Florida | 59-2260678 | |||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
815 COLORADO AVENUE, | STUART | FL | 34994 | |||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
(772) | 287-4000 | ||||||||||
(Registrant’s Telephone Number, Including Area Code) | |||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
Common Stock | SBCF | Nasdaq Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
PAGE # | ||||||||
Consolidated statements of cash flows – Six months ended June 30, | ||||||||
Consolidated statements of shareholders' equity - Three and six months ended June 30, | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | (In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 69,307 | $ | 60,348 | $ | 136,425 | $ | 122,646 | Interest and fees on loans | $ | 148,265 | $ | 69,307 | $ | 283,433 | $ | 136,425 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and dividends on securities | Interest and dividends on securities | 12,525 | 6,706 | 22,706 | 13,152 | Interest and dividends on securities | 20,995 | 12,525 | 40,344 | 22,706 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on interest bearing deposits and other investments | Interest on interest bearing deposits and other investments | 1,917 | 709 | 2,850 | 1,295 | Interest on interest bearing deposits and other investments | 5,023 | 1,917 | 8,497 | 2,850 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Interest Income | Total Interest Income | 83,749 | 67,763 | 161,981 | 137,093 | Total Interest Income | 174,283 | 83,749 | 332,274 | 161,981 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits | Interest on deposits | 994 | 980 | 1,761 | 2,045 | Interest on deposits | 27,183 | 994 | 43,216 | 1,761 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on time certificates | Interest on time certificates | 436 | 524 | 904 | 1,711 | Interest on time certificates | 14,477 | 436 | 20,029 | 904 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on borrowed money | Interest on borrowed money | 672 | 457 | 1,147 | 925 | Interest on borrowed money | 5,660 | 672 | 10,914 | 1,147 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Interest Expense | Total Interest Expense | 2,102 | 1,961 | 3,812 | 4,681 | Total Interest Expense | 47,320 | 2,102 | 74,159 | 3,812 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | Net Interest Income | 81,647 | 65,802 | 158,169 | 132,412 | Net Interest Income | 126,963 | 81,647 | 258,115 | 158,169 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 822 | (4,855) | 7,378 | (10,570) | Provision for credit losses | (764) | 822 | 30,834 | 7,378 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income after Provision for Credit Losses | Net Interest Income after Provision for Credit Losses | 80,825 | 70,657 | 150,791 | 142,982 | Net Interest Income after Provision for Credit Losses | 127,727 | 80,825 | 227,281 | 150,791 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 3,408 | 2,338 | 6,209 | 4,676 | Service charges on deposit accounts | 4,560 | 3,408 | 8,802 | 6,209 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interchange income | Interchange income | 4,255 | 4,145 | 8,383 | 7,965 | Interchange income | 5,066 | 4,255 | 9,760 | 8,383 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth management income | Wealth management income | 2,774 | 2,387 | 5,433 | 4,710 | Wealth management income | 3,318 | 2,774 | 6,381 | 5,433 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking fees | Mortgage banking fees | 932 | 2,977 | 2,618 | 7,202 | Mortgage banking fees | 576 | 932 | 1,002 | 2,618 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marine finance fees | 312 | 177 | 503 | 366 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance agency income | Insurance agency income | 1,160 | — | 2,261 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA gains | SBA gains | 473 | 232 | 629 | 519 | SBA gains | 249 | 473 | 571 | 629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOLI income | BOLI income | 1,349 | 872 | 2,683 | 1,731 | BOLI income | 2,068 | 1,349 | 3,984 | 2,683 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 3,761 | 2,249 | 6,631 | 5,993 | Other | 4,755 | 4,073 | 11,329 | 7,134 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
21,752 | 17,264 | 44,090 | 33,089 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17,264 | 15,377 | 33,089 | 33,162 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities losses, net | Securities losses, net | (300) | (55) | (752) | (169) | Securities losses, net | (176) | (300) | (69) | (752) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Income | Total Noninterest Income | 16,964 | 15,322 | 32,337 | 32,993 | Total Noninterest Income | 21,576 | 16,964 | 44,021 | 32,337 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense: | Noninterest Expense: | Noninterest Expense: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and wages | Salaries and wages | 28,056 | 22,966 | 56,275 | 44,359 | Salaries and wages | 45,155 | 28,056 | 92,771 | 56,275 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee benefits | Employee benefits | 4,151 | 3,953 | 9,652 | 8,933 | Employee benefits | 7,472 | 4,151 | 16,034 | 9,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outsourced data processing costs | Outsourced data processing costs | 6,043 | 4,676 | 12,199 | 9,144 | Outsourced data processing costs | 20,222 | 6,043 | 34,775 | 12,199 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Telephone / data lines | Telephone / data lines | 908 | 838 | 1,641 | 1,623 | Telephone / data lines | 1,518 | 908 | 2,599 | 1,641 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 4,050 | 3,310 | 8,036 | 7,099 | Occupancy | 7,065 | 4,050 | 14,003 | 8,036 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Furniture and equipment | Furniture and equipment | 1,588 | 1,166 | 3,014 | 2,420 | Furniture and equipment | 2,345 | 1,588 | 4,612 | 3,014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 1,882 | 1,002 | 3,053 | 2,170 | Marketing | 2,047 | 1,882 | 4,285 | 3,053 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal and professional fees | Legal and professional fees | 2,946 | 2,182 | 7,735 | 4,764 | Legal and professional fees | 4,062 | 2,946 | 11,541 | 7,735 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC assessments | FDIC assessments | 699 | 515 | 1,488 | 1,041 | FDIC assessments | 2,116 | 699 | 3,559 | 1,488 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | Amortization of intangibles | 1,446 | 1,212 | 2,892 | 2,423 | Amortization of intangibles | 7,654 | 1,446 | 14,381 | 2,892 |
Foreclosed property expense and net loss (gain) on sale | (968) | (90) | (1,132) | (155) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreclosed property expense and net (gain) loss on sale | Foreclosed property expense and net (gain) loss on sale | (57) | (968) | 138 | (1,132) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | Provision for credit losses on unfunded commitments | — | — | 142 | — | Provision for credit losses on unfunded commitments | — | — | 1,239 | 142 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 5,347 | 4,054 | 10,070 | 8,083 | Other | 8,266 | 5,347 | 15,403 | 10,070 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Expense | Total Noninterest Expense | 56,148 | 45,784 | 115,065 | 91,904 | Total Noninterest Expense | 107,865 | 56,148 | 215,340 | 115,065 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | Income Before Income Taxes | 41,641 | 40,195 | 68,063 | 84,071 | Income Before Income Taxes | 41,438 | 41,641 | 55,962 | 68,063 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 8,886 | 8,785 | 14,720 | 18,942 | Provision for income taxes | 10,189 | 8,886 | 12,886 | 14,720 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $ | 32,755 | $ | 31,410 | $ | 53,343 | $ | 65,129 | Net Income | $ | 31,249 | $ | 32,755 | $ | 43,076 | $ | 53,343 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Data | Share Data | Share Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per share of common stock | Net income per share of common stock | Net income per share of common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | 0.53 | $ | 0.56 | $ | 0.86 | $ | 1.17 | Diluted | $ | 0.37 | $ | 0.53 | $ | 0.52 | $ | 0.86 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 0.53 | 0.57 | 0.87 | 1.18 | Basic | 0.37 | 0.53 | 0.52 | 0.87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average common shares outstanding | Average common shares outstanding | Average common shares outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 61,923 | 55,901 | 61,818 | 55,827 | Diluted | 85,536 | 61,923 | 83,260 | 61,818 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 61,409 | 55,421 | 61,269 | 55,347 | Basic | 85,022 | 61,409 | 82,600 | 61,269 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||
Net Income | $ | 32,755 | $ | 31,410 | $ | 53,343 | $ | 65,129 | ||||||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||
Unrealized (losses) gains on available-for-sale securities, net of tax benefit of $16.0 million and $36.6 million for the three and six months ended June 30, 2022 and net of tax expense of $0.2 million and tax benefit of $3.0 million for the three and six months ended June 30, 2021, respectively | $ | (50,473) | $ | 296 | $ | (116,485) | $ | (10,555) | ||||||||||||||||||||||||
Amortization of unrealized gains and losses on securities transferred to held-to-maturity, net of tax benefit of $7 thousand and nominal tax expense for the three and six months ended June 30, 2022, respectively, and tax expense of $5 thousand and $11 thousand for the three and six months ended June 30, 2021, respectively | (34) | 20 | 2 | 44 | ||||||||||||||||||||||||||||
Reclassification adjustment for losses included in net income, net of tax benefit of $19 thousand for each of the three and six months ended June 30, 2021 | — | 91 | — | 91 | ||||||||||||||||||||||||||||
Available-for-sale securities, net of tax | $ | (50,507) | $ | 407 | $ | (116,483) | $ | (10,420) | ||||||||||||||||||||||||
Unrealized losses on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax expense of $3 thousand and tax benefit of $19 thousand for the three and six months ended June 30, 2022, respectively, and tax benefit of $4 thousand and $51 thousand for the three and six months ended June 30, 2021, respectively | 9 | (11) | (55) | (149) | ||||||||||||||||||||||||||||
Total other comprehensive (loss) income | $ | (50,498) | $ | 396 | $ | (116,538) | $ | (10,569) | ||||||||||||||||||||||||
Comprehensive (Loss) Income | $ | (17,743) | $ | 31,806 | $ | (63,195) | $ | 54,560 |
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net Income | $ | 31,249 | $ | 32,755 | $ | 43,076 | $ | 53,343 | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Unrealized losses on available-for-sale securities, net of tax benefit of $7.1 million and $1.2 million for the three and six months ended June 30, 2023, respectively, and net of tax benefit of $16.0 million and $36.6 million for the three and six months ended June 30, 2022, respectively | $ | (22,215) | $ | (50,473) | $ | (3,699) | $ | (116,485) | ||||||||||||||||||
Amortization of unrealized (gains) losses on securities transferred to held-to-maturity, net of tax benefit of $3 thousand and $6 thousand for the three and six months ended June 30, 2023, respectively, and net of tax benefit of $7 thousand and nominal tax expense for the three and six months ended June 30, 2022, respectively | (11) | (34) | (21) | 2 | ||||||||||||||||||||||
Reclassification adjustment for gains included in net income, net of tax expense of $1 thousand for the six months ended June 30, 2023 | — | — | (4) | — | ||||||||||||||||||||||
Unrealized gains on derivatives designated as fair value hedges, net of reclassifications to income, net of tax expense of $1.6 million for the three and six months ended June 30, 2023, respectively | 4,732 | — | 4,732 | — | ||||||||||||||||||||||
Unrealized gains (losses) on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax expense of $38 thousand and $71 thousand for the three and six months ended June 30, 2023, respectively, and net of tax expense of $3 thousand and net of tax benefit of $19 thousand for the three and six months ended June 30, 2022, respectively | 103 | 9 | 201 | (55) | ||||||||||||||||||||||
Total other comprehensive income (loss) | $ | (17,391) | $ | (50,498) | $ | 1,209 | $ | (116,538) | ||||||||||||||||||
Comprehensive Income (Loss) | $ | 13,858 | $ | (17,743) | $ | 44,285 | $ | (63,195) |
June 30, | December 31, | June 30, | December 31, | |||||||||||||||||||||||||
(In thousands, except share data) | (In thousands, except share data) | 2022 | 2021 | (In thousands, except share data) | 2023 | 2022 | ||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 363,343 | $ | 238,750 | Cash and due from banks | $ | 164,193 | $ | 120,748 | ||||||||||||||||||
Interest bearing deposits with other banks | Interest bearing deposits with other banks | 538,025 | 498,979 | Interest bearing deposits with other banks | 563,690 | 81,192 | ||||||||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 901,368 | 737,729 | Total cash and cash equivalents | 727,883 | 201,940 | ||||||||||||||||||||||
Time deposits with other banks | Time deposits with other banks | 4,730 | — | Time deposits with other banks | 2,987 | 3,236 | ||||||||||||||||||||||
Debt securities: | Debt securities: | Debt securities: | ||||||||||||||||||||||||||
Securities available-for-sale (at fair value) | Securities available-for-sale (at fair value) | 1,800,791 | 1,644,319 | Securities available-for-sale (at fair value) | 1,916,231 | 1,871,742 | ||||||||||||||||||||||
Securities held-to-maturity (fair value $706.2 million at June 30, 2022 and $627.4 million at December 31, 2021) | 794,785 | 638,640 | ||||||||||||||||||||||||||
Securities held-to-maturity (fair value $577.6 million at June 30, 2023 and $617.7 million at December 31, 2022) | Securities held-to-maturity (fair value $577.6 million at June 30, 2023 and $617.7 million at December 31, 2022) | 707,812 | 747,408 | |||||||||||||||||||||||||
Total debt securities | Total debt securities | 2,595,576 | 2,282,959 | Total debt securities | 2,624,043 | 2,619,150 | ||||||||||||||||||||||
Loans held for sale (at fair value) | Loans held for sale (at fair value) | 14,205 | 31,791 | Loans held for sale (at fair value) | 5,967 | 3,151 | ||||||||||||||||||||||
Loans | Loans | 6,541,548 | 5,925,029 | Loans | 10,117,919 | 8,144,724 | ||||||||||||||||||||||
Less: Allowance for credit losses | Less: Allowance for credit losses | (90,769) | (83,315) | Less: Allowance for credit losses | (159,715) | (113,895) | ||||||||||||||||||||||
Loans, net of allowance for credit losses | Loans, net of allowance for credit losses | 6,450,779 | 5,841,714 | Loans, net of allowance for credit losses | 9,958,204 | 8,030,829 | ||||||||||||||||||||||
Bank premises and equipment, net | Bank premises and equipment, net | 74,784 | 72,404 | Bank premises and equipment, net | 116,959 | 116,892 | ||||||||||||||||||||||
Other real estate owned | Other real estate owned | 2,419 | 13,618 | Other real estate owned | 7,526 | 2,301 | ||||||||||||||||||||||
Goodwill | Goodwill | 286,606 | 252,154 | Goodwill | 732,910 | 480,319 | ||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 20,062 | 14,845 | Other intangible assets, net | 109,716 | 75,451 | ||||||||||||||||||||||
Bank owned life insurance | Bank owned life insurance | 207,724 | 205,041 | Bank owned life insurance | 293,880 | 237,824 | ||||||||||||||||||||||
Net deferred tax assets | Net deferred tax assets | 60,080 | 27,321 | Net deferred tax assets | 127,941 | 94,457 | ||||||||||||||||||||||
Other assets | Other assets | 193,371 | 201,857 | Other assets | 333,916 | 280,212 | ||||||||||||||||||||||
Total Assets | Total Assets | $ | 10,811,704 | $ | 9,681,433 | Total Assets | $ | 15,041,932 | $ | 12,145,762 | ||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||
Deposits | Deposits | $ | 9,188,953 | $ | 8,067,589 | Deposits | $ | 12,283,267 | $ | 9,981,595 | ||||||||||||||||||
Securities sold under agreements to repurchase, maturing within 30 days | Securities sold under agreements to repurchase, maturing within 30 days | 110,578 | 121,565 | Securities sold under agreements to repurchase, maturing within 30 days | 290,156 | 172,029 | ||||||||||||||||||||||
Federal Home Loan Bank ("FHLB") borrowings | Federal Home Loan Bank ("FHLB") borrowings | 160,000 | 150,000 | |||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 71,786 | 71,646 | Subordinated debt | 105,970 | 84,533 | ||||||||||||||||||||||
Other liabilities | Other liabilities | 110,812 | 109,897 | Other liabilities | 148,507 | 149,830 | ||||||||||||||||||||||
Total Liabilities | Total Liabilities | 9,482,129 | 8,370,697 | Total Liabilities | 12,987,900 | 10,537,987 | ||||||||||||||||||||||
Shareholders' Equity | Shareholders' Equity | Shareholders' Equity | ||||||||||||||||||||||||||
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 61,846,470 and outstanding 61,410,300 at June 30, 2022, and authorized 120,000,000, issued 58,909,369 and outstanding 58,504,250 shares at December 31, 2021 | 6,141 | 5,850 | ||||||||||||||||||||||||||
Other shareholders' equity | 1,323,434 | 1,304,886 | ||||||||||||||||||||||||||
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 85,615,136 and outstanding 85,086,269 at June 30, 2023, and authorized 120,000,000, issued 72,099,136 and outstanding 71,617,852 shares at December 31, 2022 | Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 85,615,136 and outstanding 85,086,269 at June 30, 2023, and authorized 120,000,000, issued 72,099,136 and outstanding 71,617,852 shares at December 31, 2022 | 8,509 | 7,162 | |||||||||||||||||||||||||
Additional paid-in-capital | Additional paid-in-capital | 1,809,431 | 1,377,802 | |||||||||||||||||||||||||
Retained earnings | Retained earnings | 437,087 | 423,863 | |||||||||||||||||||||||||
Less: Treasury stock | Less: Treasury stock | (14,171) | (13,019) | |||||||||||||||||||||||||
2,240,856 | 1,795,808 | |||||||||||||||||||||||||||
Accumulated other comprehensive loss, net | Accumulated other comprehensive loss, net | (186,824) | (188,033) | |||||||||||||||||||||||||
Total Shareholders' Equity | Total Shareholders' Equity | 1,329,575 | 1,310,736 | Total Shareholders' Equity | 2,054,032 | 1,607,775 | ||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | Total Liabilities and Shareholders' Equity | $ | 10,811,704 | $ | 9,681,433 | Total Liabilities and Shareholders' Equity | 15,041,932 | 12,145,762 |
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
(In thousands) | (In thousands) | 2022 | 2021 | (In thousands) | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | Cash Flows from Operating Activities | |||||||||||||||||||||||
Net income | Net income | $ | 53,343 | $ | 65,129 | Net income | $ | 43,076 | $ | 53,343 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation | Depreciation | 2,832 | 2,792 | Depreciation | 4,071 | 2,832 | |||||||||||||||||||
Amortization of premiums and discounts on securities, net | Amortization of premiums and discounts on securities, net | 623 | 4,012 | Amortization of premiums and discounts on securities, net | (424) | 623 | |||||||||||||||||||
Amortization of operating lease right-of-use assets | Amortization of operating lease right-of-use assets | 2,961 | 2,127 | Amortization of operating lease right-of-use assets | 3,961 | 2,961 | |||||||||||||||||||
Other amortization and accretion, net | Other amortization and accretion, net | (635) | (7,307) | Other amortization and accretion, net | (10,558) | (635) | |||||||||||||||||||
Stock based compensation | Stock based compensation | 4,116 | 4,262 | Stock based compensation | 7,096 | 4,116 | |||||||||||||||||||
Origination of loans designated for sale | Origination of loans designated for sale | (121,402) | (283,001) | Origination of loans designated for sale | (56,526) | (121,402) | |||||||||||||||||||
Sale of loans designated for sale | Sale of loans designated for sale | 143,326 | 318,479 | Sale of loans designated for sale | 55,710 | 143,326 | |||||||||||||||||||
Provision for credit losses | Provision for credit losses | 7,378 | (10,570) | Provision for credit losses | 30,834 | 7,378 | |||||||||||||||||||
Deferred income taxes | Deferred income taxes | 4,026 | 4,833 | Deferred income taxes | (9,439) | 4,026 | |||||||||||||||||||
Losses on sale of securities | — | 73 | |||||||||||||||||||||||
Gains on sale of securities | Gains on sale of securities | (5) | — | ||||||||||||||||||||||
Gains on sale of loans | Gains on sale of loans | (3,992) | (9,411) | Gains on sale of loans | (1,828) | (3,992) | |||||||||||||||||||
Gains on sale and write-downs of other real estate owned | Gains on sale and write-downs of other real estate owned | (1,302) | (380) | Gains on sale and write-downs of other real estate owned | (64) | (1,302) | |||||||||||||||||||
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned | Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned | 172 | 316 | Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned | 1,726 | 172 | |||||||||||||||||||
Changes in operating assets and liabilities, net of effects from acquired companies: | Changes in operating assets and liabilities, net of effects from acquired companies: | Changes in operating assets and liabilities, net of effects from acquired companies: | |||||||||||||||||||||||
Net decrease in other assets | Net decrease in other assets | 11,213 | 1,086 | Net decrease in other assets | 14,447 | 11,213 | |||||||||||||||||||
Net decrease in other liabilities | Net decrease in other liabilities | (4,318) | (10,726) | Net decrease in other liabilities | (24,002) | (4,318) | |||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 98,341 | $ | 81,714 | Net cash provided by operating activities | $ | 58,075 | $ | 98,341 | |||||||||||||||
Cash Flows from Investing Activities | Cash Flows from Investing Activities | Cash Flows from Investing Activities | |||||||||||||||||||||||
Maturities and repayments of debt securities available-for-sale | Maturities and repayments of debt securities available-for-sale | 164,223 | 288,171 | Maturities and repayments of debt securities available-for-sale | 107,590 | 164,223 | |||||||||||||||||||
Maturities and repayments of debt securities held-to-maturity | Maturities and repayments of debt securities held-to-maturity | 49,652 | 73,697 | Maturities and repayments of debt securities held-to-maturity | 41,995 | 49,652 | |||||||||||||||||||
Proceeds from sale of debt securities available-for-sale | Proceeds from sale of debt securities available-for-sale | 26,011 | 56,217 | Proceeds from sale of debt securities available-for-sale | 30,490 | 26,011 | |||||||||||||||||||
Purchases of debt securities available-for-sale | Purchases of debt securities available-for-sale | (474,124) | (468,430) | Purchases of debt securities available-for-sale | (22,402) | (474,124) | |||||||||||||||||||
Purchases of debt securities held-to-maturity | Purchases of debt securities held-to-maturity | (206,065) | (172,004) | Purchases of debt securities held-to-maturity | — | (206,065) | |||||||||||||||||||
Maturities of time deposits with other banks | Maturities of time deposits with other banks | 1,743 | — | Maturities of time deposits with other banks | 249 | 1,743 | |||||||||||||||||||
Net new loans and principal repayments | Net new loans and principal repayments | (133,458) | 346,173 | Net new loans and principal repayments | 53,434 | (133,458) | |||||||||||||||||||
Purchases of loans held for investment | Purchases of loans held for investment | (111,292) | (38,822) | Purchases of loans held for investment | — | (111,292) | |||||||||||||||||||
Proceeds from sale of other real estate owned | Proceeds from sale of other real estate owned | 14,208 | 4,954 | Proceeds from sale of other real estate owned | 294 | 14,208 | |||||||||||||||||||
Additions to other real estate owned | Additions to other real estate owned | (590) | (1,310) | Additions to other real estate owned | — | (590) | |||||||||||||||||||
