☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Mississippi | 64-0676974 | |||||||
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) |
209 Troy Street, | Tupelo, | Mississippi | 38804-4827 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $5.00 par value per share | RNST | The NASDAQ Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Consolidated Balance Sheets | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 206,943 | $ | 182,710 | Cash and due from banks | $ | 193,818 | $ | 193,513 | ||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | 272,557 | 1,695,255 | Interest-bearing balances with banks | 653,879 | 382,479 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 479,500 | 1,877,965 | Cash and cash equivalents | 847,697 | 575,992 | ||||||||||||||||
Securities held to maturity (net of allowance for credit losses of $32 at each of September 30, 2022 and December 31, 2021) (fair value of $1,218,656 and $415,552, respectively) | 1,353,502 | 416,357 | ||||||||||||||||||||
Securities held to maturity (net of allowance for credit losses of $32 at each of March 31, 2023 and December 31, 2022) (fair value of $1,204,079 and $1,206,540, respectively) | Securities held to maturity (net of allowance for credit losses of $32 at each of March 31, 2023 and December 31, 2022) (fair value of $1,204,079 and $1,206,540, respectively) | 1,300,240 | 1,324,040 | |||||||||||||||||||
Securities available for sale, at fair value | Securities available for sale, at fair value | 1,569,242 | 2,386,052 | Securities available for sale, at fair value | 1,507,907 | 1,533,942 | ||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 144,642 | 453,533 | Loans held for sale, at fair value | 159,318 | 110,105 | ||||||||||||||||
Loans, net of unearned income: | ||||||||||||||||||||||
Non purchased loans and leases | 10,259,840 | 9,011,011 | ||||||||||||||||||||
Purchased loans | 845,164 | 1,009,903 | ||||||||||||||||||||
Total loans, net of unearned income | 11,105,004 | 10,020,914 | ||||||||||||||||||||
Loans held for investment, net of unearned income | Loans held for investment, net of unearned income | 11,766,425 | 11,578,304 | |||||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (174,356) | (164,171) | Allowance for credit losses on loans | (195,292) | (192,090) | ||||||||||||||||
Loans, net | Loans, net | 10,930,648 | 9,856,743 | Loans, net | 11,571,133 | 11,386,214 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 284,062 | 293,122 | Premises and equipment, net | 287,006 | 283,595 | ||||||||||||||||
Other real estate owned: | ||||||||||||||||||||||
Non purchased | 867 | 951 | ||||||||||||||||||||
Purchased | 1,545 | 1,589 | ||||||||||||||||||||
Total other real estate owned, net | 2,412 | 2,540 | ||||||||||||||||||||
Other real estate owned, net | Other real estate owned, net | 4,818 | 1,763 | |||||||||||||||||||
Goodwill | Goodwill | 946,291 | 939,683 | Goodwill | 991,665 | 991,708 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 20,170 | 24,098 | Other intangible assets, net | 22,750 | 24,176 | ||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 371,650 | 287,359 | Bank-owned life insurance | 375,572 | 373,808 | ||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 81,980 | 89,018 | Mortgage servicing rights | 85,039 | 84,448 | ||||||||||||||||
Other assets | Other assets | 287,000 | 183,841 | Other assets | 320,938 | 298,385 | ||||||||||||||||
Total assets | Total assets | $ | 16,471,099 | $ | 16,810,311 | Total assets | $ | 17,474,083 | $ | 16,988,176 | ||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Deposits | Deposits | Deposits | ||||||||||||||||||||
Noninterest-bearing | Noninterest-bearing | $ | 4,827,220 | $ | 4,718,124 | Noninterest-bearing | $ | 4,244,877 | $ | 4,558,756 | ||||||||||||
Interest-bearing | Interest-bearing | 8,604,904 | 9,187,600 | Interest-bearing | 9,667,142 | 8,928,210 | ||||||||||||||||
Total deposits | Total deposits | 13,432,124 | 13,905,724 | Total deposits | 13,912,019 | 13,486,966 | ||||||||||||||||
Short-term borrowings | Short-term borrowings | 312,818 | 13,947 | Short-term borrowings | 732,057 | 712,232 | ||||||||||||||||
Long-term debt | Long-term debt | 426,821 | 471,209 | Long-term debt | 431,111 | 428,133 | ||||||||||||||||
Other liabilities | Other liabilities | 207,055 | 209,578 | Other liabilities | 211,596 | 224,829 | ||||||||||||||||
Total liabilities | Total liabilities | 14,378,818 | 14,600,458 | Total liabilities | 15,286,783 | 14,852,160 | ||||||||||||||||
Shareholders’ equity | Shareholders’ equity | Shareholders’ equity | ||||||||||||||||||||
Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | — | — | Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | — | — | ||||||||||||||||
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 55,953,104 and 55,756,233 shares outstanding, respectively | 296,483 | 296,483 | ||||||||||||||||||||
Treasury stock, at cost – 3,343,621 and 3,540,492 shares, respectively | (111,577) | (118,027) | ||||||||||||||||||||
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,073,658 and 55,953,104 shares outstanding, respectively | Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,073,658 and 55,953,104 shares outstanding, respectively | 296,483 | 296,483 | |||||||||||||||||||
Treasury stock, at cost – 3,223,067 and 3,343,621 shares, respectively | Treasury stock, at cost – 3,223,067 and 3,343,621 shares, respectively | (107,559) | (111,577) | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,299,476 | 1,300,192 | Additional paid-in capital | 1,299,458 | 1,302,422 | ||||||||||||||||
Retained earnings | Retained earnings | 823,951 | 741,648 | Retained earnings | 891,242 | 857,725 | ||||||||||||||||
Accumulated other comprehensive loss, net of taxes | Accumulated other comprehensive loss, net of taxes | (216,052) | (10,443) | Accumulated other comprehensive loss, net of taxes | (192,324) | (209,037) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 2,092,281 | 2,209,853 | Total shareholders’ equity | 2,187,300 | 2,136,016 | ||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 16,471,099 | $ | 16,810,311 | Total liabilities and shareholders’ equity | $ | 17,474,083 | $ | 16,988,176 |
Three Months Ended | Nine Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | $ | 125,175 | $ | 105,004 | $ | 332,862 | $ | 333,334 | Loans | $ | 163,524 | $ | 98,692 | ||||||||||||||||||||||||||||||||
Securities | Securities | Securities | ||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 12,636 | 6,749 | 32,137 | 17,285 | Taxable | 13,253 | 8,934 | ||||||||||||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 1,864 | 1,667 | 5,669 | 5,025 | Tax-exempt | 1,838 | 1,901 | ||||||||||||||||||||||||||||||||||||||
Other | Other | 3,458 | 593 | 6,076 | 1,122 | Other | 5,430 | 664 | ||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 143,133 | 114,013 | 376,744 | 356,766 | Total interest income | 184,045 | 110,191 | ||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 7,241 | 6,972 | 17,896 | 22,920 | Deposits | 32,866 | 5,637 | ||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 5,574 | 3,749 | 15,386 | 11,327 | Borrowings | 15,404 | 4,925 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 12,815 | 10,721 | 33,282 | 34,247 | Total interest expense | 48,270 | 10,562 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 130,318 | 103,292 | 343,462 | 322,519 | Net interest income | 135,775 | 99,629 | ||||||||||||||||||||||||||||||||||||||
Provision for (recovery of provision for) credit losses on loans | 9,800 | (1,200) | 13,300 | (1,200) | ||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 7,960 | 1,500 | |||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of provision for) credit losses | 9,800 | (1,200) | 13,300 | (1,200) | ||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 120,518 | 104,492 | 330,162 | 323,719 | Net interest income after provision for credit losses | 127,815 | 98,129 | ||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 10,216 | 9,337 | 29,512 | 26,818 | Service charges on deposit accounts | 9,120 | 9,562 | ||||||||||||||||||||||||||||||||||||||
Fees and commissions | Fees and commissions | 4,148 | 3,837 | 12,798 | 11,847 | Fees and commissions | 4,676 | 3,982 | ||||||||||||||||||||||||||||||||||||||
Insurance commissions | Insurance commissions | 3,108 | 2,829 | 8,253 | 7,488 | Insurance commissions | 2,446 | 2,554 | ||||||||||||||||||||||||||||||||||||||
Wealth management revenue | Wealth management revenue | 5,467 | 5,371 | 17,102 | 15,182 | Wealth management revenue | 5,140 | 5,924 | ||||||||||||||||||||||||||||||||||||||
Mortgage banking income | Mortgage banking income | 12,675 | 23,292 | 30,624 | 94,878 | Mortgage banking income | 8,517 | 9,633 | ||||||||||||||||||||||||||||||||||||||
Net gain on sales of securities | — | 764 | — | 2,121 | ||||||||||||||||||||||||||||||||||||||||||
BOLI income | BOLI income | 2,296 | 1,602 | 6,780 | 5,318 | BOLI income | 3,003 | 2,153 | ||||||||||||||||||||||||||||||||||||||
Other | Other | 3,276 | 3,723 | 10,789 | 15,750 | Other | 4,391 | 3,650 | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 41,186 | 50,755 | 115,858 | 179,402 | Total noninterest income | 37,293 | 37,458 | ||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 66,463 | 69,115 | 194,282 | 218,104 | Salaries and employee benefits | 69,832 | 62,239 | ||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 3,526 | 5,277 | 11,379 | 16,380 | Data processing | 3,633 | 4,263 | ||||||||||||||||||||||||||||||||||||||
Net occupancy and equipment | Net occupancy and equipment | 11,266 | 11,748 | 33,697 | 35,660 | Net occupancy and equipment | 11,405 | 11,276 | ||||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 34 | 168 | (394) | 313 | Other real estate owned | 30 | (241) | ||||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 3,087 | 2,972 | 9,016 | 8,566 | Professional fees | 3,467 | 3,151 | ||||||||||||||||||||||||||||||||||||||
Advertising and public relations | Advertising and public relations | 3,229 | 2,922 | 10,694 | 9,274 | Advertising and public relations | 4,686 | 4,059 | ||||||||||||||||||||||||||||||||||||||
Intangible amortization | Intangible amortization | 1,251 | 1,481 | 3,927 | 4,618 | Intangible amortization | 1,426 | 1,366 | ||||||||||||||||||||||||||||||||||||||
Communications | Communications | 1,999 | 2,198 | 5,930 | 6,781 | Communications | 1,980 | 2,027 | ||||||||||||||||||||||||||||||||||||||
Merger and conversion related expenses | Merger and conversion related expenses | — | — | 687 | — | Merger and conversion related expenses | — | 687 | ||||||||||||||||||||||||||||||||||||||
Restructuring charges | Restructuring charges | — | — | 732 | 307 | Restructuring charges | — | (455) | ||||||||||||||||||||||||||||||||||||||
Other | Other | 10,719 | 8,118 | 23,923 | 28,708 | Other | 11,249 | 5,733 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 101,574 | 103,999 | 293,873 | 328,711 | Total noninterest expense | 107,708 | 94,105 | ||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 60,130 | 51,248 | 152,147 | 174,410 | Income before income taxes | 57,400 | 41,482 | ||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 13,563 | 11,185 | 32,355 | 35,572 | Income taxes | 11,322 | 7,935 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 46,567 | $ | 40,063 | $ | 119,792 | $ | 138,838 | Net income | $ | 46,078 | $ | 33,547 | ||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.83 | $ | 0.71 | $ | 2.14 | $ | 2.47 | Basic earnings per share | $ | 0.82 | $ | 0.60 | ||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.83 | $ | 0.71 | $ | 2.13 | $ | 2.46 | Diluted earnings per share | $ | 0.82 | $ | 0.60 | ||||||||||||||||||||||||||||||||
Cash dividends per common share | Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.66 | $ | 0.66 | Cash dividends per common share | $ | 0.22 | $ | 0.22 |
Three Months Ended | Nine Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 46,567 | $ | 40,063 | $ | 119,792 | $ | 138,838 | Net income | $ | 46,078 | $ | 33,547 | ||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale: | Securities available for sale: | Securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding losses on securities | (63,579) | (9,250) | (220,999) | (20,491) | ||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for gains realized in net income | — | (570) | — | (1,582) | ||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on securities | Unrealized holding gains (losses) on securities | 15,531 | (100,462) | |||||||||||||||||||||||||||||||||||||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | 1,207 | — | 969 | — | ||||||||||||||||||||||||||||||||||||||||||
Amortization of unrealized holding losses (gains) on securities transferred to the held to maturity category | Amortization of unrealized holding losses (gains) on securities transferred to the held to maturity category | 2,328 | (74) | |||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | (62,372) | (9,820) | (220,030) | (22,073) | Total securities available for sale | 17,859 | (100,536) | ||||||||||||||||||||||||||||||||||||||
Derivative instruments: | Derivative instruments: | Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains on derivative instruments | 1,687 | 1,215 | 14,328 | 7,551 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized holding (losses) gains on derivative instruments | Unrealized holding (losses) gains on derivative instruments | (1,232) | 6,379 | |||||||||||||||||||||||||||||||||||||||||||
Total derivative instruments | Total derivative instruments | 1,687 | 1,215 | 14,328 | 7,551 | Total derivative instruments | (1,232) | 6,379 | ||||||||||||||||||||||||||||||||||||||
Defined benefit pension and post-retirement benefit plans: | Defined benefit pension and post-retirement benefit plans: | Defined benefit pension and post-retirement benefit plans: | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | Amortization of net actuarial loss recognized in net periodic pension cost | 31 | 49 | 93 | 148 | Amortization of net actuarial loss recognized in net periodic pension cost | 86 | 31 | ||||||||||||||||||||||||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | Total defined benefit pension and post-retirement benefit plans | 31 | 49 | 93 | 148 | Total defined benefit pension and post-retirement benefit plans | 86 | 31 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (60,654) | (8,556) | (205,609) | (14,374) | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (14,087) | $ | 31,507 | $ | (85,817) | $ | 124,464 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | 16,713 | (94,126) | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | 62,791 | $ | (60,579) |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | 55,756,233 | $ | 296,483 | $ | (118,027) | $ | 1,300,192 | $ | 741,648 | $ | (10,443) | $ | 2,209,853 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2023 | Shares | Amount | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | Balance at January 1, 2023 | 55,953,104 | $ | 296,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 33,547 | — | 33,547 | Net income | — | — | — | — | 46,078 | — | 46,078 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (94,126) | (94,126) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | (60,579) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,505) | — | (12,505) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 124,433 | — | 3,977 | (6,442) | — | — | (2,465) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,338 | — | — | 3,338 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 55,880,666 | $ | 296,483 | $ | (114,050) | $ | 1,297,088 | $ | 762,690 | $ | (104,569) | $ | 2,137,642 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 39,678 | — | 39,678 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (50,829) | (50,829) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | (11,151) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,488) | — | (12,488) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 51,351 | — | 1,755 | (1,833) | — | — | (78) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 2,952 | — | — | 2,952 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 55,932,017 | $ | 296,483 | $ | (112,295) | $ | 1,298,207 | $ | 789,880 | $ | (155,398) | $ | 2,116,877 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 46,567 | — | 46,567 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (60,654) | (60,654) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | — | 16,713 | 16,713 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | (14,087) | Comprehensive income | 62,791 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | Cash dividends ($0.22 per share) | — | — | — | — | (12,496) | — | (12,496) | Cash dividends ($0.22 per share) | — | — | — | — | (12,561) | — | (12,561) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | Issuance of common stock for stock-based compensation awards | 21,087 | — | 718 | (1,000) | — | — | (282) | Issuance of common stock for stock-based compensation awards | 120,554 | — | 4,018 | (6,409) | — | — | (2,391) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | — | — | 2,269 | — | — | 2,269 | Stock-based compensation expense | — | — | — | 3,445 | — | — | 3,445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | 55,953,104 | $ | 296,483 | $ | (111,577) | $ | 1,299,476 | $ | 823,951 | $ | (216,052) | $ | 2,092,281 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | Balance at March 31, 2023 | 56,073,658 | $ | 296,483 | $ | (107,559) | $ | 1,299,458 | $ | 891,242 | $ | (192,324) | $ | 2,187,300 |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 56,200,487 | $ | 296,483 | $ | (101,554) | $ | 1,296,963 | $ | 615,773 | $ | 25,068 | $ | 2,132,733 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | Shares | Amount | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | Balance at January 1, 2022 | 55,756,233 | $ | 296,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 57,908 | — | 57,908 | Net income | — | — | — | — | 33,547 | — | 33,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | — | (4,929) | (4,929) | Other comprehensive loss | — | — | — | — | — | (94,126) | (94,126) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 52,979 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | Comprehensive loss | (60,579) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | Cash dividends ($0.22 per share) | — | — | — | — | (12,564) | — | (12,564) | Cash dividends ($0.22 per share) | — | — | — | — | (12,505) | — | (12,505) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | Issuance of common stock for stock-based compensation awards | 93,859 | — | 2,605 | (4,808) | — | — | (2,203) | Issuance of common stock for stock-based compensation awards | 124,433 | — | 3,977 | (6,442) | — | — | (2,465) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | — | — | 2,756 | — | — | 2,756 | Stock-based compensation expense | — | — | — | 3,338 | — | — | 3,338 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 56,294,346 | $ | 296,483 | $ | (98,949) | $ | 1,294,911 | $ | 661,117 | $ | 20,139 | $ | 2,173,701 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 40,867 | — | 40,867 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (889) | (889) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 39,978 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,540) | — | (12,540) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | 55,880,666 | $ | 296,483 | $ | (114,050) | $ | 1,297,088 | $ | 762,690 | $ | (104,569) | $ | 2,137,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 56,532 | — | 1,700 | (1,417) | — | — | 283 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 2,385 | — | — | 2,385 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 56,350,878 | $ | 296,483 | $ | (97,249) | $ | 1,295,879 | $ | 689,444 | $ | 19,250 | $ | 2,203,807 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 40,063 | — | 40,063 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (8,556) | (8,556) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 31,507 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,474) | — | (12,474) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares in connection with stock repurchase program | (612,107) | — | (21,314) | — | — | — | (21,314) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 8,636 | — | 275 | (451) | — | — | (176) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 2,594 | — | — | 2,594 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 55,747,407 | $ | 296,483 | $ | (118,288) | $ | 1,298,022 | $ | 717,033 | $ | 10,694 | $ | 2,203,944 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 119,792 | $ | 138,838 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for (recovery of provision for) credit losses | 13,300 | (1,200) | |||||||||
Depreciation, amortization and accretion | 33,590 | 34,421 | |||||||||
Deferred income tax expense | 3,600 | 5,071 | |||||||||
Proceeds from sale of MSR | 18,525 | — | |||||||||
Gain on sale of MSR | (2,960) | — | |||||||||
Funding of mortgage loans held for sale | (1,436,158) | (3,189,474) | |||||||||
Proceeds from sales of mortgage loans held for sale | 1,757,353 | 3,230,039 | |||||||||
Gains on sales of mortgage loans held for sale | (9,808) | (71,598) | |||||||||
Valuation adjustment to mortgage servicing rights | — | (13,561) | |||||||||
Gains on sales of securities | — | (2,121) | |||||||||
Gains on sales of premises and equipment | (245) | (519) | |||||||||
Stock-based compensation expense | 8,558 | 7,736 | |||||||||
Increase in other assets | (32,187) | (16,429) | |||||||||
Decrease in other liabilities | (10,253) | (31,032) | |||||||||
Net cash provided by operating activities | 463,107 | 90,171 | |||||||||
Investing activities | |||||||||||
Purchases of securities available for sale | (708,457) | (1,743,105) | |||||||||
Proceeds from sales of securities available for sale | — | 176,406 | |||||||||
Proceeds from call/maturities of securities available for sale | 336,504 | 329,520 | |||||||||
Purchases of securities held to maturity | (91,803) | — | |||||||||
Proceeds from call/maturities of securities held to maturity | 35,980 | — | |||||||||
Net (increase) decrease in loans | (1,057,998) | 917,343 | |||||||||
Purchases of premises and equipment | (10,374) | (16,797) | |||||||||
Proceeds from sales of premises and equipment | 1,230 | 8,715 | |||||||||
Purchase of bank-owned life insurance | (80,000) | (50,000) | |||||||||
Net change in FHLB stock | (7,538) | (1,226) | |||||||||
Proceeds from sales of other assets | 2,458 | 4,081 | |||||||||
Net cash paid in acquisition of businesses | (10,066) | — | |||||||||
Other, net | 2,607 | 2,803 | |||||||||
Net cash used in investing activities | (1,587,457) | (372,260) | |||||||||
Financing activities | |||||||||||
Net increase in noninterest-bearing deposits | 109,096 | 807,602 | |||||||||
Net (decrease) increase in interest-bearing deposits | (582,696) | 388,146 | |||||||||
Net increase (decrease) in short-term borrowings | 269,391 | (10,087) | |||||||||
Repayment of long-term debt | (32,417) | (1,742) | |||||||||
Cash paid for dividends | (37,489) | (37,578) | |||||||||
Repurchase of shares in connection with stock repurchase program | — | (21,314) | |||||||||
Net cash (used in) provided by financing activities | (274,115) | 1,125,027 | |||||||||
Net (decrease) increase in cash and cash equivalents | (1,398,465) | 842,938 | |||||||||
Cash and cash equivalents at beginning of period | 1,877,965 | 633,203 | |||||||||
Cash and cash equivalents at end of period | $ | 479,500 | $ | 1,476,141 | |||||||
Supplemental disclosures | |||||||||||
Cash paid for interest | $ | 32,506 | $ | 37,827 | |||||||
Cash paid for income taxes | $ | 19,245 | $ | 41,248 | |||||||
Noncash transactions: | |||||||||||
Transfers of loans to other real estate owned | $ | 1,828 | $ | 3,171 | |||||||
Recognition of operating right-of-use assets | $ | 3,045 | $ | 6,718 | |||||||
Recognition of operating lease liabilities | $ | 3,045 | $ | 6,718 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 46,078 | $ | 33,547 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | 7,960 | 1,500 | |||||||||
Depreciation, amortization and accretion | 9,237 | 12,804 | |||||||||
Deferred income tax expense | 2,667 | 4,649 | |||||||||
Funding of mortgage loans held for sale | (258,946) | (595,046) | |||||||||
Proceeds from sales of mortgage loans held for sale | 212,755 | 769,797 | |||||||||
Gains on sales of mortgage loans held for sale | (4,769) | (6,047) | |||||||||
Losses (gains) on sales of premises and equipment | 2 | (3) | |||||||||
Stock-based compensation expense | 3,445 | 3,338 | |||||||||
(Increase) decrease in other assets | (10,945) | 5,746 | |||||||||
Decrease in other liabilities | (14,866) | (24,469) | |||||||||
Net cash (used in) provided by operating activities | (7,382) | 205,816 | |||||||||
Investing activities | |||||||||||
Purchases of securities available for sale | — | (285,635) | |||||||||
Proceeds from call/maturities of securities available for sale | 45,342 | 128,155 | |||||||||
Purchases of securities held to maturity | — | (79,434) | |||||||||
Proceeds from call/maturities of securities held to maturity | 25,424 | 7,620 | |||||||||
Net increase in loans | (195,617) | (264,251) | |||||||||
Purchases of premises and equipment | (8,237) | (2,030) | |||||||||
Proceeds from sales of premises and equipment | — | 100 | |||||||||
Purchase of bank-owned life insurance | — | (80,000) | |||||||||
Net change in FHLB stock | (22,130) | (422) | |||||||||
Proceeds from sales of other assets | 647 | 956 | |||||||||
Net cash paid in acquisition of businesses | — | (10,066) | |||||||||
Other, net | 1,340 | 207 | |||||||||
Net cash used in investing activities | (153,231) | (584,800) | |||||||||
Financing activities | |||||||||||
Net decrease in noninterest-bearing deposits | (313,879) | (11,868) | |||||||||
Net increase in interest-bearing deposits | 738,933 | 97,041 | |||||||||
Net increase in short-term borrowings | 19,825 | 67,852 | |||||||||
Repayment of long-term debt | — | (32,008) | |||||||||
Cash paid for dividends | (12,561) | (12,505) | |||||||||
Net cash provided by financing activities | 432,318 | 108,512 | |||||||||
Net increase (decrease) in cash and cash equivalents | 271,705 | (270,472) | |||||||||
Cash and cash equivalents at beginning of period | 575,992 | 1,877,965 | |||||||||
Cash and cash equivalents at end of period | $ | 847,697 | $ | 1,607,493 | |||||||
Supplemental disclosures | |||||||||||
Cash paid for interest | $ | 41,239 | $ | 10,324 | |||||||
Cash paid for income taxes | $ | 17,443 | $ | 6,195 | |||||||
Noncash transactions: | |||||||||||
Transfers of loans to other real estate owned | $ | 3,623 | $ | 200 | |||||||
Recognition of operating right-of-use assets | $ | 531 | $ | 30 | |||||||
