☒ | 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 |
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 5. | ||||||||
Item 6. | ||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 211,452 | $ | 193,513 | Cash and due from banks | $ | 179,111 | $ | 193,513 | ||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | 735,447 | 382,479 | Interest-bearing balances with banks | 562,045 | 382,479 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 946,899 | 575,992 | Cash and cash equivalents | 741,156 | 575,992 | ||||||||||||||||
Securities held to maturity (net of allowance for credit losses of $32 at each of June 30, 2023 and December 31, 2022) (fair value of $1,153,541 and $1,206,540, respectively) | 1,273,044 | 1,324,040 | ||||||||||||||||||||
Securities held to maturity (net of allowance for credit losses of $32 at each of September 30, 2023 and December 31, 2022) (fair value of $1,079,123 and $1,206,540, respectively) | Securities held to maturity (net of allowance for credit losses of $32 at each of September 30, 2023 and December 31, 2022) (fair value of $1,079,123 and $1,206,540, respectively) | 1,245,595 | 1,324,040 | |||||||||||||||||||
Securities available for sale, at fair value | Securities available for sale, at fair value | 950,930 | 1,533,942 | Securities available for sale, at fair value | 909,108 | 1,533,942 | ||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 249,615 | 110,105 | Loans held for sale, at fair value | 241,613 | 110,105 | ||||||||||||||||
Loans held for investment, net of unearned income | Loans held for investment, net of unearned income | 11,930,516 | 11,578,304 | Loans held for investment, net of unearned income | 12,168,023 | 11,578,304 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (194,391) | (192,090) | Allowance for credit losses on loans | (197,773) | (192,090) | ||||||||||||||||
Loans, net | Loans, net | 11,736,125 | 11,386,214 | Loans, net | 11,970,250 | 11,386,214 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 285,952 | 283,595 | Premises and equipment, net | 284,368 | 283,595 | ||||||||||||||||
Other real estate owned, net | Other real estate owned, net | 5,120 | 1,763 | Other real estate owned, net | 9,258 | 1,763 | ||||||||||||||||
Goodwill | Goodwill | 991,665 | 991,708 | Goodwill | 991,665 | 991,708 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 21,381 | 24,176 | Other intangible assets, net | 20,070 | 24,176 | ||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 377,649 | 373,808 | Bank-owned life insurance | 379,945 | 373,808 | ||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 87,432 | 84,448 | Mortgage servicing rights | 90,241 | 84,448 | ||||||||||||||||
Other assets | Other assets | 298,530 | 298,385 | Other assets | 298,352 | 298,385 | ||||||||||||||||
Total assets | Total assets | $ | 17,224,342 | $ | 16,988,176 | Total assets | $ | 17,181,621 | $ | 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 | $ | 3,878,953 | $ | 4,558,756 | Noninterest-bearing | $ | 3,734,197 | $ | 4,558,756 | ||||||||||||
Interest-bearing | Interest-bearing | 10,216,408 | 8,928,210 | Interest-bearing | 10,422,913 | 8,928,210 | ||||||||||||||||
Total deposits | Total deposits | 14,095,361 | 13,486,966 | Total deposits | 14,157,110 | 13,486,966 | ||||||||||||||||
Short-term borrowings | Short-term borrowings | 257,305 | 712,232 | Short-term borrowings | 107,662 | 712,232 | ||||||||||||||||
Long-term debt | Long-term debt | 429,630 | 428,133 | Long-term debt | 427,399 | 428,133 | ||||||||||||||||
Other liabilities | Other liabilities | 233,418 | 224,829 | Other liabilities | 256,127 | 224,829 | ||||||||||||||||
Total liabilities | Total liabilities | 15,015,714 | 14,852,160 | Total liabilities | 14,948,298 | 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; 56,132,478 and 55,953,104 shares outstanding, respectively | 296,483 | 296,483 | ||||||||||||||||||||
Treasury stock, at cost – 3,164,247 and 3,343,621 shares, respectively | (105,589) | (111,577) | ||||||||||||||||||||
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,140,713 and 55,953,104 shares outstanding, respectively | Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,140,713 and 55,953,104 shares outstanding, respectively | 296,483 | 296,483 | |||||||||||||||||||
Treasury stock, at cost – 3,156,012 and 3,343,621 shares, respectively | Treasury stock, at cost – 3,156,012 and 3,343,621 shares, respectively | (105,300) | (111,577) | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,301,883 | 1,302,422 | Additional paid-in capital | 1,304,891 | 1,302,422 | ||||||||||||||||
Retained earnings | Retained earnings | 907,312 | 857,725 | Retained earnings | 936,573 | 857,725 | ||||||||||||||||
Accumulated other comprehensive loss, net of taxes | Accumulated other comprehensive loss, net of taxes | (191,461) | (209,037) | Accumulated other comprehensive loss, net of taxes | (199,324) | (209,037) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 2,208,628 | 2,136,016 | Total shareholders’ equity | 2,233,323 | 2,136,016 | ||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 17,224,342 | $ | 16,988,176 | Total liabilities and shareholders’ equity | $ | 17,181,621 | $ | 16,988,176 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | $ | 176,188 | $ | 108,995 | $ | 339,712 | $ | 207,687 | Loans | $ | 184,880 | $ | 125,175 | $ | 524,592 | $ | 332,862 | ||||||||||||||||||||||||||||
Securities | Securities | Securities | ||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 12,300 | 10,567 | 25,553 | 19,501 | Taxable | 9,439 | 12,636 | 34,992 | 32,137 | ||||||||||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 1,700 | 1,904 | 3,538 | 3,805 | Tax-exempt | 1,230 | 1,864 | 4,768 | 5,669 | ||||||||||||||||||||||||||||||||||||
Other | Other | 6,978 | 1,954 | 12,408 | 2,618 | Other | 10,128 | 3,458 | 22,536 | 6,076 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 197,166 | 123,420 | 381,211 | 233,611 | Total interest income | 205,677 | 143,133 | 586,888 | 376,744 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 51,391 | 5,018 | 84,257 | 10,655 | Deposits | 70,906 | 7,241 | 155,163 | 17,896 | ||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 15,559 | 4,887 | 30,963 | 9,812 | Borrowings | 7,388 | 5,574 | 38,351 | 15,386 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 66,950 | 9,905 | 115,220 | 20,467 | Total interest expense | 78,294 | 12,815 | 193,514 | 33,282 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 130,216 | 113,515 | 265,991 | 213,144 | Net interest income | 127,383 | 130,318 | 393,374 | 343,462 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 3,000 | 2,000 | 10,960 | 3,500 | Provision for credit losses on loans | 5,315 | 9,800 | 16,275 | 13,300 | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 127,216 | 111,515 | 255,031 | 209,644 | Net interest income after provision for credit losses | 122,068 | 120,518 | 377,099 | 330,162 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 9,733 | 9,734 | 18,853 | 19,296 | Service charges on deposit accounts | 9,743 | 10,216 | 28,596 | 29,512 | ||||||||||||||||||||||||||||||||||||
Fees and commissions | Fees and commissions | 4,987 | 4,668 | 9,663 | 8,650 | Fees and commissions | 4,108 | 4,148 | 13,771 | 12,798 | ||||||||||||||||||||||||||||||||||||
Insurance commissions | Insurance commissions | 2,809 | 2,591 | 5,255 | 5,145 | Insurance commissions | 3,264 | 3,108 | 8,519 | 8,253 | ||||||||||||||||||||||||||||||||||||
Wealth management revenue | Wealth management revenue | 5,338 | 5,711 | 10,478 | 11,635 | Wealth management revenue | 5,986 | 5,467 | 16,464 | 17,102 | ||||||||||||||||||||||||||||||||||||
Mortgage banking income | Mortgage banking income | 9,771 | 8,316 | 18,288 | 17,949 | Mortgage banking income | 7,533 | 12,675 | 25,821 | 30,624 | ||||||||||||||||||||||||||||||||||||
Net loss on sales of securities | Net loss on sales of securities | (22,438) | — | (22,438) | — | Net loss on sales of securities | — | — | (22,438) | — | ||||||||||||||||||||||||||||||||||||
BOLI income | BOLI income | 2,402 | 2,331 | 5,405 | 4,484 | BOLI income | 2,469 | 2,296 | 7,874 | 6,780 | ||||||||||||||||||||||||||||||||||||
Other | Other | 4,624 | 3,863 | 9,015 | 7,513 | Other | 5,097 | 3,276 | 14,112 | 10,789 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 17,226 | 37,214 | 54,519 | 74,672 | Total noninterest income | 38,200 | 41,186 | 92,719 | 115,858 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 70,637 | 65,580 | 140,469 | 127,819 | Salaries and employee benefits | 69,458 | 66,463 | 209,927 | 194,282 | ||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 3,684 | 3,590 | 7,317 | 7,853 | Data processing | 3,907 | 3,526 | 11,224 | 11,379 | ||||||||||||||||||||||||||||||||||||
Net occupancy and equipment | Net occupancy and equipment | 11,865 | 11,155 | 23,270 | 22,431 | Net occupancy and equipment | 11,548 | 11,266 | 34,818 | 33,697 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 51 | (187) | 81 | (428) | Other real estate owned | (120) | 34 | (39) | (394) | ||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 4,012 | 2,778 | 7,479 | 5,929 | Professional fees | 3,338 | 3,087 | 10,817 | 9,016 | ||||||||||||||||||||||||||||||||||||
Advertising and public relations | Advertising and public relations | 3,482 | 3,406 | 8,168 | 7,465 | Advertising and public relations | 3,474 | 3,229 | 11,642 | 10,694 | ||||||||||||||||||||||||||||||||||||
Intangible amortization | Intangible amortization | 1,369 | 1,310 | 2,795 | 2,676 | Intangible amortization | 1,311 | 1,251 | 4,106 | 3,927 | ||||||||||||||||||||||||||||||||||||
Communications | Communications | 2,226 | 1,904 | 4,206 | 3,931 | Communications | 2,006 | 1,999 | 6,212 | 5,930 | ||||||||||||||||||||||||||||||||||||
Merger and conversion related expenses | Merger and conversion related expenses | — | — | — | 687 | Merger and conversion related expenses | — | — | — | 687 | ||||||||||||||||||||||||||||||||||||
Restructuring charges | Restructuring charges | — | 1,187 | — | 732 | Restructuring charges | — | — | — | 732 | ||||||||||||||||||||||||||||||||||||
Other | Other | 11,839 | 7,471 | 23,088 | 13,204 | Other | 12,747 | 10,719 | 35,835 | 23,923 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 109,165 | 98,194 | 216,873 | 192,299 | Total noninterest expense | 107,669 | 101,574 | 324,542 | 293,873 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 35,277 | 50,535 | 92,677 | 92,017 | Income before income taxes | 52,599 | 60,130 | 145,276 | 152,147 | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 6,634 | 10,857 | 17,956 | 18,792 | Income taxes | 10,766 | 13,563 | 28,722 | 32,355 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 28,643 | $ | 39,678 | $ | 74,721 | $ | 73,225 | Net income | $ | 41,833 | $ | 46,567 | $ | 116,554 | $ | 119,792 | ||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.51 | $ | 0.71 | $ | 1.33 | $ | 1.31 | Basic earnings per share | $ | 0.75 | $ | 0.83 | $ | 2.08 | $ | 2.14 | ||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.51 | $ | 0.71 | $ | 1.33 | $ | 1.30 | Diluted earnings per share | $ | 0.74 | $ | 0.83 | $ | 2.07 | $ | 2.13 | ||||||||||||||||||||||||||||
Cash dividends per common share | Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.44 | $ | 0.44 | Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.66 | $ | 0.66 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 28,643 | $ | 39,678 | $ | 74,721 | $ | 73,225 | Net income | $ | 41,833 | $ | 46,567 | $ | 116,554 | $ | 119,792 | ||||||||||||||||||||||||||||
Other comprehensive income (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 | Unrealized holding losses on securities | (15,930) | (56,958) | (399) | (157,420) | Unrealized holding losses on securities | (12,883) | (63,579) | (13,282) | (220,999) | ||||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses realized in net income | Reclassification adjustment for losses realized in net income | 16,816 | — | 16,816 | — | Reclassification adjustment for losses realized in net income | — | — | 16,816 | — | ||||||||||||||||||||||||||||||||||||
Amortization of unrealized holding losses (gains) on securities transferred to the held to maturity category | 2,252 | (164) | 4,580 | (238) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of unrealized holding losses on securities transferred to the held to maturity category | Amortization of unrealized holding losses on securities transferred to the held to maturity category | 2,947 | 1,207 | 7,527 | 969 | |||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | 3,138 | (57,122) | 20,997 | (157,658) | Total securities available for sale | (9,936) | (62,372) | 11,061 | (220,030) | ||||||||||||||||||||||||||||||||||||
Derivative instruments: | Derivative instruments: | Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding (losses) gains on derivative instruments | (2,361) | 6,262 | (3,593) | 12,641 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on derivative instruments | Unrealized holding gains (losses) on derivative instruments | 1,987 | 1,687 | (1,606) | 14,328 | |||||||||||||||||||||||||||||||||||||||||
Total derivative instruments | Total derivative instruments | (2,361) | 6,262 | (3,593) | 12,641 | Total derivative instruments | 1,987 | 1,687 | (1,606) | 14,328 | ||||||||||||||||||||||||||||||||||||
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 | 86 | 31 | 172 | 62 | Amortization of net actuarial loss recognized in net periodic pension cost | 86 | 31 | 258 | 93 | ||||||||||||||||||||||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | Total defined benefit pension and post-retirement benefit plans | 86 | 31 | 172 | 62 | Total defined benefit pension and post-retirement benefit plans | 86 | 31 | 258 | 93 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 863 | (50,829) | 17,576 | (144,955) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | Other comprehensive (loss) income, net of tax | (7,863) | (60,654) | 9,713 | (205,609) | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | 29,506 | $ | (11,151) | $ | 92,297 | $ | (71,730) | Comprehensive income (loss) | $ | 33,970 | $ | (14,087) | $ | 126,267 | $ | (85,817) |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | 55,953,104 | $ | 296,483 | $ | (111,577) | $ | 1,302,422 | $ | 857,725 | $ | (209,037) | $ | 2,136,016 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 46,078 | — | 46,078 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 16,713 | 16,713 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 62,791 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,561) | — | (12,561) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 120,554 | — | 4,018 | (6,409) | — | — | (2,391) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,445 | — | — | 3,445 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 56,073,658 | $ | 296,483 | $ | (107,559) | $ | 1,299,458 | $ | 891,242 | $ | (192,324) | $ | 2,187,300 | ||||||||||||||||||||||||||||
Net income | — | $ | — | $ | — | $ | — | $ | 28,643 | $ | — | $ | 28,643 | ||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 863 | 863 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 29,506 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,573) | — | (12,573) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 58,820 | — | 1,970 | (970) | — | — | 1,000 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,395 | — | — | 3,395 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 56,132,478 | $ | 296,483 | $ | (105,589) | $ | 1,301,883 | $ | 907,312 | $ | (191,461) | $ | 2,208,628 | ||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 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 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 33,547 | — | 33,547 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | 55,953,104 | $ | 296,483 | $ | (111,577) | $ | 1,302,422 | $ | 857,725 | $ | (209,037) | $ | 2,136,016 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 46,078 | — | 46,078 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 16,713 | 16,713 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 62,791 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,561) | — | (12,561) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 120,554 | — | 4,018 | (6,409) | — | — | (2,391) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,445 | — | — | 3,445 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 56,073,658 | $ | 296,483 | $ | (107,559) | $ | 1,299,458 | $ | 891,242 | $ | (192,324) | $ | 2,187,300 | ||||||||||||||||||||||||||||
Net income | — | $ | — | $ | — | $ | — | $ | 28,643 | $ | — | $ | 28,643 | ||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 863 | 863 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 29,506 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,573) | — | (12,573) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 58,820 | — | 1,970 | (970) | — | — | 1,000 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,395 | — | — | 3,395 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 56,132,478 | $ | 296,483 | $ | (105,589) | $ | 1,301,883 | $ | 907,312 | $ | (191,461) | $ | 2,208,628 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | $ | 41,833 | $ | 41,833 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (7,863) | (7,863) | ||||||||||||||||||||||||||||||||||
Comprehensive income | 33,970 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,572) | — | (12,572) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 8,235 | — | 289 | (416) | — | — | (127) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,424 | — | — | 3,424 | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | 56,140,713 | $ | 296,483 | $ | (105,300) | $ | 1,304,891 | $ | 936,573 | $ | (199,324) | $ | 2,233,323 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 74,721 | $ | 73,225 | |||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Provision for credit losses | 10,960 | 3,500 | |||||||||
Depreciation, amortization and accretion | 18,365 | 23,947 | |||||||||
Deferred income tax expense | 302 | 5,150 | |||||||||
Funding of mortgage loans held for sale | (659,921) | (1,076,613) | |||||||||
Proceeds from sales of mortgage loans held for sale | 526,853 | 1,345,924 | |||||||||
Gains on sales of mortgage loans held for sale | (9,417) | (9,537) | |||||||||
Losses on sales of securities | 22,438 | — | |||||||||
Losses (gains) on sales of premises and equipment | 7 | (236) | |||||||||
Stock-based compensation expense | 6,840 | 6,290 | |||||||||
Increase in other assets | (26,264) | (2,867) | |||||||||
Increase (decrease) in other liabilities | 3,576 | (19,077) | |||||||||
Net cash (used in) provided by operating activities | (31,540) | 349,706 | |||||||||
Investing activities | |||||||||||
Purchases of securities available for sale | — | (609,752) | |||||||||
Proceeds from sales of securities available for sale | 488,981 | — | |||||||||
Proceeds from call/maturities of securities available for sale | 90,830 | 249,394 | |||||||||
Purchases of securities held to maturity | — | (91,803) | |||||||||
Proceeds from call/maturities of securities held to maturity | 54,123 | 17,262 | |||||||||
Net increase in loans | (363,231) | (555,936) | |||||||||
Purchases of premises and equipment | (12,353) | (5,865) | |||||||||
Proceeds from sales of premises and equipment | — | 933 | |||||||||
Purchase of bank-owned life insurance | — | (80,000) | |||||||||
Net change in FHLB stock | 13,268 | (3,526) | |||||||||
Proceeds from sales of other assets | 827 | 1,524 | |||||||||
Net cash paid in acquisition of businesses | — | (10,066) | |||||||||
Other, net | 1,668 | 622 | |||||||||
Net cash provided by (used in) investing activities | 274,113 | (1,087,213) | |||||||||
Financing activities | |||||||||||
Net (decrease) increase in noninterest-bearing deposits | (679,803) | 23,273 | |||||||||
Net increase (decrease) in interest-bearing deposits | 1,288,198 | (165,068) | |||||||||
Net (decrease) increase in short-term borrowings | (454,927) | 69,215 | |||||||||
Repayment of long-term debt | — | (32,417) | |||||||||
Cash paid for dividends | (25,134) | (24,993) | |||||||||
Net cash provided by (used in) financing activities | 128,334 | (129,990) | |||||||||
Net increase (decrease) in cash and cash equivalents | 370,907 | (867,497) | |||||||||
Cash and cash equivalents at beginning of period | 575,992 | 1,877,965 | |||||||||
Cash and cash equivalents at end of period | $ | 946,899 | $ | 1,010,468 | |||||||
Supplemental disclosures | |||||||||||
Cash paid for interest | $ | 91,861 | $ | 19,959 | |||||||
Cash paid for income taxes | $ | 23,071 | $ | 6,367 | |||||||
Noncash transactions: | |||||||||||
Transfers of loans to other real estate owned | $ | 4,119 | $ | 1,284 | |||||||
Recognition of operating right-of-use assets | $ | 611 | $ | 1,595 | |||||||
Recognition of operating lease liabilities | $ | 611 | $ | 1,595 |
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 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 33,547 | — | 33,547 | ||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||
Comprehensive loss | (14,087) | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | (12,496) | — | (12,496) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 21,087 | — | 718 | (1,000) | — | — | (282) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 2,269 | — | — | 2,269 | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | 55,953,104 | $ | 296,483 | $ | (111,577) | $ | 1,299,476 | $ | 823,951 | $ | (216,052) | $ | 2,092,281 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 116,554 | $ | 119,792 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | 16,275 | 13,300 | |||||||||
Depreciation, amortization and accretion | 26,723 | 33,590 | |||||||||
Deferred income tax (benefit) expense | (1,231) | 3,600 | |||||||||
Proceeds from sale of MSR | — | 18,525 | |||||||||
Gain on sale of MSR | — | (2,960) | |||||||||
Funding of mortgage loans held for sale | (1,057,277) | (1,436,158) | |||||||||
Proceeds from sales of mortgage loans held for sale | 934,761 | 1,757,353 | |||||||||
Gains on sales of mortgage loans held for sale | (12,639) | (9,808) | |||||||||
Losses on sales of securities | 22,438 | — | |||||||||
Losses (gains) on sales of premises and equipment | 8 | (245) | |||||||||
Stock-based compensation expense | 10,264 | 8,558 | |||||||||
Increase in other assets | (30,741) | (32,187) | |||||||||
Increase (decrease) in other liabilities | 22,989 | (10,253) | |||||||||
Net cash provided by operating activities | 48,124 | 463,107 | |||||||||
Investing activities | |||||||||||
Purchases of securities available for sale | (9,646) | (708,457) | |||||||||
Proceeds from sales of securities available for sale | 488,981 | — | |||||||||
Proceeds from call/maturities of securities available for sale | 124,150 | 336,504 | |||||||||
Purchases of securities held to maturity | — | (91,803) | |||||||||
Proceeds from call/maturities of securities held to maturity | 83,945 | 35,980 | |||||||||
Net increase in loans | (607,335) | (1,057,998) | |||||||||
Purchases of premises and equipment | (16,394) | (10,374) | |||||||||
Proceeds from sales of premises and equipment | — | 1,230 | |||||||||