Proceeds from sale of FHLB and Federal Reserve Bank Stock | Proceeds from sale of FHLB and Federal Reserve Bank Stock | — | 2,704 | Proceeds from sale of FHLB and Federal Reserve Bank Stock | 71,352 | — | |||||||||||||||||||
Purchase of FHLB and Federal Reserve Bank Stock | Purchase of FHLB and Federal Reserve Bank Stock | (3,347) | (59) | Purchase of FHLB and Federal Reserve Bank Stock | (87,273) | (3,347) | |||||||||||||||||||
Net cash from bank acquisitions | Net cash from bank acquisitions | 208,933 | — | Net cash from bank acquisitions | 141,674 | 208,933 | |||||||||||||||||||
Purchase of bank owned life insurance | — | (25,000) | |||||||||||||||||||||||
Additions to bank premises and equipment | Additions to bank premises and equipment | (2,545) | (701) | Additions to bank premises and equipment | (8,827) | (2,545) | |||||||||||||||||||
Net cash (used in)/provided by investing activities | $ | (466,651) | $ | 65,590 | |||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | $ | 328,576 | $ | (466,651) |
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
(In thousands) | (In thousands) | 2022 | 2021 | (In thousands) | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Financing Activities | Cash Flows from Financing Activities | Cash Flows from Financing Activities | |||||||||||||||||||||||
Net increase in deposits | Net increase in deposits | $ | 559,085 | $ | 903,875 | Net increase in deposits | $ | 182,331 | $ | 559,085 | |||||||||||||||
Net (decrease) increase in repurchase agreements | (10,987) | 364 | |||||||||||||||||||||||
Net increase (decrease) in repurchase agreements | Net increase (decrease) in repurchase agreements | 118,127 | (10,987) | ||||||||||||||||||||||
Net decrease in FHLB borrowings with original maturities of three months or less | Net decrease in FHLB borrowings with original maturities of three months or less | (170,000) | — | ||||||||||||||||||||||
Repayments of FHLB borrowings with original maturities of more than three months | Repayments of FHLB borrowings with original maturities of more than three months | (75,000) | — | ||||||||||||||||||||||
Proceeds from FHLB borrowings with original maturities of more than three months | Proceeds from FHLB borrowings with original maturities of more than three months | 110,000 | — | ||||||||||||||||||||||
Stock based employee benefit plans | Stock based employee benefit plans | 2,361 | 369 | Stock based employee benefit plans | 3,731 | 2,361 | |||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (45) | — | ||||||||||||||||||||||
Dividends paid | Dividends paid | (18,510) | (7,155) | Dividends paid | (29,852) | (18,510) | |||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | $ | 531,949 | $ | 897,453 | Net cash provided by financing activities | $ | 139,292 | $ | 531,949 | |||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | 163,639 | 1,044,757 | Net increase in cash and cash equivalents | 525,943 | 163,639 | |||||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 737,729 | 404,088 | Cash and cash equivalents at beginning of period | 201,940 | 737,729 | |||||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 901,368 | $ | 1,448,845 | Cash and cash equivalents at end of period | $ | 727,883 | $ | 901,368 | |||||||||||||||
Supplemental disclosure of cash flow information: | Supplemental disclosure of cash flow information: | Supplemental disclosure of cash flow information: | |||||||||||||||||||||||
Cash paid during the period for interest | Cash paid during the period for interest | $ | 3,779 | $ | 6,462 | Cash paid during the period for interest | $ | 67,991 | $ | 3,779 | |||||||||||||||
Cash paid during the period for taxes | Cash paid during the period for taxes | 9,591 | 17,700 | Cash paid during the period for taxes | 6,080 | 9,591 | |||||||||||||||||||
Recognition of operating lease right-of-use assets, other than through bank acquisitions | 3,370 | 35 | |||||||||||||||||||||||
Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations | Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations | 1,890 | 3,370 | ||||||||||||||||||||||
Recognition of operating lease liabilities, other than through bank acquisitions | 3,370 | 35 | |||||||||||||||||||||||
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations | Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations | 1,902 | 3,370 | ||||||||||||||||||||||
Supplemental disclosure of non-cash investing activities: | |||||||||||||||||||||||||
Transfer of debt securities from available-for-sale to held-to-maturity | $ | — | $ | 210,805 | |||||||||||||||||||||
Unsettled purchases of debt securities available-for-sale | — | 28,750 | |||||||||||||||||||||||
Supplemental disclosure of non-cash investing activities: 1 | Supplemental disclosure of non-cash investing activities: 1 | ||||||||||||||||||||||||
Transfers from bank premises to other real estate owned | Transfers from bank premises to other real estate owned | 1,008 | 3,318 | Transfers from bank premises to other real estate owned | 5,455 | 1,008 | |||||||||||||||||||
1See "Note 11 - Business Combinations" for non cash transactions related to business combinations. | 1See "Note 11 - Business Combinations" for non cash transactions related to business combinations. |
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Shares | Amount | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 61,239 | $ | 6,124 | $ | 1,062,462 | $ | 371,192 | $ | (10,459) | $ | (73,034) | $ | 1,356,285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | 32,755 | — | (50,498) | (17,743) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 2,697 | — | — | — | 2,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock transactions related to stock based employee benefit plans | 169 | 17 | (31) | — | (1,173) | — | (1,187) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock options | 2 | — | 39 | — | — | — | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.17 per share) | — | — | — | (10,516) | — | — | (10,516) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | 171 | 17 | 2,705 | 22,239 | (1,173) | (50,498) | (26,710) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 61,410 | $ | 6,141 | $ | 1,065,167 | $ | 393,431 | $ | (11,632) | $ | (123,532) | $ | 1,329,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Shares | Amount | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 55,294 | $ | 5,529 | $ | 858,688 | $ | 290,420 | $ | (8,693) | $ | 9,405 | $ | 1,155,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | 31,410 | — | 396 | 31,806 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 2,503 | — | — | — | 2,503 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock transactions related to stock based employee benefit plans | 94 | 10 | (18) | — | (1,487) | — | (1,495) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock options | 48 | 5 | 1,425 | — | — | — | 1,430 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.13 per share) | — | — | — | (7,246) | — | — | (7,246) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | 142 | 15 | 3,910 | 24,164 | (1,487) | 396 | 26,998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 55,436 | $ | 5,544 | $ | 862,598 | $ | 314,584 | $ | (10,180) | $ | 9,801 | $ | 1,182,347 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 84,609 | 8,461 | 1,803,898 | 421,271 | (13,113) | (169,433) | 2,051,084 | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | 31,249 | — | (17,391) | 13,858 | |||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 4,454 | — | — | — | 4,454 | |||||||||||||||||||||||||||||||||||||
Common stock transactions related to stock based employee benefit plans | 377 | 38 | (124) | — | (1,058) | — | (1,144) | |||||||||||||||||||||||||||||||||||||
Common stock issued for stock options | 103 | 10 | 1,248 | — | — | — | 1,258 | |||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (3) | — | (45) | — | — | — | (45) | |||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.18 per share) | — | — | — | (15,433) | — | — | (15,433) | |||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | 477 | 48 | 5,533 | 15,816 | (1,058) | (17,391) | 2,948 | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 85,086 | $ | 8,509 | $ | 1,809,431 | $ | 437,087 | $ | (14,171) | $ | (186,824) | $ | 2,054,032 |
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Shares | Amount | Total | Accumulated Other Comprehensive Income (Loss) | (In thousands) | Shares | Amount | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 58,504 | $ | 5,850 | $ | 963,851 | $ | 358,598 | $ | (10,569) | $ | (6,994) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | 61,239 | 6,124 | 1,062,462 | 371,192 | (10,459) | (73,034) | 1,356,285 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | — | — | — | 53,343 | — | (116,538) | (63,195) | Comprehensive income (loss) | — | — | — | 32,755 | — | (50,498) | (17,743) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | Stock based compensation expense | — | — | 4,116 | — | — | — | 4,116 | Stock based compensation expense | — | — | 2,697 | — | — | — | 2,697 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock transactions related to stock based employee benefit plans | Common stock transactions related to stock based employee benefit plans | 176 | 18 | (36) | — | (1,063) | — | (1,081) | Common stock transactions related to stock based employee benefit plans | 169 | 17 | (31) | — | (1,173) | — | (1,187) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock options | Common stock issued for stock options | 180 | 18 | 3,424 | — | — | — | 3,442 | Common stock issued for stock options | 2 | — | 39 | — | — | — | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, pursuant to acquisition | 2,550 | 255 | 89,979 | — | — | — | 90,234 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of options, pursuant to acquisitions | — | — | 3,833 | — | — | — | 3,833 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.30 per share) | — | — | — | (18,510) | — | — | (18,510) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | 2,906 | 291 | 101,316 | 34,833 | (1,063) | (116,538) | 18,839 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 61,410 | $ | 6,141 | $ | 1,065,167 | $ | 393,431 | $ | (11,632) | $ | (123,532) | $ | 1,329,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.17 per share) | Dividends on common stock ($0.17 per share) | — | — | — | (10,516) | — | — | (10,516) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | Three months ended June 30, 2022 | 171 | 17 | 2,705 | 22,239 | (1,173) | (50,498) | (26,710) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | 61,410 | $ | 6,141 | $ | 1,065,167 | $ | 393,431 | $ | (11,632) | $ | (123,532) | $ | 1,329,575 |
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Shares | Amount | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 55,243 | $ | 5,524 | $ | 856,092 | $ | 256,701 | $ | (8,285) | $ | 20,370 | $ | 1,130,402 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | 65,129 | — | (10,569) | 54,560 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 4,262 | — | — | — | 4,262 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock transactions related to stock based employee benefit plans | 114 | 12 | (18) | — | (1,895) | — | (1,901) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock options | 79 | 8 | 2,262 | — | — | — | 2,270 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.13 per share) | — | — | — | (7,246) | — | — | (7,246) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | 193 | 20 | 6,506 | 57,883 | (1,895) | (10,569) | 51,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 55,436 | $ | 5,544 | $ | 862,598 | $ | 314,584 | $ | (10,180) | $ | 9,801 | $ | 1,182,347 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 71,618 | $ | 7,162 | 1,377,802 | 423,863 | (13,019) | (188,033) | 1,607,775 | ||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | 43,076 | — | 1,209 | 44,285 | |||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 7,096 | — | — | — | 7,096 | |||||||||||||||||||||||||||||||||||||
Common stock transactions related to stock based employee benefit plans | 448 | 46 | (203) | — | (1,152) | — | (1,309) | |||||||||||||||||||||||||||||||||||||
Common stock issued for stock options | 231 | 22 | 5,018 | — | — | — | 5,040 | |||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (3) | — | (45) | — | — | — | (45) | |||||||||||||||||||||||||||||||||||||
Issuance of common stock, pursuant to acquisition | 12,792 | 1,279 | 409,459 | — | — | — | 410,738 | |||||||||||||||||||||||||||||||||||||
Conversion of options, pursuant to acquisition | — | — | 10,304 | — | — | — | 10,304 | |||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.35 per share) | — | — | — | (29,852) | — | — | (29,852) | |||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | 13,468 | 1,347 | 431,629 | 13,224 | (1,152) | 1,209 | 446,257 | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 85,086 | $ | 8,509 | $ | 1,809,431 | $ | 437,087 | $ | (14,171) | $ | (186,824) | $ | 2,054,032 |
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 58,504 | $ | 5,850 | $ | 963,851 | $ | 358,598 | $ | (10,569) | $ | (6,994) | 1,310,736 | ||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | 53,343 | — | (116,538) | (63,195) | |||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 4,116 | — | — | — | 4,116 | |||||||||||||||||||||||||||||||||||||
Common stock transactions related to stock based employee benefit plans | 176 | 18 | (36) | — | (1,063) | — | (1,081) | |||||||||||||||||||||||||||||||||||||
Common stock issued for stock options | 180 | 18 | 3,424 | — | — | — | 3,442 | |||||||||||||||||||||||||||||||||||||
Issuance of common stock, pursuant to acquisitions | 2,550 | 255 | 89,979 | — | — | — | 90,234 | |||||||||||||||||||||||||||||||||||||
Conversion of options, pursuant to acquisitions | — | — | 3,833 | — | — | — | 3,833 | |||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.30 per share) | — | — | — | (18,510) | — | — | (18,510) | |||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | 2,906 | 291 | 101,316 | 34,833 | (1,063) | (116,538) | 18,839 | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 61,410 | $ | 6,141 | $ | 1,065,167 | $ | 393,431 | $ | (11,632) | $ | (123,532) | $ | 1,329,575 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | (Dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | (Dollars in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | Basic earnings per share | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 32,755 | $ | 31,410 | $ | 53,343 | $ | 65,129 | Net income | $ | 31,249 | $ | 32,755 | $ | 43,076 | $ | 53,343 | |||||||||||||||||||||||||||||||
Average common shares outstanding | Average common shares outstanding | 61,409 | 55,421 | 61,269 | 55,347 | Average common shares outstanding | 85,022 | 61,409 | 82,600 | 61,269 | |||||||||||||||||||||||||||||||||||||||
Net income per share | Net income per share | $ | 0.53 | $ | 0.57 | $ | 0.87 | $ | 1.18 | Net income per share | $ | 0.37 | $ | 0.53 | $ | 0.52 | $ | 0.87 | |||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | Diluted earnings per share | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 32,755 | $ | 31,410 | $ | 53,343 | $ | 65,129 | Net income | $ | 31,249 | $ | 32,755 | $ | 43,076 | $ | 53,343 | |||||||||||||||||||||||||||||||
Average common shares outstanding | Average common shares outstanding | 61,409 | 55,421 | 61,269 | 55,347 | Average common shares outstanding | 85,022 | 61,409 | 82,600 | 61,269 | |||||||||||||||||||||||||||||||||||||||
Add: Dilutive effect of employee restricted stock and stock options | Add: Dilutive effect of employee restricted stock and stock options | 514 | 480 | 549 | 480 | Add: Dilutive effect of employee restricted stock and stock options | 514 | 514 | 660 | 549 | |||||||||||||||||||||||||||||||||||||||
Average diluted shares outstanding | Average diluted shares outstanding | 61,923 | 55,901 | 61,818 | 55,827 | Average diluted shares outstanding | 85,536 | 61,923 | 83,260 | 61,818 | |||||||||||||||||||||||||||||||||||||||
Net income per share | Net income per share | $ | 0.53 | $ | 0.56 | $ | 0.86 | $ | 1.17 | Net income per share | $ | 0.37 | $ | 0.53 | $ | 0.52 | $ | 0.86 | Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented. |
June 30, 2022 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||
Debt securities available-for-sale | |||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Debt Securities | Available-for-Sale Debt Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | U.S. Treasury securities and obligations of U.S. government agencies | $ | 5,754 | $ | 7 | $ | (110) | $ | 5,651 | U.S. Treasury securities and obligations of U.S. government agencies | $ | 41,283 | $ | 188 | $ | (497) | $ | 40,974 | |||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 1,444,668 | 437 | (143,293) | 1,301,812 | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 1,623,932 | 301 | (230,690) | 1,393,543 | |||||||||||||||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | Private mortgage-backed securities and collateralized mortgage obligations | 166,176 | 47 | (7,374) | 158,849 | Private mortgage-backed securities and collateralized mortgage obligations | 143,008 | 15 | (13,352) | 129,671 | |||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 315,165 | — | (10,974) | 304,191 | Collateralized loan obligations | 310,516 | — | (7,204) | 303,312 | |||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | Obligations of state and political subdivisions | 31,441 | 258 | (1,411) | 30,288 | Obligations of state and political subdivisions | 21,956 | 2 | (1,506) | 20,452 | |||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 27,991 | 415 | (127) | 28,279 | ||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 1,963,204 | $ | 749 | $ | (163,162) | $ | 1,800,791 | Totals | $ | 2,168,686 | $ | 921 | $ | (253,376) | $ | 1,916,231 | |||||||||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-Maturity Debt Securities | Held-to-Maturity Debt Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | $ | 794,785 | $ | 113 | $ | (88,728) | $ | 706,170 | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | $ | 707,812 | $ | — | $ | (130,226) | $ | 577,586 | |||||||||||||||||||||||||||||||
Totals | Totals | $ | 794,785 | $ | 113 | $ | (88,728) | $ | 706,170 | Totals | $ | 707,812 | $ | — | $ | (130,226) | $ | 577,586 |
December 31, 2021 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||
Debt securities available-for-sale | |||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Debt Securities | Available-for-Sale Debt Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | U.S. Treasury securities and obligations of U.S. government agencies | $ | 6,466 | $ | 316 | $ | (3) | $ | 6,779 | U.S. Treasury securities and obligations of U.S. government agencies | $ | 13,813 | $ | 173 | $ | (339) | $ | 13,647 | |||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 1,234,721 | 8,308 | (20,309) | 1,222,720 | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 1,561,197 | 539 | (223,083) | 1,338,653 | |||||||||||||||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | Private mortgage-backed securities and collateralized mortgage obligations | 88,096 | 1,091 | (420) | 88,767 | Private mortgage-backed securities and collateralized mortgage obligations | 179,148 | 70 | (12,831) | 166,387 | |||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 292,751 | 63 | (124) | 292,690 | Collateralized loan obligations | 313,155 | — | (10,251) | 302,904 | |||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | Obligations of state and political subdivisions | 31,624 | 1,740 | (1) | 33,363 | Obligations of state and political subdivisions | 29,350 | 122 | (1,731) | 27,741 | |||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 22,640 | 197 | (427) | 22,410 | ||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 1,653,658 | $ | 11,518 | $ | (20,857) | $ | 1,644,319 | Totals | $ | 2,119,303 | $ | 1,101 | $ | (248,662) | $ | 1,871,742 | |||||||||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities of U.S. government-sponsored entities | $ | 638,640 | $ | 3,828 | $ | (15,070) | $ | 627,398 | |||||||||||||||||||||||||||||||||||||||||
Held-to-Maturity Debt Securities | Held-to-Maturity Debt Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | $ | 747,408 | $ | 64 | $ | (129,731) | $ | 617,741 | ||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 638,640 | $ | 3,828 | $ | (15,070) | $ | 627,398 | Totals | $ | 747,408 | $ | 64 | $ | (129,731) | $ | 617,741 |
June 30, 2022 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-Maturity | Available-for-Sale | Held-to-Maturity | Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | (In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | Due in less than one year | $ | — | $ | — | $ | 2,768 | $ | 2,770 | Due in less than one year | $ | — | $ | — | $ | 4,903 | $ | 4,811 | |||||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | — | — | 14,400 | 14,600 | Due after one year through five years | — | — | 11,125 | 11,002 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | — | — | 5,679 | 5,598 | Due after five years through ten years | — | — | 14,256 | 14,129 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | — | — | 14,348 | 12,971 | Due after ten years | — | — | 32,955 | 31,484 | |||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 63,239 | 61,426 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 37,195 | 35,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 794,785 | 706,170 | 1,444,668 | 1,301,812 | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 707,812 | 577,586 | 1,623,932 | 1,393,543 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | Private mortgage-backed securities and collateralized mortgage obligations | — | — | 166,176 | 158,849 | Private mortgage-backed securities and collateralized mortgage obligations | — | — | 143,008 | 129,671 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | — | — | 315,165 | 304,191 | Collateralized loan obligations | — | — | 310,516 | 303,312 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | — | — | 27,991 | 28,279 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 794,785 | $ | 706,170 | $ | 1,963,204 | $ | 1,800,791 | Totals | $ | 707,812 | $ | 577,586 | $ | 2,168,686 | $ | 1,916,231 |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | 4,510 | $ | (109) | $ | 206 | $ | (1) | $ | 4,716 | $ | (110) | |||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 1,077,271 | (109,953) | 191,277 | (33,340) | 1,268,548 | (143,293) | |||||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 145,025 | (7,194) | 3,828 | (180) | 148,853 | (7,374) | |||||||||||||||||||||||||||||
Collateralized loan obligations | 251,412 | (9,307) | 52,780 | (1,667) | 304,192 | (10,974) | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 17,982 | (1,411) | — | — | 17,982 | (1,411) | |||||||||||||||||||||||||||||
Totals | $ | 1,496,200 | $ | (127,974) | $ | 248,091 | $ | (35,188) | $ | 1,744,291 | $ | (163,162) | |||||||||||||||||||||||