Recognition of operating lease liabilities | $ | 531 | $ | 30 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | Obligations of other U.S. Government agencies and corporations | $ | 170,000 | $ | — | $ | (5,480) | $ | 164,520 | Obligations of other U.S. Government agencies and corporations | $ | 170,000 | $ | — | $ | (4,110) | $ | 165,890 | ||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 155,188 | 88 | (14,635) | 140,641 | Obligations of states and political subdivisions | 149,646 | 377 | (6,866) | 143,157 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 528,196 | 13 | (59,181) | 469,028 | Government agency mortgage backed securities | 487,834 | 77 | (45,812) | 442,099 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 626,821 | — | (102,823) | 523,998 | Government agency collateralized mortgage obligations | 589,560 | — | (95,044) | 494,516 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 11,204 | — | (957) | 10,247 | Government agency mortgage backed securities | 11,128 | — | (900) | 10,228 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 214,617 | — | (25,129) | 189,488 | Government agency collateralized mortgage obligations | 207,032 | — | (24,236) | 182,796 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 74,888 | 3 | (3,571) | 71,320 | Other debt securities | 73,051 | 15 | (3,845) | 69,221 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,780,914 | $ | 104 | $ | (211,776) | $ | 1,569,242 | $ | 1,688,251 | $ | 469 | $ | (180,813) | $ | 1,507,907 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 3,007 | $ | 3 | $ | — | $ | 3,010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | Obligations of other U.S. Government agencies and corporations | $ | 170,000 | $ | — | $ | (5,340) | $ | 164,660 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 153,847 | 5,532 | (269) | 159,110 | Obligations of states and political subdivisions | 154,066 | 204 | (9,368) | 144,902 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 967,497 | 7,854 | (6,816) | 968,535 | Government agency mortgage backed securities | 508,415 | 37 | (52,036) | 456,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 1,008,514 | 457 | (20,371) | 988,600 | Government agency collateralized mortgage obligations | 605,033 | — | (103,864) | 501,169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 14,717 | 365 | (1) | 15,081 | Government agency mortgage backed securities | 11,166 | — | (1,053) | 10,113 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 216,859 | 812 | (3,419) | 214,252 | Government agency collateralized mortgage obligations | 211,435 | — | (25,589) | 185,846 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 36,515 | 1,097 | (148) | 37,464 | Other debt securities | 74,885 | — | (4,049) | 70,836 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,400,956 | $ | 16,120 | $ | (31,024) | $ | 2,386,052 | $ | 1,735,000 | $ | 241 | $ | (201,299) | $ | 1,533,942 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | 292,769 | $ | — | $ | (63,602) | $ | 229,167 | Obligations of states and political subdivisions | $ | 290,983 | $ | 91 | $ | (38,774) | $ | 252,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities | Residential mortgage backed securities | Residential mortgage backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 499,348 | — | (29,278) | 470,070 | Government agency mortgage backed securities | 470,833 | — | (19,656) | 451,177 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 433,407 | — | (27,038) | 406,369 | Government agency collateralized mortgage obligations | 415,243 | — | (25,330) | 389,913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 17,011 | — | (3,429) | 13,582 | Government agency mortgage backed securities | 17,001 | — | (2,931) | 14,070 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 45,655 | — | (6,200) | 39,455 | Government agency collateralized mortgage obligations | 45,144 | — | (6,321) | 38,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 65,344 | — | (5,331) | 60,013 | Other debt securities | 61,068 | — | (3,272) | 57,796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,353,534 | $ | — | $ | (134,878) | $ | 1,218,656 | $ | 1,300,272 | $ | 91 | $ | (96,284) | $ | 1,204,079 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses - held to maturity securities | Allowance for credit losses - held to maturity securities | (32) | Allowance for credit losses - held to maturity securities | (32) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held to maturity securities, net of allowance for credit losses | Held to maturity securities, net of allowance for credit losses | $ | 1,353,502 | Held to maturity securities, net of allowance for credit losses | $ | 1,300,240 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | 267,641 | $ | 333 | $ | (685) | $ | 267,289 | Obligations of states and political subdivisions | $ | 291,886 | $ | 17 | $ | (48,325) | $ | 243,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities | Residential mortgage backed securities | Residential mortgage backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 60,507 | 1 | (198) | 60,310 | Government agency mortgage backed securities | 483,560 | — | (24,432) | 459,128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 24,832 | — | (92) | 24,740 | Government agency collateralized mortgage obligations | 423,315 | — | (30,706) | 392,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 1,855 | — | — | 1,855 | Government agency mortgage backed securities | 17,006 | — | (3,261) | 13,745 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 39,505 | — | (117) | 39,388 | Government agency collateralized mortgage obligations | 45,430 | — | (6,559) | 38,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 22,049 | — | (79) | 21,970 | Other debt securities | 62,875 | — | (4,266) | 58,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 416,389 | $ | 334 | $ | (1,171) | $ | 415,552 | $ | 1,324,072 | $ | 17 | $ | (117,549) | $ | 1,206,540 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses - held to maturity securities | Allowance for credit losses - held to maturity securities | (32) | Allowance for credit losses - held to maturity securities | (32) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held to maturity securities, net of allowance for credit losses | Held to maturity securities, net of allowance for credit losses | $ | 416,357 | Held to maturity securities, net of allowance for credit losses | $ | 1,324,040 |
Carrying Value | Net Proceeds | Gain/(Loss) | |||||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | $ | 9,232 | $ | 9,739 | $ | 507 | |||||||||||
Government agency collateralized mortgage obligations | 6,736 | 6,866 | 130 | ||||||||||||||
Other debt securities | 4,283 | 4,410 | 127 | ||||||||||||||
$ | 20,251 | $ | 21,015 | $ | 764 | ||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||
Obligations of states and political subdivisions | $ | 47 | $ | 50 | $ | 3 | |||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 145,572 | 149,474 | 3,902 | ||||||||||||||
Government agency collateralized mortgage obligations | 12,362 | 12,512 | 150 | ||||||||||||||
Trust preferred securities | 12,021 | 9,960 | (2,061) | ||||||||||||||
Other debt securities | 4,283 | 4,410 | 127 | ||||||||||||||
$ | 174,285 | $ | 176,406 | $ | 2,121 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2021 | ||||||||||||||||||||||
Gross gains on sales of securities available for sale | $ | 825 | $ | 4,333 | |||||||||||||||||||
Gross losses on sales of securities available for sale | (61) | (2,212) | |||||||||||||||||||||
Gains on sales of securities available for sale, net | $ | 764 | $ | 2,121 |
Held to Maturity | Available for Sale | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Due within one year | $ | 150 | $ | 147 | $ | 8,900 | $ | 8,864 | |||||||||||||||
Due after one year through five years | 1,863 | 1,750 | 227,785 | 221,447 | |||||||||||||||||||
Due after five years through ten years | 44,350 | 37,553 | 77,471 | 71,942 | |||||||||||||||||||
Due after ten years | 246,406 | 189,717 | 75,791 | 65,160 | |||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||
Government agency mortgage backed securities | 500,348 | 471,070 | 528,196 | 469,028 | |||||||||||||||||||
Government agency collateralized mortgage obligations | 433,407 | 406,369 | 626,821 | 523,998 | |||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||
Government agency mortgage backed securities | 17,011 | 13,582 | 11,204 | 10,247 | |||||||||||||||||||
Government agency collateralized mortgage obligations | 45,655 | 39,455 | 214,617 | 189,488 | |||||||||||||||||||
Other debt securities | 64,344 | 59,013 | 10,129 | 9,068 | |||||||||||||||||||
$ | 1,353,534 | $ | 1,218,656 | $ | 1,780,914 | $ | 1,569,242 |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
# | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 5 | $ | 164,520 | $ | (5,480) | — | $ | — | $ | — | 5 | $ | 164,520 | $ | (5,480) | ||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 95 | 100,822 | (8,433) | 11 | 31,571 | (6,202) | 106 | 132,393 | (14,635) | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 104 | 291,428 | (28,600) | 22 | 176,036 | (30,581) | 126 | 467,464 | (59,181) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 28 | 248,142 | (39,982) | 24 | 275,856 | (62,841) | 52 | 523,998 | (102,823) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 4 | 10,247 | (957) | — | — | — | 4 | 10,247 | (957) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 18 | 119,176 | (11,340) | 11 | 70,312 | (13,789) | 29 | 189,488 | (25,129) | ||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 32 | 70,317 | (3,571) | — | — | — | 32 | 70,317 | (3,571) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 286 | $ | 1,004,652 | $ | (98,363) | 68 | $ | 553,775 | $ | (113,413) | 354 | $ | 1,558,427 | $ | (211,776) | ||||||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 8 | $ | 34,303 | $ | (216) | 3 | $ | 3,892 | $ | (53) | 11 | $ | 38,195 | $ | (269) | ||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 41 | 727,546 | (6,312) | 1 | 12,305 | (504) | 42 | 739,851 | (6,816) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 49 | 966,126 | (20,371) | — | — | — | 49 | 966,126 | (20,371) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 1 | 1,791 | (1) | 1 | 432 | — | 2 | 2,223 | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 21 | 160,919 | (3,072) | 2 | 9,005 | (347) | 23 | 169,924 | (3,419) | ||||||||||||||||||||||||||||||||||||||||||||
Trust preferred securities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 1 | 8,699 | (148) | — | — | — | 1 | 8,699 | (148) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 121 | $ | 1,899,384 | $ | (30,120) | 7 | $ | 25,634 | $ | (904) | 128 | $ | 1,925,018 | $ | (31,024) |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
# | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||
Held to Maturity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 125 | $ | 212,242 | $ | (57,474) | 5 | $ | 16,925 | $ | (6,128) | 130 | $ | 229,167 | $ | (63,602) | ||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 48 | 272,247 | (14,993) | 23 | 197,823 | (14,285) | 71 | 470,070 | (29,278) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 9 | 206,711 | (12,589) | 9 | 199,658 | (14,449) | 18 | 406,369 | (27,038) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 1 | 13,582 | (3,429) | — | — | — | 1 | 13,582 | (3,429) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 3 | 13,190 | (1,522) | 6 | 26,265 | (4,678) | 9 | 39,455 | (6,200) | ||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 10 | 60,013 | (5,331) | — | — | — | 10 | 60,013 | (5,331) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 196 | $ | 777,985 | $ | (95,338) | 43 | $ | 440,671 | $ | (39,540) | 239 | $ | 1,218,656 | $ | (134,878) | ||||||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 24 | $ | 62,131 | $ | (685) | — | $ | — | $ | — | 24 | $ | 62,131 | $ | (685) | ||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 50 | 53,560 | (181) | 1 | 5,354 | (17) | 51 | 58,914 | (198) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 1 | 24,740 | (92) | — | — | — | 1 | 24,740 | (92) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 7 | 39,388 | (117) | — | — | — | 7 | 39,388 | (117) | ||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 8 | 21,972 | (79) | — | — | — | 8 | 21,972 | (79) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 90 | $ | 201,791 | $ | (1,154) | 1 | $ | 5,354 | $ | (17) | 91 | $ | 207,145 | $ | (1,171) |
September 30, 2022 | December 31, 2021 | ||||||||||
Commercial, financial, agricultural(1) | $ | 1,435,275 | $ | 1,332,962 | |||||||
Lease financing | 108,517 | 80,192 | |||||||||
Real estate – construction: | |||||||||||
Residential | 359,367 | 300,988 | |||||||||
Commercial | 848,941 | 798,914 | |||||||||
Total real estate – construction | 1,208,308 | 1,099,902 | |||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 2,041,885 | 1,682,050 | |||||||||
Home equity | 456,765 | 423,108 | |||||||||
Rental/investment | 306,165 | 268,245 | |||||||||
Land development | 151,986 | 135,070 | |||||||||
Total real estate – 1-4 family mortgage | 2,956,801 | 2,508,473 | |||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 1,368,196 | 1,329,219 | |||||||||
Non-owner occupied | 2,963,631 | 2,446,370 | |||||||||
Land development | 120,026 | 110,395 | |||||||||
Total real estate – commercial mortgage | 4,451,853 | 3,885,984 | |||||||||
Installment loans to individuals | 104,246 | 107,565 | |||||||||
Gross loans | 10,265,000 | 9,015,078 | |||||||||
Unearned income | (5,160) | (4,067) | |||||||||
Loans, net of unearned income | $ | 10,259,840 | $ | 9,011,011 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 10,754 | $ | 64 | $ | 1,423,095 | $ | 1,433,913 | $ | — | $ | 934 | $ | 428 | $ | 1,362 | $ | 1,435,275 | |||||||||||||||||||||||||||||||||||
Lease financing | — | — | 108,517 | 108,517 | — | — | — | — | 108,517 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 179 | — | 358,956 | 359,135 | 153 | 79 | — | 232 | 359,367 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 507 | — | 848,433 | 848,940 | — | 1 | — | 1 | 848,941 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | 686 | — | 1,207,389 | 1,208,075 | 153 | 80 | — | 233 | 1,208,308 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | 6,207 | 29 | 2,016,242 | 2,022,478 | 2,730 | 10,105 | 6,572 | 19,407 | 2,041,885 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 2,116 | — | 453,351 | 455,467 | 119 | 636 | 543 | 1,298 | 456,765 | ||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | 542 | 44 | 304,407 | 304,993 | — | 587 | 585 | 1,172 | 306,165 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 57 | — | 150,481 | 150,538 | 100 | 1,302 | 46 | 1,448 | 151,986 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | 8,922 | 73 | 2,924,481 | 2,933,476 | 2,949 | 12,630 | 7,746 | 23,325 | 2,956,801 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 1,041 | — | 1,361,701 | 1,362,742 | — | 3,534 | 1,920 | 5,454 | 1,368,196 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 256 | — | 2,951,655 | 2,951,911 | — | — | 11,720 | 11,720 | 2,963,631 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 397 | — | 119,572 | 119,969 | — | 17 | 40 | 57 | 120,026 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | 1,694 | — | 4,432,928 | 4,434,622 | — | 3,551 | 13,680 | 17,231 | 4,451,853 | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 605 | — | 103,460 | 104,065 | 13 | 64 | 104 | 181 | 104,246 | ||||||||||||||||||||||||||||||||||||||||||||
Unearned income | — | — | (5,160) | (5,160) | — | — | — | — | (5,160) | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 22,661 | $ | 137 | $ | 10,194,710 | $ | 10,217,508 | $ | 3,115 | $ | 17,259 | $ | 21,958 | $ | 42,332 | $ | 10,259,840 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 3,325 | $ | 103 | $ | 1,323,774 | $ | 1,327,202 | $ | 1,669 | $ | 2,665 | $ | 1,426 | $ | 5,760 | $ | 1,332,962 | |||||||||||||||||||||||||||||||||||
Lease financing | — | — | 80,181 | 80,181 | — | 11 | — | 11 | 80,192 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 1,077 | — | 299,911 | 300,988 | — | — | — | — | 300,988 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 798,914 | 798,914 | — | — | — | — | 798,914 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | 1,077 | — | 1,098,825 | 1,099,902 | — | — | — | — | 1,099,902 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | 14,785 | 389 | 1,652,940 | 1,668,114 | 1,920 | 8,195 | 3,821 | 13,936 | 1,682,050 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 1,468 | — | 420,695 | 422,163 | 182 | 546 | 217 | 945 | 423,108 | ||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | 401 | 445 | 266,353 | 267,199 | — | 771 | 275 | 1,046 | 268,245 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 431 | — | 134,382 | 134,813 | — | 65 | 192 | 257 | 135,070 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | 17,085 | 834 | 2,474,370 | 2,492,289 | 2,102 | 9,577 | 4,505 | 16,184 | 2,508,473 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 720 | 36 | 1,325,776 | 1,326,532 | 163 | 822 | 1,702 | 2,687 | 1,329,219 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 260 | 89 | 2,440,513 | 2,440,862 | — | — | 5,508 | 5,508 | 2,446,370 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 476 | — | 109,575 | 110,051 | — | 292 | 52 | 344 | 110,395 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | 1,456 | 125 | 3,875,864 | 3,877,445 | 163 | 1,114 | 7,262 | 8,539 | 3,885,984 | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 978 | 12 | 106,318 | 107,308 | 30 | 95 | 132 | 257 | 107,565 | ||||||||||||||||||||||||||||||||||||||||||||
Unearned income | — | — | (4,067) | (4,067) | — | — | — | — | (4,067) | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 23,921 | $ | 1,074 | $ | 8,955,265 | $ | 8,980,260 | $ | 3,964 | $ | 13,462 | $ | 13,325 | $ | 30,751 | $ | 9,011,011 |
Number of Loans | Pre- Modification Amortized Cost | Post- Modification Amortized Cost | |||||||||||||||
Three months ended September 30, 2022 | |||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 3 | $ | 436 | $ | 442 | ||||||||||||
Total | 3 | $ | 436 | $ | 442 | ||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||
Commercial, financial, agricultural | 1 | $ | 30 | $ | 30 | ||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 11 | 1,518 | 1,538 | ||||||||||||||
Total | 12 | $ | 1,548 | $ | 1,568 |
Number of Loans | Pre- Modification Amortized Cost | Post- Modification Amortized Cost | |||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 15 | $ | 2,146 | $ | 2,168 | ||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | 1 | 246 | 246 | ||||||||||||||
Non-owner occupied | 1 | 6,500 | 6,500 | ||||||||||||||
Total real estate – commercial mortgage | 2 | 6,746 | 6,746 | ||||||||||||||
Total | 17 | $ | 8,892 | $ | 8,914 | ||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||
Commercial, financial, agricultural | 7 | $ | 5,258 | $ | 5,258 | ||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 23 | 3,321 | 3,350 | ||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Non-owner occupied | 1 | 837 | 810 | ||||||||||||||
Total | 31 | $ | 9,416 | $ | 9,418 |
Held to Maturity | Available for Sale | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Due within one year | $ | 150 | $ | 150 | $ | 10,205 | $ | 10,201 | |||||||||||||||
Due after one year through five years | 3,323 | 3,174 | 231,194 | 226,806 | |||||||||||||||||||
Due after five years through ten years | 63,319 | 56,205 | 90,554 | 85,065 | |||||||||||||||||||
Due after ten years | 224,191 | 192,771 | 51,463 | 47,748 | |||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||
Government agency mortgage backed securities | 470,833 | 451,177 | 487,834 | 442,099 | |||||||||||||||||||
Government agency collateralized mortgage obligations | 415,243 | 389,913 | 589,560 | 494,516 | |||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||
Government agency mortgage backed securities | 17,001 | 14,070 | 11,128 | 10,228 | |||||||||||||||||||
Government agency collateralized mortgage obligations | 45,144 | 38,823 | 207,032 | 182,796 | |||||||||||||||||||
Other debt securities | 61,068 | 57,796 | 9,281 | 8,448 | |||||||||||||||||||
$ | 1,300,272 | $ | 1,204,079 | $ | 1,688,251 | $ | 1,507,907 |
Number of Loans | Amortized Cost | ||||||||||
Totals at January 1, 2022 | 97 | $ | 14,650 | ||||||||
Additional advances or loans with concessions | 17 | 8,944 | |||||||||
Reclassified as performing restructured loan | 3 | 1,226 | |||||||||
Reductions due to: | |||||||||||
Reclassified as nonperforming | (12) | (1,845) | |||||||||
Paid in full | (13) | (1,907) | |||||||||
Charge-offs | — | — | |||||||||
Transfer to other real estate owned | — | — | |||||||||
Principal paydowns | — | (416) | |||||||||
Lapse of concession period | — | — | |||||||||
Totals at September 30, 2022 | 92 | $ | 20,652 |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
# | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 5 | $ | 165,890 | $ | (4,110) | — | $ | — | $ | — | 5 | $ | 165,890 | $ | (4,110) | ||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 39 | 38,653 | (248) | 41 | 81,072 | (6,618) | 80 | 119,725 | (6,866) | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 63 | 128,869 | (4,799) | 62 | 309,322 | (41,013) | 125 | 438,191 | (45,812) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 4 | 30,958 | (728) | 48 | 463,558 | (94,316) | 52 | 494,516 | (95,044) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 1 | 395 | (1) | 3 | 9,833 | (899) | 4 | 10,228 | (900) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 7 | 33,579 | (836) | 28 | 149,217 | (23,400) | 35 | 182,796 | (24,236) | ||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 15 | 35,768 | (1,177) | 9 | 23,608 | (2,668) | 24 | 59,376 | (3,845) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 134 | $ | 434,112 | $ | (11,899) | 191 | $ | 1,036,610 | $ | (168,914) | 325 | $ | 1,470,722 | $ | (180,813) | ||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 5 | $ | 164,660 | $ | (5,340) | — | $ | — | $ | — | 5 | $ | 164,660 | $ | (5,340) | ||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 84 | $ | 96,939 | $ | (4,869) | 11 | $ | 33,038 | $ | (4,499) | 95 | $ | 129,977 | $ | (9,368) | ||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 97 | 214,516 | (15,115) | 29 | 237,970 | (36,921) | 126 | 452,486 | (52,036) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 16 | 109,753 | (8,552) | 36 | 391,416 | (95,312) | 52 | 501,169 | (103,864) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 4 | 10,114 | (1,053) | — | — | — | 4 | 10,114 | (1,053) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 16 | 67,026 | (3,828) | 21 | 118,821 | (21,760) | 37 | 185,847 | (25,588) | ||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 25 | 63,423 | (3,167) | 1 | 7,412 | (883) | 26 | 70,835 | (4,050) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 247 | $ | 726,431 | $ | (41,924) | 98 | $ | 788,657 | $ | (159,375) | 345 | $ | 1,515,088 | $ | (201,299) |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
# | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||
Held to Maturity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 1 | $ | 440 | $ | — | 127 | $ | 247,694 | $ | (38,774) | 128 | $ | 248,134 | $ | (38,774) | ||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 2 | 42,422 | (751) | 68 | 408,755 | (18,905) | 70 | 451,177 | (19,656) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 2 | 51,648 | (1,622) | 16 | 338,265 | (23,708) | 18 | 389,913 | (25,330) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | — | — | — | 1 | 14,069 | (2,931) | 1 | 14,069 | (2,931) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 2 | 7,656 | (623) | 7 | 31,167 | (5,698) | 9 | 38,823 | (6,321) | ||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 1 | 23,156 | (625) | 9 | 34,639 | (2,647) | 10 | 57,795 | (3,272) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 8 | $ | 125,322 | $ | (3,621) | 228 | $ | 1,074,589 | $ | (92,663) | 236 | $ | 1,199,911 | $ | (96,284) | ||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 105 | $ | 191,442 | $ | (35,871) | 24 | $ | 49,697 | $ | (12,454) | 129 | $ | 241,139 | $ | (48,325) | ||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 8 | 94,258 | (4,186) | 62 | 364,870 | (20,246) | 70 | 459,128 | (24,432) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 4 | 98,912 | (5,479) | 14 | 293,698 | (25,227) | 18 | 392,610 | (30,706) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 1 | 13,745 | (3,261) | — | — | — | 1 | 13,745 | (3,261) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 2 | 7,651 | (626) | 7 | 31,220 | (5,933) | 9 | 38,871 | (6,559) | ||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 2 | 42,567 | (2,013) | 8 | 16,042 | (2,253) | 10 | 58,609 | (4,266) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 122 | $ | 448,575 | $ | (51,436) | 115 | $ | 755,527 | $ | (66,113) | 237 | $ | 1,204,102 | $ | (117,549) |
March 31, 2023 | December 31, 2022 | ||||||||||
Commercial, financial, agricultural | $ | 1,740,778 | $ | 1,673,883 | |||||||
Lease financing | 128,274 | 122,167 | |||||||||
Real estate – construction: | |||||||||||
Residential | 333,439 | 355,500 | |||||||||
Commercial | 1,090,913 | 974,837 | |||||||||
Total real estate – construction | 1,424,352 | 1,330,337 | |||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 2,288,592 | 2,222,856 | |||||||||
Home equity | 497,925 | 501,906 | |||||||||
Rental/investment | 344,705 | 334,382 | |||||||||
Land development | 147,758 | 157,119 | |||||||||
Total real estate – 1-4 family mortgage | 3,278,980 | 3,216,263 | |||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 1,521,327 | 1,539,296 | |||||||||
Non-owner occupied | 3,447,217 | 3,452,910 | |||||||||
Land development | 117,269 | 125,857 | |||||||||
Total real estate – commercial mortgage | 5,085,813 | 5,118,063 | |||||||||
Installment loans to individuals | 115,356 | 124,745 | |||||||||
Gross loans | 11,773,553 | 11,585,458 | |||||||||
Unearned income | (7,128) | (7,154) | |||||||||
Loans, net of unearned income | $ | 11,766,425 | $ | 11,578,304 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,978 | $ | — | $ | 1,727,418 | $ | 1,729,396 | $ | 13 | $ | 2,552 | $ | 8,817 | $ | 11,382 | $ | 1,740,778 | |||||||||||||||||||||||||||||||||||
Lease financing | — | — | 128,274 | 128,274 | — | — | — | — | 128,274 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 445 | — | 332,842 | 333,287 | — | — | 152 | 152 | 333,439 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 1,090,913 | 1,090,913 | — | — | — | — | 1,090,913 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | 445 | — | 1,423,755 | 1,424,200 | — | — | 152 | 152 | 1,424,352 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | 22,507 | — | 2,231,330 | 2,253,837 | 11,647 | 8,151 | 14,957 | 34,755 | 2,288,592 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 2,335 | — | 493,312 | 495,647 | 109 | 994 | 1,175 | 2,278 | 497,925 | ||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | 780 | 1,738 | 341,076 | 343,594 | 744 | 87 | 280 | 1,111 | 344,705 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 27 | 17 | 147,711 | 147,755 | — | 3 | — | 3 | 147,758 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | 25,649 | 1,755 | 3,213,429 | 3,240,833 | 12,500 | 9,235 | 16,412 | 38,147 | 3,278,980 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 6,047 | 16,724 | 1,494,891 | 1,517,662 | 126 | 2,159 | 1,380 | 3,665 | 1,521,327 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 15,688 | — | 3,428,566 | 3,444,254 | — | 2,963 | — | 2,963 | 3,447,217 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 275 | 185 | 116,729 | 117,189 | — | — | 80 | 80 | 117,269 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | 22,010 | 16,909 | 5,040,186 | 5,079,105 | 126 | 5,122 | 1,460 | 6,708 | 5,085,813 | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 910 | — | 114,209 | 115,119 | 31 | 49 | 157 | 237 | 115,356 | ||||||||||||||||||||||||||||||||||||||||||||
Unearned income | — | — | (7,128) | (7,128) | — | — | — | — | (7,128) | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 50,992 | $ | 18,664 | $ | 11,640,143 | $ | 11,709,799 | $ | 12,670 | $ | 16,958 | $ | 26,998 | $ | 56,626 | $ | 11,766,425 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,303 | $ | 69 | $ | 1,660,037 | $ | 1,661,409 | $ | 18 | $ | 2,373 | $ | 10,083 | $ | 12,474 | $ | 1,673,883 | |||||||||||||||||||||||||||||||||||