Purchase of bank-owned life insurance | — | (80,000) | |||||||||
Net change in FHLB stock | 20,794 | (7,538) | |||||||||
Proceeds from sales of other assets | 2,833 | 2,458 | |||||||||
Net cash paid in acquisition of businesses | — | (10,066) | |||||||||
Other, net | 1,844 | 2,607 | |||||||||
Net cash provided by (used in) investing activities | 89,172 | (1,587,457) | |||||||||
Financing activities | |||||||||||
Net (decrease) increase in noninterest-bearing deposits | (824,559) | 109,096 | |||||||||
Net increase (decrease) in interest-bearing deposits | 1,494,703 | (582,696) | |||||||||
Net (decrease) increase in short-term borrowings | (604,570) | 269,391 | |||||||||
Repayment of long-term debt | — | (32,417) | |||||||||
Cash paid for dividends | (37,706) | (37,489) | |||||||||
Net cash provided by (used in) financing activities | 27,868 | (274,115) | |||||||||
Net increase (decrease) in cash and cash equivalents | 165,164 | (1,398,465) | |||||||||
Cash and cash equivalents at beginning of period | 575,992 | 1,877,965 | |||||||||
Cash and cash equivalents at end of period | $ | 741,156 | $ | 479,500 | |||||||
Supplemental disclosures | |||||||||||
Cash paid for interest | $ | 153,732 | $ | 32,506 | |||||||
Cash paid for income taxes | $ | 30,922 | $ | 19,245 | |||||||
Noncash transactions: | |||||||||||
Transfers of loans to other real estate owned | $ | 10,073 | $ | 1,828 | |||||||
Recognition of operating right-of-use assets | $ | 3,077 | $ | 3,045 | |||||||
Recognition of operating lease liabilities | $ | 3,077 | $ | 3,045 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | 41,474 | $ | 16 | $ | (3,439) | $ | 38,051 | Obligations of states and political subdivisions | $ | 38,200 | $ | 71 | $ | (4,732) | $ | 33,539 | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 328,760 | 28 | (42,751) | 286,037 | Government agency mortgage backed securities | 321,245 | 2 | (49,799) | 271,448 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 516,474 | — | (101,385) | 415,089 | Government agency collateralized mortgage obligations | 501,793 | — | (108,896) | 392,897 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 6,042 | — | (797) | 5,245 | Government agency mortgage backed securities | 6,036 | — | (908) | 5,128 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 164,320 | — | (25,508) | 138,812 | Government agency collateralized mortgage obligations | 165,812 | — | (27,071) | 138,741 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 73,049 | 316 | (5,669) | 67,696 | Other debt securities | 72,386 | 207 | (5,238) | 67,355 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,130,119 | $ | 360 | $ | (179,549) | $ | 950,930 | $ | 1,105,472 | $ | 280 | $ | (196,644) | $ | 909,108 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 170,000 | $ | — | $ | (5,340) | $ | 164,660 | |||||||||||||||||||||||||||
Obligations of states and political subdivisions | 154,066 | 204 | (9,368) | 144,902 | |||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 508,415 | 37 | (52,036) | 456,416 | |||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 605,033 | — | (103,864) | 501,169 | |||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 11,166 | — | (1,053) | 10,113 | |||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 211,435 | — | (25,589) | 185,846 | |||||||||||||||||||||||||||||||
Other debt securities | 74,885 | — | (4,049) | 70,836 | |||||||||||||||||||||||||||||||
$ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | 289,949 | $ | 23 | $ | (42,782) | $ | 247,190 | Obligations of states and political subdivisions | $ | 289,053 | $ | — | $ | (57,660) | $ | 231,393 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities | Residential mortgage backed securities | Residential mortgage backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 455,199 | — | (25,797) | 429,402 | Government agency mortgage backed securities | 440,227 | — | (41,350) | 398,877 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 405,793 | — | (35,372) | 370,421 | Government agency collateralized mortgage obligations | 395,441 | — | (49,030) | 346,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 16,995 | — | (3,231) | 13,764 | Government agency mortgage backed securities | 16,989 | — | (3,800) | 13,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 44,913 | — | (7,318) | 37,595 | Government agency collateralized mortgage obligations | 44,725 | — | (8,235) | 36,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 60,227 | — | (5,058) | 55,169 | Other debt securities | 59,192 | — | (6,429) | 52,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,273,076 | $ | 23 | $ | (119,558) | $ | 1,153,541 | $ | 1,245,627 | $ | — | $ | (166,504) | $ | 1,079,123 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 1,273,044 | Held to maturity securities, net of allowance for credit losses | $ | 1,245,595 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 291,886 | $ | 17 | $ | (48,325) | $ | 243,578 | |||||||||||||||||||||||||||
Residential mortgage backed securities | |||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 483,560 | — | (24,432) | 459,128 | |||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 423,315 | — | (30,706) | 392,609 | |||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 17,006 | — | (3,261) | 13,745 | |||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 45,430 | — | (6,559) | 38,871 | |||||||||||||||||||||||||||||||
Other debt securities | 62,875 | — | (4,266) | 58,609 | |||||||||||||||||||||||||||||||
$ | 1,324,072 | $ | 17 | $ | (117,549) | $ | 1,206,540 | ||||||||||||||||||||||||||||
Allowance for credit losses - held to maturity securities | (32) | ||||||||||||||||||||||||||||||||||
Held to maturity securities, net of allowance for credit losses | $ | 1,324,040 |
Carrying Value | Net Proceeds | (Loss) | |||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 170,000 | $ | 164,915 | $ | (5,085) | |||||||||||
Obligations of states and political subdivisions | 104,950 | 99,439 | (5,511) | ||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 137,196 | 130,602 | (6,594) | ||||||||||||||
Government agency collateralized mortgage obligations | 54,028 | 51,101 | (2,927) | ||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 5,048 | 4,825 | (223) | ||||||||||||||
Government agency collateralized mortgage obligations | 40,197 | 38,099 | (2,098) | ||||||||||||||
$ | 511,419 | $ | 488,981 | $ | (22,438) |
Carrying Value | Net Proceeds | (Loss) | |||||||||||||||
Three months ended June 30, 2023 | |||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 170,000 | $ | 164,915 | $ | (5,085) | |||||||||||
Obligations of states and political subdivisions | 104,950 | 99,439 | $ | (5,511) | |||||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 137,196 | 130,602 | $ | (6,594) | |||||||||||||
Government agency collateralized mortgage obligations | 54,028 | 51,101 | (2,927) | ||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 5,048 | 4,825 | (223) | ||||||||||||||
Government agency collateralized mortgage obligations | 40,197 | 38,099 | (2,098) | ||||||||||||||
$ | 511,419 | $ | 488,981 | $ | (22,438) | ||||||||||||
Six months ended June 30, 2023 | |||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 170,000 | $ | 164,915 | $ | (5,085) | |||||||||||
Obligations of states and political subdivisions | 104,950 | 99,439 | (5,511) | ||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 137,196 | 130,602 | (6,594) | ||||||||||||||
Government agency collateralized mortgage obligations | 54,028 | 51,101 | (2,927) | ||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 5,048 | 4,825 | (223) | ||||||||||||||
Government agency collateralized mortgage obligations | 40,197 | 38,099 | (2,098) | ||||||||||||||
$ | 511,419 | $ | 488,981 | $ | (22,438) |
Held to Maturity | Available for Sale | Held to Maturity | Available for Sale | |||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||
Due within one year | Due within one year | $ | — | $ | — | $ | 8,630 | $ | 8,599 | Due within one year | $ | — | $ | — | $ | 6,482 | $ | 6,402 | ||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 3,294 | 3,115 | 37,323 | 37,428 | Due after one year through five years | 3,265 | 3,044 | 36,332 | 36,386 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 70,241 | 61,158 | 51,728 | 44,978 | Due after five years through ten years | 75,045 | 62,072 | 42,481 | 36,784 | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 216,413 | 182,917 | 16,769 | 14,671 | Due after ten years | 210,743 | 166,277 | 16,688 | 13,887 | ||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 455,199 | 429,402 | 328,760 | 286,037 | Government agency mortgage backed securities | 440,227 | 398,877 | 321,245 | 271,448 | ||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 405,793 | 370,421 | 516,474 | 415,089 | Government agency collateralized mortgage obligations | 395,441 | 346,411 | 501,793 | 392,897 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 16,995 | 13,764 | 6,042 | 5,245 | Government agency mortgage backed securities | 16,989 | 13,189 | 6,036 | 5,128 | ||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 44,913 | 37,595 | 164,320 | 138,812 | Government agency collateralized mortgage obligations | 44,725 | 36,490 | 165,812 | 138,741 | ||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 60,228 | 55,169 | 73 | 71 | Other debt securities | 59,192 | 52,763 | 8,603 | 7,435 | ||||||||||||||||||||||||||||||||||||
$ | 1,273,076 | $ | 1,153,541 | $ | 1,130,119 | $ | 950,930 | $ | 1,245,627 | $ | 1,079,123 | $ | 1,105,472 | $ | 909,108 |
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale: | Available for Sale: | Available for Sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 10 | 7,827 | (35) | 10 | 23,073 | (3,404) | 20 | 30,900 | (3,439) | Obligations of states and political subdivisions | 6 | 5,196 | (27) | 16 | 23,814 | (4,705) | 22 | 29,010 | (4,732) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 4 | 6,673 | (368) | 46 | 275,823 | (42,383) | 50 | 282,496 | (42,751) | Government agency mortgage backed securities | — | — | — | 53 | 267,412 | (49,799) | 53 | 267,412 | (49,799) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 0 | — | — | 41 | 415,090 | (101,385) | 41 | 415,090 | (101,385) | Government agency collateralized mortgage obligations | — | — | — | 41 | 392,897 | (108,896) | 41 | 392,897 | (108,896) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | — | — | — | 2 | 5,245 | (797) | 2 | 5,245 | (797) | Government agency mortgage backed securities | — | — | — | 2 | 5,128 | (908) | 2 | 5,128 | (908) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 1 | 1,131 | (38) | 26 | 137,681 | (25,470) | 27 | 138,812 | (25,508) | Government agency collateralized mortgage obligations | — | — | — | 28 | 138,742 | (27,071) | 28 | 138,742 | (27,071) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 3 | 5,492 | (800) | 18 | 32,171 | (4,869) | 21 | 37,663 | (5,669) | Other debt securities | 1 | 957 | (53) | 20 | 36,456 | (5,185) | 21 | 37,413 | (5,238) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 18 | $ | 21,123 | $ | (1,241) | 143 | $ | 889,083 | $ | (178,308) | 161 | $ | 910,206 | $ | (179,549) | Total | 7 | $ | 6,153 | $ | (80) | 160 | $ | 864,449 | $ | (196,564) | 167 | $ | 870,602 | $ | (196,644) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | Obligations of other U.S. Government agencies and corporations | 5 | $ | 164,660 | $ | (5,340) | — | $ | — | $ | — | 5 | $ | 164,660 | $ | (5,340) | 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 | Obligations of states and political subdivisions | 84 | $ | 96,939 | $ | (4,869) | 11 | $ | 33,038 | $ | (4,499) | 95 | $ | 129,977 | $ | (9,368) | 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: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency 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 mortgage backed securities | 97 | 214,516 | (15,115) | 29 | 237,970 | (36,921) | 126 | 452,486 | (52,036) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 16 | 109,753 | (8,552) | 36 | 391,416 | (95,312) | 52 | 501,169 | (103,864) | Government agency collateralized mortgage obligations | 16 | 109,753 | (8,552) | 36 | 391,416 | (95,312) | 52 | 501,169 | (103,864) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 4 | 10,114 | (1,053) | — | — | — | 4 | 10,114 | (1,053) | Government agency mortgage backed securities | 4 | 10,114 | (1,053) | — | — | — | 4 | 10,114 | (1,053) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 16 | 67,026 | (3,828) | 21 | 118,821 | (21,760) | 37 | 185,847 | (25,588) | Government agency collateralized mortgage obligations | 16 | 67,026 | (3,829) | 21 | 118,821 | (21,760) | 37 | 185,847 | (25,589) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 25 | 63,423 | (3,167) | 1 | 7,412 | (883) | 26 | 70,835 | (4,050) | Other debt securities | 25 | 63,423 | (3,166) | 1 | 7,412 | (883) | 26 | 70,835 | (4,049) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 247 | $ | 726,431 | $ | (41,924) | 98 | $ | 788,657 | $ | (159,375) | 345 | $ | 1,515,088 | $ | (201,299) | 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 | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held to Maturity: | Held to Maturity: | Held to Maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 126 | $ | 242,673 | $ | (42,767) | 1 | $ | 426 | $ | (15) | 127 | $ | 243,099 | $ | (42,782) | Obligations of states and political subdivisions | — | $ | — | $ | — | 129 | $ | 231,393 | $ | (57,660) | 129 | $ | 231,393 | $ | (57,660) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 2 | 39,028 | (1,387) | 68 | 395,220 | (24,410) | 70 | 434,248 | (25,797) | Government agency mortgage backed securities | — | — | — | 70 | 398,876 | (41,350) | 70 | 398,876 | (41,350) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 1 | 26,396 | (1,278) | 17 | 344,025 | (34,094) | 18 | 370,421 | (35,372) | Government agency collateralized mortgage obligations | — | — | — | 18 | 346,411 | (49,030) | 18 | 346,411 | (49,030) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | — | — | — | 1 | 13,764 | (3,231) | 1 | 13,764 | (3,231) | Government agency mortgage backed securities | — | — | — | 1 | 13,189 | (3,800) | 1 | 13,189 | (3,800) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 1 | 4,290 | (298) | 8 | 33,305 | (7,020) | 9 | 37,595 | (7,318) | Government agency collateralized mortgage obligations | — | — | — | 9 | 36,490 | (8,235) | 9 | 36,490 | (8,235) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | — | — | — | 10 | 50,323 | (5,058) | 10 | 50,323 | (5,058) | Other debt securities | — | — | — | 10 | 52,761 | (6,429) | 10 | 52,761 | (6,429) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 130 | $ | 312,387 | $ | (45,730) | 105 | $ | 837,063 | $ | (73,828) | 235 | $ | 1,149,450 | $ | (119,558) | Total | — | $ | — | $ | — | 237 | $ | 1,079,120 | $ | (166,504) | 237 | $ | 1,079,120 | $ | (166,504) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 105 | $ | 191,442 | $ | (35,871) | 24 | $ | 49,697 | $ | (12,454) | 129 | $ | 241,139 | $ | (48,325) | 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: | Residential mortgage backed securities: | Residential mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency 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 mortgage backed securities | 8 | 94,258 | (4,186) | 62 | 364,870 | (20,246) | 70 | 459,128 | (24,432) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 4 | 98,912 | (5,479) | 14 | 293,698 | (25,227) | 18 | 392,610 | (30,706) | Government agency collateralized mortgage obligations | 4 | 98,912 | (5,479) | 14 | 293,698 | (25,227) | 18 | 392,610 | (30,706) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | Commercial mortgage backed securities: | Commercial mortgage backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | Government agency mortgage backed securities | 1 | 13,745 | (3,261) | — | — | — | 1 | 13,745 | (3,261) | Government agency mortgage backed securities | 1 | 13,745 | (3,261) | — | — | — | 1 | 13,745 | (3,261) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | Government agency collateralized mortgage obligations | 2 | 7,651 | (626) | 7 | 31,220 | (5,933) | 9 | 38,871 | (6,559) | Government agency collateralized mortgage obligations | 2 | 7,651 | (626) | 7 | 31,220 | (5,933) | 9 | 38,871 | (6,559) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 2 | 42,567 | (2,013) | 8 | 16,042 | (2,253) | 10 | 58,609 | (4,266) | Other debt securities | 2 | 42,567 | (2,013) | 8 | 16,042 | (2,253) | 10 | 58,609 | (4,266) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 122 | $ | 448,575 | $ | (51,436) | 115 | $ | 755,527 | $ | (66,113) | 237 | $ | 1,204,102 | $ | (117,549) | Total | 122 | $ | 448,575 | $ | (51,436) | 115 | $ | 755,527 | $ | (66,113) | 237 | $ | 1,204,102 | $ | (117,549) |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 1,729,070 | $ | 1,673,883 | Commercial, financial, agricultural | $ | 1,819,891 | $ | 1,673,883 | ||||||||||||
Lease financing | Lease financing | 129,998 | 122,167 | Lease financing | 127,935 | 122,167 | ||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||
Residential | Residential | 308,401 | 355,500 | Residential | 300,238 | 355,500 | ||||||||||||||||
Commercial | Commercial | 1,060,618 | 974,837 | Commercial | 1,107,126 | 974,837 | ||||||||||||||||
Total real estate – construction | Total real estate – construction | 1,369,019 | 1,330,337 | Total real estate – construction | 1,407,364 | 1,330,337 | ||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||
Primary | Primary | 2,372,739 | 2,222,856 | Primary | 2,405,703 | 2,222,856 | ||||||||||||||||
Home equity | Home equity | 502,341 | 501,906 | Home equity | 509,394 | 501,906 | ||||||||||||||||
Rental/investment | Rental/investment | 335,509 | 334,382 | Rental/investment | 353,613 | 334,382 | ||||||||||||||||
Land development | Land development | 138,065 | 157,119 | Land development | 130,166 | 157,119 | ||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | 3,348,654 | 3,216,263 | Total real estate – 1-4 family mortgage | 3,398,876 | 3,216,263 | ||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||
Owner-occupied | Owner-occupied | 1,553,890 | 1,539,296 | Owner-occupied | 1,588,174 | 1,539,296 | ||||||||||||||||
Non-owner occupied | Non-owner occupied | 3,585,160 | 3,452,910 | Non-owner occupied | 3,610,578 | 3,452,910 | ||||||||||||||||
Land development | Land development | 113,429 | 125,857 | Land development | 114,414 | 125,857 | ||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | 5,252,479 | 5,118,063 | Total real estate – commercial mortgage | 5,313,166 | 5,118,063 | ||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 108,924 | 124,745 | Installment loans to individuals | 108,002 | 124,745 | ||||||||||||||||
Gross loans | Gross loans | 11,938,144 | 11,585,458 | Gross loans | 12,175,234 | 11,585,458 | ||||||||||||||||
Unearned income | Unearned income | (7,628) | (7,154) | Unearned income | (7,211) | (7,154) | ||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | $ | 11,930,516 | $ | 11,578,304 | Loans, net of unearned income | $ | 12,168,023 | $ | 11,578,304 |
Accruing Loans | Nonaccruing Loans | 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 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 238 | $ | 228 | $ | 1,721,134 | $ | 1,721,600 | $ | 14 | $ | 1,904 | $ | 5,552 | $ | 7,470 | $ | 1,729,070 | Commercial, financial, agricultural | $ | 343 | $ | 46 | $ | 1,811,803 | $ | 1,812,192 | $ | 14 | $ | 2,737 | $ | 4,948 | $ | 7,699 | $ | 1,819,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | — | — | 129,998 | 129,998 | — | — | — | — | 129,998 | Lease financing | — | — | 126,887 | 126,887 | 64 | — | 984 | 1,048 | 127,935 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | — | — | 308,401 | 308,401 | — | — | — | — | 308,401 | Residential | 402 | — | 299,836 | 300,238 | — | — | — | — | 300,238 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | — | — | 1,060,618 | 1,060,618 | — | — | — | — | 1,060,618 | Commercial | — | — | 1,107,126 | 1,107,126 | — | — | — | — | 1,107,126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | Total real estate – construction | — | — | 1,369,019 | 1,369,019 | — | — | — | — | 1,369,019 | Total real estate – construction | 402 | — | 1,406,962 | 1,407,364 | — | — | — | — | 1,407,364 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | Primary | 6,127 | — | 2,330,145 | 2,336,272 | 4,350 | 17,260 | 14,857 | 36,467 | 2,372,739 | Primary | 7,379 | 63 | 2,356,252 | 2,363,694 | 4,721 | 20,287 | 17,001 | 42,009 | 2,405,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 2,340 | — | 497,702 | 500,042 | 296 | 835 | 1,168 | 2,299 | 502,341 | Home equity | 2,429 | — | 504,367 | 506,796 | 1,155 | 690 | 753 | 2,598 | 509,394 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | Rental/investment | 146 | 1 | 332,277 | 332,424 | 319 | 2,236 | 530 | 3,085 | 335,509 | Rental/investment | 251 | 397 | 350,715 | 351,363 | 325 | 1,751 | 174 | 2,250 | 353,613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land development | Land development | 64 | — | 137,982 | 138,046 | — | 3 | 16 | 19 | 138,065 | Land development | 32 | — | 129,965 | 129,997 | — | 154 | 15 | 169 | 130,166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | 8,677 | 1 | 3,298,106 | 3,306,784 | 4,965 | 20,334 | 16,571 | 41,870 | 3,348,654 | Total real estate – 1-4 family mortgage | 10,091 | 460 | 3,341,299 | 3,351,850 | 6,201 | 22,882 | 17,943 | 47,026 | 3,398,876 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | 1,110 | 20,999 | 1,528,758 | 1,550,867 | — | 1,639 | 1,384 | 3,023 | 1,553,890 | Owner-occupied | 1,311 | — | 1,583,493 | 1,584,804 | 319 | 1,640 | 1,411 | 3,370 | 1,588,174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 741 | 15,092 | 3,566,577 | 3,582,410 | — | — | 2,750 | 2,750 | 3,585,160 | Non-owner occupied | 36 | — | 3,600,622 | 3,600,658 | — | — | 9,920 | 9,920 | 3,610,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land development | Land development | 414 | — | 112,961 | 113,375 | 7 | — | 47 | 54 | 113,429 | Land development | 411 | — | 113,756 | 114,167 | — | 202 | 45 | 247 | 114,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | 2,265 | 36,091 | 5,208,296 | 5,246,652 | 7 | 1,639 | 4,181 | 5,827 | 5,252,479 | Total real estate – commercial mortgage | 1,758 | — | 5,297,871 | 5,299,629 | 319 | 1,842 | 11,376 | 13,537 | 5,313,166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 966 | 1 | 107,685 | 108,652 | 25 | 123 | 124 | 272 | 108,924 | Installment loans to individuals | 1,047 | 26 | 106,698 | 107,771 | 32 | 11 | 188 | 231 | 108,002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned income | Unearned income | — | — | (7,628) | (7,628) | — | — | — | — | (7,628) | Unearned income | — | — | (7,211) | (7,211) | — | — | — | — | (7,211) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | $ | 12,146 | $ | 36,321 | $ | 11,826,610 | $ | 11,875,077 | $ | 5,011 | $ | 24,000 | $ | 26,428 | $ | 55,439 | $ | 11,930,516 | Loans, net of unearned income | $ | 13,641 | $ | 532 | $ | 12,084,309 | $ | 12,098,482 | $ | 6,630 | $ | 27,472 | $ | 35,439 | $ | 69,541 | $ | 12,168,023 |
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 |