December 31, 2021 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | U.S. Treasury securities and obligations of U.S. government agencies | $ | 97 | $ | (1) | $ | 245 | $ | (2) | $ | 342 | $ | (3) | U.S. Treasury securities and obligations of U.S. government agencies | $ | 32,164 | $ | (481) | $ | 439 | $ | (16) | $ | 32,603 | $ | (497) | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 955,881 | (19,575) | 11,953 | (734) | 967,834 | (20,309) | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 368,235 | (24,697) | 1,002,455 | (205,993) | 1,370,690 | (230,690) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | Private mortgage-backed securities and collateralized mortgage obligations | 33,640 | (173) | 9,628 | (247) | 43,268 | (420) | Private mortgage-backed securities and collateralized mortgage obligations | 22,704 | (788) | 106,569 | (12,564) | 129,273 | (13,352) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 123,202 | (81) | 9,461 | (43) | 132,663 | (124) | Collateralized loan obligations | 58,568 | (1,742) | 244,744 | (5,462) | 303,312 | (7,204) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | Obligations of state and political subdivisions | 499 | (1) | — | — | 499 | (1) | Obligations of state and political subdivisions | 8,575 | (112) | 8,607 | (1,394) | 17,182 | (1,506) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 5,606 | (127) | — | — | 5,606 | (127) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 1,113,319 | $ | (19,831) | $ | 31,287 | $ | (1,026) | $ | 1,144,606 | $ | (20,857) | Totals | $ | 495,852 | $ | (27,947) | $ | 1,362,814 | $ | (225,429) | $ | 1,858,666 | $ | (253,376) |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | 3,788 | $ | (328) | $ | 249 | $ | (11) | $ | 4,037 | $ | (339) | ||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 646,651 | (54,956) | 667,520 | (168,127) | 1,314,171 | (223,083) | ||||||||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 130,488 | (8,255) | 25,234 | (4,576) | 155,722 | (12,831) | ||||||||||||||||||||||||||||||||
Collateralized loan obligations | 242,370 | (8,343) | 60,534 | (1,908) | 302,904 | (10,251) | ||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 23,804 | (1,656) | 425 | (75) | 24,229 | (1,731) | ||||||||||||||||||||||||||||||||
Other debt securities | 11,459 | (427) | — | — | 11,459 | (427) | ||||||||||||||||||||||||||||||||
Totals | $ | 1,058,560 | $ | (73,965) | $ | 753,962 | $ | (174,697) | $ | 1,812,522 | $ | (248,662) |
June 30, 2022 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | (In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | |||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 320,596 | $ | 29,391 | $ | 38 | $ | 350,025 | Construction and land development | $ | 424,964 | $ | 347,876 | $ | 21,531 | $ | 794,371 | |||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | 979,173 | 255,850 | 19,320 | 1,254,343 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | 1,457,626 | 438,184 | 76,730 | 1,972,540 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 1,026,700 | 594,211 | 48,458 | 1,669,369 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 1,818,307 | 1,381,801 | 170,103 | 3,370,211 | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,442,435 | 198,901 | 6,129 | 1,647,465 | Residential real estate | 1,674,505 | 691,863 | 29,984 | 2,396,352 | |||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 1,018,258 | 92,610 | 13,903 | 1,124,771 | Commercial and financial | 1,152,360 | 376,571 | 81,964 | 1,610,895 | |||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 171,315 | 3,886 | — | 175,201 | Consumer | 166,250 | 103,667 | 2,165 | 272,082 | |||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | 10,518 | 6,685 | — | 17,203 | |||||||||||||||||||||||||||||||||||||||||||||
PPP Loans | PPP Loans | 958 | 3,681 | — | 4,639 | ||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 5,399,921 | $ | 1,025,507 | $ | 116,120 | $ | 6,541,548 | Totals | $ | 6,264,044 | $ | 3,499,670 | $ | 354,205 | $ | 10,117,919 |
December 31, 2021 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | (In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | |||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 199,341 | $ | 31,438 | $ | 45 | $ | 230,824 | Construction and land development | $ | 364,900 | $ | 201,333 | $ | 21,100 | $ | 587,332 | |||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 983,517 | 186,812 | 27,445 | 1,197,774 | Commercial real estate - owner occupied | 995,154 | 451,202 | 31,946 | 1,478,302 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 1,278,180 | 382,554 | 75,705 | 1,736,439 | Commercial real estate - non-owner occupied | 1,695,411 | 767,138 | 127,225 | 2,589,774 | |||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,261,306 | 156,957 | 7,091 | 1,425,354 | Residential real estate | 1,558,643 | 271,378 | 19,482 | 1,849,503 | |||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 968,318 | 84,395 | 16,643 | 1,069,356 | Commercial and financial | 1,151,273 | 182,124 | 15,238 | 1,348,636 | |||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 169,507 | 4,658 | 10 | 174,175 | Consumer | 177,338 | 89,458 | 19,791 | 286,587 | |||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | 69,503 | 21,604 | — | 91,107 | |||||||||||||||||||||||||||||||||||||||||||||
PPP Loans | PPP Loans | 1,474 | 3,116 | — | 4,590 | ||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 4,929,672 | $ | 868,418 | $ | 126,939 | $ | 5,925,029 | Totals | $ | 5,944,193 | $ | 1,965,749 | $ | 234,782 | $ | 8,144,724 |
June 30, 2022 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Current | Accruing 30-59 Days Past Due | Accruing 60-89 Days Past Due | Accruing Greater Than 90 Days | Nonaccrual | Total | (In thousands) | Current | Accruing 30-59 Days Past Due | Accruing 60-89 Days Past Due | Accruing Greater Than 90 Days | Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Loans | Portfolio Loans | Portfolio Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 320,588 | $ | — | $ | — | $ | — | $ | 8 | $ | 320,596 | Construction and land development | $ | 424,834 | $ | 124 | $ | — | $ | — | $ | 6 | $ | 424,964 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | 977,270 | 360 | 544 | — | 999 | 979,173 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | 1,455,266 | — | — | — | 2,360 | 1,457,626 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 1,025,697 | — | — | — | 1,003 | 1,026,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | $ | 1,814,323 | $ | 354 | $ | — | $ | — | $ | 3,630 | $ | 1,818,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,431,258 | 3,147 | 13 | — | 8,017 | 1,442,435 | Residential real estate | 1,660,568 | 7,108 | 451 | 1 | 6,377 | 1,674,505 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 1,013,540 | 1,074 | 13 | — | 3,631 | 1,018,258 | Commercial and financial | 1,144,831 | 1,351 | 235 | 131 | 5,812 | 1,152,360 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 170,262 | 851 | 39 | — | 163 | 171,315 | Consumer | 163,848 | 1,568 | 224 | 291 | 319 | 166,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program1 | 10,442 | — | — | 76 | — | 10,518 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP Loans | PPP Loans | 904 | — | — | 54 | — | 958 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Portfolio Loans | Total Portfolio Loans | $ | 5,378,626 | $ | 5,432 | $ | 609 | $ | 76 | $ | 15,178 | $ | 5,399,921 | Total Portfolio Loans | $ | 6,235,005 | $ | 10,505 | $ | 910 | $ | 477 | $ | 17,147 | $ | 6,264,044 | |||||||||||||||||||||||||||||||||||||||||||||||
Acquired Non-PCD Loans | Acquired Non-PCD Loans | Acquired Non-PCD Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 29,391 | $ | — | $ | — | $ | — | $ | — | $ | 29,391 | Construction and land development | $ | 347,590 | $ | 90 | $ | — | $ | 162 | $ | 34 | $ | 347,876 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | 255,103 | — | 747 | — | — | 255,850 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | 437,140 | — | — | — | 1,044 | 438,184 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 593,508 | 398 | — | — | 305 | 594,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 1,379,727 | 67 | — | — | 2,007 | 1,381,801 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 197,974 | 403 | — | — | 524 | 198,901 | Residential real estate | 686,338 | 3,493 | 315 | — | 1,717 | 691,863 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 91,918 | 310 | — | — | 382 | 92,610 | Commercial and financial | 375,198 | 46 | 69 | — | 1,258 | 376,571 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 3,655 | — | — | — | 231 | 3,886 | Consumer | 93,926 | 5,825 | 2,057 | 803 | 1,056 | 103,667 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program1 | 6,658 | — | — | 27 | — | 6,685 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP Loans | PPP Loans | 3,625 | 35 | — | 21 | — | 3,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Acquired Non-PCD Loans | Total Acquired Non-PCD Loans | $ | 1,021,839 | $ | 713 | $ | 747 | $ | 27 | $ | 2,181 | $ | 1,025,507 | Total Acquired Non-PCD Loans | $ | 3,479,912 | $ | 9,954 | $ | 2,441 | $ | 986 | $ | 6,377 | $ | 3,499,670 | |||||||||||||||||||||||||||||||||||||||||||||||
PCD Loans | PCD Loans | PCD Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 35 | $ | — | $ | — | $ | — | $ | 3 | $ | 38 | Construction and land development | $ | 21,325 | $ | — | $ | — | $ | — | $ | 206 | $ | 21,531 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | 18,748 | — | — | — | 572 | 19,320 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | 73,544 | — | — | — | 3,186 | 76,730 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 43,870 | — | — | — | 4,588 | 48,458 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 166,846 | — | 224 | — | 3,033 | 170,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 5,426 | — | — | — | 703 | 6,129 | Residential real estate | 28,504 | 193 | 730 | — | 557 | 29,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 9,284 | — | — | — | 4,619 | 13,903 | Commercial and financial | 65,559 | 6 | — | — | 16,399 | 81,964 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | — | — | — | — | — | — | Consumer | 2,057 | 32 | 57 | — | 19 | 2,165 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total PCD Loans | Total PCD Loans | $ | 107,037 | $ | — | $ | — | $ | — | $ | 9,083 | $ | 116,120 | Total PCD Loans | $ | 328,161 | $ | 231 | $ | 1,011 | $ | — | $ | 24,802 | $ | 354,205 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | Total Loans | $ | 6,507,502 | $ | 6,145 | $ | 1,356 | $ | 103 | $ | 26,442 | $ | 6,541,548 | Total Loans | $ | 10,043,078 | $ | 20,690 | $ | 4,362 | $ | 1,463 | $ | 48,326 | $ | 10,117,919 | |||||||||||||||||||||||||||||||||||||||||||||||
1Paycheck Protection Program loans are not reflected as past due when forgiveness applications are being processed by the SBA. Repayment of principal and interest is fully guaranteed by the U.S. government. |
December 31, 2021 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Current | Accruing 30-59 Days Past Due | Accruing 60-89 Days Past Due | Accruing Greater Than 90 Days | Nonaccrual | Total | (In thousands) | Current | Accruing 30-59 Days Past Due | Accruing 60-89 Days Past Due | Accruing Greater Than 90 Days | Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Loans | Portfolio Loans | Portfolio Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 199,087 | $ | — | $ | — | $ | — | $ | 254 | $ | 199,341 | Construction and land development | $ | 364,841 | $ | — | $ | — | $ | — | $ | 59 | $ | 364,900 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 982,804 | — | — | — | 713 | 983,517 | Commercial real estate - owner occupied | 993,690 | — | 67 | 440 | 957 | 995,154 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 1,276,582 | — | — | — | 1,598 | 1,278,180 | Commercial real estate - non-owner occupied | 1,695,381 | — | — | — | 30 | 1,695,411 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,248,160 | 3,457 | 143 | — | 9,546 | 1,261,306 | Residential real estate | 1,550,040 | 1,172 | 147 | — | 7,284 | 1,558,643 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 963,828 | 851 | 41 | — | 3,598 | 968,318 | Commercial and financial | 1,142,536 | 1,032 | 476 | — | 7,229 | 1,151,273 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 168,791 | 565 | 23 | 15 | 113 | 169,507 | Consumer | 176,444 | 550 | 252 | 1 | 91 | 177,338 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program1 | 69,434 | — | — | 69 | — | 69,503 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP Loans | PPP Loans | 1,099 | 33 | — | 342 | — | 1,474 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Portfolio Loans | Total Portfolio Loans | $ | 4,908,686 | $ | 4,873 | $ | 207 | $ | 84 | $ | 15,822 | $ | 4,929,672 | Total Portfolio Loans | $ | 5,924,031 | $ | 2,787 | $ | 942 | $ | 783 | $ | 15,650 | $ | 5,944,193 | |||||||||||||||||||||||||||||||||||||||||||||||
Acquired Non-PCD Loans | Acquired Non-PCD Loans | Acquired Non-PCD Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 31,438 | $ | — | $ | — | $ | — | $ | — | $ | 31,438 | Construction and land development | $ | 201,263 | $ | — | $ | — | $ | — | $ | 70 | $ | 201,333 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 186,652 | — | 160 | — | — | 186,812 | Commercial real estate - owner occupied | 450,109 | 796 | 297 | — | — | 451,202 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 381,510 | — | — | — | 1,044 | 382,554 | Commercial real estate - non-owner occupied | 765,633 | 162 | — | — | 1,343 | 767,138 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 154,981 | 182 | — | — | 1,794 | 156,957 | Residential real estate | 270,215 | 577 | — | — | 586 | 271,378 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 84,180 | — | 40 | — | 175 | 84,395 | Commercial and financial | 180,837 | 790 | 87 | — | 410 | 182,124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 4,082 | 135 | — | — | 441 | 4,658 | Consumer | 87,317 | 779 | 616 | 525 | 221 | 89,458 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program1 | 21,567 | — | — | 37 | — | 21,604 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP Loans | PPP Loans | 3,116 | — | — | — | — | 3,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Acquired Non-PCD Loans | Total Acquired Non-PCD Loans | $ | 864,410 | $ | 317 | $ | 200 | $ | 37 | $ | 3,454 | $ | 868,418 | Total Acquired Non-PCD Loans | $ | 1,958,490 | $ | 3,104 | $ | 1,000 | $ | 525 | $ | 2,630 | $ | 1,965,749 | |||||||||||||||||||||||||||||||||||||||||||||||
PCD Loans | PCD Loans | PCD Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 40 | $ | — | $ | — | $ | — | $ | 5 | $ | 45 | Construction and land development | $ | 20,680 | $ | — | $ | — | $ | — | $ | 420 | $ | 21,100 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 24,192 | — | — | — | 3,253 | 27,445 | Commercial real estate - owner occupied | 30,517 | 23 | 23 | — | 1,383 | 31,946 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 72,442 | — | — | — | 3,263 | 75,705 | Commercial real estate - non-owner occupied | 124,115 | — | — | — | 3,110 | 127,225 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 5,386 | — | — | — | 1,705 | 7,091 | Residential real estate | 17,885 | 10 | — | — | 1,587 | 19,482 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 13,547 | — | — | — | 3,096 | 16,643 | Commercial and financial | 11,201 | 4 | — | — | 4,033 | 15,238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 10 | — | — | — | — | 10 | Consumer | 17,884 | 1,001 | 336 | 540 | 30 | 19,791 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total PCD Loans | Total PCD Loans | $ | 115,617 | $ | — | $ | — | $ | — | $ | 11,322 | $ | 126,939 | Total PCD Loans | $ | 222,282 | $ | 1,038 | $ | 359 | $ | 540 | $ | 10,563 | $ | 234,782 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | Total Loans | $ | 5,888,713 | $ | 5,190 | $ | 407 | $ | 121 | $ | 30,598 | $ | 5,925,029 | Total Loans | $ | 8,104,803 | $ | 6,929 | $ | 2,301 | $ | 1,848 | $ | 28,843 | $ | 8,144,724 | |||||||||||||||||||||||||||||||||||||||||||||||
1Paycheck Protection Program loans are not reflected as past due when forgiveness applications are being processed by the SBA. Repayment of principal and interest is fully guaranteed by the U.S. government. |
June 30, 2022 | |||||||||||||||||||||||
(In thousands) | Nonaccrual Loans With No Related Allowance | Nonaccrual Loans With an Allowance | Total Nonaccrual Loans | Allowance for Credit Losses | |||||||||||||||||||
Construction and land development | $ | 11 | $ | — | $ | 11 | $ | — | |||||||||||||||
Commercial real estate - owner-occupied | 999 | 572 | 1,571 | 48 | |||||||||||||||||||
Commercial real estate - non owner-occupied | 6,590 | — | 6,590 | — | |||||||||||||||||||
Residential real estate | 9,149 | 95 | 9,244 | 34 | |||||||||||||||||||
Commercial and financial | 5,599 | 3,033 | 8,632 | 1,881 | |||||||||||||||||||
Consumer | 49 | 345 | 394 | 345 | |||||||||||||||||||
Totals | $ | 22,397 | $ | 4,045 | $ | 26,442 | $ | 2,308 |
December 31, 2021 | |||||||||||||||||||||||
(In thousands) | Nonaccrual Loans With No Related Allowance | Nonaccrual Loans With an Allowance | Total Nonaccrual Loans | Allowance for Credit Losses | |||||||||||||||||||
Construction and land development | $ | 37 | $ | 222 | $ | 259 | $ | 92 | |||||||||||||||
Commercial real estate - owner-occupied | 2,976 | 990 | 3,966 | 419 | |||||||||||||||||||
Commercial real estate - non owner-occupied | 4,490 | 1,415 | 5,905 | 27 | |||||||||||||||||||
Residential real estate | 12,358 | 687 | 13,045 | 357 | |||||||||||||||||||
Commercial and financial | 2,676 | 4,193 | 6,869 | 2,384 | |||||||||||||||||||
Consumer | 29 | 525 | 554 | 525 | |||||||||||||||||||
Totals | $ | 22,566 | $ | 8,032 | $ | 30,598 | $ | 3,804 |
June 30, 2023 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Loans With No Related Allowance | Nonaccrual Loans With an Allowance | Total Nonaccrual Loans | Allowance for Credit Losses | ||||||||||||||||||||||
Construction and land development | $ | 40 | $ | 206 | $ | 246 | $ | 107 | ||||||||||||||||||
Commercial real estate - owner occupied | 5,383 | 513 | 5,896 | 15 | ||||||||||||||||||||||
Commercial real estate - non-owner occupied | 7,484 | 1,186 | 8,670 | 318 | ||||||||||||||||||||||
Residential real estate | 7,550 | 1,101 | 8,651 | 22 | ||||||||||||||||||||||
Commercial and financial | 6,832 | 16,637 | 23,469 | 14,449 | ||||||||||||||||||||||
Consumer | 144 | 1,250 | 1,394 | 1,222 | ||||||||||||||||||||||
Totals | $ | 27,433 | $ | 20,893 | $ | 48,326 | $ | 16,133 | ||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Loans With No Related Allowance | Nonaccrual Loans With an Allowance | Total Nonaccrual Loans | Allowance for Credit Losses | ||||||||||||||||||||||
Construction and land development | $ | 615 | $ | — | $ | 615 | $ | — | ||||||||||||||||||
Commercial real estate - owner occupied | 957 | 1,641 | 2,597 | 41 | ||||||||||||||||||||||
Commercial real estate - non-owner occupied | 3,347 | 837 | 4,184 | 230 | ||||||||||||||||||||||
Residential real estate | 8,072 | 1,036 | 9,109 | 58 | ||||||||||||||||||||||
Commercial and financial | 4,724 | 6,891 | 11,615 | 2,319 | ||||||||||||||||||||||
Consumer | 40 | 683 | 723 | 257 | ||||||||||||||||||||||
Totals | $ | 17,755 | $ | 11,088 | $ | 28,843 | $ | 2,905 |
(In thousands) | (In thousands) | June 30, 2022 | December 31, 2021 | (In thousands) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Construction and land development | Construction and land development | $ | 16 | $ | 271 | Construction and land development | $ | 430 | $ | 59 | |||||||||||||||
Commercial real estate - owner-occupied | 2,069 | 4,706 | |||||||||||||||||||||||
Commercial real estate - non owner-occupied | 6,349 | 4,923 | |||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 6,261 | 2,733 | ||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 6,283 | 1,698 | ||||||||||||||||||||||
Residential real estate | Residential real estate | 12,971 | 16,334 | Residential real estate | 11,895 | 11,333 | |||||||||||||||||||
Commercial and financial | Commercial and financial | 6,137 | 8,741 | Commercial and financial | 40,087 | 10,448 | |||||||||||||||||||
Consumer | Consumer | 548 | 741 | Consumer | 2,598 | 426 | |||||||||||||||||||
Totals | Totals | $ | 28,090 | $ | 35,716 | Totals | $ | 67,554 | $ | 26,697 |
June 30, 2022 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | |||||||||||||||||||||||||||||||||||||
Construction and Land Development | Construction and Land Development | Construction and Land Development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Ratings: | Risk Ratings: | Risk Ratings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 112,623 | $ | 124,511 | $ | 19,219 | $ | 29,937 | $ | 7,222 | $ | 13,488 | $ | 43,009 | $ | 350,009 | Pass | $ | 30,200 | $ | 265,371 | $ | 170,788 | $ | 36,370 | $ | 25,881 | $ | 27,596 | $ | 226,567 | $ | 782,773 | |||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | Special Mention | — | 1,250 | — | — | — | 396 | — | 1,646 | |||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | Substandard | — | — | 9,685 | — | — | — | — | 9,685 | |||||||||||||||||||||||||||||||||||||
Substandard Impaired | Substandard Impaired | — | — | — | — | — | 16 | — | 16 | Substandard Impaired | — | — | — | — | — | 61 | 206 | 267 | |||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | Total | $ | 112,623 | $ | 124,511 | $ | 19,219 | $ | 29,937 | $ | 7,222 | $ | 13,504 | $ | 43,009 | $ | 350,025 | Total | $ | 30,200 | $ | 266,621 | $ | 180,473 | $ | 36,370 | $ | 25,881 | $ | 28,053 | $ | 226,773 | $ | 794,371 | |||||||||||||||||||||
Commercial real estate - owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Charge Offs | Gross Charge Offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Ratings: | Risk Ratings: | Risk Ratings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 108,673 | $ | 198,439 | $ | 152,729 | $ | 180,828 | $ | 121,286 | $ | 458,968 | $ | 13,388 | $ | 1,234,311 | Pass | $ | 57,149 | $ | 273,495 | $ | 298,639 | $ | 175,708 | $ | 191,891 | $ | 608,264 | $ | 29,902 | $ | 1,635,048 | |||||||||||||||||||||
Special Mention | Special Mention | — | — | 5,280 | 5,275 | 636 | 314 | — | 11,505 | Special Mention | — | — | 2,168 | — | 4,866 | 6,674 | 101 | 13,809 | |||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 447 | 2,665 | — | 2,701 | — | 5,813 | Substandard | — | 688 | — | 7,075 | 2,584 | 7,357 | — | 17,704 | |||||||||||||||||||||||||||||||||||||
Substandard Impaired | Substandard Impaired | — | — | — | 317 | 309 | 2,088 | — | 2,714 | Substandard Impaired | — | — | — | — | 317 | 2,491 | — | 2,808 | |||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | Total | $ | 108,673 | $ | 198,439 | $ | 158,456 | $ | 189,085 | $ | 122,231 | $ | 464,071 | $ | 13,388 | $ | 1,254,343 | Total | $ | 57,149 | $ | 274,183 | $ | 300,807 | $ | 182,783 | $ | 199,658 | $ | 624,786 | $ | 30,003 | $ | 1,669,369 | |||||||||||||||||||||
Commercial real estate - non owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Charge Offs | Gross Charge Offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Ratings: | Risk Ratings: | Risk Ratings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 288,039 | $ | 407,054 | $ | 207,900 | $ | 286,427 | $ | 192,275 | $ | 538,503 | $ | 7,498 | $ | 1,927,696 | Pass | $ | 150,604 | $ | 835,973 | $ | 649,707 | $ | 299,717 | $ | 411,735 | $ | 914,410 | $ | 46,412 | $ | 3,308,558 | |||||||||||||||||||||
Special Mention | Special Mention | — | — | — | 830 | — | 3,797 | — | 4,627 | Special Mention | — | 161 | 1,089 | 7,957 | 12,324 | 13,924 | — | 35,455 | |||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 4,731 | — | 14,282 | 13,873 | — | 32,886 | Substandard | — | — | 190 | 6,085 | 2,982 | 8,270 | 248 | 17,775 | |||||||||||||||||||||||||||||||||||||
Substandard Impaired | Substandard Impaired | — | — | 1,044 | 4,175 | 34 | 2,078 | — | 7,331 | Substandard Impaired | — | — | — | 1,068 | 1,849 | 5,506 | — | 8,423 | |||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | Total | $ | 288,039 | $ | 407,054 | $ | 213,675 | $ | 291,432 | $ | 206,591 | $ | 558,251 | $ | 7,498 | $ | 1,972,540 | Total | $ | 150,604 | $ | 836,134 | $ | 650,986 | $ | 314,827 | $ | 428,890 | $ | 942,110 | $ | 46,660 | $ | 3,370,211 | |||||||||||||||||||||
Gross Charge Offs | Gross Charge Offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 109 | $ | 109 | ||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Ratings: | Risk Ratings: | Risk Ratings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 91,195 | $ | 542,597 | $ | 116,702 | $ | 83,670 | $ | 103,890 | $ | 291,042 | $ | 403,630 | $ | 1,632,726 | Pass | $ | 120,812 | $ | 424,322 | $ | 641,362 | $ | 167,176 | $ | 99,298 | $ | 445,280 | $ | 479,136 | $ | 2,377,386 | |||||||||||||||||||||
Special Mention | Special Mention | — | — | — | 66 | — | 868 | 546 | 1,480 | Special Mention | — | — | — | — | 82 | 1,057 | 5,574 | 6,713 | |||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | 13 | 275 | — | 288 | Substandard | — | — | — | — | — | 31 | 357 | 388 | |||||||||||||||||||||||||||||||||||||
