net of deferred fees and costs 14,449,142 — — 13,974,926 13,974,926 Financial Derivatives (1) 80,310 — 80,310 — 80,310 Accrued interest receivable 81,953 — 81,953 — 81,953 BOLI 440,656 — 440,656 — 440,656 LIABILITIES Deposits $ 15,931,677 $ — $ 15,927,361 $ — $ 15,927,361 Borrowings 1,708,700 — 1,645,095 — 1,645,095 Accrued interest payable 5,268 — 5,268 — 5,268 Financial Derivatives (1) 236,000 — 236,000 — 236,000 (1) Includes hedged and non-hedged derivatives. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Denominators of the Basic and Diluted EPS Computations | The following table presents basic and diluted EPS calculations for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net Income $ 54,017 $ 58,070 $ 144,911 $ 163,986 Less: Preferred Stock Dividends 2,967 2,967 8,901 8,901 Net income available to common shareholders $ 51,050 $ 55,103 $ 136,010 $ 155,085 Weighted average shares outstanding, basic 74,999 74,704 74,943 75,029 Dilutive effect of stock awards — 1 1 5 Weighted average shares outstanding, diluted 74,999 74,705 74,944 75,034 Earnings per common share, basic $ 0.68 $ 0.74 $ 1.81 $ 2.07 Earnings per common share, diluted $ 0.68 $ 0.74 $ 1.81 $ 2.07 |
SEGMENT REPORTING AND REVENUE (
SEGMENT REPORTING AND REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of operating segment results | The following tables present the Company’s operating segment results for the three months and nine months ended September 30, 2023 and 2022 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other (1) Total Three Months Ended September 30, 2023 Net interest income $ 68,049 $ 63,912 $ 19,980 $ 151,941 Provision for credit losses 9,310 (4,319) — 4,991 Net interest income after provision for credit losses 58,739 68,231 19,980 146,950 Noninterest income 9,468 13,722 3,904 27,094 Noninterest expenses 40,039 54,994 13,475 108,508 Income before income taxes $ 28,168 $ 26,959 $ 10,409 $ 65,536 Three Months Ended September 30, 2022 (2) Net interest income $ 77,625 $ 58,749 $ 14,341 $ 150,715 Provision for credit losses 8,470 (2,058) — 6,412 Net interest income after provision for credit losses 69,155 60,807 14,341 144,303 Noninterest income 8,453 11,939 5,192 25,584 Noninterest expenses 40,164 54,740 5,019 99,923 Income before income taxes $ 37,444 $ 18,006 $ 14,514 $ 69,964 Wholesale Banking Consumer Banking Corporate Other (1) Total Nine Months Ended September 30, 2023 Net interest income $ 201,722 $ 190,806 $ 64,941 $ 457,469 Provision for credit losses 25,853 (2,947) 5 22,911 Net interest income after provision for credit losses 175,869 193,753 64,936 434,558 Noninterest income 25,743 38,188 (3,013) 60,918 Noninterest expenses 123,207 168,971 30,264 322,442 Income before income taxes $ 78,405 $ 62,970 $ 31,659 $ 173,034 Nine Months Ended September 30, 2022 (2) Net interest income $ 221,979 $ 157,918 $ 40,516 $ 420,413 Provision for credit losses 12,844 (100) 27 12,771 Net interest income after provision for credit losses 209,135 158,018 40,489 407,642 Noninterest income 25,967 45,135 22,921 94,023 Noninterest expenses 118,216 165,523 20,273 304,012 Income before income taxes $ 116,886 $ 37,630 $ 43,137 $ 197,653 (1) For the three and nine months ended September 30, 2023, noninterest expenses include $8.7 million ( $8.7 million included within other expenses and ($67,000) included within salaries and benefits) and $12.6 million ( $9.8 million included within other expenses and $2.8 million included within salaries and benefits), respectively, in expenses associated with strategic cost saving initiatives, principally composed of severance costs related to headcount reductions, costs related to modifying certain third-party vendor contracts, and charges for exiting certain leases. (2) As discussed above, the segment operating results for the three and nine months ended September 30, 2022 include a reallocation from Consumer Banking to Wholesale Banking. |
Schedule of operating segment results - balance sheet metrics | The following table presents the Company’s operating segment results for key balance sheet metrics as of September 30, 2023 and December 31, 2022 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total As of September 30, 2023 LHFI, net of deferred fees and costs (1) $ 12,343,799 $ 2,953,367 $ (13,546) $ 15,283,620 Goodwill 639,180 286,031 — 925,211 Deposits 6,537,472 9,726,079 522,954 16,786,505 As of December 31, 2022 LHFI, net of deferred fees and costs (1)(2) $ 11,476,258 $ 2,990,017 $ (17,133) $ 14,449,142 Goodwill (3) 639,180 286,031 — 925,211 Deposits (4) 6,128,729 9,724,598 78,350 15,931,677 (1) Corporate Other includes acquisition accounting fair value adjustments. (2) Wholesale Banking includes a $136.6 million reallocation from Consumer Banking due to the January 1, 2023 organizational change discussed above. (3) Wholesale Banking includes a $9.6 million reallocation from Consumer Banking due to the January 1, 2023 organizational change discussed above. (4) Wholesale Banking includes a $258.7 million reallocation from Consumer Banking due to the January 1, 2023 organizational change discussed above. |
Schedule of Disaggregation of Revenue | Noninterest income disaggregated by major source for the three and nine months ended September 30, 2023 and 2022, consisted of the following (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Noninterest income: Deposit Service Charges (1) Overdraft fees $ 5,210 $ 3,831 $ 14,873 $ 14,130 Maintenance fees & other 3,347 2,953 9,704 8,291 Other service charges, commissions, and fees (1) 2,632 1,770 6,071 5,134 Interchange fees (1) 2,314 2,461 7,098 6,539 Fiduciary and asset management fees (1) Trust asset management fees 3,120 3,035 9,329 9,726 Registered advisor management fees — — — 5,088 Brokerage management fees 1,429 1,099 3,840 3,515 Mortgage banking income 666 1,390 1,969 6,707 Loss on sale of securities (27,594) — (40,992) (2) Bank owned life insurance income 2,973 3,445 8,671 8,858 Loan-related interest rate swap fees 2,695 2,050 6,450 8,510 Other operating income (2) 30,302 3,550 33,905 17,527 Total noninterest income $ 27,094 $ 25,584 $ 60,918 $ 94,023 (1) Income within scope of ASC 606, Revenue from Contracts with Customers. (2) Includes a $27.7 million gain related to the sale-leaseback transaction for the three and nine months ended September 30, 2023, and a $9.1 million gain related to the sale of DHFB for the nine months ended September 30, 2022. |
Disaggregated noninterest income by segment | The following tables present noninterest income disaggregated by reportable operating segment for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other (1)(2) Total Three Months Ended September 30, 2023 Noninterest income: Deposit service charges $ 2,184 $ 6,373 $ — $ 8,557 Other service charges and fees 399 2,233 — 2,632 Fiduciary and asset management fees 3,050 1,499 — 4,549 Mortgage banking income — 666 — 666 Other income 3,835 2,951 3,904 10,690 Total noninterest income $ 9,468 $ 13,722 $ 3,904 $ 27,094 Three Months Ended September 30, 2022 (3) Noninterest income: Deposit service charges $ 1,783 $ 5,001 $ — $ 6,784 Other service charges and fees 513 1,257 — 1,770 Fiduciary and asset management fees 2,960 1,174 — 4,134 Mortgage banking income — 1,390 — 1,390 Other income 3,197 3,117 5,192 11,506 Total noninterest income $ 8,453 $ 11,939 $ 5,192 $ 25,584 Wholesale Banking Consumer Banking Corporate Other (1)(2) Total Nine Months Ended September 30, 2023 Noninterest income: Deposit service charges $ 6,268 $ 18,309 $ — $ 24,577 Other service charges and fees 1,140 4,931 — 6,071 Fiduciary and asset management fees 9,118 4,051 — 13,169 Mortgage banking income — 1,969 — 1,969 Other income 9,217 8,928 (3,013) 15,132 Total noninterest income $ 25,743 $ 38,188 $ (3,013) $ 60,918 Nine Months Ended September 30, 2022 (3) Noninterest income: Deposit service charges $ 4,990 $ 17,431 $ — $ 22,421 Other service charges and fees 1,342 3,792 — 5,134 Fiduciary and asset management fees 9,501 8,828 — 18,329 Mortgage banking income — 6,707 — 6,707 Other income 10,134 8,377 22,921 41,432 Total noninterest income $ 25,967 $ 45,135 $ 22,921 $ 94,023 (1) For the three and nine months ended September 30, 2022, other income primarily includes a $9.1 million gain related to the sale of DHFB and income from BOLI. (2) For the three and nine months ended September 30, 2023, other income primarily includes a $27.7 million gain related to the sale-leaseback transaction, losses incurred on the sale of AFS securities ( $27.6 million and $41.0 million, respectively), and income from BOLI. (3) As discussed above, noninterest income for the three and nine months ended September 30, 2022 includes a reallocation from Consumer Banking to Wholesale Banking. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 USD ($) item | Dec. 31, 2022 USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
Number of bank branches | item | 109 | |
Number of ATM's | item | 123 | |
Loans held for investment, accrued interest receivable | $ 68.5 | $ 58.9 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets | |
HTM securities, Accrued interest receivable | $ 6.7 | 8.6 |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets | |
AFS securities, accrued interest receivable | $ 9 | $ 14.2 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets |
SECURITIES (Narrative) (Details
SECURITIES (Narrative) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) security | Dec. 31, 2022 USD ($) security | |
Schedule Of Debt Investments [Line Items] | ||
Available for sale securities past due or non-accrual | $ 0 | $ 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 517,456 | 322,446 |
AFS securities in an unrealized loss, credit related impairment | 0 | 0 |
HTM securities past due or non accrual | 0 | 0 |
Restricted equity securities consist of Federal Reserve Bank stock | 67,000 | 67,000 |
Federal Home Loan Bank Stock | $ 37,800 | $ 53,200 |
Available-for-sale Securities | ||
Schedule Of Debt Investments [Line Items] | ||
Available for sale securities that had been in a continuous loss position for more than 12 months, Number of issues | security | 761 | 363 |
Non-agency collateralized mortgage obligations | ||
Schedule Of Debt Investments [Line Items] | ||
SSFA rating percentage | 20% | 20% |
SECURITIES (Amortized Cost, Gro
SECURITIES (Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | $ 2,608,028 | $ 3,204,361 |
Gross Unrealized Gains | 308 | 293 |
Gross Unrealized (Losses) | (523,408) | (462,838) |
Total AFS securities, Estimated Fair Value | 2,084,928 | 2,741,816 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 62,221 | 70,196 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | (383) | (8,253) |
Total AFS securities, Estimated Fair Value | 61,838 | 61,943 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 587,340 | 959,999 |
Gross Unrealized Gains | 0 | 137 |
Gross Unrealized (Losses) | (169,880) | (152,701) |
Total AFS securities, Estimated Fair Value | 417,460 | 807,435 |
Corporate and other bonds | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 267,816 | 243,979 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | (24,998) | (17,599) |
Total AFS securities, Estimated Fair Value | 242,818 | 226,380 |
Commercial | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 287,260 | 349,598 |
Gross Unrealized Gains | 307 | 75 |
Gross Unrealized (Losses) | (52,864) | (43,512) |
Total AFS securities, Estimated Fair Value | 234,703 | 306,161 |
Commercial | Agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 215,203 | 250,186 |
Gross Unrealized Gains | 307 | 75 |
Gross Unrealized (Losses) | (50,289) | (39,268) |
Total AFS securities, Estimated Fair Value | 165,221 | 210,993 |
Commercial | Non-agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 72,057 | 99,412 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | (2,575) | (4,244) |
Total AFS securities, Estimated Fair Value | 69,482 | 95,168 |
Residential | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 1,401,664 | 1,578,925 |
Gross Unrealized Gains | 1 | 81 |
Gross Unrealized (Losses) | (275,283) | (240,773) |
Total AFS securities, Estimated Fair Value | 1,126,382 | 1,338,233 |
Residential | Agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 1,319,987 | 1,510,110 |
Gross Unrealized Gains | 1 | 81 |
Gross Unrealized (Losses) | (268,152) | (233,961) |
Total AFS securities, Estimated Fair Value | 1,051,836 | 1,276,230 |
Residential | Non-agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 81,677 | 68,815 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | (7,131) | (6,812) |
Total AFS securities, Estimated Fair Value | 74,546 | 62,003 |
Other securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 1,727 | 1,664 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Total AFS securities, Estimated Fair Value | $ 1,727 | $ 1,664 |
SECURITIES (Schedule of Gross U
SECURITIES (Schedule of Gross Unrealized Losses and Fair Value of Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | $ 266,222 | $ 1,285,632 |
Less than 12 Months, Unrealized Losses | (5,952) | (140,392) |
More than 12 Months, Fair Value | 1,767,901 | 1,392,153 |
More than 12 Months, Unrealized Losses | (517,456) | (322,446) |
Total, Fair Value | 2,034,123 | 2,677,785 |
Unrealized Losses, Total | (523,408) | (462,838) |
U.S. government and agency securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 59,568 | 2,594 |
Less than 12 Months, Unrealized Losses | (349) | (166) |
More than 12 Months, Fair Value | 2,169 | 59,269 |
More than 12 Months, Unrealized Losses | (34) | (8,087) |
Total, Fair Value | 61,737 | 61,863 |
Unrealized Losses, Total | (383) | (8,253) |
Obligations of states and political subdivisions | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 16,023 | 588,668 |
Less than 12 Months, Unrealized Losses | (3,567) | (86,895) |
More than 12 Months, Fair Value | 399,438 | 187,375 |
More than 12 Months, Unrealized Losses | (166,313) | (65,806) |
Total, Fair Value | 415,461 | 776,043 |
Unrealized Losses, Total | (169,880) | (152,701) |
Corporate and other bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 100,231 | 206,861 |
Less than 12 Months, Unrealized Losses | (776) | (15,019) |
More than 12 Months, Fair Value | 142,587 | 17,121 |
More than 12 Months, Unrealized Losses | (24,222) | (2,580) |
Total, Fair Value | 242,818 | 223,982 |
Unrealized Losses, Total | (24,998) | (17,599) |
Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 15,074 | 139,980 |
Less than 12 Months, Unrealized Losses | (709) | (9,255) |
More than 12 Months, Fair Value | 205,207 | 155,743 |
More than 12 Months, Unrealized Losses | (52,155) | (34,257) |
Total, Fair Value | 220,281 | 295,723 |