Three Months Ended | Six Months Ended | Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Reduction | Term Extension | Payment Delay | Total | % Total Loans by Class | Interest Rate Reduction | Term Extension | Payment Delay | Total | % Total Loans by Class | Interest Rate Reduction | Term Extension | Payment Delay | Total | % Total Loans by Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | — | $ | 1,210 | $ | — | $ | 1,210 | 0.07 | % | $ | — | $ | 1,210 | $ | — | $ | 1,210 | 0.07 | % | Commercial, financial, agricultural | $ | — | $ | 1,209 | $ | — | $ | 1,209 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | — | 4,366 | — | 4,366 | 1.42 | — | 4,366 | — | 4,366 | 1.42 | Residential | — | 3,751 | — | 3,751 | 1.25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | Total real estate – construction | — | 4,366 | — | 4,366 | 0.32 | — | 4,366 | — | 4,366 | 0.32 | Total real estate – construction | — | 3,751 | — | 3,751 | 0.27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 9 | — | — | 9 | — | 9 | — | — | 9 | — | Home equity | 7 | — | — | 7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | 9 | — | — | 9 | — | 9 | — | — | 9 | — | Total real estate – 1-4 family mortgage | 7 | — | — | 7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | — | — | — | — | — | 155 | — | — | 155 | 0.01 | Owner-occupied | 149 | 96 | 277 | 522 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | — | — | — | — | — | 1,026 | — | — | 1,026 | 0.03 | Non-owner occupied | 1,008 | — | — | 1,008 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land development | — | 97 | 277 | 374 | 0.33 | — | 97 | 277 | 374 | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | — | 97 | 277 | 374 | 0.01 | 1,181 | 97 | 277 | 1,555 | 0.03 | Total real estate – commercial mortgage | 1,157 | 96 | 277 | 1,530 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | $ | 9 | $ | 5,673 | $ | 277 | $ | 5,959 | 0.05 | % | $ | 1,190 | $ | 5,673 | $ | 277 | $ | 7,140 | 0.06 | % | Loans, net of unearned income | $ | 1,164 | $ | 5,056 | $ | 277 | $ | 6,497 | 0.05 | % |
Three Months Ended | Six Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Reduction (in basis points) | Term Extension (in months) | Payment Delay (in months) | Interest Rate Reduction (in basis points) | Term Extension (in months) | Payment Delay (in months) | Interest Rate Reduction (in basis points) | Term Extension (in months) | Payment Delay (in months) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | — | 2.1 | — | — | 2.1 | — | Commercial, financial, agricultural | — | 2.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | — | 4.7 | — | — | 4.7 | — | Residential | — | 4.7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 300 | — | — | 300 | — | — | Home equity | 300 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | — | — | — | 68 | — | — | Owner-occupied | 68 | 8.4 | 3.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | — | — | — | 12 | — | — | Non-owner occupied | 12 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land development | — | 8.4 | 3.0 | — | 8.4 | 3.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | 300 | 4.2 | 3.0 | 21 | 4.2 | 3.0 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | 160,357 | $ | 337,339 | $ | 181,509 | $ | 115,728 | $ | 57,124 | $ | 48,682 | $ | 807,867 | $ | 8,310 | $ | 1,716,916 | |||||||||||
Pass | 159,095 | 330,341 | 180,712 | 114,617 | 56,481 | 38,893 | 792,703 | 8,071 | 1,680,913 | ||||||||||||||||||||
Special Mention | 108 | 255 | 84 | 882 | 122 | 1,360 | 3,437 | 73 | 6,321 | ||||||||||||||||||||
Substandard | 1,154 | 6,743 | 713 | 229 | 521 | 8,429 | 11,727 | 166 | 29,682 | ||||||||||||||||||||
Lease Financing Receivables | $ | 23,672 | $ | 54,488 | $ | 15,192 | $ | 16,291 | $ | 8,155 | $ | 4,572 | $ | — | $ | — | $ | 122,370 | |||||||||||
Pass | 23,672 | 51,207 | 14,852 | 14,069 | 7,209 | 3,461 | — | — | 114,470 | ||||||||||||||||||||
Special Mention | — | 2,903 | — | 2,148 | 880 | 1,111 | — | — | 7,042 | ||||||||||||||||||||
Substandard | — | 378 | 340 | 74 | 66 | — | — | — | 858 | ||||||||||||||||||||
Real Estate - Construction | $ | 185,727 | $ | 550,565 | $ | 401,648 | $ | 90,582 | $ | — | $ | 1,881 | $ | 20,208 | $ | — | $ | 1,250,611 | |||||||||||
Residential | 115,937 | 65,608 | 4,667 | — | — | 375 | 3,406 | — | 189,993 | ||||||||||||||||||||
Pass | 115,701 | 60,205 | 4,667 | — | — | 375 | 3,406 | — | 184,354 | ||||||||||||||||||||
Special Mention | — | 1,273 | — | — | — | — | — | — | 1,273 | ||||||||||||||||||||
Substandard | 236 | 4,130 | — | — | — | — | — | — | 4,366 | ||||||||||||||||||||
Commercial | 69,790 | 484,957 | 396,981 | 90,582 | — | 1,506 | 16,802 | — | 1,060,618 | ||||||||||||||||||||
Pass | 69,790 | 484,957 | 396,835 | 90,582 | — | 1,506 | 16,802 | — | 1,060,472 | ||||||||||||||||||||
Special Mention | — | — | 146 | — | — | — | — | — | 146 | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | 59,631 | $ | 198,349 | $ | 119,937 | $ | 46,460 | $ | 21,573 | $ | 45,521 | $ | 26,542 | $ | 1,978 | $ | 519,991 | |||||||||||
Primary | 4,982 | 10,317 | 6,702 | 4,437 | 2,030 | 10,265 | 1,684 | 972 | 41,389 | ||||||||||||||||||||
Pass | 4,797 | 10,093 | 6,484 | 4,437 | 2,017 | 9,788 | 1,684 | 972 | 40,272 | ||||||||||||||||||||
Special Mention | 185 | — | — | — | — | 41 | — | — | 226 | ||||||||||||||||||||
Substandard | — | 224 | 218 | — | 13 | 436 | — | — | 891 | ||||||||||||||||||||
Home Equity | 1,258 | 188 | 1,066 | — | 36 | 26 | 16,086 | 102 | 18,762 | ||||||||||||||||||||
Pass | 1,258 | 188 | 1,024 | — | 36 | 3 | 16,038 | — | 18,547 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | 42 | — | — | 23 | 48 | 102 | 215 | ||||||||||||||||||||
Rental/Investment | 32,640 | 130,610 | 77,454 | 41,538 | 19,341 | 26,730 | 6,169 | 904 | 335,386 | ||||||||||||||||||||
Pass | 32,183 | 129,979 | 76,118 | 39,050 | 17,653 | 24,885 | 6,169 | 688 | 326,725 | ||||||||||||||||||||
Special Mention | 49 | 244 | 64 | 6 | 53 | 210 | — | — | 626 | ||||||||||||||||||||
Substandard | 408 | 387 | 1,272 | 2,482 | 1,635 | 1,635 | — | 216 | 8,035 | ||||||||||||||||||||
Land Development | 20,751 | 57,234 | 34,715 | 485 | 166 | 8,500 | 2,603 | — | 124,454 | ||||||||||||||||||||
Pass | 20,711 | 57,184 | 34,715 | 466 | 166 | 8,356 | 2,603 | — | 124,201 | ||||||||||||||||||||
Special Mention | — | 50 | — | — | — | 101 | — | — | 151 | ||||||||||||||||||||
Substandard | 40 | — | — | 19 | — | 43 | — | — | 102 | ||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | Commercial, Financial, Agricultural | $ | 209,517 | $ | 321,447 | $ | 173,774 | $ | 111,082 | $ | 54,041 | $ | 43,272 | $ | 887,332 | $ | 9,638 | $ | 1,810,103 | |||||||||||||||||||||||||||||||||||||||
Pass | Pass | 208,279 | 313,954 | 173,042 | 103,496 | 53,443 | 35,709 | 874,771 | 9,205 | 1,771,899 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 956 | 199 | 76 | 7,382 | 104 | 282 | 2,016 | 68 | 11,083 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 282 | 7,294 | 656 | 204 | 494 | 7,281 | 10,545 | 365 | 27,121 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lease Financing Receivables | Lease Financing Receivables | $ | 29,823 | $ | 51,869 | $ | 13,669 | $ | 14,435 | $ | 7,183 | $ | 3,728 | $ | — | $ | — | $ | 120,707 | |||||||||||||||||||||||||||||||||||||||
Pass | Pass | 28,967 | 49,031 | 13,589 | 12,451 | 6,464 | 3,173 | — | — | 113,675 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | 2,742 | — | 1,984 | 704 | 555 | — | — | 5,985 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 856 | 96 | 80 | — | 15 | — | — | — | 1,047 | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - Construction | Real Estate - Construction | $ | 291,375 | $ | 530,558 | $ | 380,465 | $ | 70,196 | $ | — | $ | 1,853 | $ | 19,420 | $ | — | $ | 1,293,867 | |||||||||||||||||||||||||||||||||||||||
Residential | Residential | 154,594 | 28,190 | 1,691 | — | — | 373 | 1,893 | — | 186,741 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 152,666 | 24,691 | 1,691 | — | — | 373 | 1,893 | — | 181,314 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 1,676 | — | — | — | — | — | — | — | 1,676 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 252 | 3,499 | — | — | — | — | — | — | 3,751 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 136,781 | 502,368 | 378,774 | 70,196 | — | 1,480 | 17,527 | — | 1,107,126 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 122,844 | 490,026 | 378,774 | 70,196 | — | 1,480 | 17,527 | — | 1,080,847 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 13,937 | 12,342 | — | — | — | — | — | — | 26,279 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | Real Estate - 1-4 Family Mortgage | $ | 97,047 | $ | 187,590 | $ | 111,150 | $ | 44,383 | $ | 21,226 | $ | 40,209 | $ | 27,447 | $ | 1,645 | $ | 530,697 | |||||||||||||||||||||||||||||||||||||||
Primary | Primary | 5,184 | 9,098 | 6,517 | 4,211 | 1,948 | 9,510 | 2,039 | 944 | 39,451 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 5,000 | 8,874 | 6,180 | 4,211 | 1,936 | 8,893 | 2,039 | 944 | 38,077 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 184 | — | — | — | — | 38 | — | — | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 224 | 337 | — | 12 | 579 | — | — | 1,152 | ||||||||||||||||||||||||||||||||||||||||||||||||
Home Equity | Home Equity | 1,012 | 13 | 1,010 | — | — | 21 | 18,082 | 90 | 20,228 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 1,012 | 13 | 1,010 | — | — | 2 | 18,082 | — | 20,119 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | 19 | — | 90 | 109 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rental/Investment | Rental/Investment | 58,230 | 130,212 | 77,443 | 39,715 | 19,122 | 23,171 | 5,039 | 611 | 353,543 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 57,836 | 129,791 | 76,496 | 37,532 | 17,748 | 22,002 | 5,039 | 352 | 346,796 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 111 | 49 | 63 | 5 | 51 | 45 | — | — | 324 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 283 | 372 | 884 | 2,178 | 1,323 | 1,124 | — | 259 | 6,423 | ||||||||||||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 32,621 | 48,267 | 26,180 | 457 | 156 | 7,507 | 2,287 | — | 117,475 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 32,582 | 48,267 | 26,180 | 438 | 156 | 7,365 | 2,287 | — | 117,275 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | 101 | — | — | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 39 | — | — | 19 | — | 41 | — | — | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | Real Estate - Commercial Mortgage | $ | 299,282 | $ | 1,632,288 | $ | 1,081,857 | $ | 703,409 | $ | 451,560 | $ | 920,297 | $ | 125,452 | $ | 24,729 | $ | 5,238,874 | Real Estate - Commercial Mortgage | $ | 497,538 | $ | 1,621,729 | $ | 1,096,136 | $ | 684,074 | $ | 440,916 | $ | 797,222 | $ | 135,203 | $ | 26,339 | $ | 5,299,157 | ||||||||||||||||||||
Owner-Occupied | Owner-Occupied | 88,498 | 324,773 | 327,055 | 225,311 | 166,529 | 362,717 | 55,483 | 3,395 | 1,553,761 | Owner-Occupied | 167,252 | 342,672 | 319,261 | 224,003 | 163,826 | 312,580 | 55,112 | 3,335 | 1,588,041 | ||||||||||||||||||||||||||||||||||||||
Pass | Pass | 87,853 | 313,918 | 323,360 | 221,598 | 162,782 | 340,878 | 46,343 | 3,110 | 1,499,842 | Pass | 166,283 | 331,636 | 316,304 | 222,279 | 161,151 | 302,212 | 51,184 | 3,050 | 1,554,099 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 322 | — | 2,281 | 1,115 | 405 | 679 | 19 | — | 4,821 | Special Mention | 315 | 2,671 | 1,262 | — | 283 | 1,899 | 20 | — | 6,450 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 323 | 10,855 | 1,414 | 2,598 | 3,342 | 21,160 | 9,121 | 285 | 49,098 | Substandard | 654 | 8,365 | 1,695 | 1,724 | 2,392 | 8,469 | 3,908 | 285 | 27,492 | ||||||||||||||||||||||||||||||||||||||
Non-Owner Occupied | Non-Owner Occupied | 201,254 | 1,258,819 | 739,030 | 472,819 | 279,605 | 548,488 | 63,974 | 21,145 | 3,585,134 | Non-Owner Occupied | 312,830 | 1,232,860 | 762,571 | 454,981 | 272,048 | 477,974 | 74,471 | 22,818 | 3,610,553 | ||||||||||||||||||||||||||||||||||||||
Pass | Pass | 201,225 | 1,255,224 | 736,016 | 472,819 | 256,063 | 466,144 | 63,974 | 11,960 | 3,463,425 | Pass | 312,801 | 1,229,495 | 758,940 | 452,226 | 234,511 | 427,970 | 74,471 | 13,899 | 3,504,313 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 29 | 463 | 2,633 | — | 7,007 | 25,645 | — | — | 35,777 | Special Mention | 29 | 458 | 3,257 | 2,755 | 14,253 | 13,132 | — | — | 33,884 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 3,132 | 381 | — | 16,535 | 56,699 | — | 9,185 | 85,932 | Substandard | — | 2,907 | 374 | — | 23,284 | 36,872 | — | 8,919 | 72,356 | ||||||||||||||||||||||||||||||||||||||
Land Development | Land Development | 9,530 | 48,696 | 15,772 | 5,279 | 5,426 | 9,092 | 5,995 | 189 | 99,979 | Land Development | 17,456 | 46,197 | 14,304 | 5,090 | 5,042 | 6,668 | 5,620 | 186 | 100,563 | ||||||||||||||||||||||||||||||||||||||
Pass | 9,495 | 48,194 | 15,452 | 4,836 | 5,404 | 8,635 | 5,938 | 189 | 98,143 | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 193 | 38 | — | — | — | — | — | 231 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 35 | 309 | 282 | 443 | 22 | 457 | 57 | — | 1,605 | |||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | $ | — | $ | — | $ | — | $ | — | $ | 13 | $ | — | $ | — | $ | — | $ | 13 | ||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | 13 | — | — | — | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans subject to risk rating | $ | 728,669 | $ | 2,773,029 | $ | 1,800,143 | $ | 972,470 | $ | 538,425 | $ | 1,020,953 | $ | 980,069 | $ | 35,017 | $ | 8,848,775 | ||||||||||||||||||||||||||||||||||||||||
Pass | 725,780 | 2,741,490 | 1,790,235 | 962,474 | 507,824 | 902,924 | 955,660 | 24,990 | 8,611,377 | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 693 | 5,381 | 5,246 | 4,151 | 8,467 | 29,147 | 3,456 | 73 | 56,614 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 2,196 | 26,158 | 4,662 | 5,845 | 22,134 | 88,882 | 20,953 | 9,954 | 180,784 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
Pass | 16,999 | 42,280 | 13,953 | 4,658 | 5,022 | 6,423 | 5,597 | 186 | 95,118 | ||||||||||||||||||||
Special Mention | 396 | 3,421 | 36 | — | — | — | — | — | 3,853 | ||||||||||||||||||||
Substandard | 61 | 496 | 315 | 432 | 20 | 245 | 23 | — | 1,592 | ||||||||||||||||||||
Installment loans to individuals | $ | 65 | $ | — | $ | — | $ | — | $ | 8 | $ | — | $ | — | $ | — | $ | 73 | |||||||||||
Pass | 65 | — | — | — | 8 | — | — | — | 73 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total loans subject to risk rating | $ | 1,125,365 | $ | 2,713,193 | $ | 1,775,194 | $ | 924,170 | $ | 523,374 | $ | 886,284 | $ | 1,069,402 | $ | 37,622 | $ | 9,054,604 | |||||||||||
Pass | 1,105,334 | 2,668,058 | 1,766,159 | 907,487 | 480,439 | 815,602 | 1,052,890 | 27,636 | 8,823,605 | ||||||||||||||||||||
Special Mention | 17,604 | 21,882 | 4,694 | 12,126 | 15,395 | 16,052 | 2,036 | 68 | 89,857 | ||||||||||||||||||||
Substandard | 2,427 | 23,253 | 4,341 | 4,557 | 27,540 | 54,630 | 14,476 | 9,918 | 141,142 |
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 | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
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 | 12,877 | 7,965 | 5,068 | 2,435 | 4,522 | 8,723 | 4,931 | 106 | 46,627 | ||||||||||||||||||||
Pass | 12,616 | 7,965 | 5,068 | 2,421 | 4,522 | 8,419 | 4,931 | 106 | 46,048 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | 51 | — | — | 51 | ||||||||||||||||||||
Substandard | 261 | — | — | 14 | — | 253 | — | — | 528 | ||||||||||||||||||||
Home Equity | 272 | 1,187 | — | 38 | 5 | 27 | 14,485 | 141 | 16,155 | ||||||||||||||||||||
Pass | 272 | 1,187 | — | 38 | 5 | 27 | 14,485 | 7 | 16,021 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | 134 | 134 | ||||||||||||||||||||
Rental/Investment | 138,481 | 85,711 | 42,056 | 21,997 | 14,785 | 24,448 | 5,972 | 787 | 334,237 | ||||||||||||||||||||
Pass | 138,137 | 85,522 | 41,604 | 21,097 | 14,671 | 22,899 | 5,972 | 482 | 330,384 | ||||||||||||||||||||
Special Mention | 231 | — | — | — | — | 174 | — | — | 405 | ||||||||||||||||||||
Substandard | 113 | 189 | 452 | 900 | 114 | 1,375 | — | 305 | 3,448 | ||||||||||||||||||||
Land Development | 81,740 | 46,203 | 1,529 | 194 | 6,292 | 2,773 | 1,532 | 204 | 140,467 | ||||||||||||||||||||
Pass | 80,514 | 46,203 | 1,525 | 194 | 6,292 | 2,723 | 1,532 | 204 | 139,187 | ||||||||||||||||||||
Special Mention | 1,226 | — | — | — | — | — | — | — | 1,226 | ||||||||||||||||||||
Substandard | — | — | 4 | — | — | 50 | — | — | 54 | ||||||||||||||||||||
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 | 309,792 | 319,174 | 239,946 | 178,137 | 128,452 | 302,495 | 57,869 | 3,300 | 1,539,165 | ||||||||||||||||||||
Pass | 298,851 | 314,429 | 237,058 | 175,262 | 122,537 | 282,657 | 50,640 | 3,300 | 1,484,734 | ||||||||||||||||||||
Special Mention | 9,640 | 3,047 | 815 | 1,670 | — | 672 | 4,808 | — | 20,652 | ||||||||||||||||||||
Substandard | 1,301 | 1,698 | 2,073 | 1,205 | 5,915 | 19,166 | 2,421 | — | 33,779 | ||||||||||||||||||||
Non-Owner Occupied | 1,256,098 | 657,121 | 466,703 | 346,908 | 144,872 | 501,863 | 57,637 | 21,680 | 3,452,882 | ||||||||||||||||||||
Pass | 1,252,484 | 647,937 | 466,703 | 322,997 | 127,358 | 418,294 | 57,637 | 12,142 | 3,305,552 | ||||||||||||||||||||
Special Mention | 506 | — | — | 21,961 | 17,509 | 8,975 | — | — | 48,951 | ||||||||||||||||||||
Substandard | 3,108 | 9,184 | — | 1,950 | 5 | 74,594 | — | 9,538 | 98,379 | ||||||||||||||||||||
Land Development | 58,307 | 24,268 | 6,654 | 6,379 | 4,538 | 6,561 | 5,799 | 193 | 112,699 | ||||||||||||||||||||
Pass | 58,307 | 24,228 | 6,342 | 6,379 | 4,465 | 6,067 | 5,799 | 193 | 111,780 | ||||||||||||||||||||
Special Mention | — | 40 | — | — | — | — | — | — | 40 | ||||||||||||||||||||
Substandard | — | — | 312 | — | 73 | 494 | — | — | 879 | ||||||||||||||||||||
Installment loans to individuals | $ | — | $ | — | $ | — | $ | 24 | $ | — | $ | — | $ | — | $ | — | $ | 24 | |||||||||||
Pass | — | — | — | 24 | — | — | — | — | 24 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
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 | 2,945,114 | 1,831,620 | 1,025,563 | 608,367 | 305,463 | 777,311 | 859,244 | 19,242 | 8,371,924 | ||||||||||||||||||||
Special Mention | 12,328 | 3,087 | 1,825 | 24,014 | 18,187 | 10,226 | 16,424 | 80 | 86,171 | ||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | — | $ | 13 | $ | — | $ | — | $ | — | $ | 12,141 | $ | — | $ | — | $ | 12,154 | |||||||||||
Performing Loans | — | 13 | — | — | — | 12,141 | — | — | 12,154 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - Construction | $ | 13,699 | $ | 71,472 | $ | 33,228 | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | 118,408 | |||||||||||
Residential | 13,699 | 71,472 | 33,228 | — | — | — | 9 | — | 118,408 | ||||||||||||||||||||
Performing Loans | 13,699 | 71,472 | 33,228 | — | — | — | 9 | — | 118,408 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | 212,571 | $ | 715,606 | $ | 548,966 | $ | 331,405 | $ | 145,876 | $ | 391,344 | $ | 477,190 | $ | 5,705 | $ | 2,828,663 | |||||||||||
Primary | 209,042 | 710,207 | 546,177 | 330,520 | 145,348 | 390,002 | — | 54 | 2,331,350 | ||||||||||||||||||||
Performing Loans | 208,984 | 706,836 | 542,180 | 323,546 | 140,598 | 372,881 | — | 54 | 2,295,079 | ||||||||||||||||||||
Non-Performing Loans | 58 | 3,371 | 3,997 | 6,974 | 4,750 | 17,121 | — | — | 36,271 | ||||||||||||||||||||
Home Equity | — | — | 111 | — | — | 627 | 477,190 | 5,651 | 483,579 | ||||||||||||||||||||
Performing Loans | — | — | 111 | — | — | 562 | 475,953 | 4,653 | 481,279 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | 65 | 1,237 | 998 | 2,300 | ||||||||||||||||||||
Rental/Investment | — | — | — | — | — | 123 | — | — | 123 | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | 123 | — | — | 123 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Land Development | 3,529 | 5,399 | 2,678 | 885 | 528 | 592 | — | — | 13,611 | ||||||||||||||||||||
Performing Loans | 3,529 | 5,399 | 2,678 | 885 | 528 | 592 | — | — | 13,611 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | 2,816 | $ | 3,768 | $ | 3,223 | $ | 2,203 | $ | 1,046 | $ | 549 | $ | — | $ | — | $ | 13,605 | |||||||||||
Owner-Occupied | — | — | — | 129 | — | — | — | — | 129 | ||||||||||||||||||||
Performing Loans | — | — | — | 129 | — | — | — | — | 129 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Owner Occupied | — | — | — | 26 | — | — | — | — | 26 | ||||||||||||||||||||
Performing Loans | — | — | — | 26 | — | — | — | — | 26 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Land Development | 2,816 | 3,768 | 3,223 | 2,048 | 1,046 | 549 | — | — | 13,450 | ||||||||||||||||||||
Performing Loans | 2,816 | 3,725 | 3,223 | 2,044 | 1,046 | 549 | — | — | 13,403 | ||||||||||||||||||||
Non-Performing Loans | — | 43 | — | 4 | — | — | — | — | 47 | ||||||||||||||||||||
Installment loans to individuals | $ | 21,153 | $ | 25,881 | $ | 10,415 | $ | 4,340 | $ | 11,782 | $ | 21,476 | $ | 13,843 | $ | 21 | $ | 108,911 | |||||||||||
Performing Loans | 21,153 | 25,779 | 10,413 | 4,309 | 11,745 | 21,382 | 13,843 | 15 | 108,639 | ||||||||||||||||||||
Non-Performing Loans | — | 102 | 2 | 31 | 37 | 94 | — | 6 | 272 | ||||||||||||||||||||
Total loans not subject to risk rating | $ | 250,239 | $ | 816,740 | $ | 595,832 | $ | 337,948 | $ | 158,704 | $ | 425,510 | $ | 491,042 | $ | 5,726 | $ | 3,081,741 | |||||||||||
Performing Loans | 250,181 | 813,224 | 591,833 | 330,939 | 153,917 | 408,230 | 489,805 | 4,722 | 3,042,851 | ||||||||||||||||||||
Non-Performing Loans | 58 | 3,516 | 3,999 | 7,009 | 4,787 | 17,280 | 1,237 | 1,004 | 38,890 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans | |||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | — | $ | 13 | $ | — | $ | —�� | $ | — | $ | 9,775 | $ | — | $ | — | $ | 9,788 | |||||||||||
Performing Loans | — | 13 | — | — | — | 9,775 | — | — | 9,788 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Lease Financing Receivables | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17 | $ | — | $ | — | $ | 17 | |||||||||||
Performing Loans | — | — | — | — | — | 17 | — | — | 17 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - Construction | $ | 27,241 | $ | 61,868 | $ | 24,191 | $ | — | $ | — | $ | — | $ | 189 | $ | 8 | $ | 113,497 | |||||||||||
Residential | 27,241 | 61,868 | 24,191 | — | — | — | 189 | 8 | 113,497 | ||||||||||||||||||||
Performing Loans | 27,241 | 61,868 | 24,191 | — | — | — | 189 | 8 | 113,497 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | 295,730 | $ | 717,003 | $ | 543,011 | $ | 320,975 | $ | 139,564 | $ | 363,347 | $ | 482,745 | $ | 5,804 | $ | 2,868,179 | |||||||||||
Primary | 291,259 | 712,365 | 540,970 | 320,125 | 139,123 | 362,360 | — | 50 | 2,366,252 | ||||||||||||||||||||
Performing Loans | 290,861 | 706,613 | 536,131 | 311,060 | 134,619 | 345,018 | — | 50 | 2,324,352 | ||||||||||||||||||||
Non-Performing Loans | 398 | 5,752 | 4,839 | 9,065 | 4,504 | 17,342 | — | — | 41,900 | ||||||||||||||||||||
Home Equity | — | — | 111 | — | — | 556 | 482,745 | 5,754 | 489,166 | ||||||||||||||||||||
Performing Loans | — | — | 111 | — | — | 494 | 481,565 | 4,398 | 486,568 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | 62 | 1,180 | 1,356 | 2,598 | ||||||||||||||||||||