Substandard Impaired | — | — | 140 | 133 | 90 | 10,397 | 2,211 | 12,971 | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 91,195 | $ | 542,597 | $ | 116,842 | $ | 83,869 | $ | 103,993 | $ | 302,582 | $ | 406,387 | $ | 1,647,465 |
June 30, 2022 | ||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | ||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||
Risk Ratings: | ||||||||||||||||||||||||||
Pass | $ | 138,675 | $ | 306,952 | $ | 159,376 | $ | 79,518 | $ | 57,045 | $ | 69,304 | $ | 279,113 | $ | 1,089,983 | ||||||||||
Special Mention | 1,263 | 480 | 5,202 | 479 | 309 | 371 | 444 | 8,548 | ||||||||||||||||||
Substandard | — | 478 | 5,891 | 5,888 | 2,253 | 2,484 | 277 | 17,271 | ||||||||||||||||||
Substandard Impaired | — | — | 216 | 547 | 5,227 | 2,926 | 53 | 8,969 | ||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 139,938 | $ | 307,910 | $ | 170,685 | $ | 86,432 | $ | 64,834 | $ | 75,085 | $ | 279,887 | $ | 1,124,771 | ||||||||||
Consumer | ||||||||||||||||||||||||||
Risk Ratings: | ||||||||||||||||||||||||||
Pass | $ | 25,561 | $ | 43,537 | $ | 26,957 | $ | 20,625 | $ | 13,667 | $ | 20,177 | $ | 21,157 | $ | 171,681 | ||||||||||
Special Mention | — | — | 24 | 296 | 228 | 272 | 1,954 | 2,774 | ||||||||||||||||||
Substandard | — | — | — | 12 | 19 | 8 | 159 | 198 | ||||||||||||||||||
Substandard Impaired | — | 8 | 26 | 101 | 54 | 144 | 215 | 548 | ||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 25,561 | $ | 43,545 | $ | 27,007 | $ | 21,034 | $ | 13,968 | $ | 20,601 | $ | 23,485 | $ | 175,201 | ||||||||||
Paycheck Protection Program | ||||||||||||||||||||||||||
Risk Ratings: | ||||||||||||||||||||||||||
Pass | $ | — | $ | 14,764 | $ | 2,439 | $ | — | $ | — | $ | — | $ | — | $ | 17,203 | ||||||||||
Total | $ | — | $ | 14,764 | $ | 2,439 | $ | — | $ | — | $ | — | $ | — | $ | 17,203 | ||||||||||
Consolidated | ||||||||||||||||||||||||||
Risk Ratings: | ||||||||||||||||||||||||||
Pass | $ | 764,766 | $ | 1,637,854 | $ | 685,322 | $ | 681,005 | $ | 495,385 | $ | 1,391,482 | $ | 767,795 | $ | 6,423,609 | ||||||||||
Special Mention | 1,263 | 480 | 10,506 | 6,946 | 1,173 | 5,622 | 2,944 | 28,934 | ||||||||||||||||||
Substandard | — | 478 | 11,069 | 8,565 | 16,567 | 19,341 | 436 | 56,456 | ||||||||||||||||||
Substandard Impaired | — | 8 | 1,426 | 5,273 | 5,714 | 17,649 | 2,479 | 32,549 | ||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 766,029 | $ | 1,638,820 | $ | 708,323 | $ | 701,789 | $ | 518,839 | $ | 1,434,094 | $ | 773,654 | $ | 6,541,548 | ||||||||||
December 31, 2021 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving | Total | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | |||||||||||||||||||||||||||||||||||||
Construction and Land Development | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard Impaired | Substandard Impaired | — | — | 846 | 173 | 461 | 9,308 | 1,077 | 11,865 | ||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 120,812 | $ | 424,322 | $ | 642,208 | $ | 167,349 | $ | 99,841 | $ | 455,676 | $ | 486,144 | $ | 2,396,352 | ||||||||||||||||||||||||||||||||||||||
Gross Charge Offs | Gross Charge Offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 159 | $ | 109 | $ | 268 | ||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Ratings: | Risk Ratings: | Risk Ratings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 94,318 | $ | 23,860 | $ | 38,058 | $ | 25,507 | $ | 3,995 | $ | 15,466 | $ | 29,349 | $ | 230,553 | Pass | $ | 176,563 | $ | 391,471 | $ | 376,754 | $ | 147,594 | $ | 82,400 | $ | 103,176 | $ | 254,426 | $ | 1,532,384 | |||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | Special Mention | 134 | 5,738 | 6,217 | 1,063 | 494 | 3,563 | 4,479 | 21,688 | |||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | Substandard | — | 1,571 | 16,343 | 5,142 | 5,433 | 4,744 | 2,011 | 35,244 | |||||||||||||||||||||||||||||||||||||
Substandard Impaired | Substandard Impaired | — | — | — | 222 | — | 49 | — | 271 | Substandard Impaired | — | 4 | 2,533 | 252 | 800 | 17,898 | 92 | 21,579 | |||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | Total | $ | 94,318 | $ | 23,860 | $ | 38,058 | $ | 25,729 | $ | 3,995 | $ | 15,515 | $ | 29,349 | $ | 230,824 | Total | $ | 176,697 | $ | 398,784 | $ | 401,847 | $ | 154,051 | $ | 89,127 | $ | 129,381 | $ | 261,008 | $ | 1,610,895 | |||||||||||||||||||||
Commercial real estate - owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Charge Offs | Gross Charge Offs | $ | — | $ | 115 | $ | 109 | $ | 1,484 | $ | 265 | $ | 1,196 | $ | 200 | $ | 3,369 | ||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Ratings: | Risk Ratings: | Risk Ratings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 205,404 | $ | 154,432 | $ | 179,786 | $ | 132,353 | $ | 125,763 | $ | 363,986 | $ | 10,005 | $ | 1,171,729 | Pass | $ | 14,874 | $ | 81,377 | $ | 55,690 | $ | 22,334 | $ | 24,501 | $ | 23,240 | $ | 45,045 | $ | 267,061 | |||||||||||||||||||||
Special Mention | Special Mention | — | 6,527 | 5,370 | 649 | 218 | 3,250 | — | 16,014 | Special Mention | — | 1,097 | 870 | 77 | 220 | — | 85 | 2,349 | |||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | 3,290 | 1,610 | — | 4,900 | Substandard | — | — | — | — | — | — | 74 | 74 | |||||||||||||||||||||||||||||||||||||
Substandard Impaired | Substandard Impaired | — | — | 2,742 | 310 | 596 | 1,483 | — | 5,131 | Substandard Impaired | — | 577 | 1,094 | 62 | 70 | 533 | 262 | 2,598 | |||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | Total | $ | 205,404 | $ | 160,959 | $ | 187,898 | $ | 133,312 | $ | 129,867 | $ | 370,329 | $ | 10,005 | $ | 1,197,774 | Total | $ | 14,874 | $ | 83,051 | $ | 57,654 | $ | 22,473 | $ | 24,791 | $ | 23,773 | $ | 45,466 | $ | 272,082 | |||||||||||||||||||||
Gross Charge Offs | Gross Charge Offs | $ | — | $ | 557 | $ | 1,575 | $ | 277 | $ | 51 | $ | 22 | $ | 117 | $ | 2,599 | ||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | Paycheck Protection Program | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Ratings: | Risk Ratings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | — | $ | — | $ | 2,211 | $ | 2,428 | $ | — | $ | — | $ | — | $ | 4,639 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard Impaired | Substandard Impaired | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 2,211 | $ | 2,428 | $ | — | $ | — | $ | — | $ | 4,639 | ||||||||||||||||||||||||||||||||||||||
Gross Charge Offs | Gross Charge Offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Ratings: | Risk Ratings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 550,202 | $ | 2,272,009 | $ | 2,195,151 | $ | 851,327 | $ | 835,706 | $ | 2,121,966 | $ | 1,081,488 | $ | 9,907,849 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 134 | 8,246 | 10,344 | 9,097 | 17,986 | 25,614 | 10,239 | 81,660 | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 2,259 | 26,218 | 18,302 | 10,999 | 20,402 | 2,690 | 80,870 | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard Impaired | Substandard Impaired | — | 581 | 4,473 | 1,555 | 3,497 | 35,797 | 1,637 | 47,540 | ||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 550,336 | $ | 2,283,095 | $ | 2,236,186 | $ | 880,281 | $ | 868,188 | $ | 2,203,779 | $ | 1,096,054 | $ | 10,117,919 | ||||||||||||||||||||||||||||||||||||||
Gross Charge Offs | Gross Charge Offs | $ | — | $ | 672 | $ | 1,684 | $ | 1,761 | $ | 316 | $ | 1,377 | $ | 535 | $ | 6,345 |
December 31, 2021 | ||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving | Total | ||||||||||||||||||
Commercial real estate - non owner-occupied | ||||||||||||||||||||||||||
Risk Ratings: | ||||||||||||||||||||||||||
Pass | $ | 395,308 | $ | 207,824 | $ | 298,021 | $ | 186,339 | $ | 110,990 | $ | 460,435 | $ | 6,477 | $ | 1,665,394 | ||||||||||
Special Mention | — | — | 844 | — | 289 | 13,850 | — | 14,983 | ||||||||||||||||||
Substandard | — | 4,776 | 3,009 | 23,206 | 1,900 | 17,266 | — | 50,157 | ||||||||||||||||||
Substandard Impaired | — | 1,044 | 1,849 | — | 326 | 2,686 | — | 5,905 | ||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 395,308 | $ | 213,644 | $ | 303,723 | $ | 209,545 | $ | 113,505 | $ | 494,237 | $ | 6,477 | $ | 1,736,439 | ||||||||||
Residential real estate | ||||||||||||||||||||||||||
Risk Ratings: | ||||||||||||||||||||||||||
Pass | $ | 394,547 | $ | 114,364 | $ | 90,566 | $ | 119,836 | $ | 118,556 | $ | 213,950 | $ | 354,439 | $ | 1,406,258 | ||||||||||
Special Mention | — | — | — | 70 | — | 1,243 | 532 | 1,845 | ||||||||||||||||||
Substandard | — | 340 | — | — | 58 | 422 | 86 | 906 | ||||||||||||||||||
Substandard Impaired | — | 149 | 724 | 39 | 4,415 | 8,507 | 2,511 | 16,345 | ||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 394,547 | $ | 114,853 | $ | 91,290 | $ | 119,945 | $ | 123,029 | $ | 224,122 | $ | 357,568 | $ | 1,425,354 | ||||||||||
Commercial and financial | ||||||||||||||||||||||||||
Risk Ratings: | ||||||||||||||||||||||||||
Pass | $ | 340,826 | $ | 180,677 | $ | 97,072 | $ | 68,232 | $ | 39,331 | $ | 56,053 | $ | 246,568 | $ | 1,028,759 | ||||||||||
Special Mention | 530 | 15,587 | — | 237 | 251 | 84 | 876 | 17,565 | ||||||||||||||||||
Substandard | — | 371 | 2,605 | 3,594 | 1,436 | 3,217 | 339 | 11,562 | ||||||||||||||||||
Substandard Impaired | — | 196 | 4,561 | 3,694 | 1,371 | 1,520 | 128 | 11,470 | ||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 341,356 | $ | 196,831 | $ | 104,238 | $ | 75,757 | $ | 42,389 | $ | 60,874 | $ | 247,911 | $ | 1,069,356 | ||||||||||
Consumer | ||||||||||||||||||||||||||
Risk Ratings: | ||||||||||||||||||||||||||
Pass | $ | 45,063 | $ | 31,342 | $ | 26,194 | $ | 17,300 | $ | 9,979 | $ | 16,019 | $ | 25,418 | $ | 171,315 | ||||||||||
Special Mention | — | 24 | 431 | 37 | 167 | 3 | 1,199 | 1,861 | ||||||||||||||||||
Substandard | — | — | 18 | — | 17 | — | 223 | 258 | ||||||||||||||||||
Substandard Impaired | — | — | 92 | 23 | 74 | 118 | 434 | 741 | ||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 45,063 | $ | 31,366 | $ | 26,735 | $ | 17,360 | $ | 10,237 | $ | 16,140 | $ | 27,274 | $ | 174,175 | ||||||||||
Paycheck Protection Program | ||||||||||||||||||||||||||
Risk Ratings: | ||||||||||||||||||||||||||
Pass | $ | 87,036 | $ | 4,071 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 91,107 | ||||||||||
Total | $ | 87,036 | $ | 4,071 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 91,107 | ||||||||||
Consolidated | ||||||||||||||||||||||||||
Risk Ratings: | ||||||||||||||||||||||||||
Pass | $ | 1,562,502 | $ | 716,570 | $ | 729,697 | $ | 549,567 | $ | 408,614 | $ | 1,125,909 | $ | 672,256 | $ | 5,765,115 | ||||||||||
Special Mention | 530 | 22,138 | 6,645 | 993 | 925 | 18,430 | 2,607 | 52,268 | ||||||||||||||||||
Substandard | — | 5,487 | 5,632 | 26,800 | 6,701 | 22,515 | 648 | 67,783 | ||||||||||||||||||
Substandard Impaired | — | 1,389 | 9,968 | 4,288 | 6,782 | 14,363 | 3,073 | 39,863 | ||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 1,563,032 | $ | 745,584 | $ | 751,942 | $ | 581,648 | $ | 423,022 | $ | 1,181,217 | $ | 678,584 | $ | 5,925,029 | ||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | |||||||||||||||||||||
Construction and Land Development | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | 223,204 | $ | 209,738 | $ | 18,239 | $ | 24,600 | $ | 12,783 | $ | 19,022 | $ | 50,960 | $ | 558,546 | |||||||||||||
Special Mention | 14,523 | 452 | — | 3,153 | — | — | 15 | 18,143 | |||||||||||||||||||||
Substandard | — | 9,227 | — | — | 959 | — | — | 10,186 | |||||||||||||||||||||
Substandard Impaired | — | 52 | — | — | — | 405 | — | 457 | |||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 237,727 | $ | 219,469 | $ | 18,239 | $ | 27,753 | $ | 13,742 | $ | 19,427 | $ | 50,975 | $ | 587,332 | |||||||||||||
Commercial real estate - owner occupied | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | 215,453 | $ | 251,638 | $ | 180,081 | $ | 185,286 | $ | 121,568 | $ | 467,963 | $ | 32,253 | $ | 1,454,242 | |||||||||||||
Special Mention | 694 | — | 2,363 | 4,403 | 2,548 | 2,869 | — | 12,877 | |||||||||||||||||||||
Substandard | — | — | 667 | 2,625 | 573 | 4,444 | — | 8,309 | |||||||||||||||||||||
Substandard Impaired | — | — | — | 311 | 294 | 2,269 | — | 2,874 | |||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 216,147 | $ | 251,638 | $ | 183,111 | $ | 192,625 | $ | 124,983 | $ | 477,545 | $ | 32,253 | $ | 1,478,302 | |||||||||||||
Commercial real estate - non-owner occupied | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | 593,364 | $ | 530,462 | $ | 231,693 | $ | 331,173 | $ | 228,077 | $ | 575,656 | $ | 35,326 | $ | 2,525,751 | |||||||||||||
Special Mention | — | 16,257 | 735 | 5,438 | — | 4,975 | — | 27,405 | |||||||||||||||||||||
Substandard | — | 192 | 19,315 | — | 5,515 | 7,412 | — | 32,434 | |||||||||||||||||||||
Substandard Impaired | — | — | 1,044 | 1,849 | 30 | 1,261 | — | 4,184 | |||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 593,364 | $ | 546,911 | $ | 252,787 | $ | 338,460 | $ | 233,622 | $ | 589,304 | $ | 35,326 | $ | 2,589,774 | |||||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | 270,054 | $ | 552,950 | $ | 121,879 | $ | 77,100 | $ | 97,900 | $ | 292,867 | $ | 423,764 | $ | 1,836,514 | |||||||||||||
Special Mention | — | — | 50 | — | 25 | 269 | 884 | 1,228 | |||||||||||||||||||||
Substandard | — | — | — | — | — | 343 | 85 | 428 | |||||||||||||||||||||
Substandard Impaired | — | — | 133 | 32 | 83 | 9,515 | 1,570 | 11,333 | |||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 270,054 | $ | 552,950 | $ | 122,062 | $ | 77,132 | $ | 98,008 | $ | 302,994 | $ | 426,303 | $ | 1,849,503 | |||||||||||||
Commercial and financial | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | 359,833 | $ | 320,307 | $ | 140,450 | $ | 77,562 | $ | 57,924 | $ | 58,648 | $ | 292,818 | $ | 1,307,542 | |||||||||||||
Special Mention | 1,244 | 423 | 106 | 474 | 195 | 259 | 2,998 | 5,699 | |||||||||||||||||||||
Substandard | — | 67 | 942 | 6,304 | 1,603 | 1,683 | 13,114 | 23,713 | |||||||||||||||||||||
Substandard Impaired | 5 | 58 | 5,109 | 147 | 3,642 | 2,545 | 176 | 11,682 | |||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 361,082 | $ | 320,855 | $ | 146,607 | $ | 84,487 | $ | 63,364 | $ | 63,135 | $ | 309,106 | $ | 1,348,636 | |||||||||||||
Consumer | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | 93,012 | $ | 77,889 | $ | 27,982 | $ | 28,772 | $ | 11,690 | $ | 16,480 | $ | 29,725 | $ | 285,550 | |||||||||||||
Special Mention | — | — | — | 250 | 2 | 134 | 30 | 416 | |||||||||||||||||||||
Substandard | — | — | 11 | — | — | 191 | — | 202 | |||||||||||||||||||||
Substandard Impaired | — | — | 18 | 55 | 36 | 103 | 207 | 419 | |||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 93,012 | $ | 77,889 | $ | 28,011 | $ | 29,077 | $ | 11,728 | $ | 16,908 | $ | 29,962 | $ | 286,587 | |||||||||||||
Paycheck Protection Program | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 2,708 | $ | 1,882 | $ | — | $ | — | $ | — | $ | — | $ | 4,590 |
December 31, 2022 | |||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | |||||||||||||||||||||
Substandard | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Substandard Impaired | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Total | $ | — | $ | 2,708 | $ | 1,882 | $ | — | $ | — | $ | — | $ | — | $ | 4,590 | |||||||||||||
Consolidated | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | 1,754,920 | $ | 1,945,692 | $ | 720,324 | $ | 724,493 | $ | 529,942 | $ | 1,430,636 | $ | 864,846 | $ | 7,972,735 | |||||||||||||
Special Mention | 16,461 | 17,132 | 3,254 | 13,718 | 2,770 | 8,506 | 3,927 | 65,768 | |||||||||||||||||||||
Substandard | — | 9,486 | 20,935 | 8,929 | 8,650 | 14,073 | 13,199 | 75,272 | |||||||||||||||||||||
Substandard Impaired | 5 | 110 | 6,304 | 2,394 | 4,085 | 16,098 | 1,953 | 30,949 | |||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 1,771,386 | $ | 1,972,420 | $ | 750,817 | $ | 749,534 | $ | 545,447 | $ | 1,469,313 | $ | 883,925 | $ | 8,144,724 | |||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(In thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||
Construction and land development | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||||||||||||
Commercial real estate - owner-occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Residential real estate | — | — | — | 2 | 52 | 52 | |||||||||||||||||||||||||||||
Commercial and financial | 1 | 21 | 21 | 1 | 142 | 142 | |||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Totals | 1 | $ | 21 | $ | 21 | 3 | $ | 194 | $ | 194 |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(In thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||
Construction and land development | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||||||||||||
Commercial real estate - owner-occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Residential real estate | 3 | 785 | 785 | 3 | 79 | 79 | |||||||||||||||||||||||||||||
Commercial and financial | 2 | 54 | 54 | 1 | 142 | 142 | |||||||||||||||||||||||||||||
Consumer | 4 | 23 | 23 | — | — | — | |||||||||||||||||||||||||||||
Totals | 9 | $ | 862 | $ | 862 | 4 | $ | 221 | $ | 221 |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Beginning Balance | Provision for Credit Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | (In thousands) | Beginning Balance | Initial Allowance on PCD Loans Acquired During the Period 1 | Provision for Credit Losses | Charge- Offs | Recoveries | Ending Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 2,268 | $ | 230 | $ | — | $ | 54 | $ | — | $ | 2,552 | Construction and land development | $ | 6,540 | $ | — | $ | 414 | $ | — | $ | 6 | $ | 6,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | Commercial real estate - owner-occupied | 9,294 | (1,918) | — | — | — | 7,376 | Commercial real estate - owner-occupied | 6,292 | — | 125 | — | 1 | 6,418 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | 43,922 | 2,528 | — | 9 | — | 46,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 53,575 | — | 423 | — | 105 | 54,103 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 14,075 | 648 | — | 112 | (14) | 14,821 | Residential real estate | 39,894 | — | (3,248) | (109) | 173 | 36,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 17,727 | (500) | (253) | 171 | (1) | 17,144 | Commercial and financial | 31,593 | 5,544 | 2,202 | (727) | 1,660 | 40,272 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,552 | (166) | (199) | 230 | — | 2,417 | Consumer | 17,746 | — | (680) | (1,904) | 90 | 15,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 89,838 | $ | 822 | $ | (452) | $ | 576 | $ | (15) | $ | 90,769 | Totals | $ | 155,640 | $ | 5,544 | $ | (764) | $ | (2,740) | $ | 2,035 | $ | 159,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Amount represents a measurement period adjustment of a PCD loan acquired through the acquisition of Professional, see Note 11 - Business Combinations | 1 Amount represents a measurement period adjustment of a PCD loan acquired through the acquisition of Professional, see Note 11 - Business Combinations |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Beginning Balance | Provision for Credit Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | |||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | 2,268 | 230 | — | 54 | — | 2,552 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 9,294 | (1,918) | — | — | — | 7,376 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | 43,922 | 2,528 | — | 9 | — | 46,459 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 14,075 | 648 | 112 | (14) | 14,821 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | 17,727 | (500) | (253) | 171 | (1) | 17,144 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2,552 | (166) | (199) | 230 | — | 2,417 | |||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 89,838 | $ | 822 | $ | (452) | $ | 576 | $ | (15) | $ | 90,769 |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | Beginning Balance | Initial Allowance on PCD Loans Acquired During the Period | Provision for Credit Losses | Charge- Offs | Recoveries | Ending Balance | |||||||||||||||||||||||||||||||||||
Construction and land development | $ | 6,464 | $ | 5 | $ | 483 | $ | — | $ | 8 | $ | 6,960 | |||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 6,051 | 139 | 226 | — | 2 | 6,418 | |||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | 43,258 | 647 | 10,138 | (109) | 169 | 54,103 | |||||||||||||||||||||||||||||||||||
Residential real estate | 29,605 | 400 | 6,650 | (268) | 323 | 36,710 | |||||||||||||||||||||||||||||||||||
Commercial and financial | 15,648 | 17,527 | 8,616 | (3,369) | 1,850 | 40,272 | |||||||||||||||||||||||||||||||||||
Consumer | 12,869 | 161 | 4,721 | (2,599) | 100 | 15,252 | |||||||||||||||||||||||||||||||||||
Totals | $ | 113,895 | $ | 18,879 | $ | 30,834 | $ | (6,345) | $ | 2,452 | $ | 159,715 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Beginning Balance | Provision for Credit Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | |||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | 4,428 | $ | (469) | $ | — | $ | 96 | $ | (2) | $ | 4,053 | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 9,792 | (1,116) | — | — | — | 8,676 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | 36,229 | (1,423) | — | 1 | — | 34,807 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 14,353 | (2,407) | (21) | 621 | (3) | 12,543 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | 18,916 | 399 | (1,564) | 265 | — | 18,016 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2,925 | 161 | (199) | 146 | (1) | 3,032 | |||||||||||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 86,643 | $ | (4,855) | $ | (1,784) | $ | 1,129 | $ | (6) | $ | 81,127 | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Beginning Balance | Initial Allowance on PCD Loans Acquired During the Period | Provision for Credit Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | 2,751 | $ | — | $ | (263) | $ | — | $ | 64 | $ | — | $ | 2,552 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | 8,579 | — | (1,203) | — | — | — | 7,376 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | 36,617 | 31 | 9,802 | — | 9 | — | 46,459 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 12,811 | 17 | 1,708 | (1) | 303 | (17) | 14,821 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | 19,744 | 3 | (2,128) | (822) | 348 | (1) | 17,144 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2,813 | — | (538) | (294) | 438 | (2) | 2,417 | ||||||||||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 83,315 | $ | 51 | $ | 7,378 | $ | (1,117) | $ | 1,162 | $ | (20) | $ | 90,769 | |||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Beginning Balance | Provision for Credit Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | (In thousands) | Beginning Balance | Allowance on PCD Loans Acquired During the Period | Provision for Credit Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 4,920 | $ | (979) | $ | — | $ | 114 | $ | (2) | $ | 4,053 | Construction and land development | $ | 2,751 | $ | — | $ | (263) | $ | — | $ | 64 | $ | — | $ | 2,552 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 9,868 | (1,192) | — | — | — | 8,676 | Commercial real estate - owner occupied | 8,579 | — | (1,203) | — | — | — | 7,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 38,266 | (3,461) | — | 2 | — | 34,807 | Commercial real estate - non-owner occupied | 36,617 | 31 | 9,802 | — | 9 | — | 46,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 17,500 | (5,779) | (21) | 850 | (7) | 12,543 | Residential real estate | 12,811 | 17 | 1,708 | (1) | 303 | (17) | 14,821 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 18,690 | 1,174 | (2,320) | 472 | — | 18,016 | Commercial and financial | 19,744 | 3 | (2,128) | (822) | 348 | (1) | 17,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 3,489 | (333) | (384) | 262 | (2) | 3,032 | Consumer | 2,813 | — | (538) | (294) | 438 | (2) | 2,417 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 92,733 | $ | (10,570) | $ | (2,725) | $ | 1,700 | $ | (11) | $ | 81,127 | Totals | $ | 83,315 | $ | 51 | $ | 7,378 | $ | (1,117) | $ | 1,162 | $ | (20) | $ | 90,769 |