Lease financing | — | — | 122,167 | 122,167 | — | — | — | — | 122,167 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 49 | — | 355,374 | 355,423 | — | — | 77 | 77 | 355,500 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 8,525 | — | 966,312 | 974,837 | — | — | — | — | 974,837 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | 8,574 | — | 1,321,686 | 1,330,260 | — | — | 77 | 77 | 1,330,337 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | 28,198 | — | 2,164,582 | 2,192,780 | 6,015 | 12,503 | 11,558 | 30,076 | 2,222,856 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 5,376 | — | 494,621 | 499,997 | 450 | 754 | 705 | 1,909 | 501,906 | ||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | 720 | 38 | 332,648 | 333,406 | 20 | 331 | 625 | 976 | 334,382 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 174 | — | 156,863 | 157,037 | 46 | 36 | — | 82 | 157,119 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | 34,468 | 38 | 3,148,714 | 3,183,220 | 6,531 | 13,624 | 12,888 | 33,043 | 3,216,263 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 8,557 | 219 | 1,525,240 | 1,534,016 | 1,495 | 2,244 | 1,541 | 5,280 | 1,539,296 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 3,521 | — | 3,444,047 | 3,447,568 | 5,304 | — | 38 | 5,342 | 3,452,910 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 279 | — | 125,507 | 125,786 | — | 40 | 31 | 71 | 125,857 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | 12,357 | 219 | 5,094,794 | 5,107,370 | 6,799 | 2,284 | 1,610 | 10,693 | 5,118,063 | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 2,001 | 5 | 122,481 | 124,487 | 38 | 100 | 120 | 258 | 124,745 | ||||||||||||||||||||||||||||||||||||||||||||
Unearned income | — | — | (7,154) | (7,154) | — | — | — | — | (7,154) | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 58,703 | $ | 331 | $ | 11,462,725 | $ | 11,521,759 | $ | 13,386 | $ | 18,381 | $ | 24,778 | $ | 56,545 | $ | 11,578,304 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | Commercial, Financial, Agricultural | $ | 278,691 | $ | 229,188 | $ | 157,408 | $ | 65,049 | $ | 26,542 | $ | 13,316 | $ | 626,010 | $ | 2,961 | $ | 1,399,165 | Commercial, Financial, Agricultural | $ | 116,077 | $ | 368,138 | $ | 210,939 | $ | 131,648 | $ | 72,135 | $ | 92,677 | $ | 734,968 | $ | 7,549 | $ | 1,734,131 | ||||||||||||||||||||
Pass | Pass | 277,634 | 228,252 | 150,963 | 64,457 | 24,154 | 13,278 | 617,768 | 2,246 | 1,378,752 | Pass | 116,027 | 361,587 | 210,444 | 130,659 | 71,369 | 80,240 | 723,341 | 6,525 | 1,700,192 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 594 | — | — | 162 | 256 | — | 6,993 | — | 8,005 | Special Mention | — | 138 | 118 | 937 | 128 | 636 | 9,062 | 76 | 11,095 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 463 | 936 | 6,445 | 430 | 2,132 | 38 | 1,249 | 715 | 12,408 | Substandard | 50 | 6,413 | 377 | 52 | 638 | 11,801 | 2,565 | 948 | 22,844 | ||||||||||||||||||||||||||||||||||||||
Lease Financing Receivables | Lease Financing Receivables | $ | 44,088 | $ | 20,889 | $ | 19,530 | $ | 11,785 | $ | 5,208 | $ | 1,857 | $ | — | $ | — | $ | 103,357 | Lease Financing Receivables | $ | 12,933 | $ | 59,874 | $ | 16,481 | $ | 17,419 | $ | 9,122 | $ | 5,317 | $ | — | $ | — | $ | 121,146 | ||||||||||||||||||||
Pass | Pass | 40,708 | 20,889 | 16,898 | 9,982 | 3,682 | 1,462 | — | — | 93,621 | Pass | 12,933 | 56,812 | 16,481 | 15,108 | 8,069 | 3,943 | — | — | 113,346 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | 395 | — | — | 395 | Special Mention | — | — | — | — | — | 324 | — | — | 324 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 3,380 | — | 2,632 | 1,803 | 1,526 | — | — | — | 9,341 | Substandard | — | 3,062 | — | 2,311 | 1,053 | 1,050 | — | — | 7,476 | ||||||||||||||||||||||||||||||||||||||
Real Estate - Construction | Real Estate - Construction | $ | 447,899 | $ | 459,751 | $ | 122,418 | $ | 47,829 | $ | — | $ | — | $ | 18,516 | $ | — | $ | 1,096,413 | Real Estate - Construction | $ | 71,159 | $ | 599,389 | $ | 505,187 | $ | 100,439 | $ | — | $ | 1,885 | $ | 18,675 | $ | — | $ | 1,296,734 | ||||||||||||||||||||
Residential | Residential | 198,849 | 42,847 | 593 | — | — | — | 5,183 | — | 247,472 | Residential | 54,092 | 140,184 | 7,138 | 584 | — | 379 | 3,444 | — | 205,821 | ||||||||||||||||||||||||||||||||||||||
Pass | Pass | 198,849 | 42,694 | 593 | — | — | — | 5,183 | — | 247,319 | Pass | 53,845 | 135,551 | 7,138 | 584 | — | 379 | 3,444 | — | 200,941 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | Special Mention | 247 | 4,091 | — | — | — | — | — | — | 4,338 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 153 | — | — | — | — | — | — | 153 | Substandard | — | 542 | — | — | — | — | — | — | 542 | ||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 17,067 | 459,205 | 498,049 | 99,855 | — | 1,506 | 15,231 | — | 1,090,913 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 17,067 | 459,205 | 498,049 | 99,855 | — | 1,506 | 15,231 | — | 1,090,913 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | Real Estate - 1-4 Family Mortgage | $ | 38,818 | $ | 211,413 | $ | 134,661 | $ | 47,942 | $ | 22,490 | $ | 54,820 | $ | 25,233 | $ | 2,200 | $ | 537,577 | |||||||||||||||||||||||||||||||||||||||
Primary | Primary | 1,043 | 11,486 | 7,147 | 4,860 | 2,340 | 11,971 | 4,003 | 1,000 | 43,850 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 857 | 11,229 | 6,839 | 4,860 | 2,327 | 11,473 | 4,003 | 1,000 | 42,588 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 186 | — | — | — | — | 47 | — | — | 233 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 257 | 308 | — | 13 | 451 | — | — | 1,029 | ||||||||||||||||||||||||||||||||||||||||||||||||
Home Equity | Home Equity | 745 | 189 | 1,079 | — | 37 | 31 | 14,323 | 118 | 16,522 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 745 | 189 | 1,079 | — | 37 | 31 | 14,291 | — | 16,372 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | 32 | — | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | 118 | 118 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rental/Investment | Rental/Investment | 19,615 | 135,062 | 86,466 | 42,566 | 19,930 | 34,078 | 5,773 | 1,082 | 344,572 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 19,377 | 134,639 | 86,253 | 40,136 | 18,525 | 32,240 | 5,773 | 721 | 337,664 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 51 | 229 | — | — | — | 173 | — | — | 453 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 187 | 194 | 213 | 2,430 | 1,405 | 1,665 | — | 361 | 6,455 | ||||||||||||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 17,415 | 64,676 | 39,969 | 516 | 183 | 8,740 | 1,134 | — | 132,633 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 17,374 | 64,676 | 39,969 | 512 | 183 | 8,643 | 1,134 | — | 132,491 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 41 | — | — | 4 | — | 97 | — | — | 142 | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | Real Estate - Commercial Mortgage | $ | 106,196 | $ | 1,609,693 | $ | 1,008,812 | $ | 718,231 | $ | 485,850 | $ | 1,007,547 | $ | 110,736 | $ | 24,977 | $ | 5,072,042 | |||||||||||||||||||||||||||||||||||||||
Owner-Occupied | Owner-Occupied | 33,207 | 314,821 | 317,958 | 233,070 | 173,009 | 395,505 | 50,089 | 3,538 | 1,521,197 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 33,207 | 302,753 | 314,593 | 230,140 | 170,149 | 373,294 | 40,485 | 3,253 | 1,467,874 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | 313 | 3,035 | 807 | 305 | 837 | — | — | 5,297 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 11,755 | 330 | 2,123 | 2,555 | 21,374 | 9,604 | 285 | 48,026 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-Owner Occupied | Non-Owner Occupied | 66,313 | 1,242,726 | 673,257 | 479,353 | 306,706 | 602,322 | 55,265 | 21,248 | 3,447,190 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||||||||||||||||||||||
Commercial | 249,050 | 416,904 | 121,825 | 47,829 | — | — | 13,333 | — | 848,941 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 249,050 | 416,904 | 121,825 | 47,829 | — | — | 13,333 | — | 848,941 | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | 203,241 | $ | 155,577 | $ | 52,387 | $ | 25,732 | $ | 18,635 | $ | 14,716 | $ | 29,166 | $ | 733 | $ | 500,187 | ||||||||||||||||||||||||||||||||||||||||
Primary | 13,310 | 9,906 | 6,089 | 2,513 | 2,959 | 2,329 | 5,781 | 108 | 42,995 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 11,071 | 9,906 | 6,089 | 2,498 | 2,959 | 2,329 | 5,781 | 108 | 40,741 | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 2,239 | — | — | 15 | — | — | — | — | 2,254 | |||||||||||||||||||||||||||||||||||||||||||||||||
Home Equity | 228 | 1,201 | — | 39 | 121 | — | 15,032 | 8 | 16,629 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 228 | 1,201 | — | 39 | 121 | — | 15,032 | 8 | 16,629 | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Rental/Investment | 111,564 | 90,875 | 44,333 | 22,974 | 15,408 | 12,311 | 7,755 | 617 | 305,837 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 111,456 | 90,708 | 44,311 | 22,065 | 15,256 | 11,644 | 7,472 | 584 | 303,496 | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | 33 | — | — | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 108 | 167 | 22 | 909 | 152 | 634 | 283 | 33 | 2,308 | |||||||||||||||||||||||||||||||||||||||||||||||||
Land Development | 78,139 | 53,595 | 1,965 | 206 | 147 | 76 | 598 | — | 134,726 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 77,138 | 53,595 | 1,664 | 206 | 147 | 76 | 598 | — | 133,424 | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,001 | — | 301 | — | — | — | — | — | 1,302 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | 1,218,578 | $ | 1,065,547 | $ | 797,002 | $ | 558,703 | $ | 252,272 | $ | 424,024 | $ | 107,234 | $ | 15,780 | $ | 4,439,140 | ||||||||||||||||||||||||||||||||||||||||
Owner-Occupied | 259,980 | 317,839 | 264,207 | 178,756 | 124,945 | 173,537 | 45,455 | 3,345 | 1,368,064 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 259,492 | 314,960 | 261,115 | 177,213 | 117,283 | 158,319 | 45,197 | 3,345 | 1,336,924 | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 1,157 | 1,024 | 327 | — | — | — | — | 2,508 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 488 | 1,722 | 2,068 | 1,216 | 7,662 | 15,218 | 258 | — | 28,632 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-Owner Occupied | 912,598 | 718,884 | 521,624 | 373,079 | 122,806 | 248,669 | 53,702 | 12,240 | 2,963,602 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 912,363 | 709,652 | 521,624 | 359,844 | 105,306 | 179,055 | 53,702 | 12,240 | 2,853,786 | Pass | 66,313 | 1,239,253 | 670,786 | 471,954 | 282,890 | 507,750 | 55,265 | 12,063 | 3,306,274 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | 11,266 | 17,500 | 24,294 | — | — | 53,060 | Special Mention | — | 501 | 2,323 | 7,399 | 7,014 | 25,784 | — | — | 43,021 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 235 | 9,232 | — | 1,969 | — | 45,320 | — | — | 56,756 | Substandard | — | 2,972 | 148 | — | 16,802 | 68,788 | — | 9,185 | 97,895 | ||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 46,000 | 28,824 | 11,171 | 6,868 | 4,521 | 1,818 | 8,077 | 195 | 107,474 | Land Development | 6,676 | 52,146 | 17,597 | 5,808 | 6,135 | 9,720 | 5,382 | 191 | 103,655 | ||||||||||||||||||||||||||||||||||||||
Pass | Pass | 46,000 | 28,783 | 10,850 | 6,868 | 4,445 | 1,818 | 8,077 | 195 | 107,036 | Pass | 6,640 | 52,146 | 17,558 | 5,504 | 6,135 | 9,197 | 5,382 | 191 | 102,753 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | 41 | — | — | — | — | — | — | 41 | Special Mention | — | — | 39 | — | — | — | — | — | 39 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 321 | — | 76 | — | — | — | 397 | Substandard | 36 | — | — | 304 | — | 523 | — | — | 863 | ||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | $ | 61 | $ | — | $ | — | $ | 28 | $ | — | $ | — | $ | — | $ | — | $ | 89 | Installment loans to individuals | $ | 281 | $ | — | $ | — | $ | — | $ | 18 | $ | — | $ | — | $ | — | $ | 299 | ||||||||||||||||||||
Pass | Pass | 61 | — | — | 28 | — | — | — | — | 89 | Pass | 281 | — | — | — | 18 | — | — | — | 299 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | — | Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total loans subject to risk rating | Total loans subject to risk rating | $ | 2,192,558 | $ | 1,930,952 | $ | 1,148,745 | $ | 709,126 | $ | 302,657 | $ | 453,913 | $ | 780,926 | $ | 19,474 | $ | 7,538,351 | Total loans subject to risk rating | $ | 345,464 | $ | 2,848,507 | $ | 1,876,080 | $ | 1,015,679 | $ | 589,615 | $ | 1,162,246 | $ | 889,612 | $ | 34,726 | $ | 8,761,929 | ||||||||||||||||||||
Pass | Pass | 2,184,050 | 1,917,544 | 1,135,932 | 691,029 | 273,353 | 367,981 | 772,143 | 18,726 | 7,360,758 | Pass | 344,666 | 2,818,040 | 1,869,189 | 999,312 | 559,702 | 1,028,696 | 868,349 | 23,753 | 8,511,707 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 594 | 1,198 | 1,024 | 11,755 | 17,756 | 24,722 | 6,993 | — | 64,042 | Special Mention | 484 | 5,272 | 5,515 | 9,143 | 7,447 | 27,801 | 9,094 | 76 | 64,832 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 7,914 | 12,210 | 11,789 | 6,342 | 11,548 | 61,210 | 1,790 | 748 | 113,551 | Substandard | 314 | 25,195 | 1,376 | 7,224 | 22,466 | 105,749 | 12,169 | 10,897 | 185,390 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | 460,604 | $ | 209,964 | $ | 142,790 | $ | 63,164 | $ | 25,099 | $ | 35,142 | $ | 717,422 | $ | 3,522 | $ | 1,657,707 | |||||||||||
Pass | 450,559 | 209,580 | 141,712 | 62,370 | 21,963 | 28,014 | 704,491 | 2,384 | 1,621,073 | ||||||||||||||||||||
Special Mention | 719 | — | 1,010 | 383 | 678 | — | 11,616 | 80 | 14,486 | ||||||||||||||||||||
Substandard | 9,326 | 384 | 68 | 411 | 2,458 | 7,128 | 1,315 | 1,058 | 22,148 | ||||||||||||||||||||
Lease Financing Receivables | $ | 61,424 | $ | 18,379 | $ | 18,318 | $ | 10,628 | $ | 4,557 | $ | 1,707 | $ | — | $ | — | $ | 115,013 | |||||||||||
Pass | 58,204 | 18,379 | 15,846 | 9,060 | 3,269 | 1,353 | — | — | 106,111 | ||||||||||||||||||||
Watch | — | — | — | — | — | 354 | — | — | 354 | ||||||||||||||||||||
Substandard | 3,220 | — | 2,472 | 1,568 | 1,288 | — | — | — | 8,548 | ||||||||||||||||||||
Real Estate - Construction | $ | 595,185 | $ | 476,190 | $ | 109,705 | $ | 8,525 | $ | 381 | $ | 6,858 | $ | 13,757 | $ | 424 | $ | 1,211,025 | |||||||||||
Residential | 214,386 | 16,483 | 589 | — | 381 | — | 3,925 | 424 | 236,188 | ||||||||||||||||||||
Pass | 214,371 | 16,483 | 589 | — | 381 | — | 3,925 | 424 | 236,173 | ||||||||||||||||||||
Special Mention | 6 | — | — | — | — | — | — | — | 6 | ||||||||||||||||||||
Substandard | 9 | — | — | — | — | — | — | — | 9 | ||||||||||||||||||||
Commercial | 380,799 | 459,707 | 109,116 | 8,525 | — | 6,858 | 9,832 | — | 974,837 | ||||||||||||||||||||
Pass | 380,799 | 459,707 | 109,116 | 8,525 | — | 6,858 | 9,832 | — | 974,837 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | 300,748 | $ | 245,940 | $ | 122,350 | $ | 44,533 | $ | 15,384 | $ | 11,103 | $ | 557,628 | $ | 2,757 | $ | 1,300,443 | |||||||||||
Pass | 299,731 | 245,657 | 120,102 | 43,042 | 14,603 | 8,605 | 553,541 | 2,002 | 1,287,283 | ||||||||||||||||||||
Special Mention | — | 136 | 1,798 | 281 | 605 | 1,196 | 651 | — | 4,667 | ||||||||||||||||||||
Substandard | 1,017 | 147 | 450 | 1,210 | 176 | 1,302 | 3,436 | 755 | 8,493 | ||||||||||||||||||||
Real Estate - Construction | $ | 461,370 | $ | 371,694 | $ | 174,369 | $ | 14,813 | $ | — | $ | — | $ | 3,769 | $ | 2,428 | $ | 1,028,443 | |||||||||||
Residential | 210,734 | 12,598 | — | — | — | — | 3,769 | 2,428 | 229,529 | ||||||||||||||||||||
Pass | 210,734 | 12,598 | — | — | — | — | 3,769 | 2,428 | 229,529 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Commercial | 250,636 | 359,096 | 174,369 | 14,813 | — | — | — | — | 798,914 | ||||||||||||||||||||
Pass | 250,636 | 359,096 | 174,369 | 14,813 | — | — | — | — | 798,914 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | Real Estate - 1-4 Family Mortgage | $ | 205,137 | $ | 83,038 | $ | 60,240 | $ | 30,044 | $ | 28,340 | $ | 8,846 | $ | 25,534 | $ | 941 | $ | 442,120 | Real Estate - 1-4 Family Mortgage | $ | 233,370 | $ | 141,066 | $ | 48,653 | $ | 24,664 | $ | 25,604 | $ | 35,971 | $ | 26,920 | $ | 1,238 | $ | 537,486 | ||||||||||||||||||||
Primary | Primary | 15,599 | 7,698 | 3,662 | 5,985 | 4,150 | 1,066 | 4,727 | — | 42,887 | Primary | 12,877 | 7,965 | 5,068 | 2,435 | 4,522 | 8,723 | 4,931 | 106 | 46,627 | ||||||||||||||||||||||||||||||||||||||
Pass | Pass | 15,599 | 7,698 | 3,496 | 5,985 | 4,066 | 1,057 | 4,716 | — | 42,617 | Pass | 12,616 | 7,965 | 5,068 | 2,421 | 4,522 | 8,419 | 4,931 | 106 | 46,048 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | Special Mention | — | — | — | — | — | 51 | — | — | 51 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 166 | — | 84 | 9 | 11 | — | 270 | Substandard | 261 | — | — | 14 | — | 253 | — | — | 528 | ||||||||||||||||||||||||||||||||||||||
Home Equity | Home Equity | 1,318 | — | 42 | 131 | — | — | 13,615 | 10 | 15,116 | Home Equity | 272 | 1,187 | — | 38 | 5 | 27 | 14,485 | 141 | 16,155 | ||||||||||||||||||||||||||||||||||||||
Pass | Pass | 1,318 | — | 42 | 131 | — | — | 13,615 | 10 | 15,116 | Pass | 272 | 1,187 | — | 38 | 5 | 27 | 14,485 | 7 | 16,021 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | — | Substandard | — | — | — | — | — | — | — | 134 | 134 | ||||||||||||||||||||||||||||||||||||||
Rental/Investment | Rental/Investment | 111,006 | 61,801 | 33,734 | 23,520 | 23,890 | 7,469 | 5,554 | 931 | 267,905 | Rental/Investment | 138,481 | 85,711 | 42,056 | 21,997 | 14,785 | 24,448 | 5,972 | 787 | 334,237 | ||||||||||||||||||||||||||||||||||||||
Pass | Pass | 110,987 | 60,855 | 32,733 | 23,246 | 23,708 | 7,098 | 5,554 | 931 | 265,112 | Pass | 138,137 | 85,522 | 41,604 | 21,097 | 14,671 | 22,899 | 5,972 | 482 | 330,384 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | 249 | — | — | — | — | — | — | 249 | Special Mention | 231 | — | — | — | — | 174 | — | — | 405 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 19 | 697 | 1,001 | 274 | 182 | 371 | — | — | 2,544 | Substandard | 113 | 189 | 452 | 900 | 114 | 1,375 | — | 305 | 3,448 | ||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 77,214 | 13,539 | 22,802 | 408 | 300 | 311 | 1,638 | — | 116,212 | Land Development | 81,740 | 46,203 | 1,529 | 194 | 6,292 | 2,773 | 1,532 | 204 | 140,467 | ||||||||||||||||||||||||||||||||||||||
Pass | Pass | 74,818 | 13,539 | 22,769 | 408 | 300 | 311 | 1,638 | — | 113,783 | Pass | 80,514 | 46,203 | 1,525 | 194 | 6,292 | 2,723 | 1,532 | 204 | 139,187 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 2,396 | — | — | — | — | — | — | — | 2,396 | Special Mention | 1,226 | — | — | — | — | — | — | — | 1,226 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 33 | — | — | — | — | — | 33 | Substandard | — | — | 4 | — | — | 50 | — | — | 54 | ||||||||||||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | Real Estate - Commercial Mortgage | $ | 1,168,118 | $ | 836,549 | $ | 680,506 | $ | 344,089 | $ | 298,644 | $ | 376,652 | $ | 147,446 | $ | 21,644 | $ | 3,873,648 | Real Estate - Commercial Mortgage | $ | 1,624,197 | $ | 1,000,563 | $ | 713,303 | $ | 531,424 | $ | 277,862 | $ | 810,919 | $ | 121,305 | $ | 25,173 | $ | 5,104,746 | ||||||||||||||||||||
Owner-Occupied | Owner-Occupied | 312,031 | 305,686 | 220,057 | 164,345 | 140,265 | 117,767 | 59,126 | 9,748 | 1,329,025 | Owner-Occupied | 309,792 | 319,174 | 239,946 | 178,137 | 128,452 | 302,495 | 57,869 | 3,300 | 1,539,165 | ||||||||||||||||||||||||||||||||||||||
Pass | Pass | 310,736 | 304,555 | 218,447 | 161,521 | 134,410 | 109,577 | 59,126 | 8,036 | 1,306,408 | Pass | 298,851 | 314,429 | 237,058 | 175,262 | 122,537 | 282,657 | 50,640 | 3,300 | 1,484,734 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 1,210 | 1,131 | — | — | 1,733 | 328 | — | 1,712 | 6,114 | Special Mention | 9,640 | 3,047 | 815 | 1,670 | — | 672 | 4,808 | — | 20,652 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 85 | — | 1,610 | 2,824 | 4,122 | 7,862 | — | — | 16,503 | Substandard | 1,301 | 1,698 | 2,073 | 1,205 | 5,915 | 19,166 | 2,421 | — | 33,779 | ||||||||||||||||||||||||||||||||||||||
Non-Owner Occupied | Non-Owner Occupied | 809,784 | 511,803 | 449,409 | 173,123 | 155,175 | 256,133 | 79,016 | 11,896 | 2,446,339 | Non-Owner Occupied | 1,256,098 | 657,121 | 466,703 | 346,908 | 144,872 | 501,863 | 57,637 | 21,680 | 3,452,882 | ||||||||||||||||||||||||||||||||||||||
Pass | Pass | 800,348 | 503,009 | 436,062 | 165,843 | 102,446 | 242,665 | 79,016 | 11,896 | 2,341,285 | Pass | 1,252,484 | 647,937 | 466,703 | 322,997 | 127,358 | 418,294 | 57,637 | 12,142 | 3,305,552 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 9,235 | 8,794 | 11,356 | 7,280 | 33,176 | 8,024 | — | — | 77,865 | Special Mention | 506 | — | — | 21,961 | 17,509 | 8,975 | — | — | 48,951 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 201 | — | 1,991 | — | 19,553 | 5,444 | — | — | 27,189 | Substandard | 3,108 | 9,184 | — | 1,950 | 5 | 74,594 | — | 9,538 | 98,379 | ||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 46,303 | 19,060 | 11,040 | 6,621 | 3,204 | 2,752 | 9,304 | — | 98,284 | Land Development | 58,307 | 24,268 | 6,654 | 6,379 | 4,538 | 6,561 | 5,799 | 193 | 112,699 | ||||||||||||||||||||||||||||||||||||||
Pass | Pass | 46,034 | 17,030 | 11,040 | 6,569 | 3,204 | 2,752 | 9,304 | — | 95,933 | Pass | 58,307 | 24,228 | 6,342 | 6,379 | 4,465 | 6,067 | 5,799 | 193 | 111,780 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 44 | — | — | — | — | — | — | — | 44 | Special Mention | — | 40 | — | — | — | — | — | — | 40 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 225 | 2,030 | — | 52 | — | — | — | — | 2,307 | Substandard | — | — | 312 | — | 73 | 494 | — | — | 879 | ||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | $ | — | $ | — | $ | 42 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 42 | Installment loans to individuals | $ | — | $ | — | $ | — | $ | 24 | $ | — | $ | — | $ | — | $ | — | $ | 24 | ||||||||||||||||||||
Pass | Pass | — | — | 42 | — | — | — | — | — | 42 | Pass | — | — | — | 24 | — | — | — | — | 24 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | — | Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total loans subject to risk rating | Total loans subject to risk rating | $ | 2,135,373 | $ | 1,537,221 | $ | 1,037,507 | $ | 433,479 | $ | 342,368 | $ | 396,601 | $ | 734,377 | $ | 27,770 | $ | 6,644,696 | Total loans subject to risk rating | $ | 2,974,780 | $ | 1,846,162 | $ | 1,032,769 | $ | 638,429 | $ | 333,503 | $ | 890,597 | $ | 879,404 | $ | 30,357 | $ | 8,626,001 | ||||||||||||||||||||
Pass | Pass | 2,120,941 | 1,524,037 | 1,019,102 | 421,558 | 282,737 | 372,065 | 730,279 | 25,303 | 6,496,022 | Pass | 2,945,114 | 1,831,620 | 1,025,563 | 608,367 | 305,463 | 777,311 | 859,244 | 19,242 | 8,371,924 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 12,885 | 10,310 | 13,154 | 7,561 | 35,514 | 9,548 | 651 | 1,712 | 91,335 | Special Mention | 12,328 | 3,087 | 1,825 | 24,014 | 18,187 | 10,226 | 16,424 | 80 | 86,171 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 1,547 | 2,874 | 5,251 | 4,360 | 24,117 | 14,988 | 3,447 | 755 | 57,339 | Substandard | 17,338 | 11,455 | 5,381 | 6,048 | 9,853 | 103,060 | 3,736 | 11,035 | 167,906 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | Commercial, Financial, Agricultural | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16,774 | $ | 19,336 | $ | — | $ | 36,110 | Commercial, Financial, Agricultural | $ | — | $ | 13 | $ | — | $ | — | $ | — | $ | 6,635 | $ | — | $ | — | $ | 6,648 | ||||||||||||||||||||
Performing Loans | Performing Loans | — | — | — | — | — | 16,774 | 19,336 | — | 36,110 | Performing Loans | — | 13 | — | — | — | 6,635 | — | — | 6,648 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Real Estate - Construction | Real Estate - Construction | $ | 37,074 | $ | 72,550 | $ | 1,694 | $ | 577 | $ | — | $ | — | $ | — | $ | — | $ | 111,895 | Real Estate - Construction | $ | 5,640 | $ | 74,105 | $ | 47,582 | $ | 291 | $ | — | $ | — | $ | — | $ | — | $ | 127,618 | ||||||||||||||||||||
Residential | Residential | 37,074 | 72,550 | 1,694 | 577 | — | — | — | — | 111,895 | Residential | 5,640 | 74,105 | 47,582 | 291 | — | — | — | — | 127,618 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 37,074 | 72,472 | 1,694 | 577 | — | — | — | — | 111,817 | Performing Loans | 5,640 | 73,953 | 47,582 | 291 | — | — | — | — | 127,466 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | 78 | — | — | — | — | — | — | 78 | Non-Performing Loans | — | 152 | — | — | — | — | — | — | 152 | ||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | — | — | — | — | — | — | — | — | — | Commercial | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | — | — | — | — | — | — | — | — | Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | Real Estate - 1-4 Family Mortgage | $ | 584,747 | $ | 548,163 | $ | 364,506 | $ | 160,804 | $ | 122,688 | $ | 236,271 | $ | 436,673 | $ | 2,762 | $ | 2,456,614 | Real Estate - 1-4 Family Mortgage | $ | 91,446 | $ | 715,261 | $ | 550,406 | $ | 342,567 | $ | 150,212 | $ | 410,823 | $ | 475,448 | $ | 5,240 | $ | 2,741,403 | ||||||||||||||||||||
Primary | Primary | 576,169 | 543,197 | 362,828 | 160,212 | 121,295 | 235,189 | — | — | 1,998,890 | Primary | 90,554 | 706,700 | 547,270 | 341,603 | 149,663 | 408,894 | — | 58 | 2,244,742 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 575,894 | 541,053 | 360,179 | 157,445 | 115,494 | 229,418 | — | — | 1,979,483 | Performing Loans | 90,495 | 704,525 | 543,912 | 335,424 | 145,203 | 390,530 | — | 58 | 2,210,147 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | 275 | 2,144 | 2,649 | 2,767 | 5,801 | 5,771 | — | — | 19,407 | Non-Performing Loans | 59 | 2,175 | 3,358 | 6,179 | 4,460 | 18,364 | — | — | 34,595 | ||||||||||||||||||||||||||||||||||||||
Home Equity | Home Equity | — | 111 | — | — | 223 | 367 | 436,673 | 2,762 | 440,136 | Home Equity | — | — | 111 | — | — | 662 | 475,448 | 5,182 | 481,403 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | 111 | — | — | 223 | 298 | 435,952 | 2,254 | 438,838 | Performing Loans | — | — | 111 | — | — | 596 | 474,188 | 4,230 | 479,125 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | 69 | 721 | 508 | 1,298 | Non-Performing Loans | — | — | — | — | — | 66 | 1,260 | 952 | 2,278 | ||||||||||||||||||||||||||||||||||||||
Rental/Investment | Rental/Investment | — | — | — | — | — | 328 | — | — | 328 | Rental/Investment | — | — | — | — | — | 133 | — | — | 133 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | — | — | — | — | 155 | — | — | 155 | Performing Loans | — | — | — | — | — | 133 | — | — | 133 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | 173 | — | — | 173 | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 8,578 | 4,855 | 1,678 | 592 | 1,170 | 387 | — | — | 17,260 | Land Development | 892 | 8,561 | 3,025 | 964 | 549 | 1,134 | — | — | 15,125 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 8,578 | 4,855 | 1,678 | 592 | 1,170 | 241 | — | — | 17,114 | Performing Loans | 892 | 8,561 | 3,025 | 964 | 549 | 1,134 | — | — | 15,125 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | 146 | — | — | 146 | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | Real Estate - Commercial Mortgage | $ | 3,764 | $ | 3,992 | $ | 2,883 | $ | 1,348 | $ | 603 | $ | 123 | $ | — | $ | — | $ | 12,713 | Real Estate - Commercial Mortgage | $ | 1,678 | $ | 4,299 | $ | 3,353 | $ | 2,378 | $ | 1,192 | $ | 871 | $ | — | $ | — | $ | 13,771 | ||||||||||||||||||||
Owner-Occupied | Owner-Occupied | — | — | 132 | — | — | — | — | — | 132 | Owner-Occupied | — | — | — | 130 | — | — | — | — | 130 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | — | 132 | — | — | — | — | — | 132 | Performing Loans | — | — | — | 130 | — | — | — | — | 130 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Non-Owner Occupied | Non-Owner Occupied | — | — | 29 | — | — | — | — | — | 29 | Non-Owner Occupied | — | — | — | 27 | — | — | — | — | 27 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | — | 29 | — | — | — | — | — | 29 | Performing Loans | — | — | — | 27 | — | — | — | — | 27 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 3,764 | 3,992 | 2,722 | 1,348 | 603 | 123 | — | — | 12,552 | Land Development | 1,678 | 4,299 | 3,353 | 2,221 | 1,192 | 871 | — | — | 13,614 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 3,764 | 3,992 | 2,700 | 1,348 | 603 | 123 | — | — | 12,530 | Performing Loans | 1,678 | 4,254 | 3,353 | 2,217 | 1,192 | 871 | — | — | 13,565 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | 22 | — | — | — | — | — | 22 | Non-Performing Loans | — | 45 | — | 4 | — | — | — | — | 49 | ||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | $ | 35,560 | $ | 21,583 | $ | 7,661 | $ | 15,827 | $ | 5,621 | $ | 2,260 | $ | 15,613 | $ | 32 | $ | 104,157 | Installment loans to individuals | $ | 10,016 | $ | 35,603 | $ | 12,894 | $ | 5,347 | $ | 12,941 | $ | 24,340 | $ | 13,880 | $ | 36 | $ | 115,057 | ||||||||||||||||||||