Unrealized Losses, Total | (52,864) | (43,512) |
Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 75,326 | 347,529 |
Less than 12 Months, Unrealized Losses | (551) | (29,057) |
More than 12 Months, Fair Value | 1,018,500 | 972,645 |
More than 12 Months, Unrealized Losses | (274,732) | (211,716) |
Total, Fair Value | 1,093,826 | 1,320,174 |
Unrealized Losses, Total | (275,283) | (240,773) |
Agency | Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 15,074 | 73,362 |
Less than 12 Months, Unrealized Losses | (709) | (7,024) |
More than 12 Months, Fair Value | 135,725 | 127,193 |
More than 12 Months, Unrealized Losses | (49,580) | (32,244) |
Total, Fair Value | 150,799 | 200,555 |
Unrealized Losses, Total | (50,289) | (39,268) |
Agency | Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 55,550 | 328,590 |
Less than 12 Months, Unrealized Losses | (461) | (27,769) |
More than 12 Months, Fair Value | 972,755 | 929,581 |
More than 12 Months, Unrealized Losses | (267,691) | (206,192) |
Total, Fair Value | 1,028,305 | 1,258,171 |
Unrealized Losses, Total | (268,152) | (233,961) |
Non-agency | Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 0 | 66,618 |
Less than 12 Months, Unrealized Losses | 0 | (2,231) |
More than 12 Months, Fair Value | 69,482 | 28,550 |
More than 12 Months, Unrealized Losses | (2,575) | (2,013) |
Total, Fair Value | 69,482 | 95,168 |
Unrealized Losses, Total | (2,575) | (4,244) |
Non-agency | Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 19,776 | 18,939 |
Less than 12 Months, Unrealized Losses | (90) | (1,288) |
More than 12 Months, Fair Value | 45,745 | 43,064 |
More than 12 Months, Unrealized Losses | (7,041) | (5,524) |
Total, Fair Value | 65,521 | 62,003 |
Unrealized Losses, Total | $ (7,131) | $ (6,812) |
SECURITIES (Schedule of Amortiz
SECURITIES (Schedule of Amortized Cost and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
AFS Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 56,948 | $ 42,447 |
Due in one year or less, Estimated Fair Value | 56,120 | 41,735 |
Due after one year through five years, Amortized Cost | 138,070 | 158,063 |
Due after one year through five years, Estimated Fair Value | 135,530 | 152,523 |
Due after five years through ten years, Amortized Cost | 262,259 | 343,303 |
Due after five years through ten years, Estimated Fair Value | 236,096 | 312,935 |
Due after ten years, Amortized Cost | 2,150,751 | 2,660,548 |
Due after ten years, Estimated Fair Value | 1,657,182 | 2,234,623 |
Total AFS securities | 2,608,028 | 3,204,361 |
Total AFS securities, Estimated Fair Value | 2,084,928 | 2,741,816 |
HTM Securities [Abstract] | ||
Due in one year or less, Carrying Value | 2,759 | 2,010 |
Due in one year or less, Estimated Fair Value | 2,735 | 2,006 |
Due after one year through five years, Carrying Value | 36,604 | 35,044 |
Due after one year through five years, Estimated Fair Value | 36,272 | 35,014 |
Due after five years through ten years, Carrying Value | 43,652 | 19,941 |
Due after five years through ten years, Estimated Fair Value | 41,057 | 20,239 |
Due after ten years, Carrying Value | 760,254 | 790,737 |
Due after ten years, Estimated Fair Value | 681,982 | 744,628 |
Total HTM Securities | 843,269 | 847,732 |
Total HTM securities, Estimated Fair Value | $ 762,046 | $ 801,887 |
SECURITIES (Amortized Cost of H
SECURITIES (Amortized Cost of HTM Securities by Security Type and Credit Rating) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
HTM Securities, Amortized Cost | $ 843,269 | $ 847,732 |
Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 699,170 | 707,505 |
Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 1,171 | 1,187 |
Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 68,561 | 72,412 |
Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 74,367 | 66,628 |
U.S. government and agency securities | ||
HTM Securities, Amortized Cost | 0 | 687 |
U.S. government and agency securities | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 0 | 0 |
U.S. government and agency securities | Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 0 | 0 |
U.S. government and agency securities | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 0 | 687 |
U.S. government and agency securities | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 0 | 0 |
Obligations of states and political subdivisions | ||
HTM Securities, Amortized Cost | 700,400 | 705,990 |
Obligations of states and political subdivisions | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 689,699 | 704,803 |
Obligations of states and political subdivisions | Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 1,171 | 1,187 |
Obligations of states and political subdivisions | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 0 | 0 |
Obligations of states and political subdivisions | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 9,530 | 0 |
Corporate and other bonds | ||
HTM Securities, Amortized Cost | 4,536 | 5,159 |
Corporate and other bonds | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 0 | 0 |
Corporate and other bonds | Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 0 | 0 |
Corporate and other bonds | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 0 | 0 |
Corporate and other bonds | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 4,536 | 5,159 |
Mortgage-backed securities | ||
HTM Securities, Amortized Cost | 138,333 | 135,896 |
Mortgage-backed securities | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 9,471 | 2,702 |
Mortgage-backed securities | Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 0 | 0 |
Mortgage-backed securities | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 68,561 | 71,725 |
Mortgage-backed securities | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | $ 60,301 | $ 61,469 |
SECURITIES (Schedule of Carryin
SECURITIES (Schedule of Carrying Value, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | $ 843,269 | $ 847,732 |
Gross Unrealized Gains | 49 | 2,218 |
Gross Unrealized Losses | (81,272) | (48,063) |
Held-to-maturity Securities, Fair Value | 762,046 | 801,887 |
U.S. government and agency securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 0 | 687 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (56) | |
Held-to-maturity Securities, Fair Value | 631 | |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 700,400 | 705,990 |
Gross Unrealized Gains | 49 | 2,218 |
Gross Unrealized Losses | (64,625) | (35,957) |
Held-to-maturity Securities, Fair Value | 635,824 | 672,251 |
Corporate and other bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 4,536 | 5,159 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (170) | (10) |
Held-to-maturity Securities, Fair Value | 4,366 | 5,149 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 138,333 | 135,896 |
Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 52,498 | 42,761 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (7,692) | (4,999) |
Held-to-maturity Securities, Fair Value | 44,806 | 37,762 |
Residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 85,835 | 93,135 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (8,785) | (7,041) |
Held-to-maturity Securities, Fair Value | 77,050 | 86,094 |
Agency | Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 27,568 | 29,025 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (6,788) | (4,873) |
Held-to-maturity Securities, Fair Value | 20,780 | 24,152 |
Agency | Residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 40,992 | 42,699 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (7,865) | (6,427) |
Held-to-maturity Securities, Fair Value | 33,127 | 36,272 |
Non-agency | Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 24,930 | 13,736 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (904) | (126) |
Held-to-maturity Securities, Fair Value | 24,026 | 13,610 |
Non-agency | Residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 44,843 | 50,436 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (920) | (614) |
Held-to-maturity Securities, Fair Value | $ 43,923 | $ 49,822 |
SECURITIES (Gross Realized Gain
SECURITIES (Gross Realized Gains and Losses on the Sale of Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Securities [Abstract] | ||||
Gross realized gains | $ 4 | $ 1,352 | ||
Gross realized losses | (27,598) | $ (2) | (42,344) | $ (2) |
Net realized losses | (27,594) | (2) | (40,992) | (2) |
Proceeds from sales of securities | $ 256,780 | $ 12,469 | $ 856,881 | $ 12,469 |
LOANS AND ALLOWANCE FOR LOAN _3
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Loans Stated at Face Amount, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
LHFI, net of deferred fees and costs | $ 15,283,620 | $ 14,449,142 | ||||
Total Allowance for credit losses | (125,627) | $ (120,683) | (110,768) | $ (108,009) | $ (104,184) | $ (99,787) |
Total loans held for investment, net | 15,157,993 | 14,338,374 | ||||
Loans receivable, deferred fees and costs | 58,400 | 50,400 | ||||
Construction and Land Development | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
LHFI, net of deferred fees and costs | 1,132,940 | 1,101,260 | ||||
Commercial Real Estate - Owner Occupied | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
LHFI, net of deferred fees and costs | 1,975,281 | 1,982,608 | ||||
Commercial Real Estate - Non-Owner Occupied | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
LHFI, net of deferred fees and costs | 4,148,218 | 3,996,130 | ||||
Multifamily Real Estate | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
LHFI, net of deferred fees and costs | 947,153 | 802,923 | ||||
Commercial and Industrial | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
LHFI, net of deferred fees and costs | 3,432,319 | 2,983,349 | ||||
Residential 1-4 Family - Commercial | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
LHFI, net of deferred fees and costs | 517,034 | 538,063 | ||||
Residential 1-4 Family - Mortgage | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
LHFI, net of deferred fees and costs | 1,057,294 | 940,275 | ||||
Residential 1-4 Family - Revolving | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
LHFI, net of deferred fees and costs | 599,282 | 585,184 | ||||
Auto | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
LHFI, net of deferred fees and costs | 534,361 | 592,976 | ||||
Consumer | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
LHFI, net of deferred fees and costs | 126,151 | 152,545 | ||||
Other Commercial | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
LHFI, net of deferred fees and costs | $ 813,587 | $ 773,829 |
LOANS AND ALLOWANCE FOR LOAN _4
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment loan | Sep. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans under modified terms | $ 1,019,000 | $ 29,419,000 | ||||||
Troubled Debt Restructurings (TDRs) | $ 14,190,000 | |||||||
Total Allowance for credit losses | 125,627,000 | $ 108,009,000 | 125,627,000 | $ 108,009,000 | $ 120,683,000 | 110,768,000 | $ 104,184,000 | $ 99,787,000 |
Interest income recognized on nonaccrual loans | 0 | 0 | $ 0 | 0 | ||||
Number of loans designated as TLMs currently past due | loan | 0 | |||||||
Number of operating segments | segment | 2 | |||||||
Commercial Portfolio | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total Allowance for credit losses | 98,940,000 | $ 83,901,000 | $ 98,940,000 | $ 83,901,000 | $ 92,970,000 | 82,753,000 | $ 77,413,000 | $ 77,902,000 |
Number of loans with associated charge-offs | loan | 2 | |||||||
Troubled Debt Restructurings [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Troubled Debt Restructurings (TDRs) | 14,200,000 | |||||||
Total Allowance for credit losses | $ 739,000 | |||||||
Troubled Loan Modifications | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans under modified terms | $ 29,400,000 | |||||||
Total Allowance for credit losses | 155,000 | 155,000 | ||||||
Unfunded commitments on TLM loans | $ 1,500,000 | $ 1,500,000 |
LOANS AND ALLOWANCE FOR LOAN _5
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Summary of Aging of the Loan Portfolio by Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | $ 11,871 | $ 7,490 |
Greater than 90 Days and still Accruing, % of total loans | 0.08% | 0.05% |
Nonaccrual | $ 28,626 | $ 27,038 |
Nonaccrual, % of total loans | 0.19% | 0.19% |
Total Loans | $ 15,283,620 | $ 14,449,142 |
Total loans, % of total loans | 100% | 100% |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | $ 15,214,407 | $ 14,392,081 |
Current, % of total loans | 99.55% | 99.60% |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | $ 21,958 | $ 18,855 |
Past Due, % of total loans | 0.14% | 0.13% |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | $ 6,758 | $ 3,678 |
Past Due, % of total loans | 0.04% | 0.03% |
Construction and Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | $ 25 | $ 100 |
Nonaccrual | 355 | 307 |
Total Loans | 1,132,940 | 1,101,260 |
Construction and Land Development | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,132,174 | 1,099,555 |
Construction and Land Development | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 0 | 1,253 |
Construction and Land Development | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 386 | 45 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 2,395 | 2,167 |
Nonaccrual | 3,882 | 7,178 |
Total Loans | 1,975,281 | 1,982,608 |
Commercial Real Estate - Owner Occupied | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,963,601 | 1,970,323 |
Commercial Real Estate - Owner Occupied | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 3,501 | 2,305 |
Commercial Real Estate - Owner Occupied | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,902 | 635 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 2,835 | 607 |
Nonaccrual | 5,999 | 1,263 |
Total Loans | 4,148,218 | 3,996,130 |
Commercial Real Estate - Non-Owner Occupied | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 4,134,014 | 3,993,091 |
Commercial Real Estate - Non-Owner Occupied | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 4,573 | 1,121 |
Commercial Real Estate - Non-Owner Occupied | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 797 | 48 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Loans | 947,153 | 802,923 |
Multifamily Real Estate | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 947,003 | 801,694 |
Multifamily Real Estate | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 0 | 1,229 |
Multifamily Real Estate | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 150 | 0 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 792 | 459 |
Nonaccrual | 2,256 | 1,884 |
Total Loans | 3,432,319 | 2,983,349 |