June 30, 2022 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually Evaluated | Collectively Evaluated | Total | Individually Evaluated | Collectively Evaluated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | (In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 16 | $ | — | $ | 350,009 | $ | 2,552 | $ | 350,025 | $ | 2,552 | Construction and land development | $ | 430 | $ | 107 | $ | 793,941 | $ | 6,853 | $ | 794,371 | $ | 6,960 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 2,714 | 48 | 1,251,629 | 7,328 | 1,254,343 | 7,376 | Commercial real estate - owner occupied | 6,261 | 15 | 1,663,108 | 6,403 | 1,669,369 | 6,418 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | 7,331 | 741 | 1,965,209 | 45,718 | 1,972,540 | 46,459 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 8,670 | 318 | 3,361,541 | 53,785 | 3,370,211 | 54,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 12,971 | 297 | 1,634,494 | 14,524 | 1,647,465 | 14,821 | Residential real estate | 11,775 | 22 | 2,384,577 | 36,688 | 2,396,352 | 36,710 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 8,969 | 2,185 | 1,115,802 | 14,959 | 1,124,771 | 17,144 | Commercial and financial | 40,162 | 20,009 | 1,575,372 | 20,263 | 1,615,534 | 40,272 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 548 | 474 | 174,653 | 1,943 | 175,201 | 2,417 | Consumer | 2,271 | 2,081 | 269,811 | 13,171 | 272,082 | 15,252 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | — | — | 17,203 | — | 17,203 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 32,549 | $ | 3,745 | $ | 6,508,999 | $ | 87,024 | $ | 6,541,548 | $ | 90,769 | Totals | $ | 69,569 | $ | 22,552 | $ | 10,048,350 | $ | 137,163 | $ | 10,117,919 | $ | 159,715 |
December 31, 2021 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually Evaluated | Collectively Evaluated | Total | Individually Evaluated | Collectively Evaluated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | (In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 271 | $ | 92 | $ | 230,553 | $ | 2,659 | $ | 230,824 | $ | 2,751 | Construction and land development | $ | 59 | $ | — | $ | 587,273 | $ | 6,464 | $ | 587,332 | $ | 6,464 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 5,131 | 419 | 1,192,643 | 8,160 | 1,197,774 | 8,579 | Commercial real estate - owner occupied | 3,346 | 41 | 1,474,956 | 6,010 | 1,478,302 | 6,051 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | 5,905 | 27 | 1,730,534 | 36,590 | 1,736,439 | 36,617 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 4,183 | 230 | 2,585,591 | 43,028 | 2,589,774 | 43,258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 16,345 | 646 | 1,409,009 | 12,165 | 1,425,354 | 12,811 | Residential real estate | 11,333 | 275 | 1,838,170 | 29,330 | 1,849,503 | 29,605 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 11,470 | 2,885 | 1,057,886 | 16,859 | 1,069,356 | 19,744 | Commercial and financial | 12,167 | 2,639 | 1,341,059 | 13,009 | 1,353,226 | 15,648 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 741 | 685 | 173,434 | 2,128 | 174,175 | 2,813 | Consumer | 426 | 362 | 286,161 | 12,507 | 286,587 | 12,869 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | — | — | 91,107 | — | 91,107 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 39,863 | $ | 4,754 | $ | 5,885,166 | $ | 78,561 | $ | 5,925,029 | $ | 83,315 | Totals | $ | 31,514 | $ | 3,547 | $ | 8,113,210 | $ | 110,348 | $ | 8,144,724 | $ | 113,895 |
(In thousands) | Notional Amount | Fair Value | Balance Sheet Category | ||||||||||||||
At June 30, 2022 | |||||||||||||||||
Back-to-back swaps | $ | 253,524 | $ | 9,320 | Other Assets and Other Liabilities | ||||||||||||
Interest rate floors | 300,000 | 41 | Other Assets | ||||||||||||||
At December 31, 2021 | |||||||||||||||||
Back-to-back swaps | $ | 175,392 | $ | 8,022 | Other Assets and Other Liabilities | ||||||||||||
Interest rate floors | 300,000 | 290 | Other Assets |
(In thousands) | Notional Amount | Fair Value | Balance Sheet Category | |||||||||||||||||
At June 30, 2023 | ||||||||||||||||||||
Back-to-back swaps | $ | 457,193 | $ | 29,007 | Other Assets and Other Liabilities | |||||||||||||||
Interest rate floors | 300,000 | — | Other Assets | |||||||||||||||||
Fair value hedges | 400,000 | 6,232 | Other Assets | |||||||||||||||||
At December 31, 2022 | ||||||||||||||||||||
Back-to-back swaps | $ | 312,808 | $ | 23,140 | Other Assets and Other Liabilities | |||||||||||||||
Interest rate floors | 300,000 | 2 | Other Assets |
Carrying amount of the hedged items | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items | |||||||||||||||||||||||||
(In thousands) | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Available-for-sale securities 1 | $ | 609,295 | $ | — | $ | 6,338 | $ | — | ||||||||||||||||||
1 At June 30, 2023, and December 31, 2022, the amortized cost basis and unallocated basis adjustments used in hedging relationships was $718.2 million and $0, respectively. Refer to Note 3 for a reconciliation of the amortized cost and fair value of available-for-sale securities. |
(In thousands) | (In thousands) | June 30, 2022 | December 31, 2021 | (In thousands) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Fair value of pledged securities - overnight and continuous: | Fair value of pledged securities - overnight and continuous: | Fair value of pledged securities - overnight and continuous: | |||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | $ | 139,805 | $ | 134,577 | |||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | $ | 351,890 | $ | 184,967 |
(In thousands) | (In thousands) | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | (In thousands) | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||
At June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2023 | At June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities1 | Available-for-sale debt securities1 | $ | 1,800,791 | $ | 189 | $ | 1,800,602 | $ | — | Available-for-sale debt securities1 | $ | 1,916,231 | $ | 187 | $ | 1,916,044 | $ | — | |||||||||||||||||||||||||||||||
Derivative financial instruments2 | Derivative financial instruments2 | 9,361 | — | 9,361 | — | Derivative financial instruments2 | 35,240 | — | 35,240 | — | |||||||||||||||||||||||||||||||||||||||
Loans held for sale2 | Loans held for sale2 | 14,205 | — | 14,205 | — | Loans held for sale2 | 5,967 | — | 5,967 | — | |||||||||||||||||||||||||||||||||||||||
Loans3 | Loans3 | 5,300 | — | 1,343 | 3,957 | Loans3 | 20,391 | — | 1,105 | 19,286 | |||||||||||||||||||||||||||||||||||||||
Other real estate owned4 | Other real estate owned4 | 2,419 | — | 2,419 | — | Other real estate owned4 | 7,526 | — | 7,526 | — | |||||||||||||||||||||||||||||||||||||||
Equity securities5 | Equity securities5 | 8,564 | 8,564 | — | — | Equity securities5 | 13,507 | 13,507 | — | — | |||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments2 | Derivative financial instruments2 | $ | 9,320 | $ | — | $ | 9,320 | $ | — | Derivative financial instruments2 | $ | 29,007 | $ | — | $ | 29,007 | $ | — | |||||||||||||||||||||||||||||||
At December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2022 | At December 31, 2022 | At | |||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities1 | Available-for-sale debt securities1 | $ | 1,644,319 | $ | 197 | $ | 1,644,122 | $ | — | Available-for-sale debt securities1 | $ | 1,871,742 | $ | 186 | $ | 1,871,556 | $ | — | |||||||||||||||||||||||||||||||
Derivative financial instruments2 | Derivative financial instruments2 | 8,312 | — | 8,312 | — | Derivative financial instruments2 | 23,142 | — | 23,142 | — | |||||||||||||||||||||||||||||||||||||||
Loans held for sale2 | Loans held for sale2 | 31,791 | — | 31,791 | — | Loans held for sale2 | 3,151 | — | 3,151 | — | |||||||||||||||||||||||||||||||||||||||
Loans3 | Loans3 | 8,443 | — | 1,558 | 6,885 | Loans3 | 8,513 | — | 1,183 | 7,330 | |||||||||||||||||||||||||||||||||||||||
Other real estate owned4 | Other real estate owned4 | 13,618 | — | — | 13,618 | Other real estate owned4 | 2,301 | — | 2,301 | — | |||||||||||||||||||||||||||||||||||||||
Equity securities5 | Equity securities5 | 9,316 | 9,316 | — | — | Equity securities5 | 8,220 | 8,220 | — | — | |||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments2 | Derivative financial instruments2 | $ | 8,022 | $ | — | $ | 8,022 | $ | — | Derivative financial instruments2 | $ | 23,142 | $ | — | $ | 23,142 | $ | — | |||||||||||||||||||||||||||||||
1See “Note 3 – Securities” for further detail of fair value of individual investment categories. | |||||||||||||||||||||||||||||||||||||||||||||||||
1See “Note 3 – Securities” for further detail of fair value of individual investment categories. | 1See “Note 3 – Securities” for further detail of fair value of individual investment categories. | ||||||||||||||||||||||||||||||||||||||||||||||||
2Recurring fair value basis determined using observable market data. | 2Recurring fair value basis determined using observable market data. | 2Recurring fair value basis determined using observable market data. | |||||||||||||||||||||||||||||||||||||||||||||||
3See “Note 4 – Loans.” Nonrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs that are based on current appraised values of the collateral in accordance with ASC Topic 310. | |||||||||||||||||||||||||||||||||||||||||||||||||
3See “Note 4 – Loans.” Nonrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs that are based on current appraised values of the collateral in accordance with ASC Topic 310. | 3See “Note 4 – Loans.” Nonrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs that are based on current appraised values of the collateral in accordance with ASC Topic 310. | ||||||||||||||||||||||||||||||||||||||||||||||||
4Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. | 4Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. | 4Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. | |||||||||||||||||||||||||||||||||||||||||||||||
5An investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. | |||||||||||||||||||||||||||||||||||||||||||||||||
5Investment in shares of mutual funds that invest primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. | 5Investment in shares of mutual funds that invest primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. |
(In thousands) | (In thousands) | June 30, 2022 | December 31, 2021 | (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Aggregate fair value | Aggregate fair value | $ | 14,205 | $ | 31,791 | Aggregate fair value | $ | 5,967 | $ | 3,151 | ||||||||||||
Contractual balance | Contractual balance | 13,746 | 30,963 | Contractual balance | 5,757 | 3,071 | ||||||||||||||||
Excess | Excess | 459 | 828 | Excess | 210 | 80 |
(In thousands) | (In thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | (In thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity1 | Debt securities held-to-maturity1 | $ | 794,785 | $ | — | $ | 706,170 | $ | — | Debt securities held-to-maturity1 | $ | 707,812 | $ | — | $ | 577,586 | $ | — | ||||||||||||||||||||||||||||||||||
Time deposits with other banks | Time deposits with other banks | 4,730 | — | 4,598 | — | Time deposits with other banks | 2,987 | — | 2,741 | — | ||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 6,445,479 | — | — | 6,511,612 | Loans, net | 9,937,813 | — | — | 9,756,252 | ||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit liabilities | Deposit liabilities | 9,188,953 | — | — | 9,182,221 | Deposit liabilities | 12,283,267 | — | — | 12,270,266 | ||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank (“FHLB”) borrowings | Federal Home Loan Bank (“FHLB”) borrowings | 160,000 | — | — | 160,163 | |||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt, net | Subordinated debt, net | 105,970 | — | 98,048 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | 71,786 | — | 69,484 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held-to-maturity1 | Debt securities held-to-maturity1 | $ | 638,640 | $ | — | $ | 627,398 | $ | — | Debt securities held-to-maturity1 | $ | 747,408 | $ | — | $ | 617,741 | $ | — | ||||||||||||||||||||||||||||||||||
Time deposits with other banks | Time deposits with other banks | 3,236 | — | 2,989 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 5,833,271 | — | — | 5,907,447 | Loans, net | 8,022,316 | — | — | 7,845,375 | ||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit liabilities | Deposit liabilities | 8,067,589 | — | — | 8,067,995 | Deposit liabilities | 9,981,595 | — | — | 9,976,125 | ||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank (“FHLB”) borrowings | Federal Home Loan Bank (“FHLB”) borrowings | 150,000 | — | — | 149,450 | |||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 71,646 | — | 69,348 | — | Subordinated debt | 84,533 | — | 82,226 | — | ||||||||||||||||||||||||||||||||||||||||||
1See “Note 3 – Securities” for further detail of individual investment categories. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1See “Note 3 – Securities” for further detail of recurring fair value basis of individual investment categories. | 1See “Note 3 – Securities” for further detail of recurring fair value basis of individual investment categories. |
(In thousands, except per share data) | January | |||||||
Number of | ||||||||
14,358 | ||||||||
Per share exchange ratio | ||||||||
Number of shares of SBCF common stock issued | ||||||||
Multiplied by common stock price per share | $ | |||||||
Value of SBCF common stock issued | 410,738 | |||||||
Cash paid for fractional shares | 5 | |||||||
Fair value of Professional options converted | ||||||||
Total purchase price | $ |
Initially Measured | Measurement | As Adjusted | ||||||||||||||||||
(In thousands) | January 31, 2023 | Period Adjustments | January 31, 2023 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 141,680 | $ | — | $ | 141,680 | ||||||||||||||
Investment securities | 167,059 | — | 167,059 | |||||||||||||||||
Loans | 1,991,713 | (5,544) | 1,986,169 | |||||||||||||||||
Bank premises and equipment | 2,478 | — | 2,478 | |||||||||||||||||
Core deposit intangibles | 48,885 | — | 48,885 | |||||||||||||||||
Goodwill | 248,091 | 4,288 | 252,379 | |||||||||||||||||
BOLI | 55,071 | — | 55,071 | |||||||||||||||||
Other Assets | 74,232 | 1,256 | 75,488 | |||||||||||||||||
Total Assets | $ | 2,729,209 | $ | — | $ | 2,729,209 | ||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 2,119,341 | $ | — | $ | 2,119,341 | ||||||||||||||
Subordinated debt | 21,141 | — | 21,141 | |||||||||||||||||
Other Liabilities | 167,680 | — | 167,680 | |||||||||||||||||
Total Liabilities | $ | 2,308,162 | $ | — | $ | 2,308,162 |
January 31, 2023 | ||||||||||||||
(In thousands) | Book Balance | Fair Value | ||||||||||||
Loans: | ||||||||||||||
Construction and land development | $ | 156,048 | $ | 151,012 | ||||||||||
Commercial real estate - owner occupied | 293,473 | 274,068 | ||||||||||||
Commercial real estate - non-owner occupied | 752,393 | 692,746 | ||||||||||||
Residential real estate | 509,305 | 483,611 | ||||||||||||
Commercial and financial | 392,396 | 350,628 | ||||||||||||
Consumer | 33,656 | 32,153 | ||||||||||||
PPP Loans | 1,951 | 1,951 | ||||||||||||
Total acquired loans | $ | 2,139,222 | $ | 1,986,169 |
(In thousands) | January 31, 2023 | |||||||
Book balance of loans at acquisition | $ | 155,031 | ||||||
Allowance for credit losses at acquisition | (18,879) | |||||||
Non-credit related discount | (12,361) | |||||||
Total PCD loans acquired | $ | 123,791 |
(In thousands, except per share data) | October 7, 2022 | |||||||
Number of Apollo common shares outstanding | 3,766 | |||||||
Per share exchange ratio | 1.0065 | |||||||
Number of shares of SBCF common stock issued | 3,791 | |||||||
Number of Apollo Bank minority interest shares outstanding | 609 | |||||||
Per share exchange ratio | 1.1957 | |||||||
Number of shares of SBCF common stock issued | 728 | |||||||
Total number of shares of SBCF common stock issued | 4,519 | |||||||
Multiplied by common stock price per share at October 7, 2022 | $ | 30.83 | ||||||
Value of SBCF common stock issued | $ | 139,307 | ||||||
Cash paid for fractional shares | 5 | |||||||
Fair value of Apollo options and warrants converted | 6,530 | |||||||
Total purchase price | $ | 145,842 |
Initially Measured | Measurement | As Adjusted | ||||||||||||||||||
(In thousands) | October 7, 2022 | Period Adjustments | October 7, 2022 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 41,001 | $ | — | $ | 41,001 | ||||||||||||||
Investment securities | 203,596 | — | 203,596 | |||||||||||||||||
Loans | 666,522 | — | 666,522 | |||||||||||||||||
Bank premises and equipment | 7,809 | — | 7,809 | |||||||||||||||||
Core deposit intangibles | 28,699 | — | 28,699 | |||||||||||||||||
Goodwill | 90,237 | 81 | 90,318 | |||||||||||||||||
Other Assets | 52,724 | (81) | 52,643 | |||||||||||||||||
Total Assets | $ | 1,090,588 | $ | — | $ | 1,090,588 | ||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 854,774 | $ | — | $ | 854,774 | ||||||||||||||
Other Liabilities | 89,972 | — | 89,972 | |||||||||||||||||
Total Liabilities | $ | 944,746 | $ | — | $ | 944,746 |
October 7, 2022 | ||||||||||||||
(In thousands) | Book Balance | Fair Value | ||||||||||||
Loans: | ||||||||||||||
Construction and land development | $ | 74,126 | $ | 70,654 | ||||||||||
Commercial real estate - owner occupied | 131,093 | 121,600 | ||||||||||||
Commercial real estate - non-owner occupied | 374,673 | 340,561 | ||||||||||||
Residential real estate | 76,254 | 75,957 | ||||||||||||
Commercial and financial | 50,125 | 46,695 | ||||||||||||
Consumer | 11,307 | 11,055 | ||||||||||||
Total acquired loans | $ | 717,578 | $ | 666,522 |
(In thousands) | October 7, 2022 | |||||||
Book balance of loans at acquisition | $ | 107,744 | ||||||
Allowance for credit losses at acquisition | (2,658) | |||||||
Non-credit related discount | (14,191) | |||||||
Total PCD loans acquired | $ | 90,895 |
(In thousands, except per share data) | October 7, 2022 | |||||||
Number of Drummond common shares outstanding | 99 | |||||||
Per share exchange ratio | 51.9561 | |||||||
Number of shares of SBCF common stock issued | 5,136 | |||||||
Multiplied by common stock price per share at October 7, 2022 | $ | 30.83 | ||||||
Total purchase price | $ | 158,332 |
Initially Measured | Measurement | As Adjusted | ||||||||||||||||||
(In thousands) | October 7, 2022 | Period Adjustments | October 7, 2022 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 31,805 | $ | — | $ | 31,805 | ||||||||||||||
Investment securities | 327,852 | — | 327,852 | |||||||||||||||||
Loans | 544,694 | — | 544,694 | |||||||||||||||||
Bank premises and equipment | 29,370 | — | 29,370 | |||||||||||||||||
Core deposit and other intangibles | 32,983 | — | 32,983 | |||||||||||||||||
Goodwill | 103,476 | 145 | 103,621 | |||||||||||||||||
Other Assets | 49,812 | (145) | 49,667 | |||||||||||||||||
Total Assets | $ | 1,119,992 | $ | — | $ | 1,119,992 | ||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 881,281 | $ | — | $ | 881,281 | ||||||||||||||
Other Liabilities | 80,379 | — | 80,379 | |||||||||||||||||
Total Liabilities | $ | 961,660 | $ | — | $ | 961,660 |
October 7, 2022 | ||||||||||||||
(In thousands) | Book Balance | Fair Value | ||||||||||||
Loans: | ||||||||||||||
Construction and land development | $ | 155,041 | $ | 140,401 | ||||||||||
Commercial real estate - owner occupied | 112,768 | 106,152 | ||||||||||||
Commercial real estate - non-owner occupied | 26,520 | 24,744 | ||||||||||||
Residential real estate | 85,767 | 78,663 | ||||||||||||
Commercial and financial | 88,026 | 82,067 | ||||||||||||
Consumer | 118,880 | 112,667 | ||||||||||||
Total acquired loans | $ | 587,002 | $ | 544,694 |
(In thousands) | October 7, 2022 | |||||||
Book balance of loans at acquisition | $ | 58,878 | ||||||
Allowance for credit losses at acquisition | (2,566) | |||||||
Non-credit related discount | (4,607) | |||||||
Total PCD loans acquired | $ | 51,705 |
(In thousands, except per share data) | January 3, 2022 | |||||||
Number of BBFC common shares outstanding | 1,112 | |||||||
Per share exchange ratio | 0.7997 | |||||||
Number of shares of SBCF common stock issued | 889 | |||||||
Multiplied by common stock price per share on January 3, 2022 | $ | 35.39 | ||||||
Value of SBCF common stock issued | $ | 31,480 | ||||||
Fair value of BBFC options converted | 497 | |||||||
Total purchase price | $ | 31,977 |
(In thousands) | January 3, 2022 | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash | $ | 38,332 | ||||||||||||||||||
Investment securities | 26,011 | |||||||||||||||||||
Loans | 121,774 | |||||||||||||||||||
Bank premises and equipment | 2,102 | |||||||||||||||||||
Core deposit intangibles | 2,621 | |||||||||||||||||||
Goodwill | 7,962 | |||||||||||||||||||
Total assets | $ | 198,802 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 166,326 | |||||||||||||||||||
Other liabilities | 499 | |||||||||||||||||||
Total liabilities | $ | 166,825 | ||||||||||||||||||
January 3, 2022 | ||||||||||||||
(In thousands) | Book Balance | Fair Value | ||||||||||||
Loans: | ||||||||||||||
Construction and land development | $ | 8,677 | $ | 8,414 | ||||||||||
Commercial real estate - owner occupied | 45,403 | 44,564 | ||||||||||||
Commercial real estate - non-owner occupied | 53,065 | 52,034 | ||||||||||||
Residential real estate | 5,377 | 5,421 | ||||||||||||
Commercial and financial | 11,335 | 11,280 | ||||||||||||
Consumer | 59 | 61 | ||||||||||||
Total acquired loans | $ | 123,916 | $ | 121,774 |
January 3, 2022 | |||||||||||
(In thousands) | Book Balance | Fair Value | |||||||||
Loans: | |||||||||||
Construction and land development | $ | 8,677 | $ | 8,414 | |||||||
Commercial real estate - owner-occupied | 45,403 | 44,564 | |||||||||
Commercial real estate - non owner-occupied | 53,065 | 52,034 | |||||||||
Residential real estate | 5,377 | 5,421 | |||||||||
Commercial and financial | 9,376 | 9,321 | |||||||||
Consumer | 59 | 61 | |||||||||
PPP loans | 1,959 | 1,959 | |||||||||
Total acquired loans | $ | 123,916 | $ | 121,774 |
(In thousands) | |||||||||||
Book balance of loans at acquisition | $ | 714 | |||||||||
Allowance for credit losses at acquisition | (15) | ||||||||||
Non-credit related discount | (48) | ||||||||||
Total PCD loans acquired | $ | 651 | |||||||||
(In thousands, except per share data) | January 3, 2022 | |||||||
Number of Sabal Palm common shares outstanding | 7,536 | |||||||
Per share exchange ratio | 0.2203 | |||||||
Number of shares of SBCF common stock issued | 1,660 | |||||||
Multiplied by common stock price per share on January 3, 2022 | $ | 35.39 | ||||||
Value of SBCF common stock issued | $ | 58,762 | ||||||
Fair value of Sabal Palm options converted | 3,336 | |||||||
Total purchase price | $ | 62,098 |
(In thousands) | January 3, 2022 | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash | $ | 170,609 | ||||||||||||||||||
Time deposits with other banks | 6,473 | |||||||||||||||||||
Loans | 246,152 | |||||||||||||||||||
Bank premises and equipment | 1,745 | |||||||||||||||||||
Core deposit intangibles | 5,587 | |||||||||||||||||||
Goodwill | 26,489 | |||||||||||||||||||
Other assets | 5,189 | |||||||||||||||||||
Total assets | $ | 462,244 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 395,952 | |||||||||||||||||||
Other liabilities | 4,194 | |||||||||||||||||||
Total liabilities | $ | 400,146 | ||||||||||||||||||
January 3, 2022 | January 3, 2022 | ||||||||||||||||||||||||
(In thousands) | (In thousands) | Book Balance | Fair Value | (In thousands) | Book Balance | Fair Value | |||||||||||||||||||
Loans: | Loans: | Loans: | |||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 9,256 | $ | 9,009 | Construction and land development | $ | 9,256 | $ | 9,009 | |||||||||||||||
Commercial real estate - owner-occupied | 57,690 | 56,591 | |||||||||||||||||||||||