Rental/Investment | — | — | — | — | — | 70 | — | — | 70 | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | 70 | — | — | 70 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Land Development | 4,471 | 4,638 | 1,930 | 850 | 441 | 361 | — | — | 12,691 | ||||||||||||||||||||
Performing Loans | 4,471 | 4,528 | 1,930 | 850 | 441 | 361 | — | — | 12,581 | ||||||||||||||||||||
Non-Performing Loans | — | 110 | — | — | — | — | — | — | 110 | ||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | 3,913 | $ | 3,529 | $ | 3,145 | $ | 2,046 | $ | 947 | $ | 429 | $ | — | $ | — | $ | 14,009 | |||||||||||
Owner-Occupied | — | — | — | 128 | — | 5 | — | — | 133 | ||||||||||||||||||||
Performing Loans | — | — | — | 128 | — | 5 | — | — | 133 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Owner Occupied | — | — | — | 25 | — | — | — | — | 25 | ||||||||||||||||||||
Performing Loans | — | — | — | 25 | — | — | — | — | 25 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Land Development | 3,913 | 3,529 | 3,145 | 1,893 | 947 | 424 | — | — | 13,851 | ||||||||||||||||||||
Performing Loans | 3,913 | 3,487 | 3,145 | 1,890 | 947 | 424 | — | — | 13,806 | ||||||||||||||||||||
Non-Performing Loans | — | 42 | — | 3 | — | — | — | — | 45 | ||||||||||||||||||||
Installment loans to individuals | $ | 30,842 | $ | 21,118 | $ | 8,719 | $ | 3,647 | $ | 10,714 | $ | 19,182 | $ | 13,689 | $ | 18 | $ | 107,929 | |||||||||||
Performing Loans | 30,836 | 21,021 | 8,719 | 3,643 | 10,680 | 19,067 | 13,689 | 17 | 107,672 | ||||||||||||||||||||
Non-Performing Loans | 6 | 97 | — | 4 | 34 | 115 | — | 1 | 257 | ||||||||||||||||||||
Total loans not subject to risk rating | $ | 357,726 | $ | 803,531 | $ | 579,066 | $ | 326,668 | $ | 151,225 | $ | 392,750 | $ | 496,623 | $ | 5,830 | $ | 3,113,419 | |||||||||||
Performing Loans | 357,322 | 797,530 | 574,227 | 317,596 | 146,687 | 375,231 | 495,443 | 4,473 | 3,068,509 | ||||||||||||||||||||
Non-Performing Loans | 404 | 6,001 | 4,839 | 9,072 | 4,538 | 17,519 | 1,180 | 1,357 | 44,910 |
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 | $ | 13 | $ | — | $ | — | $ | — | $ | — | $ | 16,163 | $ | — | $ | — | $ | 16,176 | |||||||||||
Performing Loans | 13 | — | — | — | — | 16,163 | — | — | 16,176 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Lease Financing Receivables | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - Construction | $ | 57,570 | $ | 61,245 | $ | 497 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 119,312 | |||||||||||
Residential | 57,570 | 61,245 | 497 | — | — | — | — | — | 119,312 | ||||||||||||||||||||
Performing Loans | 57,493 | 61,245 | 497 | — | — | — | — | — | 119,235 | ||||||||||||||||||||
Non-Performing Loans | 77 | — | — | — | — | — | — | — | 77 | ||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
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 | 694,941 | 541,801 | 350,205 | 154,979 | 115,876 | 318,364 | — | 63 | 2,176,229 | ||||||||||||||||||||
Performing Loans | 694,221 | 538,870 | 345,912 | 150,821 | 109,156 | 307,178 | — | 63 | 2,146,221 | ||||||||||||||||||||
Non-Performing Loans | 720 | 2,931 | 4,293 | 4,158 | 6,720 | 11,186 | — | — | 30,008 | ||||||||||||||||||||
Home Equity | — | 111 | — | — | — | 676 | 481,254 | 3,710 | 485,751 | ||||||||||||||||||||
Performing Loans | — | 111 | — | — | — | 609 | 480,094 | 3,026 | 483,840 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | 67 | 1,160 | 684 | 1,911 | ||||||||||||||||||||
Rental/Investment | — | — | — | — | — | 145 | — | — | 145 | ||||||||||||||||||||
Performing Loans | — | — | — | — | — | 145 | — | — | 145 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Land Development | 9,273 | 4,344 | 1,008 | 570 | 1,075 | 382 | — | — | 16,652 | ||||||||||||||||||||
Performing Loans | 9,257 | 4,344 | 1,008 | 570 | 1,075 | 319 | — | — | 16,573 | ||||||||||||||||||||
Non-Performing Loans | 16 | — | — | — | — | 63 | — | — | 79 | ||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | 4,805 | $ | 3,518 | $ | 2,587 | $ | 1,281 | $ | 691 | $ | 435 | $ | — | $ | — | $ | 13,317 | |||||||||||
Owner-Occupied | — | — | 131 | — | — | — | — | — | 131 | ||||||||||||||||||||
Performing Loans | — | — | 131 | — | — | — | — | — | 131 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Owner Occupied | — | — | 28 | — | — | — | — | — | 28 | ||||||||||||||||||||
Performing Loans | — | — | 28 | — | — | — | — | — | 28 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Land Development | 4,805 | 3,518 | 2,428 | 1,281 | 691 | 435 | — | — | 13,158 | ||||||||||||||||||||
Performing Loans | 4,805 | 3,518 | 2,422 | 1,281 | 691 | 435 | — | — | 13,152 | ||||||||||||||||||||
Non-Performing Loans | — | — | 6 | — | — | — | — | — | 6 | ||||||||||||||||||||
Installment loans to individuals | $ | 44,255 | $ | 15,976 | $ | 6,416 | $ | 14,252 | $ | 17,095 | $ | 10,626 | $ | 16,062 | $ | 39 | $ | 124,721 | |||||||||||
Performing Loans | 44,227 | 15,927 | 6,389 | 14,211 | 17,076 | 10,532 | 16,062 | 35 | 124,459 | ||||||||||||||||||||
Non-Performing Loans | 28 | 49 | 27 | 41 | 19 | 94 | — | 4 | 262 | ||||||||||||||||||||
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 | 810,016 | 624,015 | 356,387 | 166,883 | 127,998 | 335,381 | 496,156 | 3,124 | 2,919,960 | ||||||||||||||||||||
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 | Total Charge-offs | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total Charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 17 | $ | 403 | $ | 118 | $ | 120 | $ | — | $ | 3,945 | $ | 865 | $ | 5,468 | Commercial, financial, agricultural | $ | 898 | $ | 1,064 | $ | 59 | $ | 123 | $ | 583 | $ | 4,128 | $ | 865 | $ | 7,720 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | — | 273 | 248 | 72 | 48 | — | — | 641 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | — | 57 | — | — | — | — | — | 57 | Residential | — | 57 | — | — | — | — | — | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | Primary | — | — | — | — | — | 57 | — | 57 | Primary | — | — | — | — | — | 57 | — | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | — | — | — | — | 25 | 82 | — | 107 | Home equity | — | — | — | — | 25 | 90 | — | 115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | Rental/investment | — | 51 | — | — | — | — | — | 51 | Rental/investment | — | — | 91 | 72 | 10 | — | — | 173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | — | 51 | — | — | 25 | 139 | — | 215 | Total real estate – 1-4 family mortgage | — | — | 91 | 72 | 35 | 147 | — | 345 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | — | — | — | — | — | 525 | — | 525 | Owner-occupied | — | — | — | — | — | 527 | — | 527 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | — | — | — | 2,442 | — | 2,545 | — | 4,987 | Non-owner occupied | — | — | — | — | — | 4,985 | — | 4,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | — | — | — | 2,442 | — | 3,070 | — | 5,512 | Total real estate – commercial mortgage | — | — | — | — | — | 5,512 | — | 5,512 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 3 | 37 | 38 | 5 | 2 | 1,305 | — | 1,390 | Installment loans to individuals | 29 | 34 | 41 | 35 | 4 | 1,854 | — | 1,997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | $ | 20 | $ | 548 | $ | 156 | $ | 2,567 | $ | 27 | $ | 8,459 | $ | 865 | $ | 12,642 | Loans, net of unearned income | $ | 927 | $ | 1,428 | $ | 439 | $ | 302 | $ | 670 | $ | 11,641 | $ | 865 | $ | 16,272 |
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 June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 44,678 | $ | 19,959 | $ | 45,981 | $ | 72,770 | $ | 2,437 | $ | 9,467 | $ | 195,292 | Beginning balance | $ | 41,310 | $ | 19,125 | $ | 46,434 | $ | 75,667 | $ | 2,480 | $ | 9,375 | $ | 194,391 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (4,939) | (57) | (212) | (397) | — | (580) | (6,185) | Charge-offs | (2,252) | — | (130) | — | (641) | (607) | (3,630) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,274 | — | 170 | 278 | 6 | 556 | 2,284 | Recoveries | 690 | 48 | 181 | 208 | 2 | 568 | 1,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (3,665) | (57) | (42) | (119) | 6 | (24) | (3,901) | Net (charge-offs) recoveries | (1,562) | 48 | 51 | 208 | (639) | (39) | (1,933) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses on loans | Provision for (recovery of) credit losses on loans | 297 | (777) | 495 | 3,016 | 37 | (68) | 3,000 | Provision for (recovery of) credit losses on loans | 4,696 | 483 | (686) | (642) | 1,514 | (50) | 5,315 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 41,310 | $ | 19,125 | $ | 46,434 | $ | 75,667 | $ | 2,480 | $ | 9,375 | $ | 194,391 | Ending balance | $ | 44,444 | $ | 19,656 | $ | 45,799 | $ | 75,233 | $ | 3,355 | $ | 9,286 | $ | 197,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 44,255 | $ | 19,114 | $ | 44,727 | $ | 71,798 | $ | 2,463 | $ | 9,733 | $ | 192,090 | Beginning balance | $ | 44,255 | $ | 19,114 | $ | 44,727 | $ | 71,798 | $ | 2,463 | $ | 9,733 | $ | 192,090 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial impact of purchased credit deteriorated loans acquired during the period | Initial impact of purchased credit deteriorated loans acquired during the period | (26) | — | — | — | — | — | (26) | Initial impact of purchased credit deteriorated loans acquired during the period | (26) | — | — | — | — | — | (26) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (5,468) | (57) | (215) | (5,512) | — | (1,390) | (12,642) | Charge-offs | (7,720) | (57) | (345) | (5,512) | (641) | (1,997) | (16,272) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,999 | — | 194 | 489 | 11 | 1,316 | 4,009 | Recoveries | 2,689 | 48 | 375 | 697 | 13 | 1,884 | 5,706 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (3,469) | (57) | (21) | (5,023) | 11 | (74) | (8,633) | Net (charge-offs) recoveries | (5,031) | (9) | 30 | (4,815) | (628) | (113) | (10,566) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses on loans | Provision for (recovery of) credit losses on loans | 550 | 68 | 1,728 | 8,892 | 6 | (284) | 10,960 | Provision for (recovery of) credit losses on loans | 5,246 | 551 | 1,042 | 8,250 | 1,520 | (334) | 16,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 41,310 | $ | 19,125 | $ | 46,434 | $ | 75,667 | $ | 2,480 | $ | 9,375 | $ | 194,391 | Ending balance | $ | 44,444 | $ | 19,656 | $ | 45,799 | $ | 75,233 | $ | 3,355 | $ | 9,286 | $ | 197,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-End Amount Allocated to: | Period-End Amount Allocated to: | Period-End Amount Allocated to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 10,773 | $ | — | $ | 703 | $ | 1,269 | $ | — | $ | 270 | $ | 13,015 | Individually evaluated | $ | 11,194 | $ | — | $ | 77 | $ | 1,260 | $ | 856 | $ | 270 | $ | 13,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated | Collectively evaluated | 30,537 | 19,125 | 45,731 | 74,398 | 2,480 | 9,105 | 181,376 | Collectively evaluated | 33,250 | 19,656 | 45,722 | 73,973 | 2,499 | 9,016 | 184,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 41,310 | $ | 19,125 | $ | 46,434 | $ | 75,667 | $ | 2,480 | $ | 9,375 | $ | 194,391 | Ending balance | $ | 44,444 | $ | 19,656 | $ | 45,799 | $ | 75,233 | $ | 3,355 | $ | 9,286 | $ | 197,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 21,418 | $ | — | $ | 13,545 | $ | 40,239 | $ | — | $ | 270 | $ | 75,472 | Individually evaluated | $ | 20,996 | $ | — | $ | 13,007 | $ | 18,403 | $ | 1,047 | $ | 270 | $ | 53,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated | Collectively evaluated | 1,707,652 | 1,369,019 | 3,335,109 | 5,212,240 | 122,370 | 108,654 | 11,855,044 | Collectively evaluated | 1,798,895 | 1,407,364 | 3,385,869 | 5,294,763 | 119,677 | 107,732 | 12,114,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 1,729,070 | $ | 1,369,019 | $ | 3,348,654 | $ | 5,252,479 | $ | 122,370 | $ | 108,924 | $ | 11,930,516 | Ending balance | $ | 1,819,891 | $ | 1,407,364 | $ | 3,398,876 | $ | 5,313,166 | $ | 120,724 | $ | 108,002 | $ | 12,168,023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccruing loans with no allowance for credit losses | Nonaccruing loans with no allowance for credit losses | $ | 2,021 | $ | — | $ | 10,516 | $ | 3,969 | $ | — | $ | — | $ | 16,506 | Nonaccruing loans with no allowance for credit losses | $ | 1,987 | $ | — | $ | 11,441 | $ | 11,226 | $ | 191 | $ | — | $ | 24,845 |
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 June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 33,606 | $ | 18,411 | $ | 36,848 | $ | 65,231 | $ | 1,582 | $ | 10,790 | $ | 166,468 | Beginning balance | $ | 30,193 | $ | 17,290 | $ | 41,910 | $ | 64,373 | $ | 1,802 | $ | 10,563 | $ | 166,131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (2,239) | — | (161) | (708) | — | (850) | (3,958) | Charge-offs | (373) | — | (208) | (1,956) | — | (722) | (3,259) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 431 | — | 169 | 192 | 11 | 818 | 1,621 | Recoveries | 415 | — | 378 | 50 | 113 | 728 | 1,684 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (1,808) | — | 8 | (516) | 11 | (32) | (2,337) | Net (charge-offs) recoveries | 42 | — | 170 | (1,906) | 113 | 6 | (1,575) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses on loans | Provision for (recovery of) credit losses on loans | (1,605) | (1,121) | 5,054 | (342) | 209 | (195) | 2,000 | Provision for (recovery of) credit losses on loans | 268 | 1,454 | 1,452 | 6,800 | 399 | (573) | 9,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 30,193 | $ | 17,290 | $ | 41,910 | $ | 64,373 | $ | 1,802 | $ | 10,563 | $ | 166,131 | Ending balance | $ | 30,503 | $ | 18,744 | $ | 43,532 | $ | 69,267 | $ | 2,314 | $ | 9,996 | $ | 174,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 33,922 | $ | 16,419 | $ | 32,356 | $ | 68,940 | $ | 1,486 | $ | 11,048 | $ | 164,171 | Beginning balance | $ | 33,922 | $ | 16,419 | $ | 32,356 | $ | 68,940 | $ | 1,486 | $ | 11,048 | $ | 164,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial impact of purchased credit deteriorated loans acquired during the period | Initial impact of purchased credit deteriorated loans acquired during the period | 1,648 | — | — | — | — | — | 1,648 | Initial impact of purchased credit deteriorated loans acquired during the period | 1,648 | — | — | — | — | — | 1,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (4,341) | — | (324) | (714) | (7) | (1,629) | (7,015) | Charge-offs | (4,714) | — | (532) | (2,670) | (7) | (2,351) | (10,274) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,567 | — | 347 | 347 | 23 | 1,543 | 3,827 | Recoveries | 1,982 | — | 725 | 397 | 136 | 2,271 | 5,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (2,774) | — | 23 | (367) | 16 | (86) | (3,188) | Net (charge-offs) recoveries | (2,732) | — | 193 | (2,273) | 129 | (80) | (4,763) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses on loans | Provision for (recovery of) credit losses on loans | (2,603) | 871 | 9,531 | (4,200) | 300 | (399) | 3,500 | Provision for (recovery of) credit losses on loans | (2,335) | 2,325 | 10,983 | 2,600 | 699 | (972) | 13,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 30,193 | $ | 17,290 | $ | 41,910 | $ | 64,373 | $ | 1,802 | $ | 10,563 | $ | 166,131 | 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 | $ | 4,567 | $ | — | $ | 85 | $ | 1,674 | $ | — | $ | 570 | $ | 6,896 | Individually evaluated | $ | 4,064 | $ | — | $ | — | $ | 2,649 | $ | — | $ | 370 | $ | 7,083 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated | Collectively evaluated | 25,626 | 17,290 | 41,825 | 62,699 | 1,802 | 9,993 | 159,235 | Collectively evaluated | 26,439 | 18,744 | 43,532 | 66,618 | 2,314 | 9,626 | 167,273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 30,193 | $ | 17,290 | $ | 41,910 | $ | 64,373 | $ | 1,802 | $ | 10,563 | $ | 166,131 | Ending balance | $ | 30,503 | $ | 18,744 | $ | 43,532 | $ | 69,267 | $ | 2,314 | $ | 9,996 | $ | 174,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 9,534 | $ | — | $ | 4,127 | $ | 11,716 | $ | — | $ | 570 | $ | 25,947 | Individually evaluated | $ | 9,088 | $ | 153 | $ | 5,965 | $ | 19,043 | $ | — | $ | 370 | $ | 34,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated | Collectively evaluated | 1,487,738 | 1,126,363 | 3,025,956 | 4,705,797 | 101,350 | 130,593 | 10,577,797 | Collectively evaluated | 1,504,003 | 1,214,903 | 3,121,924 | 4,997,622 | 103,357 | 128,576 | 11,070,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 1,497,272 | $ | 1,126,363 | $ | 3,030,083 | $ | 4,717,513 | $ | 101,350 | $ | 131,163 | $ | 10,603,744 | Ending balance | $ | 1,513,091 | $ | 1,215,056 | $ | 3,127,889 | $ | 5,016,665 | $ | 103,357 | $ | 128,946 | $ | 11,105,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccruing loans with no allowance for credit losses | Nonaccruing loans with no allowance for credit losses | $ | 849 | $ | — | $ | 3,594 | $ | 3,492 | $ | — | $ | — | $ | 7,935 | Nonaccruing loans with no allowance for credit losses | $ | 429 | $ | 153 | $ | 5,809 | $ | 4,633 | $ | — | $ | 2 | $ | 11,026 |
Three Months Ended June 30, | 2023 | 2022 | ||||||||||||||
Allowance for credit losses on unfunded loan commitments: | ||||||||||||||||
Beginning balance | $ | 18,618 | $ | 19,485 | ||||||||||||
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense) | (1,000) | 450 | ||||||||||||||
Ending balance | $ | 17,618 | $ | 19,935 | ||||||||||||
Six Months Ended June 30, | 2023 | 2022 | ||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | 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 | $ | 20,118 | $ | 20,035 | Beginning balance | $ | 17,618 | $ | 19,935 | ||||||
Recovery of credit losses on unfunded loan commitments (included in other noninterest expense) | Recovery of credit losses on unfunded loan commitments (included in other noninterest expense) | (2,500) | (100) | Recovery of credit losses on unfunded loan commitments (included in other noninterest expense) | (700) | — | ||||||||||
Ending balance | Ending balance | $ | 17,618 | $ | 19,935 | Ending balance | $ | 16,918 | $ | 19,935 | ||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | 2023 | 2022 | |||||||||||||
Allowance for credit losses on unfunded loan commitments: | Allowance for credit losses on unfunded loan commitments: | |||||||||||||||
Beginning balance | Beginning balance | $ | 20,118 | $ | 20,035 | |||||||||||
Recovery of credit losses on unfunded loan commitments (included in other noninterest expense) | Recovery of credit losses on unfunded loan commitments (included in other noninterest expense) | (3,200) | (100) | |||||||||||||
Ending balance | Ending balance | $ | 16,918 | $ | 19,935 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Residential real estate | Residential real estate | $ | 459 | $ | 699 | Residential real estate | $ | 1,045 | $ | 699 | ||||||||||||
Commercial real estate | Commercial real estate | 3,481 | 62 | Commercial real estate | 8,182 | 62 | ||||||||||||||||
Residential land development | Residential land development | 448 | 246 | Residential land development | 4 | 246 | ||||||||||||||||
Commercial land development | Commercial land development | 732 | 756 | Commercial land development | 27 | 756 | ||||||||||||||||
Total | Total | $ | 5,120 | $ | 1,763 | Total | $ | 9,258 | $ | 1,763 |
Total OREO | |||||
Balance at January 1, 2023 | $ | 1,763 | |||
Transfers of loans | |||||
Impairments | |||||
Dispositions | |||||
Other | (16) | ||||
Balance at | $ |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Repairs and maintenance | Repairs and maintenance | $ | 28 | $ | 17 | $ | 44 | $ | 20 | Repairs and maintenance | $ | 51 | $ | 24 | $ | 95 | $ | 44 | ||||||||||||||||||||||||||||
Property taxes and insurance | Property taxes and insurance | 11 | 27 | 122 | 62 | Property taxes and insurance | 20 | 7 | 142 | 69 | ||||||||||||||||||||||||||||||||||||
Impairments | Impairments | 8 | 37 | 8 | 51 | Impairments | 10 | 59 | 18 | 110 | ||||||||||||||||||||||||||||||||||||
Net losses (gains) on OREO sales | 6 | (266) | (89) | (557) | ||||||||||||||||||||||||||||||||||||||||||
Net gains on OREO sales | Net gains on OREO sales | (200) | (54) | (289) | (611) | |||||||||||||||||||||||||||||||||||||||||
Rental income | Rental income | (2) | (2) | (4) | (4) | Rental income | (1) | (2) | (5) | (6) | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 51 | $ | (187) | $ | 81 | $ | (428) | Total | $ | (120) | $ | 34 | $ | (39) | $ | (394) |
Community Banks | Insurance | Total | Community Banks | Insurance | Total | |||||||||||||||||||||||||||||
Balance at January 1, 2023 | Balance at January 1, 2023 | $ | 988,941 | $ | 2,767 | $ | 991,708 | Balance at January 1, 2023 | $ | 988,941 | $ | 2,767 | $ | 991,708 | ||||||||||||||||||||
Deductions to goodwill and other adjustments | Deductions to goodwill and other adjustments | (43) | — | (43) | Deductions to goodwill and other adjustments | (43) | — | (43) | ||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 988,898 | $ | 2,767 | $ | 991,665 | ||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | $ | 988,898 | $ | 2,767 | $ | 991,665 |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||
Core deposit intangibles | Core deposit intangibles | $ | 82,492 | $ | (66,466) | $ | 16,026 | Core deposit intangibles | $ | 82,492 | $ | (67,443) | $ | 15,049 | ||||||||||||||||||||
Customer relationship intangible | Customer relationship intangible | 7,670 | (2,315) | 5,355 | Customer relationship intangible | 7,670 | (2,649) | 5,021 | ||||||||||||||||||||||||||
Total finite-lived intangible assets | Total finite-lived intangible assets | $ | 90,162 | $ | (68,781) | $ | 21,381 | Total finite-lived intangible assets | $ | 90,162 | $ | (70,092) | $ | 20,070 | ||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Core deposit intangibles | Core deposit intangibles | $ | 82,492 | $ | (64,339) | $ | 18,153 | Core deposit intangibles | $ | 82,492 | $ | (64,339) | $ | 18,153 | ||||||||||||||||||||
Customer relationship intangible | Customer relationship intangible | 7,670 | (1,647) | 6,023 | Customer relationship intangible | 7,670 | (1,647) | 6,023 | ||||||||||||||||||||||||||
Total finite-lived intangible assets | Total finite-lived intangible assets | $ | 90,162 | $ | (65,986) | $ | 24,176 | Total finite-lived intangible assets | $ | 90,162 | $ | (65,986) | $ | 24,176 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Amortization expense for: | Amortization expense for: | Amortization expense for: | ||||||||||||||||||||||||||||||||||||||||||||
Core deposit intangibles | Core deposit intangibles | $ | 1,034 | $ | 1,264 | $ | 2,126 | $ | 2,585 | Core deposit intangibles | $ | 977 | $ | 1,206 | $ | 3,103 | $ | 3,791 | ||||||||||||||||||||||||||||
Customer relationship intangible | Customer relationship intangible | 335 | 46 | 669 | 91 | Customer relationship intangible | 334 | 45 | 1,003 | 136 | ||||||||||||||||||||||||||||||||||||
Total intangible amortization | Total intangible amortization | $ | 1,369 | $ | 1,310 | $ | 2,795 | $ | 2,676 | Total intangible amortization | $ | 1,311 | $ | 1,251 | $ | 4,106 | $ | 3,927 |
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, 2023 | $ | 84,448 | |||
Capitalization | |||||
Amortization | |||||