Commercial and Industrial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 3,425,646 | 2,980,008 |
Commercial and Industrial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 3,049 | 824 |
Commercial and Industrial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 576 | 174 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 817 | 275 |
Nonaccrual | 1,833 | 1,904 |
Total Loans | 517,034 | 538,063 |
Residential 1-4 Family - Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 513,573 | 534,653 |
Residential 1-4 Family - Commercial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 744 | 1,231 |
Residential 1-4 Family - Commercial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 67 | 0 |
Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 3,632 | 1,955 |
Nonaccrual | 10,368 | 10,846 |
Total Loans | 1,057,294 | 940,275 |
Residential 1-4 Family - Mortgage | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,040,519 | 919,833 |
Total Loans | 1,040,519 | 919,833 |
Residential 1-4 Family - Mortgage | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,000 | 5,951 |
Total Loans | 1,000 | 5,951 |
Residential 1-4 Family - Mortgage | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,775 | 1,690 |
Total Loans | 1,775 | 1,690 |
Residential 1-4 Family - Mortgage | Greater Than 90 Days and still Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 3,632 | 1,955 |
Residential 1-4 Family - Mortgage | Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 10,368 | 10,846 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 1,034 | 1,384 |
Nonaccrual | 3,572 | 3,453 |
Total Loans | 599,282 | 585,184 |
Residential 1-4 Family - Revolving | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 591,748 | 577,993 |
Total Loans | 591,748 | 577,993 |
Residential 1-4 Family - Revolving | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 2,326 | 1,843 |
Total Loans | 2,326 | 1,843 |
Residential 1-4 Family - Revolving | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 602 | 511 |
Total Loans | 602 | 511 |
Residential 1-4 Family - Revolving | Greater Than 90 Days and still Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,034 | 1,384 |
Residential 1-4 Family - Revolving | Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 3,572 | 3,453 |
Auto | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 229 | 344 |
Nonaccrual | 361 | 200 |
Total Loans | 534,361 | 592,976 |
Auto | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 530,729 | 589,235 |
Total Loans | 530,729 | 589,235 |
Auto | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 2,703 | 2,747 |
Total Loans | 2,703 | 2,747 |
Auto | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 339 | 450 |
Total Loans | 339 | 450 |
Auto | Greater Than 90 Days and still Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 229 | 344 |
Auto | Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 361 | 200 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 97 | 108 |
Nonaccrual | 0 | 3 |
Total Loans | 126,151 | 152,545 |
Consumer | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 125,373 | 151,958 |
Total Loans | 125,372 | 151,958 |
Consumer | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 517 | 351 |
Total Loans | 517 | 351 |
Consumer | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 164 | 125 |
Total Loans | 164 | 125 |
Consumer | Greater Than 90 Days and still Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 98 | 108 |
Consumer | Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 0 | 3 |
Other Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 15 | 91 |
Nonaccrual | 0 | 0 |
Total Loans | 813,587 | 773,829 |
Other Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 810,027 | 773,738 |
Other Commercial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 3,545 | 0 |
Other Commercial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _6
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Summary of Loans on Nonaccrual Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | $ 28,626 | $ 27,038 |
Nonaccrual With No ALLL | 4,936 | 909 |
Loans Past Due Over 90 Days Still Accruing | 11,871 | 7,490 |
Construction and Land Development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 355 | 307 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 25 | 100 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 3,882 | 7,178 |
Nonaccrual With No ALLL | 0 | 908 |
Loans Past Due Over 90 Days Still Accruing | 2,395 | 2,167 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 5,999 | 1,263 |
Nonaccrual With No ALLL | 4,935 | 0 |
Loans Past Due Over 90 Days Still Accruing | 2,835 | 607 |
Multifamily Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial and Industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 2,256 | 1,884 |
Nonaccrual With No ALLL | 1 | 1 |
Loans Past Due Over 90 Days Still Accruing | 792 | 459 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 1,833 | 1,904 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 817 | 275 |
Residential 1-4 Family - Mortgage | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 10,368 | 10,846 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 3,632 | 1,955 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 3,572 | 3,453 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 1,034 | 1,384 |
Auto | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 361 | 200 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 229 | 344 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 0 | 3 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 97 | 108 |
Other Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 0 | 0 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | $ 15 | $ 91 |
LOANS AND ALLOWANCE FOR LOAN _7
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Troubled Loan Modifications) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Financing Receivable, Modifications [Line Items] | ||
Amortized Cost | $ 1,019 | $ 29,419 |
Troubled Loan Modifications | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized Cost | 29,400 | |
Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized Cost | 892 | 23,510 |
Term Extension | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized Cost | 97 | $ 2,008 |
% of Total Class of Financing Receivable | 0.06% | |
Weighted-average years added to life of loan | 2 months 12 days | |
Term Extension | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized Cost | $ 0 | $ 20,133 |
% of Total Class of Financing Receivable | 0% | 0.49% |
Weighted-average years added to life of loan | 6 months | |
Term Extension | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized Cost | $ 766 | $ 766 |
% of Total Class of Financing Receivable | 0.04% | 0.04% |
Weighted-average years added to life of loan | 2 months 12 days | |
Term Extension | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized Cost | $ 29 | $ 603 |
Weighted-average years added to life of loan | 10 years 8 months 12 days | |
Combination - Term Extension and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized Cost | 127 | $ 974 |
Combination - Term Extension and Interest Rate Reduction | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized Cost | $ 127 | $ 959 |
% of Total Class of Financing Receivable | 0.01% | 0.09% |
Weighted-average years added to life of loan | 20 years 3 months 18 days | |
Weighted-average contractual interest rate before loan modification | 8.20% | |
Weighted-average contractual interest rate after loan modification | 7.60% | |
Combination - Term Extension and Interest Rate Reduction | Residential 1-4 Family - Revolving | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized Cost | $ 0 | $ 15 |
% of Total Class of Financing Receivable | 0% | |
Weighted-average years added to life of loan | 19 years 1 month 6 days | |
Weighted-average contractual interest rate before loan modification | 10.50% | |
Weighted-average contractual interest rate after loan modification | 7.30% | |
Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized Cost | $ 0 | $ 4,935 |
Principal Forgiveness | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Amortized Cost | $ 0 | $ 4,935 |
% of Total Class of Financing Receivable | 0% | 0.12% |
Loan modification, amount of principal reduction | $ 3,500 |
LOANS AND ALLOWANCE FOR LOAN _8
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Allowance for loan losses: | ||||
Balance, beginning of period | $ 120,683 | $ 104,184 | $ 110,768 | $ 99,787 |
Loans charged off | (1,629) | (1,801) | (9,957) | (5,267) |
Recoveries credited to allowance | 1,335 | 1,214 | 3,537 | 3,745 |
Provision charged to operations | 5,238 | 4,412 | 21,279 | 9,744 |
Balance, end of period | 125,627 | 108,009 | 125,627 | 108,009 |
Commercial Portfolio | ||||
Allowance for loan losses: | ||||
Balance, beginning of period | 92,970 | 77,413 | 82,753 | 77,902 |
Loans charged off | (788) | (1,086) | (7,589) | (2,852) |
Recoveries credited to allowance | 878 | 605 | 1,911 | 1,723 |
Provision charged to operations | 5,880 | 6,969 | 21,865 | 7,128 |
Balance, end of period | 98,940 | 83,901 | 98,940 | 83,901 |
Consumer Portfolio | ||||
Allowance for loan losses: | ||||
Balance, beginning of period | 27,713 | 26,771 | 28,015 | 21,885 |
Loans charged off | (841) | (715) | (2,368) | (2,415) |
Recoveries credited to allowance | 457 | 609 | 1,626 | 2,022 |
Provision charged to operations | (642) | (2,557) | (586) | 2,616 |
Balance, end of period | $ 26,687 | $ 24,108 | $ 26,687 | $ 24,108 |
LOANS AND ALLOWANCE FOR LOAN _9
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Loans Receivables Related Risk Rating) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 15,283,620 | $ 14,449,142 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 169,141 | 362,027 |
Current period gross writeoff, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 465,619 | 504,934 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 352,588 | 107,599 |
Current period gross writeoff, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 43,228 | 17,402 |
Current period gross writeoff, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 12,843 | 35,261 |
Current period gross writeoff, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 44,274 | 39,692 |
Current period gross writeoff, Prior | (11) | |
Financing Receivable, Revolving Loans | 45,247 | 34,345 |
Current period gross writeoff, Revolving Loans | 0 | |
Loans, Total | 1,132,940 | 1,101,260 |
Current period gross writeoff, Total | (11) | |
Construction and Land Development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 168,844 | 357,688 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 459,943 | 499,738 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 329,757 | 107,559 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 22,020 | 17,191 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 12,638 | 33,801 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 42,963 | 36,335 |
Financing Receivable, Revolving Loans | 45,247 | 34,345 |
Loans, Total | 1,081,412 | 1,086,657 |
Construction and Land Development | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 106 | 242 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 4,432 | 1,637 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 16,493 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 115 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 836 | 1,669 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 21,867 | 3,663 |
Construction and Land Development | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 168 | 2,843 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 411 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 4,514 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 350 | 93 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 5,032 | 3,347 |
Construction and Land Development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 23 | 1,254 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1,244 | 3,148 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,824 | 40 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 21,208 | 211 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 205 | 1,345 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 125 | 1,595 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 24,629 | 7,593 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 125,104 | 260,013 |
Current period gross writeoff, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 263,952 | 218,411 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 200,407 | 260,651 |
Current period gross writeoff, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 249,511 | 296,498 |
Current period gross writeoff, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 278,954 | 241,069 |
Current period gross writeoff, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 832,207 | 687,314 |
Current period gross writeoff, Prior | 0 | |
Financing Receivable, Revolving Loans | 25,146 | 18,652 |
Current period gross writeoff, Revolving Loans | 0 | |
Loans, Total | 1,975,281 | 1,982,608 |
Current period gross writeoff, Total | 0 | |
Commercial Real Estate - Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 123,946 | 258,953 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 261,768 | 215,414 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 196,135 | 257,740 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 246,359 | 282,110 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 264,095 | 228,410 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 763,587 | 624,238 |
Financing Receivable, Revolving Loans | 23,835 | 17,190 |
Loans, Total | 1,879,725 | 1,884,055 |
Commercial Real Estate - Owner Occupied | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 1,060 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1,325 | 176 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 4,021 | 2,437 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 2,815 | 9,567 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 9,671 | 9,736 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 26,719 | 31,331 |
Financing Receivable, Revolving Loans | 847 | 916 |
Loans, Total | 45,398 | 55,223 |
Commercial Real Estate - Owner Occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 788 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 859 | 256 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 251 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 93 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 992 | 1,332 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 10,312 | 18,766 |
Financing Receivable, Revolving Loans | 464 | 132 |
Loans, Total | 13,666 | 20,579 |