Performing Loans | Performing Loans | 35,535 | 21,548 | 7,644 | 15,787 | 5,610 | 2,214 | 15,613 | 24 | 103,975 | Performing Loans | 9,988 | 35,581 | 12,872 | 5,320 | 12,901 | 24,246 | 13,879 | 33 | 114,820 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | 25 | 35 | 17 | 40 | 11 | 46 | — | 8 | 182 | Non-Performing Loans | 28 | 22 | 22 | 27 | 40 | 94 | 1 | 3 | 237 | ||||||||||||||||||||||||||||||||||||||
Total loans not subject to risk rating | Total loans not subject to risk rating | $ | 661,145 | $ | 646,288 | $ | 376,744 | $ | 178,556 | $ | 128,912 | $ | 255,428 | $ | 471,622 | $ | 2,794 | $ | 2,721,489 | Total loans not subject to risk rating | $ | 108,780 | $ | 829,281 | $ | 614,235 | $ | 350,583 | $ | 164,345 | $ | 442,669 | $ | 489,328 | $ | 5,276 | $ | 3,004,497 | ||||||||||||||||||||
Performing Loans | Performing Loans | 660,845 | 644,031 | 374,056 | 175,749 | 123,100 | 249,223 | 470,901 | 2,278 | 2,700,183 | Performing Loans | 108,693 | 826,887 | 610,855 | 344,373 | 159,845 | 424,145 | 488,067 | 4,321 | 2,967,186 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | 300 | 2,257 | 2,688 | 2,807 | 5,812 | 6,205 | 721 | 516 | 21,306 | Non-Performing Loans | 87 | 2,394 | 3,380 | 6,210 | 4,500 | 18,524 | 1,261 | 955 | 37,311 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | Commercial, Financial, Agricultural | $ | 71 | $ | — | $ | — | $ | 1 | $ | — | $ | 8,983 | $ | 23,464 | $ | — | $ | 32,519 | Commercial, Financial, Agricultural | $ | 13 | $ | — | $ | — | $ | — | $ | — | $ | 16,163 | $ | — | $ | — | $ | 16,176 | ||||||||||||||||||||
Performing Loans | Performing Loans | 71 | — | — | 1 | — | 8,983 | 23,464 | — | 32,519 | Performing Loans | 13 | — | — | — | — | 16,163 | — | — | 16,176 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Lease Financing Receivables | Lease Financing Receivables | $ | 26,301 | $ | 23,270 | $ | 15,504 | $ | 7,713 | $ | 2,169 | $ | 1,168 | $ | — | $ | — | $ | 76,125 | Lease Financing Receivables | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Performing Loans | Performing Loans | 26,301 | 23,270 | 15,504 | 7,713 | 2,167 | 1,159 | — | — | 76,114 | Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | 2 | 9 | — | — | 11 | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Real Estate - Construction | Real Estate - Construction | $ | 57,283 | $ | 12,561 | $ | 1,615 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 71,459 | Real Estate - Construction | $ | 57,570 | $ | 61,245 | $ | 497 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 119,312 | ||||||||||||||||||||
Residential | Residential | 57,283 | 12,561 | 1,615 | — | — | — | — | — | 71,459 | Residential | 57,570 | 61,245 | 497 | — | — | — | — | — | 119,312 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 57,283 | 12,561 | 1,615 | — | — | — | — | — | 71,459 | Performing Loans | 57,493 | 61,245 | 497 | — | — | — | — | — | 119,235 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | 77 | — | — | — | — | — | — | — | 77 | ||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | — | — | — | — | — | — | — | — | — | Commercial | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | — | — | — | — | — | — | — | — | Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | Real Estate - 1-4 Family Mortgage | $ | 554,483 | $ | 419,252 | $ | 205,014 | $ | 155,535 | $ | 117,619 | $ | 207,381 | $ | 404,293 | $ | 2,776 | $ | 2,066,353 | Real Estate - 1-4 Family Mortgage | $ | 704,214 | $ | 546,256 | $ | 351,213 | $ | 155,549 | $ | 116,951 | $ | 319,567 | $ | 481,254 | $ | 3,773 | $ | 2,678,777 | ||||||||||||||||||||
Primary | Primary | 542,659 | 415,863 | 203,739 | 153,717 | 116,689 | 206,496 | — | — | 1,639,163 | Primary | 694,941 | 541,801 | 350,205 | 154,979 | 115,876 | 318,364 | — | 63 | 2,176,229 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 542,053 | 414,931 | 201,273 | 148,649 | 114,669 | 203,416 | — | — | 1,624,991 | Performing Loans | 694,221 | 538,870 | 345,912 | 150,821 | 109,156 | 307,178 | — | 63 | 2,146,221 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | 606 | 932 | 2,466 | 5,068 | 2,020 | 3,080 | — | — | 14,172 | Non-Performing Loans | 720 | 2,931 | 4,293 | 4,158 | 6,720 | 11,186 | — | — | 30,008 | ||||||||||||||||||||||||||||||||||||||
Home Equity | Home Equity | 111 | — | 79 | 225 | — | 508 | 404,293 | 2,776 | 407,992 | Home Equity | — | 111 | — | — | — | 676 | 481,254 | 3,710 | 485,751 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 111 | — | 79 | 225 | — | 435 | 403,598 | 2,599 | 407,047 | Performing Loans | — | 111 | — | — | — | 609 | 480,094 | 3,026 | 483,840 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | 73 | 695 | 177 | 945 | Non-Performing Loans | — | — | — | — | — | 67 | 1,160 | 684 | 1,911 | ||||||||||||||||||||||||||||||||||||||
Rental/Investment | Rental/Investment | — | — | 99 | — | 23 | 218 | — | — | 340 | Rental/Investment | — | — | — | — | — | 145 | — | — | 145 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | — | 99 | — | 23 | 164 | — | — | 286 | Performing Loans | — | — | — | — | — | 145 | — | — | 145 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | 54 | — | — | 54 | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 11,713 | 3,389 | 1,097 | 1,593 | 907 | 159 | — | — | 18,858 | Land Development | 9,273 | 4,344 | 1,008 | 570 | 1,075 | 382 | — | — | 16,652 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 11,688 | 3,298 | 1,065 | 1,593 | 832 | 159 | — | — | 18,635 | Performing Loans | 9,257 | 4,344 | 1,008 | 570 | 1,075 | 319 | — | — | 16,573 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | 25 | 91 | 32 | — | 75 | — | — | — | 223 | Non-Performing Loans | 16 | — | — | — | — | 63 | — | — | 79 | ||||||||||||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | Real Estate - Commercial Mortgage | $ | 5,265 | $ | 3,584 | $ | 2,082 | $ | 800 | $ | 468 | $ | 137 | $ | — | $ | — | $ | 12,336 | Real Estate - Commercial Mortgage | $ | 4,805 | $ | 3,518 | $ | 2,587 | $ | 1,281 | $ | 691 | $ | 435 | $ | — | $ | — | $ | 13,317 | ||||||||||||||||||||
Owner-Occupied | Owner-Occupied | — | 136 | 58 | — | — | — | — | — | 194 | Owner-Occupied | — | — | 131 | — | — | — | — | — | 131 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | 136 | 58 | — | — | — | — | — | 194 | Performing Loans | — | — | 131 | — | — | — | — | — | 131 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Non-Owner Occupied | Non-Owner Occupied | — | 31 | — | — | — | — | — | — | 31 | Non-Owner Occupied | — | — | 28 | — | — | — | — | — | 28 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | — | 31 | — | — | — | — | — | — | 31 | Performing Loans | — | — | 28 | — | — | — | — | — | 28 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | — | — | — | — | — | — | — | Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 5,265 | 3,417 | 2,024 | 800 | 468 | 137 | — | — | 12,111 | Land Development | 4,805 | 3,518 | 2,428 | 1,281 | 691 | 435 | — | — | 13,158 | ||||||||||||||||||||||||||||||||||||||
Performing Loans | Performing Loans | 5,265 | 3,417 | 2,008 | 800 | 468 | 86 | — | — | 12,044 | Performing Loans | 4,805 | 3,518 | 2,422 | 1,281 | 691 | 435 | — | — | 13,152 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | — | — | 16 | — | — | 51 | — | — | 67 | Non-Performing Loans | — | — | 6 | — | — | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | $ | 44,302 | $ | 15,436 | $ | 23,114 | $ | 7,717 | $ | 1,985 | $ | 1,917 | $ | 13,016 | $ | 36 | $ | 107,523 | Installment loans to individuals | $ | 44,255 | $ | 15,976 | $ | 6,416 | $ | 14,252 | $ | 17,095 | $ | 10,626 | $ | 16,062 | $ | 39 | $ | 124,721 | ||||||||||||||||||||
Performing Loans | Performing Loans | 44,254 | 15,360 | 23,035 | 7,704 | 1,958 | 1,890 | 13,016 | 36 | 107,253 | Performing Loans | 44,227 | 15,927 | 6,389 | 14,211 | 17,076 | 10,532 | 16,062 | 35 | 124,459 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | 48 | 76 | 79 | 13 | 27 | 27 | — | — | 270 | Non-Performing Loans | 28 | 49 | 27 | 41 | 19 | 94 | — | 4 | 262 | ||||||||||||||||||||||||||||||||||||||
Total loans not subject to risk rating | Total loans not subject to risk rating | $ | 687,705 | $ | 474,103 | $ | 247,329 | $ | 171,766 | $ | 122,241 | $ | 219,586 | $ | 440,773 | $ | 2,812 | $ | 2,366,315 | Total loans not subject to risk rating | $ | 810,857 | $ | 626,995 | $ | 360,713 | $ | 171,082 | $ | 134,737 | $ | 346,791 | $ | 497,316 | $ | 3,812 | $ | 2,952,303 | ||||||||||||||||||||
Performing Loans | Performing Loans | 687,026 | 473,004 | 244,736 | 166,685 | 120,117 | 216,292 | 440,078 | 2,635 | 2,350,573 | Performing Loans | 810,016 | 624,015 | 356,387 | 166,883 | 127,998 | 335,381 | 496,156 | 3,124 | 2,919,960 | ||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | 679 | 1,099 | 2,593 | 5,081 | 2,124 | 3,294 | 695 | 177 | 15,742 | Non-Performing Loans | 841 | 2,980 | 4,326 | 4,199 | 6,739 | 11,410 | 1,160 | 688 | 32,343 |
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Charge-offs | |||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | — | 277 | 103 | — | — | 134 | 15 | — | 529 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | — | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | — | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | — | — | — | — | — | 128 | — | — | 128 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | — | — | — | 2,442 | — | 2,545 | — | — | 4,987 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | — | — | — | 2,442 | — | 2,673 | — | — | 5,115 | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | — | 33 | 21 | 26 | 132 | 598 | — | — | 810 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | — | 310 | 124 | 2,468 | 132 | 3,408 | 15 | — | 6,457 |
September 30, 2022 | December 31, 2021 | ||||||||||
Commercial, financial, agricultural | $ | 77,816 | $ | 90,308 | |||||||
Real estate – construction: | |||||||||||
Residential | 387 | 1,287 | |||||||||
Commercial | 6,361 | 3,707 | |||||||||
Total real estate – construction | 6,748 | 4,994 | |||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 102,234 | 134,070 | |||||||||
Home equity | 42,861 | 51,496 | |||||||||
Rental/investment | 16,679 | 20,229 | |||||||||
Land development | 9,314 | 9,978 | |||||||||
Total real estate – 1-4 family mortgage | 171,088 | 215,773 | |||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 194,756 | 234,132 | |||||||||
Non-owner occupied | 356,485 | 410,577 | |||||||||
Land development | 13,571 | 18,344 | |||||||||
Total real estate – commercial mortgage | 564,812 | 663,053 | |||||||||
Installment loans to individuals | 24,700 | 35,775 | |||||||||
Loans | $ | 845,164 | $ | 1,009,903 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 379 | $ | — | $ | 73,564 | $ | 73,943 | $ | — | $ | 2,059 | $ | 1,814 | $ | 3,873 | $ | 77,816 | |||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | — | — | 387 | 387 | — | — | — | — | 387 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 6,361 | 6,361 | — | — | — | — | 6,361 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | — | — | 6,748 | 6,748 | — | — | — | — | 6,748 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | 1,163 | — | 95,377 | 96,540 | 1,359 | 2,468 | 1,867 | 5,694 | 102,234 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 658 | — | 41,659 | 42,317 | 95 | 119 | 330 | 544 | 42,861 | ||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | 26 | — | 16,629 | 16,655 | — | — | 24 | 24 | 16,679 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 62 | — | 9,252 | 9,314 | — | — | — | — | 9,314 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | 1,909 | — | 162,917 | 164,826 | 1,454 | 2,587 | 2,221 | 6,262 | 171,088 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 439 | 1,432 | 191,217 | 193,088 | 33 | 152 | 1,483 | 1,668 | 194,756 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | — | — | 356,480 | 356,480 | — | — | 5 | 5 | 356,485 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | — | — | 13,535 | 13,535 | — | 36 | — | 36 | 13,571 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | 439 | 1,432 | 561,232 | 563,103 | 33 | 188 | 1,488 | 1,709 | 564,812 | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 715 | 18 | 23,865 | 24,598 | 1 | 45 | 56 | 102 | 24,700 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 3,442 | $ | 1,450 | $ | 828,326 | $ | 833,218 | $ | 1,488 | $ | 4,879 | $ | 5,579 | $ | 11,946 | $ | 845,164 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 122 | $ | — | $ | 82,918 | $ | 83,040 | $ | 42 | $ | 1,618 | $ | 5,608 | $ | 7,268 | $ | 90,308 | |||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | — | — | 1,287 | 1,287 | — | — | — | — | 1,287 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 3,707 | 3,707 | — | — | — | — | 3,707 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | — | — | 4,994 | 4,994 | — | — | — | — | 4,994 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | 1,042 | 36 | 127,820 | 128,898 | 257 | 2,225 | 2,690 | 5,172 | 134,070 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 149 | — | 50,573 | 50,722 | — | 373 | 401 | 774 | 51,496 | ||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | 20 | — | 20,105 | 20,125 | 26 | — | 78 | 104 | 20,229 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | — | — | 9,978 | 9,978 | — | — | — | — | 9,978 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | 1,211 | 36 | 208,476 | 209,723 | 283 | 2,598 | 3,169 | 6,050 | 215,773 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 1,511 | 323 | 230,305 | 232,139 | — | 289 | 1,704 | 1,993 | 234,132 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | — | — | 407,639 | 407,639 | — | — | 2,938 | 2,938 | 410,577 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | — | — | 18,218 | 18,218 | — | — | 126 | 126 | 18,344 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | 1,511 | 323 | 656,162 | 657,996 | — | 289 | 4,768 | 5,057 | 663,053 | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 839 | 8 | 34,690 | 35,537 | 15 | 11 | 212 | 238 | 35,775 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 3,683 | $ | 367 | $ | 987,240 | $ | 991,290 | $ | 340 | $ | 4,516 | $ | 13,757 | $ | 18,613 | $ | 1,009,903 |
Number of Loans | Pre- Modification Amortized Cost | Post- Modification Amortized Cost | |||||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 1 | $ | 164 | $ | 164 | ||||||||||||
Total | 1 | $ | 164 | $ | 164 |
Number of Loans | Pre- Modification Amortized Cost | Post- Modification Amortized Cost | |||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Land development | 3 | $ | 98 | $ | 94 | ||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||
Commercial, financial, agricultural | 1 | $ | 135 | $ | 135 | ||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 2 | 1,026 | 1,026 | ||||||||||||||
Total | 3 | $ | 1,161 | $ | 1,161 |
Number of Loans | Recorded Investment | ||||||||||
Totals at January 1, 2022 | 38 | $ | 5,609 | ||||||||
Additional advances or loans with concessions | 3 | 206 | |||||||||
Reclassified as performing restructured loan | 8 | 4,064 | |||||||||
Reductions due to: | |||||||||||
Reclassified to nonperforming loans | (6) | (231) | |||||||||
Paid in full | (6) | (2,064) | |||||||||
Principal paydowns | — | (568) | |||||||||
Totals at September 30, 2022 | 37 | $ | 7,016 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | — | $ | — | $ | — | $ | 993 | $ | 927 | $ | 26,235 | $ | 48,917 | $ | 744 | $ | 77,816 | |||||||||||
Pass | — | — | — | 993 | 378 | 19,174 | 47,121 | 403 | 68,069 | ||||||||||||||||||||
Special Mention | — | — | — | — | 226 | — | — | — | 226 | ||||||||||||||||||||
Substandard | — | — | — | — | 323 | 7,061 | 1,796 | 341 | 9,521 | ||||||||||||||||||||
Real Estate - Construction | $ | — | $ | — | $ | — | $ | — | $ | 387 | $ | 6,361 | $ | — | $ | — | $ | 6,748 | |||||||||||
Residential | — | — | — | — | 387 | — | — | — | 387 | ||||||||||||||||||||
Pass | — | — | — | — | 387 | — | — | — | 387 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Commercial | — | — | — | — | — | 6,361 | — | — | 6,361 | ||||||||||||||||||||
Pass | — | — | — | — | — | 6,361 | — | — | 6,361 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | — | $ | — | $ | — | $ | 145 | $ | 8,721 | $ | 26,322 | $ | 335 | $ | 157 | $ | 35,680 | |||||||||||
Primary | — | — | — | 33 | 2,230 | 7,116 | — | — | 9,379 | ||||||||||||||||||||
Pass | — | — | — | 33 | 2,230 | 6,683 | — | — | 8,946 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | 54 | — | — | 54 | ||||||||||||||||||||
Substandard | — | — | — | — | — | 379 | — | — | 379 | ||||||||||||||||||||
Home Equity | — | — | — | — | — | 30 | 333 | 157 | 520 | ||||||||||||||||||||
Pass | — | — | — | — | — | 30 | 333 | — | 363 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | 157 | 157 | ||||||||||||||||||||
Rental/Investment | — | — | — | 112 | 308 | 16,259 | — | — | 16,679 | ||||||||||||||||||||
Pass | — | — | — | 112 | 308 | 15,550 | — | — | 15,970 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | 709 | — | — | 709 | ||||||||||||||||||||
Land Development | — | — | — | — | 6,183 | 2,917 | 2 | — | 9,102 | ||||||||||||||||||||
Pass | — | — | — | — | 6,183 | 2,866 | 2 | — | 9,051 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | 51 | — | — | 51 | ||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | — | $ | — | $ | — | $ | 319 | $ | 45,713 | $ | 499,483 | $ | 8,923 | $ | 9,752 | $ | 564,190 | |||||||||||
Owner-Occupied | — | — | — | — | 10,461 | 177,284 | 7,011 | — | 194,756 | ||||||||||||||||||||
Pass | — | — | — | — | 10,461 | 167,960 | 7,011 | — | 185,432 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | 595 | — | — | 595 | ||||||||||||||||||||
Substandard | — | — | — | — | — | 8,729 | — | — | 8,729 | ||||||||||||||||||||
Non-Owner Occupied | — | — | — | 319 | 35,013 | 309,833 | 1,568 | 9,752 | 356,485 | ||||||||||||||||||||
Pass | — | — | — | 319 | 35,008 | 287,093 | 1,568 | — | 323,988 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | 5 | 22,740 | — | 9,752 | 32,497 | ||||||||||||||||||||
Land Development | — | — | — | — | 239 | 12,366 | 344 | — | 12,949 | ||||||||||||||||||||
Pass | — | — | — | — | 239 | 6,767 | 344 | — | 7,350 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | 4,966 | — | — | 4,966 | ||||||||||||||||||||
Substandard | — | — | — | — | — | 633 | — | — | 633 | ||||||||||||||||||||
Installment loans to individuals | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Pass | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total loans subject to risk rating | $ | — | $ | — | $ | — | $ | 1,457 | $ | 55,748 | $ | 558,401 | $ | 58,175 | $ | 10,653 | $ | 684,434 | |||||||||||
Pass | — | — | — | 1,457 | 55,194 | 512,484 | 56,379 | 403 | 625,917 | ||||||||||||||||||||
Special Mention | — | — | — | — | 226 | 5,615 | — | — | 5,841 | ||||||||||||||||||||
Substandard | — | — | — | — | 328 | 40,302 | 1,796 | 10,250 | 52,676 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | — | $ | — | $ | 646 | $ | 12,199 | $ | 12,247 | $ | 25,562 | $ | 38,328 | $ | 1,326 | $ | 90,308 | |||||||||||
Pass | — | — | 646 | 11,612 | 8,918 | 18,877 | 37,555 | 899 | 78,507 | ||||||||||||||||||||
Special Mention | — | — | — | 246 | — | — | — | — | 246 | ||||||||||||||||||||
Substandard | — | — | — | 341 | 3,329 | 6,685 | 773 | 427 | 11,555 | ||||||||||||||||||||
Real Estate - Construction | $ | — | $ | — | $ | — | $ | 601 | $ | — | $ | 4,393 | $ | — | $ | — | $ | 4,994 | |||||||||||
Residential | — | — | — | 601 | — | 686 | — | — | 1,287 | ||||||||||||||||||||
Pass | — | — | — | 601 | — | 686 | — | — | 1,287 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Commercial | — | — | — | — | — | 3,707 | — | — | 3,707 | ||||||||||||||||||||
Pass | — | — | — | — | — | 3,707 | — | — | 3,707 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | — | $ | — | $ | 152 | $ | 10,151 | $ | 2,781 | $ | 32,841 | $ | 1,476 | $ | 201 | $ | 47,602 | |||||||||||
Primary | — | — | 34 | 2,485 | 1,367 | 12,336 | 161 | — | 16,383 | ||||||||||||||||||||
Pass | — | — | 34 | 2,485 | 1,367 | 9,408 | 161 | — | 13,455 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | 59 | — | — | 59 | ||||||||||||||||||||
Substandard | — | — | — | — | — | 2,869 | — | — | 2,869 | ||||||||||||||||||||
Home Equity | — | — | — | — | — | 42 | 1,087 | 201 | 1,330 | ||||||||||||||||||||
Pass | — | — | — | — | — | 42 | 717 | — | 759 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | 370 | 201 | 571 | ||||||||||||||||||||
Rental/Investment | — | — | 118 | 804 | 1,273 | 17,806 | 228 | — | 20,229 | ||||||||||||||||||||
Pass | — | — | 118 | 804 | 1,273 | 17,035 | 77 | — | 19,307 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | 38 | — | — | 38 | ||||||||||||||||||||
Substandard | — | — | — | — | — | 733 | 151 | — | 884 | ||||||||||||||||||||
Land Development | — | — | — | 6,862 | 141 | 2,657 | — | — | 9,660 | ||||||||||||||||||||
Pass | — | — | — | 6,862 | 111 | 1,249 | — | — | 8,222 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | 30 | 1,408 | — | — | 1,438 | ||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | — | $ | — | $ | 325 | $ | 50,519 | $ | 123,254 | $ | 467,983 | $ | 5,912 | $ | 14,324 | $ | 662,317 | |||||||||||
Owner-Occupied | — | — | — | 13,344 | 17,621 | 200,111 | 3,056 | — | 234,132 | ||||||||||||||||||||
Pass | — | — | — | 13,344 | 13,888 | 182,779 | 3,056 | — | 213,067 | ||||||||||||||||||||
Special Mention | — | — | — | — | 1,553 | 394 | — | — | 1,947 | ||||||||||||||||||||
Substandard | — | — | — | — | 2,180 | 16,938 | — | — | 19,118 | ||||||||||||||||||||
Non-Owner Occupied | — | — | 325 | 35,887 | 103,739 | 254,080 | 2,222 | 14,324 | 410,577 | ||||||||||||||||||||
Pass | — | — | 325 | 19,510 | 100,682 | 222,048 | 2,222 | 4,418 | 349,205 | ||||||||||||||||||||
Special Mention | — | — | — | 16,370 | — | 359 | — | — | 16,729 | ||||||||||||||||||||
Substandard | — | — | — | 7 | 3,057 | 31,673 | — | 9,906 | 44,643 | ||||||||||||||||||||
Land Development | — | — | — | 1,288 | 1,894 | 13,792 | 634 | — | 17,608 | ||||||||||||||||||||
Pass | — | — | — | 1,288 | 1,894 | 7,904 | 634 | — | 11,720 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | 5,141 | — | — | 5,141 | ||||||||||||||||||||
Substandard | — | — | — | — | — | 747 | — | — | 747 | ||||||||||||||||||||
Installment loans to individuals | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Pass | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total loans subject to risk rating | $ | — | $ | — | $ | 1,123 | $ | 73,470 | $ | 138,282 | $ | 530,779 | $ | 45,716 | $ | 15,851 | $ | 805,221 | |||||||||||
Pass | — | — | 1,123 | 56,506 | 128,133 | 463,735 | 44,422 | 5,317 | 699,236 | ||||||||||||||||||||
Special Mention | — | — | — | 16,616 | 1,553 | 5,991 | — | — | 24,160 | ||||||||||||||||||||
Substandard | — | — | — | 348 | 8,596 | 61,053 | 1,294 | 10,534 | 81,825 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Residential | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | — | $ | — | $ | — | $ | 196 | $ | 1,061 | $ | 96,323 | $ | 36,430 | $ | 1,398 | $ | 135,408 | |||||||||||
Primary | — | — | — | 196 | 523 | 92,068 | — | 68 | 92,855 | ||||||||||||||||||||
Performing Loans | — | — | — | 196 | 378 | 86,567 | — | 68 | 87,209 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | 145 | 5,501 | — | — | 5,646 | ||||||||||||||||||||
Home Equity | — | — | — | — | 538 | 4,043 | 36,430 | 1,330 | 42,341 | ||||||||||||||||||||
Performing Loans | — | — | — | — | 538 | 3,992 | 36,154 | 1,114 | 41,798 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | 51 | 276 | 216 | 543 | ||||||||||||||||||||
Rental/Investment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Land Development | — | — | — | — | — | 212 | — | — | 212 | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | 212 | — | — | 212 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | — | $ | — | $ | — | $ | — | $ | 141 | $ | 481 | $ | — | $ | — | $ | 622 | |||||||||||
Owner-Occupied | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Owner Occupied | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Land Development | — | — | — | — | 141 | 481 | — | — | 622 | ||||||||||||||||||||
Performing Loans | — | — | — | — | 141 | 481 | — | — | 622 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Installment loans to individuals | $ | — | $ | — | $ | — | $ | — | $ | 13,734 | $ | 9,644 | $ | 1,272 | $ | 50 | $ | 24,700 | |||||||||||
Performing Loans | — | — | — | — | 13,721 | 9,571 | 1,272 | 14 | 24,578 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | 13 | 73 | — | 36 | 122 | ||||||||||||||||||||
Total loans not subject to risk rating | $ | — | $ | — | $ | — | $ | 196 | $ | 14,936 | $ | 106,448 | $ | 37,702 | $ | 1,448 | $ | 160,730 | |||||||||||
Performing Loans | — | — | — | 196 | 14,778 | 100,823 | 37,426 | 1,196 | 154,419 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | 158 | 5,625 | 276 | 252 | 6,311 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Residential | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | — | $ | — | $ | 202 | $ | 1,480 | $ | 19,988 | $ | 101,060 | $ | 44,086 | $ | 1,355 | $ | 168,171 | |||||||||||
Primary | — | — | 202 | 938 | 17,505 | 98,961 | — | 81 | 117,687 | ||||||||||||||||||||
Performing Loans | — | — | 202 | 829 | 16,902 | 94,607 | — | 81 | 112,621 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | 109 | 603 | 4,354 | — | — | 5,066 | ||||||||||||||||||||
Home Equity | — | — | — | 542 | 2,441 | 1,823 | 44,086 | 1,274 | 50,166 | ||||||||||||||||||||
Performing Loans | — | — | — | 542 | 2,441 | 1,769 | 43,700 | 1,141 | 49,593 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | 54 | 386 | 133 | 573 | ||||||||||||||||||||
Rental/Investment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Land Development | — | — | — | — | 42 | 276 | — | — | 318 | ||||||||||||||||||||
Performing Loans | — | — | — | — | 42 | 276 | — | — | 318 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | — | $ | — | $ | — | $ | 147 | $ | 31 | $ | 558 | $ | — | $ | — | $ | 736 | |||||||||||
Owner-Occupied | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Owner Occupied | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Land Development | — | — | — | 147 | 31 | 558 | — | — | 736 | ||||||||||||||||||||
Performing Loans | — | — | — | 147 | 31 | 558 | — | — | 736 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Installment loans to individuals | $ | — | $ | — | $ | — | $ | 20,581 | $ | 9,721 | $ | 3,881 | $ | 1,558 | $ | 34 | $ | 35,775 | |||||||||||
Performing Loans | — | — | — | 20,566 | 9,714 | 3,684 | 1,541 | 23 | 35,528 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | 15 | 7 | 197 | 17 | 11 | 247 | ||||||||||||||||||||
Total loans not subject to risk rating | $ | — | $ | — | $ | 202 | $ | 22,208 | $ | 29,740 | $ | 105,499 | $ | 45,644 | $ | 1,389 | $ | 204,682 | |||||||||||
Performing Loans | — | — | 202 | 22,084 | 29,130 | 100,894 | 45,241 | 1,245 | 198,796 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | 124 | 610 | 4,605 | 403 | 144 | 5,886 |
September 30, 2022 | December 31, 2021 | ||||||||||
Commercial, financial, agricultural (1) | $ | 1,513,091 | $ | 1,423,270 | |||||||
Lease financing | 108,517 | 80,192 | |||||||||
Real estate – construction: | |||||||||||
Residential | 359,754 | 302,275 | |||||||||
Commercial | 855,302 | 802,621 | |||||||||