Commercial real estate - non owner-occupied | 89,153 | 87,280 | |||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 57,690 | 56,591 | ||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 89,153 | 87,280 | ||||||||||||||||||||||
Residential real estate | Residential real estate | 71,469 | 72,227 | Residential real estate | 71,469 | 72,227 | |||||||||||||||||||
Commercial and financial | Commercial and financial | 17,797 | 17,501 | Commercial and financial | 21,109 | 20,813 | |||||||||||||||||||
Consumer | Consumer | 233 | 232 | Consumer | 233 | 232 | |||||||||||||||||||
PPP loans | 3,312 | 3,312 | |||||||||||||||||||||||
Total acquired loans | Total acquired loans | $ | 248,910 | $ | 246,152 | Total acquired loans | $ | 248,910 | $ | 246,152 |
(In thousands) | January 3, 2022 | ||||||||||
Book balance of loans at acquisition | $ | 3,703 | |||||||||
Allowance for credit losses at acquisition | (37) | ||||||||||
Non-credit related discount | (663) | ||||||||||
Total PCD loans acquired | $ | 3,003 | |||||||||
August 6, 2021 | ||||||||||||||||||||
August 6, 2021 | |||||||||||
(In thousands) | Book Balance | Fair Value | |||||||||
Loans: | |||||||||||
Construction and land development | $ | 37,558 | $ | 36,651 | |||||||
Commercial real estate - owner-occupied | 35,765 | 35,363 | |||||||||
Commercial real estate - non owner-occupied | 241,322 | 237,091 | |||||||||
Residential real estate | 71,118 | 70,541 | |||||||||
Commercial and financial | 61,274 | 58,324 | |||||||||
Consumer | 647 | 647 | |||||||||
PPP loans | 38,598 | 38,598 | |||||||||
Total acquired loans | $ | 486,282 | $ | 477,215 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
(In thousands, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Net interest income | $ | 81,647 | $ | 78,315 | $ | 158,169 | $ | 157,149 | |||||||||||||||||||||
Net income | 32,755 | 41,913 | 58,025 | 73,205 | |||||||||||||||||||||||||
EPS - basic | $ | 0.53 | $ | 0.69 | $ | 0.95 | $ | 1.21 | |||||||||||||||||||||
EPS - diluted | 0.53 | 0.69 | 0.94 | 1.24 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
(In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net interest income | $ | 126,963 | $ | 112,275 | $ | 295,883 | $ | 217,872 | ||||||||||||||||||
Net income available to common shareholders | 31,249 | 48,458 | 68,005 | 44,139 | ||||||||||||||||||||||
EPS - basic | 0.37 | 0.65 | 0.80 | 0.60 | ||||||||||||||||||||||
EPS - diluted | 0.37 | 0.65 | 0.80 | 0.59 | ||||||||||||||||||||||
Second | First | Second | Six Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | June 30, | |||||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Return on average tangible assets | 1.06 | % | 0.52 | % | 1.29 | % | 0.80 | % | 1.07 | % | ||||||||||||||||||||||
Return on average tangible shareholders' equity | 12.08 | 5.96 | 13.01 | 9.14 | 10.46 | |||||||||||||||||||||||||||
Efficiency ratio | 67.34 | 65.43 | 56.22 | 66.37 | 59.17 | |||||||||||||||||||||||||||
Adjusted return on average tangible assets1 | 1.41 | % | 0.90 | % | 1.38 | % | 1.16 | % | 1.23 | % | ||||||||||||||||||||||
Adjusted return on average tangible shareholders' equity1 | 16.08 | 10.34 | 13.97 | 13.32 | 11.95 | |||||||||||||||||||||||||||
Adjusted efficiency ratio1 | 56.44 | 53.10 | 53.15 | 54.76 | 53.97 | |||||||||||||||||||||||||||
1Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. |
Second | First | Second | Six Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | June 30, | |||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||
Return on average tangible assets | 1.29 | % | 0.85 | % | 1.48 | % | 1.07 | % | 1.58 | % | ||||||||||||||||||||||
Return on average tangible shareholders' equity | 13.01 | 8.02 | 13.88 | 10.46 | 14.73 | |||||||||||||||||||||||||||
Efficiency ratio | 56.22 | 62.33 | 54.93 | 59.17 | 54.05 | |||||||||||||||||||||||||||
Adjusted return on average tangible assets1 | 1.38 | % | 1.06 | % | 1.52 | % | 1.23 | % | 1.63 | % | ||||||||||||||||||||||
Adjusted return on average tangible shareholders' equity1 | 13.97 | 10.01 | 14.27 | 11.95 | 15.12 | |||||||||||||||||||||||||||
Adjusted efficiency ratio1 | 53.15 | 54.86 | 53.49 | 53.97 | 52.72 | |||||||||||||||||||||||||||
1Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. |
(In thousands, except ratios) | (In thousands, except ratios) | Net Interest Income1 | Net Interest Margin1 | Yield on Earning Assets1 | Rate on Interest Bearing Liabilities | (In thousands, except ratios) | Net Interest Income1 | Net Interest Margin1 | Yield on Earning Assets1 | Rate on Interest Bearing Liabilities | ||||||||||||||||||||||||||||||||||||||||||
Second quarter 2023 | Second quarter 2023 | $ | 127,153 | 3.86 | % | 5.30 | % | 2.26 | % | |||||||||||||||||||||||||||||||||||||||||||
First quarter 2023 | First quarter 2023 | 131,351 | 4.31 | % | 5.19 | % | 1.43 | % | ||||||||||||||||||||||||||||||||||||||||||||
Second quarter 2022 | Second quarter 2022 | $ | 81,764 | 3.38 | % | 3.46 | % | 0.14 | % | Second quarter 2022 | 81,764 | 3.38 | % | 3.46 | % | 0.14 | % | |||||||||||||||||||||||||||||||||||
First quarter 2022 | 76,639 | 3.25 | % | 3.33 | % | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
Second quarter 2021 | 65,933 | 3.23 | % | 3.33 | % | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | Six months ended June 30, 2023 | 258,504 | 4.09 | % | 5.26 | % | 1.87 | % | ||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | Six months ended June 30, 2022 | 158,403 | 3.32 | % | 3.40 | % | 0.13 | % | Six months ended June 30, 2022 | 158,403 | 3.32 | % | 3.40 | % | 0.13 | % | ||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | 132,674 | 3.37 | % | 3.49 | % | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
1On tax equivalent basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. | 1On tax equivalent basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. | 1On tax equivalent basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. |
Second | First | Second | Six Months Ended | Second | First | Second | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | June 30, | Quarter | Quarter | Quarter | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2022 | 2022 | 2021 | 2022 | 2021 | (In thousands) | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial pipeline at period end | $ | 476,693 | $ | 619,547 | $ | 322,014 | $ | 476,693 | $ | 322,014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loan originations | 461,855 | 372,986 | 193,028 | 834,841 | 397,281 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial/commercial real estate loan pipeline at period end | Commercial/commercial real estate loan pipeline at period end | $ | 217,574 | $ | 297,380 | $ | 476,693 | $ | 217,574 | $ | 476,693 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial/commercial real estate loans closed | Commercial/commercial real estate loans closed | 317,378 | 321,665 | 461,855 | 639,043 | 834,841 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential pipeline - saleable at period end | Residential pipeline - saleable at period end | 14,700 | 25,745 | 60,585 | 14,700 | 60,585 | Residential pipeline - saleable at period end | 11,492 | 6,614 | 14,700 | 11,492 | 14,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential loans - sold | Residential loans - sold | 42,666 | 51,222 | 120,099 | 93,888 | 258,436 | Residential loans - sold | 19,078 | 13,935 | 42,666 | 33,013 | 93,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential pipeline - portfolio at period end | Residential pipeline - portfolio at period end | 53,092 | 87,950 | 54,132 | 53,092 | 54,132 | Residential pipeline - portfolio at period end | 27,110 | 48,371 | 53,092 | 27,110 | 53,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential loans - retained | Residential loans - retained | 102,996 | 175,457 | 118,126 | 278,453 | 164,746 | Residential loans - retained | 85,294 | 90,058 | 102,996 | 175,352 | 278,453 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer pipeline at period end | Consumer pipeline at period end | 75,532 | 61,613 | 31,748 | 75,532 | 31,748 | Consumer pipeline at period end | 28,446 | 38,742 | 75,532 | 28,446 | 75,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer originations | Consumer originations | 126,479 | 79,010 | 63,702 | 205,489 | 110,447 | Consumer originations | 97,184 | 110,602 | 130,784 | 207,786 | 214,008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP originations | — | — | 23,529 | — | 256,007 |
Average Balances, Interest Income and Expenses, Yields and Rates1 | Average Balances, Interest Income and Expenses, Yields and Rates1 | Average Balances, Interest Income and Expenses, Yields and Rates1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Quarter | First Quarter | Second Quarter | Second Quarter | First Quarter | Second Quarter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except ratios) | (In thousands, except ratios) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | (In thousands, except ratios) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earning assets: | Earning assets: | Earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities: | Securities: | Securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | $ | 2,517,879 | $ | 12,387 | 1.97 | % | $ | 2,406,399 | $ | 10,041 | 1.67 | % | $ | 1,629,410 | $ | 6,559 | 1.61 | % | Taxable | $ | 2,673,633 | $ | 20,898 | 3.13 | % | $ | 2,700,122 | $ | 19,244 | 2.85 | % | $ | 2,517,879 | $ | 12,387 | 1.97 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nontaxable | Nontaxable | 22,443 | 175 | 3.12 | 24,042 | 177 | 2.94 | 25,581 | 186 | 2.90 | Nontaxable | 15,621 | 120 | 3.08 | 16,271 | 131 | 3.22 | 22,443 | 175 | 3.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Securities | Total Securities | 2,540,322 | 12,562 | 1.98 | 2,430,441 | 10,218 | 1.68 | 1,654,991 | 6,745 | 1.63 | Total Securities | 2,689,254 | 21,018 | 3.13 | 2,716,393 | 19,375 | 2.85 | 2,540,322 | 12,562 | 1.98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 644,144 | 1,281 | 0.80 | 738,588 | 350 | 0.19 | 816,455 | 226 | 0.11 | Federal funds sold | 327,433 | 4,313 | 5.28 | 106,778 | 1,294 | 4.91 | 644,144 | 1,281 | 0.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | 46,257 | 636 | 5.51 | 44,999 | 583 | 5.25 | 108,868 | 483 | 1.78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits with other banks and other investments | Interest bearing deposits with other banks and other investments | 90,783 | 710 | 3.14 | 178,463 | 2,180 | 4.95 | 46,257 | 636 | 5.51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans excluding PPP loans | Loans excluding PPP loans | 6,454,444 | 68,647 | 4.27 | 6,276,964 | 65,675 | 4.24 | 5,092,897 | 55,313 | 4.36 | Loans excluding PPP loans | 10,096,394 | 148,420 | 5.90 | 9,363,873 | 135,329 | 5.86 | 6,454,444 | 68,647 | 4.27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP Loans | PPP Loans | 26,322 | 741 | 11.29 | 61,923 | 1,523 | 9.98 | 505,339 | 5,127 | 4.07 | PPP Loans | 4,834 | 12 | 1.00 | 5,328 | 12 | 0.91 | 26,322 | 741 | 11.29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | Total Loans | 6,480,766 | 69,388 | 4.29 | 6,338,887 | 67,198 | 4.30 | 5,598,236 | 60,440 | 4.33 | Total Loans | 10,101,228 | 148,432 | 5.89 | 9,369,201 | 135,341 | 5.86 | 6,480,766 | 69,388 | 4.29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Earning Assets | Total Earning Assets | 9,711,489 | 83,867 | 3.46 | 9,552,915 | 78,349 | 3.33 | 8,178,550 | 67,894 | 3.33 | Total Earning Assets | 13,208,698 | 174,473 | 5.30 | 12,370,835 | 158,190 | 5.19 | 9,711,489 | 83,867 | 3.46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (90,242) | (87,467) | (86,042) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (156,207) | (139,989) | (90,242) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 389,695 | 365,835 | 327,171 | Cash and due from banks | 165,625 | 156,235 | 389,695 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | Premises and equipment | 74,614 | 75,876 | 70,033 | Premises and equipment | 117,726 | 116,083 | 74,614 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets | 307,411 | 304,321 | 235,964 | Intangible assets | 842,988 | 750,694 | 307,411 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | Bank owned life insurance | 206,839 | 205,500 | 133,484 | Bank owned life insurance | 293,251 | 274,517 | 206,839 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 240,712 | 211,536 | 166,686 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets including deferred tax assets | Other assets including deferred tax assets | 415,208 | 419,601 | 240,712 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | Total Assets | $ | 10,840,518 | $ | 10,628,516 | $ | 9,025,846 | Total Assets | $ | 14,887,289 | $ | 13,947,976 | $ | 10,840,518 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | $ | 2,262,408 | $ | 293 | 0.05 | % | $ | 2,097,383 | $ | 190 | 0.04 | % | $ | 1,692,178 | $ | 235 | 0.06 | % | Interest-bearing demand | $ | 2,666,314 | $ | 7,560 | 1.14 | % | $ | 2,452,113 | $ | 3,207 | 0.53 | % | $ | 2,262,408 | $ | 293 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 962,264 | 64 | 0.03 | 925,348 | 65 | 0.03 | 790,734 | 118 | 0.06 | Savings | 906,936 | 427 | 0.19 | 1,053,220 | 400 | 0.15 | 962,264 | 64 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 1,938,421 | 637 | 0.13 | 1,976,660 | 512 | 0.11 | 1,736,481 | 627 | 0.14 | Money market | 2,806,672 | 19,196 | 2.74 | 2,713,224 | 12,426 | 1.86 | 1,938,421 | 637 | 0.13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 496,186 | 436 | 0.35 | 560,681 | 468 | 0.34 | 533,350 | 524 | 0.39 | Time deposits | 1,425,344 | 14,477 | 4.07 | 812,422 | 5,552 | 2.77 | 496,186 | 436 | 0.35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 120,437 | 94 | 0.31 | 118,146 | 39 | 0.13 | 115,512 | 35 | 0.12 | Securities sold under agreements to repurchase | 244,824 | 1,593 | 2.61 | 173,498 | 864 | 2.02 | 120,437 | 94 | 0.31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | 71,740 | 579 | 3.24 | 71,670 | 436 | 2.47 | 71,460 | 422 | 2.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank borrowings | Federal Home Loan Bank borrowings | 251,596 | 2,272 | 3.62 | 282,444 | 2,776 | 3.99 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 105,861 | 1,795 | 6.80 | 98,425 | 1,614 | 6.65 | 71,740 | 579 | 3.24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | Total Interest-Bearing Liabilities | 5,851,456 | 2,103 | 0.14 | 5,749,888 | 1,710 | 0.12 | 4,939,715 | 1,961 | 0.16 | Total Interest-Bearing Liabilities | 8,407,547 | 47,320 | 2.26 | 7,585,346 | 26,839 | 1.43 | 5,851,456 | 2,103 | 0.14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest demand | Noninterest demand | 3,520,700 | 3,336,121 | 2,799,643 | Noninterest demand | 4,294,251 | 4,334,969 | 3,520,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 117,794 | 141,972 | 116,093 | Other liabilities | 114,962 | 130,616 | 117,794 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | Total Liabilities | 9,489,950 | 9,227,981 | 7,855,451 | Total Liabilities | 12,816,760 | 12,050,931 | 9,489,950 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | Shareholders' equity | 1,350,568 | 1,400,535 | 1,170,395 | Shareholders' equity | 2,070,529 | 1,897,045 | 1,350,568 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities & Equity | Total Liabilities & Equity | $ | 10,840,518 | $ | 10,628,516 | $ | 9,025,846 | Total Liabilities & Equity | $ | 14,887,289 | $ | 13,947,976 | $ | 10,840,518 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of deposits | Cost of deposits | 0.06 | % | 0.06 | % | 0.08 | % | Cost of deposits | 1.38 | % | 0.77 | % | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense as a % of earning assets | Interest expense as a % of earning assets | 0.09 | % | 0.07 | % | 0.10 | % | Interest expense as a % of earning assets | 1.44 | % | 0.88 | % | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income as a % of earning assets | $ | 81,764 | 3.38 | % | $ | 76,639 | 3.25 | % | $ | 65,933 | 3.23 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1On a fully taxable equivalent basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. All yields and rates have been computed on an annual basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. |
Average Balances, Interest Income and Expenses, Yields and Rates1 | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Year to Date | Year to Date | |||||||||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||||||||||
(In thousands, except ratios) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||||||
Taxable | $ | 2,462,447 | $ | 22,428 | 1.82 | % | $ | 1,590,152 | $ | 12,857 | 1.62 | % | ||||||||||||||||||||||||||
Nontaxable | 23,238 | 352 | 3.03 | 25,756 | 373 | 2.90 | ||||||||||||||||||||||||||||||||
Total Securities | 2,485,685 | 22,780 | 1.83 | 1,615,908 | 13,230 | 1.64 | ||||||||||||||||||||||||||||||||
Federal funds sold | 691,105 | 1,631 | 0.48 | 556,425 | 299 | 0.11 | ||||||||||||||||||||||||||||||||
Other investments | 45,631 | 1,219 | 5.39 | 96,422 | 996 | 2.08 | ||||||||||||||||||||||||||||||||
Loans excluding PPP loans | 6,366,194 | 134,322 | 4.25 | 5,121,114 | 110,817 | 4.36 | ||||||||||||||||||||||||||||||||
PPP Loans | 44,024 | 2,264 | 10.37 | 557,247 | 12,013 | 4.35 | ||||||||||||||||||||||||||||||||
Total Loans | 6,410,218 | 136,586 | 4.30 | 5,678,361 | 122,830 | 4.36 | ||||||||||||||||||||||||||||||||
Total Earning Assets | 9,632,639 | 162,216 | 3.40 | 7,947,116 | 137,355 | 3.49 | ||||||||||||||||||||||||||||||||
Allowance for loan losses | (88,862) | (88,873) | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 377,831 | 291,626 | ||||||||||||||||||||||||||||||||||||
Premises and equipment | 75,241 | 72,141 | ||||||||||||||||||||||||||||||||||||
Intangible assets | 305,875 | 236,640 | ||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 206,173 | 132,785 | ||||||||||||||||||||||||||||||||||||
Other assets | 226,205 | 165,658 | ||||||||||||||||||||||||||||||||||||
Total Assets | $ | 10,735,102 | $ | 8,757,093 | ||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 2,180,351 | $ | 483 | 0.04 | % | $ | 1,646,587 | $ | 493 | 0.06 | % | ||||||||||||||||||||||||||
Savings | 943,908 | 129 | 0.03 | 756,693 | 255 | 0.07 | ||||||||||||||||||||||||||||||||
Money market | 1,957,435 | 1,149 | 0.12 | 1,673,559 | 1,297 | 0.16 | ||||||||||||||||||||||||||||||||
Time deposits | 528,255 | 904 | 0.35 | 621,844 | 1,711 | 0.55 | ||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 119,298 | 133 | 0.22 | 114,181 | 76 | 0.13 | ||||||||||||||||||||||||||||||||
Other borrowings | 71,706 | 1,015 | 2.85 | 71,425 | 849 | 2.40 | ||||||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 5,800,953 | 3,813 | 0.13 | 4,884,289 | 4,681 | 0.19 | ||||||||||||||||||||||||||||||||
Noninterest demand | 3,428,921 | 2,616,856 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 129,815 | 102,450 | ||||||||||||||||||||||||||||||||||||
Total Liabilities | 9,359,689 | 7,603,595 | ||||||||||||||||||||||||||||||||||||
Shareholders' equity | 1,375,413 | 1,153,498 | ||||||||||||||||||||||||||||||||||||
Total Liabilities & Equity | $ | 10,735,102 | $ | 8,757,093 | ||||||||||||||||||||||||||||||||||
Cost of deposits | 0.06 | % | 0.10 | % | ||||||||||||||||||||||||||||||||||
Interest expense as a % of earning assets | 0.08 | % | 0.12 | % | ||||||||||||||||||||||||||||||||||
Net interest income as a % of earning assets | $ | 158,403 | 3.32 | % | $ | 132,674 | 3.37 | % | ||||||||||||||||||||||||||||||
1On a fully taxable equivalent basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. All yields and rates have been computed on an annual basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. |
Net interest income as a % of earning assets | $ | 127,153 | 3.86 | % | $ | 131,351 | 4.31 | % | $ | 81,764 | 3.38 | % | ||||||||||||||||||||||||||||||||||||||||||||
1On a fully taxable equivalent basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. All yields and rates have been computed on an annual basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balances, Interest Income and Expenses, Yields and Rates1 | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Year to Date | Year to Date | |||||||||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||||||||||
(In thousands, except ratios) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||||||
Taxable | $ | 2,686,804 | $ | 40,142 | 2.99 | % | $ | 2,462,447 | $ | 22,428 | 1.82 | % | ||||||||||||||||||||||||||
Nontaxable | 15,944 | 251 | 3.15 | 23,238 | 352 | 3.03 | ||||||||||||||||||||||||||||||||
Total Securities | 2,702,748 | 40,393 | 2.99 | 2,485,685 | 22,780 | 1.83 | ||||||||||||||||||||||||||||||||
Federal funds sold | 228,491 | 5,787 | 5.11 | 691,105 | 1,631 | 0.48 | ||||||||||||||||||||||||||||||||
Interest bearing deposits with other banks and other investments | 90,750 | 2,710 | 6.02 | 45,631 | 1,219 | 5.39 | ||||||||||||||||||||||||||||||||
Loans excluding PPP loans | 9,732,156 | 283,749 | 5.88 | 6,366,194 | 134,322 | 4.25 | ||||||||||||||||||||||||||||||||
PPP Loans | 5,080 | 24 | 0.95 | 44,024 | 2,264 | 10.37 | ||||||||||||||||||||||||||||||||
Total Loans | 9,737,236 | 283,773 | 5.88 | 6,410,218 | 136,586 | 4.30 | ||||||||||||||||||||||||||||||||
Total Earning Assets | 12,759,225 | 332,663 | 5.26 | 9,632,639 | 162,216 | 3.40 | ||||||||||||||||||||||||||||||||
Allowance for credit losses | (148,143) | (88,862) | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 193,811 | 377,831 | ||||||||||||||||||||||||||||||||||||
Premises and equipment | 116,909 | 75,241 | ||||||||||||||||||||||||||||||||||||
Intangible assets | 797,096 | 305,875 | ||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 283,936 | 206,173 | ||||||||||||||||||||||||||||||||||||
Other assets including deferred tax assets | 417,393 | 226,205 | ||||||||||||||||||||||||||||||||||||
Total Assets | $ | 14,420,227 | $ | 10,735,102 | ||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 2,559,805 | $ | 10,767 | 0.85 | % | $ | 2,180,351 | $ | 483 | 0.04 | % | ||||||||||||||||||||||||||
Savings | 979,674 | 827 | 0.17 | 943,908 | 129 | 0.03 | ||||||||||||||||||||||||||||||||
Money market | 2,760,207 | 31,622 | 2.31 | 1,957,435 | 1,149 | 0.12 | ||||||||||||||||||||||||||||||||
Time deposits | 1,120,576 | 20,029 | 3.60 | 528,255 | 904 | 0.35 | ||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 209,358 | 2,456 | 2.37 | 119,298 | 133 | 0.22 | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank borrowings | 266,935 | 5,048 | 3.81 | — | — | — | ||||||||||||||||||||||||||||||||
Subordinated debt | 102,164 | 3,410 | 6.73 | 71,706 | 1,015 | 2.85 | ||||||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 7,998,719 | 74,159 | 1.87 | 5,800,953 | 3,813 | 0.13 | ||||||||||||||||||||||||||||||||
Noninterest demand | 4,314,498 | 3,428,921 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 122,746 | 129,815 | ||||||||||||||||||||||||||||||||||||
Total Liabilities | 12,435,963 | 9,359,689 | ||||||||||||||||||||||||||||||||||||
Shareholders' equity | 1,984,264 | 1,375,413 | ||||||||||||||||||||||||||||||||||||
Total Liabilities & Equity | $ | 14,420,227 | $ | 10,735,102 | ||||||||||||||||||||||||||||||||||
Cost of deposits | 1.09 | % | 0.06 | % | ||||||||||||||||||||||||||||||||||
Interest expense as a % of earning assets | 1.17 | % | 0.08 | % | ||||||||||||||||||||||||||||||||||
Net interest income as a % of earning assets | $ | 258,504 | 4.09 | % | $ | 158,403 | 3.32 | % | ||||||||||||||||||||||||||||||
1On a fully taxable equivalent basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. All yields and rates have been computed on an annual basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. |
Second | First | Second | Six Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | June 30, | |||||||||||||||||||||||||||||
(In thousands) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 4,560 | $ | 4,242 | $ | 3,408 | $ | 8,802 | $ | 6,209 | ||||||||||||||||||||||
Interchange income | 5,066 | 4,694 | 4,255 | 9,760 | 8,383 | |||||||||||||||||||||||||||
Wealth management income | 3,318 | 3,063 | 2,774 | 6,381 | 5,433 | |||||||||||||||||||||||||||