Commercial Real Estate - Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 370 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 2,565 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 474 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 337 | 4,728 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 4,196 | 1,591 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 31,589 | 12,979 |
Financing Receivable, Revolving Loans | 0 | 414 |
Loans, Total | 36,492 | 22,751 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 315,353 | 496,311 |
Current period gross writeoff, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 526,072 | 664,128 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 718,795 | 397,635 |
Current period gross writeoff, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 361,183 | 558,410 |
Current period gross writeoff, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 535,750 | 422,390 |
Current period gross writeoff, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,655,478 | 1,422,450 |
Current period gross writeoff, Prior | (3,528) | |
Financing Receivable, Revolving Loans | 35,587 | 34,806 |
Current period gross writeoff, Revolving Loans | 0 | |
Loans, Total | 4,148,218 | 3,996,130 |
Current period gross writeoff, Total | (3,528) | |
Commercial Real Estate - Non-Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 310,417 | 496,079 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 526,072 | 661,977 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 714,965 | 385,084 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 342,131 | 517,834 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 483,006 | 373,126 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,494,449 | 1,389,507 |
Financing Receivable, Revolving Loans | 23,728 | 34,804 |
Loans, Total | 3,894,768 | 3,858,411 |
Commercial Real Estate - Non-Owner Occupied | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 2,151 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,691 | 2,091 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 7,754 | 11,915 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 27,825 | 19,550 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 76,136 | 20,683 |
Financing Receivable, Revolving Loans | 4 | 2 |
Loans, Total | 113,410 | 56,392 |
Commercial Real Estate - Non-Owner Occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 232 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 25,578 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 18,980 | 702 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 57,063 | 7,381 |
Financing Receivable, Revolving Loans | 11,855 | 0 |
Loans, Total | 87,898 | 33,893 |
Commercial Real Estate - Non-Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 4,936 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 2,139 | 10,460 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 11,298 | 3,083 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 5,939 | 29,012 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 27,830 | 4,879 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 52,142 | 47,434 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 732,515 | 851,040 |
Current period gross writeoff, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 722,710 | 539,022 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 450,883 | 281,280 |
Current period gross writeoff, Two Years Before Current Fiscal Year | (6) | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 224,282 | 192,358 |
Current period gross writeoff, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 155,970 | 82,294 |
Current period gross writeoff, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 170,171 | 125,422 |
Current period gross writeoff, Prior | (18) | |
Financing Receivable, Revolving Loans | 975,788 | 911,933 |
Current period gross writeoff, Revolving Loans | (1,813) | |
Loans, Total | 3,432,319 | 2,983,349 |
Current period gross writeoff, Total | (1,837) | |
Commercial and Industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 730,110 | 849,547 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 677,320 | 536,982 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 449,135 | 262,093 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 213,937 | 182,263 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 131,347 | 67,648 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 160,071 | 120,326 |
Financing Receivable, Revolving Loans | 887,127 | 846,059 |
Loans, Total | 3,249,047 | 2,864,918 |
Commercial and Industrial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 596 | 1,399 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 23,517 | 1,305 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 186 | 18,682 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,346 | 5,039 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 18,017 | 12,843 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 4,814 | 1,984 |
Financing Receivable, Revolving Loans | 25,128 | 41,836 |
Loans, Total | 73,604 | 83,088 |
Commercial and Industrial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,809 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 21,723 | 222 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,094 | 393 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 6,890 | 2,145 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 2,753 | 354 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,848 | 1,773 |
Financing Receivable, Revolving Loans | 23,984 | 12,380 |
Loans, Total | 60,101 | 17,267 |
Commercial and Industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 94 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 150 | 513 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 468 | 112 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 2,109 | 2,911 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 3,853 | 1,449 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,438 | 1,339 |
Financing Receivable, Revolving Loans | 39,549 | 11,658 |
Loans, Total | 49,567 | 18,076 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 14,082 | 111,798 |
Current period gross writeoff, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 117,935 | 90,952 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 244,089 | 204,159 |
Current period gross writeoff, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 237,166 | 51,416 |
Current period gross writeoff, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 50,165 | 60,325 |
Current period gross writeoff, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 255,195 | 232,248 |
Current period gross writeoff, Prior | 0 | |
Financing Receivable, Revolving Loans | 28,521 | 52,025 |
Current period gross writeoff, Revolving Loans | 0 | |
Loans, Total | 947,153 | 802,923 |
Current period gross writeoff, Total | 0 | |
Multifamily Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 14,082 | 111,798 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 117,935 | 90,952 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 244,089 | 204,159 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 223,382 | 47,240 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 46,431 | 59,883 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 254,568 | 231,745 |
Financing Receivable, Revolving Loans | 28,521 | 52,025 |
Loans, Total | 929,008 | 797,802 |
Multifamily Real Estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 350 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 442 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 395 | 416 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 395 | 1,208 |
Multifamily Real Estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 250 | 3,826 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 3,734 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 232 | 87 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 4,216 | 3,913 |
Multifamily Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 13,534 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Financing Receivable, Revolving Loans | 0 | |
Loans, Total | 13,534 | |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 29,266 | 59,034 |
Current period gross writeoff, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 63,770 | 87,513 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 80,130 | 79,143 |
Current period gross writeoff, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 71,763 | 59,807 |
Current period gross writeoff, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 47,716 | 40,677 |
Current period gross writeoff, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 222,957 | 210,674 |
Current period gross writeoff, Prior | 0 | |
Financing Receivable, Revolving Loans | 1,432 | 1,215 |
Current period gross writeoff, Revolving Loans | 0 | |
Loans, Total | 517,034 | 538,063 |
Current period gross writeoff, Total | 0 | |
Residential 1-4 Family - Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 29,169 | 58,534 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 63,380 | 86,881 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 78,926 | 77,110 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 71,358 | 50,721 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 46,347 | 38,090 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 212,109 | 199,783 |
Financing Receivable, Revolving Loans | 1,070 | 803 |
Loans, Total | 502,359 | 511,922 |
Residential 1-4 Family - Commercial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 49 | 500 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 390 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 586 | 539 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 223 | 852 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 765 | 1,532 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 6,124 | 5,378 |
Financing Receivable, Revolving Loans | 109 | 113 |
Loans, Total | 8,246 | 8,914 |
Residential 1-4 Family - Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 48 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 94 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 7,771 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 582 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,323 | 2,630 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 1,371 | 11,077 |
Residential 1-4 Family - Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 632 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 618 | 1,400 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 182 | 463 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 604 | 473 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,401 | 2,883 |
Financing Receivable, Revolving Loans | 253 | 299 |
Loans, Total | 5,058 | 6,150 |
Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 235,352 | 202,549 |
Current period gross writeoff, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 126,200 | 211,438 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 149,863 | 149,567 |
Current period gross writeoff, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 84,110 | 119,807 |
Current period gross writeoff, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 123,807 | 3,522 |
Current period gross writeoff, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 69,293 | 72,678 |
Current period gross writeoff, Prior | (2,213) | |
Financing Receivable, Revolving Loans | 24,962 | 14,268 |
Current period gross writeoff, Revolving Loans | 0 | |
Loans, Total | 813,587 | 773,829 |
Current period gross writeoff, Total | (2,213) | |
Other Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 235,254 | 197,454 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 126,200 | 211,438 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 149,863 | 149,567 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 84,078 | 119,795 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 123,799 | 3,522 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 65,234 | 69,243 |
Financing Receivable, Revolving Loans | 24,947 | 14,177 |
Loans, Total | 809,375 | 765,196 |
Other Commercial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 5,095 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 32 | 12 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 8 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,410 | 3,435 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 3,450 | 8,542 |
Other Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 98 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 649 | |
Financing Receivable, Revolving Loans | 0 | |
Loans, Total | 747 | |
Other Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 15 | 91 |
Loans, Total | 15 | 91 |
Commercial Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,620,813 | 2,342,772 |
Current period gross writeoff, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,286,258 | 2,316,398 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 2,196,755 | 1,480,034 |
Current period gross writeoff, Two Years Before Current Fiscal Year | (6) | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,271,243 | 1,295,698 |
Current period gross writeoff, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,205,205 | 885,538 |
Current period gross writeoff, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,249,575 | 2,790,478 |
Current period gross writeoff, Prior | (5,770) | |
Financing Receivable, Revolving Loans | 1,136,683 | 1,067,244 |
Current period gross writeoff, Revolving Loans | (1,813) | |
Loans, Total | 12,966,532 | 12,178,162 |
Current period gross writeoff, Total | (7,589) | |
Commercial Portfolio | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,611,822 | 2,330,053 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,232,618 | 2,303,382 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 2,162,870 | 1,443,312 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,203,265 | 1,217,154 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,107,663 | 804,480 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,992,981 | 2,671,177 |
Financing Receivable, Revolving Loans | 1,034,475 | 999,403 |
Loans, Total | 12,345,694 | 11,768,961 |
Commercial Portfolio | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 751 | 8,296 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 29,664 | 5,269 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 22,977 | 23,749 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 12,170 | 27,735 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 56,286 | 44,218 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 118,434 | 64,896 |
Financing Receivable, Revolving Loans | 26,088 | 42,867 |
Loans, Total | 266,370 | 217,030 |