Balance at | $ |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Unpaid principal balance | Unpaid principal balance | $ | 7,612,976 | $ | 7,494,413 | Unpaid principal balance | $ | 7,707,919 | $ | 7,494,413 | ||||||||||||
Weighted-average prepayment speed (CPR) | Weighted-average prepayment speed (CPR) | 7.43 | % | 7.00 | % | Weighted-average prepayment speed (CPR) | 7.50 | % | 7.00 | % | ||||||||||||
Estimated impact of a 10% increase | Estimated impact of a 10% increase | $ | (2,245) | $ | (1,765) | Estimated impact of a 10% increase | $ | (2,242) | $ | (1,765) | ||||||||||||
Estimated impact of a 20% increase | Estimated impact of a 20% increase | (4,791) | (3,957) | Estimated impact of a 20% increase | (4,758) | (3,957) | ||||||||||||||||
Discount rate | Discount rate | 10.32 | % | 10.30 | % | Discount rate | 10.84 | % | 10.30 | % | ||||||||||||
Estimated impact of a 10% increase | Estimated impact of a 10% increase | $ | (5,414) | $ | (5,393) | Estimated impact of a 10% increase | $ | (5,430) | $ | (5,393) | ||||||||||||
Estimated impact of a 20% increase | Estimated impact of a 20% increase | (10,400) | (10,354) | Estimated impact of a 20% increase | (10,436) | (10,354) | ||||||||||||||||
Weighted-average coupon interest rate | Weighted-average coupon interest rate | 3.67 | % | 3.51 | % | Weighted-average coupon interest rate | 3.77 | % | 3.51 | % | ||||||||||||
Weighted-average servicing fee (basis points) | Weighted-average servicing fee (basis points) | 32.62 | 32.44 | Weighted-average servicing fee (basis points) | 33.04 | 32.44 | ||||||||||||||||
Weighted-average remaining maturity (in years) | Weighted-average remaining maturity (in years) | 8.08 | 8.33 | Weighted-average remaining maturity (in years) | 8.05 | 8.33 |
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | — | $ | — | $ | — | $ | 1 | Service cost | $ | — | $ | — | $ | — | $ | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 248 | 185 | 5 | 3 | Interest cost | 249 | 185 | 6 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (309) | (421) | — | — | Expected return on plan assets | (309) | (421) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized actuarial loss (gain) | Recognized actuarial loss (gain) | 131 | 61 | (16) | (19) | Recognized actuarial loss (gain) | 131 | 60 | (15) | (19) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost (return) | Net periodic benefit cost (return) | $ | 70 | $ | (175) | $ | (11) | $ | (15) | Net periodic benefit cost (return) | $ | 71 | $ | (176) | $ | (9) | $ | (15) |
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | — | $ | — | $ | — | $ | 2 | Service cost | $ | — | $ | — | $ | — | $ | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 497 | 369 | 11 | 6 | Interest cost | 746 | 554 | 17 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (618) | (842) | — | — | Expected return on plan assets | (927) | (1,263) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized actuarial loss (gain) | Recognized actuarial loss (gain) | 262 | 122 | (31) | (38) | Recognized actuarial loss (gain) | 393 | 182 | (46) | (57) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost (return) | Net periodic benefit cost (return) | $ | 141 | $ | (351) | $ | (20) | $ | (30) | Net periodic benefit cost (return) | $ | 212 | $ | (527) | $ | (29) | $ | (45) |
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 | 155,838 | $ | 36.23 | 680,403 | $ | 36.23 | Nonvested at beginning of period | 155,838 | $ | 36.23 | 680,403 | $ | 36.23 | ||||||||||||||||||||||||||||||||||||||
Awarded | Awarded | 81,867 | 35.57 | 334,467 | 35.52 | Awarded | 81,867 | 35.57 | 335,917 | 35.49 | ||||||||||||||||||||||||||||||||||||||||||
Vested | Vested | — | — | (199,122) | 35.37 | Vested | — | — | (212,574) | 34.78 | ||||||||||||||||||||||||||||||||||||||||||
Cancelled | Cancelled | — | — | (28,999) | 35.49 | Cancelled | — | — | (31,504) | 35.67 | ||||||||||||||||||||||||||||||||||||||||||
Nonvested at end of period | Nonvested at end of period | 237,705 | $ | 36.01 | 786,749 | $ | 36.17 | Nonvested at end of period | 237,705 | $ | 36.01 | 772,242 | $ | 36.33 |
Balance Sheet | June 30, 2023 | December 31, 2022 | Balance Sheet | September 30, 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 | $ | 510,641 | $ | 11,483 | $ | 258,646 | $ | 11,354 | Interest rate contracts | Other Assets | $ | 404,646 | $ | 15,484 | $ | 258,646 | $ | 11,354 | ||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | Other Assets | 86,727 | 1,712 | 92,901 | 1,231 | Interest rate lock commitments | Other Assets | 76,576 | 1,534 | 92,901 | 1,231 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | Other Assets | 256,000 | 1,787 | 84,000 | 484 | Forward commitments | Other Assets | 248,000 | 2,651 | 84,000 | 484 | ||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 853,368 | $ | 14,982 | $ | 435,547 | $ | 13,069 | Totals | $ | 729,222 | $ | 19,669 | $ | 435,547 | $ | 13,069 | ||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Other Liabilities | $ | 436,028 | $ | 11,483 | $ | 258,646 | $ | 11,354 | Interest rate contracts | Other Liabilities | $ | 401,910 | $ | 15,484 | $ | 258,646 | $ | 11,354 | ||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | Other Liabilities | 8,422 | 27 | 19,488 | 98 | Interest rate lock commitments | Other Liabilities | 20,327 | 95 | 19,488 | 98 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | Other Liabilities | 25,000 | 78 | 73,000 | 1,198 | Forward commitments | Other Liabilities | 25,000 | 23 | 73,000 | 1,198 | ||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 469,450 | $ | 11,588 | $ | 351,134 | $ | 12,650 | Totals | $ | 447,237 | $ | 15,602 | $ | 351,134 | $ | 12,650 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Interest rate contracts: | Interest rate contracts: | Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||||||||
Included in interest income on loans | Included in interest income on loans | $ | 1,804 | $ | 390 | $ | 3,546 | $ | 444 | Included in interest income on loans | $ | 1,327 | $ | 811 | $ | 4,873 | $ | 1,255 | ||||||||||||||||||||||||||||
Interest rate lock commitments: | Interest rate lock commitments: | Interest rate lock commitments: | ||||||||||||||||||||||||||||||||||||||||||||
Included in mortgage banking income | Included in mortgage banking income | (1,686) | 3,404 | 551 | (2,420) | Included in mortgage banking income | (247) | (4,046) | 304 | (6,466) | ||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | Forward commitments | ||||||||||||||||||||||||||||||||||||||||||||
Included in mortgage banking income | Included in mortgage banking income | 1,041 | (10,607) | 2,424 | (419) | Included in mortgage banking income | 918 | 9,381 | 3,342 | 8,962 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,159 | $ | (6,813) | $ | 6,521 | $ | (2,395) | Total | $ | 1,998 | $ | 6,146 | $ | 8,519 | $ | 3,751 |
Balance Sheet | June 30, 2023 | December 31, 2022 | Balance Sheet | September 30, 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 | $ | 330,000 | $ | 23,764 | $ | 130,000 | $ | 24,514 | Interest rate swaps | Other Assets | $ | 130,000 | $ | 28,050 | $ | 130,000 | $ | 24,514 | ||||||||||||||||||||||||||||||||||||||
Interest rate collars | Interest rate collars | Other Assets | — | — | 200,000 | 464 | Interest rate collars | Other Assets | — | — | 200,000 | 464 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 330,000 | $ | 23,764 | $ | 330,000 | $ | 24,978 | Total | $ | 130,000 | $ | 28,050 | $ | 330,000 | $ | 24,978 | ||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Other Liabilities | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate collars | Interest rate collars | Other Liabilities | 450,000 | 4,355 | 250,000 | 746 | Interest rate collars | Other Liabilities | 450,000 | 5,971 | 250,000 | 746 | ||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 450,000 | $ | 4,355 | $ | 250,000 | $ | 746 | Totals | $ | 450,000 | $ | 5,971 | $ | 250,000 | $ | 746 |
Balance Sheet | June 30, 2023 | December 31, 2022 | Balance Sheet | September 30, 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 | $ | 300,000 | $ | 19,208 | $ | 100,000 | $ | 19,789 | Interest rate swaps | Other Liabilities | $ | 100,000 | $ | 21,896 | $ | 100,000 | $ | 19,789 |
Amount of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement | Three Months Ended June 30, | Six Months Ended June 30, | Income Statement | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | 2023 | 2022 | 2023 | 2022 | Location | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - subordinated notes | Interest rate swaps - subordinated notes | Interest Expense | $ | (1,939) | $ | (3,805) | $ | 582 | $ | (10,148) | Interest rate swaps - subordinated notes | Interest Expense | $ | (2,688) | $ | (10,495) | $ | (2,106) | $ | (15,232) | ||||||||||||||||||||||||||||||||||||||
Derivative liabilities - hedged items: | Derivative liabilities - hedged items: | Derivative liabilities - hedged items: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - subordinated notes | Interest rate swaps - subordinated notes | Interest Expense | $ | 1,939 | $ | 3,805 | $ | (582) | $ | 10,148 | Interest rate swaps - subordinated notes | Interest Expense | $ | 2,688 | $ | 10,495 | $ | 2,106 | $ | 15,232 |
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 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | Balance Sheet Location | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | $ | 79,550 | $ | 78,881 | $ | 19,207 | $ | 19,789 | Long-term debt | $ | 76,905 | $ | 78,881 | $ | 21,896 | $ | 19,789 |
Offsetting Derivative Assets | Offsetting Derivative Liabilities | Offsetting Derivative Assets | Offsetting Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Gross amounts recognized | Gross amounts recognized | $ | 36,832 | $ | 36,493 | $ | 23,894 | $ | 22,056 | Gross amounts recognized | $ | 45,807 | $ | 36,493 | $ | 28,081 | $ | 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 | 36,832 | 36,493 | 23,894 | 22,056 | Net amounts presented in the Consolidated Balance Sheets | 45,807 | 36,493 | 28,081 | 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 | 23,842 | 22,056 | 23,842 | 22,056 | Financial instruments | 28,081 | 22,056 | 28,081 | 22,056 | ||||||||||||||||||||||||||||||||||||
Financial collateral pledged | Financial collateral pledged | — | — | — | — | Financial collateral pledged | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net amounts | Net amounts | $ | 12,990 | $ | 14,437 | $ | 52 | $ | — | Net amounts | $ | 17,726 | $ | 14,437 | $ | — | $ | — |
June 30, | December 31, | September 30, | December 31, | |||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Deferred tax assets | Deferred tax assets | Deferred tax assets | ||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | $ | 52,475 | $ | 52,551 | Allowance for credit losses | $ | 53,078 | $ | 52,551 | ||||||||||||
Loans | Loans | 2,173 | 2,518 | Loans | 1,932 | 2,518 | ||||||||||||||||
Deferred compensation | Deferred compensation | 12,449 | 14,447 | Deferred compensation | 14,381 | 14,447 | ||||||||||||||||
Net unrealized losses on securities | Net unrealized losses on securities | 63,874 | 70,999 | Net unrealized losses on securities | 66,442 | 70,999 | ||||||||||||||||
Impairment of assets | Impairment of assets | 220 | 316 | Impairment of assets | 135 | 316 | ||||||||||||||||
Net operating loss carryforwards | Net operating loss carryforwards | 151 | 497 | Net operating loss carryforwards | — | 497 | ||||||||||||||||
Investment in partnerships | Investment in partnerships | 1,366 | 1,164 | Investment in partnerships | 1,481 | 1,164 | ||||||||||||||||
Lease liabilities under operating leases | Lease liabilities under operating leases | 14,004 | 14,641 | Lease liabilities under operating leases | 13,505 | 14,641 | ||||||||||||||||
Other | Other | 5,897 | 3,523 | Other | 5,703 | 3,523 | ||||||||||||||||
Total deferred tax assets | Total deferred tax assets | 152,609 | 160,656 | Total deferred tax assets | 156,657 | 160,656 | ||||||||||||||||
Deferred tax liabilities | Deferred tax liabilities | Deferred tax liabilities | ||||||||||||||||||||
Fixed assets | Fixed assets | 10,340 | 10,342 | Fixed assets | 10,340 | 10,342 | ||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 20,386 | 19,624 | Mortgage servicing rights | 21,103 | 19,624 | ||||||||||||||||
Junior subordinated debt | Junior subordinated debt | 1,827 | 1,948 | Junior subordinated debt | 1,767 | 1,948 | ||||||||||||||||
Intangibles | Intangibles | 2,539 | 2,702 | Intangibles | 2,483 | 2,702 | ||||||||||||||||
Lease right-of-use asset | Lease right-of-use asset | 13,363 | 14,018 | Lease right-of-use asset | 12,889 | 14,018 | ||||||||||||||||
Other | Other | 1,173 | 1,614 | Other | 993 | 1,614 | ||||||||||||||||
Total deferred tax liabilities | Total deferred tax liabilities | 49,628 | 50,248 | Total deferred tax liabilities | 49,575 | 50,248 | ||||||||||||||||
Net deferred tax assets | Net deferred tax assets | $ | 102,981 | $ | 110,408 | Net deferred tax assets | $ | 107,082 | $ | 110,408 |
Level 1 | Level 2 | Level 3 | Totals | Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | $ | — | $ | 950,930 | $ | — | $ | 950,930 | Securities available for sale | $ | — | $ | 909,108 | $ | — | $ | 909,108 | ||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | — | 38,746 | — | 38,746 | Derivative instruments | — | 47,719 | — | 47,719 | ||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale in loans held for sale | Mortgage loans held for sale in loans held for sale | — | 249,615 | — | 249,615 | Mortgage loans held for sale in loans held for sale | — | 241,613 | — | 241,613 | ||||||||||||||||||||||||||||||||||||
Total financial assets | Total financial assets | $ | — | $ | 1,239,291 | $ | — | $ | 1,239,291 | Total financial assets | $ | — | $ | 1,198,440 | $ | — | $ | 1,198,440 | ||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | Derivative instruments: | $ | — | $ | 35,151 | $ | — | $ | 35,151 | Derivative instruments: | $ | — | $ | 43,469 | $ | — | $ | 43,469 |
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Securities available for sale | $ | — | $ | 1,533,942 | $ | — | $ | 1,533,942 | |||||||||||||||
Derivative instruments | — | 38,047 | — | 38,047 | |||||||||||||||||||
Mortgage loans held for sale in loans held for sale | — | 110,105 | — | 110,105 | |||||||||||||||||||
Total financial assets | $ | — | $ | 1,682,094 | $ | — | $ | 1,682,094 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivative instruments | $ | — | $ | 33,185 | $ | — | $ | 33,185 |
June 30, 2023 | Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 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 | $ | — | $ | — | $ | 51,537 | $ | 51,537 | Individually evaluated loans, net of allowance for credit losses | $ | — | $ | — | $ | 30,842 | $ | 30,842 | ||||||||||||||||||||||||||||
OREO | OREO | — | — | 37 | 37 | OREO | — | — | 27 | 27 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 51,574 | $ | 51,574 | Total | $ | — | $ | — | $ | 30,869 | $ | 30,869 |
December 31, 2022 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||||
Individually evaluated loans, net of allowance for credit losses | $ | — | $ | — | $ | 14,732 | $ | 14,732 | |||||||||||||||
OREO | — | — | 1,763 | 1,763 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 16,495 | $ | 16,495 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Carrying amount prior to remeasurement | Carrying amount prior to remeasurement | $ | 45 | $ | 1,842 | Carrying amount prior to remeasurement | $ | 45 | $ | 1,842 | ||||||||||||
Impairment recognized in results of operations | Impairment recognized in results of operations | (8) | (79) | Impairment recognized in results of operations | (18) | (79) | ||||||||||||||||
Fair value | Fair value | $ | 37 | $ | 1,763 | Fair value | $ | 27 | $ | 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 | |||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||
Mortgage loans held for sale measured at fair value | Mortgage loans held for sale measured at fair value | $ | 249,615 | $ | 246,520 | $ | 3,095 | Mortgage loans held for sale measured at fair value | $ | 241,613 | $ | 239,907 | $ | 1,706 | ||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Mortgage loans held for sale measured at fair value | Mortgage loans held for sale measured at fair value | $ | 110,105 | $ | 108,143 | $ | 1,962 | Mortgage loans held for sale measured at fair value | $ | 110,105 | $ | 108,143 | $ | 1,962 |
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2023 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2023 | As of September 30, 2023 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial assets | Financial assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 946,899 | $ | 946,899 | $ | — | $ | — | $ | 946,899 | Cash and cash equivalents | $ | 741,156 | $ | 741,156 | $ | — | $ | — | $ | 741,156 | ||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | 1,273,044 | — | 1,153,541 | — | 1,153,541 | Securities held to maturity | 1,245,595 | — | 1,079,123 | — | 1,079,123 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | 950,930 | — | 950,930 | — | 950,930 | Securities available for sale | 909,108 | — | 909,108 | — | 909,108 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 249,615 | — | 249,615 | — | 249,615 | Loans held for sale | 241,613 | — | 241,613 | — | 241,613 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 11,736,125 | — | — | 11,059,520 | 11,059,520 | Loans, net | 11,970,250 | — | — | 11,178,841 | 11,178,841 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 87,432 | — | — | 125,055 | 125,055 | Mortgage servicing rights | 90,241 | — | — | 127,719 | 127,719 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | 38,746 | — | 38,746 | — | 38,746 | Derivative instruments | 47,719 | — | 47,719 | — | 47,719 | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities | Financial liabilities | Financial liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 14,095,361 | $ | 11,139,951 | $ | 2,917,822 | $ | — | $ | 14,057,773 | Deposits | $ | 14,157,110 | $ | 11,284,243 | $ | 2,846,025 | $ | — | $ | 14,130,268 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 257,305 | 257,305 | — | — | 257,305 | Short-term borrowings | 107,662 | 107,662 | — | — | 107,662 | ||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 112,510 | — | 93,243 | — | 93,243 | Junior subordinated debentures | 112,744 | — | 94,410 | — | 94,410 | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 317,120 | — | 258,250 | — | 258,250 | Subordinated notes | 314,655 | — | 249,900 | — | 249,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | 35,151 | — | 35,151 | — | 35,151 | Derivative instruments | 43,469 | — | 43,469 | — | 43,469 |
Fair Value | |||||||||||||||||||||||||||||
As of December 31, 2022 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 575,992 | $ | 575,992 | $ | — | $ | — | $ | 575,992 | |||||||||||||||||||
Securities held to maturity | 1,324,040 | — | 1,206,540 | — | 1,206,540 | ||||||||||||||||||||||||
Securities available for sale | 1,533,942 | — | 1,533,942 | — | 1,533,942 | ||||||||||||||||||||||||
Loans held for sale | 110,105 | — | 110,105 | — | 110,105 | ||||||||||||||||||||||||
Loans, net | 11,386,214 | — | — | 10,850,181 | 10,850,181 | ||||||||||||||||||||||||
Mortgage servicing rights | 84,448 | — | — | 122,454 | 122,454 | ||||||||||||||||||||||||
Derivative instruments | 38,047 | — | 38,047 | — | 38,047 | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits | $ | 13,486,966 | $ | 11,791,526 | $ | 1,653,891 | $ | — | $ | 13,445,417 | |||||||||||||||||||
Short-term borrowings | 712,232 | 712,232 | — | — | 712,232 | ||||||||||||||||||||||||
Junior subordinated debentures | 112,042 | — | 98,754 | — | 98,754 | ||||||||||||||||||||||||
Subordinated notes | 316,091 | — | 277,500 | — | 277,500 | ||||||||||||||||||||||||
Derivative instruments | 33,185 | — | 33,185 | — | 33,185 |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||||||||||||||||||||||
Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | Three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||
Securities available for sale: | Securities available for sale: | Securities available for sale: | ||||||||||||||||||||||||||||||||
Unrealized holding losses on securities | Unrealized holding losses on securities | $ | (21,283) | $ | (5,353) | $ | (15,930) | Unrealized holding losses on securities | $ | (17,175) | $ | (4,292) | $ | (12,883) | ||||||||||||||||||||
Reclassification adjustment for losses realized in net income | 22,438 | 5,622 | 16,816 | |||||||||||||||||||||||||||||||
Amortization of unrealized holding losses on securities transferred to the held to maturity category | Amortization of unrealized holding losses on securities transferred to the held to maturity category | 3,026 | 774 | 2,252 | Amortization of unrealized holding losses on securities transferred to the held to maturity category | 3,959 | 1,012 | 2,947 | ||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | 4,181 | 1,043 | 3,138 | Total securities available for sale | (13,216) | (3,280) | (9,936) | ||||||||||||||||||||||||||
Derivative instruments: | Derivative instruments: | Derivative instruments: | ||||||||||||||||||||||||||||||||
Unrealized holding losses on derivative instruments | (3,167) | (806) | (2,361) | |||||||||||||||||||||||||||||||
Unrealized holding gains on derivative instruments | Unrealized holding gains on derivative instruments | 2,670 | 683 | 1,987 | ||||||||||||||||||||||||||||||
Total derivative instruments | Total derivative instruments | (3,167) | (806) | (2,361) | Total derivative instruments | 2,670 | 683 | 1,987 | ||||||||||||||||||||||||||
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 | 115 | 29 | 86 | Amortization of net actuarial loss recognized in net periodic pension cost | 116 | 30 | 86 | ||||||||||||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | Total defined benefit pension and post-retirement benefit plans | 115 | 29 | 86 | Total defined benefit pension and post-retirement benefit plans | 116 | 30 | 86 | ||||||||||||||||||||||||||
Total other comprehensive income | $ | 1,129 | $ | 266 | $ | 863 | ||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | $ | (10,430) | $ | (2,567) | $ | (7,863) | |||||||||||||||||||||||||||
Three months ended September 30, 2022 | Three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||
Securities available for sale: | Securities available for sale: | Securities available for sale: | ||||||||||||||||||||||||||||||||
Unrealized holding losses on securities | Unrealized holding losses on securities | $ | (76,405) | $ | (19,447) | $ | (56,958) | 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 | Amortization of unrealized holding gains on securities transferred to the held to maturity category | (220) | (56) | (164) | Amortization of unrealized holding gains on securities transferred to the held to maturity category | 1,619 | 412 | 1,207 | ||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | (76,625) | (19,503) | (57,122) | Total securities available for sale | (83,664) | (21,292) | (62,372) | ||||||||||||||||||||||||||
Derivative instruments: | Derivative instruments: | Derivative instruments: | ||||||||||||||||||||||||||||||||