Mortgage banking fees | 576 | 426 | 932 | 1,002 | 2,618 | |||||||||||||||||||||||||||
Insurance agency income | 1,160 | 1,101 | — | 2,261 | — | |||||||||||||||||||||||||||
SBA gains | 249 | 322 | 473 | 571 | 629 | |||||||||||||||||||||||||||
BOLI income | 2,068 | 1,916 | 1,349 | 3,984 | 2,683 | |||||||||||||||||||||||||||
Other income | 4,755 | 6,574 | 4,073 | 11,329 | 7,134 | |||||||||||||||||||||||||||
21,752 | 22,338 | 17,264 | 44,090 | 33,089 | ||||||||||||||||||||||||||||
Securities (losses) gains, net | (176) | 107 | (300) | (69) | (752) | |||||||||||||||||||||||||||
Total | $ | 21,576 | $ | 22,445 | $ | 16,964 | $ | 44,021 | $ | 32,337 |
Second | First | Second | Six Months Ended | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | June 30, | ||||||||||||||||||||||||||
(In thousands) | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||
Service charges on deposit accounts | $ | 3,408 | $ | 2,801 | $ | 2,338 | $ | 6,209 | $ | 4,676 | |||||||||||||||||||
Interchange income | 4,255 | 4,128 | 4,145 | 8,383 | 7,965 | ||||||||||||||||||||||||
Wealth management income | 2,774 | 2,659 | 2,387 | 5,433 | 4,710 | ||||||||||||||||||||||||
Mortgage banking fees | 932 | 1,686 | 2,977 | 2,618 | 7,202 | ||||||||||||||||||||||||
Marine finance fees | 312 | 191 | 177 | 503 | 366 | ||||||||||||||||||||||||
SBA gains | 473 | 156 | 232 | 629 | 519 | ||||||||||||||||||||||||
BOLI income | 1,349 | 1,334 | 872 | 2,683 | 1,731 | ||||||||||||||||||||||||
Other income | 3,761 | 2,870 | 2,249 | 6,631 | 5,993 | ||||||||||||||||||||||||
17,264 | 15,825 | 15,377 | 33,089 | 33,162 | |||||||||||||||||||||||||
Securities losses, net | (300) | (452) | (55) | (752) | (169) | ||||||||||||||||||||||||
Total | $ | 16,964 | $ | 15,373 | $ | 15,322 | $ | 32,337 | $ | 32,993 | |||||||||||||||||||
Second | First | Second | Six Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | June 30, | |||||||||||||||||||||||||||||
(In thousands) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Salaries and wages | $ | 45,155 | $ | 47,616 | $ | 28,056 | $ | 92,771 | $ | 56,275 | ||||||||||||||||||||||
Employee benefits | 7,472 | 8,562 | 4,151 | 16,034 | 9,652 | |||||||||||||||||||||||||||
Outsourced data processing costs | 20,222 | 14,553 | 6,043 | 34,775 | 12,199 | |||||||||||||||||||||||||||
Telephone/data lines | 1,518 | 1,081 | 908 | 2,599 | 1,641 | |||||||||||||||||||||||||||
Occupancy | 7,065 | 6,938 | 4,050 | 14,003 | 8,036 | |||||||||||||||||||||||||||
Furniture and equipment | 2,345 | 2,267 | 1,588 | 4,612 | 3,014 | |||||||||||||||||||||||||||
Marketing | 2,047 | 2,238 | 1,882 | 4,285 | 3,053 | |||||||||||||||||||||||||||
Legal and professional fees | 4,062 | 7,479 | 2,946 | 11,541 | 7,735 | |||||||||||||||||||||||||||
FDIC assessments | 2,116 | 1,443 | 699 | 3,559 | 1,488 | |||||||||||||||||||||||||||
Amortization of intangibles | 7,654 | 6,727 | 1,446 | 14,381 | 2,892 | |||||||||||||||||||||||||||
Foreclosed property expense and net (gain) loss on sale | (57) | 195 | (968) | 138 | (1,132) | |||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | — | 1,239 | — | 1,239 | 142 | |||||||||||||||||||||||||||
Other | 8,266 | 7,137 | 5,347 | 15,403 | 10,070 | |||||||||||||||||||||||||||
Total | $ | 107,865 | $ | 107,475 | $ | 56,148 | $ | 215,340 | $ | 115,065 | ||||||||||||||||||||||
Second | First | Second | Six Months Ended | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | June 30, | ||||||||||||||||||||||||||
(In thousands, except ratios) | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||
Noninterest expense, as reported | $ | 56,148 | $ | 58,917 | $ | 45,784 | $ | 115,065 | $ | 91,904 | |||||||||||||||||||
Merger-related charges | (3,039) | (6,692) | (509) | (9,731) | (1,090) | ||||||||||||||||||||||||
Amortization of intangibles | (1,446) | (1,446) | (1,212) | (2,892) | (2,423) | ||||||||||||||||||||||||
Branch reductions and other expense initiatives | — | (74) | (663) | (74) | (1,112) | ||||||||||||||||||||||||
Adjusted noninterest expense1 | $ | 51,663 | $ | 50,705 | $ | 43,400 | $ | 102,368 | $ | 87,279 | |||||||||||||||||||
Foreclosed property expense and net gain on sale | 968 | 164 | 90 | 1,132 | 155 | ||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | — | (142) | — | (142) | — | ||||||||||||||||||||||||
Net adjusted noninterest expense1 | $ | 52,631 | $ | 50,727 | $ | 43,490 | $ | 103,358 | $ | 87,434 | |||||||||||||||||||
Efficiency ratio | 56.22 | % | 62.33 | % | 54.93 | % | 59.17 | % | 54.05 | % | |||||||||||||||||||
Adjusted efficiency ratio1,2 | 53.15 | 54.86 | 53.49 | 53.97 | 52.72 | ||||||||||||||||||||||||
Adjusted noninterest expense as a percent of average tangible assets1,2 | 2.00 | 1.99 | 1.98 | 2.00 | 2.07 | ||||||||||||||||||||||||
1Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. | |||||||||||||||||||||||||||||
2Adjusted efficiency ratio is defined as noninterest expense, including adjustments to noninterest expense divided by aggregated tax equivalent net interest income and noninterest income, including adjustments to revenue. |
Second | First | Second | Six Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | June 30, | |||||||||||||||||||||||||||||
(In thousands, except ratios) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Noninterest expense, as reported | $ | 107,865 | $ | 107,475 | $ | 56,148 | $ | 215,340 | $ | 115,065 | ||||||||||||||||||||||
Merger related charges | ||||||||||||||||||||||||||||||||
Salaries and wages | (1,573) | (4,240) | (652) | (5,813) | (3,605) | |||||||||||||||||||||||||||
Outsourced data processing costs | (10,904) | (6,551) | (420) | (17,455) | (1,052) | |||||||||||||||||||||||||||
Legal and professional fees | (1,664) | (4,789) | (1,381) | (6,453) | (4,272) | |||||||||||||||||||||||||||
Other categories | (1,507) | (1,952) | (586) | (3,459) | (802) | |||||||||||||||||||||||||||
Total merger related charges | (15,648) | (17,532) | (3,039) | (33,180) | (9,731) | |||||||||||||||||||||||||||
Amortization of intangibles | (7,654) | (6,727) | (1,446) | (14,381) | (2,892) | |||||||||||||||||||||||||||
Branch reductions and other expense initiatives | (571) | (1,291) | — | (1,862) | (74) | |||||||||||||||||||||||||||
Adjusted noninterest expense1 | $ | 83,992 | $ | 81,925 | $ | 51,663 | $ | 165,917 | $ | 102,368 | ||||||||||||||||||||||
Foreclosed property expense and net gain (loss) on sale | 57 | (195) | 968 | (138) | 1,132 | |||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | — | (1,239) | — | (1,239) | (142) | |||||||||||||||||||||||||||
Net adjusted noninterest expense1 | $ | 84,049 | $ | 80,491 | $ | 52,631 | $ | 164,540 | $ | 103,358 | ||||||||||||||||||||||
Efficiency ratio | 67.34 | % | 65.43 | % | 56.22 | % | 66.37 | % | 59.17 | % | ||||||||||||||||||||||
Adjusted efficiency ratio1,2 | 56.44 | 53.10 | 53.15 | 54.76 | 53.97 | |||||||||||||||||||||||||||
1Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. | ||||||||||||||||||||||||||||||||
2Adjusted efficiency ratio is defined as noninterest expense, including adjustments to noninterest expense divided by aggregated tax equivalent net interest income and noninterest income, including adjustments to revenue. |
Second | First | Second | Six Months Ended | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | June 30, | ||||||||||||||||||||||||||
(In thousands) | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||
Salaries and wages | $ | 28,056 | $ | 28,219 | $ | 22,966 | $ | 56,275 | $ | 44,359 | |||||||||||||||||||
Employee benefits | 4,151 | 5,501 | 3,953 | 9,652 | 8,933 | ||||||||||||||||||||||||
Outsourced data processing costs | 6,043 | 6,156 | 4,676 | 12,199 | 9,144 | ||||||||||||||||||||||||
Telephone/data lines | 908 | 733 | 838 | 1,641 | 1,623 | ||||||||||||||||||||||||
Occupancy | 4,050 | 3,986 | 3,310 | 8,036 | 7,099 | ||||||||||||||||||||||||
Furniture and equipment | 1,588 | 1,426 | 1,166 | 3,014 | 2,420 | ||||||||||||||||||||||||
Marketing | 1,882 | 1,171 | 1,002 | 3,053 | 2,170 | ||||||||||||||||||||||||
Legal and professional fees | 2,946 | 4,789 | 2,182 | 7,735 | 4,764 | ||||||||||||||||||||||||
FDIC assessments | 699 | 789 | 515 | 1,488 | 1,041 | ||||||||||||||||||||||||
Amortization of intangibles | 1,446 | 1,446 | 1,212 | 2,892 | 2,423 | ||||||||||||||||||||||||
Foreclosed property expense and net gain on sale | (968) | (164) | (90) | (1,132) | (155) | ||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | — | 142 | — | 142 | — | ||||||||||||||||||||||||
Other | 5,347 | 4,723 | 4,054 | 10,070 | 8,083 | ||||||||||||||||||||||||
Total | $ | 56,148 | $ | 58,917 | $ | 45,784 | $ | 115,065 | $ | 91,904 | |||||||||||||||||||
Second | First | Second | Six Months Ended | Second | First | Second | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | June 30, | Quarter | Quarter | Quarter | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 2022 | 2022 | 2021 | 2022 | 2021 | (In thousands, except per share data) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income, as reported: | Net income, as reported: | Net income, as reported: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 32,755 | $ | 20,588 | $ | 31,410 | $ | 53,343 | $ | 65,129 | Net income | $ | 31,249 | $ | 11,827 | $ | 32,755 | $ | 43,076 | $ | 53,343 | |||||||||||||||||||||||||||||||||||||||
Noninterest Income | Noninterest Income | $ | 16,964 | $ | 15,373 | $ | 15,322 | $ | 32,337 | $ | 32,993 | Noninterest Income | $ | 21,576 | $ | 22,445 | $ | 16,964 | $ | 44,021 | $ | 32,337 | |||||||||||||||||||||||||||||||||||||||
Securities losses, net | 300 | 452 | 55 | 752 | 169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities losses (gains), net | Securities losses (gains), net | 176 | (107) | 300 | 69 | 752 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOLI benefits on death (included in other income) | BOLI benefits on death (included in other income) | — | (2,117) | — | (2,117) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total adjustments to noninterest income | Total adjustments to noninterest income | 300 | 452 | 55 | 752 | 169 | Total adjustments to noninterest income | 176 | (2,224) | 300 | (2,048) | 752 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Adjusted Noninterest Income | Total Adjusted Noninterest Income | $ | 17,264 | $ | 15,825 | $ | 15,377 | $ | 33,089 | $ | 33,162 | Total Adjusted Noninterest Income | $ | 21,752 | $ | 20,221 | $ | 17,264 | $ | 41,973 | $ | 33,089 | |||||||||||||||||||||||||||||||||||||||
Noninterest Expense | Noninterest Expense | 56,148 | $ | 58,917 | $ | 45,784 | $ | 115,065 | $ | 91,904 | Noninterest Expense | $ | 107,865 | $ | 107,475 | $ | 56,148 | $ | 215,340 | $ | 115,065 | ||||||||||||||||||||||||||||||||||||||||
Merger-related charges | (3,039) | (6,692) | (509) | (9,731) | (1,090) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and wages | Salaries and wages | (1,573) | (4,240) | (652) | (5,813) | (3,605) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outsourced data processing costs | Outsourced data processing costs | (10,904) | (6,551) | (420) | (17,455) | (1,052) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal and professional fees | Legal and professional fees | (1,664) | (4,789) | (1,381) | (6,453) | (4,272) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other categories | Other categories | (1,507) | (1,952) | (586) | (3,459) | (802) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total merger-related charges | Total merger-related charges | (15,648) | (17,532) | (3,039) | (33,180) | (9,731) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | Amortization of intangibles | (1,446) | (1,446) | (1,212) | (2,892) | (2,423) | Amortization of intangibles | (7,654) | (6,727) | (1,446) | (14,381) | (2,892) | |||||||||||||||||||||||||||||||||||||||||||||||||
Branch reductions and other expense initiatives1 | Branch reductions and other expense initiatives1 | — | (74) | (663) | (74) | (1,112) | Branch reductions and other expense initiatives1 | (571) | (1,291) | — | (1,862) | (74) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total adjustments to noninterest expense | Total adjustments to noninterest expense | (4,485) | (8,212) | (2,384) | (12,697) | (4,625) | Total adjustments to noninterest expense | (23,873) | (25,550) | (4,485) | (49,423) | (12,697) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Adjusted Noninterest Expense | Total Adjusted Noninterest Expense | $ | 51,663 | $ | 50,705 | $ | 43,400 | $ | 102,368 | $ | 87,279 | Total Adjusted Noninterest Expense | $ | 83,992 | $ | 81,925 | $ | 51,663 | $ | 165,917 | $ | 102,368 | |||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes | $ | 8,886 | $ | 5,834 | $ | 8,785 | $ | 14,720 | $ | 18,942 | Income Taxes | $ | 10,189 | $ | 2,697 | $ | 8,886 | $ | 12,886 | $ | 14,720 | |||||||||||||||||||||||||||||||||||||||
Tax effect of adjustments | Tax effect of adjustments | 1,213 | 2,196 | 598 | 3,409 | 1,175 | Tax effect of adjustments | 6,095 | 5,912 | 1,213 | 12,007 | 3,409 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total adjustments to income taxes | 1,213 | 2,196 | 598 | 3,409 | 1,175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted income taxes | Adjusted income taxes | 10,099 | 8,030 | 9,383 | 18,129 | 20,117 | Adjusted income taxes | 16,284 | 8,609 | 10,099 | 24,893 | 18,129 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | Adjusted net income | $ | 36,327 | $ | 27,056 | $ | 33,251 | $ | 63,383 | $ | 68,748 | Adjusted net income | $ | 49,203 | $ | 29,241 | $ | 36,327 | $ | 78,444 | $ | 63,383 | |||||||||||||||||||||||||||||||||||||||
Earnings per diluted share, as reported | Earnings per diluted share, as reported | $ | 0.53 | $ | 0.33 | $ | 0.56 | $ | 0.86 | $ | 1.17 | Earnings per diluted share, as reported | $ | 0.37 | $ | 0.15 | $ | 0.53 | $ | 0.52 | $ | 0.86 | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share | Adjusted diluted earnings per share | 0.59 | 0.44 | 0.59 | 1.03 | 1.23 | Adjusted diluted earnings per share | 0.58 | 0.36 | 0.59 | 0.94 | 1.03 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average diluted shares outstanding | Average diluted shares outstanding | 61,923 | 61,704 | 55,901 | 61,818 | 55,827 | Average diluted shares outstanding | 85,536 | 80,717 | 61,923 | 83,260 | 61,818 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Noninterest Expense | Adjusted Noninterest Expense | $ | 51,663 | $ | 50,705 | $ | 43,400 | $ | 102,368 | $ | 87,279 | Adjusted Noninterest Expense | $ | 83,992 | $ | 81,925 | $ | 51,663 | $ | 165,917 | $ | 102,368 | |||||||||||||||||||||||||||||||||||||||
Foreclosed property expense and net (loss) gain on sale | 968 | 164 | 90 | 1,132 | 155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreclosed property expense and net gain (loss) on sale | Foreclosed property expense and net gain (loss) on sale | 57 | (195) | 968 | (138) | 1,132 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | Provision for credit losses on unfunded commitments | — | (142) | — | (142) | — | Provision for credit losses on unfunded commitments | — | (1,239) | — | (1,239) | (142) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Adjusted Noninterest Expense | Net Adjusted Noninterest Expense | $ | 52,631 | $ | 50,727 | $ | 43,490 | $ | 103,358 | $ | 87,434 | Net Adjusted Noninterest Expense | $ | 84,049 | $ | 80,491 | $ | 52,631 | $ | 164,540 | $ | 103,358 | |||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 98,611 | $ | 91,895 | $ | 81,124 | $ | 190,506 | $ | 165,405 | Revenue | $ | 148,539 | $ | 153,597 | $ | 98,611 | $ | 302,136 | $ | 190,506 | |||||||||||||||||||||||||||||||||||||||
Total adjustments to revenue | Total adjustments to revenue | 300 | 452 | 55 | 752 | 169 | Total adjustments to revenue | 176 | (2,224) | 300 | (2,048) | 752 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impact of FTE adjustment | Impact of FTE adjustment | 117 | 117 | 131 | 234 | 262 | Impact of FTE adjustment | 190 | 199 | 117 | 389 | 234 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted revenue on a fully tax equivalent basis | Adjusted revenue on a fully tax equivalent basis | $ | 99,028 | $ | 92,464 | $ | 81,310 | $ | 191,492 | $ | 165,836 | Adjusted revenue on a fully tax equivalent basis | $ | 148,905 | $ | 151,572 | $ | 99,028 | $ | 300,477 | $ | 191,492 | |||||||||||||||||||||||||||||||||||||||
Adjusted Efficiency Ratio | Adjusted Efficiency Ratio | 53.15 | % | 54.86 | % | 53.49 | % | 53.97 | % | 52.72 | % | Adjusted Efficiency Ratio | 56.44 | % | 53.10 | % | 53.15 | % | 54.76 | % | 53.97 | % | |||||||||||||||||||||||||||||||||||||||
Net Adjusted Noninterest Expense as a Percent of Average Tangible Assets2 | 2.00 | % | 1.99 | % | 1.98 | % | 2.00 | % | 2.07 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | Net Interest Income | $ | 81,647 | $ | 76,522 | $ | 65,802 | $ | 158,169 | $ | 132,412 | Net Interest Income | $ | 126,963 | $ | 131,152 | $ | 81,647 | $ | 258,115 | $ | 158,169 | |||||||||||||||||||||||||||||||||||||||
Impact of FTE adjustment | Impact of FTE adjustment | 117 | 117 | 131 | 234 | 262 | Impact of FTE adjustment | 190 | 199 | 117 | 389 | 234 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income including FTE adjustment | Net interest income including FTE adjustment | 81,764 | 76,639 | 65,933 | 158,403 | 132,674 | Net interest income including FTE adjustment | 127,153 | 131,351 | 81,764 | 258,504 | 158,403 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 16,964 | 15,373 | 15,322 | 32,337 | 32,993 | Noninterest income | 21,576 | 22,445 | 16,964 | 44,021 | 32,337 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 56,148 | 58,917 | 45,784 | 115,065 | 91,904 | Noninterest expense | 107,865 | 107,475 | 56,148 | 215,340 | 115,065 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pre-Tax Pre-Provision Earnings | 42,580 | 33,095 | 35,471 | 75,675 | 73,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to noninterest income | 300 | 452 | 55 | 752 | 169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to noninterest expense | (3,517) | (8,190) | (2,294) | (11,707) | (4,470) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Pre-Tax Pre-Provision Earnings | $ | 46,397 | $ | 41,737 | $ | 37,820 | $ | 88,134 | $ | 78,402 |
Second | First | Second | Six Months Ended | Second | First | Second | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | June 30, | Quarter | Quarter | Quarter | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 2022 | 2022 | 2021 | 2022 | 2021 | (In thousands, except per share data) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pre-Tax Pre-Provision Earnings | Pre-Tax Pre-Provision Earnings | 40,864 | 46,321 | 42,580 | 87,185 | 75,675 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to noninterest income | Adjustments to noninterest income | 176 | (2,224) | 300 | (2,048) | 752 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to noninterest expense | Adjustments to noninterest expense | (23,816) | (26,984) | (3,517) | (50,800) | (11,707) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Pre-Tax Pre-Provision Earnings | Adjusted Pre-Tax Pre-Provision Earnings | $ | 64,856 | $ | 71,081 | $ | 46,397 | $ | 135,937 | $ | 88,134 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average Assets | Average Assets | $ | 10,840,518 | $ | 10,628,516 | $ | 9,025,846 | $ | 10,735,102 | $ | 8,757,093 | Average Assets | $ | 14,887,289 | $ | 13,947,976 | $ | 10,840,518 | $ | 14,420,227 | $ | 10,735,102 | |||||||||||||||||||||||||||||||||||||||
Less average goodwill and intangible assets | Less average goodwill and intangible assets | (307,411) | (304,321) | (235,964) | (305,875) | (236,640) | Less average goodwill and intangible assets | (842,988) | (750,694) | (307,411) | (797,096) | (305,875) | |||||||||||||||||||||||||||||||||||||||||||||||||
Average Tangible Assets | Average Tangible Assets | $ | 10,533,107 | $ | 10,324,195 | $ | 8,789,882 | $ | 10,429,227 | $ | 8,520,453 | Average Tangible Assets | $ | 14,044,301 | $ | 13,197,282 | $ | 10,533,107 | $ | 13,623,131 | $ | 10,429,227 | |||||||||||||||||||||||||||||||||||||||
Return on Average Assets (ROA) | Return on Average Assets (ROA) | 1.21 | % | 0.79 | % | 1.40 | % | 1.00 | % | 1.50 | % | Return on Average Assets (ROA) | 0.84 | % | 0.34 | % | 1.21 | % | 0.60 | % | 1.00 | % | |||||||||||||||||||||||||||||||||||||||
Impact of removing average intangible assets and related amortization | Impact of removing average intangible assets and related amortization | 0.08 | 0.06 | 0.08 | 0.07 | 0.08 | Impact of removing average intangible assets and related amortization | 0.22 | 0.18 | 0.08 | 0.20 | 0.07 | |||||||||||||||||||||||||||||||||||||||||||||||||
Return on Average Tangible Assets (ROTA) | Return on Average Tangible Assets (ROTA) | 1.29 | 0.85 | 1.48 | 1.07 | 1.58 | Return on Average Tangible Assets (ROTA) | 1.06 | 0.52 | 1.29 | 0.80 | 1.07 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impact of other adjustments for Adjusted Net Income | Impact of other adjustments for Adjusted Net Income | 0.09 | 0.21 | 0.04 | 0.16 | 0.05 | Impact of other adjustments for Adjusted Net Income | 0.35 | 0.38 | 0.09 | 0.36 | 0.16 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Return on Average Tangible Assets | Adjusted Return on Average Tangible Assets | 1.38 | % | 1.06 | % | 1.52 | % | 1.23 | % | 1.63 | % | Adjusted Return on Average Tangible Assets | 1.41 | % | 0.90 | % | 1.38 | % | 1.16 | % | 1.23 | % | |||||||||||||||||||||||||||||||||||||||
Pre-Tax Pre-Provision return on Average Tangible Assets | Pre-Tax Pre-Provision return on Average Tangible Assets | 1.33 | % | 1.58 | % | 1.66 | % | 1.45 | % | 1.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of adjustments on Pre-Tax Pre-Provision earnings | Impact of adjustments on Pre-Tax Pre-Provision earnings | 0.52 | 0.60 | 0.11 | 0.56 | 0.19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Pre-Tax Pre-Provision Return on Tangible Assets | Adjusted Pre-Tax Pre-Provision Return on Tangible Assets | 1.85 | % | 2.18 | % | 1.77 | % | 2.01 | % | 1.70 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average Shareholders' Equity | Average Shareholders' Equity | $ | 1,350,568 | $ | 1,400,535 | $ | 1,170,395 | $ | 1,375,413 | $ | 1,153,498 | Average Shareholders' Equity | $ | 2,070,529 | $ | 1,897,045 | $ | 1,350,568 | $ | 1,984,264 | $ | 1,375,413 | |||||||||||||||||||||||||||||||||||||||
Less average goodwill and intangible assets | Less average goodwill and intangible assets | (307,411) | (304,321) | (235,964) | (305,875) | (236,640) | Less average goodwill and intangible assets | (842,988) | (750,694) | (307,411) | (797,096) | (305,875) | |||||||||||||||||||||||||||||||||||||||||||||||||
Average Tangible Equity | Average Tangible Equity | $ | 1,043,157 | $ | 1,096,214 | $ | 934,431 | $ | 1,069,538 | $ | 916,858 | Average Tangible Equity | $ | 1,227,541 | $ | 1,146,351 | $ | 1,043,157 | $ | 1,187,168 | $ | 1,069,538 | |||||||||||||||||||||||||||||||||||||||
Return on Average Shareholders' Equity | Return on Average Shareholders' Equity | 9.73 | % | 5.96 | % | 10.76 | % | 7.82 | % | 11.39 | % | Return on Average Shareholders' Equity | 6.05 | % | 2.53 | % | 9.73 | % | 4.38 | % | 7.82 | % | |||||||||||||||||||||||||||||||||||||||
Impact of removing average intangible assets and related amortization | Impact of removing average intangible assets and related amortization | 3.28 | 2.06 | 3.12 | 2.64 | 3.34 | Impact of removing average intangible assets and related amortization | 6.03 | 3.43 | 3.28 | 4.76 | 2.64 | |||||||||||||||||||||||||||||||||||||||||||||||||
Return on Average Tangible Common Equity (ROTCE) | Return on Average Tangible Common Equity (ROTCE) | 13.01 | 8.02 | 13.88 | 10.46 | 14.73 | Return on Average Tangible Common Equity (ROTCE) | 12.08 | 5.96 | 13.01 | 9.14 | 10.46 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impact of other adjustments for Adjusted Net Income | Impact of other adjustments for Adjusted Net Income | 0.96 | 1.99 | 0.39 | 1.49 | 0.39 | Impact of other adjustments for Adjusted Net Income | 4.00 | 4.38 | 0.96 | 4.18 | 1.49 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Return on Average Tangible Common Equity | Adjusted Return on Average Tangible Common Equity | 13.97 | % | 10.01 | % | 14.27 | % | 11.95 | % | 15.12 | % | Adjusted Return on Average Tangible Common Equity | 16.08 | % | 10.34 | % | 13.97 | % | 13.32 | % | 11.95 | % | |||||||||||||||||||||||||||||||||||||||