Commercial Portfolio | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 2,911 | 3,075 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 22,582 | 889 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 5,859 | 487 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 7,140 | 39,413 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 26,459 | 2,970 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 71,777 | 30,730 |
Financing Receivable, Revolving Loans | 36,303 | 12,512 |
Loans, Total | 173,031 | 90,076 |
Commercial Portfolio | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 5,329 | 1,348 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1,394 | 6,858 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 5,049 | 12,486 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 48,668 | 11,396 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 14,797 | 33,870 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 66,383 | 23,675 |
Financing Receivable, Revolving Loans | 39,817 | 12,462 |
Loans, Total | $ 181,437 | $ 102,095 |
LOANS AND ALLOWANCE FOR LOAN_10
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Loans Receivables Based on Delinquency Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 15,283,620 | $ 14,449,142 |
Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 101,749 | 212,871 |
Current period gross writeoff, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 256,194 | 266,326 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | (16) | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 273,046 | 162,915 |
Current period gross writeoff, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 155,412 | 36,614 |
Current period gross writeoff, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 33,327 | 24,202 |
Current period gross writeoff, Four Years Before Current Fiscal Year | (69) | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 237,554 | 237,335 |
Current period gross writeoff, Prior | (39) | |
Financing Receivable, Revolving Loans | 12 | 12 |
Current period gross writeoff, Revolving Loans | 0 | |
Loans, Total | 1,057,294 | 940,275 |
Current period gross writeoff, Total | (124) | |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 36,241 | 68,524 |
Current period gross writeoff, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 57,069 | 13,959 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 12,175 | 5,054 |
Current period gross writeoff, Two Years Before Current Fiscal Year | (3) | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 4,570 | 1,672 |
Current period gross writeoff, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,059 | 814 |
Current period gross writeoff, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,165 | 476 |
Current period gross writeoff, Prior | 0 | |
Financing Receivable, Revolving Loans | 487,003 | 494,685 |
Current period gross writeoff, Revolving Loans | (26) | |
Loans, Total | 599,282 | 585,184 |
Current period gross writeoff, Total | (29) | |
Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 84,493 | 286,078 |
Current period gross writeoff, Current Fiscal Year | (23) | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 230,278 | 155,918 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | (410) | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 120,010 | 82,436 |
Current period gross writeoff, Two Years Before Current Fiscal Year | (171) | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 59,820 | 44,712 |
Current period gross writeoff, Three Years Before Current Fiscal Year | (101) | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 29,354 | 16,152 |
Current period gross writeoff, Four Years Before Current Fiscal Year | (60) | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 10,406 | 7,680 |
Current period gross writeoff, Prior | (48) | |
Financing Receivable, Revolving Loans | 0 | 0 |
Current period gross writeoff, Revolving Loans | 0 | |
Loans, Total | 534,361 | 592,976 |
Current period gross writeoff, Total | (813) | |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 10,874 | 36,639 |
Current period gross writeoff, Current Fiscal Year | (15) | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 26,407 | 15,944 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | (65) | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 11,654 | 11,074 |
Current period gross writeoff, Two Years Before Current Fiscal Year | (90) | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 8,682 | 23,974 |
Current period gross writeoff, Three Years Before Current Fiscal Year | (652) | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 17,328 | 16,164 |
Current period gross writeoff, Four Years Before Current Fiscal Year | (14) | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 26,036 | 19,152 |
Current period gross writeoff, Prior | (510) | |
Financing Receivable, Revolving Loans | 25,170 | 29,598 |
Current period gross writeoff, Revolving Loans | (56) | |
Loans, Total | 126,151 | 152,545 |
Current period gross writeoff, Total | (1,402) | |
Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 233,357 | 604,112 |
Current period gross writeoff, Current Fiscal Year | (38) | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 569,948 | 452,147 |
Current period gross writeoff, Fiscal Year Before Current Fiscal Year | (491) | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 416,885 | 261,479 |
Current period gross writeoff, Two Years Before Current Fiscal Year | (264) | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 228,484 | 106,972 |
Current period gross writeoff, Three Years Before Current Fiscal Year | (753) | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 81,068 | 57,332 |
Current period gross writeoff, Four Years Before Current Fiscal Year | (143) | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 275,161 | 264,643 |
Current period gross writeoff, Prior | (597) | |
Financing Receivable, Revolving Loans | 512,185 | 524,295 |
Current period gross writeoff, Revolving Loans | (82) | |
Loans, Total | 2,317,088 | 2,270,980 |
Current period gross writeoff, Total | (2,368) | |
Current | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 101,653 | 212,697 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 255,179 | 263,734 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 270,580 | 162,826 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 155,239 | 36,197 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 33,221 | 22,629 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 224,635 | 221,738 |
Financing Receivable, Revolving Loans | 12 | 12 |
Loans, Total | 1,040,519 | 919,833 |
Current | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 36,058 | 68,434 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 56,777 | 13,810 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 12,148 | 4,997 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 4,517 | 1,672 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,059 | 801 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,165 | 476 |
Financing Receivable, Revolving Loans | 480,024 | 487,803 |
Loans, Total | 591,748 | 577,993 |
Current | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 84,225 | 285,036 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 229,046 | 154,904 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 118,931 | 81,710 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 59,340 | 44,086 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 28,926 | 15,974 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 10,261 | 7,525 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 530,729 | 589,235 |
Current | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 10,803 | 36,513 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 26,226 | 15,897 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 11,550 | 11,019 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 8,635 | 23,838 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 17,174 | 16,084 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 25,877 | 19,070 |
Financing Receivable, Revolving Loans | 25,107 | 29,537 |
Loans, Total | 125,372 | 151,958 |
Current | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 232,739 | 602,680 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 567,228 | 448,345 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 413,209 | 260,552 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 227,731 | 105,793 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 80,380 | 55,488 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 261,938 | 248,809 |
Financing Receivable, Revolving Loans | 505,143 | 517,352 |
Loans, Total | 2,288,368 | 2,239,019 |
30 to 59 Days Past Due | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 47 | 174 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 97 | 2,169 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 33 | 89 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 173 | 46 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 220 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 650 | 3,253 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 1,000 | 5,951 |
30 to 59 Days Past Due | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 90 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 135 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 2,191 | 1,753 |
Loans, Total | 2,326 | 1,843 |
30 to 59 Days Past Due | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 229 | 808 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 905 | 772 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 851 | 451 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 317 | 456 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 315 | 134 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 86 | 126 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 2,703 | 2,747 |
30 to 59 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 49 | 61 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 136 | 27 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 55 | 36 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 19 | 113 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 95 | 34 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 133 | 61 |
Financing Receivable, Revolving Loans | 30 | 19 |
Loans, Total | 517 | 351 |
30 to 59 Days Past Due | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 325 | 1,133 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1,273 | 2,968 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 939 | 576 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 509 | 615 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 410 | 388 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 869 | 3,440 |
Financing Receivable, Revolving Loans | 2,221 | 1,772 |
Loans, Total | 6,546 | 10,892 |
60 to 89 Days Past Due | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 427 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 149 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 413 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,199 | 1,277 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 1,775 | 1,690 |
60 to 89 Days Past Due | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 183 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 419 | 511 |
Loans, Total | 602 | 511 |
60 to 89 Days Past Due | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 65 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 68 | 129 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 95 | 146 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 69 | 76 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 73 | 30 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 34 | 4 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 339 | 450 |
60 to 89 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 12 | 43 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 5 | 17 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 12 | 10 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 24 | 11 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 59 | 14 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 19 | 21 |
Financing Receivable, Revolving Loans | 33 | 9 |
Loans, Total | 164 | 125 |
60 to 89 Days Past Due | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 195 | 108 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 500 | 146 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 256 | 156 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 93 | 87 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 132 | 457 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,252 | 1,302 |
Financing Receivable, Revolving Loans | 452 | 520 |
Loans, Total | 2,880 | 2,776 |
Greater Than 90 Days and still Accruing | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 49 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,719 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 64 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,864 | 1,891 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 3,632 | 1,955 |
Greater Than 90 Days and still Accruing | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 1,034 | 1,384 |
Loans, Total | 1,034 | 1,384 |
Greater Than 90 Days and still Accruing | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 29 | 169 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 88 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 65 | 111 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 21 | 32 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1 | 12 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 25 | 20 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 229 | 344 |
Greater Than 90 Days and still Accruing | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 10 | 22 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 40 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 37 | 9 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 4 | 12 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 32 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7 | 0 |
Financing Receivable, Revolving Loans | 0 | 33 |
Loans, Total | 98 | 108 |
Greater Than 90 Days and still Accruing | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 88 | 191 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 128 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,821 | 120 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 25 | 108 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1 | 44 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,896 | 1,911 |
Financing Receivable, Revolving Loans | 1,034 | 1,417 |
Loans, Total | 4,993 | 3,791 |