Unrealized holding gains on derivative instruments | Unrealized holding gains on derivative instruments | 8,401 | 2,139 | 6,262 | Unrealized holding gains on derivative instruments | 2,262 | 575 | 1,687 | ||||||||||||||||||||||||||
Total derivative instruments | Total derivative instruments | 8,401 | 2,139 | 6,262 | Total derivative instruments | 2,262 | 575 | 1,687 | ||||||||||||||||||||||||||
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 | 41 | 10 | 31 | Amortization of net actuarial loss recognized in net periodic pension cost | 42 | 11 | 31 | ||||||||||||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | Total defined benefit pension and post-retirement benefit plans | 41 | 10 | 31 | Total defined benefit pension and post-retirement benefit plans | 42 | 11 | 31 | ||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | $ | (68,183) | $ | (17,354) | $ | (50,829) | Total other comprehensive loss | $ | (81,360) | $ | (20,706) | $ | (60,654) |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||
Securities available for sale: | Securities available for sale: | Securities available for sale: | ||||||||||||||||||||||||||||||||
Unrealized holding losses on securities | Unrealized holding losses on securities | $ | (569) | $ | (170) | $ | (399) | Unrealized holding losses on securities | $ | (17,744) | $ | (4,462) | $ | (13,282) | ||||||||||||||||||||
Reclassification adjustment for losses realized in net income | Reclassification adjustment for losses realized in net income | 22,438 | 5,622 | 16,816 | Reclassification adjustment for losses realized in net income | 22,438 | 5,622 | 16,816 | ||||||||||||||||||||||||||
Amortization of unrealized holding losses on securities transferred to the held to maturity category | Amortization of unrealized holding losses on securities transferred to the held to maturity category | 6,154 | 1,574 | 4,580 | Amortization of unrealized holding losses on securities transferred to the held to maturity category | 10,113 | 2,586 | 7,527 | ||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | 28,023 | 7,026 | 20,997 | Total securities available for sale | 14,807 | 3,746 | 11,061 | ||||||||||||||||||||||||||
Derivative instruments: | Derivative instruments: | Derivative instruments: | ||||||||||||||||||||||||||||||||
Unrealized holding losses on derivative instruments | Unrealized holding losses on derivative instruments | (4,823) | (1,230) | (3,593) | Unrealized holding losses on derivative instruments | (2,153) | (547) | (1,606) | ||||||||||||||||||||||||||
Total derivative instruments | Total derivative instruments | (4,823) | (1,230) | (3,593) | Total derivative instruments | (2,153) | (547) | (1,606) | ||||||||||||||||||||||||||
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 | 231 | 59 | 172 | Amortization of net actuarial loss recognized in net periodic pension cost | 347 | 89 | 258 | ||||||||||||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | Total defined benefit pension and post-retirement benefit plans | 231 | 59 | 172 | Total defined benefit pension and post-retirement benefit plans | 347 | 89 | 258 | ||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | $ | 23,431 | $ | 5,855 | $ | 17,576 | Total other comprehensive income | $ | 13,001 | $ | 3,288 | $ | 9,713 | ||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||
Securities available for sale: | Securities available for sale: | Securities available for sale: | ||||||||||||||||||||||||||||||||
Unrealized holding losses on securities | Unrealized holding losses on securities | $ | (211,161) | $ | (53,741) | $ | (157,420) | 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 | (319) | (81) | (238) | |||||||||||||||||||||||||||||||
Amortization of unrealized holding losses on securities transferred to the held to maturity category | Amortization of unrealized holding losses on securities transferred to the held to maturity category | 1,300 | 331 | 969 | ||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | (211,480) | (53,822) | (157,658) | Total securities available for sale | (295,144) | (75,114) | (220,030) | ||||||||||||||||||||||||||
Derivative instruments: | Derivative instruments: | Derivative instruments: | ||||||||||||||||||||||||||||||||
Unrealized holding gains on derivative instruments | Unrealized holding gains on derivative instruments | 16,957 | 4,316 | 12,641 | Unrealized holding gains on derivative instruments | 19,219 | 4,891 | 14,328 | ||||||||||||||||||||||||||
Total derivative instruments | Total derivative instruments | 16,957 | 4,316 | 12,641 | Total derivative instruments | 19,219 | 4,891 | 14,328 | ||||||||||||||||||||||||||
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 | 83 | 21 | 62 | Amortization of net actuarial loss recognized in net periodic pension cost | 125 | 32 | 93 | ||||||||||||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | Total defined benefit pension and post-retirement benefit plans | 83 | 21 | 62 | Total defined benefit pension and post-retirement benefit plans | 125 | 32 | 93 | ||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | $ | (194,440) | $ | (49,485) | $ | (144,955) | Total other comprehensive loss | $ | (275,800) | $ | (70,191) | $ | (205,609) |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Unrealized losses on securities | Unrealized losses on securities | $ | (198,769) | $ | (219,766) | Unrealized losses on securities | $ | (208,705) | $ | (219,766) | ||||||||||||
Unrealized gains on derivative instruments | Unrealized gains on derivative instruments | 15,363 | 18,956 | Unrealized gains on derivative instruments | 17,350 | 18,956 | ||||||||||||||||
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (8,055) | (8,227) | Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (7,969) | (8,227) | ||||||||||||||||
Total accumulated other comprehensive loss | Total accumulated other comprehensive loss | $ | (191,461) | $ | (209,037) | Total accumulated other comprehensive loss | $ | (199,324) | $ | (209,037) |
Three Months Ended | Three Months Ended | |||||||||||||||||||||
June 30, | September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Basic | Basic | Basic | ||||||||||||||||||||
Net income applicable to common stock | Net income applicable to common stock | $ | 28,643 | $ | 39,678 | Net income applicable to common stock | $ | 41,833 | $ | 46,567 | ||||||||||||
Average common shares outstanding | Average common shares outstanding | 56,107,881 | 55,906,755 | Average common shares outstanding | 56,138,618 | 55,947,214 | ||||||||||||||||
Net income per common share - basic | Net income per common share - basic | $ | 0.51 | $ | 0.71 | Net income per common share - basic | $ | 0.75 | $ | 0.83 | ||||||||||||
Diluted | Diluted | Diluted | ||||||||||||||||||||
Net income applicable to common stock | Net income applicable to common stock | $ | 28,643 | $ | 39,678 | Net income applicable to common stock | $ | 41,833 | $ | 46,567 | ||||||||||||
Average common shares outstanding | Average common shares outstanding | 56,107,881 | 55,906,755 | Average common shares outstanding | 56,138,618 | 55,947,214 | ||||||||||||||||
Effect of dilutive stock-based compensation | Effect of dilutive stock-based compensation | 287,772 | 276,090 | Effect of dilutive stock-based compensation | 385,269 | 301,506 | ||||||||||||||||
Average common shares outstanding - diluted | Average common shares outstanding - diluted | 56,395,653 | 56,182,845 | Average common shares outstanding - diluted | 56,523,887 | 56,248,720 | ||||||||||||||||
Net income per common share - diluted | Net income per common share - diluted | $ | 0.51 | $ | 0.71 | Net income per common share - diluted | $ | 0.74 | $ | 0.83 |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||
June 30, | September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Basic | Basic | Basic | ||||||||||||||||||||
Net income applicable to common stock | Net income applicable to common stock | $ | 74,721 | $ | 73,225 | Net income applicable to common stock | $ | 116,554 | $ | 119,792 | ||||||||||||
Average common shares outstanding | Average common shares outstanding | 56,058,585 | 55,858,243 | Average common shares outstanding | 56,085,556 | 55,888,226 | ||||||||||||||||
Net income per common share - basic | Net income per common share - basic | $ | 1.33 | $ | 1.31 | Net income per common share - basic | $ | 2.08 | $ | 2.14 | ||||||||||||
Diluted | Diluted | Diluted | ||||||||||||||||||||
Net income applicable to common stock | Net income applicable to common stock | $ | 74,721 | $ | 73,225 | Net income applicable to common stock | $ | 116,554 | $ | 119,792 | ||||||||||||
Average common shares outstanding | Average common shares outstanding | 56,058,585 | 55,858,243 | Average common shares outstanding | 56,085,556 | 55,888,226 | ||||||||||||||||
Effect of dilutive stock-based compensation | Effect of dilutive stock-based compensation | 271,710 | 272,519 | Effect of dilutive stock-based compensation | 308,401 | 281,660 | ||||||||||||||||
Average common shares outstanding - diluted | Average common shares outstanding - diluted | 56,330,295 | 56,130,762 | Average common shares outstanding - diluted | 56,393,957 | 56,169,886 | ||||||||||||||||
Net income per common share - diluted | Net income per common share - diluted | $ | 1.33 | $ | 1.30 | Net income per common share - diluted | $ | 2.07 | $ | 2.13 |
Three Months Ended | |||||||||||
June 30, | |||||||||||
2023 | 2022 | ||||||||||
Number of shares | 179,226 | 213,953 | |||||||||
Three Months Ended | |||||||||||
September 30, | |||||||||||
2023 | 2022 | ||||||||||
Number of shares | 1,000 | 9,750 | |||||||||
Six Months Ended | |||||||||||
June 30, | |||||||||||
2023 | 2022 | ||||||||||
Number of shares | 182,226 | 214,203 | |||||||||
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2023 | 2022 | ||||||||||
Number of shares | 24,146 | 19,750 | |||||||||
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% |
June 30, 2023 | December 31, 2022 | September 30, 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) | $ | 1,524,545 | 9.22 | % | $ | 1,481,197 | 9.36 | % | Tier 1 Capital to Average Assets (Leverage) | $ | 1,558,521 | 9.48 | % | $ | 1,481,197 | 9.36 | % | ||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,415,626 | 10.30 | % | 1,372,747 | 10.21 | % | Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,449,367 | 10.46 | % | 1,372,747 | 10.21 | % | ||||||||||||||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | Tier 1 Capital to Risk-Weighted Assets | 1,524,545 | 11.09 | % | 1,481,197 | 11.01 | % | Tier 1 Capital to Risk-Weighted Assets | 1,558,521 | 11.25 | % | 1,481,197 | 11.01 | % | ||||||||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | Total Capital to Risk-Weighted Assets | 2,028,793 | 14.76 | % | 1,968,001 | 14.63 | % | Total Capital to Risk-Weighted Assets | 2,065,992 | 14.91 | % | 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) | $ | 1,668,033 | 10.09 | % | $ | 1,630,389 | 10.30 | % | Tier 1 Capital to Average Assets (Leverage) | $ | 1,698,680 | 10.33 | % | $ | 1,630,389 | 10.30 | % | ||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,668,033 | 12.06 | % | 1,630,389 | 12.10 | % | Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,698,680 | 12.23 | % | 1,630,389 | 12.10 | % | ||||||||||||||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | Tier 1 Capital to Risk-Weighted Assets | 1,668,033 | 12.06 | % | 1,630,389 | 12.10 | % | Tier 1 Capital to Risk-Weighted Assets | 1,698,680 | 12.23 | % | 1,630,389 | 12.10 | % | ||||||||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | Total Capital to Risk-Weighted Assets | 1,835,954 | 13.27 | % | 1,781,312 | 13.22 | % | Total Capital to Risk-Weighted Assets | 1,869,600 | 13.46 | % | 1,781,312 | 13.22 | % |
Community Banks | Insurance | Wealth Management | Other | Consolidated | Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | Three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | Net interest income (loss) | $ | 136,370 | $ | 428 | $ | 28 | $ | (6,610) | $ | 130,216 | Net interest income (loss) | $ | 133,909 | $ | 456 | $ | 8 | $ | (6,990) | $ | 127,383 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,000 | — | — | — | 3,000 | Provision for credit losses | 5,315 | — | — | — | 5,315 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income (loss) | Noninterest income (loss) | 8,931 | 2,859 | 5,866 | (430) | 17,226 | Noninterest income (loss) | 28,679 | 3,276 | 6,638 | (393) | 38,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 102,044 | 2,070 | 4,645 | 406 | 109,165 | Noninterest expense | 99,791 | 2,237 | 5,150 | 491 | 107,669 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 40,257 | 1,217 | 1,249 | (7,446) | 35,277 | Income (loss) before income taxes | 57,482 | 1,495 | 1,496 | (7,874) | 52,599 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 8,258 | 316 | (18) | (1,922) | 6,634 | Income tax expense (benefit) | 12,339 | 387 | 72 | (2,032) | 10,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 31,999 | $ | 901 | $ | 1,267 | $ | (5,524) | $ | 28,643 | Net income (loss) | $ | 45,143 | $ | 1,108 | $ | 1,424 | $ | (5,842) | $ | 41,833 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 17,181,988 | $ | 37,867 | $ | 4,757 | $ | (270) | $ | 17,224,342 | Total assets | $ | 17,143,564 | $ | 39,434 | $ | 5,077 | $ | (6,454) | $ | 17,181,621 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | $ | 988,898 | $ | 2,767 | — | — | $ | 991,665 | Goodwill | $ | 988,898 | $ | 2,767 | — | — | $ | 991,665 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | Three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | Net interest income (loss) | $ | 117,580 | $ | 95 | $ | 529 | $ | (4,689) | $ | 113,515 | Net interest income (loss) | $ | 134,528 | $ | 98 | $ | 794 | $ | (5,102) | $ | 130,318 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 2,000 | — | — | — | 2,000 | Provision for credit losses | 9,800 | — | — | — | 9,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income (loss) | Noninterest income (loss) | 28,729 | 2,611 | 6,315 | (441) | 37,214 | Noninterest income (loss) | 32,324 | 3,123 | 6,132 | (393) | 41,186 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 91,249 | 2,005 | 4,591 | 349 | 98,194 | Noninterest expense | 94,474 | 2,190 | 4,553 | 357 | 101,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 53,060 | 701 | 2,253 | (5,479) | 50,535 | Income (loss) before income taxes | 62,578 | 1,031 | 2,373 | (5,852) | 60,130 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 12,093 | 185 | — | (1,421) | 10,857 | Income tax expense (benefit) | 14,811 | 268 | — | (1,516) | 13,563 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 40,967 | $ | 516 | $ | 2,253 | $ | (4,058) | $ | 39,678 | Net income (loss) | $ | 47,767 | $ | 763 | $ | 2,373 | $ | (4,336) | $ | 46,567 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 16,520,685 | $ | 34,264 | $ | 65,709 | $ | (2,557) | $ | 16,618,101 | Total assets | $ | 16,369,592 | $ | 35,761 | $ | 73,704 | $ | (7,958) | $ | 16,471,099 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | $ | 943,524 | $ | 2,767 | — | — | $ | 946,291 | Goodwill | $ | 943,524 | $ | 2,767 | — | — | $ | 946,291 |
Community Banks | Insurance | Wealth Management | Other | Consolidated | Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | Net interest income (loss) | $ | 278,153 | $ | 714 | $ | 52 | $ | (12,928) | $ | 265,991 | Net interest income (loss) | $ | 412,066 | $ | 1,170 | $ | 56 | $ | (19,918) | $ | 393,374 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 10,960 | — | — | — | 10,960 | Provision for credit losses | 16,275 | — | — | — | 16,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income (loss) | Noninterest income (loss) | 37,652 | 6,221 | 11,450 | (804) | 54,519 | Noninterest income (loss) | 66,331 | 9,497 | 18,088 | (1,197) | 92,719 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 202,663 | 4,109 | 9,335 | 766 | 216,873 | Noninterest expense | 302,454 | 6,346 | 14,485 | 1,257 | 324,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 102,182 | 2,826 | 2,167 | (14,498) | 92,677 | Income (loss) before income taxes | 159,668 | 4,321 | 3,659 | (22,372) | 145,276 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 20,980 | 732 | (14) | (3,742) | 17,956 | Income tax expense (benefit) | 33,319 | 1,119 | 58 | (5,774) | 28,722 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 81,202 | $ | 2,094 | $ | 2,181 | $ | (10,756) | $ | 74,721 | Net income (loss) | $ | 126,349 | $ | 3,202 | $ | 3,601 | $ | (16,598) | $ | 116,554 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 17,181,988 | $ | 37,867 | $ | 4,757 | $ | (270) | $ | 17,224,342 | Total assets | $ | 17,143,564 | $ | 39,434 | $ | 5,077 | $ | (6,454) | $ | 17,181,621 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | $ | 988,898 | $ | 2,767 | $ | — | $ | — | $ | 991,665 | Goodwill | $ | 988,898 | $ | 2,767 | $ | — | $ | — | $ | 991,665 | ||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | Net interest income (loss) | $ | 221,512 | $ | 188 | $ | 1,019 | $ | (9,575) | $ | 213,144 | Net interest income (loss) | $ | 356,040 | $ | 286 | $ | 1,813 | $ | (14,677) | $ | 343,462 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,500 | — | — | — | 3,500 | Provision for credit losses | 13,300 | — | — | — | 13,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income (loss) | Noninterest income (loss) | 57,035 | 5,708 | 12,820 | (891) | 74,672 | Noninterest income (loss) | 89,359 | 8,831 | 18,952 | (1,284) | 115,858 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 178,120 | 4,121 | 9,346 | 712 | 192,299 | Noninterest expense | 272,594 | 6,311 | 13,899 | 1,069 | 293,873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 96,927 | 1,775 | 4,493 | (11,178) | 92,017 | Income (loss) before income taxes | 159,505 | 2,806 | 6,866 | (17,030) | 152,147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 21,224 | 466 | — | (2,898) | 18,792 | Income tax expense (benefit) | 36,035 | 734 | — | (4,414) | 32,355 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 75,703 | $ | 1,309 | $ | 4,493 | $ | (8,280) | $ | 73,225 | Net income (loss) | $ | 123,470 | $ | 2,072 | $ | 6,866 | $ | (12,616) | $ | 119,792 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 16,520,685 | $ | 34,264 | $ | 65,709 | $ | (2,557) | $ | 16,618,101 | Total assets | $ | 16,369,592 | $ | 35,761 | $ | 73,704 | $ | (7,958) | $ | 16,471,099 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | $ | 943,524 | $ | 2,767 | $ | — | $ | — | $ | 946,291 | Goodwill | $ | 943,524 | $ | 2,767 | $ | — | $ | — | $ | 946,291 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | |||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | Obligations of other U.S. Government agencies and corporations | $ | — | — | % | $ | 164,660 | 5.76 | % | Obligations of other U.S. Government agencies and corporations | $ | — | — | % | $ | 164,660 | 5.76 | % | ||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 328,000 | 14.75 | 436,788 | 15.28 | Obligations of states and political subdivisions | 322,592 | 14.97 | 436,788 | 15.28 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 1,768,083 | 79.50 | 2,122,855 | 74.28 | Mortgage-backed securities | 1,705,596 | 79.16 | 2,122,855 | 74.28 | ||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 127,923 | 5.75 | 133,711 | 4.68 | Other debt securities | 126,547 | 5.87 | 133,711 | 4.68 | ||||||||||||||||||||||||||||||||||||
$ | 2,224,006 | 100.00 | % | $ | 2,858,014 | 100.00 | % | $ | 2,154,735 | 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 | $ | 2,223,974 | $ | 2,857,982 | Securities, net of allowance for credit losses | $ | 2,154,703 | $ | 2,857,982 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Total Loans | Percentage of Total Loans | Total Loans | Percentage of Total Loans | Total Loans | Percentage of Total Loans | Total Loans | Percentage of Total Loans | |||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 1,729,070 | 14.49 | % | $ | 1,673,883 | 14.46 | % | Commercial, financial, agricultural | $ | 1,819,891 | 14.96 | % | $ | 1,673,883 | 14.46 | % | ||||||||||||||||||||||||||||
Lease financing, net of unearned income | Lease financing, net of unearned income | 122,370 | 1.03 | 115,013 | 0.99 | Lease financing, net of unearned income | 120,724 | 0.99 | 115,013 | 0.99 | ||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 308,401 | 2.58 | 355,500 | 3.07 | Residential | 300,238 | 2.47 | 355,500 | 3.07 | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 1,060,618 | 8.89 | 974,837 | 8.42 | Commercial | 1,107,126 | 9.10 | 974,837 | 8.42 | ||||||||||||||||||||||||||||||||||||
Total real estate – construction | Total real estate – construction | 1,369,019 | 11.47 | 1,330,337 | 11.49 | Total real estate – construction | 1,407,364 | 11.57 | 1,330,337 | 11.49 | ||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
Primary | Primary | 2,372,739 | 19.89 | 2,222,856 | 19.20 | Primary | 2,405,703 | 19.77 | 2,222,856 | 19.20 | ||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 502,341 | 4.21 | 501,906 | 4.33 | Home equity | 509,394 | 4.19 | 501,906 | 4.33 | ||||||||||||||||||||||||||||||||||||
Rental/investment | Rental/investment | 335,509 | 2.81 | 334,382 | 2.89 | Rental/investment | 353,613 | 2.91 | 334,382 | 2.89 | ||||||||||||||||||||||||||||||||||||
Land development | Land development | 138,065 | 1.16 | 157,119 | 1.36 | Land development | 130,166 | 1.07 | 157,119 | 1.36 | ||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | 3,348,654 | 28.07 | 3,216,263 | 27.78 | Total real estate – 1-4 family mortgage | 3,398,876 | 27.94 | 3,216,263 | 27.78 | ||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | 1,553,890 | 13.03 | 1,539,296 | 13.29 | Owner-occupied | 1,588,174 | 13.04 | 1,539,296 | 13.29 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 3,585,160 | 30.05 | 3,452,910 | 29.82 | Non-owner occupied | 3,610,578 | 29.67 | 3,452,910 | 29.82 | ||||||||||||||||||||||||||||||||||||
Land development | Land development | 113,429 | 0.95 | 125,857 | 1.09 | Land development | 114,414 | 0.94 | 125,857 | 1.09 | ||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | 5,252,479 | 44.03 | 5,118,063 | 44.20 | Total real estate – commercial mortgage | 5,313,166 | 43.65 | 5,118,063 | 44.20 | ||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 108,924 | 0.91 | 124,745 | 1.08 | Installment loans to individuals | 108,002 | 0.89 | 124,745 | 1.08 | ||||||||||||||||||||||||||||||||||||
Total loans, net of unearned income | Total loans, net of unearned income | $ | 11,930,516 | 100.00 | % | $ | 11,578,304 | 100.00 | % | Total loans, net of unearned income | $ | 12,168,023 | 100.00 | % | $ | 11,578,304 | 100.00 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Security repurchase agreements | Security repurchase agreements | $ | 7,305 | $ | 12,232 | Security repurchase agreements | $ | 7,662 | $ | 12,232 | ||||||||||||
Short-term borrowings from the FHLB | Short-term borrowings from the FHLB | 250,000 | 700,000 | Short-term borrowings from the FHLB | 100,000 | 700,000 | ||||||||||||||||
$ | 257,305 | $ | 712,232 | $ | 107,662 | $ | 712,232 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | $ | 112,510 | $ | 112,042 | Junior subordinated debentures | $ | 112,744 | $ | 112,042 | ||||||||||||