Loan Interest Income2 | Loan Interest Income2 | $ | 69,388 | $ | 67,198 | $ | 60,440 | $ | 136,586 | $ | 122,830 | Loan Interest Income2 | $ | 148,432 | $ | 135,341 | $ | 69,388 | $ | 283,773 | $ | 136,586 | |||||||||||||||||||||||||||||||||||||||
Accretion on acquired loans | Accretion on acquired loans | (2,720) | (3,717) | (2,886) | (6,437) | (5,754) | Accretion on acquired loans | (14,191) | (15,942) | (2,720) | (30,133) | (6,437) | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on PPP loans | (741) | (1,523) | (5,127) | (2,264) | (12,013) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan interest income excluding PPP and accretion on acquired loans2 | $ | 65,927 | $ | 61,958 | $ | 52,427 | $ | 127,885 | $ | 105,063 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loan interest income excluding accretion on acquired loans2 | Loan interest income excluding accretion on acquired loans2 | $ | 134,241 | $ | 119,399 | $ | 66,668 | $ | 253,640 | $ | 130,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Yield on Loans2 | Yield on Loans2 | 4.29 | % | 4.30 | % | 4.33 | % | 4.30 | % | 4.36 | % | Yield on Loans2 | 5.89 | % | 5.86 | % | 4.29 | % | 5.88 | % | 4.30 | % | |||||||||||||||||||||||||||||||||||||||
Impact of accretion on acquired loans | Impact of accretion on acquired loans | (0.16) | (0.24) | (0.21) | (0.21) | (0.20) | Impact of accretion on acquired loans | (0.56) | (0.69) | (0.16) | (0.63) | (0.21) | |||||||||||||||||||||||||||||||||||||||||||||||||
Impact of PPP loans | (0.03) | (0.06) | 0.01 | (0.04) | (0.02) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Yield on loans excluding PPP and accretion on acquired loans2 | 4.10 | % | 4.00 | % | 4.13 | % | 4.05 | % | 4.14 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield on loans excluding accretion on acquired loans2 | Yield on loans excluding accretion on acquired loans2 | 5.33 | % | 5.17 | % | 4.13 | % | 5.25 | % | 4.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income2 | Net Interest Income2 | $ | 81,764 | $ | 76,639 | $ | 65,933 | $ | 158,403 | $ | 132,674 | Net Interest Income2 | $ | 127,153 | $ | 131,351 | $ | 81,764 | $ | 258,504 | $ | 158,403 | |||||||||||||||||||||||||||||||||||||||
Accretion on acquired loans | Accretion on acquired loans | (2,720) | (3,717) | (2,886) | (6,437) | (5,754) | Accretion on acquired loans | (14,191) | (15,942) | (2,720) | (30,133) | (6,437) | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on PPP loans | (741) | (1,523) | (5,127) | (2,264) | (12,013) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income excluding PPP and accretion on acquired loans2 | $ | 78,303 | $ | 71,399 | $ | 57,920 | $ | 149,702 | $ | 114,907 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin2 | 3.38 | % | 3.25 | % | 3.23 | % | 3.32 | % | 3.37 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of accretion on acquired loans | (0.12) | (0.15) | (0.14) | (0.14) | (0.15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of PPP loans | (0.02) | (0.05) | (0.06) | (0.03) | (0.08) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin excluding PPP and accretion on acquired loans2 | 3.24 | % | 3.05 | % | 3.03 | % | 3.15 | % | 3.14 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Interest Income2 | $ | 69,388 | $ | 67,198 | $ | 60,440 | $ | 136,586 | $ | 122,830 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment to loans | (81) | (80) | (92) | (161) | (184) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan interest income excluding tax equivalent adjustment | $ | 69,307 | $ | 67,118 | $ | 60,348 | $ | 136,425 | $ | 122,646 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income excluding accretion on acquired loans2 | Net interest income excluding accretion on acquired loans2 | $ | 112,962 | $ | 115,409 | $ | 79,044 | $ | 228,371 | $ | 151,966 |
Second | First | Second | Six Months Ended | Second | First | Second | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | June 30, | Quarter | Quarter | Quarter | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 2022 | 2022 | 2021 | 2022 | 2021 | (In thousands, except per share data) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin2 | Net Interest Margin2 | 3.86 | % | 4.31 | % | 3.38 | % | 4.09 | % | 3.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of accretion on acquired loans | Impact of accretion on acquired loans | (0.43) | (0.53) | (0.12) | (0.48) | (0.14) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin excluding accretion on acquired loans2 | Net interest margin excluding accretion on acquired loans2 | 3.43 | % | 3.78 | % | 3.26 | % | 3.61 | % | 3.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Interest Income2 | Loan Interest Income2 | $ | 148,432 | $ | 135,341 | $ | 69,388 | $ | 283,773 | $ | 136,586 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment to loans | Tax equivalent adjustment to loans | (167) | (173) | (81) | (340) | (161) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan interest income excluding tax equivalent adjustment | Loan interest income excluding tax equivalent adjustment | $ | 148,265 | $ | 135,168 | $ | 69,307 | $ | 283,433 | $ | 136,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Interest Income2 | Securities Interest Income2 | $ | 12,562 | $ | 10,218 | $ | 6,745 | $ | 22,780 | $ | 13,230 | Securities Interest Income2 | $ | 21,018 | $ | 19,375 | $ | 12,562 | $ | 40,393 | $ | 22,780 | |||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment to securities | Tax equivalent adjustment to securities | (36) | (37) | (39) | (73) | (78) | Tax equivalent adjustment to securities | (23) | (26) | (36) | (49) | (73) | |||||||||||||||||||||||||||||||||||||||||||||||||
Securities interest income excluding tax equivalent adjustment | Securities interest income excluding tax equivalent adjustment | $ | 12,526 | $ | 10,181 | $ | 6,706 | $ | 22,707 | $ | 13,152 | Securities interest income excluding tax equivalent adjustment | $ | 20,995 | $ | 19,349 | $ | 12,526 | $ | 40,344 | $ | 22,707 | |||||||||||||||||||||||||||||||||||||||
Net Interest Income2 | Net Interest Income2 | $ | 81,764 | $ | 76,639 | $ | 65,933 | $ | 158,403 | $ | 132,674 | Net Interest Income2 | $ | 127,153 | $ | 131,351 | $ | 81,764 | $ | 258,504 | $ | 158,403 | |||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustments to loans | Tax equivalent adjustments to loans | (81) | (80) | (92) | (161) | (184) | Tax equivalent adjustments to loans | (167) | (173) | (81) | (340) | (161) | |||||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustments to securities | Tax equivalent adjustments to securities | (36) | (37) | (39) | (73) | (78) | Tax equivalent adjustments to securities | (23) | (26) | (36) | (49) | (73) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income excluding tax equivalent adjustments | Net interest income excluding tax equivalent adjustments | $ | 81,647 | $ | 76,522 | $ | 65,802 | $ | 158,169 | $ | 132,412 | Net interest income excluding tax equivalent adjustments | $ | 126,963 | $ | 131,152 | $ | 81,647 | $ | 258,115 | $ | 158,169 | |||||||||||||||||||||||||||||||||||||||
1Includes severance, contract termination costs, disposition of branch premises and fixed assets, and other costs to effect the Company's branch consolidation and other expense reduction strategies. | 1Includes severance, contract termination costs, disposition of branch premises and fixed assets, and other costs to effect the Company's branch consolidation and other expense reduction strategies. | 1Includes severance, contract termination costs, disposition of branch premises and fixed assets, and other costs to effect the Company's branch consolidation and other expense reduction strategies. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. | 2On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. | 2On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. |
June 30, 2022 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | (In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | |||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | 320,596 | $ | 29,391 | $ | 38 | $ | 350,025 | Construction and land development | $ | 424,964 | $ | 347,876 | $ | 21,531 | $ | 794,371 | |||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | 979,173 | 255,850 | 19,320 | 1,254,343 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | 1,457,626 | 438,184 | 76,730 | 1,972,540 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 1,026,700 | 594,211 | 48,458 | 1,669,369 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 1,818,307 | 1,381,801 | 170,103 | 3,370,211 | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,442,435 | 198,901 | 6,129 | 1,647,465 | Residential real estate | 1,674,505 | 691,863 | 29,984 | 2,396,352 | |||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 1,018,258 | 92,610 | 13,903 | 1,124,771 | Commercial and financial | 1,152,360 | 376,571 | 81,964 | 1,610,895 | |||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 171,315 | 3,886 | — | 175,201 | Consumer | 166,250 | 103,667 | 2,165 | 272,082 | |||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | 10,518 | 6,685 | — | 17,203 | |||||||||||||||||||||||||||||||||||||||||||||
PPP Loans | PPP Loans | 958 | 3,681 | — | 4,639 | ||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 5,399,921 | $ | 1,025,507 | $ | 116,120 | $ | 6,541,548 | Totals | $ | 6,264,044 | $ | 3,499,670 | $ | 354,205 | $ | 10,117,919 |
December 31, 2021 | |||||||||||||||||||||||
(In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | |||||||||||||||||||
Construction and land development | $ | 199,341 | $ | 31,438 | $ | 45 | $ | 230,824 | |||||||||||||||
Commercial real estate - owner-occupied | 983,517 | 186,812 | 27,445 | 1,197,774 | |||||||||||||||||||
Commercial real estate - non owner-occupied | 1,278,180 | 382,554 | 75,705 | 1,736,439 | |||||||||||||||||||
Residential real estate | 1,261,306 | 156,957 | 7,091 | 1,425,354 | |||||||||||||||||||
Commercial and financial | 968,318 | 84,395 | 16,643 | 1,069,356 | |||||||||||||||||||
Consumer | 169,507 | 4,658 | 10 | 174,175 | |||||||||||||||||||
Paycheck Protection Program | 69,503 | 21,604 | — | 91,107 | |||||||||||||||||||
Totals | $ | 4,929,672 | $ | 868,418 | $ | 126,939 | $ | 5,925,029 |
December 31, 2022 | ||||||||||||||||||||||||||
(In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | ||||||||||||||||||||||
Construction and land development | $ | 364,900 | $ | 201,333 | $ | 21,100 | $ | 587,332 | ||||||||||||||||||
Commercial real estate - owner occupied | 995,154 | 451,202 | 31,946 | 1,478,302 | ||||||||||||||||||||||
Commercial real estate - non-owner occupied | 1,695,411 | 767,138 | 127,225 | 2,589,774 | ||||||||||||||||||||||
Residential real estate | 1,558,643 | 271,378 | 19,482 | 1,849,503 | ||||||||||||||||||||||
Commercial and financial | 1,151,273 | 182,124 | 15,238 | 1,348,636 | ||||||||||||||||||||||
Consumer | 177,338 | 89,458 | 19,791 | 286,587 | ||||||||||||||||||||||
PPP Loans | 1,474 | 3,116 | — | 4,590 | ||||||||||||||||||||||
Totals | $ | 5,944,193 | $ | 1,965,749 | $ | 234,782 | $ | 8,144,724 |
June 30, 2023 | |||||||||||
(In thousands) | Amortized Cost Basis | % of Total Loans | |||||||||
Commercial real estate - non-owner occupied | |||||||||||
Retail | $ | 1,104,772 | 10.92 | % | |||||||
Office | 625,562 | 6.18 | |||||||||
Multifamily 5+ | 512,762 | 5.07 | |||||||||
Hotel/Motel | 424,472 | 4.20 | |||||||||
Industrial/Warehouse | 369,124 | 3.65 | |||||||||
Other | 333,519 | 3.30 | |||||||||
Total commercial real estate - non-owner occupied | $ | 3,370,211 | 33.32 | % |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual Loans | Accruing Restructured Loans | Nonaccrual Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Non-Current | Current | Total | (In thousands) | Non-Current | Current | Total | ||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | $ | — | $ | 11 | $ | 11 | $ | 5 | Construction and land development | $ | 210 | $ | 36 | $ | 246 | ||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | 131 | 1,440 | 1,571 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | 5,253 | 1,337 | 6,590 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 1,274 | 4,622 | 5,896 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | 3,158 | 5,512 | 8,670 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 2,937 | 6,307 | 9,244 | 3,462 | Residential real estate | 2,271 | 6,380 | 8,651 | |||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | Commercial and financial | 4,063 | 4,569 | 8,632 | 304 | Commercial and financial | 6,407 | 17,062 | 23,469 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 78 | 316 | 394 | 154 | Consumer | 1,143 | 251 | 1,394 | |||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 12,462 | $ | 13,980 | $ | 26,442 | $ | 4,022 | Total | $ | 14,463 | $ | 33,863 | $ | 48,326 |
December 31, 2021 | ||||||||||||||||||||||||||
Nonaccrual Loans | Accruing Restructured Loans | |||||||||||||||||||||||||
(In thousands) | Non-Current | Current | Total | |||||||||||||||||||||||
Construction and land development | $ | — | $ | 259 | $ | 259 | $ | 12 | ||||||||||||||||||
Commercial real estate - owner-occupied | 261 | 3,705 | 3,966 | 101 | ||||||||||||||||||||||
Commercial real estate - non owner-occupied | 3,218 | 2,687 | 5,905 | — | ||||||||||||||||||||||
Residential real estate | 5,130 | 7,915 | 13,045 | 3,298 | ||||||||||||||||||||||
Commercial and financial | 2,914 | 3,955 | 6,869 | 318 | ||||||||||||||||||||||
Consumer | 46 | 508 | 554 | 188 | ||||||||||||||||||||||
Total | $ | 11,569 | $ | 19,029 | $ | 30,598 | $ | 3,917 | ||||||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(In thousands) | Number | Amount | Number | Amount | ||||||||||||||||||||||
Maturity extended | 51 | $ | 4,940 | 56 | $ | 5,385 | ||||||||||||||||||||
Rate reduction | 20 | 1,113 | 25 | 2,769 | ||||||||||||||||||||||
Chapter 7 bankruptcies | 7 | 220 | 1 | 39 | ||||||||||||||||||||||
Not elsewhere classified | 6 | 189 | 12 | 378 | ||||||||||||||||||||||
Total | 84 | $ | 6,461 | 94 | $ | 8,571 |
December 31, 2022 | ||||||||||||||||||||||||||
Nonaccrual Loans | ||||||||||||||||||||||||||
(In thousands) | Non-Current | Current | Total | |||||||||||||||||||||||
Construction and land development | $ | 53 | $ | 562 | $ | 615 | ||||||||||||||||||||
Commercial real estate - owner occupied | — | 2,597 | 2,597 | |||||||||||||||||||||||
Commercial real estate - non-owner occupied | 2,892 | 1,292 | 4,184 | |||||||||||||||||||||||
Residential real estate | 2,213 | 6,896 | 9,109 | |||||||||||||||||||||||
Commercial and financial | 4,189 | 7,426 | 11,615 | |||||||||||||||||||||||
Consumer | 18 | 705 | 723 | |||||||||||||||||||||||
Total | $ | 9,365 | $ | 19,478 | $ | 28,843 | ||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except ratios) | (In thousands, except ratios) | 2022 | 2021 | (In thousands, except ratios) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest demand | Noninterest demand | $ | 3,593,201 | $ | 3,075,534 | Noninterest demand | $ | 4,139,052 | $ | 4,070,973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 2,269,148 | 1,890,212 | Interest-bearing demand | 2,816,656 | 2,337,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 1,911,847 | 1,651,881 | Money market | 2,859,164 | 1,985,974 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 946,738 | 895,019 | Savings | 824,255 | 1,064,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time certificates of deposit | Time certificates of deposit | 468,019 | 554,943 | Time certificates of deposit | 1,644,140 | 522,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 9,188,953 | $ | 8,067,589 | Total deposits | $ | 12,283,267 | $ | 9,981,595 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer sweep accounts | Customer sweep accounts | $ | 110,578 | $ | 121,565 | Customer sweep accounts | $ | 290,156 | $ | 172,029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest demand deposits as % of total deposits | Noninterest demand deposits as % of total deposits | 39 | % | 38 | % | Noninterest demand deposits as % of total deposits | 34 | % | 41 | % |
(In thousands) | (In thousands) | 2022 | 2021 | (In thousands) | 2023 | 2022 | |||||||||||||||||||
Beginning balance at December 31, 2021 and 2020 | $ | 1,310,736 | $ | 1,130,402 | |||||||||||||||||||||
Beginning balance at December 31, 2022 and 2021 | Beginning balance at December 31, 2022 and 2021 | $ | 1,607,775 | $ | 1,310,736 | ||||||||||||||||||||
Net income | Net income | 53,343 | 65,129 | Net income | 43,076 | 53,343 | |||||||||||||||||||
Common stock issued for stock options | Common stock issued for stock options | 3,442 | 2,270 | Common stock issued for stock options | 5,040 | 3,442 | |||||||||||||||||||
Issuance of common stock and conversion of options pursuant to acquisitions | Issuance of common stock and conversion of options pursuant to acquisitions | 94,067 | — | Issuance of common stock and conversion of options pursuant to acquisitions | 421,042 | 94,067 | |||||||||||||||||||
Stock compensation, net of Treasury shares acquired | Stock compensation, net of Treasury shares acquired | 3,035 | 2,361 | Stock compensation, net of Treasury shares acquired | 5,787 | 3,035 | |||||||||||||||||||
Issuance of common share dividend | Issuance of common share dividend | (18,510) | (7,246) | Issuance of common share dividend | (29,852) | (18,510) | |||||||||||||||||||
Change in accumulated other comprehensive income | Change in accumulated other comprehensive income | (116,538) | (10,569) | Change in accumulated other comprehensive income | 1,209 | (116,538) | |||||||||||||||||||
Ending balance at June 30, 2022 and 2021 | $ | 1,329,575 | $ | 1,182,347 | |||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (45) | — | ||||||||||||||||||||||
Ending balance at June 30, 2023 and 2022 | Ending balance at June 30, 2023 and 2022 | $ | 2,054,032 | $ | 1,329,575 |
June 30, 2022 | Seacoast (Consolidated) | Seacoast Bank | Minimum to be Well- Capitalized1 | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Seacoast (Consolidated) | Seacoast Bank | Minimum to be Well- Capitalized1 | |||||||||||||||||||||||||||||||||
Total Risk-Based Capital Ratio | Total Risk-Based Capital Ratio | 17.70% | 16.25% | 10.00% | Total Risk-Based Capital Ratio | 14.70% | 13.84% | 10.00% | |||||||||||||||||||||||||||||
Tier 1 Capital Ratio | Tier 1 Capital Ratio | 16.77 | 15.33 | 8.00 | Tier 1 Capital Ratio | 13.53 | 12.67 | 8.00 | |||||||||||||||||||||||||||||
Common Equity Tier 1 Ratio (CET1) | Common Equity Tier 1 Ratio (CET1) | 15.80 | 15.33 | 6.50 | Common Equity Tier 1 Ratio (CET1) | 12.89 | 12.67 | 6.50 | |||||||||||||||||||||||||||||
Leverage Ratio | Leverage Ratio | 11.61 | 10.61 | 5.00 | Leverage Ratio | 10.56 | 9.87 | 5.00 | |||||||||||||||||||||||||||||
1For subsidiary bank only. | 1For subsidiary bank only. | 1For subsidiary bank only. |
% Change in Projected Baseline Net | ||||||||||||||
Change in Interest Rates | Interest Income | |||||||||||||
1-12 months | 13-24 months | |||||||||||||
+2.00% | 10.3% | 14.6% | ||||||||||||
+1.00% | 5.1% | 7.2% | ||||||||||||
Current | —% | —% | ||||||||||||
-1.00% | (3.4%) | (7.7%) |
% Change in Projected Baseline | ||||||||||||||
Change in Interest Rates | Net Interest Income | |||||||||||||
1-12 months | ||||||||||||||
+2.00% | (8.5)% | |||||||||||||
+1.00% | (4.0)% | |||||||||||||
Current | —% | |||||||||||||
-1.00% | 1.8% | |||||||||||||
-2.00% | 3.6% | |||||||||||||
-3.00% | 5.0% |
% Change in | % Change in | |||||||||||||||
Change in Interest Rates | Change in Interest Rates | Economic Value of | Change in Interest Rates | Economic Value of | ||||||||||||
Equity | Equity | |||||||||||||||
+2.00% | +2.00% | 11.0% | +2.00% | (11.1)% | ||||||||||||
+1.00% | +1.00% | 6.0% | +1.00% | (5.0)% | ||||||||||||
Current | Current | —% | Current | —% | ||||||||||||
-1.00% | -1.00% | (6.6%) | -1.00% | 1.3% | ||||||||||||
-2.00% | -2.00% | 1.0% | ||||||||||||||
-3.00% | -3.00% | (1.7%) |
Period | Total Number of Shares Purchased1 | Average Price Paid Per Share | Total Number of Shares Purchased as part of Public Announced Plan | Maximum Value of Shares that May Yet be Purchased Under the Plan (in thousands) | ||||||||||||||||||||||
1/1/22 to 1/31/22 | 940 | $ | 35.39 | — | $ | 100,000 | ||||||||||||||||||||
2/1/22 to 2/28/22 | — | — | — | 100,000 | ||||||||||||||||||||||
3/1/22 to 3/31/22 | — | — | — | 100,000 | ||||||||||||||||||||||
Total - 1st Quarter | 940 | $ | 35.39 | — | $ | 100,000 | ||||||||||||||||||||
4/1/22 to 4/30/22 | 39,489 | 34.34 | — | 100,000 | ||||||||||||||||||||||
5/1/22 to 5/31/22 | — | — | — | 100,000 | ||||||||||||||||||||||
6/1/22 to 6/30/22 | — | — | — | 100,000 | ||||||||||||||||||||||
Total - 2nd Quarter | 39,489 | $ | 34.34 | — | $ | 100,000 | ||||||||||||||||||||
1Shares purchased from January 1, 2022 through June 30, 2022 represent shares surrendered to the Company to satisfy tax withholding related to the exercise of stock options and the vesting of share-based awards. |
Period | Total Number of Shares Purchased1 | Average Price Paid Per Share | Total Number of Shares Purchased as part of Public Announced Plan | Maximum Value of Shares that May Yet be Purchased Under the Plan (in thousands) | ||||||||||||||||||||||
1/1/23 to 1/31/23 | 8,783 | $ | 31.23 | — | $ | 100,000 | ||||||||||||||||||||
2/1/23 to 2/28/23 | — | — | — | 100,000 | ||||||||||||||||||||||
3/1/23 to 3/31/23 | 2,703 | 28.15 | — | 100,000 | ||||||||||||||||||||||
Total - 1st Quarter | 11,486 | $ | 29.84 | — | $ | 100,000 | ||||||||||||||||||||
4/1/23 to 4/30/23 | 47,516 | 23.70 | — | 100,000 | ||||||||||||||||||||||
5/1/23 to 5/31/23 | — | 17.99 | 2,515 | 97,485 | ||||||||||||||||||||||
6/1/23 to 6/30/23 | 7,117 | 31.90 | — | 97,485 | ||||||||||||||||||||||
Total - 2nd Quarter | 54,633 | $ | 23.72 | 2,515 | $ | 97,485 | ||||||||||||||||||||
1Shares purchased from January 1, 2023 through June 30, 2023 represent shares surrendered to the Company to satisfy tax withholding related to the exercise of stock options and the vesting of share-based awards. |
Exhibit | ||||||||
Exhibit 3.1.1 Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q, filed May 10, 2006. | ||||||||
Exhibit 3.1.2 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 23, 2008. | ||||||||
Exhibit 3.1.3 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.4 to the Company's Form S-1, filed June 22, 2009. | ||||||||
Exhibit 3.1.4 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company's Form 8-K, filed July 20, 2009. | ||||||||
Exhibit 3.1.5 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 3, 2009. | ||||||||
Exhibit 3.1.6 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K/A, filed July 14, 2010. | ||||||||
Exhibit 3.1.7 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 25, 2010. | ||||||||
Exhibit 3.1.8 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 1, 2011. | ||||||||
Exhibit 3.1.9 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 13, 2013. | ||||||||
Exhibit 3.1.10 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company's Form 8K, filed May 30, 2018. | ||||||||
Exhibit 3.2 Amended and Restated By-laws of the Company Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed October 26, 2020. | ||||||||
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 | ||||||||
Exhibit 32.2 |
Exhibit 101 | The following materials from Seacoast Banking Corporation of Florida’s Quarterly Report on Form 10-Q for the quarter ended June 30, | |||||||
Exhibit 104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, |
SEACOAST BANKING CORPORATION OF FLORIDA |
August | /s/ Charles M. Shaffer | ||||
Charles M. Shaffer | |||||
Chairman and Chief Executive Officer |
August | /s/ Tracey L. Dexter | ||||
Tracey L. Dexter | |||||
Executive Vice President and Chief Financial Officer |