Nonaccrual | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 491 | 423 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 565 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 307 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 106 | 940 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,206 | 9,176 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 10,368 | 10,846 |
Nonaccrual | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 157 | 149 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 27 | 57 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 53 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 13 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 3,335 | 3,234 |
Loans, Total | 3,572 | 3,453 |
Nonaccrual | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 10 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 171 | 113 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 68 | 18 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 73 | 62 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 39 | 2 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 5 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 361 | 200 |
Nonaccrual | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 3 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 0 | 3 |
Nonaccrual | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 10 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 819 | 688 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 660 | 75 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 126 | 369 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 145 | 955 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,206 | 9,181 |
Financing Receivable, Revolving Loans | 3,335 | 3,234 |
Loans, Total | $ 14,301 | $ 14,502 |
LOANS AND ALLOWANCE FOR LOAN_11
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Troubled Debt Restructurings) (Details) $ in Thousands | Dec. 31, 2022 USD ($) loan |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 127 |
Recorded Investment | $ 14,190 |
Outstanding Commitment | 5 |
Troubled Debt Restructurings | |
Financing Receivable, Modifications [Line Items] | |
Recorded Investment | $ 14,200 |
Performing Financing Receivable | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 93 |
Recorded Investment | $ 9,273 |
Outstanding Commitment | $ 5 |
Performing Financing Receivable | Construction and Land Development | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 3 |
Recorded Investment | $ 155 |
Outstanding Commitment | $ 0 |
Performing Financing Receivable | Commercial Real Estate - Owner Occupied | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 2 |
Recorded Investment | $ 997 |
Outstanding Commitment | $ 0 |
Performing Financing Receivable | Commercial and Industrial | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 1 |
Recorded Investment | $ 93 |
Outstanding Commitment | $ 0 |
Performing Financing Receivable | Residential 1-4 Family - Mortgage | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 83 |
Recorded Investment | $ 7,761 |
Outstanding Commitment | $ 0 |
Performing Financing Receivable | Residential 1-4 Family - Revolving | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 3 |
Recorded Investment | $ 254 |
Outstanding Commitment | $ 5 |
Performing Financing Receivable | Consumer | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 1 |
Recorded Investment | $ 13 |
Outstanding Commitment | $ 0 |
Nonperforming Financing Receivable | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 34 |
Recorded Investment | $ 4,917 |
Outstanding Commitment | $ 0 |
Nonperforming Financing Receivable | Commercial Real Estate - Owner Occupied | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 1 |
Recorded Investment | $ 15 |
Outstanding Commitment | $ 0 |
Nonperforming Financing Receivable | Commercial Real Estate - Non-Owner Occupied | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 2 |
Recorded Investment | $ 233 |
Outstanding Commitment | $ 0 |
Nonperforming Financing Receivable | Commercial and Industrial | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 2 |
Recorded Investment | $ 375 |
Outstanding Commitment | $ 0 |
Nonperforming Financing Receivable | Residential 1-4 Family - Commercial | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 3 |
Recorded Investment | $ 332 |
Outstanding Commitment | $ 0 |
Nonperforming Financing Receivable | Residential 1-4 Family - Mortgage | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 23 |
Recorded Investment | $ 3,869 |
Outstanding Commitment | $ 0 |
Nonperforming Financing Receivable | Residential 1-4 Family - Revolving | |
Financing Receivable, Modifications [Line Items] | |
No. of Loans | loan | 3 |
Recorded Investment | $ 93 |
Outstanding Commitment | $ 0 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 01, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Number of operating segments | segment | 2 | |||||
Goodwill | $ 925,211 | $ 925,211 | $ 925,211 | |||
Intangible Assets | 21,277 | 21,277 | 26,761 | |||
Impairment of goodwill or intangible assets | 0 | |||||
Impairment charges for goodwill | 0 | 0 | ||||
Intangible assets, amortization expense | 2,193 | $ 2,480 | 6,687 | $ 8,434 | ||
Goodwill | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Reallocation from Consumer Banking segment to Wholesale Banking segment | $ 9,600 | |||||
Intangible assets | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Reallocation from Consumer Banking segment to Wholesale Banking segment | $ 1,600 | |||||
Wholesale Banking | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 639,180 | 639,180 | 639,180 | |||
Intangible Assets | 1,366 | 1,366 | 1,558 | |||
Consumer Banking | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 286,031 | 286,031 | 286,031 | |||
Intangible Assets | 1,108 | 1,108 | 75 | |||
Corporate Other | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 0 | 0 | 0 | |||
Intangible Assets | $ 18,803 | $ 18,803 | $ 25,128 | |||
Core Deposits | Minimum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets, amortization period (years) | 4 years | 4 years | ||||
Core Deposits | Maximum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets, amortization period (years) | 10 years | 10 years | ||||
Other amortizable intangibles | Minimum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets, amortization period (years) | 4 years | 4 years | ||||
Other amortizable intangibles | Maximum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets, amortization period (years) | 10 years | 10 years |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Estimated Remaining Amortization Expense of Intangibles) (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Estimated Remaining Amortization of Intangibles | |
For the remaining three months of 2023 | $ 2,095 |
2024 | 6,936 |
2025 | 5,289 |
2026 | 3,654 |
2027 | 2,068 |
Thereafter | 1,235 |
Total estimated amortization expense | $ 21,277 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) $ in Thousands | 9 Months Ended | ||||
Sep. 20, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 20, 2023 property | Sep. 20, 2023 item | Dec. 31, 2022 USD ($) | |
Lessor Disclosure [Abstract] | |||||
Residual assets covered by residual value guarantees | $ 62,000 | $ 44,300 | |||
Lessee Disclosure [Abstract] | |||||
Operating lease, right-of-use asset | 68,807 | 35,729 | |||
Operating lease liabilities | $ 75,502 | $ 47,696 | |||
Blue Owl AUB VA Owner LLC | Sale-leaseback | |||||
Lessee Disclosure [Abstract] | |||||
Number of properties | 27 | 25 | |||
Aggregate cash purchase price | $ 45,800 | ||||
Term of lease agreement | 17 years | ||||
Pre-tax gain | $ 27,700 | ||||
Annual rent escalation during the initial term | 1.50% | ||||
Annual rent escalation after the initial term. | 2% | ||||
Operating lease, right-of-use asset | $ 38,300 | ||||
Operating lease liabilities | $ 38,100 | ||||
Minimum | |||||
Lessor Disclosure [Abstract] | |||||
Lessor sales-type and direct financing lease, term of contract | 1 month | ||||
Maximum | |||||
Lessor Disclosure [Abstract] | |||||
Lessor sales-type and direct financing lease, term of contract | 122 months | ||||
Lessee Disclosure [Abstract] | |||||
Lessee, operating lease, remaining lease term (years) | 23 years |
LEASES (Net Investment in Sales
LEASES (Net Investment in Sales-Type and Direct Financing Lease) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Lease receivables, net of unearned income and deferred selling profit | $ 325,556 | $ 266,380 |
Unguaranteed residual values, net of unearned income and deferred selling profit | 16,711 | 15,159 |
Total net investment in sales-type and direct financing leases | $ 342,267 | $ 281,539 |
LEASES (Lessee Lease Portfolio
LEASES (Lessee Lease Portfolio and Other Supplemental Lease Information) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease | ||
Right-of-use assets | $ 68,807 | $ 35,729 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Operating lease liabilities | $ 75,502 | $ 47,696 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Weighted average remaining lease term (years) | 11 years 7 months 28 days | 6 years 9 months 18 days |
Weighted average discount rate, percent | 6.06% | 2.91% |
Lessee, Finance Lease | ||
Right-of-use-assets | $ 4,899 | $ 5,588 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Lease liabilities | $ 7,369 | $ 8,288 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Weighted-average remaining lease term (years) | 5 years 3 months 29 days | 6 years 29 days |
Weighted-average discount rate, percent | 1.17% | 1.17% |
LEASES (Other Lease Information
LEASES (Other Lease Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||
Operating Cash Flows from Finance Leases | $ 68 | $ 79 |
Operating Cash Flows from Operating Leases | 8,902 | 8,514 |
Financing Cash Flows from Finance Leases | 919 | 885 |
Right-of-use assets obtained in exchange for lease obligations, operating lease | $ 38,318 | $ 1,268 |
LEASES (Lease Cost Information)
LEASES (Lease Cost Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Net Operating Lease Cost | $ 2,381 | $ 2,117 | $ 7,291 | $ 6,658 |
Finance Lease Cost: Amortization of right-of-use assets | 230 | 230 | 689 | 689 |
Finance Lease Cost: Interest on lease liabilities | 22 | 25 | 68 | 79 |
Total Lease Cost | $ 2,633 | $ 2,372 | $ 8,048 | $ 7,426 |
LEASES (Maturities of Lessor an
LEASES (Maturities of Lessor and Lessee Arrangements Outstanding) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Lessor - Sales-type and Direct Financing Lease Maturities | ||
For the remaining three months of 2023 | $ 20,314 | |
2024 | 84,391 | |
2025 | 73,581 | |
2026 | 62,743 | |
2027 | 50,928 | |
Thereafter | 76,765 | |
Total undiscounted cash flows | 368,722 | |
Less: Adjustments | 43,166 | |
Total | 325,556 | $ 266,380 |
Lessee - Operating Lease Maturities | ||
For the remaining six months of 2023 | 3,536 | |
2024 | 13,666 | |
2025 | 11,603 | |
2026 | 9,146 | |
2027 | 7,759 | |
Thereafter | 66,137 | |
Total undiscounted cash flows | 111,847 | |
Less: Adjustments | 36,345 | |
Total | 75,502 | 47,696 |
Lessee - Finance Lease Maturities | ||
For the remaining six months of 2023 | 337 | |
2024 | 1,358 | |
2025 | 1,392 | |
2026 | 1,427 | |
2027 | 1,462 | |
Thereafter | 1,627 | |
Total undiscounted cash flows | 7,603 | |
Less: Adjustments | 234 | |
Total | $ 7,369 | $ 8,288 |
BORROWINGS (Short-Term Borrowin
BORROWINGS (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Borrowings [Abstract] | ||
Securities sold under agreements to repurchase | $ 134,936 | $ 142,837 |
Federal Funds Purchased | 0 | 160,000 |
FHLB Advances | 495,000 | 1,016,000 |
Total short-term borrowings | 629,936 | 1,318,837 |
Average outstanding balance during the period | $ 633,896 | $ 302,060 |
Average interest rate (during the period) | 4.66% | 1.79% |
Average interest rate at end of period | 5.12% | 3.89% |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Subordinated Borrowing [Line Items] | ||
Remaining available balance for the federal funds lines | $ 737,000 | $ 1,000,000 |
Maximum collateral dependent line of credit with the FHLB | 6,200,000 | 6,000,000 |
Remaining credit availability on collateral dependent line of credit with the FHLB | 5,700,000 | 4,900,000 |
Trust Preferred Capital Securities | 150,500 | 150,500 |
Fair value discount | 14,426 | 15,296 |
Subordinated Debt | 250,000 | 250,000 |
Remaining borrowing capacity | 25,000 | 25,000 |
Federal Reserve Bank Term Funding Program | ||
Subordinated Borrowing [Line Items] | ||
Additional funding available | 531,000 | |
Acquired Trust Preferred Capital Notes | ||
Subordinated Borrowing [Line Items] | ||
Fair value discount | 11,900 | 12,500 |
2031 Subordinate Debt | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Debt | $ 250,000 | $ 250,000 |
Stated percentage on debt instrument | 2.875% | 2.875% |
Three-month CME SOFR rate plus | 0% | 0% |
Maturity date | Dec. 15, 2031 | Dec. 15, 2031 |
Previous bank acquisitions | Trust Preferred Capital Notes | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Capital Securities | $ 58,500 | |
Previous bank acquisitions | Acquired Trust Preferred Capital Notes | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Capital Securities | $ 92,000 |
BORROWINGS (Long-Term Borrowing
BORROWINGS (Long-Term Borrowings) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 150,500 | $ 150,500 |
Subordinated Debt | 250,000 | 250,000 |
Fair Value Premium (Discount) | (14,426) | (15,296) |
Investment in Trust Preferred Capital Securities | 4,659 | 4,659 |
Total Long-term Borrowings | $ 390,733 | $ 389,863 |
SOFR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.262% | 0.262% |
Trust Preferred Capital Notes | ||
Debt Instrument [Line Items] | ||
Remaining issuance discount on debt | $ 11,900 | $ 12,500 |
Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | 22,500 | 22,500 |
Investment in Trust Preferred Capital Securities | $ 696 | $ 696 |
Basis spread on variable rate | 2.75% | 2.75% |
Rate | 8.41% | 7.52% |
Maturity date | Jun. 17, 2034 | Jun. 17, 2034 |
Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 36,000 | $ 36,000 |
Investment in Trust Preferred Capital Securities | $ 1,114 | $ 1,114 |
Basis spread on variable rate | 1.40% | 1.40% |
Rate | 7.06% | 6.17% |
Maturity date | Jun. 15, 2036 | Jun. 15, 2036 |
VFG Limited Liability Trust I Indenture | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 20,000 | $ 20,000 |
Investment in Trust Preferred Capital Securities | $ 619 | $ 619 |
Basis spread on variable rate | 2.73% | 2.73% |
Rate | 8.39% | 7.50% |
Maturity date | Mar. 18, 2034 | Mar. 18, 2034 |
FNB Statutory Trust II Indenture | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 12,000 | $ 12,000 |
Investment in Trust Preferred Capital Securities | $ 372 | $ 372 |