Total real estate – construction | 1,215,056 | 1,104,896 | |||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 2,144,119 | 1,816,120 | |||||||||
Home equity | 499,626 | 474,604 | |||||||||
Rental/investment | 322,844 | 288,474 | |||||||||
Land development | 161,300 | 145,048 | |||||||||
Total real estate – 1-4 family mortgage | 3,127,889 | 2,724,246 | |||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 1,562,952 | 1,563,351 | |||||||||
Non-owner occupied | 3,320,116 | 2,856,947 | |||||||||
Land development | 133,597 | 128,739 | |||||||||
Total real estate – commercial mortgage | 5,016,665 | 4,549,037 | |||||||||
Installment loans to individuals | 128,946 | 143,340 | |||||||||
Gross loans | 11,110,164 | 10,024,981 | |||||||||
Unearned income | (5,160) | (4,067) | |||||||||
Loans, net of unearned income | 11,105,004 | 10,020,914 | |||||||||
Allowance for credit losses on loans | (174,356) | (164,171) | |||||||||
Net loans | $ | 10,930,648 | $ | 9,856,743 |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Lease Financing | Installment Loans to Individuals | Total | Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Lease Financing | Installment Loans to Individuals | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 30,193 | $ | 17,290 | $ | 41,910 | $ | 64,373 | $ | 1,802 | $ | 10,563 | $ | 166,131 | Beginning balance | $ | 44,255 | $ | 19,114 | $ | 44,727 | $ | 71,798 | $ | 2,463 | $ | 9,733 | $ | 192,090 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial impact of purchased credit deteriorated (“PCD”) loans acquired | Initial impact of purchased credit deteriorated (“PCD”) loans acquired | (26) | — | — | — | — | — | (26) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (373) | — | (208) | (1,956) | — | (722) | (3,259) | Charge-offs | (529) | — | (3) | (5,115) | — | (810) | (6,457) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 415 | — | 378 | 50 | 113 | 728 | 1,684 | Recoveries | 725 | — | 24 | 211 | 5 | 760 | 1,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | 42 | — | 170 | (1,906) | 113 | 6 | (1,575) | Net (charge-offs) recoveries | 196 | — | 21 | (4,904) | 5 | (50) | (4,732) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Recovery of) provision for credit losses on loans | 268 | 1,454 | 1,452 | 6,800 | 399 | (573) | 9,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses on loans | Provision for (recovery of) credit losses on loans | 253 | 845 | 1,233 | 5,876 | (31) | (216) | 7,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 30,503 | $ | 18,744 | $ | 43,532 | $ | 69,267 | $ | 2,314 | $ | 9,996 | $ | 174,356 | Ending balance | $ | 44,678 | $ | 19,959 | $ | 45,981 | $ | 72,770 | $ | 2,437 | $ | 9,467 | $ | 195,292 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 33,922 | $ | 16,419 | $ | 32,356 | $ | 68,940 | $ | 1,486 | $ | 11,048 | $ | 164,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of PCD loans acquired during the period | 1,648 | — | — | — | — | — | 1,648 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (4,714) | — | (532) | (2,670) | (7) | (2,351) | (10,274) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 1,982 | — | 725 | 397 | 136 | 2,271 | 5,511 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (2,732) | — | 193 | (2,273) | 129 | (80) | (4,763) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Recovery of) provision for credit losses on loans | (2,335) | 2,325 | 10,983 | 2,600 | 699 | (972) | 13,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 30,503 | $ | 18,744 | $ | 43,532 | $ | 69,267 | $ | 2,314 | $ | 9,996 | $ | 174,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-End Amount Allocated to: | Period-End Amount Allocated to: | Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 4,064 | $ | — | $ | — | $ | 2,649 | $ | — | $ | 370 | $ | 7,083 | Individually evaluated | $ | 14,162 | $ | 35 | $ | 608 | $ | 1,734 | $ | — | $ | 270 | $ | 16,809 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated | Collectively evaluated | 26,439 | 18,744 | 43,532 | 66,618 | 2,314 | 9,626 | 167,273 | Collectively evaluated | 30,516 | 19,924 | 45,373 | 71,036 | 2,437 | 9,197 | 178,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 30,503 | $ | 18,744 | $ | 43,532 | $ | 69,267 | $ | 2,314 | $ | 9,996 | $ | 174,356 | Ending balance | $ | 44,678 | $ | 19,959 | $ | 45,981 | $ | 72,770 | $ | 2,437 | $ | 9,467 | $ | 195,292 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 9,088 | $ | 153 | $ | 5,965 | $ | 19,043 | $ | — | $ | 370 | $ | 34,619 | Individually evaluated | $ | 24,985 | $ | 652 | $ | 12,637 | $ | 10,375 | $ | — | $ | 274 | $ | 48,923 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated | Collectively evaluated | 1,504,003 | 1,214,903 | 3,121,924 | 4,997,622 | 103,357 | 128,576 | 11,070,385 | Collectively evaluated | 1,715,793 | 1,423,700 | 3,266,343 | 5,075,438 | 121,146 | 115,082 | 11,717,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 1,513,091 | $ | 1,215,056 | $ | 3,127,889 | $ | 5,016,665 | $ | 103,357 | $ | 128,946 | $ | 11,105,004 | Ending balance | $ | 1,740,778 | $ | 1,424,352 | $ | 3,278,980 | $ | 5,085,813 | $ | 121,146 | $ | 115,356 | $ | 11,766,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccruing loans with no allowance for credit losses | Nonaccruing loans with no allowance for credit losses | $ | 429 | $ | 153 | $ | 5,809 | $ | 4,633 | $ | — | $ | 2 | $ | 11,026 | Nonaccruing loans with no allowance for credit losses | $ | 768 | $ | — | $ | 9,710 | $ | 5,511 | $ | — | $ | 5 | $ | 15,994 |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Lease Financing | Installment Loans to Individuals | Total | Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Lease Financing | Installment Loans to Individuals | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 36,994 | $ | 15,729 | $ | 31,303 | $ | 74,893 | $ | 1,511 | $ | 11,924 | $ | 172,354 | Beginning balance | $ | 33,922 | $ | 16,419 | $ | 32,356 | $ | 68,940 | $ | 1,486 | $ | 11,048 | $ | 164,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial impact of PCD loans acquired | Initial impact of PCD loans acquired | 1,648 | — | — | — | — | — | 1,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (1,225) | — | (276) | (184) | (13) | (1,281) | (2,979) | Charge-offs | (2,102) | — | (163) | (6) | (7) | (779) | (3,057) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 418 | — | 193 | 190 | 11 | 1,051 | 1,863 | Recoveries | 1,136 | — | 178 | 155 | 12 | 725 | 2,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (807) | — | (83) | 6 | (2) | (230) | (1,116) | Net (charge-offs) recoveries | (966) | — | 15 | 149 | 5 | (54) | (851) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Recovery of) Provision for credit losses on loans | (1,210) | 440 | 961 | (1,004) | 61 | (448) | (1,200) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Recovery of) provision for credit losses on loans | (Recovery of) provision for credit losses on loans | (998) | 1,992 | 4,477 | (3,858) | 91 | (204) | 1,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 34,977 | $ | 16,169 | $ | 32,181 | $ | 73,895 | $ | 1,570 | $ | 11,246 | $ | 170,038 | Ending balance | $ | 33,606 | $ | 18,411 | $ | 36,848 | $ | 65,231 | $ | 1,582 | $ | 10,790 | $ | 166,468 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 39,031 | $ | 16,047 | $ | 32,165 | $ | 76,127 | $ | 1,624 | $ | 11,150 | $ | 176,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (5,907) | (52) | (529) | (416) | (13) | (4,286) | (11,203) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 940 | 13 | 855 | 504 | 36 | 3,949 | 6,297 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (4,967) | (39) | 326 | 88 | 23 | (337) | (4,906) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Recovery of) Provision for credit losses on loans | 913 | 161 | (310) | (2,320) | (77) | 433 | (1,200) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 34,977 | $ | 16,169 | $ | 32,181 | $ | 73,895 | $ | 1,570 | $ | 11,246 | $ | 170,038 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-End Amount Allocated to: | Period-End Amount Allocated to: | Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 9,717 | $ | — | $ | 206 | $ | 5,968 | $ | — | $ | 607 | $ | 16,498 | Individually evaluated | $ | 9,225 | $ | — | $ | 396 | $ | 2,660 | $ | — | $ | 570 | $ | 12,851 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated | Collectively evaluated | 25,260 | 16,169 | 31,975 | 67,927 | 1,570 | 10,639 | 153,540 | Collectively evaluated | 24,381 | 18,411 | 36,452 | 62,571 | 1,582 | 10,220 | 153,617 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 34,977 | $ | 16,169 | $ | 32,181 | $ | 73,895 | $ | 1,570 | $ | 11,246 | $ | 170,038 | Ending balance | $ | 33,606 | $ | 18,411 | $ | 36,848 | $ | 65,231 | $ | 1,582 | $ | 10,790 | $ | 166,468 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 15,193 | $ | — | $ | 5,311 | $ | 19,120 | $ | — | $ | 617 | $ | 40,241 | Individually evaluated | $ | 13,070 | $ | — | $ | 4,477 | $ | 15,464 | $ | — | $ | 570 | $ | 33,581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated | Collectively evaluated | 1,420,826 | 1,091,296 | 2,719,432 | 4,516,610 | 79,215 | 149,204 | 9,976,583 | Collectively evaluated | 1,432,537 | 1,222,052 | 2,836,502 | 4,562,400 | 89,842 | 136,545 | 10,279,878 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 1,436,019 | $ | 1,091,296 | $ | 2,724,743 | $ | 4,535,730 | $ | 79,215 | $ | 149,821 | $ | 10,016,824 | Ending balance | $ | 1,445,607 | $ | 1,222,052 | $ | 2,840,979 | $ | 4,577,864 | $ | 89,842 | $ | 137,115 | $ | 10,313,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccruing loans with no allowance for credit losses | Nonaccruing loans with no allowance for credit losses | $ | 2,658 | $ | — | $ | 3,039 | $ | 2,865 | $ | — | $ | 10 | $ | 8,572 | Nonaccruing loans with no allowance for credit losses | $ | 435 | $ | — | $ | 2,614 | $ | 5,298 | $ | — | $ | 2 | $ | 8,349 |
Three Months Ended March 31, | 2023 | 2022 | ||||||
Allowance for credit losses on unfunded loan commitments: | ||||||||
Beginning balance | $ | 20,118 | $ | 20,035 | ||||
Recovery of credit losses on unfunded loan commitments (included in other noninterest expense) | (1,500) | (550) | ||||||
Ending balance | $ | 18,618 | $ | 19,485 | ||||
Three Months Ended September 30, | 2022 | 2021 | ||||||
Allowance for credit losses on unfunded loan commitments: | ||||||||
Beginning balance | $ | 19,935 | $ | 20,535 | ||||
Provision for (recovery of provision for) credit losses on unfunded loan commitments (included in other noninterest expense) | — | (200) | ||||||
Ending balance | $ | 19,935 | $ | 20,335 | ||||
Nine Months Ended September 30, | 2022 | 2021 | ||||||
Allowance for credit losses on unfunded loan commitments: | ||||||||
Beginning balance | $ | 20,035 | $ | 20,535 | ||||
Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense) | (100) | (200) | ||||||
Ending balance | $ | 19,935 | $ | 20,335 |
Purchased OREO | Non Purchased OREO | Total OREO | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||
Residential real estate | Residential real estate | $ | 173 | $ | 740 | $ | 913 | Residential real estate | $ | 551 | $ | 699 | ||||||||||||||||
Commercial real estate | Commercial real estate | — | 62 | 62 | Commercial real estate | 3,507 | 62 | |||||||||||||||||||||
Residential land development | Residential land development | 242 | 4 | 246 | Residential land development | 4 | 246 | |||||||||||||||||||||
Commercial land development | Commercial land development | 1,130 | 61 | 1,191 | Commercial land development | 756 | 756 | |||||||||||||||||||||
Total | Total | $ | 1,545 | $ | 867 | $ | 2,412 | Total | $ | 4,818 | $ | 1,763 | ||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||
Residential real estate | $ | 93 | $ | 166 | $ | 259 | ||||||||||||||||||||||
Commercial real estate | 39 | 722 | 761 | |||||||||||||||||||||||||
Residential land development | 301 | 4 | 305 | |||||||||||||||||||||||||
Commercial land development | 1,156 | 59 | 1,215 | |||||||||||||||||||||||||
Total | $ | 1,589 | $ | 951 | $ | 2,540 |
Purchased OREO | Non Purchased OREO | Total OREO | |||||||||||||||
Balance at January 1, 2022 | $ | 1,589 | $ | 951 | $ | 2,540 | |||||||||||
Transfers of loans | 190 | 1,638 | 1,828 | ||||||||||||||
Impairments | (96) | (14) | (110) | ||||||||||||||
Dispositions | (137) | (1,710) | (1,847) | ||||||||||||||
Other | (1) | 2 | 1 | ||||||||||||||
Balance at September 30, 2022 | $ | 1,545 | $ | 867 | $ | 2,412 |
Total OREO | |||||
Balance at January 1, 2023 | $ | 1,763 | |||
Transfers of loans | 3,623 | ||||
Dispositions | (552) | ||||
Other | (16) | ||||
Balance at March 31, 2023 | $ | 4,818 |
Three Months Ended | Nine Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Repairs and maintenance | Repairs and maintenance | $ | 24 | $ | 17 | $ | 44 | $ | 60 | Repairs and maintenance | $ | 16 | $ | 3 | ||||||||||||||||||||||||||||||||
Property taxes and insurance | Property taxes and insurance | 7 | 6 | 69 | 54 | Property taxes and insurance | 111 | 35 | ||||||||||||||||||||||||||||||||||||||
Impairments | Impairments | 59 | 173 | 110 | 290 | Impairments | — | 14 | ||||||||||||||||||||||||||||||||||||||
Net (gains) losses on OREO sales | (54) | (24) | (611) | (74) | ||||||||||||||||||||||||||||||||||||||||||
Net gains on OREO sales | Net gains on OREO sales | (95) | (291) | |||||||||||||||||||||||||||||||||||||||||||
Rental income | Rental income | (2) | (4) | (6) | (17) | Rental income | (2) | (2) | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 34 | $ | 168 | $ | (394) | $ | 313 | Total | $ | 30 | $ | (241) |
Community Banks | Insurance | Total | |||||||||||||||
Balance at January 1, 2022 | $ | 936,916 | $ | 2,767 | $ | 939,683 | |||||||||||
Additions to goodwill from the Southeastern Commercial Finance, LLC acquisition | 6,608 | — | 6,608 | ||||||||||||||
Balance at September 30, 2022 | $ | 943,524 | $ | 2,767 | $ | 946,291 |
Community Banks | Insurance | Total | |||||||||||||||
Balance at January 1, 2023 | $ | 988,941 | $ | 2,767 | $ | 991,708 | |||||||||||
Deductions to goodwill and other adjustments | (43) | — | (43) | ||||||||||||||
Balance at March 31, 2023 | $ | 988,898 | $ | 2,767 | $ | 991,665 |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
September 30, 2022 | |||||||||||||||||
Core deposit intangibles | $ | 82,492 | $ | (63,190) | $ | 19,302 | |||||||||||
Customer relationship intangible | 2,470 | (1,602) | 868 | ||||||||||||||
Total finite-lived intangible assets | $ | 84,962 | $ | (64,792) | $ | 20,170 | |||||||||||
December 31, 2021 | |||||||||||||||||
Core deposit intangibles | $ | 82,492 | $ | (59,399) | $ | 23,093 | |||||||||||
Customer relationship intangible | 2,470 | (1,465) | 1,005 | ||||||||||||||
Total finite-lived intangible assets | $ | 84,962 | $ | (60,864) | $ | 24,098 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Amortization expense for: | |||||||||||||||||||||||
Core deposit intangibles | $ | 1,206 | $ | 1,436 | $ | 3,791 | $ | 4,482 | |||||||||||||||
Customer relationship intangible | 45 | 45 | 136 | 136 | |||||||||||||||||||
Total intangible amortization | $ | 1,251 | $ | 1,481 | $ | 3,927 | $ | 4,618 |
Core Deposit Intangibles | Customer Relationship Intangible | Total | |||||||||||||||
2022 | $ | 4,941 | $ | 181 | $ | 5,122 | |||||||||||
2023 | 4,044 | 181 | 4,225 | ||||||||||||||
2024 | 3,498 | 181 | 3,679 | ||||||||||||||
2025 | 3,102 | 181 | 3,283 | ||||||||||||||
2026 | 2,899 | 138 | 3,037 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
March 31, 2023 | |||||||||||||||||
Core deposit intangibles | $ | 82,492 | $ | (65,431) | $ | 17,061 | |||||||||||
Customer relationship intangible | 7,670 | (1,981) | 5,689 | ||||||||||||||
Total finite-lived intangible assets | $ | 90,162 | $ | (67,412) | $ | 22,750 | |||||||||||
December 31, 2022 | |||||||||||||||||
Core deposit intangibles | $ | 82,492 | $ | (64,339) | $ | 18,153 | |||||||||||
Customer relationship intangible | 7,670 | (1,647) | 6,023 | ||||||||||||||
Total finite-lived intangible assets | $ | 90,162 | $ | (65,986) | $ | 24,176 |
Three Months Ended | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Amortization expense for: | |||||||||||||||||||||||
Core deposit intangibles | $ | 1,092 | $ | 1,321 | |||||||||||||||||||
Customer relationship intangible | 334 | 45 | |||||||||||||||||||||
Total intangible amortization | $ | 1,426 | $ | 1,366 |
Core Deposit Intangibles | Customer Relationship Intangible | Total | |||||||||||||||
2023 | $ | 4,043 | $ | 1,337 | $ | 5,380 | |||||||||||
2024 | 3,498 | 1,192 | 4,690 | ||||||||||||||
2025 | 3,102 | 1,048 | 4,150 | ||||||||||||||
2026 | 2,899 | 860 | 3,759 | ||||||||||||||
2027 | 2,774 | 628 | 3,402 | ||||||||||||||
Balance at January 1, | $ | ||||||
Capitalization | |||||||
Amortization | |||||||
Balance at | $ |
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Unpaid principal balance | Unpaid principal balance | $ | 7,406,373 | $ | 8,728,629 | Unpaid principal balance | $ | 7,537,652 | $ | 7,494,413 | ||||||||||||
Weighted-average prepayment speed (CPR) | Weighted-average prepayment speed (CPR) | 7.08 | % | 10.56 | % | Weighted-average prepayment speed (CPR) | 7.49 | % | 7.00 | % | ||||||||||||
Estimated impact of a 10% increase | Estimated impact of a 10% increase | $ | (5,254) | $ | (3,875) | Estimated impact of a 10% increase | $ | (2,308) | $ | (5,393) | ||||||||||||
Estimated impact of a 20% increase | Estimated impact of a 20% increase | (10,089) | (7,464) | Estimated impact of a 20% increase | (4,922) | (10,354) | ||||||||||||||||
Discount rate | Discount rate | 10.34 | % | 9.82 | % | Discount rate | 10.31 | % | 10.30 | % | ||||||||||||
Estimated impact of a 10% increase | Estimated impact of a 10% increase | $ | (323) | $ | (4,153) | Estimated impact of a 10% increase | $ | (5,149) | $ | (1,765) | ||||||||||||
Estimated impact of a 20% increase | Estimated impact of a 20% increase | (891) | (8,119) | Estimated impact of a 20% increase | (9,894) | (3,957) | ||||||||||||||||
Weighted-average coupon interest rate | Weighted-average coupon interest rate | 3.43 | % | 3.29 | % | Weighted-average coupon interest rate | 3.58 | % | 3.51 | % | ||||||||||||
Weighted-average servicing fee (basis points) | Weighted-average servicing fee (basis points) | 32.14 | 30.37 | Weighted-average servicing fee (basis points) | 32.46 | 32.44 | ||||||||||||||||
Weighted-average remaining maturity (in years) | Weighted-average remaining maturity (in years) | 8.24 | 6.69 | Weighted-average remaining maturity (in years) | 8.06 | 8.33 |
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | March 31, | March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | — | $ | — | $ | 1 | $ | 2 | Service cost | $ | — | $ | — | $ | — | $ | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 185 | 171 | 3 | 4 | Interest cost | 249 | 184 | 6 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (421) | (442) | — | — | Expected return on plan assets | (309) | (421) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized actuarial loss (gain) | Recognized actuarial loss (gain) | 60 | 67 | (19) | — | Recognized actuarial loss (gain) | 131 | 61 | (15) | (19) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic (return) benefit cost | $ | (176) | $ | (204) | $ | (15) | $ | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost (return) | Net periodic benefit cost (return) | $ | 71 | $ | (176) | $ | (9) | $ | (15) |
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 3 | $ | 4 | |||||||||||||||||||||||||||
Interest cost | 554 | 512 | 9 | 11 | |||||||||||||||||||||||||||||||
Expected return on plan assets | (1,263) | (1,326) | — | — | |||||||||||||||||||||||||||||||
Recognized actuarial loss (gain) | 182 | 199 | (57) | (2) | |||||||||||||||||||||||||||||||
Net periodic (return) benefit cost | $ | (527) | $ | (615) | $ | (45) | $ | 13 |
Performance-Based Restricted Stock | Weighted Average Grant-Date Fair Value | Time-Based Restricted Stock | Weighted Average Grant-Date Fair Value | Performance-Based Restricted Stock | Weighted Average Grant-Date Fair Value | Time-Based Restricted Stock | Weighted Average Grant-Date Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Nonvested at beginning of period | Nonvested at beginning of period | 146,561 | $ | 34.67 | 603,714 | $ | 34.48 | Nonvested at beginning of period | 155,838 | $ | 36.23 | 680,403 | $ | 36.23 | ||||||||||||||||||||||||||||||||||||||
Awarded | Awarded | 63,308 | 38.62 | 295,406 | 37.51 | Awarded | 67,118 | 37.52 | 293,577 | 36.56 | ||||||||||||||||||||||||||||||||||||||||||
Vested | Vested | — | — | (222,283) | 32.81 | Vested | — | — | (176,826) | 35.94 | ||||||||||||||||||||||||||||||||||||||||||
Cancelled | Cancelled | (5,465) | 37.26 | (23,461) | 37.23 | Cancelled | — | — | (19,250) | 34.48 | ||||||||||||||||||||||||||||||||||||||||||
Nonvested at end of period | Nonvested at end of period | 204,404 | $ | 35.83 | 653,376 | $ | 36.32 | Nonvested at end of period | 222,956 | $ | 36.62 | 777,904 | $ | 36.46 |
Balance Sheet | September 30, 2022 | December 31, 2021 | Balance Sheet | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | Notional Amount | Fair Value | Notional Amount | Fair Value | Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | Derivative assets: | Derivative assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Other Assets | $ | 223,569 | $ | 11,343 | $ | 185,447 | $ | 4,711 | Interest rate contracts | Other Assets | $ | 305,029 | $ | 10,429 | $ | 258,646 | $ | 11,354 | ||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | Other Assets | 44,785 | 657 | 310,941 | 5,304 | Interest rate lock commitments | Other Assets | 135,187 | 3,382 | 92,901 | 1,231 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | Other Assets | 225,000 | 8,941 | 280,000 | 667 | Forward commitments | Other Assets | 56,000 | 215 | 84,000 | 484 | ||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 493,354 | $ | 20,941 | $ | 776,388 | $ | 10,682 | Totals | $ | 496,216 | $ | 14,026 | $ | 435,547 | $ | 13,069 | ||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Other Liabilities | $ | 223,569 | $ | 11,343 | $ | 185,447 | $ | 4,711 | Interest rate contracts | Other Liabilities | $ | 305,029 | $ | 10,429 | $ | 258,646 | $ | 11,354 | ||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | Other Liabilities | 84,830 | 1,861 | 19,961 | 43 | Interest rate lock commitments | Other Liabilities | 3,120 | 12 | 19,488 | 98 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | Other Liabilities | 10,000 | 49 | 320,000 | 736 | Forward commitments | Other Liabilities | 176,000 | 1,419 | 73,000 | 1,198 | ||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 318,399 | $ | 13,253 | $ | 525,408 | $ | 5,490 | Totals | $ | 484,149 | $ | 11,860 | $ | 351,134 | $ | 12,650 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest rate contracts: | Interest rate contracts: | Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||||||||
Included in interest income on loans | Included in interest income on loans | $ | 811 | $ | 589 | $ | 1,255 | $ | 1,795 | Included in interest income on loans | $ | 1,742 | $ | 305 | ||||||||||||||||||||||||||||||||
Interest rate lock commitments: | Interest rate lock commitments: | Interest rate lock commitments: | ||||||||||||||||||||||||||||||||||||||||||||
Included in mortgage banking income | Included in mortgage banking income | (4,046) | (3,251) | (6,466) | (12,655) | Included in mortgage banking income | 2,237 | (5,823) | ||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | Forward commitments | ||||||||||||||||||||||||||||||||||||||||||||
Included in mortgage banking income | Included in mortgage banking income | 9,381 | 5,310 | 8,962 | 8,590 | Included in mortgage banking income | (490) | 10,188 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 6,146 | $ | 2,648 | $ | 3,751 | $ | (2,270) | Total | $ | 3,489 | $ | 4,670 |
Balance Sheet | September 30, 2022 | December 31, 2021 | Balance Sheet | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | Notional Amount | Fair Value | Notional Amount | Fair Value | Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | Derivative assets: | Derivative assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | Other Assets | $ | 130,000 | $ | 25,266 | $ | 100,000 | $ | 7,016 | Interest rate swaps | Other Assets | $ | 130,000 | $ | 21,080 | $ | 130,000 | $ | 24,514 | ||||||||||||||||||||||||||||||||||||||
Interest rate collars | Interest rate collars | Other Assets | 450,000 | 1,496 | 200,000 | 464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 580,000 | $ | 22,576 | $ | 330,000 | $ | 24,978 | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | Other Liabilities | $ | — | $ | — | $ | 62,000 | $ | 2,902 | Interest rate swaps | Other Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Interest rate collars | Interest rate collars | Other Liabilities | 250,000 | 1,934 | — | — | Interest rate collars | Other Liabilities | — | — | 250,000 | 746 | ||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 250,000 | $ | 1,934 | $ | 62,000 | $ | 2,902 | Totals | $ | — | $ | — | $ | 250,000 | $ | 746 |
Balance Sheet | September 30, 2022 | December 31, 2021 | Balance Sheet | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | Notional Amount | Fair Value | Notional Amount | Fair Value | Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | Other Liabilities | $ | 100,000 | $ | 20,643 | $ | 100,000 | $ | 5,411 | Interest rate swaps | Other Liabilities | $ | 100,000 | $ | 17,268 | $ | 100,000 | $ | 19,789 |
Amount of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement | Three Months Ended September 30, | Nine Months Ended September 30, | Income Statement | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | 2022 | 2021 | 2022 | 2021 | Location | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - subordinated notes | Interest rate swaps - subordinated notes | Interest Expense | $ | (10,495) | $ | (764) | $ | (15,232) | $ | (4,941) | Interest rate swaps - subordinated notes | Interest Expense | $ | 2,521 | $ | (6,343) | ||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities - hedged items: | Derivative liabilities - hedged items: | Derivative liabilities - hedged items: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - subordinated notes | Interest rate swaps - subordinated notes | Interest Expense | $ | 10,495 | $ | 764 | $ | 15,232 | $ | 4,941 | Interest rate swaps - subordinated notes | Interest Expense | $ | (2,521) | $ | 6,343 |
Carrying Amount of the Hedged Liability | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability | Carrying Amount of the Hedged Liability | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Balance Sheet Location | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | Balance Sheet Location | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | $ | 77,984 | $ | 93,085 | $ | 20,643 | $ | 5,411 | Long-term debt | $ | 81,445 | $ | 78,881 | $ | 17,268 | $ | 19,789 |
Offsetting Derivative Assets | Offsetting Derivative Liabilities | Offsetting Derivative Assets | Offsetting Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Gross amounts recognized | Gross amounts recognized | $ | 45,510 | $ | 8,007 | $ | 22,665 | $ | 13,436 | Gross amounts recognized | $ | 31,041 | $ | 36,493 | $ | 20,866 | $ | 22,056 | ||||||||||||||||||||||||||||
Gross amounts offset in the Consolidated Balance Sheets | Gross amounts offset in the Consolidated Balance Sheets | — | — | — | — | Gross amounts offset in the Consolidated Balance Sheets | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net amounts presented in the Consolidated Balance Sheets | Net amounts presented in the Consolidated Balance Sheets | 45,510 | 8,007 | 22,665 | 13,436 | Net amounts presented in the Consolidated Balance Sheets | 31,041 | 36,493 | 20,866 | 22,056 | ||||||||||||||||||||||||||||||||||||