Subordinated notes | Subordinated notes | 317,120 | 316,091 | Subordinated notes | 314,655 | 316,091 | ||||||||||||||||
$ | 429,630 | $ | 428,133 | $ | 427,399 | $ | 428,133 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | |||||||||||||||||||||||||||||||||||
Gain on sale of MSR | Gain on sale of MSR | $ | — | $ | — | $ | — | $ | (2,960) | $ | (2,292) | $ | (0.04) | |||||||||||||||||||||||||||||||||
Restructuring charges | $ | — | $ | — | $ | — | $ | 1,187 | $ | 932 | $ | 0.01 | ||||||||||||||||||||||||||||||||||
Loss on sale of securities | 22,438 | 18,085 | 0.32 | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | |||||||||||||||||||||||||||||||||||
Merger and conversion expenses | Merger and conversion expenses | $ | — | $ | — | $ | — | $ | 687 | $ | 547 | $ | 0.01 | Merger and conversion expenses | $ | — | $ | — | $ | — | $ | 687 | $ | 541 | $ | 0.01 | ||||||||||||||||||||
Gain on sale of MSR | Gain on sale of MSR | — | — | — | (2,960) | (2,330) | (0.04) | |||||||||||||||||||||||||||||||||||||||
Restructuring charges | Restructuring charges | — | — | — | 732 | 583 | 0.01 | Restructuring charges | — | — | — | 732 | 576 | 0.01 | ||||||||||||||||||||||||||||||||
Loss on sale of securities | Loss on sale of securities | 22,438 | 17,870 | 0.31 | — | — | — | Loss on sale of securities | 22,438 | 17,859 | 0.31 | — | — | — |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 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 | $ | 11,877,592 | $ | 175,549 | 5.93 | % | $ | 10,477,036 | $ | 107,612 | 4.12 | % | Loans held for investment | $ | 12,030,109 | $ | 183,521 | 6.06 | % | $ | 10,829,137 | $ | 124,614 | 4.57 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 192,539 | 2,990 | 6.21 | 227,435 | 2,586 | 4.55 | Loans held for sale | 227,982 | 3,751 | 6.58 | 143,837 | 2,075 | 5.77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities: | Securities: | Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 2,435,442 | 12,089 | 1.99 | 2,684,624 | 10,355 | 1.54 | Taxable | 2,053,113 | 9,218 | 1.80 | 2,773,924 | 12,439 | 1.79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt(1) | Tax-exempt(1) | 413,680 | 2,429 | 2.35 | 451,878 | 2,719 | 2.41 | Tax-exempt(1) | 329,760 | 1,807 | 2.19 | 449,927 | 2,664 | 2.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | 524,307 | 6,978 | 5.34 | 1,004,226 | 1,954 | 0.78 | Interest-bearing balances with banks | 729,049 | 10,128 | 5.51 | 663,218 | 3,458 | 2.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 15,443,560 | 200,035 | 5.19 | 14,845,199 | 125,226 | 3.38 | Total interest-earning assets | 15,370,013 | 208,425 | 5.39 | 14,860,043 | 145,250 | 3.89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 189,668 | 206,882 | Cash and due from banks | 180,708 | 191,358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets | 1,013,811 | 968,441 | Intangible assets | 1,012,460 | 967,154 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 690,885 | 610,768 | Other assets | 672,232 | 626,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 17,337,924 | $ | 16,631,290 | Total assets | $ | 17,235,413 | $ | 16,645,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | $ | 6,114,067 | $ | 29,185 | 1.91 | % | $ | 6,571,905 | $ | 3,598 | 0.22 | % | Interest-bearing demand(2) | $ | 6,520,145 | $ | 41,464 | 2.52 | % | $ | 6,462,940 | $ | 6,061 | 0.37 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 1,004,096 | 813 | 0.32 | 1,137,607 | 147 | 0.05 | Savings deposits | 942,619 | 793 | 0.33 | 1,134,665 | 155 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 810,087 | 10,090 | 5.00 | — | — | — | Brokered deposits | 947,970 | 12,490 | 5.23 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,735,093 | 11,303 | 2.61 | 1,303,735 | 1,273 | 0.39 | Time deposits | 2,001,923 | 16,159 | 3.20 | 1,240,439 | 1,025 | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 9,663,343 | 51,391 | 2.13 | 9,013,247 | 5,018 | 0.22 | Total interest-bearing deposits | 10,412,657 | 70,906 | 2.70 | 8,838,044 | 7,241 | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 1,204,968 | 15,559 | 5.18 | 543,728 | 4,887 | 3.60 | Borrowed funds | 545,105 | 7,388 | 5.40 | 572,376 | 5,574 | 3.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 10,868,311 | 66,950 | 2.47 | 9,556,975 | 9,905 | 0.42 | Total interest-bearing liabilities | 10,957,762 | 78,294 | 2.84 | 9,410,420 | 12,815 | 0.54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 4,039,087 | 4,714,161 | Noninterest-bearing deposits | 3,800,160 | 4,867,314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 212,818 | 182,617 | Other liabilities | 245,886 | 194,339 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 2,217,708 | 2,177,537 | Shareholders’ equity | 2,231,605 | 2,173,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 17,337,924 | $ | 16,631,290 | Total liabilities and shareholders’ equity | $ | 17,235,413 | $ | 16,645,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/net interest margin | Net interest income/net interest margin | $ | 133,085 | 3.45 | % | $ | 115,321 | 3.11 | % | Net interest income/net interest margin | $ | 130,131 | 3.36 | % | $ | 132,435 | 3.54 | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 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 | $ | 11,783,585 | $ | 339,519 | 5.81 | % | $ | 10,293,949 | $ | 204,613 | 4.00 | % | Loans held for investment | $ | 11,866,662 | $ | 523,040 | 5.89 | % | $ | 10,474,305 | $ | 329,227 | 4.20 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 148,221 | 4,727 | 6.38 | 278,722 | 5,449 | 3.91 | Loans held for sale | 175,100 | 8,478 | 6.46 | 233,266 | 7,524 | 4.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities: | Securities: | Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 2,511,373 | 25,143 | 2.00 | 2,592,645 | 19,137 | 1.48 | Taxable | 2,356,962 | 34,361 | 1.94 | 2,653,735 | 31,576 | 1.59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt(1) | Tax-exempt(1) | 428,754 | 5,037 | 2.35 | 445,154 | 5,354 | 2.41 | Tax-exempt(1) | 395,394 | 6,844 | 2.31 | 446,762 | 8,018 | 2.39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | 494,434 | 12,408 | 5.06 | 1,233,241 | 2,618 | 0.43 | Interest-bearing balances with banks | 573,498 | 22,536 | 5.25 | 1,041,145 | 6,076 | 0.78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 15,366,367 | 386,834 | 5.07 | 14,843,711 | 237,171 | 3.21 | Total interest-earning assets | 15,367,616 | 595,259 | 5.18 | 14,849,213 | 382,421 | 3.44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 193,703 | 206,559 | Cash and due from banks | 189,324 | 201,436 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets | 1,012,690 | 966,956 | Intangible assets | 1,012,613 | 967,023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 675,648 | 647,254 | Other assets | 674,476 | 640,403 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 17,248,408 | $ | 16,664,480 | Total assets | $ | 17,244,029 | $ | 16,658,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | $ | 6,090,549 | $ | 49,483 | 1.64 | % | $ | 6,603,986 | $ | 7,245 | 0.22 | % | Interest-bearing demand(2) | $ | 6,235,322 | $ | 90,947 | 1.95 | % | $ | 6,556,454 | $ | 13,306 | 0.27 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 1,028,315 | 1,639 | 0.32 | 1,117,724 | 286 | 0.05 | Savings deposits | 999,436 | 2,432 | 0.33 | 1,123,433 | 441 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 604,158 | 14,408 | 4.81 | — | — | — | Brokered deposits | 720,022 | 26,898 | 4.99 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,650,347 | 18,727 | 2.29 | 1,339,022 | 3,124 | 0.47 | Time deposits | 1,768,827 | 34,886 | 2.64 | 1,305,800 | 4,149 | 0.42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 9,373,369 | 84,257 | 1.81 | 9,060,732 | 10,655 | 0.24 | Total interest-bearing deposits | 9,723,607 | 155,163 | 2.13 | 8,985,687 | 17,896 | 0.27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 1,243,049 | 30,963 | 5.01 | 514,940 | 9,812 | 3.82 | Borrowed funds | 1,007,844 | 38,351 | 5.08 | 534,296 | 15,386 | 3.84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 10,616,418 | 115,220 | 2.19 | 9,575,672 | 20,467 | 0.43 | Total interest-bearing liabilities | 10,731,451 | 193,514 | 2.41 | 9,519,983 | 33,282 | 0.47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 4,212,081 | 4,683,446 | Noninterest-bearing deposits | 4,073,265 | 4,745,409 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 217,573 | 191,938 | Other liabilities | 227,114 | 192,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 2,202,336 | 2,213,424 | Shareholders’ equity | 2,212,199 | 2,199,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 17,248,408 | $ | 16,664,480 | Total liabilities and shareholders’ equity | $ | 17,244,029 | $ | 16,658,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/net interest margin | Net interest income/net interest margin | $ | 271,614 | 3.56 | % | $ | 216,704 | 2.94 | % | Net interest income/net interest margin | $ | 401,745 | 3.49 | % | $ | 349,139 | 3.14 | % |
Three Months Ended June 30, 2023 Compared to the Three Months Ended June 30, 2022 | Three Months Ended September 30, 2023 Compared to the Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||
Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | $ | 15,853 | $ | 52,084 | $ | 67,937 | Loans held for investment | $ | 14,993 | $ | 43,914 | $ | 58,907 | ||||||||||||||||||||
Loans held for sale | Loans held for sale | (438) | 842 | 404 | Loans held for sale | 1,351 | 325 | 1,676 | ||||||||||||||||||||||||||
Securities: | Securities: | Securities: | ||||||||||||||||||||||||||||||||
Taxable | Taxable | (1,021) | 2,755 | 1,734 | Taxable | (3,336) | 115 | (3,221) | ||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | (225) | (65) | (290) | Tax-exempt | (670) | (187) | (857) | ||||||||||||||||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | (1,346) | 6,370 | 5,024 | Interest-bearing balances with banks | 376 | 6,294 | 6,670 | ||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 12,823 | 61,986 | 74,809 | Total interest-earning assets | 12,714 | 50,461 | 63,175 | ||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | (268) | 25,855 | 25,587 | Interest-bearing demand deposits | 54 | 35,349 | 35,403 | ||||||||||||||||||||||||||
Savings deposits | Savings deposits | (19) | 685 | 666 | Savings deposits | (31) | 669 | 638 | ||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 10,090 | — | 10,090 | Brokered deposits | 12,490 | — | 12,490 | ||||||||||||||||||||||||||
Time deposits | Time deposits | 552 | 9,478 | 10,030 | Time deposits | 990 | 14,144 | 15,134 | ||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 7,857 | 2,815 | 10,672 | Borrowed funds | (281) | 2,095 | 1,814 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 18,212 | 38,833 | 57,045 | Total interest-bearing liabilities | 13,222 | 52,257 | 65,479 | ||||||||||||||||||||||||||
Change in net interest income | Change in net interest income | $ | (5,389) | $ | 23,153 | $ | 17,764 | Change in net interest income | $ | (508) | $ | (1,796) | $ | (2,304) | ||||||||||||||||||||
Six months ended June 30, 2023 Compared to the Six Months Ended June 30, 2022 | Nine months ended September 30, 2023 Compared to the Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||
Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | $ | 32,902 | $ | 102,004 | $ | 134,906 | Loans held for investment | $ | 48,155 | $ | 145,658 | $ | 193,813 | ||||||||||||||||||||
Loans held for sale | Loans held for sale | (3,213) | 2,491 | (722) | Loans held for sale | (2,182) | 3,136 | 954 | ||||||||||||||||||||||||||
Securities: | Securities: | Securities: | ||||||||||||||||||||||||||||||||
Taxable | Taxable | (608) | 6,614 | 6,006 | Taxable | (3,783) | 6,568 | 2,785 | ||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | (195) | (122) | (317) | Tax-exempt | (898) | (276) | (1,174) | ||||||||||||||||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | (2,458) | 12,248 | 9,790 | Interest-bearing balances with banks | (3,866) | 20,326 | 16,460 | ||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 26,428 | 123,235 | 149,663 | Total interest-earning assets | 37,426 | 175,412 | 212,838 | ||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | (606) | 42,844 | 42,238 | Interest-bearing demand deposits | (684) | 78,325 | 77,641 | ||||||||||||||||||||||||||
Savings deposits | Savings deposits | (24) | 1,377 | 1,353 | Savings deposits | (53) | 2,044 | 1,991 | ||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 14,408 | — | 14,408 | Brokered deposits | 26,898 | — | 26,898 | ||||||||||||||||||||||||||
Time deposits | Time deposits | 885 | 14,718 | 15,603 | Time deposits | 1,959 | 28,778 | 30,737 | ||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 17,334 | 3,817 | 21,151 | Borrowed funds | 16,840 | 6,125 | 22,965 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 31,997 | 62,756 | 94,753 | Total interest-bearing liabilities | 44,960 | 115,272 | 160,232 | ||||||||||||||||||||||||||
Change in net interest income | Change in net interest income | $ | (5,569) | $ | 60,479 | $ | 54,910 | Change in net interest income | $ | (7,534) | $ | 60,140 | $ | 52,606 |
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 | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | 76.91 | % | 70.57 | % | 5.93 | % | 4.12 | % | Loans held for investment | 78.27 | % | 72.87 | % | 6.06 | % | 4.57 | % | ||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1.25 | 1.53 | 6.21 | 4.55 | Loans held for sale | 1.48 | 0.97 | 6.58 | 5.77 | ||||||||||||||||||||||||||||||||||||
Securities | Securities | 18.45 | 21.13 | 2.04 | 1.67 | Securities | 15.50 | 21.69 | 1.85 | 1.87 | ||||||||||||||||||||||||||||||||||||
Other | Other | 3.39 | 6.77 | 5.34 | 0.78 | Other | 4.75 | 4.47 | 5.51 | 2.07 | ||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 100.00 | % | 100.00 | % | 5.19 | % | 3.38 | % | Total earning assets | 100.00 | % | 100.00 | % | 5.39 | % | 3.89 | % |
Percentage of Total Average Earning Assets | Yield | Percentage of Total Average Earning Assets | Yield | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | 76.68 | % | 69.35 | % | 5.81 | % | 4.00 | % | Loans held for investment | 77.22 | % | 70.54 | % | 5.89 | % | 4.20 | % | ||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 0.96 | 1.88 | 6.38 | 3.91 | Loans held for sale | 1.14 | 1.57 | 6.46 | 4.30 | ||||||||||||||||||||||||||||||||||||
Securities | Securities | 19.13 | 20.47 | 2.05 | 1.61 | Securities | 17.91 | 20.88 | 2.00 | 1.70 | ||||||||||||||||||||||||||||||||||||
Interest-bearing balances with banks | Interest-bearing balances with banks | 3.23 | 8.30 | 5.06 | 0.43 | Interest-bearing balances with banks | 3.73 | 7.01 | 5.25 | 0.78 | ||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 100.00 | % | 100.00 | % | 5.07 | % | 3.21 | % | Total earning assets | 100.00 | % | 100.00 | % | 5.18 | % | 3.44 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net interest income collected on problem loans | Net interest income collected on problem loans | $ | 364 | $ | 2,276 | $ | 756 | $ | 2,710 | Net interest income collected on problem loans | $ | (820) | $ | 78 | $ | (64) | $ | 2,788 | ||||||||||||||||||||||||||||
Accretable yield recognized on purchased loans(1) | Accretable yield recognized on purchased loans(1) | 874 | 2,021 | 1,759 | 3,256 | Accretable yield recognized on purchased loans(1) | 1,290 | 1,317 | 3,049 | 4,573 | ||||||||||||||||||||||||||||||||||||
Total impact to interest income on loans | Total impact to interest income on loans | $ | 1,238 | $ | 4,297 | $ | 2,515 | $ | 5,966 | Total impact to interest income on loans | $ | 470 | $ | 1,395 | $ | 2,985 | $ | 7,361 | ||||||||||||||||||||||||||||
Impact to loan yield | Impact to loan yield | 0.04 | % | 0.16 | % | 0.04 | % | 0.12 | % | Impact to loan yield | 0.02 | % | 0.05 | % | 0.03 | % | 0.09 | % | ||||||||||||||||||||||||||||
Impact to net interest margin | Impact to net interest margin | 0.03 | % | 0.12 | % | 0.03 | % | 0.08 | % | Impact to net interest margin | 0.01 | % | 0.04 | % | 0.02 | % | 0.07 | % |
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 | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | 27.10 | % | 33.03 | % | — | % | — | % | Noninterest-bearing demand | 25.75 | % | 34.09 | % | — | % | — | % | ||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 41.01 | 46.05 | 1.91 | 0.22 | Interest-bearing demand | 44.18 | 45.27 | 2.52 | 0.37 | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 6.74 | 7.97 | 0.32 | 0.05 | Savings | 6.39 | 7.95 | 0.33 | 0.05 | ||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 5.43 | — | 5.00 | — | Brokered deposits | 6.42 | — | 5.23 | — | ||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 11.64 | 9.14 | 2.61 | 0.39 | Time deposits | 13.57 | 8.69 | 3.20 | 0.33 | ||||||||||||||||||||||||||||||||||||
Short term borrowings | Short term borrowings | 5.19 | 0.78 | 4.62 | 0.69 | Short term borrowings | 0.78 | 0.99 | 1.24 | 1.30 | ||||||||||||||||||||||||||||||||||||
Long-term Federal Home Loan Bank advances | — | — | — | 1.88 | ||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 2.14 | 2.25 | 5.57 | 4.36 | Subordinated notes | 2.15 | 2.23 | 5.91 | 4.55 | ||||||||||||||||||||||||||||||||||||
Other borrowed funds | Other borrowed funds | 0.75 | 0.78 | 7.86 | 4.33 | Other borrowed funds | 0.76 | 0.78 | 8.25 | 5.24 | ||||||||||||||||||||||||||||||||||||
Total deposits and borrowed funds | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 1.80 | % | 0.28 | % | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 2.11 | % | 0.36 | % |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | 28.41 | % | 32.85 | % | — | % | — | % | Noninterest-bearing demand | 27.51 | % | 33.27 | % | — | % | — | % | ||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 41.07 | 46.31 | 1.64 | 0.22 | Interest-bearing demand | 42.12 | 45.96 | 1.95 | 0.27 | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 6.94 | 7.84 | 0.32 | 0.05 | Savings | 6.75 | 7.88 | 0.33 | 0.05 | ||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 4.07 | — | 4.81 | — | Brokered deposits | 4.86 | — | 4.99 | — | ||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 11.13 | 9.39 | 2.29 | 0.47 | Time deposits | 11.95 | 9.15 | 2.64 | 0.42 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 5.48 | 0.49 | 4.46 | 0.65 | Short-term borrowings | 3.90 | 0.66 | 4.24 | 0.98 | ||||||||||||||||||||||||||||||||||||
Long-term Federal Home Loan Bank advances | Long-term Federal Home Loan Bank advances | — | — | — | 1.87 | Long-term Federal Home Loan Bank advances | — | — | — | 1.88 | ||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 2.14 | 2.34 | 5.45 | 4.31 | Subordinated notes | 2.15 | 2.30 | 5.61 | 4.39 | ||||||||||||||||||||||||||||||||||||
Other long term borrowings | Other long term borrowings | 0.76 | 0.78 | 7.77 | 4.37 | Other long term borrowings | 0.76 | 0.78 | 7.93 | 4.66 | ||||||||||||||||||||||||||||||||||||
Total deposits and borrowed funds | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 1.57 | % | 0.29 | % | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 1.75 | % | 0.31 | % |
Noninterest Income to Average Assets | Noninterest Income to Average Assets | Noninterest Income to Average Assets | ||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
0.40% | 0.90% | 0.64% | 0.90% | |||||||||||||||||||||||||||||||||||||
0.88% | 0.88% | 0.98% | 0.72% | 0.93% |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Gain on sales of loans, net (1) | Gain on sales of loans, net (1) | $ | 4,646 | $ | 3,490 | $ | 9,416 | $ | 9,537 | Gain on sales of loans, net (1) | $ | 3,297 | $ | 5,263 | $ | 12,713 | $ | 14,800 | ||||||||||||||||||||||||||||
Fees, net | Fees, net | 2,859 | 3,064 | 4,665 | 6,117 | Fees, net | 2,376 | 2,405 | 7,041 | 8,522 | ||||||||||||||||||||||||||||||||||||
Mortgage servicing income, net | Mortgage servicing income, net | 2,266 | 1,762 | 4,207 | 2,295 | Mortgage servicing income, net | 1,860 | 5,007 | 6,067 | 7,302 | ||||||||||||||||||||||||||||||||||||
Mortgage banking income, net | Mortgage banking income, net | $ | 9,771 | $ | 8,316 | $ | 18,288 | $ | 17,949 | Mortgage banking income, net | $ | 7,533 | $ | 12,675 | $ | 25,821 | $ | 30,624 |
Noninterest Expense to Average Assets | Noninterest Expense to Average Assets | Noninterest Expense to Average Assets | ||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
2.53% | 2.37% | 2.54% | 2.33% | |||||||||||||||||||||||||||||||||||||
2.48% | 2.48% | 2.42% | 2.52% | 2.36% |
Efficiency Ratio | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Efficiency ratio | 72.63 | % | 64.37 | % | 66.50 | % | 66.00 | % | |||||||||||||||
Efficiency Ratio | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Efficiency ratio | 63.96 | % | 58.50 | % | 65.64 | % | 63.20 | % | |||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2022 | September 30, 2023 | December 31, 2022 | September 30, 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 | $ | 41,310 | 14.49 | % | $ | 44,255 | 14.46 | % | $ | 30,193 | 14.12 | % | Commercial, financial, agricultural | $ | 44,444 | 14.96 | % | $ | 44,255 | 14.46 | % | $ | 30,503 | 13.63 | % | ||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 2,480 | 1.03 | % | 2,463 | 0.99 | % | 1,802 | 0.96 | % | Lease financing | 3,355 | 0.99 | % | 2,463 | 0.99 | % | 2,314 | 0.93 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | 19,125 | 11.47 | % | 19,114 | 11.49 | % | 17,290 | 10.62 | % | Real estate – construction | 19,656 | 11.57 | % | 19,114 | 11.49 | % | 18,744 | 10.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | Real estate – 1-4 family mortgage | 46,434 | 28.07 | % | 44,727 | 27.78 | % | 41,910 | 28.57 | % | Real estate – 1-4 family mortgage | 45,799 | 27.94 | % | 44,727 | 27.78 | % | 43,532 | 28.17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | 75,667 | 44.03 | % | 71,798 | 44.20 | % | 64,373 | 44.49 | % | Real estate – commercial mortgage | 75,233 | 43.65 | % | 71,798 | 44.20 | % | 69,267 | 45.17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 9,375 | 0.91 | % | 9,733 | 1.08 | % | 10,563 | 1.24 | % | Installment loans to individuals | 9,286 | 0.89 | % | 9,733 | 1.08 | % | 9,996 | 1.16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 194,391 | 100.00 | % | $ | 192,090 | 100.00 | % | $ | 166,131 | 100.00 | % | Total | $ | 197,773 | 100.00 | % | $ | 192,090 | 100.00 | % | $ | 174,356 | 100.00 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 195,292 | $ | 166,468 | $ | 192,090 | $ | 164,171 | Balance at beginning of period | $ | 194,391 | $ | 166,131 | $ | 192,090 | $ | 164,171 | ||||||||||||||||||||||||||||