Basis spread on variable rate | 3.10% | 3.10% |
Rate | 8.76% | 7.87% |
Maturity date | Jun. 26, 2033 | Jun. 26, 2033 |
Gateway Capital Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 8,000 | $ 8,000 |
Investment in Trust Preferred Capital Securities | $ 248 | $ 248 |
Basis spread on variable rate | 3.10% | 3.10% |
Rate | 8.76% | 7.87% |
Maturity date | Sep. 17, 2033 | Sep. 17, 2033 |
Gateway Capital Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 7,000 | $ 7,000 |
Investment in Trust Preferred Capital Securities | $ 217 | $ 217 |
Basis spread on variable rate | 2.65% | 2.65% |
Rate | 8.31% | 7.42% |
Maturity date | Jun. 17, 2034 | Jun. 17, 2034 |
Gateway Capital Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 15,000 | $ 15,000 |
Investment in Trust Preferred Capital Securities | $ 464 | $ 464 |
Basis spread on variable rate | 1.50% | 1.50% |
Rate | 7.16% | 6.27% |
Maturity date | May 30, 2036 | May 30, 2036 |
Gateway Capital Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 25,000 | $ 25,000 |
Investment in Trust Preferred Capital Securities | $ 774 | $ 774 |
Basis spread on variable rate | 1.55% | 1.55% |
Rate | 7.21% | 6.32% |
Maturity date | Jul. 30, 2037 | Jul. 30, 2037 |
MFC Capital Trust II | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 5,000 | $ 5,000 |
Investment in Trust Preferred Capital Securities | $ 155 | $ 155 |
Basis spread on variable rate | 2.85% | 2.85% |
Rate | 8.51% | 7.62% |
Maturity date | Jan. 23, 2034 | Jan. 23, 2034 |
Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Remaining issuance discount on debt | $ 2,600 | $ 2,800 |
Subordinated Debt | SOFR | Scenario, Plan | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.86% | 1.86% |
2031 Subordinate Debt | ||
Debt Instrument [Line Items] | ||
Subordinated Debt | $ 250,000 | $ 250,000 |
Basis spread on variable rate | 0% | 0% |
Rate | 2.875% | 2.875% |
Maturity date | Dec. 15, 2031 | Dec. 15, 2031 |
BORROWINGS (Contractual Maturit
BORROWINGS (Contractual Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Premium (Discount) | ||
For the remaining three months of 2023 | $ (292) | |
2024 | (1,187) | |
2025 | (1,211) | |
2026 | (1,236) | |
2027 | (1,263) | |
Thereafter | (9,237) | |
Total Long-term borrowings | (14,426) | $ (15,296) |
Total Long-term Borrowings | ||
For the remaining three months of 2023 | (292) | |
2024 | (1,187) | |
2025 | (1,211) | |
2026 | (1,236) | |
2027 | (1,263) | |
Thereafter | 395,922 | |
Total Long-term Borrowings | 390,733 | $ 389,863 |
Trust Preferred Capital Notes | ||
Total Long-term Borrowings, Gross | ||
For the remaining three months of 2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 155,159 | |
Total Long-term borrowings | 155,159 | |
Subordinated Debt | ||
Total Long-term Borrowings, Gross | ||
For the remaining three months of 2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 250,000 | |
Total Long-term borrowings | $ 250,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Reserve for unfunded commitments and indemnification reserve | $ 15.7 | $ 14.1 |
Deposits with other financial institutions | 260.4 | 273.5 |
Uninsured deposits with other financial institutions | 46.1 | 74 |
Cash Flow Hedging | ||
Deposits with other financial institutions serves as collateral for cash flow hedge | $ 211 | $ 196.2 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Balances of Commitments and Contingencies) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 5,747,106 | $ 5,385,711 |
Commitments to Extend Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | 5,600,928 | 5,229,252 |
Standby Letters of Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 146,178 | $ 156,459 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Schedule of Securities Pledged as Collateral) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
AFS Securities | $ 2,084,928 | $ 2,741,816 |
HTM securities | 762,046 | 801,887 |
Loans | 15,157,993 | 14,338,374 |
Total assets | 20,736,236 | 20,461,138 |
Asset Pledged as Collateral [Member] | ||
Cash | 210,977 | 196,180 |
AFS Securities | 1,347,145 | 993,446 |
HTM securities | 596,616 | 580,415 |
Loans | 3,525,746 | 3,137,996 |
Total assets | 5,680,484 | 4,908,037 |
Public deposits | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 686,217 | 713,761 |
HTM securities | 580,172 | 579,550 |
Loans | 0 | 0 |
Total assets | 1,266,389 | 1,293,311 |
Repurchase agreements | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 142,537 | 159,221 |
HTM securities | 0 | 0 |
Loans | 0 | 0 |
Total assets | 142,537 | 159,221 |
FHLB advances | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 51,084 | 36,039 |
HTM securities | 0 | 0 |
Loans | 3,073,097 | 2,679,316 |
Total assets | 3,124,181 | 2,715,355 |
Derivatives | Asset Pledged as Collateral [Member] | ||
Cash | 210,977 | 196,180 |
AFS Securities | 59,568 | 57,114 |
HTM securities | 0 | 0 |
Loans | 0 | 0 |
Total assets | 270,545 | 253,294 |
Fed Funds | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 392,491 | 0 |
HTM securities | 16,444 | 0 |
Loans | 452,649 | 458,680 |
Total assets | 861,584 | 458,680 |
Other purposes | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 15,248 | 27,311 |
HTM securities | 0 | 865 |
Loans | 0 | 0 |
Total assets | $ 15,248 | $ 28,176 |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 contract | |
Derivatives, Fair Value [Line Items] | |||
Carrying Amount of Hedged Asset/(Liabilities) | $ 50,000 | $ 50,000 | |
Number Of Foreign Exchange Derivative Contracts | contract | 0 | ||
Cash Flow Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, amount | 900,000 | 900,000 | |
Fair Value Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate notional amount of the hedged items | 79,300 | 83,600 | |
Loans | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of aggregate notional amount of the hedged items, unrealized gain (loss) | 12,800 | 11,000 | |
Carrying Amount of Hedged Asset/(Liabilities) | 79,309 | 83,576 | |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | (12,635) | (10,832) | |
Loans | Fair Value Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of aggregate notional amount of the hedged items, unrealized gain (loss) | 12,800 | 11,000 | |
Available-for-sale Securities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of aggregate notional amount of the hedged items, unrealized gain (loss) | 2,600 | 1,900 | |
Carrying Amount of Hedged Asset/(Liabilities) | 84,482 | 91,388 | |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | (2,589) | (1,889) | |
Available-for-sale Securities | Fair Value Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate notional amount of the hedged items | 50,000 | 50,000 | |
Fair value of aggregate notional amount of the hedged items, unrealized gain (loss) | 2,600 | 1,900 | |
Foreign exchange derivative contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, amount | $ 12,300 | $ 10,400 |
DERIVATIVES (Summary of the Der
DERIVATIVES (Summary of the Derivatives) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Summary of the derivative designated as a cash flow hedge | ||
Asset | $ 123,019 | $ 80,310 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Liabilities | $ 291,769 | $ 236,000 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Interest Rate Contract [Member] | Not Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | $ 6,248,254 | $ 5,820,005 |
Asset | 117,917 | 75,030 |
Liabilities | 276,814 | 229,401 |
Cash Flow Hedging | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 900,000 | 900,000 |
Cash Flow Hedging | Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 900,000 | 900,000 |
Asset | 0 | 1,163 |
Liabilities | 14,955 | 6,599 |
Fair Value Hedging | Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 129,309 | 133,576 |
Asset | 5,102 | 4,117 |
Liabilities | $ 0 | $ 0 |
DERIVATIVES (Summary of the Car
DERIVATIVES (Summary of the Carrying Value of the Company's Hedged Assets in Fair Value Hedges) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | $ 50,000 | $ 50,000 |
Portfolio, last-of-layer, amortized cost | 84,500 | 91,400 |
Available-for-sale Securities | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 84,482 | 91,388 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | (2,589) | (1,889) |
Fair value of aggregate notional amount of the hedged items, unrealized gain (loss) | 2,600 | 1,900 |
Loans | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 79,309 | 83,576 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | (12,635) | (10,832) |
Fair value of aggregate notional amount of the hedged items, unrealized gain (loss) | $ 12,800 | $ 11,000 |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Preferred stock, shares authorized | 500,000 | 500,000 | ||
Stock repurchase program, number of shares repurchased | 0 | 1,300,000 | ||
Stock repurchase program, shares repurchased amount | $ 48.2 | |||
Preferred stock, shares outstanding | 17,250 | 17,250 |
STOCKHOLDERS' EQUITY (Change in
STOCKHOLDERS' EQUITY (Change in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 2,424,470 | $ 2,440,236 | $ 2,372,737 | $ 2,391,476 | $ 2,498,335 | $ 2,710,071 | $ 2,372,737 | $ 2,710,071 |
Other comprehensive (loss) income: | (67,039) | (48,934) | 56,353 | (145,836) | (124,800) | (210,118) | (59,620) | (480,754) |
Ending balance | 2,388,801 | 2,424,470 | 2,440,236 | 2,281,150 | 2,391,476 | 2,498,335 | 2,388,801 | 2,281,150 |
Unrealized Gains (Losses) on AFS Securities | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (353,811) | (363,919) | (277,577) | 22,763 | (363,919) | 22,763 | ||
Other comprehensive loss before reclassification | (79,193) | (121,841) | (79,669) | (422,183) | ||||
Amounts reclassified from AOCI into earnings | 21,799 | 0 | 32,383 | 2 | ||||
Other comprehensive (loss) income: | (57,394) | (121,841) | (47,286) | (422,181) | ||||
Ending balance | (411,205) | (353,811) | (399,418) | (277,577) | (411,205) | (399,418) | ||
Unrealized Gains (Losses) for AFS Securities Transferred to HTM | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 12 | 17 | 25 | 35 | 17 | 35 | ||
Other comprehensive loss before reclassification | 0 | 0 | 0 | 0 | ||||
Amounts reclassified from AOCI into earnings | (2) | (4) | (7) | (14) | ||||
Other comprehensive (loss) income: | (2) | (4) | (7) | (14) | ||||
Ending balance | 10 | 12 | 21 | 25 | 10 | 21 | ||
Change in Fair Value of Cash Flow Hedge | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (57,221) | (54,610) | (36,452) | (1,567) | (54,610) | (1,567) | ||
Other comprehensive loss before reclassification | (9,581) | (24,142) | (12,192) | (59,027) | ||||
Amounts reclassified from AOCI into earnings | 0 | 0 | 0 | 0 | ||||
Other comprehensive (loss) income: | (9,581) | (24,142) | (12,192) | (59,027) | ||||
Ending balance | (66,802) | (57,221) | (60,594) | (36,452) | (66,802) | (60,594) | ||
Unrealized Gains (Losses) on BOLI | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 153 | 226 | (2,279) | (2,596) | 226 | (2,596) | ||
Other comprehensive loss before reclassification | 0 | 0 | 10 | 0 | ||||
Amounts reclassified from AOCI into earnings | (62) | 151 | (145) | 468 | ||||
Other comprehensive (loss) income: | (62) | 151 | (135) | 468 | ||||
Ending balance | 91 | 153 | (2,128) | (2,279) | 91 | (2,128) | ||
AOCI Attributable to Parent | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (410,867) | (361,933) | (418,286) | (316,283) | (191,483) | 18,635 | (418,286) | 18,635 |
Other comprehensive loss before reclassification | (88,774) | (145,983) | (91,851) | (481,210) | ||||
Amounts reclassified from AOCI into earnings | 21,735 | 147 | 32,231 | 456 | ||||
Other comprehensive (loss) income: | (67,039) | (48,934) | 56,353 | (145,836) | (124,800) | (210,118) | (59,620) | (480,754) |
Ending balance | $ (477,906) | $ (410,867) | $ (361,933) | $ (462,119) | $ (316,283) | $ (191,483) | $ (477,906) | $ (462,119) |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2023 item | |
Fair Value Disclosures [Abstract] | |
Minimum number of market participants | 4,000 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Securities available for sale, at fair value | $ 2,084,928 | $ 2,741,816 |
Loans held for sale | 6,608 | 3,936 |
Financial Derivatives | 123,019 | 80,310 |
LIABILITIES | ||
Financial Derivatives | 291,769 | 236,000 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 59,568 | 56,606 |
Loans held for sale | 0 | 0 |
Financial Derivatives | 0 | 0 |
LIABILITIES | ||
Financial Derivatives | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 2,025,360 | 2,685,210 |
Loans held for sale | 6,608 | 3,936 |
Financial Derivatives | 123,019 | 80,310 |
LIABILITIES | ||
Financial Derivatives | 291,769 | 236,000 |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Financial Derivatives | 0 | 0 |
LIABILITIES | ||
Financial Derivatives | 0 | 0 |
Recurring | ||
ASSETS | ||
Loans held for sale | 6,608 | 3,936 |
Financial Derivatives | 123,019 | 80,310 |
LIABILITIES | ||
Financial Derivatives | 291,769 | 236,000 |
Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Loans held for sale | 0 | 0 |
Financial Derivatives | 0 | 0 |
LIABILITIES | ||
Financial Derivatives | 0 | 0 |
Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Loans held for sale | 6,608 | 3,936 |
Financial Derivatives | 123,019 | 80,310 |
LIABILITIES | ||
Financial Derivatives | 291,769 | 236,000 |
Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Loans held for sale | 0 | 0 |
Financial Derivatives | 0 | 0 |
LIABILITIES | ||
Financial Derivatives | 0 | 0 |
U.S. government and agency securities | ||
ASSETS | ||
Securities available for sale, at fair value | 61,838 | 61,943 |
U.S. government and agency securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 61,838 | 61,943 |
U.S. government and agency securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 59,568 | 56,606 |
U.S. government and agency securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 2,270 | 5,337 |
U.S. government and agency securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Obligations of states and political subdivisions | ||
ASSETS | ||
Securities available for sale, at fair value | 417,460 | 807,435 |
Obligations of states and political subdivisions | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 417,460 | 807,435 |
Obligations of states and political subdivisions | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Obligations of states and political subdivisions | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 417,460 | 807,435 |
Obligations of states and political subdivisions | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Corporate and other bonds | ||
ASSETS | ||
Securities available for sale, at fair value | 242,818 | 226,380 |