Gross amounts not offset in the Consolidated Balance Sheets | Gross amounts not offset in the Consolidated Balance Sheets | Gross amounts not offset in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||
Financial instruments | Financial instruments | 22,665 | 7,208 | 22,665 | 7,208 | Financial instruments | 19,662 | 22,056 | 19,662 | 22,056 | ||||||||||||||||||||||||||||||||||||
Financial collateral pledged | Financial collateral pledged | — | — | — | 6,228 | Financial collateral pledged | — | — | 701 | — | ||||||||||||||||||||||||||||||||||||
Net amounts | Net amounts | $ | 22,845 | $ | 799 | $ | — | $ | — | Net amounts | $ | 11,379 | $ | 14,437 | $ | 503 | $ | — |
September 30, | December 31, | March 31, | December 31, | |||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Deferred tax assets | Deferred tax assets | Deferred tax assets | ||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | $ | 51,156 | $ | 50,712 | Allowance for credit losses | $ | 53,030 | $ | 52,551 | ||||||||||||
Loans | Loans | 2,017 | 2,855 | Loans | 2,335 | 2,518 | ||||||||||||||||
Deferred compensation | Deferred compensation | 14,029 | 14,522 | Deferred compensation | 10,752 | 14,447 | ||||||||||||||||
Net unrealized losses on securities | Net unrealized losses on securities | 73,827 | 3,545 | Net unrealized losses on securities | 64,140 | 70,999 | ||||||||||||||||
Impairment of assets | Impairment of assets | 355 | 392 | Impairment of assets | 180 | 316 | ||||||||||||||||
Net operating loss carryforwards | Net operating loss carryforwards | 682 | 1,211 | Net operating loss carryforwards | 320 | 497 | ||||||||||||||||
Investment in partnerships | Investment in partnerships | 1,010 | 890 | Investment in partnerships | 1,204 | 1,164 | ||||||||||||||||
Lease liabilities under operating leases | Lease liabilities under operating leases | 15,013 | 17,106 | Lease liabilities under operating leases | 14,369 | 14,641 | ||||||||||||||||
Other | Other | 2,954 | 3,241 | Other | 4,707 | 3,523 | ||||||||||||||||
Total deferred tax assets | Total deferred tax assets | 161,043 | 94,474 | Total deferred tax assets | 151,037 | 160,656 | ||||||||||||||||
Deferred tax liabilities | Deferred tax liabilities | Deferred tax liabilities | ||||||||||||||||||||
Fixed assets | Fixed assets | 9,735 | 5,339 | Fixed assets | 10,999 | 10,342 | ||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 18,984 | 20,779 | Mortgage servicing rights | 19,775 | 19,624 | ||||||||||||||||
Junior subordinated debt | Junior subordinated debt | 2,018 | 2,130 | Junior subordinated debt | 1,888 | 1,948 | ||||||||||||||||
Intangibles | Intangibles | 2,817 | 3,177 | Intangibles | 2,612 | 2,702 | ||||||||||||||||
Lease right-of-use asset | Lease right-of-use asset | 14,395 | 16,209 | Lease right-of-use asset | 13,736 | 14,018 | ||||||||||||||||
Other | Other | 1,178 | 1,607 | Other | 1,145 | 1,614 | ||||||||||||||||
Total deferred tax liabilities | Total deferred tax liabilities | 49,127 | 49,241 | Total deferred tax liabilities | 50,155 | 50,248 | ||||||||||||||||
Net deferred tax assets | Net deferred tax assets | $ | 111,916 | $ | 45,233 | Net deferred tax assets | $ | 100,882 | $ | 110,408 |
Level 1 | Level 2 | Level 3 | Totals | Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | $ | — | $ | 1,569,242 | $ | — | $ | 1,569,242 | Securities available for sale | $ | — | $ | 1,507,907 | $ | — | $ | 1,507,907 | ||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | — | 46,207 | — | 46,207 | Derivative instruments | — | 36,602 | — | 36,602 | ||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale in loans held for sale | Mortgage loans held for sale in loans held for sale | — | 144,642 | — | 144,642 | Mortgage loans held for sale in loans held for sale | — | 159,318 | — | 159,318 | ||||||||||||||||||||||||||||||||||||
Total financial assets | Total financial assets | $ | — | $ | 1,760,091 | $ | — | $ | 1,760,091 | Total financial assets | $ | — | $ | 1,703,827 | $ | — | $ | 1,703,827 | ||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | Derivative instruments: | $ | — | $ | 35,830 | $ | — | $ | 35,830 | Derivative instruments: | $ | — | $ | 29,128 | $ | — | $ | 29,128 |
Level 1 | Level 2 | Level 3 | Totals | Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | $ | — | $ | 2,386,052 | $ | — | $ | 2,386,052 | Securities available for sale | $ | — | $ | 1,533,942 | $ | — | $ | 1,533,942 | ||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | — | 17,698 | — | 17,698 | Derivative instruments | — | 38,047 | — | 38,047 | ||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale in loans held for sale | Mortgage loans held for sale in loans held for sale | — | 453,533 | — | 453,533 | Mortgage loans held for sale in loans held for sale | — | 110,105 | — | 110,105 | ||||||||||||||||||||||||||||||||||||
Total financial assets | Total financial assets | $ | — | $ | 2,857,283 | $ | — | $ | 2,857,283 | Total financial assets | $ | — | $ | 1,682,094 | $ | — | $ | 1,682,094 | ||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | $ | — | $ | 13,803 | $ | — | $ | 13,803 | Derivative instruments | $ | — | $ | 33,185 | $ | — | $ | 33,185 |
securities | |||||||||||||||||||||||||
September 30, 2022 | Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated loans, net of allowance for credit losses | Individually evaluated loans, net of allowance for credit losses | $ | — | $ | — | $ | 12,107 | $ | 12,107 | Individually evaluated loans, net of allowance for credit losses | $ | — | $ | — | $ | 20,114 | $ | 20,114 | ||||||||||||||||||||||||||||
OREO | OREO | — | — | 2,412 | 2,412 | OREO | — | — | 4,818 | 4,818 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 14,519 | $ | 14,519 | Total | $ | — | $ | — | $ | 24,932 | $ | 24,932 |
December 31, 2021 | Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated loans, net of allowance for credit losses | Individually evaluated loans, net of allowance for credit losses | $ | — | $ | — | $ | 7,928 | $ | 7,928 | Individually evaluated loans, net of allowance for credit losses | $ | — | $ | — | $ | 14,732 | $ | 14,732 | ||||||||||||||||||||||||||||
OREO | OREO | — | — | 2,540 | 2,540 | OREO | — | — | 1,763 | 1,763 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 10,468 | $ | 10,468 | Total | $ | — | $ | — | $ | 16,495 | $ | 16,495 |
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Carrying amount prior to remeasurement | Carrying amount prior to remeasurement | $ | 2,517 | $ | 2,556 | Carrying amount prior to remeasurement | $ | 4,818 | $ | 1,842 | ||||||||||||
Impairment recognized in results of operations | Impairment recognized in results of operations | (105) | (16) | Impairment recognized in results of operations | — | (79) | ||||||||||||||||
Fair value | Fair value | $ | 2,412 | $ | 2,540 | Fair value | $ | 4,818 | $ | 1,763 |
Financial instrument | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range of Inputs | |||||||||||||||||||
Individually evaluated loans, net of allowance for credit losses | $ | Appraised value of collateral less estimated costs to sell | Estimated costs to sell | 4-10% | |||||||||||||||||||
OREO | $ | Appraised value of property less estimated costs to sell | Estimated costs to sell | 4-10% |
Aggregate Fair Value | Aggregate Unpaid Principal Balance | Difference | Aggregate Fair Value | Aggregate Unpaid Principal Balance | Difference | |||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||
Mortgage loans held for sale measured at fair value | Mortgage loans held for sale measured at fair value | $ | 144,642 | $ | 147,363 | $ | (2,721) | Mortgage loans held for sale measured at fair value | $ | 159,318 | $ | 155,576 | $ | 3,742 | ||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||
Mortgage loans held for sale measured at fair value | Mortgage loans held for sale measured at fair value | $ | 453,533 | $ | 441,717 | $ | 11,816 | Mortgage loans held for sale measured at fair value | $ | 110,105 | $ | 108,143 | $ | 1,962 |
Fair Value | |||||||||||||||||||||||||||||
As of March 31, 2023 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 847,697 | $ | 847,697 | $ | — | $ | — | $ | 847,697 | |||||||||||||||||||
Securities held to maturity | 1,300,240 | — | 1,204,079 | — | 1,204,079 | ||||||||||||||||||||||||
Securities available for sale | 1,507,907 | — | 1,507,907 | — | 1,507,907 | ||||||||||||||||||||||||
Loans held for sale | 159,318 | — | 159,318 | — | 159,318 | ||||||||||||||||||||||||
Loans, net | 11,571,133 | — | — | 11,117,319 | 11,117,319 | ||||||||||||||||||||||||
Mortgage servicing rights | 85,039 | — | — | 119,556 | 119,556 | ||||||||||||||||||||||||
Derivative instruments | 36,602 | — | 36,602 | — | 36,602 | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits | $ | 13,912,019 | $ | 11,409,503 | $ | 2,466,863 | $ | — | $ | 13,876,366 | |||||||||||||||||||
Short-term borrowings | 732,057 | 732,057 | — | — | 732,057 | ||||||||||||||||||||||||
Junior subordinated debentures | 112,276 | — | 94,423 | — | 94,423 | ||||||||||||||||||||||||
Subordinated notes | 318,835 | — | 263,350 | — | 263,350 | ||||||||||||||||||||||||
Derivative instruments | 29,128 | — | 29,128 | — | 29,128 |
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2022 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | As of December 31, 2022 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial assets | Financial assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 479,500 | $ | 479,500 | $ | — | $ | — | $ | 479,500 | Cash and cash equivalents | $ | 575,992 | $ | 575,992 | $ | — | $ | — | $ | 575,992 | ||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | 1,353,502 | — | 1,218,656 | — | 1,218,656 | Securities held to maturity | 1,324,040 | — | 1,206,540 | — | 1,206,540 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | 1,569,242 | — | 1,569,242 | — | 1,569,242 | Securities available for sale | 1,533,942 | — | 1,533,942 | — | 1,533,942 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 144,642 | — | 144,642 | — | 144,642 | Loans held for sale | 110,105 | — | 110,105 | — | 110,105 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 10,930,648 | — | — | 10,392,244 | 10,392,244 | Loans, net | 11,386,214 | — | — | 10,850,181 | 10,850,181 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 81,980 | — | — | 119,752 | 119,752 | Mortgage servicing rights | 84,448 | — | — | 122,454 | 122,454 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | 46,207 | — | 46,207 | — | 46,207 | Derivative instruments | 38,047 | — | 38,047 | — | 38,047 | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities | Financial liabilities | Financial liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 13,432,124 | $ | 12,225,041 | $ | 1,167,728 | $ | — | $ | 13,392,769 | Deposits | $ | 13,486,966 | $ | 11,791,526 | $ | 1,653,891 | $ | — | $ | 13,445,417 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 312,818 | 312,818 | — | — | 312,818 | Short-term borrowings | 712,232 | 712,232 | — | — | 712,232 | ||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 111,807 | — | 101,088 | — | 101,088 | Junior subordinated debentures | 112,042 | — | 98,754 | — | 98,754 | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 315,014 | — | 284,000 | — | 284,000 | Subordinated notes | 316,091 | — | 277,500 | — | 277,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | 35,830 | — | 35,830 | — | 35,830 | Derivative instruments | 33,185 | — | 33,185 | — | 33,185 |
Fair Value | |||||||||||||||||||||||||||||
As of December 31, 2021 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,877,965 | $ | 1,877,965 | $ | — | $ | — | $ | 1,877,965 | |||||||||||||||||||
Securities held to maturity | 416,357 | — | 415,552 | — | 415,552 | ||||||||||||||||||||||||
Securities available for sale | 2,386,052 | — | 2,386,052 | — | 2,386,052 | ||||||||||||||||||||||||
Loans held for sale | 453,533 | — | 453,533 | — | 453,533 | ||||||||||||||||||||||||
Loans, net | 9,856,743 | — | — | 9,690,604 | 9,690,604 | ||||||||||||||||||||||||
Mortgage servicing rights | 89,018 | — | — | 99,425 | 99,425 | ||||||||||||||||||||||||
Derivative instruments | 17,698 | — | 17,698 | — | 17,698 | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits | $ | 13,905,724 | $ | 12,494,342 | $ | 1,408,397 | $ | — | $ | 13,902,739 | |||||||||||||||||||
Short-term borrowings | 13,947 | 13,947 | — | — | 13,947 | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 417 | — | 422 | — | 422 | ||||||||||||||||||||||||
Junior subordinated debentures | 111,373 | — | 106,682 | — | 106,682 | ||||||||||||||||||||||||
Subordinated notes | 359,419 | — | 373,950 | — | 373,950 | ||||||||||||||||||||||||
Derivative instruments | 13,803 | — | 13,803 | — | 13,803 |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||||||||
Three months ended March 31, 2023 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding gains on securities | $ | 20,714 | $ | 5,183 | $ | 15,531 | |||||||||||
Amortization of unrealized holding losses on securities transferred to the held to maturity category | 3,128 | 800 | 2,328 | ||||||||||||||
Total securities available for sale | 23,842 | 5,983 | 17,859 | ||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding losses on derivative instruments | (1,656) | (424) | (1,232) | ||||||||||||||
Reclassification adjustment for gains realized in net income | — | — | — | ||||||||||||||
Total derivative instruments | (1,656) | (424) | (1,232) | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 116 | 30 | 86 | ||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 116 | 30 | 86 | ||||||||||||||
Total other comprehensive income | $ | 22,302 | $ | 5,589 | $ | 16,713 | |||||||||||
Three months ended March 31, 2022 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding losses on securities | $ | (134,756) | $ | (34,294) | $ | (100,462) | |||||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (99) | (25) | (74) | ||||||||||||||
Total securities available for sale | (134,855) | (34,319) | (100,536) | ||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding gains on derivative instruments | 8,556 | 2,177 | 6,379 | ||||||||||||||
Total derivative instruments | 8,556 | 2,177 | 6,379 | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 42 | 11 | 31 | ||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 42 | 11 | 31 | ||||||||||||||
Total other comprehensive loss | $ | (126,257) | $ | (32,131) | $ | (94,126) |
March 31, 2023 | December 31, 2022 | ||||||||||
Unrealized losses on securities | $ | (201,907) | $ | (219,766) | |||||||
Unrealized gains on derivative instruments | 17,724 | 18,956 | |||||||||
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (8,141) | (8,227) | |||||||||
Total accumulated other comprehensive loss | $ | (192,324) | $ | (209,037) |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||||||||
Three months ended September 30, 2022 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding losses on securities | $ | (85,283) | $ | (21,704) | $ | (63,579) | |||||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | 1,619 | 412 | 1,207 | ||||||||||||||
Total securities available for sale | (83,664) | (21,292) | (62,372) | ||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding gains on derivative instruments | 2,262 | 575 | 1,687 | ||||||||||||||
Total derivative instruments | 2,262 | 575 | 1,687 | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 42 | 11 | 31 | ||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 42 | 11 | 31 | ||||||||||||||
Total other comprehensive loss | $ | (81,360) | $ | (20,706) | $ | (60,654) | |||||||||||
Three months ended September 30, 2021 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding losses on securities | $ | (12,408) | $ | (3,158) | $ | (9,250) | |||||||||||
Reclassification adjustment for gains realized in net income | (764) | (194) | (570) | ||||||||||||||
Total securities available for sale | (13,172) | (3,352) | (9,820) | ||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding gains on derivative instruments | 1,629 | 414 | 1,215 | ||||||||||||||
Total derivative instruments | 1,629 | 414 | 1,215 | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 67 | 18 | 49 | ||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 67 | 18 | 49 | ||||||||||||||
Total other comprehensive loss | $ | (11,476) | $ | (2,920) | $ | (8,556) |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding losses on securities | $ | (296,444) | $ | (75,445) | $ | (220,999) | |||||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | 1,300 | 331 | 969 | ||||||||||||||
Total securities available for sale | (295,144) | (75,114) | (220,030) | ||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding gains on derivative instruments | 19,219 | 4,891 | 14,328 | ||||||||||||||
Total derivative instruments | 19,219 | 4,891 | 14,328 | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 125 | 32 | 93 | ||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 125 | 32 | 93 | ||||||||||||||
Total other comprehensive loss | $ | (275,800) | $ | (70,191) | $ | (205,609) | |||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding losses on securities | $ | (27,487) | $ | (6,996) | $ | (20,491) | |||||||||||
Reclassification adjustment for gains realized in net income | (2,121) | (539) | (1,582) | ||||||||||||||
Total securities available for sale | (29,608) | (7,535) | (22,073) | ||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding gains on derivative instruments | 10,129 | 2,578 | 7,551 | ||||||||||||||
Total derivative instruments | 10,129 | 2,578 | 7,551 | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 197 | 49 | 148 | ||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 197 | 49 | 148 | ||||||||||||||
Total other comprehensive loss | $ | (19,282) | $ | (4,908) | $ | (14,374) |
September 30, 2022 | December 31, 2021 | ||||||||||
Unrealized losses on securities | $ | (229,146) | $ | (9,116) | |||||||
Unrealized gains on derivative instruments | 18,290 | 3,963 | |||||||||
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (5,196) | (5,290) | |||||||||
Total accumulated other comprehensive loss | $ | (216,052) | $ | (10,443) |
Three Months Ended | Three Months Ended | |||||||||||||||||||||
September 30, | March 31, | |||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Basic | Basic | Basic | ||||||||||||||||||||
Net income applicable to common stock | Net income applicable to common stock | $ | 46,567 | $ | 40,063 | Net income applicable to common stock | $ | 46,078 | $ | 33,547 | ||||||||||||
Average common shares outstanding | Average common shares outstanding | 55,947,214 | 56,146,285 | Average common shares outstanding | 56,008,741 | 55,809,192 | ||||||||||||||||
Net income per common share - basic | Net income per common share - basic | $ | 0.83 | $ | 0.71 | Net income per common share - basic | $ | 0.82 | $ | 0.60 | ||||||||||||
Diluted | Diluted | Diluted | ||||||||||||||||||||
Net income applicable to common stock | Net income applicable to common stock | $ | 46,567 | $ | 40,063 | Net income applicable to common stock | $ | 46,078 | $ | 33,547 | ||||||||||||
Average common shares outstanding | Average common shares outstanding | 55,947,214 | 56,146,285 | Average common shares outstanding | 56,008,741 | 55,809,192 | ||||||||||||||||
Effect of dilutive stock-based compensation | Effect of dilutive stock-based compensation | 301,506 | 300,899 | Effect of dilutive stock-based compensation | 261,478 | 272,671 | ||||||||||||||||
Average common shares outstanding - diluted | Average common shares outstanding - diluted | 56,248,720 | 56,447,184 | Average common shares outstanding - diluted | 56,270,219 | 56,081,863 | ||||||||||||||||
Net income per common share - diluted | Net income per common share - diluted | $ | 0.83 | $ | 0.71 | Net income per common share - diluted | $ | 0.82 | $ | 0.60 |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2022 | 2021 | ||||||||||
Basic | |||||||||||
Net income applicable to common stock | $ | 119,792 | $ | 138,838 | |||||||
Average common shares outstanding | 55,888,226 | 56,237,056 | |||||||||
Net income per common share - basic | $ | 2.14 | $ | 2.47 | |||||||
Diluted | |||||||||||
Net income applicable to common stock | $ | 119,792 | $ | 138,838 | |||||||
Average common shares outstanding | 55,888,226 | 56,237,056 | |||||||||
Effect of dilutive stock-based compensation | 281,660 | 296,038 | |||||||||
Average common shares outstanding - diluted | 56,169,886 | 56,533,094 | |||||||||
Net income per common share - diluted | $ | 2.13 | $ | 2.46 |
Three Months Ended | |||||||||||
September 30, | |||||||||||
2022 | 2021 | ||||||||||
Number of shares | 9,750 | 19,929 | |||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Number of shares | 68,771 | 2,200 | |||||||||
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2022 | 2021 | ||||||||||
Number of shares | 19,750 | 19,929 | |||||||||
Capital Tiers | Tier 1 Capital to Average Assets (Leverage) | Common Equity Tier 1 to Risk - Weighted Assets | Tier 1 Capital to Risk - Weighted Assets | Total Capital to Risk - Weighted Assets | |||||||||||||||||||
Well capitalized | 5% or above | 6.5% or above | 8% or above | 10% or above | |||||||||||||||||||
Adequately capitalized | 4% or above | 4.5% or above | 6% or above | 8% or above | |||||||||||||||||||
Undercapitalized | Less than 4% | Less than 4.5% | Less than 6% | Less than 8% | |||||||||||||||||||
Significantly undercapitalized | Less than 3% | Less than 3% | Less than 4% | Less than 6% | |||||||||||||||||||
Critically undercapitalized | Tangible Equity / Total Assets less than 2% |
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||
Renasant Corporation | Renasant Corporation | Renasant Corporation | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | Tier 1 Capital to Average Assets (Leverage) | $ | 1,493,705 | 9.39 | % | $ | 1,422,077 | 9.15 | % | Tier 1 Capital to Average Assets (Leverage) | $ | 1,503,086 | 9.18 | % | $ | 1,481,197 | 9.36 | % | ||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,385,489 | 10.64 | % | 1,314,295 | 11.18 | % | Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,394,401 | 10.19 | % | 1,372,747 | 10.21 | % | ||||||||||||||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | Tier 1 Capital to Risk-Weighted Assets | 1,493,705 | 11.47 | % | 1,422,077 | 12.10 | % | Tier 1 Capital to Risk-Weighted Assets | 1,503,086 | 10.98 | % | 1,481,197 | 11.01 | % | ||||||||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | Total Capital to Risk-Weighted Assets | 1,973,206 | 15.15 | % | 1,897,167 | 16.14 | % | Total Capital to Risk-Weighted Assets | 2,009,552 | 14.68 | % | 1,968,001 | 14.63 | % | ||||||||||||||||||||||||||||||||
Renasant Bank | Renasant Bank | Renasant Bank | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | Tier 1 Capital to Average Assets (Leverage) | $ | 1,645,539 | 10.34 | % | $ | 1,580,904 | 10.18 | % | Tier 1 Capital to Average Assets (Leverage) | $ | 1,651,005 | 10.08 | % | $ | 1,630,389 | 10.30 | % | ||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,645,539 | 12.61 | % | 1,580,904 | 13.46 | % | Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,651,005 | 12.03 | % | 1,630,389 | 12.10 | % | ||||||||||||||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | Tier 1 Capital to Risk-Weighted Assets | 1,645,539 | 12.61 | % | 1,580,904 | 13.46 | % | Tier 1 Capital to Risk-Weighted Assets | 1,651,005 | 12.03 | % | 1,630,389 | 12.10 | % | ||||||||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | Total Capital to Risk-Weighted Assets | 1,789,382 | 13.71 | % | 1,697,163 | 14.44 | % | Total Capital to Risk-Weighted Assets | 1,821,367 | 13.28 | % | 1,781,312 | 13.22 | % |
Community Banks | Insurance | Wealth Management | Other | Consolidated | Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | Three months ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | Net interest income (loss) | $ | 134,528 | $ | 98 | $ | 794 | $ | (5,102) | $ | 130,318 | Net interest income (loss) | $ | 140,757 | $ | 286 | $ | 1,050 | $ | (6,318) | $ | 135,775 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 9,800 | — | — | — | 9,800 | Provision for credit losses | 7,960 | — | — | — | 7,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income (loss) | Noninterest income (loss) | 32,324 | 3,123 | 6,132 | (393) | 41,186 | Noninterest income (loss) | 28,493 | 3,362 | 5,812 | (374) | 37,293 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 94,474 | 2,190 | 4,553 | 357 | 101,574 | Noninterest expense | 100,381 | 2,039 | 4,928 | 360 | 107,708 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 62,578 | 1,031 | 2,373 | (5,852) | 60,130 | Income (loss) before income taxes | 60,909 | 1,609 | 1,934 | (7,052) | 57,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 14,811 | 268 | — | (1,516) | 13,563 | Income tax expense (benefit) | 12,722 | 416 | 4 | (1,820) | 11,322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 47,767 | $ | 763 | $ | 2,373 | $ | (4,336) | $ | 46,567 | Net income (loss) | $ | 48,187 | $ | 1,193 | $ | 1,930 | $ | (5,232) | $ | 46,078 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 16,369,592 | $ | 35,761 | $ | 73,704 | $ | (7,958) | $ | 16,471,099 | Total assets | $ | 17,362,799 | $ | 37,168 | $ | 79,452 | $ | (5,336) | $ | 17,474,083 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | $ | 943,524 | $ | 2,767 | — | — | $ | 946,291 | Goodwill | $ | 988,898 | $ | 2,767 | — | — | $ | 991,665 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2022 | Three months ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | Net interest income (loss) | $ | 106,506 | $ | 115 | $ | 404 | $ | (3,733) | $ | 103,292 | Net interest income (loss) | $ | 103,932 | $ | 93 | $ | 490 | $ | (4,886) | $ | 99,629 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of provision for) credit losses | (1,088) | — | (112) | — | (1,200) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 1,500 | — | — | — | 1,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income (loss) | Noninterest income (loss) | 42,546 | 2,835 | 5,820 | (446) | 50,755 | Noninterest income (loss) | 28,306 | 3,097 | 6,505 | (450) | 37,458 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 97,437 | 2,095 | 4,189 | 278 | 103,999 | Noninterest expense | 86,871 | 2,116 | 4,755 | 363 | 94,105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 52,703 | 855 | 2,147 | (4,457) | 51,248 | Income (loss) before income taxes | 43,867 | 1,074 | 2,240 | (5,699) | 41,482 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 12,117 | 220 | — | (1,152) | 11,185 | Income tax expense (benefit) | 9,131 | 281 | — | (1,477) | 7,935 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 40,586 | $ | 635 | $ | 2,147 | $ | (3,305) | $ | 40,063 | Net income (loss) | $ | 34,736 | $ | 793 | $ | 2,240 | $ | (4,222) | $ | 33,547 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 16,040,728 | $ | 33,036 | $ | 67,204 | $ | 14,582 | $ | 16,155,550 | Total assets | $ | 16,757,670 | $ | 33,794 | $ | 64,761 | $ | 7,532 | $ | 16,863,757 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | $ | 936,916 | $ | 2,767 | — | — | $ | 939,683 | Goodwill | $ | 943,524 | $ | 2,767 | — | — | $ | 946,291 |
Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 356,040 | $ | 286 | $ | 1,813 | $ | (14,677) | $ | 343,462 | |||||||||||||||||||||||||
Provision for credit losses | 13,300 | — | — | — | 13,300 | ||||||||||||||||||||||||||||||
Noninterest income (loss) | 89,359 | 8,831 | 18,952 | (1,284) | 115,858 | ||||||||||||||||||||||||||||||
Noninterest expense | 272,594 | 6,311 | 13,899 | 1,069 | 293,873 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 159,505 | 2,806 | 6,866 | (17,030) | 152,147 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 36,035 | 734 | — | (4,414) | 32,355 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 123,470 | $ | 2,072 | $ | 6,866 | $ | (12,616) | $ | 119,792 | |||||||||||||||||||||||||