Impact of purchased credit deteriorated loans acquired during the period | Impact of purchased credit deteriorated loans acquired during the period | — | — | (26) | 1,648 | Impact of purchased credit deteriorated loans acquired during the period | — | — | (26) | 1,648 | ||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | Charge-offs | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | 4,939 | 2,239 | 5,468 | 4,341 | Commercial, financial, agricultural | 2,252 | 373 | 7,720 | 4,714 | ||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | — | — | — | 7 | Lease financing | 641 | — | 641 | 7 | ||||||||||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | — | — | 57 | — | |||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | Real estate – 1-4 family mortgage | 212 | 161 | 215 | 324 | Real estate – 1-4 family mortgage | 130 | 208 | 345 | 532 | ||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | 397 | 708 | 5,512 | 714 | Real estate – commercial mortgage | — | 1,956 | 5,512 | 2,670 | ||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 580 | 850 | 1,390 | 1,629 | Installment loans to individuals | 607 | 722 | 1,997 | 2,351 | ||||||||||||||||||||||||||||||||||||
Total charge-offs | Total charge-offs | 6,185 | 3,958 | 12,642 | 7,015 | Total charge-offs | 3,630 | 3,259 | 16,272 | 10,274 | ||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | 1,274 | 431 | 1,999 | 1,567 | Commercial, financial, agricultural | 690 | 415 | 2,689 | 1,982 | ||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 6 | 11 | 11 | 23 | Lease financing | 2 | 113 | 13 | 136 | ||||||||||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | 48 | — | 48 | — | |||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | Real estate – 1-4 family mortgage | 170 | 169 | 194 | 347 | Real estate – 1-4 family mortgage | 181 | 378 | 375 | 725 | ||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | 278 | 192 | 489 | 347 | Real estate – commercial mortgage | 208 | 50 | 697 | 397 | ||||||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 556 | 818 | 1,316 | 1,543 | Installment loans to individuals | 568 | 728 | 1,884 | 2,271 | ||||||||||||||||||||||||||||||||||||
Total recoveries | Total recoveries | 2,284 | 1,621 | 4,009 | 3,827 | Total recoveries | 1,697 | 1,684 | 5,706 | 5,511 | ||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | 3,901 | 2,337 | 8,633 | 3,188 | Net charge-offs | 1,933 | 1,575 | 10,566 | 4,763 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 3,000 | 2,000 | 10,960 | 3,500 | Provision for credit losses on loans | 5,315 | 9,800 | 16,275 | 13,300 | ||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 194,391 | $ | 166,131 | $ | 194,391 | $ | 166,131 | Balance at end of period | $ | 197,773 | $ | 174,356 | $ | 197,773 | $ | 174,356 | ||||||||||||||||||||||||||||
Net charge-offs (annualized) to average loans | Net charge-offs (annualized) to average loans | 0.13 | % | 0.09 | % | 0.15 | % | 0.06 | % | Net charge-offs (annualized) to average loans | 0.06 | % | 0.06 | % | 0.12 | % | 0.06 | % | ||||||||||||||||||||||||||||
Net charge-offs to allowance for credit losses on loans | Net charge-offs to allowance for credit losses on loans | 2.01 | 1.41 | 4.44 | 1.92 | Net charge-offs to allowance for credit losses on loans | 0.98 | 0.90 | 5.34 | 2.73 | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans to: | Allowance for credit losses on loans to: | Allowance for credit losses on loans to: | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 1.63 | 1.57 | Total loans | 1.63 | 1.57 | ||||||||||||||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 211.85 | 373.21 | Nonperforming loans | 282.24 | 312.10 | ||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | Nonaccrual loans | 350.64 | 378.46 | Nonaccrual loans | 284.40 | 321.23 |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Net Charge-offs (Recoveries) | Average Loans | Annualized Net Charge-offs to Average Loans | Net Charge-offs (Recoveries) | Average Loans | Annualized Net Charge-offs to Average Loans | Net Charge-offs (Recoveries) | Average Loans | Annualized Net Charge-offs to Average Loans | Net Charge-offs (Recoveries) | Average Loans | Annualized Net Charge-offs to Average Loans | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 3,469 | $ | 1,734,709 | 0.40% | $ | 2,774 | $ | 1,457,164 | 0.38% | Commercial, financial, agricultural | $ | 5,031 | $ | 1,740,424 | 0.39% | $ | 2,732 | $ | 1,474,633 | 0.25% | ||||||||||||||||||||||||
Lease financing | Lease financing | (11) | 118,892 | (0.02) | (16) | 89,479 | (0.04) | Lease financing | 628 | 119,564 | 0.70 | (129) | 93,838 | (0.18)% | ||||||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | 57 | 1,327,028 | 0.01 | — | 1,114,992 | — | Real estate – construction | 9 | 1,336,385 | — | — | 1,124,713 | —% | ||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | Real estate – 1-4 family mortgage | 21 | 3,362,300 | — | (23) | 2,894,206 | — | Real estate – 1-4 family mortgage | (30) | 3,373,754 | — | (193) | 2,976,081 | (0.01)% | ||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | 5,023 | 5,125,192 | 0.20 | 367 | 4,601,353 | 0.02 | Real estate – commercial mortgage | 4,815 | 5,183,733 | 0.12 | 2,273 | 4,670,508 | 0.07% | ||||||||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 74 | 115,464 | 0.13 | 86 | 136,755 | 0.13 | Installment loans to individuals | 113 | 112,802 | 0.13 | 80 | 134,532 | 0.08% | ||||||||||||||||||||||||||||||||
Total | Total | $ | 8,633 | $ | 11,783,585 | 0.15% | $ | 3,188 | $ | 10,293,949 | 0.06% | Total | $ | 10,566 | $ | 11,866,662 | 0.12% | $ | 4,763 | $ | 10,474,305 | 0.06% |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | $ | 57 | $ | — | $ | 57 | $ | — | Residential | $ | (48) | $ | — | $ | 9 | $ | — | ||||||||||||||||||||||||||||
Total real estate – construction | Total real estate – construction | 57 | — | 57 | — | Total real estate – construction | (48) | — | 9 | — | ||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
Primary | Primary | (55) | 95 | (65) | 157 | Primary | (91) | (59) | (156) | 98 | ||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 102 | (70) | 99 | (48) | Home equity | (20) | (44) | 79 | (92) | ||||||||||||||||||||||||||||||||||||
Rental/investment | Rental/investment | 1 | (19) | (1) | (21) | Rental/investment | 66 | (19) | 65 | (40) | ||||||||||||||||||||||||||||||||||||
Land development | Land development | (6) | (14) | (12) | (111) | Land development | (6) | (48) | (18) | (159) | ||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | 42 | (8) | 21 | (23) | Total real estate – 1-4 family mortgage | (51) | (170) | (30) | (193) | ||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | 396 | 675 | 318 | 526 | Owner-occupied | (205) | (36) | 113 | 490 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | (277) | (2) | 4,705 | (2) | Non-owner occupied | (3) | 1,951 | 4,702 | 1,949 | ||||||||||||||||||||||||||||||||||||
Land development | Land development | — | (157) | — | (157) | Land development | — | (9) | — | (166) | ||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | 119 | 516 | 5,023 | 367 | Total real estate – commercial mortgage | (208) | 1,906 | 4,815 | 2,273 | ||||||||||||||||||||||||||||||||||||
Total net charge-offs (recoveries) of loans secured by real estate | Total net charge-offs (recoveries) of loans secured by real estate | $ | 218 | $ | 508 | $ | 5,101 | $ | 344 | Total net charge-offs (recoveries) of loans secured by real estate | $ | (307) | $ | 1,736 | $ | 4,794 | $ | 2,080 |
Three Months Ended June 30, | 2023 | 2022 | ||||||||||||||
Allowance for credit losses on unfunded loan commitments: | ||||||||||||||||
Beginning balance | $ | 18,618 | $ | 19,485 | ||||||||||||
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense) | (1,000) | 450 | ||||||||||||||
Ending balance | $ | 17,618 | $ | 19,935 | ||||||||||||
Six Months Ended June 30, | 2023 | 2022 | ||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | 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 | $ | 20,118 | $ | 20,035 | Beginning balance | $ | 17,618 | $ | 19,935 | ||||||
Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense) | Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense) | (2,500) | (100) | Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense) | (700) | — | ||||||||||
Ending balance | Ending balance | $ | 17,618 | $ | 19,935 | Ending balance | $ | 16,918 | $ | 19,935 | ||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | 2023 | 2022 | |||||||||||||
Allowance for credit losses on unfunded loan commitments: | Allowance for credit losses on unfunded loan commitments: | |||||||||||||||
Beginning balance | Beginning balance | $ | 20,118 | $ | 20,035 | |||||||||||
Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense) | Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense) | (3,200) | (100) | |||||||||||||
Ending balance | Ending balance | $ | 16,918 | $ | 19,935 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Nonaccruing loans | Nonaccruing loans | $ | 55,439 | $ | 56,545 | Nonaccruing loans | $ | 69,541 | $ | 56,545 | ||||||||||||||||||
Accruing loans past due 90 days or more | Accruing loans past due 90 days or more | 36,321 | 331 | Accruing loans past due 90 days or more | 532 | 331 | ||||||||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 91,760 | 56,876 | Total nonperforming loans | 70,073 | 56,876 | ||||||||||||||||||||||
Other real estate owned | Other real estate owned | 5,120 | 1,763 | Other real estate owned | 9,258 | 1,763 | ||||||||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 96,880 | $ | 58,639 | Total nonperforming assets | $ | 79,331 | $ | 58,639 | ||||||||||||||||||
Nonperforming loans to total loans | Nonperforming loans to total loans | 0.77 | % | 0.49 | % | Nonperforming loans to total loans | 0.58 | % | 0.49 | % | ||||||||||||||||||
Nonaccruing loans to total loans | Nonaccruing loans to total loans | 0.46 | % | 0.49 | % | Nonaccruing loans to total loans | 0.57 | % | 0.49 | % | ||||||||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.56 | % | 0.35 | % | Nonperforming assets to total assets | 0.46 | % | 0.35 | % |
June 30, 2023 | December 31, 2022 | June 30, 2022 | September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | 7,698 | $ | 12,543 | $ | 6,199 | Commercial, financial, agricultural | $ | 7,745 | $ | 12,543 | $ | 5,299 | ||||||||||||||||||||
Lease financing | Lease financing | — | — | — | Lease financing | 1,048 | — | — | ||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||
Residential | Residential | — | 77 | — | Residential | — | 77 | 232 | ||||||||||||||||||||||||||
Commercial | Commercial | — | — | — | Commercial | — | — | 1 | ||||||||||||||||||||||||||
Total real estate – construction | Total real estate – construction | — | 77 | — | Total real estate – construction | — | 77 | 233 | ||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||
Primary | Primary | 36,467 | 30,076 | 22,440 | Primary | 42,072 | 30,076 | 25,130 | ||||||||||||||||||||||||||
Home equity | Home equity | 2,299 | 1,909 | 2,082 | Home equity | 2,598 | 1,909 | 1,842 | ||||||||||||||||||||||||||
Rental/investment | Rental/investment | 3,086 | 1,014 | 1,034 | Rental/investment | 2,647 | 1,014 | 1,240 | ||||||||||||||||||||||||||
Land development | Land development | 19 | 82 | 598 | Land development | 169 | 82 | 1,448 | ||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | 41,871 | 33,081 | 26,154 | Total real estate – 1-4 family mortgage | 47,486 | 33,081 | 29,660 | ||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | 24,022 | 5,499 | 5,991 | Owner-occupied | 3,370 | 5,499 | 8,554 | ||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 17,842 | 5,342 | 5,630 | Non-owner occupied | 9,920 | 5,342 | 11,725 | ||||||||||||||||||||||||||
Land development | Land development | 54 | 71 | 186 | Land development | 247 | 71 | 93 | ||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | 41,918 | 10,912 | 11,807 | Total real estate – commercial mortgage | 13,537 | 10,912 | 20,372 | ||||||||||||||||||||||||||
Installment loans to individuals | Installment loans to individuals | 273 | 263 | 354 | Installment loans to individuals | 257 | 263 | 301 | ||||||||||||||||||||||||||
Total nonperforming loans | Total nonperforming loans | $ | 91,760 | $ | 56,876 | $ | 44,514 | Total nonperforming loans | $ | 70,073 | $ | 56,876 | $ | 55,865 |
Three Months Ended | Six Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Reduction | Term Extension | Payment Delay | Total | % Total Loans by Class | Interest Rate Reduction | Term Extension | Payment Delay | Total | % Total Loans by Class | Interest Rate Reduction | Term Extension | Payment Delay | Total | % Total Loans by Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | $ | — | $ | 1,210 | $ | — | $ | 1,210 | 0.07 | % | $ | — | $ | 1,210 | $ | — | $ | 1,210 | 0.07 | % | Commercial, financial, agricultural | $ | — | $ | 1,209 | $ | — | $ | 1,209 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | — | 4,366 | — | 4,366 | 1.42 | — | 4,366 | — | 4,366 | 1.42 | Residential | — | 3,751 | — | 3,751 | 1.25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | Total real estate – construction | — | 4,366 | — | 4,366 | 0.32 | — | 4,366 | — | 4,366 | 0.32 | Total real estate – construction | — | 3,751 | — | 3,751 | 0.27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 9 | — | — | 9 | — | 9 | — | — | 9 | — | Home equity | 7 | — | — | 7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | Total real estate – 1-4 family mortgage | 9 | — | — | 9 | — | 9 | — | — | 9 | — | Total real estate – 1-4 family mortgage | 7 | — | — | 7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | — | — | — | — | — | 155 | — | — | 155 | 0.01 | Owner-occupied | 149 | 96 | 277 | 522 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | — | — | — | — | — | 1,026 | — | — | 1,026 | 0.03 | Non-owner occupied | 1,008 | — | — | 1,008 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land development | — | 97 | 277 | 374 | 0.33 | — | 97 | 277 | 374 | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | Total real estate – commercial mortgage | — | 97 | 277 | 374 | 0.01 | 1,181 | 97 | 277 | 1,555 | 0.03 | Total real estate – commercial mortgage | 1,157 | 96 | 277 | 1,530 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | $ | 9 | $ | 5,673 | $ | 277 | $ | 5,959 | 0.05 | % | $ | 1,190 | $ | 5,673 | $ | 277 | $ | 7,140 | 0.06 | % | Loans, net of unearned income | $ | 1,164 | $ | 5,056 | $ | 277 | $ | 6,497 | 0.05 | % |
Three Months Ended | Six Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Reduction (in basis points) | Term Extension (in months) | Payment Delay (in months) | Interest Rate Reduction (in basis points) | Term Extension (in months) | Payment Delay (in months) | Interest Rate Reduction (in basis points) | Term Extension (in months) | Payment Delay (in months) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | Commercial, financial, agricultural | — | 2.1 | — | — | 2.1 | — | Commercial, financial, agricultural | — | 2.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | Real estate – construction: | Real estate – construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | — | 4.7 | — | — | 4.7 | — | Residential | — | 4.7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | Real estate – 1-4 family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 300 | — | — | 300 | — | — | Home equity | 300 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | Real estate – commercial mortgage: | Real estate – commercial mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | — | — | — | 68 | — | — | Owner-occupied | 68 | 8.4 | 3.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | — | — | — | 12 | — | — | Non-owner occupied | 12 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land development | — | 8.4 | 3.0 | — | 8.4 | 3.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | 300 | 4.2 | 3.0 | 21 | 4.2 | 3.0 |
June 30, 2023 | December 31, 2022 | June 30, 2022 | September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||
Residential real estate | Residential real estate | $ | 459 | $ | 699 | $ | 1,251 | Residential real estate | $ | 1,045 | $ | 699 | $ | 913 | ||||||||||||||||||||
Commercial real estate | Commercial real estate | 3,481 | 62 | 101 | Commercial real estate | 8,182 | 62 | 62 | ||||||||||||||||||||||||||
Residential land development | Residential land development | 448 | 246 | 261 | Residential land development | 4 | 246 | 246 | ||||||||||||||||||||||||||
Commercial land development | Commercial land development | 732 | 756 | 1,194 | Commercial land development | 27 | 756 | 1,191 | ||||||||||||||||||||||||||
Total other real estate owned | Total other real estate owned | $ | 5,120 | $ | 1,763 | $ | 2,807 | Total other real estate owned | $ | 9,258 | $ | 1,763 | $ | 2,412 |
2023 | 2022 | ||||||||||
Balance at January 1 | $ | 1,763 | $ | 2,540 | |||||||
Transfers of loans | 4,119 | 1,284 | |||||||||
Impairments | (8) | (51) | |||||||||
Dispositions | (738) | (967) | |||||||||
Other | (16) | 1 | |||||||||
Balance at June 30 | $ | 5,120 | $ | 2,807 |
2023 | 2022 | ||||||||||
Balance at January 1 | $ | 1,763 | $ | 2,540 | |||||||
Transfers of loans | 10,073 | 1,828 | |||||||||
Impairments | (18) | (110) | |||||||||
Dispositions | (2,544) | (1,847) | |||||||||
Other | (16) | 1 | |||||||||
Balance at September 30 | $ | 9,258 | $ | 2,412 |
Percentage Change In: | ||||||||||||||||||||
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 | ||||||||||||||||||
+100 | 2.11% | 2.33% | 3.56% | |||||||||||||||||
-100 | (2.96)% | (2.96)% | (4.17)% | |||||||||||||||||
-200 | (7.32)% | (6.72)% | (9.35)% |
Percentage Change In: | ||||||||||||||||||||
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 | ||||||||||||||||||
+200 | 4.22% | 6.79% | 8.62% | |||||||||||||||||
+100 | 2.50% | 3.45% | 4.34% | |||||||||||||||||
-100 | (3.67)% | (4.29)% | (5.22)% | |||||||||||||||||
-200 | (9.05)% | (9.24)% | (11.31)% |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | 28.41 | % | 32.85 | % | — | % | — | % | Noninterest-bearing demand | 27.51 | % | 33.27 | % | — | % | — | % | ||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 41.07 | 46.31 | 1.64 | 0.22 | Interest-bearing demand | 42.12 | 45.96 | 1.95 | 0.27 | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 6.94 | 7.84 | 0.32 | 0.05 | Savings | 6.75 | 7.88 | 0.33 | 0.05 | ||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 4.07 | — | 4.81 | — | Brokered deposits | 4.86 | — | 4.99 | — | ||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 11.13 | 9.39 | 2.29 | 0.47 | Time deposits | 11.95 | 9.15 | 2.64 | 0.42 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 5.48 | 0.49 | 4.46 | 0.65 | Short-term borrowings | 3.90 | 0.66 | 4.24 | 0.98 | ||||||||||||||||||||||||||||||||||||
Long-term Federal Home Loan Bank advances | Long-term Federal Home Loan Bank advances | — | — | — | 1.87 | Long-term Federal Home Loan Bank advances | — | — | — | 1.88 | ||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 2.14 | 2.34 | 5.45 | 4.31 | Subordinated notes | 2.15 | 2.30 | 5.61 | 4.39 | ||||||||||||||||||||||||||||||||||||
Other borrowed funds | Other borrowed funds | 0.76 | 0.78 | 7.77 | 4.37 | Other borrowed funds | 0.76 | 0.78 | 7.93 | 4.66 | ||||||||||||||||||||||||||||||||||||
Total deposits and borrowed funds | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 1.57 | % | 0.29 | % | Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 1.75 | % | 0.31 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Loan commitments | Loan commitments | $ | 3,268,716 | $ | 3,577,614 | Loan commitments | $ | 3,138,292 | $ | 3,577,614 | ||||||||||||
Standby letters of credit | Standby letters of credit | 117,786 | 98,357 | Standby letters of credit | 114,173 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 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 | $ | 1,415,626 | 10.30 | % | $ | 893,220 | 6.50 | % | $ | 961,929 | 7.00 | % | Common equity tier 1 capital ratio | $ | 1,449,367 | 10.46 | % | $ | 900,405 | 6.50 | % | $ | 969,667 | 7.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | 1,524,545 | 11.09 | 1,099,348 | 8.00 | 1,168,057 | 8.50 | Tier 1 risk-based capital ratio | 1,558,521 | 11.25 | 1,108,191 | 8.00 | 1,177,453 | 8.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 2,028,793 | 14.76 | 1,374,185 | 10.00 | 1,442,894 | 10.50 | Total risk-based capital ratio | 2,065,992 | 14.91 | 1,385,238 | 10.00 | 1,454,500 | 10.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage capital ratios: | Leverage capital ratios: | Leverage capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 1,524,545 | 9.22 | 826,868 | 5.00 | 661,495 | 4.00 | Tier 1 leverage ratio | 1,558,521 | 9.48 | 821,665 | 5.00 | 657,332 | 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 | $ | 1,668,033 | 12.06 | % | $ | 899,078 | 6.50 | % | $ | 968,237 | 7.00 | % | Common equity tier 1 capital ratio | $ | 1,698,680 | 12.23 | % | $ | 902,615 | 6.50 | % | $ | 972,047 | 7.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | 1,668,033 | 12.06 | 1,106,557 | 8.00 | 1,175,717 | 8.50 | Tier 1 risk-based capital ratio | 1,698,680 | 12.23 | 1,110,911 | 8.00 | 1,180,343 | 8.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 1,835,954 | 13.27 | 1,383,196 | 10.00 | 1,452,356 | 10.50 | Total risk-based capital ratio | 1,869,600 | 13.46 | 1,388,639 | 10.00 | 1,458,071 | 10.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage capital ratios: | Leverage capital ratios: | Leverage capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 1,668,033 | 10.09 | 826,954 | 5.00 | 661,563 | 4.00 | Tier 1 leverage ratio | 1,698,680 | 10.33 | 821,813 | 5.00 | 657,450 | 4.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | 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 | $ | 1,372,747 | 10.21 | % | $ | 874,093 | 6.50 | % | $ | 941,331 | 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 | 1,481,197 | 11.01 | 1,075,807 | 8.00 | 1,143,045 | 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 | 1,968,001 | 14.63 | 1,344,758 | 10.00 | 1,411,996 | 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 | 1,481,197 | 9.36 | 790,853 | 5.00 | 632,683 | 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 | $ | 1,630,389 | 12.10 | % | $ | 876,066 | 6.50 | % | $ | 943,455 | 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 | 1,630,389 | 12.10 | 1,078,235 | 8.00 | 1,145,624 | 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 | 1,781,312 | 13.22 | 1,347,794 | 10.00 | 1,415,183 | 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 | 1,630,389 | 10.30 | 791,299 | 5.00 | 633,040 | 4.00 | Tier 1 leverage ratio | 1,630,389 | 10.30 | 791,299 | 5.00 | 633,040 | 4.00 |
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) | |||||||||||||||||||||||
April 1, 2023 to April 30, 2023 | 253 | $ | 29.82 | — | $ | 100,000 | ||||||||||||||||||||
May 1, 2023 to May 31, 2023 | 227 | 26.34 | — | 100,000 | ||||||||||||||||||||||
June 1, 2023 to June 30, 2023 | 358 | 29.48 | — | 100,000 | ||||||||||||||||||||||
Total | 838 | $ | 28.73 | — |
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) | |||||||||||||||||||||||
July 1, 2023 to July 31, 2023 | 1,115 | $ | 27.95 | — | $ | 100,000 | ||||||||||||||||||||
August 1, 2023 to August 31, 2023 | 3,107 | 30.93 | — | 100,000 | ||||||||||||||||||||||
September 1, 2023 to September 30, 2023 | — | — | — | 100,000 | ||||||||||||||||||||||
Total | 4,222 | $ | 30.15 | — |
Exhibit Number | Description | |||||||
(3)(i) | ||||||||
(3)(ii) | ||||||||
(3)(iii) | ||||||||
(3)(iv) | ||||||||
(3)(v) | ||||||||
(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 | ||||||||
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) |