Corporate and other bonds | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 242,818 | 226,380 |
Corporate and other bonds | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Corporate and other bonds | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 242,818 | 226,380 |
Corporate and other bonds | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage-backed securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 1,361,085 | 1,644,394 |
Mortgage-backed securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage-backed securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 1,361,085 | 1,644,394 |
Mortgage-backed securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Other securities | ||
ASSETS | ||
Securities available for sale, at fair value | 1,727 | 1,664 |
Other securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 1,727 | 1,664 |
Other securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Other securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 1,727 | 1,664 |
Other securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Carryi
FAIR VALUE MEASUREMENTS (Carrying Values and Estimated Fair Values of the Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 398,945 | $ 319,948 |
Securities available for sale, at fair value | 2,084,928 | 2,741,816 |
HTM securities | 762,046 | 801,887 |
Restricted stock | 104,785 | 120,213 |
LHFS | 6,608 | 3,936 |
LHFI, net of deferred fees and costs | 14,712,224 | 13,974,926 |
Financial Derivatives | 123,019 | 80,310 |
Accrued interest receivable | 85,663 | 81,953 |
Bank owned life insurance | 449,452 | 440,656 |
LIABILITIES | ||
Deposits | 16,758,971 | 15,927,361 |
Borrowings | 947,640 | 1,645,095 |
Accrued interest payable | 17,046 | 5,268 |
Financial Derivatives | 291,769 | 236,000 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Cash and cash equivalents | 398,945 | 319,948 |
Securities available for sale, at fair value | 59,568 | 56,606 |
HTM securities | 0 | 0 |
Restricted stock | 0 | 0 |
LHFS | 0 | 0 |
LHFI, net of deferred fees and costs | 0 | 0 |
Financial Derivatives | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
LIABILITIES | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Financial Derivatives | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 2,025,360 | 2,685,210 |
HTM securities | 760,786 | 798,778 |
Restricted stock | 104,785 | 120,213 |
LHFS | 6,608 | 3,936 |
LHFI, net of deferred fees and costs | 0 | 0 |
Financial Derivatives | 123,019 | 80,310 |
Accrued interest receivable | 85,663 | 81,953 |
Bank owned life insurance | 449,452 | 440,656 |
LIABILITIES | ||
Deposits | 16,758,971 | 15,927,361 |
Borrowings | 947,640 | 1,645,095 |
Accrued interest payable | 17,046 | 5,268 |
Financial Derivatives | 291,769 | 236,000 |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
HTM securities | 1,260 | 3,109 |
Restricted stock | 0 | 0 |
LHFS | 0 | 0 |
LHFI, net of deferred fees and costs | 14,712,224 | 13,974,926 |
Financial Derivatives | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
LIABILITIES | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Financial Derivatives | 0 | 0 |
Carrying Value | ||
ASSETS | ||
Cash and cash equivalents | 398,945 | 319,948 |
Securities available for sale, at fair value | 2,084,928 | 2,741,816 |
HTM securities | 843,269 | 847,732 |
Restricted stock | 104,785 | 120,213 |
LHFS | 6,608 | 3,936 |
LHFI, net of deferred fees and costs | 15,283,620 | 14,449,142 |
Financial Derivatives | 123,019 | 80,310 |
Accrued interest receivable | 85,663 | 81,953 |
Bank owned life insurance | 449,452 | 440,656 |
LIABILITIES | ||
Deposits | 16,786,505 | 15,931,677 |
Borrowings | 1,020,669 | 1,708,700 |
Accrued interest payable | 17,046 | 5,268 |
Financial Derivatives | $ 291,769 | $ 236,000 |
EARNINGS PER SHARE (Reconciliat
EARNINGS PER SHARE (Reconciliation of the Denominators of the Basic and Diluted EPS Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Income: | ||||||||
Net income | $ 54,017 | $ 55,241 | $ 35,653 | $ 58,070 | $ 62,226 | $ 43,690 | $ 144,911 | $ 163,986 |
Less: Preferred Stock Dividends | 2,967 | 2,967 | 8,901 | 8,901 | ||||
Net Income available to common shareholders | $ 51,050 | $ 55,103 | $ 136,010 | $ 155,085 | ||||
Basic weighted average number of common shares outstanding | 74,999,128 | 74,703,699 | 74,942,851 | 75,029,000 | ||||
Dilutive effect of stock awards | 0 | 1,000 | 1,000 | 5,000 | ||||
Weighted average shares outstanding, diluted | 74,999,128 | 74,705,054 | 74,943,999 | 75,034,084 | ||||
Basic EPS: | ||||||||
Earnings per common share, basic | $ 0.68 | $ 0.74 | $ 1.81 | $ 2.07 | ||||
Diluted EPS: | ||||||||
Earnings per common share, diluted | $ 0.68 | $ 0.74 | $ 1.81 | $ 2.07 |
SEGMENT REPORTING AND REVENUE_2
SEGMENT REPORTING AND REVENUE (Operating Segment Results) (Details) | 3 Months Ended | 9 Months Ended | ||||
Jan. 01, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Disaggregation of Revenue [Line Items] | ||||||
Number of operating segments | segment | 2 | |||||
Reallocation of Noninterest Income | $ 3,000,000 | $ 9,500,000 | ||||
Reallocation Of Noninterest Expense | 4,000,000 | 12,100,000 | ||||
Net interest income | $ 151,941,000 | 150,715,000 | $ 457,469,000 | 420,413,000 | ||
Provision for credit losses | 4,991,000 | 6,412,000 | 22,911,000 | 12,771,000 | ||
Net interest income after provision for credit losses | 146,950,000 | 144,303,000 | 434,558,000 | 407,642,000 | ||
Noninterest income | 27,094,000 | 25,584,000 | 60,918,000 | 94,023,000 | ||
Noninterest expenses | 108,508,000 | 99,923,000 | 322,442,000 | 304,012,000 | ||
Income before income taxes | 65,536,000 | 69,964,000 | 173,034,000 | 197,653,000 | ||
LHFI, net of deferred fees and costs | 15,283,620,000 | 15,283,620,000 | $ 14,449,142,000 | |||
Goodwill | 925,211,000 | 925,211,000 | 925,211,000 | |||
Deposits | 16,786,505,000 | 16,786,505,000 | 15,931,677,000 | |||
Strategic cost saving initiatives | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest expenses | 8,700,000 | 12,600,000 | ||||
Strategic cost saving initiatives | Other expenses | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest expenses | 8,700,000 | 9,800,000 | ||||
Strategic cost saving initiatives | Salaries and benefits | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest expenses | 2,800,000 | |||||
Noninterest expense | (67,000) | |||||
LHFI | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Reallocation from Consumer Banking segment to Wholesale Banking segment | $ 136,600,000 | |||||
Goodwill | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Reallocation from Consumer Banking segment to Wholesale Banking segment | 9,600,000 | |||||
Deposits | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Reallocation from Consumer Banking segment to Wholesale Banking segment | $ 258,700,000 | |||||
Wholesale Banking | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net interest income | 68,049,000 | 77,625,000 | 201,722,000 | 221,979,000 | ||
Provision for credit losses | 9,310,000 | 8,470,000 | 25,853,000 | 12,844,000 | ||
Net interest income after provision for credit losses | 58,739,000 | 69,155,000 | 175,869,000 | 209,135,000 | ||
Noninterest income | 9,468,000 | 8,453,000 | 25,743,000 | 25,967,000 | ||
Noninterest expenses | 40,039,000 | 40,164,000 | 123,207,000 | 118,216,000 | ||
Income before income taxes | 28,168,000 | 37,444,000 | 78,405,000 | 116,886,000 | ||
LHFI, net of deferred fees and costs | 12,343,799,000 | 12,343,799,000 | 11,476,258,000 | |||
Goodwill | 639,180,000 | 639,180,000 | 639,180,000 | |||
Deposits | 6,537,472,000 | 6,537,472,000 | 6,128,729,000 | |||
Consumer Banking | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net interest income | 63,912,000 | 58,749,000 | 190,806,000 | 157,918,000 | ||
Provision for credit losses | (4,319,000) | (2,058,000) | (2,947,000) | (100,000) | ||
Net interest income after provision for credit losses | 68,231,000 | 60,807,000 | 193,753,000 | 158,018,000 | ||
Noninterest income | 13,722,000 | 11,939,000 | 38,188,000 | 45,135,000 | ||
Noninterest expenses | 54,994,000 | 54,740,000 | 168,971,000 | 165,523,000 | ||
Income before income taxes | 26,959,000 | 18,006,000 | 62,970,000 | 37,630,000 | ||
LHFI, net of deferred fees and costs | 2,953,367,000 | 2,953,367,000 | 2,990,017,000 | |||
Goodwill | 286,031,000 | 286,031,000 | 286,031,000 | |||
Deposits | 9,726,079,000 | 9,726,079,000 | 9,724,598,000 | |||
Corporate Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net interest income | 19,980,000 | 14,341,000 | 64,941,000 | 40,516,000 | ||
Provision for credit losses | 0 | 0 | 5,000 | 27,000 | ||
Net interest income after provision for credit losses | 19,980,000 | 14,341,000 | 64,936,000 | 40,489,000 | ||
Noninterest income | 3,904,000 | 5,192,000 | (3,013,000) | 22,921,000 | ||
Noninterest expenses | 13,475,000 | 5,019,000 | 30,264,000 | 20,273,000 | ||
Income before income taxes | 10,409,000 | $ 14,514,000 | 31,659,000 | $ 43,137,000 | ||
LHFI, net of deferred fees and costs | (13,546,000) | (13,546,000) | (17,133,000) | |||
Goodwill | 0 | 0 | 0 | |||
Deposits | $ 522,954,000 | $ 522,954,000 | $ 78,350,000 |
SEGMENT REPORTING AND REVENUE_3
SEGMENT REPORTING AND REVENUE (Disaggregation of Noninterest Income by Major Source) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue | ||||
Deposit Service Charges | $ 8,557 | $ 6,784 | $ 24,577 | $ 22,421 |
Other service charges, commissions and fees | 2,632 | 1,770 | 6,071 | 5,134 |
Interchange fees | 2,314 | 2,461 | 7,098 | 6,539 |
Fiduciary and asset management fees | 4,549 | 4,134 | 13,169 | 18,329 |
Mortgage banking income | 666 | 1,390 | 1,969 | 6,707 |
Loss on sale of AFS securities | 27,594 | 0 | 40,992 | 2 |
Bank owned life insurance income | 2,973 | 3,445 | 8,671 | 8,858 |
Loan-related interest rate swap fees | 2,695 | 2,050 | 6,450 | 8,510 |
Other operating income | 30,302 | 3,550 | 33,905 | 17,527 |
Total noninterest income | 27,094 | 25,584 | 60,918 | 94,023 |
Gain related to sale-leaseback transaction | 27,700 | 27,700 | ||
Gain on sale of DHFB | 0 | 9,082 | ||
Overdraft fees | ||||
Disaggregation of Revenue | ||||
Deposit Service Charges | 5,210 | 3,831 | 14,873 | 14,130 |
Maintenance fees & other | ||||
Disaggregation of Revenue | ||||
Deposit Service Charges | 3,347 | 2,953 | 9,704 | 8,291 |
Trust asset management fees | ||||
Disaggregation of Revenue | ||||
Fiduciary and asset management fees | 3,120 | 3,035 | 9,329 | 9,726 |
Registered advisor management fees, net | ||||
Disaggregation of Revenue | ||||
Fiduciary and asset management fees | 0 | 0 | 0 | 5,088 |
Brokerage management fees, net | ||||
Disaggregation of Revenue | ||||
Fiduciary and asset management fees | $ 1,429 | $ 1,099 | $ 3,840 | $ 3,515 |
SEGMENT REPORTING AND REVENUE_4
SEGMENT REPORTING AND REVENUE (Disaggregation of Noninterest Income by Reportable Operating Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue | ||||
Deposit Service Charges | $ 8,557 | $ 6,784 | $ 24,577 | $ 22,421 |
Other service charges and fees | 2,632 | 1,770 | 6,071 | 5,134 |
Fiduciary and asset management fees | 4,549 | 4,134 | 13,169 | 18,329 |
Mortgage banking income | 666 | 1,390 | 1,969 | 6,707 |
Other income | 10,690 | 11,506 | 15,132 | 41,432 |
Total noninterest income | 27,094 | 25,584 | 60,918 | 94,023 |
Gain on sale of DHFB | 0 | 9,082 | ||
Wholesale Banking | ||||
Disaggregation of Revenue | ||||
Deposit Service Charges | 2,184 | 1,783 | 6,268 | 4,990 |
Other service charges and fees | 399 | 513 | 1,140 | 1,342 |
Fiduciary and asset management fees | 3,050 | 2,960 | 9,118 | 9,501 |
Mortgage banking income | 0 | 0 | 0 | 0 |
Other income | 3,835 | 3,197 | 9,217 | 10,134 |
Total noninterest income | 9,468 | 8,453 | 25,743 | 25,967 |
Consumer Banking | ||||
Disaggregation of Revenue | ||||
Deposit Service Charges | 6,373 | 5,001 | 18,309 | 17,431 |
Other service charges and fees | 2,233 | 1,257 | 4,931 | 3,792 |
Fiduciary and asset management fees | 1,499 | 1,174 | 4,051 | 8,828 |
Mortgage banking income | 666 | 1,390 | 1,969 | 6,707 |
Other income | 2,951 | 3,117 | 8,928 | 8,377 |
Total noninterest income | 13,722 | 11,939 | 38,188 | 45,135 |
Corporate Other | ||||
Disaggregation of Revenue | ||||
Deposit Service Charges | 0 | 0 | 0 | 0 |
Other service charges and fees | 0 | 0 | 0 | 0 |
Fiduciary and asset management fees | 0 | 0 | 0 | 0 |
Mortgage banking income | 0 | 0 | 0 | 0 |
Other income | 3,904 | 5,192 | (3,013) | 22,921 |
Total noninterest income | $ 3,904 | $ 5,192 | $ (3,013) | $ 22,921 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Oct. 26, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Subsequent Event [Line Items] | |||||||||
Dividends on common stock (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.28 | $ 0.28 | $ 0.90 | $ 0.86 | |
Dividends on preferred stock (in dollars per share) | $ 171.88 | $ 171.88 | $ 171.88 | $ 171.88 | $ 171.88 | $ 171.88 | |||
Stock repurchase program, number of shares repurchased | 0 | 1.3 | |||||||
Stock repurchase program, shares repurchased amount | $ 48.2 | ||||||||
Common Stock, Class A | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends on common stock (in dollars per share) | $ 0.32 | ||||||||
Dividends payable, date declared | Oct. 26, 2023 | ||||||||
Dividends payable, date to be paid | Nov. 24, 2023 | ||||||||
Dividends payable, date of record | Nov. 10, 2023 | ||||||||
Depositary Shares | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends on preferred stock (in dollars per share) | $ 0.43 | ||||||||
Series A Preferred Stock | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of preferred stock represented by each depositary share | The Series A preferred stock is represented by depositary shares, each representing a 1/400th ownership interest in a share of Series A preferred stock | ||||||||
Dividends on preferred stock (in dollars per share) | $ 171.88 | ||||||||
Dividends payable, date to be paid | Dec. 01, 2023 | ||||||||
Dividends payable, date of record | Nov. 16, 2023 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net Income (Loss) | $ 54,017 | $ 55,241 | $ 35,653 | $ 58,070 | $ 62,226 | $ 43,690 | $ 144,911 | $ 163,986 |
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 |
N-2
N-2 | 9 Months Ended |
Sep. 30, 2023 | |
Cover [Abstract] | |
Entity Central Index Key | 0000883948 |
Amendment Flag | false |
Securities Act File Number | 001-39325 |
Document Type | 10-Q |
Entity Registrant Name | ATLANTIC UNION BANKSHARES CORPORATION |
Entity Address, Address Line One | 4300 Cox Road |
Entity Address, City or Town | Glen Allen |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 23060 |
City Area Code | 804 |
Local Phone Number | 633-5031 |
Entity Emerging Growth Company | false |