Total assets | $ | 16,369,592 | $ | 35,761 | $ | 73,704 | $ | (7,958) | $ | 16,471,099 | |||||||||||||||||||||||||
Goodwill | $ | 943,524 | $ | 2,767 | $ | — | $ | — | $ | 946,291 | |||||||||||||||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 332,234 | $ | 333 | $ | 1,184 | $ | (11,232) | $ | 322,519 | |||||||||||||||||||||||||
Provision for (recovery of provision for) credit losses | (1,088) | — | (112) | — | (1,200) | ||||||||||||||||||||||||||||||
Noninterest income (loss) | 155,765 | 8,558 | 16,421 | (1,342) | 179,402 | ||||||||||||||||||||||||||||||
Noninterest expense | 309,449 | 6,005 | 12,337 | 920 | 328,711 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 179,638 | 2,886 | 5,380 | (13,494) | 174,410 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 38,320 | 740 | — | (3,488) | 35,572 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 141,318 | $ | 2,146 | $ | 5,380 | $ | (10,006) | $ | 138,838 | |||||||||||||||||||||||||
Total assets | $ | 16,040,728 | $ | 33,036 | $ | 67,204 | $ | 14,582 | $ | 16,155,550 | |||||||||||||||||||||||||
Goodwill | $ | 936,916 | $ | 2,767 | $ | — | $ | — | $ | 939,683 |
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | — | % | $ | 3,010 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | Obligations of other U.S. Government agencies and corporations | 164,520 | 5.63 | — | — | Obligations of other U.S. Government agencies and corporations | $ | 165,890 | 5.91 | % | $ | 164,660 | 5.76 | % | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 433,410 | 14.83 | 426,751 | 15.23 | Obligations of states and political subdivisions | 434,140 | 15.46 | 436,788 | 15.28 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 2,188,182 | 74.87 | 2,313,167 | 82.54 | Mortgage-backed securities | 2,077,860 | 73.99 | 2,122,855 | 74.28 | ||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 136,664 | 4.67 | 59,513 | 2.12 | Other debt securities | 130,289 | 4.64 | 133,711 | 4.68 | ||||||||||||||||||||||||||||||||||||
$ | 2,922,776 | 100.00 | % | $ | 2,802,441 | 100.00 | % | $ | 2,808,179 | 100.00 | % | $ | 2,858,014 | 100.00 | % | |||||||||||||||||||||||||||||||
Allowance for credit losses - held to maturity securities | Allowance for credit losses - held to maturity securities | (32) | (32) | Allowance for credit losses - held to maturity securities | (32) | (32) | ||||||||||||||||||||||||||||||||||||||||
Securities, net of allowance for credit losses | Securities, net of allowance for credit losses | $ | 2,922,744 | $ | 2,802,409 | Securities, net of allowance for credit losses | $ | 2,808,147 | $ | 2,857,982 |
September 30, 2022 | |||||||||||||||||||||||
Non Purchased | Purchased | Total Loans | Percentage of Total Loans | ||||||||||||||||||||
Commercial, financial, agricultural (1) | $ | 1,435,275 | $ | 77,816 | $ | 1,513,091 | 13.63 | % | |||||||||||||||
Lease financing, net of unearned income | 103,357 | — | 103,357 | 0.93 | |||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||
Residential | 359,367 | 387 | 359,754 | 3.24 | |||||||||||||||||||
Commercial | 848,941 | 6,361 | 855,302 | 7.70 | |||||||||||||||||||
Total real estate – construction | 1,208,308 | 6,748 | 1,215,056 | 10.94 | |||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||
Primary | 2,041,885 | 102,234 | 2,144,119 | 19.31 | |||||||||||||||||||
Home equity | 456,765 | 42,861 | 499,626 | 4.50 | |||||||||||||||||||
Rental/investment | 306,165 | 16,679 | 322,844 | 2.91 | |||||||||||||||||||
Land development | 151,986 | 9,314 | 161,300 | 1.45 | |||||||||||||||||||
Total real estate – 1-4 family mortgage | 2,956,801 | 171,088 | 3,127,889 | 28.17 | |||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||
Owner-occupied | 1,368,196 | 194,756 | 1,562,952 | 14.07 | |||||||||||||||||||
Non-owner occupied | 2,963,631 | 356,485 | 3,320,116 | 29.90 | |||||||||||||||||||
Land development | 120,026 | 13,571 | 133,597 | 1.20 | |||||||||||||||||||
Total real estate – commercial mortgage | 4,451,853 | 564,812 | 5,016,665 | 45.17 | |||||||||||||||||||
Installment loans to individuals | 104,246 | 24,700 | 128,946 | 1.16 | |||||||||||||||||||
Total loans, net of unearned income | $ | 10,259,840 | $ | 845,164 | $ | 11,105,004 | 100.00 | % |
December 31, 2021 | |||||||||||||||||||||||
Non Purchased | Purchased | Total Loans | Percentage of Total Loans | ||||||||||||||||||||
Commercial, financial, agricultural (1) | $ | 1,332,962 | $ | 90,308 | $ | 1,423,270 | 14.20 | % | |||||||||||||||
Lease financing, net of unearned income | 76,125 | — | 76,125 | 0.76 | |||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||
Residential | 300,988 | 1,287 | 302,275 | 3.02 | |||||||||||||||||||
Commercial | 798,914 | 3,707 | 802,621 | 8.01 | |||||||||||||||||||
Total real estate – construction | 1,099,902 | 4,994 | 1,104,896 | 11.03 | |||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||
Primary | 1,682,050 | 134,070 | 1,816,120 | 18.12 | |||||||||||||||||||
Home equity | 423,108 | 51,496 | 474,604 | 4.74 | |||||||||||||||||||
Rental/investment | 268,245 | 20,229 | 288,474 | 2.88 | |||||||||||||||||||
Land development | 135,070 | 9,978 | 145,048 | 1.45 | |||||||||||||||||||
Total real estate – 1-4 family mortgage | 2,508,473 | 215,773 | 2,724,246 | 27.19 | |||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||
Owner-occupied | 1,329,219 | 234,132 | 1,563,351 | 15.60 | |||||||||||||||||||
Non-owner occupied | 2,446,370 | 410,577 | 2,856,947 | 28.51 | |||||||||||||||||||
Land development | 110,395 | 18,344 | 128,739 | 1.28 | |||||||||||||||||||
Total real estate – commercial mortgage | 3,885,984 | 663,053 | 4,549,037 | 45.39 | |||||||||||||||||||
Installment loans to individuals | 107,565 | 35,775 | 143,340 | 1.43 | |||||||||||||||||||
Total loans, net of unearned income | $ | 9,011,011 | $ | 1,009,903 | $ | 10,020,914 | 100.00 | % |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Total Loans | Percentage of Total Loans | Total Loans | Percentage of Total Loans | ||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,740,778 | 14.79 | % | $ | 1,673,883 | 14.46 | % | |||||||||||||||
Lease financing, net of unearned income | 121,146 | 1.03 | 115,013 | 0.99 | |||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||
Residential | 333,439 | 2.83 | 355,500 | 3.07 | |||||||||||||||||||
Commercial | 1,090,913 | 9.27 | 974,837 | 8.42 | |||||||||||||||||||
Total real estate – construction | 1,424,352 | 12.10 | 1,330,337 | 11.49 | |||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||
Primary | 2,288,592 | 19.45 | 2,222,856 | 19.20 | |||||||||||||||||||
Home equity | 497,925 | 4.23 | 501,906 | 4.33 | |||||||||||||||||||
Rental/investment | 344,705 | 2.93 | 334,382 | 2.89 | |||||||||||||||||||
Land development | 147,758 | 1.26 | 157,119 | 1.36 | |||||||||||||||||||
Total real estate – 1-4 family mortgage | 3,278,980 | 27.87 | 3,216,263 | 27.78 | |||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||
Owner-occupied | 1,521,327 | 12.93 | 1,539,296 | 13.29 | |||||||||||||||||||
Non-owner occupied | 3,447,217 | 29.30 | 3,452,910 | 29.82 | |||||||||||||||||||
Land development | 117,269 | 1.00 | 125,857 | 1.09 | |||||||||||||||||||
Total real estate – commercial mortgage | 5,085,813 | 43.23 | 5,118,063 | 44.20 | |||||||||||||||||||
Installment loans to individuals | 115,356 | 0.98 | 124,745 | 1.08 | |||||||||||||||||||
Total loans, net of unearned income | $ | 11,766,425 | 100.00 | % | $ | 11,578,304 | 100.00 | % |
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Security repurchase agreements | Security repurchase agreements | $ | 12,818 | $ | 13,947 | Security repurchase agreements | $ | 7,057 | $ | 12,232 | ||||||||||||
Short-term borrowings from the FHLB | Short-term borrowings from the FHLB | 300,000 | — | Short-term borrowings from the FHLB | 725,000 | 700,000 | ||||||||||||||||
$ | 312,818 | $ | 13,947 | $ | 732,057 | $ | 712,232 |
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Long-term FHLB advances | $ | — | $ | 417 | ||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 111,807 | 111,373 | Junior subordinated debentures | $ | 112,276 | $ | 112,042 | ||||||||||||||
Subordinated notes | Subordinated notes | 315,014 | 359,419 | Subordinated notes | 318,835 | 316,091 | ||||||||||||||||
$ | 426,821 | $ | 471,209 | $ | 431,111 | $ | 428,133 |
Three Months Ended | |||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | ||||||||||||||||||
Gain on sale of MSR | $ | (2,960) | $ | (2,292) | $ | (0.04) | $ | — | $ | — | $ | — | |||||||||||
COVID-19 related expenses | — | — | — | 323 | 253 | — | |||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | ||||||||||||||||||
Merger and conversion expenses | $ | 687 | $ | 541 | $ | 0.01 | $ | — | $ | — | $ | — | |||||||||||
Gain on sale of MSR | (2,960) | (2,330) | (0.04) | ||||||||||||||||||||
MSR valuation adjustment | — | — | — | (13,561) | (10,549) | (0.19) | |||||||||||||||||
Restructuring charges | 732 | 576 | 0.01 | 307 | 239 | — | |||||||||||||||||
COVID-19 related expenses | — | — | — | 1,478 | 1,151 | 0.02 |
Three Months Ended | |||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | ||||||||||||||||||
Merger and conversion expenses | $ | — | $ | — | $ | — | $ | 687 | $ | 556 | $ | 0.01 | |||||||||||
Restructuring benefit | $ | — | $ | — | $ | — | $ | (455) | $ | (368) | $ | (0.01) | |||||||||||
Three Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | $ | 10,829,137 | $ | 124,614 | 4.57 | % | $ | 10,017,742 | $ | 103,770 | 4.11 | % | Loans held for investment | $ | 11,688,534 | $ | 163,970 | 5.68 | % | $ | 10,108,511 | $ | 97,001 | 3.88 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 143,837 | 2,075 | 5.77 | 451,586 | 2,376 | 2.13 | Loans held for sale | 103,410 | 1,737 | 6.72 | 330,442 | 2,863 | 3.48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities: | Securities: | Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 2,773,924 | 12,439 | 1.79 | 1,942,647 | 6,688 | 1.38 | Taxable | 2,588,148 | 13,054 | 2.02 | 2,499,822 | 8,782 | 1.41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt(1) | Tax-exempt(1) | 449,927 | 2,664 | 2.37 | 324,219 | 2,297 | 2.83 | Tax-exempt(1) | 443,996 | 2,608 | 2.35 | 438,380 | 2,635 | 2.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | 663,218 | 3,458 | 2.07 | 1,520,227 | 592 | 0.15 | Interest-bearing balances with banks | 464,229 | 5,430 | 4.74 | 1,463,991 | 664 | 0.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 14,860,043 | 145,250 | 3.89 | 14,256,421 | 115,723 | 3.23 | Total interest-earning assets | 15,288,317 | 186,799 | 4.94 | 14,841,146 | 111,945 | 3.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 191,358 | 195,095 | Cash and due from banks | 197,782 | 206,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets | 967,154 | 965,960 | Intangible assets | 1,011,557 | 965,430 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 626,926 | 712,673 | Other assets | 660,242 | 684,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 16,645,481 | $ | 16,130,149 | Total assets | $ | 17,157,898 | $ | 16,697,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand(2) | Interest-bearing demand(2) | $ | 6,462,940 | $ | 6,061 | 0.37 | % | $ | 6,231,718 | $ | 3,821 | 0.24 | % | Interest-bearing demand(2) | $ | 6,066,770 | $ | 20,298 | 1.36 | % | $ | 6,636,392 | $ | 3,647 | 0.22 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 1,134,665 | 155 | 0.05 | 1,006,847 | 192 | 0.08 | Savings deposits | 1,052,802 | 826 | 0.32 | 1,097,560 | 139 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 395,942 | 4,318 | 4.42 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,240,439 | 1,025 | 0.33 | 1,506,192 | 2,959 | 0.78 | Time deposits | 1,564,658 | 7,424 | 1.92 | 1,374,722 | 1,851 | 0.55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 8,838,044 | 7,241 | 0.33 | 8,744,757 | 6,972 | 0.32 | Total interest-bearing deposits | 9,080,172 | 32,866 | 1.47 | 9,108,674 | 5,637 | 0.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 572,376 | 5,574 | 3.88 | 482,709 | 3,749 | 3.08 | Borrowed funds | 1,281,552 | 15,404 | 4.86 | 485,777 | 4,925 | 4.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 9,410,420 | 12,815 | 0.54 | 9,227,466 | 10,721 | 0.46 | Total interest-bearing liabilities | 10,361,724 | 48,270 | 1.89 | 9,594,451 | 10,562 | 0.44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 4,867,314 | 4,470,262 | Noninterest-bearing deposits | 4,386,998 | 4,651,793 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 194,339 | 212,990 | Other liabilities | 222,382 | 201,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 2,173,408 | 2,219,431 | Shareholders’ equity | 2,186,794 | 2,249,667 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 16,645,481 | $ | 16,130,149 | Total liabilities and shareholders’ equity | $ | 17,157,898 | $ | 16,697,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/net interest margin | Net interest income/net interest margin | $ | 132,435 | 3.54 | % | $ | 105,002 | 2.93 | % | Net interest income/net interest margin | $ | 138,529 | 3.66 | % | $ | 101,383 | 2.76 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans held for investment | $ | 10,474,305 | $ | 329,227 | 4.20 | % | $ | 10,431,436 | $ | 327,625 | 4.20 | % | |||||||||||||||||||||||
Loans held for sale | 233,266 | 7,524 | 4.30 | 439,954 | 8,980 | 2.73 | |||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Taxable | 2,653,735 | 31,576 | 1.59 | 1,505,611 | 17,077 | 1.51 | |||||||||||||||||||||||||||||
Tax-exempt(1) | 446,762 | 8,018 | 2.39 | 316,159 | 6,915 | 2.92 | |||||||||||||||||||||||||||||
Interest-bearing balances with banks | 1,041,145 | 6,076 | 0.78 | 1,176,378 | 1,121 | 0.13 | |||||||||||||||||||||||||||||
Total interest-earning assets | 14,849,213 | 382,421 | 3.44 | 13,869,538 | 361,718 | 3.49 | |||||||||||||||||||||||||||||
Cash and due from banks | 201,436 | 198,955 | |||||||||||||||||||||||||||||||||
Intangible assets | 967,023 | 967,458 | |||||||||||||||||||||||||||||||||
Other assets | 640,403 | 687,159 | |||||||||||||||||||||||||||||||||
Total assets | $ | 16,658,075 | $ | 15,723,110 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand(2) | $ | 6,556,454 | $ | 13,306 | 0.27 | % | $ | 6,083,179 | $ | 11,821 | 0.26 | % | |||||||||||||||||||||||
Savings deposits | 1,123,433 | 441 | 0.05 | 953,391 | 547 | 0.08 | |||||||||||||||||||||||||||||
Time deposits | 1,305,800 | 4,149 | 0.42 | 1,575,220 | 10,552 | 0.90 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 8,985,687 | 17,896 | 0.27 | 8,611,790 | 22,920 | 0.36 | |||||||||||||||||||||||||||||
Borrowed funds | 534,296 | 15,386 | 3.84 | 483,230 | 11,327 | 3.13 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 9,519,983 | 33,282 | 0.47 | 9,095,020 | 34,247 | 0.50 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 4,745,409 | 4,202,364 | |||||||||||||||||||||||||||||||||
Other liabilities | 192,744 | 223,796 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 2,199,939 | 2,201,930 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 16,658,075 | $ | 15,723,110 | |||||||||||||||||||||||||||||||
Net interest income/net interest margin | $ | 349,139 | 3.14 | % | $ | 327,471 | 3.16 | % |
Three Months Ended September 30, 2022 Compared to the Three Months Ended September 30, 2021 | Three Months Ended March 31, 2023 Compared to the Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||
Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | $ | 8,763 | $ | 12,082 | $ | 20,845 | Loans held for investment | $ | 16,897 | $ | 50,072 | $ | 66,969 | ||||||||||||||||||||
Loans held for sale | Loans held for sale | (2,431) | 2,130 | (301) | Loans held for sale | (2,716) | 1,590 | (1,126) | ||||||||||||||||||||||||||
Securities: | Securities: | Securities: | ||||||||||||||||||||||||||||||||
Taxable | Taxable | 3,320 | 2,430 | 5,750 | Taxable | 334 | 3,938 | 4,272 | ||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 792 | (425) | 367 | Tax-exempt | 33 | (60) | (27) | ||||||||||||||||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | (514) | 3,380 | 2,866 | Interest-bearing balances with banks | (755) | 5,521 | 4,766 | ||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 9,930 | 19,597 | 29,527 | Total interest-earning assets | 13,793 | 61,061 | 74,854 | ||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 147 | 2,093 | 2,240 | Interest-bearing demand deposits | (340) | 16,991 | 16,651 | ||||||||||||||||||||||||||
Savings deposits | Savings deposits | 22 | (59) | (37) | Savings deposits | (6) | 693 | 687 | ||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 4,318 | — | 4,318 | ||||||||||||||||||||||||||||||
Time deposits | Time deposits | (451) | (1,483) | (1,934) | Time deposits | 289 | 5,284 | 5,573 | ||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 760 | 1,065 | 1,825 | Borrowed funds | 9,433 | 1,046 | 10,479 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 478 | 1,616 | 2,094 | Total interest-bearing liabilities | 13,694 | 24,014 | 37,708 | ||||||||||||||||||||||||||
Change in net interest income | Change in net interest income | $ | 9,452 | $ | 17,981 | $ | 27,433 | Change in net interest income | $ | 99 | $ | 37,047 | $ | 37,146 | ||||||||||||||||||||
Nine months ended September 30, 2022 Compared to the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||
Volume | Rate | Net | ||||||||||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||||
Loans held for investment | $ | 1,438 | $ | 164 | $ | 1,602 | ||||||||||||||||||||||||||||
Loans held for sale | (5,301) | 3,845 | (1,456) | |||||||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||
Taxable | 13,623 | 876 | 14,499 | |||||||||||||||||||||||||||||||
Tax-exempt | 2,494 | (1,391) | 1,103 | |||||||||||||||||||||||||||||||
Interest-bearing balances with banks | (143) | 5,098 | 4,955 | |||||||||||||||||||||||||||||||
Total interest-earning assets | 12,111 | 8,592 | 20,703 | |||||||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | 945 | 540 | 1,485 | |||||||||||||||||||||||||||||||
Savings deposits | 86 | (192) | (106) | |||||||||||||||||||||||||||||||
Time deposits | (1,571) | (4,832) | (6,403) | |||||||||||||||||||||||||||||||
Borrowed funds | 1,284 | 2,775 | 4,059 | |||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 744 | (1,709) | (965) | |||||||||||||||||||||||||||||||
Change in net interest income | $ | 11,367 | $ | 10,301 | $ | 21,668 |
Percentage of Total Average Earning Assets | Yield | Percentage of Total Average Earning Assets | Yield | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | March 31, | March 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Loans held for investment, excl. PPP | 72.83 | % | 69.38 | % | 4.57 | % | 4.02 | % | ||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | 0.04 | 0.89 | 0.29 | 10.95 | ||||||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | 76.45 | % | 68.11 | % | 5.68 | % | 3.88 | % | |||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 0.97 | 3.17 | 5.77 | 2.13 | Loans held for sale | 0.68 | 2.23 | 6.72 | 3.48 | ||||||||||||||||||||||||||||||||||||
Securities | Securities | 21.69 | 15.90 | 1.87 | 1.59 | Securities | 19.83 | 19.80 | 2.07 | 1.55 | ||||||||||||||||||||||||||||||||||||
Other | Other | 4.47 | 10.66 | 2.07 | 0.15 | Other | 3.04 | 9.86 | 4.74 | 0.18 | ||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 100.00 | % | 100.00 | % | 3.89 | % | 3.23 | % | Total earning assets | 100.00 | % | 100.00 | % | 4.94 | % | 3.05 | % |
Percentage of Total Average Earning Assets | Yield | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Loans held for investment excl. PPP | 70.42 | % | 71.04 | % | 4.20 | % | 4.12 | % | |||||||||||||||
Paycheck Protection Program | 0.12 | 4.17 | 5.22 | 5.62 | |||||||||||||||||||
Loans held for sale | 1.57 | 3.17 | 4.30 | 2.73 | |||||||||||||||||||
Securities | 20.88 | 13.14 | 1.70 | 1.76 | |||||||||||||||||||
Interest-bearing balances with banks | 7.01 | 8.48 | 0.78 | 0.13 | |||||||||||||||||||
Total earning assets | 100.00 | % | 100.00 | % | 3.44 | % | 3.49 | % |
Three Months Ended | Nine Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net interest income collected on problem loans | Net interest income collected on problem loans | $ | 78 | $ | 316 | $ | 2,788 | $ | 3,835 | Net interest income collected on problem loans | $ | 392 | $ | 434 | ||||||||||||||||||||||||||||||||
Accretable yield recognized on purchased loans(1) | Accretable yield recognized on purchased loans(1) | 1,317 | 2,871 | 4,573 | 8,597 | Accretable yield recognized on purchased loans(1) | 670 | 1,235 | ||||||||||||||||||||||||||||||||||||||
Total impact to interest income on loans | Total impact to interest income on loans | $ | 1,395 | $ | 3,187 | $ | 7,361 | $ | 12,432 | Total impact to interest income on loans | $ | 1,062 | $ | 1,669 | ||||||||||||||||||||||||||||||||
Impact to loan yield | Impact to loan yield | 0.05 | % | 0.13 | % | 0.09 | % | 0.16 | % | Impact to loan yield | 0.04 | % | 0.07 | % | ||||||||||||||||||||||||||||||||
Impact to net interest margin | Impact to net interest margin | 0.04 | % | 0.09 | % | 0.07 | % | 0.12 | % | Impact to net interest margin | 0.03 | % | 0.05 | % |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | March 31, | March 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | 34.09 | % | 32.64 | % | — | % | — | % | Noninterest-bearing demand | 29.74 | % | 32.65 | % | — | % | — | % | ||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 45.27 | 45.49 | 0.37 | 0.24 | Interest-bearing demand | 41.13 | 46.59 | 1.36 | 0.22 | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 7.95 | 7.35 | 0.05 | 0.08 | Savings | 7.14 | 7.70 | 0.32 | 0.05 | ||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 2.68 | — | 4.42 | — | |||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 8.69 | 11.00 | 0.33 | 0.78 | Time deposits | 10.61 | 9.65 | 1.92 | 0.55 | ||||||||||||||||||||||||||||||||||||
Short term borrowings | Short term borrowings | 0.99 | 0.09 | 1.30 | 0.29 | Short term borrowings | 5.78 | 0.19 | 4.31 | 0.48 | ||||||||||||||||||||||||||||||||||||
Long-term Federal Home Loan Bank advances | Long-term Federal Home Loan Bank advances | — | 1.10 | — | 0.01 | Long-term Federal Home Loan Bank advances | — | 0.01 | — | 1.86 | ||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 2.23 | 1.52 | 4.55 | 4.79 | Subordinated notes | 2.15 | 2.43 | 5.33 | 4.26 | ||||||||||||||||||||||||||||||||||||
Other borrowed funds | Other borrowed funds | 0.78 | 0.81 | 5.24 | 4.36 | Other borrowed funds | 0.77 | 0.78 | 7.67 | 4.41 | ||||||||||||||||||||||||||||||||||||
Total deposits and borrowed funds | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.36 | % | 0.31 | % | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 1.33 | % | 0.30 | % |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Noninterest-bearing demand | 33.27 | % | 31.60 | % | — | % | — | % | |||||||||||||||
Interest-bearing demand | 45.96 | 45.75 | 0.27 | 0.26 | |||||||||||||||||||
Savings | 7.88 | 7.17 | 0.05 | 0.08 | |||||||||||||||||||
Time deposits | 9.15 | 11.85 | 0.42 | 0.90 | |||||||||||||||||||
Short-term borrowings | 0.66 | 0.10 | 0.98 | 0.30 | |||||||||||||||||||
Long-term Federal Home Loan Bank advances | — | 1.14 | 1.88 | 0.03 | |||||||||||||||||||
Subordinated notes | 2.30 | 1.56 | 4.39 | 4.97 | |||||||||||||||||||
Other long term borrowings | 0.78 | 0.83 | 4.66 | 4.27 | |||||||||||||||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.31 | % | 0.34 | % |
Noninterest Income to Average Assets | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
0.98% | 1.25% | 0.93% | 1.53% |
Noninterest Income to Average Assets | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
0.88% | 0.91% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Gain on sales of loans, net (1) | $ | 5,263 | $ | 20,116 | $ | 14,800 | $ | 71,598 | |||||||||||||||
Fees, net | 2,405 | 3,420 | 8,522 | 12,841 | |||||||||||||||||||
Mortgage servicing income (loss), net | 2,047 | (244) | 4,342 | (3,122) | |||||||||||||||||||
Gain on sale of MSRs | 2,960 | — | 2,960 | — | |||||||||||||||||||
MSR valuation adjustment | — | — | — | 13,561 | |||||||||||||||||||
Mortgage banking income, net | $ | 12,675 | $ | 23,292 | $ | 30,624 | $ | 94,878 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Gain on sales of loans, net (1) | $ | 4,770 | $ | 6,047 | |||||||||||||||||||
Fees, net | 1,806 | 3,053 | |||||||||||||||||||||
Mortgage servicing income, net | 1,941 | 533 | |||||||||||||||||||||
Mortgage banking income, net | $ | 8,517 | $ | 9,633 |
Noninterest Expense to Average Assets | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
2.42% | 2.56% | 2.36% | 2.80% |
Noninterest Expense to Average Assets | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
2.55% | 2.29% |
Efficiency Ratio | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Efficiency ratio (GAAP) | 58.50 | % | 66.77 | % | 63.20 | % | 64.85 | % | |||||||||||||||
Adjusted efficiency ratio (Non-GAAP)(1) | 58.78 | % | 66.06 | % | 62.47 | % | 65.66 | % |
Efficiency Ratio | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Efficiency ratio (GAAP) | 61.26 | % | 67.78 | % | |||||||||||||||||||
September 30, 2022 | December 31, 2021 | September 30, 2021 | March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | Balance | % of Total | Balance | % of Total | Balance | % of Total | Balance | % of Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 30,503 | 13.63 | % | $ | 33,922 | 14.20 | % | $ | 34,977 | 14.34 | % | Commercial, financial, agricultural | $ | 44,678 | 14.79 | % | $ | 44,255 | 14.46 | % | $ | 33,606 | 14.02 | % | ||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 2,314 | 0.93 | % | 1,486 | 0.76 | % | 1,570 | 0.79 | % | Lease financing | 2,437 | 1.03 | % | 2,463 | 0.99 | % | 1,582 | 0.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | 18,744 | 10.94 | % | 16,419 | 11.03 | % | 16,169 | 10.89 | % | Real estate – construction | 19,959 | 12.10 | % | 19,114 | 11.49 | % | 18,411 | 11.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | Real estate – 1-4 family mortgage | 43,532 | 28.17 | % | 32,356 | 27.19 | % | 32,181 | 27.21 | % | Real estate – 1-4 family mortgage | 45,981 | 27.87 | % | 44,727 | 27.78 | % | 36,848 | 27.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | 69,267 | 45.17 | % | 68,940 | 45.39 | % | 73,895 | 45.27 | % | Real estate – commercial mortgage | 72,770 | 43.23 | % | 71,798 | 44.20 | % | 65,231 | 44.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 9,996 | 1.16 | % | 11,048 | 1.43 | % | 11,246 | 1.50 | % | Installment loans to individuals | 9,467 | 0.98 | % | 9,733 | 1.08 | % | 10,790 | 1.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 174,356 | 100.00 | % | $ | 164,171 | 100.00 | % | $ | 170,038 | 100.00 | % | Total | $ | 195,292 | 100.00 | % | $ | 192,090 | 100.00 | % | $ | 166,468 | 100.00 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Balance at beginning of period | $ | 166,131 | $ | 172,354 | $ | 164,171 | $ | 176,144 | |||||||||||||||
Impact of PCD loans acquired during the period | — | — | 1,648 | — | |||||||||||||||||||
Charge-offs | |||||||||||||||||||||||
Commercial, financial, agricultural | 373 | 1,225 | 4,714 | 5,907 | |||||||||||||||||||
Lease financing | — | 13 | 7 | 13 | |||||||||||||||||||
Real estate – construction | — | — | — | 52 | |||||||||||||||||||
Real estate – 1-4 family mortgage | 208 | 276 | 532 | 529 | |||||||||||||||||||
Real estate – commercial mortgage | 1,956 | 184 | 2,670 | 416 | |||||||||||||||||||
Installment loans to individuals | 722 | 1,281 | 2,351 | 4,286 | |||||||||||||||||||
Total charge-offs | 3,259 | 2,979 | 10,274 | 11,203 | |||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Commercial, financial, agricultural | 415 | 418 | 1,982 | 940 | |||||||||||||||||||
Lease financing | 113 | 11 | 136 | 36 | |||||||||||||||||||
Real estate – construction | — | — | — | 13 | |||||||||||||||||||
Real estate – 1-4 family mortgage | 378 | 193 | 725 | 855 | |||||||||||||||||||
Real estate – commercial mortgage | 50 | 190 | 397 | 504 | |||||||||||||||||||
Installment loans to individuals | 728 | 1,051 | 2,271 | 3,949 | |||||||||||||||||||
Total recoveries | 1,684 | 1,863 | 5,511 | 6,297 | |||||||||||||||||||
Net charge-offs | 1,575 | 1,116 | 4,763 | 4,906 | |||||||||||||||||||
Provision for credit losses on loans | 9,800 | (1,200) | 13,300 | (1,200) | |||||||||||||||||||
Balance at end of period | $ | 174,356 | $ | 170,038 | $ | 174,356 | $ | 170,038 | |||||||||||||||
Net charge-offs (annualized) to average loans | 0.06 | % | 0.04 | % | 0.06 | % | 0.06 | % | |||||||||||||||
Net charge-offs to allowance for credit losses on loans | 0.90 | % | 0.66 | % | 2.73 | % | 2.89 | % | |||||||||||||||
Allowance for credit losses on loans to: | |||||||||||||||||||||||
Total loans | 1.57 | % | 1.70 | % | |||||||||||||||||||
Total loans excluding PPP loans(1) | 1.57 | % | 1.71 | % | |||||||||||||||||||
Nonperforming loans | 312.10 | % | 299.68 | % | |||||||||||||||||||
Nonaccrual loans | 321.23 | % | 304.96 | % |
Three Months Ended | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Balance at beginning of period | $ | 192,090 | $ | 164,171 | |||||||||||||||||||
Impact of PCD loans acquired during the period | (26) | 1,648 | |||||||||||||||||||||
Charge-offs | |||||||||||||||||||||||
Commercial, financial, agricultural | 529 | 2,102 | |||||||||||||||||||||
Lease financing | — | 7 | |||||||||||||||||||||
Real estate – 1-4 family mortgage | 3 | 163 | |||||||||||||||||||||
Real estate – commercial mortgage | 5,115 | 6 | |||||||||||||||||||||
Installment loans to individuals | 810 | 779 | |||||||||||||||||||||
Total charge-offs | 6,457 | 3,057 | |||||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Commercial, financial, agricultural | 725 | 1,136 | |||||||||||||||||||||
Lease financing | 5 | 12 | |||||||||||||||||||||
Real estate – 1-4 family mortgage | 24 | 178 | |||||||||||||||||||||
Real estate – commercial mortgage | 211 | 155 | |||||||||||||||||||||
Installment loans to individuals | 760 | 725 | |||||||||||||||||||||
Total recoveries | 1,725 | 2,206 | |||||||||||||||||||||
Net charge-offs | 4,732 | 851 | |||||||||||||||||||||
Provision for credit losses on loans | 7,960 | 1,500 | |||||||||||||||||||||
Balance at end of period | $ | 195,292 | $ | 166,468 | |||||||||||||||||||
Net charge-offs (annualized) to average loans | 0.16 | % | 0.03 | % | |||||||||||||||||||
Net charge-offs to allowance for credit losses on loans | 2.42 | % | 0.51 | % | |||||||||||||||||||
Allowance for credit losses on loans to: | |||||||||||||||||||||||
Total loans | 1.66 | % | 1.61 | % | |||||||||||||||||||
Nonperforming loans | 259.39 | % | 318.65 | % | |||||||||||||||||||
Nonaccrual loans | 344.88 | % | 320.16 | % |
Nine Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Net Charge-offs | Average Loans | Annualized Net Charge-offs to Average Loans | Net Charge-offs | Average Loans | Annualized Net Charge-offs to Average Loans | Net Charge-offs | Average Loans | Annualized Net Charge-offs to Average Loans | Net Charge-offs | Average Loans | Annualized Net Charge-offs to Average Loans | ||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 2,732 | $ | 1,474,633 | 0.25% | $ | 4,967 | $ | 1,968,541 | 0.34% | Commercial, financial, agricultural | $ | (196) | $ | 1,721,838 | (0.05)% | $ | 966 | $ | 1,424,565 | 0.28% | |||||||||||||||||||||
Lease financing | Lease financing | (129) | 93,838 | (0.18) | (23) | 75,620 | (0.04)% | Lease financing | (5) | 116,164 | (0.02) | (5) | 84,681 | (0.02)% | |||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | — | 1,124,713 | — | 39 | 986,337 | 0.01% | Real estate – construction | — | 1,310,125 | — | — | 1,107,529 | —% | |||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | Real estate – 1-4 family mortgage | (193) | 2,976,081 | (0.01) | (326) | 2,711,619 | (0.02)% | Real estate – 1-4 family mortgage | (21) | 3,319,795 | — | (15) | 2,810,988 | —% | |||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | 2,273 | 4,670,508 | 0.07 | (88) | 4,519,793 | —% | Real estate – commercial mortgage | 4,904 | 5,101,752 | 0.39 | (149) | 4,540,731 | (0.01)% | |||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 80 | 134,532 | 0.08 | 337 | 169,526 | 0.27% | Installment loans to individuals | 50 | 118,860 | 0.17 | 54 | 140,017 | 0.16% | |||||||||||||||||||||||||||||
Total | Total | $ | 4,763 | $ | 10,474,305 | 0.06% | $ | 4,906 | $ | 10,431,436 | 0.06% | Total | $ | 4,732 | $ | 11,688,534 | 0.16% | $ | 851 | $ | 10,108,511 | 0.03% |
Three Months Ended | Nine Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | $ | — | $ | — | $ | — | $ | 39 | Residential | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Total real estate – construction | Total real estate – construction | — | — | — | 39 | Total real estate – construction | — | — | ||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
Primary | Primary | (59) | 115 | 98 | 57 | Primary | (10) | 62 | ||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | (44) | (46) | (92) | (109) | Home equity | (3) | 22 | ||||||||||||||||||||||||||||||||||||||
Rental/investment | Rental/investment | (19) | 7 | (40) | (192) | Rental/investment | (2) | (2) | ||||||||||||||||||||||||||||||||||||||
Land development | Land development | (48) | 7 | (159) | (82) | Land development | (6) | (97) | ||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | (170) | 83 | (193) | (326) | Total real estate – 1-4 family mortgage | (21) | (15) | ||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | (36) | 18 | 490 | (98) | Owner-occupied | (78) | (149) | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 1,951 | (24) | 1,949 | (14) | Non-owner occupied | 4,982 | — | ||||||||||||||||||||||||||||||||||||||
Land development | Land development | (9) | — | (166) | 24 | Land development | — | — | ||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | 1,906 | (6) | 2,273 | (88) | Total real estate – commercial mortgage | 4,904 | (149) | ||||||||||||||||||||||||||||||||||||||
Total net charge-offs of loans secured by real estate | $ | 1,736 | $ | 77 | $ | 2,080 | $ | (375) | ||||||||||||||||||||||||||||||||||||||
Total net charge-offs (recoveries) of loans secured by real estate | Total net charge-offs (recoveries) of loans secured by real estate | $ | 4,883 | $ | (164) |
Three Months Ended September 30, | 2022 | 2021 | ||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | 2023 | 2022 | |||||||||||||
Allowance for credit losses on unfunded loan commitments: | Allowance for credit losses on unfunded loan commitments: | Allowance for credit losses on unfunded loan commitments: | ||||||||||||||
Beginning balance | Beginning balance | $ | 19,935 | $ | 20,535 | Beginning balance | $ | 20,118 | $ | 20,035 | ||||||
Provision for (recovery of provision for) credit losses on unfunded loan commitments (included in other noninterest expense) | Provision for (recovery of provision for) credit losses on unfunded loan commitments (included in other noninterest expense) | — | (200) | Provision for (recovery of provision for) credit losses on unfunded loan commitments (included in other noninterest expense) | (1,500) | (550) | ||||||||||
Ending balance | Ending balance | $ | 19,935 | $ | 20,335 | Ending balance | $ | 18,618 | $ | 19,485 | ||||||
Nine Months Ended September 30, | 2022 | 2021 | ||||||||||||||
Allowance for credit losses on unfunded loan commitments: | ||||||||||||||||
Beginning balance | $ | 20,035 | $ | 20,535 | ||||||||||||
Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense) | (100) | (200) | ||||||||||||||
Ending balance | $ | 19,935 | $ | 20,335 |
Non Purchased | Purchased | Total | |||||||||||||||
September 30, 2022 | |||||||||||||||||
Nonaccruing loans | $ | 42,332 | $ | 11,946 | $ | 54,278 | |||||||||||
Accruing loans past due 90 days or more | 137 | 1,450 | 1,587 | ||||||||||||||
Total nonperforming loans | 42,469 | 13,396 | 55,865 | ||||||||||||||
Other real estate owned | 867 | 1,545 | 2,412 | ||||||||||||||
Total nonperforming assets | $ | 43,336 | $ | 14,941 | $ | 58,277 | |||||||||||
Nonperforming loans to total loans | 0.50 | % | |||||||||||||||
Nonaccruing loans to total loans | 0.49 | % | |||||||||||||||
Nonperforming assets to total assets | 0.35 | % | |||||||||||||||
December 31, 2021 | |||||||||||||||||
Nonaccruing loans | $ | 30,751 | $ | 18,613 | $ | 49,364 | |||||||||||
Accruing loans past due 90 days or more | 1,074 | 367 | 1,441 | ||||||||||||||
Total nonperforming loans | 31,825 | 18,980 | 50,805 | ||||||||||||||
Other real estate owned | 951 | 1,589 | 2,540 | ||||||||||||||
Total nonperforming assets | $ | 32,776 | $ | 20,569 | $ | 53,345 | |||||||||||
Nonperforming loans to total loans | 0.51 | % | |||||||||||||||
Nonaccruing loans to total loans | 0.49 | % | |||||||||||||||
Nonperforming assets to total assets | 0.32 | % |
March 31, 2023 | December 31, 2022 | |||||||||||||
Nonaccruing loans | $ | 56,626 | $ | 56,545 | ||||||||||
Accruing loans past due 90 days or more | 18,664 | 331 | ||||||||||||
Total nonperforming loans | 75,290 | 56,876 | ||||||||||||
Other real estate owned | 4,818 | 1,763 | ||||||||||||
Total nonperforming assets | $ | 80,108 | $ | 58,639 | ||||||||||
Nonperforming loans to total loans | 0.64 | % | 0.49 | % | ||||||||||
Nonaccruing loans to total loans | 0.49 | % | 0.49 | % | ||||||||||
Nonperforming assets to total assets | 0.46 | % | 0.35 | % |
September 30, 2022 | December 31, 2021 | September 30, 2021 | |||||||||||||||
Commercial, financial, agricultural | $ | 5,299 | $ | 13,131 | $ | 16,027 | |||||||||||
Lease financing | — | 11 | 11 | ||||||||||||||
Real estate – construction: | |||||||||||||||||
Residential | 232 | — | — | ||||||||||||||
Commercial | 1 | — | — | ||||||||||||||
Total real estate – construction | 233 | — | — | ||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 25,130 | 19,533 | 17,378 | ||||||||||||||
Home equity | 1,842 | 1,719 | 2,041 | ||||||||||||||
Rental/investment | 1,240 | 1,595 | 1,016 | ||||||||||||||
Land development | 1,448 | 257 | 243 | ||||||||||||||
Total real estate – 1-4 family mortgage | 29,660 | 23,104 | 20,678 | ||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | 8,554 | 5,039 | 5,732 | ||||||||||||||
Non-owner occupied | 11,725 | 8,535 | 13,412 | ||||||||||||||
Land development | 93 | 470 | 366 | ||||||||||||||
Total real estate – commercial mortgage | 20,372 | 14,044 | 19,510 | ||||||||||||||
Installment loans to individuals | 301 | 515 | 514 | ||||||||||||||
Total nonperforming loans | $ | 55,865 | $ | 50,805 | $ | 56,740 |
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||
Commercial, financial, agricultural | $ | 11,382 | $ | 12,543 | $ | 13,177 | |||||||||||
Lease financing | — | — | — | ||||||||||||||
Real estate – construction: | |||||||||||||||||
Residential | 152 | 77 | — | ||||||||||||||
Commercial | — | — | — | ||||||||||||||
Total real estate – construction | 152 | 77 | — | ||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 34,755 | 30,076 | 20,331 | ||||||||||||||
Home equity | 2,278 | 1,909 | 2,233 | ||||||||||||||
Rental/investment | 2,849 | 1,014 | 878 | ||||||||||||||
Land development | 20 | 82 | 521 | ||||||||||||||
Total real estate – 1-4 family mortgage | 39,902 | 33,081 | 23,963 | ||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | 20,389 | 5,499 | 5,700 | ||||||||||||||
Non-owner occupied | 2,963 | 5,342 | 8,558 | ||||||||||||||
Land development | 265 | 71 | 485 | ||||||||||||||
Total real estate – commercial mortgage | 23,617 | 10,912 | 14,743 | ||||||||||||||
Installment loans to individuals | 237 | 263 | 359 | ||||||||||||||
Total nonperforming loans | $ | 75,290 | $ | 56,876 | $ | 52,242 |
September 30, 2022 | December 31, 2021 | September 30, 2021 | |||||||||||||||
Commercial, financial, agricultural | $ | 5,232 | $ | 967 | $ | 1,062 | |||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 10,688 | 11,750 | 11,415 | ||||||||||||||
Home equity | 157 | 298 | 299 | ||||||||||||||
Rental/investment | 238 | 350 | 354 | ||||||||||||||
Land development | 90 | — | — | ||||||||||||||
Total real estate – 1-4 family mortgage | 11,173 | 12,398 | 12,068 | ||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | 3,623 | 5,407 | 5,546 | ||||||||||||||
Non-owner occupied | 7,515 | 1,341 | 1,357 | ||||||||||||||
Land development | 72 | 75 | 76 | ||||||||||||||
Total real estate – commercial mortgage | 11,210 | 6,823 | 6,979 | ||||||||||||||
Installment loans to individuals | 54 | 71 | 74 | ||||||||||||||
Total restructured loans in compliance with modified terms | $ | 27,669 | $ | 20,259 | $ | 20,183 |
2022 | 2021 | ||||||||||
Balance at January 1, | $ | 20,259 | $ | 20,448 | |||||||
Additional advances or loans with concessions | 9,150 | 10,852 | |||||||||
Reclassified as performing restructured loan | 5,290 | 150 | |||||||||
Reductions due to: | |||||||||||
Reclassified as nonperforming | (2,076) | (2,855) | |||||||||
Paid in full | (3,971) | (7,341) | |||||||||
Charge-offs | — | (205) | |||||||||
Paydowns | (984) | (866) | |||||||||
Balance at September 30, | $ | 27,668 | $ | 20,183 |
September 30, 2022 | December 31, 2021 | September 30, 2021 | |||||||||||||||
Nonaccruing loans | $ | 54,278 | $ | 49,364 | $ | 55,758 | |||||||||||
Accruing loans past due 90 days or more | 1,587 | 1,441 | 982 | ||||||||||||||
Total nonperforming loans | 55,865 | 50,805 | 56,740 | ||||||||||||||
Restructured loans in compliance with modified terms | 27,669 | 20,259 | 20,183 | ||||||||||||||
Total nonperforming and restructured loans | $ | 83,534 | $ | 71,064 | $ | 76,923 | |||||||||||
September 30, 2022 | December 31, 2021 | September 30, 2021 | March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||
Residential real estate | Residential real estate | $ | 913 | $ | 259 | $ | 503 | Residential real estate | $ | 551 | $ | 699 | $ | 376 | ||||||||||||||||||||
Commercial real estate | Commercial real estate | 62 | 761 | 2,671 | Commercial real estate | 3,507 | 62 | 175 | ||||||||||||||||||||||||||
Residential land development | Residential land development | 246 | 305 | 315 | Residential land development | 4 | 246 | 295 | ||||||||||||||||||||||||||
Commercial land development | Commercial land development | 1,191 | 1,215 | 1,216 | Commercial land development | 756 | 756 | 1,216 | ||||||||||||||||||||||||||
Total other real estate owned | Total other real estate owned | $ | 2,412 | $ | 2,540 | $ | 4,705 | Total other real estate owned | $ | 4,818 | $ | 1,763 | $ | 2,062 |
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Balance at January 1, | $ | 2,540 | $ | 5,972 | ||||||||||||||||||
Balance at January 1 | Balance at January 1 | $ | 1,763 | $ | 2,540 | |||||||||||||||||
Transfers of loans | Transfers of loans | 1,828 | 3,171 | Transfers of loans | 3,623 | 200 | ||||||||||||||||
Impairments | Impairments | (110) | (290) | Impairments | — | (14) | ||||||||||||||||
Dispositions | Dispositions | (1,847) | (4,007) | Dispositions | (552) | (665) | ||||||||||||||||
Other | Other | 1 | (141) | Other | (16) | 1 | ||||||||||||||||
Balance at September 30, | $ | 2,412 | $ | 4,705 | ||||||||||||||||||
Balance at March 31 | Balance at March 31 | $ | 4,818 | $ | 2,062 |
Percentage Change In: | Percentage Change In: | |||||||||||||||||||||||||||||||||||||||
Immediate Change in Rates of (in basis points): | Immediate Change in Rates of (in basis points): | Economic Value Equity (EVE) | Earning at Risk (Net Interest Income) | Immediate Change in Rates of (in basis points): | Economic Value Equity (EVE) | Earning at Risk (Net Interest Income) | ||||||||||||||||||||||||||||||||||
Static | 1-12 Months | 13-24 Months | Static | 1-12 Months | 13-24 Months | |||||||||||||||||||||||||||||||||||
+400 | 4.77% | 17.57% | 23.58% | |||||||||||||||||||||||||||||||||||||
+300 | 4.10% | 13.40% | 17.88% | |||||||||||||||||||||||||||||||||||||
+200 | +200 | 3.02% | 9.25% | 12.27% | +200 | 1.63% | 5.71% | 5.76% | ||||||||||||||||||||||||||||||||
+100 | +100 | 1.74% | 4.72% | 6.25% | +100 | 1.31% | 3.01% | 3.06% | ||||||||||||||||||||||||||||||||
-100 | -100 | (4.62)% | (6.77)% | (8.90)% | -100 | (3.31)% | (4.05)% | (4.47)% | ||||||||||||||||||||||||||||||||
-200 | -200 | (12.51)% | (15.06)% | (19.96)% | -200 | (9.31)% | (8.80)% | (10.33)% | ||||||||||||||||||||||||||||||||
-300 | (23.15)% | (23.25)% | (32.22)% |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | |||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | March 31, | March 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | 33.27 | % | 31.60 | % | — | % | — | % | Noninterest-bearing demand | 29.74 | % | 32.65 | % | — | % | — | % | ||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 45.96 | 45.75 | 0.27 | 0.26 | Interest-bearing demand | 41.13 | 46.59 | 1.36 | 0.22 | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 7.88 | 7.17 | 0.05 | 0.08 | Savings | 7.14 | 7.70 | 0.32 | 0.05 | ||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 2.68 | — | 4.42 | — | |||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 9.15 | 11.85 | 0.42 | 0.90 | Time deposits | 10.61 | 9.65 | 1.92 | 0.55 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 0.66 | 0.10 | 0.98 | 0.30 | Short-term borrowings | 5.78 | 0.19 | 4.31 | 0.48 | ||||||||||||||||||||||||||||||||||||
Long-term Federal Home Loan Bank advances | Long-term Federal Home Loan Bank advances | — | 1.14 | 1.88 | 0.03 | Long-term Federal Home Loan Bank advances | — | 0.01 | — | 1.86 | ||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 2.30 | 1.56 | 4.39 | 4.97 | Subordinated notes | 2.15 | 2.43 | 5.33 | 4.26 | ||||||||||||||||||||||||||||||||||||
Other borrowed funds | Other borrowed funds | 0.78 | 0.83 | 4.66 | 4.27 | Other borrowed funds | 0.77 | 0.78 | 7.67 | 4.41 | ||||||||||||||||||||||||||||||||||||
Total deposits and borrowed funds | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.31 | % | 0.34 | % | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 1.33 | % | 0.30 | % |
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Loan commitments | Loan commitments | $ | 3,476,743 | $ | 3,104,940 | Loan commitments | $ | 3,484,332 | $ | 3,577,614 | ||||||||||||
Standby letters of credit | Standby letters of credit | 98,075 | 89,830 | Standby letters of credit | 120,787 | 98,357 |
Capital Tiers | Tier 1 Capital to Average Assets (Leverage) | Common Equity Tier 1 to Risk - Weighted Assets | Tier 1 Capital to Risk - Weighted Assets | Total Capital to Risk - Weighted Assets | |||||||||||||||||||
Well capitalized | 5% or above | 6.5% or above | 8% or above | 10% or above | |||||||||||||||||||
Adequately capitalized | 4% or above | 4.5% or above | 6% or above | 8% or above | |||||||||||||||||||
Undercapitalized | Less than 4% | Less than 4.5% | Less than 6% | Less than 8% | |||||||||||||||||||
Significantly undercapitalized | Less than 3% | Less than 3% | Less than 4% | Less than 6% | |||||||||||||||||||
Critically undercapitalized | Tangible Equity / Total Assets less than 2% |
Actual | Minimum Capital Requirement to be Well Capitalized | Minimum Capital Requirement to be Adequately Capitalized (including the Capital Conservation Buffer) | Actual | Minimum Capital Requirement to be Well Capitalized | Minimum Capital Requirement to be Adequately Capitalized (including the Capital Conservation Buffer) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renasant Corporation: | Renasant Corporation: | Renasant Corporation: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | Risk-based capital ratios: | Risk-based capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | Common equity tier 1 capital ratio | $ | 1,385,489 | 10.64 | % | $ | 846,403 | 6.50 | % | $ | 911,511 | 7.00 | % | Common equity tier 1 capital ratio | $ | 1,394,401 | 10.19 | % | $ | 889,836 | 6.50 | % | $ | 958,285 | 7.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | 1,493,705 | 11.47 | % | 1,041,727 | 8.00 | % | 1,106,835 | 8.50 | % | Tier 1 risk-based capital ratio | 1,503,086 | 10.98 | % | 1,095,183 | 8.00 | % | 1,163,632 | 8.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 1,973,206 | 15.15 | % | 1,302,159 | 10.00 | % | 1,367,267 | 10.50 | % | Total risk-based capital ratio | 2,009,552 | 14.68 | % | 1,368,979 | 10.00 | % | 1,437,428 | 10.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage capital ratios: | Leverage capital ratios: | Leverage capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 1,493,705 | 9.39 | % | 795,621 | 5.00 | % | 636,497 | 4.00 | % | Tier 1 leverage ratio | 1,503,086 | 9.18 | % | 818,319 | 5.00 | % | 654,655 | 4.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Renasant Bank: | Renasant Bank: | Renasant Bank: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | Risk-based capital ratios: | Risk-based capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | Common equity tier 1 capital ratio | $ | 1,645,539 | 12.61 | % | $ | 848,358 | 6.50 | % | $ | 913,616 | 7.00 | % | Common equity tier 1 capital ratio | $ | 1,651,005 | 12.03 | % | $ | 891,753 | 6.50 | % | $ | 960,349 | 7.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | 1,645,539 | 12.61 | % | 1,044,132 | 8.00 | % | 1,109,391 | 8.50 | % | Tier 1 risk-based capital ratio | 1,651,005 | 12.03 | % | 1,097,542 | 8.00 | % | 1,166,138 | 8.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 1,789,382 | 13.71 | % | 1,305,165 | 10.00 | % | 1,370,424 | 10.50 | % | Total risk-based capital ratio | 1,821,367 | 13.28 | % | 1,371,927 | 10.00 | % | 1,440,524 | 10.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage capital ratios: | Leverage capital ratios: | Leverage capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 1,645,539 | 10.34 | % | 795,852 | 5.00 | % | 636,681 | 4.00 | % | Tier 1 leverage ratio | 1,651,005 | 10.08 | % | 818,664 | 5.00 | % | 654,931 | 4.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renasant Corporation: | Renasant Corporation: | Renasant Corporation: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | Risk-based capital ratios: | Risk-based capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | Common equity tier 1 capital ratio | $ | 1,314,295 | 11.18 | % | $ | 763,952 | 6.50 | % | $ | 822,717 | 7.00 | % | Common equity tier 1 capital ratio | $ | 1,372,747 | 10.21 | % | $ | 874,093 | 6.50 | % | $ | 941,331 | 7.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | 1,422,077 | 12.10 | % | 940,248 | 8.00 | % | 999,014 | 8.50 | % | Tier 1 risk-based capital ratio | 1,481,197 | 11.01 | % | 1,075,807 | 8.00 | % | 1,143,045 | 8.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 1,897,167 | 16.14 | % | 1,175,610 | 10.00 | % | 1,234,076 | 10.50 | % | Total risk-based capital ratio | 1,968,001 | 14.63 | % | 1,344,758 | 10.00 | % | 1,411,996 | 10.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage capital ratios: | Leverage capital ratios: | Leverage capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 1,422,077 | 9.15 | % | 777,289 | 5.00 | % | 621,831 | 4.00 | % | Tier 1 leverage ratio | 1,481,197 | 9.36 | % | 790,853 | 5.00 | % | 632,683 | 4.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Renasant Bank: | Renasant Bank: | Renasant Bank: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | Risk-based capital ratios: | Risk-based capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | Common equity tier 1 capital ratio | $ | 1,580,904 | 13.46 | % | $ | 763,713 | 6.50 | % | $ | 822,460 | 7.00 | % | Common equity tier 1 capital ratio | $ | 1,630,389 | 12.10 | % | $ | 876,066 | 6.50 | % | $ | 943,455 | 7.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | 1,580,904 | 13.46 | % | 939,954 | 8.00 | % | 998,702 | 8.50 | % | Tier 1 risk-based capital ratio | 1,630,389 | 12.10 | % | 1,078,235 | 8.00 | % | 1,145,624 | 8.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 1,697,163 | 14.44 | % | 1,174,943 | 10.00 | % | 1,233,690 | 10.50 | % | Total risk-based capital ratio | 1,781,312 | 13.22 | % | 1,347,794 | 10.00 | % | 1,415,183 | 10.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage capital ratios: | Leverage capital ratios: | Leverage capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 1,580,904 | 10.18 | % | 776,700 | 5.00 | % | 621,360 | 4.00 | % | Tier 1 leverage ratio | 1,630,389 | 10.30 | % | 791,299 | 5.00 | % | 633,040 | 4.00 | % |
Adjusted Efficiency Ratio | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest income (fully tax equivalent basis) | $ | 145,250 | $ | 115,723 | $ | 382,421 | $ | 361,718 | |||||||||||||||
Interest expense | 12,815 | 10,721 | 33,282 | 34,247 | |||||||||||||||||||
Net interest income (fully tax equivalent basis) | 132,435 | 105,002 | 349,139 | 327,471 | |||||||||||||||||||
Total noninterest income | 41,186 | 50,755 | 115,858 | 179,402 | |||||||||||||||||||
Net gains on sales of securities | — | 764 | — | 2,121 | |||||||||||||||||||
MSR valuation adjustment | — | — | — | 13,561 | |||||||||||||||||||
Gain on sale of MSR | 2,960 | — | 2,960 | — | |||||||||||||||||||
Adjusted noninterest income | 38,226 | 49,991 | 112,898 | 163,720 | |||||||||||||||||||
Total noninterest expense | 101,574 | 103,999 | 293,873 | 328,711 | |||||||||||||||||||
Intangible amortization | 1,251 | 1,481 | 3,927 | 4,618 | |||||||||||||||||||
Merger and conversion related expenses | — | — | 687 | — | |||||||||||||||||||
Restructuring (benefit) charges | — | — | 732 | 307 | |||||||||||||||||||
COVID-19 related expenses | — | 323 | — | 1,478 | |||||||||||||||||||
Partial recovery of reserves for unfunded commitments | — | (200) | (100) | (200) | |||||||||||||||||||
Adjusted noninterest expense | 100,323 | 102,395 | 288,627 | 322,508 | |||||||||||||||||||
Efficiency Ratio (GAAP) | 58.50 | % | 66.77 | % | 63.20 | % | 64.85 | % | |||||||||||||||
Adjusted Efficiency Ratio (non-GAAP) | 58.78 | % | 66.06 | % | 62.47 | % | 65.66 | % |
Allowance for Credit Losses on Loans to Total Loans, excluding PPP Loans | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Total loans (GAAP) | $ | 11,105,004 | $ | 10,020,914 | |||||||
Less PPP loans | 5,476 | 58,391 | |||||||||
Adjusted total loans (non-GAAP) | $ | 11,099,528 | $ | 9,962,523 | |||||||
Allowance for Credit Losses on Loans | $ | 174,356 | $ | 164,171 | |||||||
ACL/Total loans (GAAP) | 1.57 | % | 1.64 | % | |||||||
ACL/Total loans excluding PPP loans (non-GAAP) | 1.57 | % | 1.65 | % |
Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Plans | Maximum Number of Shares or Approximate Dollar Value of Shares That May Yet Be Purchased Under Share Repurchase Plans(2) | |||||||||||||||||||||||
July 1, 2022 to July 31, 2022 | 5,840 | $ | 30.80 | — | $ | 50,000 | ||||||||||||||||||||
August 1, 2022 to August 31, 2022 | 2,993 | 33.40 | — | 50,000 | ||||||||||||||||||||||
September 1, 2022 to September 30, 2022 | 64 | 33.23 | — | 50,000 | ||||||||||||||||||||||
Total | 8,897 | $ | 31.69 | — |
Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Plans | Maximum Number of Shares or Approximate Dollar Value of Shares That May Yet Be Purchased Under Share Repurchase Plans(2)(3) | |||||||||||||||||||||||
January 1, 2023 to January 31, 2023 | 26,331 | $ | 37.59 | — | $ | 100,000 | ||||||||||||||||||||
February 1, 2023 to February 28, 2023 | — | — | — | 100,000 | ||||||||||||||||||||||
March 1, 2023 to March 31, 2023 | 45,125 | 31.08 | — | 100,000 | ||||||||||||||||||||||
Total | 71,456 | $ | 33.48 | — |
Exhibit Number | Description | |||||||
(3)(i) | ||||||||
(3)(ii) | ||||||||
(3)(iii) | ||||||||
(3)(iv) | ||||||||
(31)(i) | ||||||||
(31)(ii) | ||||||||
(32)(i) | ||||||||
(32)(ii) | ||||||||
(101) | The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended | |||||||
(104) | The cover page of Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended |
RENASANT CORPORATION | ||||||||
(Registrant) | ||||||||
Date: | /s/ C. Mitchell Waycaster | |||||||
C. Mitchell Waycaster | ||||||||
President and | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: | /s/ James C. Mabry IV | |||||||
James C. Mabry IV | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |