Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2022shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2022 |
Document Transition Report | false |
Entity File Number | 0-13660 |
Entity Registrant Name | Seacoast Banking Corporation of Florida |
Entity Incorporation, State or Country Code | FL |
Entity Tax Identification Number | 59-2260678 |
Entity Address, Address Line One | 815 COLORADO AVENUE, |
Entity Address, City or Town | STUART |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 34994 |
City Area Code | (772) |
Local Phone Number | 287-4000 |
Title of 12(b) Security | Common Stock |
Trading Symbol | SBCF |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 61,238,897 |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Entity Central Index Key | 0000730708 |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Interest and fees on loans | $ 67,118 | $ 62,298 |
Interest and dividends on securities | 10,181 | 6,446 |
Interest on interest bearing deposits and other investments | 933 | 586 |
Total Interest Income | 78,232 | 69,330 |
Interest on deposits | 767 | 1,065 |
Interest on time certificates | 468 | 1,187 |
Interest on borrowed money | 475 | 468 |
Total Interest Expense | 1,710 | 2,720 |
Net Interest Income | 76,522 | 66,610 |
Provision for credit losses | 6,556 | (5,715) |
Net Interest Income after Provision for Credit Losses | 69,966 | 72,325 |
Noninterest income: | ||
Service charges on deposit accounts | 2,801 | 2,338 |
Interchange income | 4,128 | 3,820 |
Wealth management income | 2,659 | 2,323 |
Mortgage banking fees | 1,686 | 4,225 |
Marine finance fees | 191 | 189 |
SBA gains | 156 | 287 |
BOLI income | 1,334 | 859 |
Other | 2,870 | 3,744 |
Noninterest income, excluding securities gains (losses) | 15,825 | 17,785 |
Securities losses, net | (452) | (114) |
Total Noninterest Income | 15,373 | 17,671 |
Noninterest Expense: | ||
Salaries and wages | 28,219 | 21,393 |
Employee benefits | 5,501 | 4,980 |
Outsourced data processing costs | 6,156 | 4,468 |
Telephone / data lines | 733 | 785 |
Occupancy | 3,986 | 3,789 |
Furniture and equipment | 1,426 | 1,254 |
Marketing | 1,171 | 1,168 |
Legal and professional fees | 4,789 | 2,582 |
FDIC assessments | 789 | 526 |
Amortization of intangibles | 1,446 | 1,211 |
Foreclosed property expense and net gain on sale | (164) | (65) |
Provision for credit losses on unfunded commitments | 142 | 0 |
Other | 4,723 | 4,029 |
Total Noninterest Expense | 58,917 | 46,120 |
Income Before Income Taxes | 26,422 | 43,876 |
Provision for income taxes | 5,834 | 10,157 |
Net Income | $ 20,588 | $ 33,719 |
Net income per share of common stock | ||
Diluted (in dollars per share) | $ 0.33 | $ 0.60 |
Basic (in dollars per share) | $ 0.34 | $ 0.61 |
Average common shares outstanding | ||
Diluted (in shares) | 61,704 | 55,992 |
Basic (in shares) | 61,127 | 55,271 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 20,588 | $ 33,719 |
Available-for-sale securities: | ||
Unrealized losses on available-for-sale securities, net of tax benefit of $20.6 million and $3.1 million for the three months ended March 31, 2022 and 2021, respectively | (66,012) | (10,851) |
Amortization of unrealized gains and losses on securities transferred to held-to-maturity, net of tax expense of $7 thousand and $6 thousand for the three months ended March 31, 2022 and 2021, respectively | 36 | 24 |
Available-for-sale securities, net of tax | (65,976) | (10,827) |
Unrealized losses on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax benefit of $22 thousand and $47 thousand for the three months ended March 31, 2022 and 2021, respectively | (64) | (138) |
Total other comprehensive loss | (66,040) | (10,965) |
Comprehensive (Loss) Income | $ (45,452) | $ 22,754 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized losses on available-for-sale securities, tax benefit | $ 20,600 | $ 3,100 |
Amortization of unrealized gains and losses on securities transferred to held-to-maturity, tax expense | 7 | 6 |
Unrealized losses on cash flow hedging derivatives, net of reclassifications, tax benefit | $ 22 | $ 47 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 351,128 | $ 238,750 |
Interest bearing deposits with other banks | 871,387 | 498,979 |
Total cash and cash equivalents | 1,222,515 | 737,729 |
Time deposits with other banks | 5,975 | 0 |
Debt securities: | ||
Securities available-for-sale (at fair value) | 1,706,619 | 1,644,319 |
Securities held-to-maturity (fair value $709.5 million at March 31, 2022 and $627.4 million at December 31, 2021) | 747,004 | 638,640 |
Total debt securities | 2,453,623 | 2,282,959 |
Loans held for sale (at fair value) | 20,615 | 31,791 |
Loans | 6,451,217 | 5,925,029 |
Less: Allowance for credit losses | (89,838) | (83,315) |
Loans, net of allowance for credit losses | 6,361,379 | 5,841,714 |
Bank premises and equipment, net | 74,617 | 72,404 |
Other real estate owned | 11,567 | 13,618 |
Goodwill | 286,606 | 252,154 |
Other intangible assets, net | 21,549 | 14,845 |
Bank owned life insurance | 206,375 | 205,041 |
Net deferred tax assets | 47,222 | 27,321 |
Other assets | 192,774 | 201,857 |
Total Assets | 10,904,817 | 9,681,433 |
Liabilities | ||
Deposits | 9,243,768 | 8,067,589 |
Securities sold under agreements to repurchase, maturing within 30 days | 120,922 | 121,565 |
Subordinated debt | 71,716 | 71,646 |
Other liabilities | 112,126 | 109,897 |
Total Liabilities | 9,548,532 | 8,370,697 |
Shareholders' Equity | ||
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 61,640,882 and outstanding 61,238,897 at March 31, 2022, and authorized 120,000,000, issued 58,909,369 and outstanding 58,504,250 shares at December 31, 2021 | 6,124 | 5,850 |
Other shareholders' equity | 1,350,161 | 1,304,886 |
Total Shareholders' Equity | 1,356,285 | 1,310,736 |
Total Liabilities and Shareholders' Equity | $ 10,904,817 | $ 9,681,433 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Held to maturity, fair value | $ 709,492 | $ 627,398 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 61,640,882 | 58,909,369 |
Common stock, shares outstanding (in shares) | 61,238,897 | 58,504,250 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net income | $ 20,588 | $ 33,719 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,420 | 1,440 |
Amortization of premiums and discounts on securities, net | 361 | 2,362 |
Amortization of operating lease right-of-use assets | 990 | 1,102 |
Other amortization and accretion, net | (1,173) | (4,437) |
Stock based compensation | 1,419 | 1,759 |
Origination of loans designated for sale | (57,625) | (163,863) |
Sale of loans designated for sale | 71,210 | 177,516 |
Provision for credit losses | 6,556 | (5,715) |
Deferred income taxes | 866 | 2,320 |
Gains on sale of loans | (2,324) | (5,570) |
Gains on sale and write-downs of other real estate owned | (255) | (167) |
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned | 31 | 315 |
Changes in operating assets and liabilities, net of effects from acquired companies: | ||
Net decrease in other assets | 15,471 | 4,658 |
Net (decrease) increase in other liabilities | (3,001) | 1,659 |
Net cash provided by operating activities | 54,534 | 47,098 |
Cash Flows from Investing Activities | ||
Maturities and repayments of debt securities available-for-sale | 95,398 | 155,860 |
Maturities and repayments of debt securities held-to-maturity | 26,430 | 43,291 |
Proceeds from sale of debt securities available-for-sale | 26,011 | 0 |
Purchases of debt securities available-for-sale | (244,551) | (36,512) |
Purchases of debt securities held-to-maturity | (134,941) | (160,031) |
Maturities of time deposits with other banks | 498 | 0 |
Net new loans and principal repayments | (44,256) | 79,353 |
Purchases of loans held for investment | (111,292) | 0 |
Proceeds from sale of other real estate owned | 3,742 | 1,340 |
Additions to other real estate owned | (319) | (654) |
Proceeds from sale of FHLB and Federal Reserve Bank Stock | 0 | 2,704 |
Purchase of FHLB and Federal Reserve Bank Stock | (3,347) | (55) |
Net cash from bank acquisitions | 208,933 | 0 |
Additions to bank premises and equipment | (825) | (341) |
Net cash used in investing activities | (178,519) | 84,955 |
Cash Flows from Financing Activities | ||
Net increase in deposits | 613,899 | 453,188 |
Net decrease in repurchase agreements | (643) | (10,438) |
Stock based employee benefit plans | 3,509 | 434 |
Dividends paid | (7,994) | 0 |
Net cash provided by financing activities | 608,771 | 443,184 |
Net increase in cash and cash equivalents | 484,786 | 575,237 |
Cash and cash equivalents at beginning of period | 737,729 | 404,088 |
Cash and cash equivalents at end of period | 1,222,515 | 979,325 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 1,673 | 3,695 |
Recognition of operating lease right-of-use assets, other than through bank acquisitions | 3,370 | 0 |
Recognition of operating lease liabilities, other than through bank acquisitions | 3,370 | 0 |
Supplemental disclosure of non-cash investing activities: | ||
Transfer of debt securities from available-for-sale to held-to-maturity | 0 | 210,805 |
Transfers from bank premises to other real estate owned | $ 1,008 | $ 3,318 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 55,243 | |||||
Beginning balance at Dec. 31, 2020 | $ 1,130,402 | $ 5,524 | $ 856,092 | $ 256,701 | $ (8,285) | $ 20,370 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 22,754 | 33,719 | (10,965) | |||
Stock based compensation expense | 1,759 | 1,759 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 20 | |||||
Common stock transactions related to stock based employee benefit plans | (406) | $ 2 | (408) | |||
Common stock issued for stock options (in shares) | 31 | |||||
Common stock issued for stock options | 840 | $ 3 | 837 | |||
Increase (decrease) in shares during period (in shares) | 51 | |||||
Increase (decrease) in stockholders' equity during period | 24,947 | $ 5 | 2,596 | 33,719 | (408) | (10,965) |
Ending balance (in shares) at Mar. 31, 2021 | 55,294 | |||||
Ending balance at Mar. 31, 2021 | 1,155,349 | $ 5,529 | 858,688 | 290,420 | (8,693) | 9,405 |
Beginning balance (in shares) at Dec. 31, 2021 | 58,504 | |||||
Beginning balance at Dec. 31, 2021 | 1,310,736 | $ 5,850 | 963,851 | 358,598 | (10,569) | (6,994) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | (45,452) | 20,588 | (66,040) | |||
Stock based compensation expense | 1,419 | 1,419 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 7 | |||||
Common stock transactions related to stock based employee benefit plans | 106 | $ 1 | (5) | 110 | ||
Common stock issued for stock options (in shares) | 178 | |||||
Common stock issued for stock options | 3,403 | $ 18 | 3,385 | |||
Issuance of common stock, pursuant to acquisition (in shares) | 2,550 | |||||
Issuance of common stock, pursuant to acquisitions | 90,234 | $ 255 | 89,979 | |||
Conversion of options, pursuant to acquisitions | 3,833 | 3,833 | ||||
Dividends on common stock | (7,994) | (7,994) | ||||
Increase (decrease) in shares during period (in shares) | 2,735 | |||||
Increase (decrease) in stockholders' equity during period | 45,549 | $ 274 | 98,611 | 12,594 | 110 | (66,040) |
Ending balance (in shares) at Mar. 31, 2022 | 61,239 | |||||
Ending balance at Mar. 31, 2022 | $ 1,356,285 | $ 6,124 | $ 1,062,462 | $ 371,192 | $ (10,459) | $ (73,034) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2022$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Dividends on common stock (in dollars per share) | $ 0.13 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the three months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Use of Estimates: The preparation of these condensed consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value measurements and contingent liabilities. Recently Issued Accounting Standards, Not Yet Adopted In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures . ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (“TDRs”) in ASC 310-40, Receivables - Troubled Debt Restructurings by Creditors , and introduces new disclosures related to modifications with borrowers that are experiencing financial difficulties. ASU 2022-02 also requires the disclosure of current-period gross writeoffs by year of origination for financing receivables held at amortized cost. The amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, and early adoption is permitted. The impact to the Company’s consolidated financial statements of the adoption of ASU 2022-02 is not expected to be material. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. For the three months ended March 31, 2022 and March 31, 2021, no options to purchase shares of the Company's common stock were anti-dilutive. Three Months Ended March 31, (Dollars in thousands, except per share data) 2022 2021 Basic earnings per share Net income $ 20,588 $ 33,719 Average common shares outstanding 61,127 55,271 Net income per share $ 0.34 $ 0.61 Diluted earnings per share Net income $ 20,588 $ 33,719 Average common shares outstanding 61,127 55,271 Add: Dilutive effect of employee restricted stock and stock options 577 721 Average diluted shares outstanding 61,704 55,992 Net income per share $ 0.33 $ 0.60 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. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at March 31, 2022 and December 31, 2021 are summarized as follows: March 31, 2022 (In thousands) Amortized Gross Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 6,240 $ 54 $ (13) $ 6,281 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,335,336 829 (91,495) 1,244,670 Private mortgage-backed securities and collateralized mortgage obligations 114,286 284 (3,274) 111,296 Collateralized loan obligations 315,168 — (2,044) 313,124 Obligations of state and political subdivisions 31,533 518 (803) 31,248 Totals $ 1,802,563 $ 1,685 $ (97,629) $ 1,706,619 Debt securities held-to-maturity Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 747,004 $ 15,397 $ (52,909) $ 709,492 Totals $ 747,004 $ 15,397 $ (52,909) $ 709,492 December 31, 2021 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 6,466 $ 316 $ (3) $ 6,779 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,234,721 8,308 (20,309) 1,222,720 Private mortgage-backed securities and collateralized mortgage obligations 88,096 1,091 (420) 88,767 Collateralized loan obligations 292,751 63 (124) 292,690 Obligations of state and political subdivisions 31,624 1,740 (1) 33,363 Totals $ 1,653,658 $ 11,518 $ (20,857) $ 1,644,319 Debt securities held-to-maturity Mortgage-backed securities of U.S. government-sponsored entities $ 638,640 $ 3,828 $ (15,070) $ 627,398 Totals $ 638,640 $ 3,828 $ (15,070) $ 627,398 During the three months ended March 31, 2022, securities with a fair value of $26.0 million obtained in the acquisition of Business Bank of Florida Corp. were immediately sold. No gain or loss was recognized on the sale. There were no other sales of securities during the three months ended March 31, 2022. There were no sales of securities for the three months ended March 31, 2021. Also included in “Securities losses, net” is a decrease of $0.5 million for the three months ended March 31, 2022, and a decrease of $0.1 million for the three months ended March 31, 2021, in the value of an investment in shares of a mutual fund that invests in CRA-qualified debt securities. During the three months ended March 31, 2021, the Company reclassified debt securities with an amortized cost of $210.8 million from available-for-sale to held-to-maturity, as it has the ability and intent to hold these securities to maturity. These securities had net unrealized gains of $0.8 million at the date of transfer, which will continue to be reported in accumulated other comprehensive income, and will be amortized over the remaining life of the securities as an adjustment of yield. The effect on interest income of the amortization of net unrealized gains is offset by the amortization of the premium on the securities transferred. At March 31, 2022, debt securities with a fair value of $446.7 million were pledged primarily as collateral for public deposits and secured borrowings. The amortized cost and fair value of securities at March 31, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. March 31, 2022 Held-to-Maturity Available-for-Sale (In thousands) Amortized Fair Amortized Fair Due in less than one year $ — $ — $ 2,776 $ 2,790 Due after one year through five years — — 14,493 14,807 Due after five years through ten years — — 5,705 5,698 Due after ten years — — 14,799 14,234 — — 37,773 37,529 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 747,004 709,492 1,335,336 1,244,670 Private mortgage-backed securities and collateralized mortgage obligations — — 114,286 111,296 Collateralized loan obligations — — 315,168 313,124 Totals $ 747,004 $ 709,492 $ 1,802,563 $ 1,706,619 The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, or using observable market data. The tables below indicate the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded. March 31, 2022 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ 303 $ (11) $ 229 $ (2) $ 532 $ (13) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,089,150 (80,423) 100,982 (11,072) 1,190,132 (91,495) Private mortgage-backed securities and collateralized mortgage obligations 84,333 (3,109) 4,721 (165) 89,054 (3,274) Collateralized loan obligations 298,334 (1,928) 14,790 (116) 313,124 (2,044) Obligations of state and political subdivisions 9,255 (803) — — 9,255 (803) Totals $ 1,481,375 $ (86,274) $ 120,722 $ (11,355) $ 1,602,097 $ (97,629) December 31, 2021 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ 97 $ (1) $ 245 $ (2) $ 342 $ (3) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 955,881 (19,575) 11,953 (734) 967,834 (20,309) Private mortgage-backed securities and collateralized mortgage obligations 33,640 (173) 9,628 (247) 43,268 (420) Collateralized loan obligations 123,202 (81) 9,461 (43) 132,663 (124) Obligations of state and political subdivisions 499 (1) — — 499 (1) Totals $ 1,113,319 $ (19,831) $ 31,287 $ (1,026) $ 1,144,606 $ (20,857) At March 31, 2022, the Company had unrealized losses of $91.5 million on mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $1.2 billion. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide a sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2022, no allowance for credit losses has been recorded. At March 31, 2022, the Company had $3.3 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $89.1 million. The collateral underlying these mortgage investments is primarily residential real estate. The securities have average credit support of 24%. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2022, no allowance for credit losses has been recorded. At March 31, 2022, the Company had $2.0 million of unrealized losses in uncapped 3-month LIBOR floating rate collateralized loan obligations (“CLOs”) having a fair value of $313.1 million. CLOs are special purpose vehicles and those in which the Company has invested acquire nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of March 31, 2022, all positions held by the Company are in AAA and AA tranches, with average credit support of 37% and 25%, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2022, no allowance for credit losses has been recorded. All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. While the potential for default on these securities may be something greater than zero, the long history with no credit losses, the implied government guarantee of principal and interest payments and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if default were to occur. As a result, as of March 31, 2022, no allowance for credit losses has been recorded. Included in Other Assets at March 31, 2022 is $38.1 million of Federal Home Loan Bank and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances, which may have a significant adverse effect on the fair value of these cost method investment securities. Accrued interest receivable on AFS and HTM debt securities of $3.4 million and $1.2 million, respectively, at March 31, 2022, and $3.4 million and $1.0 million, respectively, at December 31, 2021, is included in Other Assets. Also included in Other Assets is an $8.9 million investment in a CRA-qualified mutual fund carried at fair value. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans | Loans Loans held for investment are categorized into the following segments: • Construction and land development: Loans are extended to both commercial and consumer customers which are collateralized by and for the purpose of funding land development and construction projects, including 1-4 family residential construction, multi-family property and non-farm residential property where the primary source of repayment is from proceeds of the sale, refinancing or permanent financing of the property. • Commercial real estate - owner-occupied: Loans are extended to commercial customers for the purpose of acquiring real estate to be occupied by the borrower's business. These loans are collateralized by the subject property and the repayment of these loans is largely dependent on the performance of the company occupying the property. • Commercial real estate - non owner-occupied: Loans are extended to commercial customers for the purpose of acquiring commercial property where occupancy by the borrower is not their primary intent. These loans are viewed primarily as cash flow loans, collateralized by the subject property, and the repayment of these loans is largely dependent on rental income from the successful operation of the property. • Residential real estate: Loans are extended to consumer customers and collateralized primarily by 1-4 family residential properties and include fixed and variable rate mortgages, home equity mortgages, and home equity lines of credit. Loans are primarily written based on conventional loan agency guidelines, including loans that exceed agency value limitations. Sources of repayment may be from the occupant of the residential property or from cash flows on rental income from the successful operation of the property. • Commercial and financial: Loans are extended to commercial customers. The purpose of the loans can be working capital, physical asset expansion, asset acquisition or other business purposes. Loans may be collateralized by assets owned by the borrower or the borrower's business. Commercial loans are based primarily on the historical and projected cash flow of the borrower's business and secondarily on the capacity of credit enhancements, guarantees and underlying collateral provided by the borrower. • Consumer: Loans are extended to consumer customers. The segment includes both installment loans and lines of credit which may be collateralized or non-collateralized. • Paycheck Protection Program (“PPP”): Loans originated under a temporary program established by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), and extended by the Economic Aid Act. Under the terms of the program, balances may be forgiven if the borrower uses the funds in a manner consistent with the program guidelines, and repayment is guaranteed by the U.S. government. The following tables present net loan balances by segment as of: March 31, 2022 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 226,149 $ 33,231 $ 41 $ 259,421 Commercial real estate - owner-occupied 990,929 273,498 20,088 1,284,515 Commercial real estate - non owner-occupied 1,400,270 488,400 77,480 1,966,150 Residential real estate 1,379,911 214,401 5,333 1,599,645 Commercial and financial 1,007,064 110,161 15,281 1,132,506 Consumer 165,650 4,074 — 169,724 Paycheck Protection Program 29,137 10,119 — 39,256 Totals $ 5,199,110 $ 1,133,884 $ 118,223 $ 6,451,217 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 The amortized cost basis of loans at March 31, 2022 included net deferred costs of $27.6 million on non-PPP portfolio loans and net deferred fees of $1.0 million on PPP loans. At December 31, 2021, the amortized cost basis included net deferred costs of $31.0 million on non-PPP portfolio loans and net deferred fees of $2.4 million on PPP loans. At March 31, 2022, the remaining fair value adjustments on acquired loans were $24.1 million, or 1.9% of the outstanding acquired loan balances, compared to $23.1 million, or 2.3% of the acquired loan balances at December 31, 2021. These amounts are accreted into interest income over the remaining lives of the related loans on a level yield basis. Accrued interest receivable is included within Other Assets and was $15.5 million and $14.7 million at March 31, 2022 and December 31, 2021, respectively. The following tables present the status of net loan balances as of March 31, 2022 and December 31, 2021. March 31, 2022 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 225,921 $ — $ — $ — $ 228 $ 226,149 Commercial real estate - owner-occupied 990,260 — — — 669 990,929 Commercial real estate - non owner-occupied 1,399,902 35 — — 333 1,400,270 Residential real estate 1,372,141 155 275 — 7,340 1,379,911 Commercial and financial 1,000,983 2,738 — 40 3,303 1,007,064 Consumer 164,430 638 458 — 124 165,650 Paycheck Protection Program 1 29,109 28 — — — 29,137 Total Portfolio Loans $ 5,182,746 $ 3,594 $ 733 $ 40 $ 11,997 $ 5,199,110 Acquired Non-PCD Loans Construction and land development $ 33,231 $ — $ — $ — $ — $ 33,231 Commercial real estate - owner-occupied 273,498 — — — — 273,498 Commercial real estate - non owner-occupied 487,175 — — — 1,225 488,400 Residential real estate 213,208 — — — 1,193 214,401 Commercial and financial 109,805 282 — — 74 110,161 Consumer 3,837 — — — 237 4,074 Paycheck Protection Program 1 10,119 — — — — 10,119 Total Acquired Non-PCD Loans $ 1,130,873 $ 282 $ — $ — $ 2,729 $ 1,133,884 PCD Loans Construction and land development $ 37 $ — $ — $ — $ 4 $ 41 Commercial real estate - owner-occupied 16,915 — — — 3,173 20,088 Commercial real estate - non owner-occupied 74,256 — — — 3,224 77,480 Residential real estate 4,624 — — — 709 5,333 Commercial and financial 10,908 — — — 4,373 15,281 Consumer — — — — — — Total PCD Loans $ 106,740 $ — $ — $ — $ 11,483 $ 118,223 Total Loans $ 6,420,359 $ 3,876 $ 733 $ 40 $ 26,209 $ 6,451,217 1 Paycheck 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 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 199,087 $ — $ — $ — $ 254 $ 199,341 Commercial real estate - owner occupied 982,804 — — — 713 983,517 Commercial real estate - non-owner occupied 1,276,582 — — — 1,598 1,278,180 Residential real estate 1,248,160 3,457 143 — 9,546 1,261,306 Commercial and financial 963,828 851 41 — 3,598 968,318 Consumer 168,791 565 23 15 113 169,507 Paycheck Protection Program 1 69,434 — — 69 — 69,503 Total Portfolio Loans $ 4,908,686 $ 4,873 $ 207 $ 84 $ 15,822 $ 4,929,672 Acquired Non-PCD Loans Construction and land development $ 31,438 $ — $ — $ — $ — $ 31,438 Commercial real estate - owner occupied 186,652 — 160 — — 186,812 Commercial real estate - non-owner occupied 381,510 — — — 1,044 382,554 Residential real estate 154,981 182 — — 1,794 156,957 Commercial and financial 84,180 — 40 — 175 84,395 Consumer 4,082 135 — — 441 4,658 Paycheck Protection Program 1 21,567 — — 37 — 21,604 Total Acquired Non-PCD Loans $ 864,410 $ 317 $ 200 $ 37 $ 3,454 $ 868,418 PCD Loans Construction and land development $ 40 $ — $ — $ — $ 5 $ 45 Commercial real estate - owner occupied 24,192 — — — 3,253 27,445 Commercial real estate - non-owner occupied 72,442 — — — 3,263 75,705 Residential real estate 5,386 — — — 1,705 7,091 Commercial and financial 13,547 — — — 3,096 16,643 Consumer 10 — — — — 10 Total PCD Loans $ 115,617 $ — $ — $ — $ 11,322 $ 126,939 Total Loans $ 5,888,713 $ 5,190 $ 407 $ 121 $ 30,598 $ 5,925,029 1 Paycheck 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. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest subsequently received on such loans is accounted for under the cost-recovery method, whereby interest income is not recognized until the loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, and future payments are reasonably assured. The Company recognized $0.8 million and $0.2 million in interest income on nonaccrual loans during the three months ended March 31, 2022 and 2021, respectively. The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of: March 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 $ 12 $ 220 $ 232 $ 89 Commercial real estate - owner-occupied 2,871 971 3,842 380 Commercial real estate - non owner-occupied 3,406 1,376 4,782 18 Residential real estate 9,145 97 9,242 35 Commercial and financial 4,084 3,666 7,750 1,945 Consumer 23 338 361 329 Totals $ 19,541 $ 6,668 $ 26,209 $ 2,796 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 Collateral-Dependent Loans Loans are considered collateral-dependent when the repayment, based on the Company's assessment as of the reporting date, is expected to be provided substantially through the operation or sale of the underlying collateral and there are no other available and reliable sources of repayment. The following table presents collateral-dependent loans as of: (In thousands) March 31, 2022 December 31, 2021 Construction and land development $ 248 $ 271 Commercial real estate - owner-occupied 4,581 4,706 Commercial real estate - non owner-occupied 3,619 4,923 Residential real estate 12,482 16,334 Commercial and financial 8,033 8,741 Consumer 478 741 Totals $ 29,441 $ 35,716 Loans by Risk Rating The Company utilizes an internal asset classification system as a means of identifying problem and potential problem loans. The following classifications are used to categorize loans under the internal classification system: • Pass: Loans that are not problem loans or potential problem loans are considered to be pass-rated. • Special Mention: Loans that do not currently expose the Company to sufficient risk to warrant classification in the Substandard or Doubtful categories, but possess weaknesses that deserve management's close attention are deemed to be Special Mention. • Substandard: Loans with the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. • Substandard Impaired: Loans typically placed on nonaccrual and considered to be collateral-dependent or accruing TDRs. • Doubtful: Loans that have all the weaknesses inherent in those classified Substandard with the added characteristic that the weakness present makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The principal balance of loans classified as doubtful are likely to be charged off. The following tables present the risk rating of loans by year of origination as of: March 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 15,252 $ 118,289 $ 22,227 $ 30,059 $ 16,221 $ 16,738 $ 40,387 $ 259,173 Special Mention — — — — — — — — Substandard — — — — — 7 — 7 Substandard Impaired — — — — 220 21 — 241 Doubtful — — — — — — — — Total $ 15,252 $ 118,289 $ 22,227 $ 30,059 $ 16,441 $ 16,766 $ 40,387 $ 259,421 Commercial real estate - owner-occupied Risk Ratings: Pass $ 57,482 $ 216,122 $ 161,838 $ 192,208 $ 128,139 $ 492,637 $ 11,429 $ 1,259,855 Special Mention — — 6,464 5,322 641 1,528 — 13,955 Substandard — — — — — 5,359 350 5,709 Substandard Impaired — — — 2,672 310 2,014 — 4,996 Doubtful — — — — — — — — Total $ 57,482 $ 216,122 $ 168,302 $ 200,202 $ 129,090 $ 501,538 $ 11,779 $ 1,284,515 Commercial real estate - non owner-occupied Risk Ratings: Pass $ 174,966 $ 415,704 $ 227,927 $ 305,852 $ 186,363 $ 578,279 $ 7,563 $ 1,896,654 Special Mention — — — 837 — 10,640 — 11,477 Substandard — — 4,753 5,351 23,146 19,242 — 52,492 Substandard Impaired — — 1,044 1,849 — 2,634 — 5,527 Doubtful — — — — — — — — Total $ 174,966 $ 415,704 $ 233,724 $ 313,889 $ 209,509 $ 610,795 $ 7,563 $ 1,966,150 Residential real estate Risk Ratings: Pass $ 14,211 $ 564,750 $ 120,963 $ 90,420 $ 110,413 $ 311,573 $ 370,928 $ 1,583,258 Special Mention — — — — 13 1,120 75 1,208 Substandard — — 338 — 55 1,480 201 2,074 Substandard Impaired — — 144 134 38 9,777 3,012 13,105 Doubtful — — — — — — — — Total $ 14,211 $ 564,750 $ 121,445 $ 90,554 $ 110,519 $ 323,950 $ 374,216 $ 1,599,645 March 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Total Commercial and financial Risk Ratings: Pass $ 51,836 $ 351,023 $ 176,311 $ 90,587 $ 63,294 $ 89,736 $ 271,721 $ 1,094,508 Special Mention — 504 14,956 449 235 637 385 17,166 Substandard — — 212 2,466 2,104 3,365 273 8,420 Substandard Impaired — — 219 4,534 4,615 2,945 99 12,412 Doubtful — — — — — — — — Total $ 51,836 $ 351,527 $ 191,698 $ 98,036 $ 70,248 $ 96,683 $ 272,478 $ 1,132,506 Consumer Risk Ratings: Pass $ 9,049 $ 46,934 $ 28,939 $ 23,469 $ 15,271 $ 20,920 $ 21,607 $ 166,189 Special Mention — 7 43 100 38 437 1,748 2,373 Substandard — 437 — 8 — — 191 636 Substandard Impaired — 7 21 89 34 153 222 526 Doubtful — — — — — — — — Total $ 9,049 $ 47,385 $ 29,003 $ 23,666 $ 15,343 $ 21,510 $ 23,768 $ 169,724 Paycheck Protection Program Risk Ratings: Pass $ — $ 37,304 $ 1,952 $ — $ — $ — $ — $ 39,256 Total $ — $ 37,304 $ 1,952 $ — $ — $ — $ — $ 39,256 Consolidated Risk Ratings: Pass $ 322,796 $ 1,750,126 $ 740,157 $ 732,595 $ 519,701 $ 1,509,883 $ 723,635 $ 6,298,893 Special Mention — 511 21,463 6,708 927 14,362 2,208 46,179 Substandard — 437 5,303 7,825 25,305 29,453 1,015 69,338 Substandard Impaired — 7 1,428 9,278 5,217 17,544 3,333 36,807 Doubtful — — — — — — — — Total $ 322,796 $ 1,751,081 $ 768,351 $ 756,406 $ 551,150 $ 1,571,242 $ 730,191 $ 6,451,217 December 31, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 94,318 $ 23,860 $ 38,058 $ 25,507 $ 3,995 $ 15,466 $ 29,349 $ 230,553 Special Mention — — — — — — — — Substandard — — — — — — — — Substandard Impaired — — — 222 — 49 — 271 Doubtful — — — — — — — — Total $ 94,318 $ 23,860 $ 38,058 $ 25,729 $ 3,995 $ 15,515 $ 29,349 $ 230,824 Commercial real estate - owner-occupied Risk Ratings: Pass $ 205,404 $ 154,432 $ 179,786 $ 132,353 $ 125,763 $ 363,986 $ 10,005 $ 1,171,729 Special Mention — 6,527 5,370 649 218 3,250 — 16,014 Substandard — — — — 3,290 1,610 — 4,900 Substandard Impaired — — 2,742 310 596 1,483 — 5,131 Doubtful — — — — — — — — Total $ 205,404 $ 160,959 $ 187,898 $ 133,312 $ 129,867 $ 370,329 $ 10,005 $ 1,197,774 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 Troubled Debt Restructured Loans The Company’s TDR concessions granted to certain borrowers generally do not include forgiveness of principal balances, but may include interest rate reductions, an extension of the amortization period and/or converting the loan to interest only for a limited period of time. Loan modifications are not reported in calendar years after modification if the loans were modified at an interest rate equal to the yields of new loan originations with comparable risk and the loans are performing based on the terms of the restructuring agreements. The following table presents loans that were modified in a troubled debt restructuring during the three months ended March 31, 2022 and March 31, 2021: Three Months Ended March 31, 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 1 27 27 Commercial and financial 1 33 33 — — — Consumer 4 22 22 — — — Totals 8 $ 840 $ 840 1 $ 27 $ 27 The TDRs described above resulted in a specific allowance for credit losses of $0.2 million as of March 31, 2022 and March 31, 2021. During the three months ended March 31, 2022, there was one default totaling $33 thousand on a loan that had been modified to a TDR within the preceding twelve months. During the three months ended March 31, 2021, there were no defaults on loans that had been modified to a TDR within the preceding twelve months. The Company considers a loan to have defaulted when it becomes 90 days or more delinquent under the modified terms, has been transferred to nonaccrual status, is charged off or has been transferred to other real estate owned. For loans measured based on the present value of expected future cash flows, $5,000 for each of the three months ended March 31, 2022, and 2021 was included in interest income and represents the change in present value attributable to the passage of time. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses Activity in the allowance for credit losses is summarized as follows: Three Months Ended March 31, 2022 (In thousands) Beginning Initial Allowance on PCD Loans Acquired During the Period Provision Charge- Recoveries TDR Ending Construction and land development $ 2,751 $ — $ (493) $ — $ 10 $ — $ 2,268 Commercial real estate - owner-occupied 8,579 — 715 — — — 9,294 Commercial real estate - non owner-occupied 36,617 31 7,274 — — — 43,922 Residential real estate 12,811 17 1,060 (1) 191 (3) 14,075 Commercial and financial 19,744 3 (1,628) (569) 177 — 17,727 Consumer 2,813 — (372) (95) 208 (2) 2,552 Paycheck Protection Program — — — — — — — Totals $ 83,315 $ 51 $ 6,556 $ (665) $ 586 $ (5) $ 89,838 Three Months Ended March 31, 2021 (In thousands) Beginning Provision Charge- Recoveries TDR Ending Construction and land development $ 4,920 $ (510) $ — $ 18 $ — $ 4,428 Commercial real estate - owner occupied 9,868 (76) — — — 9,792 Commercial real estate - non-owner occupied 38,266 (2,038) — 1 — 36,229 Residential real estate 17,500 (3,372) — 229 (4) 14,353 Commercial and financial 18,690 775 (756) 207 — 18,916 Consumer 3,489 (494) (185) 116 (1) 2,925 Paycheck Protection Program — — — — — — Totals $ 92,733 $ (5,715) $ (941) $ 571 $ (5) $ 86,643 Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts to project losses over a three-year forecast period. Forecast data is sourced primarily from Moody’s Analytics (“Moody’s”), a firm widely recognized for its research, analysis, and economic forecasts. For portfolio segments with a weighted average life longer than three years, the Company reverts to longer-term historical loss experience to estimate losses over the remaining life of the loans within each segment. Historical credit losses provide the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, loan to value ratios, borrower credit characteristics, loan seasoning or term as well as for changes in current and forecasted environmental conditions, such as changes in unemployment rates, property values, occupancy rates, and other macroeconomic metrics. As of March 31, 2022, the Company utilized Moody’s most recent “U.S. Macroeconomic Outlook Baseline” scenario and considered the uncertainty associated with the assumptions in the Baseline scenario, including actions taken by the Federal Reserve with regard to monetary policy and interest rates and the potential impact of those actions, the Russian invasion of Ukraine and the magnitude of the resulting market disruption, and the potential impact of persistent high inflation on economic growth. Outcomes in any or all of these factors could differ from the Baseline scenario, and the Company incorporated qualitative considerations reflecting the risk of uncertain economic conditions, and for additional dimensions of risk not captured in the quantitative model. The following section discusses changes in the level of reserves for the three months ended March 31, 2022. In the Construction and Land Development segment, the decrease in reserves reflects continuing low historical loss rates for this segment and improved economic variables relating to residential real estate. In this segment, the primary source of repayment is typically from proceeds of the sale, refinancing, or permanent financing of the underlying property; therefore, industry and collateral type and estimated collateral values are among the relevant factors in assessing expected losses. In the Commercial Real Estate - Owner-Occupied segment, increases in the allowance correspond with the increase in loan balances during the quarter. Risk characteristics include but are not limited to, collateral type, loan seasoning, and lien position. In the Commercial Real Estate - Non Owner-Occupied segment, the increase in reserves reflects the increase in loan balances and changes in economic forecast variables including unemployment. Repayment is often dependent upon rental income from the successful operation of the underlying property. Loan performance may be adversely affected by general economic conditions or conditions specific to the real estate market, including property types. Collateral type, loan seasoning, and lien position are among the risk characteristics analyzed for this segment. The Residential Real Estate segment includes first mortgages secured by residential property, and home equity lines of credit. The increase in reserves reflects the impact of higher loan balances. Risk characteristics considered for this segment include, but are not limited to, collateral type, lien position, loan to value ratios, and loan seasoning. In the Commercial and Financial segment, borrowers are primarily small to medium sized professional firms and other businesses, and loans are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners. The decrease in reserves is attributed to improved economic forecast variables including business profitability. Industry, collateral type, estimated collateral values and loan seasoning are among the relevant factors in assessing expected losses. Consumer loans include installment and revolving lines, loans for automobiles, boats, and other personal or family purposes. Risk characteristics considered for this segment include, but are not limited to, collateral type, loan to value ratios, loan seasoning and FICO score. The decline in the reserve reflects lower loan balances and improved economic forecast variables. Balances outstanding under the Paycheck Protection Program are guaranteed by the U.S. government and have not been assigned a reserve. The allowance for credit losses is composed of specific allowances for loans individually evaluated and general allowances for loans grouped into loan pools based on similar characteristics, which are collectively evaluated. The Company’s loan portfolio and related allowance at March 31, 2022 and December 31, 2021 is shown in the following tables: March 31, 2022 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 248 $ 89 $ 259,173 $ 2,179 $ 259,421 $ 2,268 Commercial real estate - owner occupied 4,996 380 1,279,519 8,914 1,284,515 9,294 Commercial real estate - non owner-occupied 5,527 787 1,960,623 43,135 1,966,150 43,922 Residential real estate 13,154 312 1,586,491 13,763 1,599,645 14,075 Commercial and financial 13,172 2,511 1,119,334 15,216 1,132,506 17,727 Consumer 540 481 169,184 2,071 169,724 2,552 Paycheck Protection Program — — 39,256 — 39,256 — Totals $ 37,637 $ 4,560 $ 6,413,580 $ 85,278 $ 6,451,217 $ 89,838 December 31, 2021 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 271 $ 92 $ 230,553 $ 2,659 $ 230,824 $ 2,751 Commercial real estate - owner occupied 5,131 419 1,192,643 8,160 1,197,774 8,579 Commercial real estate - non owner-occupied 5,905 27 1,730,534 36,590 1,736,439 36,617 Residential real estate 16,345 646 1,409,009 12,165 1,425,354 12,811 Commercial and financial 11,470 2,885 1,057,886 16,859 1,069,356 19,744 Consumer 741 685 173,434 2,128 174,175 2,813 Paycheck Protection Program — — 91,107 — 91,107 — Totals $ 39,863 $ 4,754 $ 5,885,166 $ 78,561 $ 5,925,029 $ 83,315 |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Back-to-Back Swaps The Company offers interest rate swaps when requested by customers to allow them to hedge the risk of rising interest rates on their variable rate loans. Upon entering into these swaps, the Company enters into offsetting positions with counterparties in order to minimize the interest rate risk. These back-to-back swaps qualify as freestanding financial derivatives with the fair values reported in other assets and other liabilities. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under the arrangements for financial statement presentation purposes. Gains and losses on these back-to-back swaps, which offset, are recorded through noninterest income. No net gains or losses have been recognized to date on these instruments. As of March 31, 2022, the interest rate swaps had an aggregate notional value of $209.9 million, with a fair value of $8.9 million recorded in other assets and other liabilities. As of December 31, 2021, the interest rate swaps had an aggregate notional value of $175.4 million, with a fair value of $8.0 million recorded in other assets and other liabilities. The weighted average maturity was 6.5 years at March 31, 2022 and 6.7 years at December 31, 2021. Interest Rate Floors Designated as Cash Flow Hedges The Company has entered into interest rate floor contracts to mitigate exposure to the variability of future cash flows due to changes in interest rates on certain segments of its variable-rate loans. During 2020, the Company entered into two interest rate floor contracts, each with a notional amount of $150.0 million, maturing in October 2023 and November 2023. The Company considers these derivatives to be highly effective at achieving offsetting changes in cash flows attributable to changes in interest rates and has designated them as cash flow hedges. Therefore, changes in the fair value of these derivative instruments are recognized in other comprehensive income. Amortization of the premium paid on cash flow hedges is recognized in earnings over the term of the hedge in the same caption as the hedged item. For the three months ended March 31, 2022, the Company recognized a loss through other comprehensive income of $0.2 million, and reclassified $0.1 million, out of accumulated other comprehensive income and into interest income. As of March 31, 2022 and December 31, 2021, the interest rate floors had a fair value of $0.1 million and $0.3 million, respectively, recorded in other assets in the consolidated balance sheet. Over the next twelve months the Company expects to reclassify $0.4 million from accumulated other comprehensive income into interest income related to these agreements. (In thousands) Notional Amount Fair Value Balance Sheet Category At March 31, 2022 Back-to-back swaps $ 209,904 $ 8,923 Other Assets and Other Liabilities Interest rate floors 300,000 122 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 |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2022 | |
Brokers and Dealers [Abstract] | |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company is required to pledge collateral with value sufficient to fully collateralize borrowings. Company securities pledged were as follows by collateral type and maturity as of: (In thousands) March 31, 2022 December 31, 2021 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities $ 152,817 $ 134,577 |
Equity Capital
Equity Capital | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Equity Capital | Equity CapitalThe Company is well capitalized and at March 31, 2022, the Company and the Company’s principal banking subsidiary, Seacoast Bank, exceeded the common equity Tier 1 (CET1) capital ratio regulatory threshold of 6.5% for well-capitalized institutions under the Basel III standardized transition approach, as well as risk-based and leverage ratio requirements for well capitalized banks under the regulatory framework for prompt corrective action. |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent LiabilitiesThe Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial condition, operating results or cash flows. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2022 and December 31, 2021 included: (In thousands) Fair Value Quoted Prices Significant Significant At March 31, 2022 Financial Assets Available-for-sale debt securities 1 $ 1,706,619 $ 191 $ 1,706,428 $ — Derivative financial instruments 2 9,045 — 9,045 — Loans held for sale 2 20,615 — 20,615 — Loans 3 8,395 — 1,517 6,878 Other real estate owned 4 11,567 — 2,420 9,147 Equity securities 5 8,864 8,864 — — Financial Liabilities Derivative financial instruments 2 $ 8,923 $ — $ 8,923 $ — At December 31, 2021 Financial Assets Available-for-sale debt securities 1 $ 1,644,319 $ 197 $ 1,644,122 $ — Derivative financial instruments 2 8,312 — 8,312 — Loans held for sale 2 31,791 — 31,791 — Loans 3 8,443 — 1,558 6,885 Other real estate owned 4 13,618 — — 13,618 Equity securities 5 9,316 9,316 — — Financial Liabilities Derivative financial instruments 2 $ 8,022 $ — $ 8,022 $ — 1 See “ Note 3 – Securities ” for further detail of fair value of individual investment categories. 2 Recurring fair value basis determined using observable market data. 3 S e e “ Note 4 – Loans .” N onrecurring 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. 4 Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. 5 An 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. Available-for-sale debt securities : Level 1 securities consist of U.S. Treasury securities. Other securities are reported at fair value utilizing Level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. The fair value of collateralized loan obligations is determined from broker quotes. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Derivative financial instruments : The Company offers interest rate swaps to certain loan customers to allow them to hedge the risk of rising interest rates on their variable rate loans. The Company originates a variable rate loan and enters into a variable-to-fixed interest rate swap with the customer. The Company also enters into an offsetting swap with a correspondent bank. These back-to-back agreements are intended to offset each other and allow the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps is classified as Level 2. Other derivatives consist of interest rate floors designated as cash flow hedges. The fair values of these instruments are based upon the estimated amount the Company would receive or pay to terminate the instruments, taking into account current interest rates and, when appropriate, the current creditworthiness of the counterparties. Interest rate floors designated as cash flow hedges are classified within Level 2. Loans held for sale : Fair values are based upon estimated values to be received from independent third party purchasers. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Fair market value changes occur due to changes in interest rates, the borrower’s credit, the secondary loan market and the market for a borrower’s debt. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of the loans were 90 days or more past due or on nonaccrual as of March 31, 2022 and December 31, 2021. The aggregate fair value and contractual balance of loans held for sale as of March 31, 2022 and December 31, 2021 is as follows: (In thousands) March 31, 2022 December 31, 2021 Aggregate fair value $ 20,615 $ 31,791 Contractual balance 20,087 30,963 Excess 528 828 Loans : Loans carried at fair value consist of collateral-dependent real estate loans. Fair value is based on recent real estate appraisals less estimated costs of sale. These evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. A significant unobservable input in the income approach is the estimated capitalization rate for a given piece of collateral. At March 31, 2022 capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 7.0%. Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time. As such, the fair value of these loans is considered level 3 in the fair value hierarchy. Collateral-dependent loans measured at fair value totaled $12.7 million with a specific reserve of $4.3 million at March 31, 2022, compared to $13.1 million with a specific reserve of $4.7 million at December 31, 2021. Other real estate owned : When appraisals are used to determine fair value and the appraisals are based on a market approach, the fair value of other real estate owned (“OREO”) is classified as a Level 2 input. When the fair value of OREO is based on appraisals which require significant adjustments to market-based valuation inputs or apply an income approach based on unobservable cash flows, the fair value of OREO is classified as Level 3. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process. During the three months ended March 31, 2022, an updated appraisal was obtained on a former branch property, and the value was transferred from Level 3 to Level 2. There were no transfers during the three months ended March 31, 2021. The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of March 31, 2022 and December 31, 2021 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2022 Financial Assets Debt securities held-to-maturity 1 $ 747,004 $ — $ 709,492 $ — Time deposits with other banks 5,975 — 5,933 — Loans, net 6,352,984 — — 6,423,158 Financial Liabilities Deposit liabilities 9,243,768 — — 9,238,260 Subordinated debt 71,716 — 69,416 — December 31, 2021 Financial Assets Debt securities held-to-maturity 1 $ 638,640 $ — $ 627,398 $ — Loans, net 5,833,271 — — 5,907,447 Financial Liabilities Deposit liabilities 8,067,589 — — 8,067,995 Subordinated debt 71,646 — 69,348 — 1 See “ Note 3 – Securities ” for further detail of individual investment categories. The short maturity of Seacoast’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and due from banks, interest bearing deposits with other banks, FHLB borrowings and securities sold under agreements to repurchase, maturing within 30 days. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at March 31, 2022 and December 31, 2021: Held-to-maturity debt securities : These debt securities are reported at fair value utilizing level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Loans : Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial or mortgage. Each loan category is further segmented into fixed and adjustable-rate interest terms as well as performing and nonperforming categories. The fair value of loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an “exit price” as defined in ASC Topic 820. Deposit liabilities : The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations Acquisition of Business Bank of Florida, Corp. On January 3, 2022, the Company completed its acquisition of Business Bank of Florida, Corp., (“BBFC”). Simultaneously, upon completion of the merger of BBFC and the Company, BBFC’s wholly owned subsidiary bank, Florida Business Bank, was merged with and into Seacoast Bank. Prior to the acquisition, Florida Business Bank operated one branch in Melbourne, Florida. As a result of this acquisition, the Company expects to expand its customer base and leverage operating cost through economies of scale, and positively affect the Company’s operating results. The Company acquired 100% of the outstanding common stock of BBFC. Under the terms of the definitive agreement, each share of BBFC common stock was converted into the right to receive 0.7997 of a share of Seacoast common stock. (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 common stock issued 889 Multiplied by common stock price per share on January 3, 2022 $ 35.39 Value of common stock issued 31,480 Fair value of options converted 497 Total purchase price $ 31,977 The acquisition of BBFC was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $8.0 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. As part of the BBFC acquisition, 52,432 options were granted to replace outstanding BBFC options. These options had a weighted average exercise price of $26.63 and were fully vested upon acquisition. In accordance with ASC Topic 805, Business Combinations , the value of the replacement awards associated with pre-combination service, $0.5 million, was considered purchase consideration. (In thousands) Initially Measured 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 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. 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 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) January 3, 2022 Book balance of loans at acquisition $ 714 Allowance for credit losses at acquisition (15) Non-credit related discount (48) Total PCD loans acquired $ 651 The acquisition of BBFC resulted in the addition of $1.8 million in allowance for credit losses, including the $15 thousand identified in the table above for PCD loans, and $1.8 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of Sabal Palm Bancorp, Inc. On January 3, 2022, the Company completed its acquisition of Sabal Palm Bancorp, Inc. (“Sabal Palm”). Simultaneously, upon completion of the merger of Sabal Palm and the Company, Sabal Palm’s wholly owned subsidiary bank, Sabal Palm Bank, was merged with and into Seacoast Bank. Prior to the acquisition, Sabal Palm Bank operated three branches in the Sarasota area. As a result of this acquisition, the Company expects to expand its customer base and leverage operating cost through economies of scale, and positively affect the Company’s operating results. The Company acquired 100% of the outstanding common stock of Sabal Palm. Under the terms of the definitive agreement, each share of Sabal Palm common stock was converted into the right to receive 0.2203 of a share of Seacoast common stock. (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 common stock issued 1,660 Multiplied by common stock price per share on January 3, 2022 $ 35.39 Value of common stock issued 58,762 Fair value of options converted 3,336 Total purchase price $ 62,098 The acquisition of Sabal Palm was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $26.5 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. As part of the Sabal Palm acquisition, 188,253 options were granted to replace outstanding Sabal Palm options. These options had a weighted average exercise price of $17.84 and were fully vested upon acquisition. In accordance with ASC Topic 805, Business Combinations , the value of the replacement awards associated with pre-combination service, $3.3 million, was considered purchase consideration. (In thousands) Initially Measured 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 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. January 3, 2022 (In thousands) Book Balance Fair Value Loans: 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 Residential real estate 71,469 72,227 Commercial and financial 17,797 17,501 Consumer 233 232 PPP loans 3,312 3,312 Total acquired loans $ 248,910 $ 246,152 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (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 The acquisition of Sabal Palm resulted in the addition of $3.4 million in allowance for credit losses, including the $37 thousand identified in the table above for PCD loans, and $3.4 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of Legacy Bank of Florida On August 6, 2021, the Company completed its acquisition of Legacy Bank of Florida (“Legacy Bank”). Prior to the acquisition, Legacy Bank operated five branches in Broward and Palm Beach counties. As a result of this acquisition, the Company expects to expand its customer base and leverage operating cost through economies of scale, and positively affect the Company’s operating results. The Company acquired 100% of the outstanding common stock of Legacy Bank. Under the terms of the definitive agreement, each share of Legacy Bank common stock was converted into the right to receive 0.1703 of a share of Seacoast common stock. (In thousands, except per share data) August 6, 2021 Number of Legacy Bank common shares outstanding 15,778 Per share exchange ratio 0.1703 Number of shares of common stock issued 2,687 Multiplied by common stock price per share on August 6, 2021 $ 32.19 Value of common stock issued 86,487 Cash paid for fractional shares 7 Fair value of options converted 4,736 Total purchase price $ 91,230 The acquisition of Legacy Bank was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $31.0 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. As part of the Legacy Bank acquisition, 356,497 options were granted to replace outstanding Legacy Bank options. These options had a weighted average exercise price of $16.70 and were fully vested upon acquisition. In accordance with ASC Topic 805, Business Combinations , the value of the replacement awards associated with pre-combination service, $4.7 million, was considered purchase consideration, and the value of the replacement awards associated with post-combination service, $0.9 million, was recognized as compensation expense in 2021. (In thousands) Initially Measured Assets: Cash $ 98,107 Investment securities 992 Loans 477,215 Bank premises and equipment 2,577 Core deposit intangibles 3,454 Goodwill 30,978 Other assets 15,532 Total assets $ 628,855 Liabilities: Deposits 494,921 Other liabilities 42,705 Total liabilities $ 537,626 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. 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 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) August 6, 2021 Book balance of loans at acquisition $ 66,371 Allowance for credit losses at acquisition (3,046) Non-credit related discount (736) Total PCD loans acquired $ 62,589 The acquisition of Legacy Bank resulted in the addition of $11.2 million in allowance for credit losses, including the $3.0 million identified in the table above for PCD loans, and $8.2 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Pro-Forma Information Pro-forma data for the three months ended March 31, 2022 presents information as if the acquisition of Legacy Bank occurred at the beginning of 2020, and the acquisitions of BBFC and Sabal Palm occurred at the beginning of 2021, as follows: Three Months Ended March 31, (In thousands, except per share amounts) 2022 2021 Net interest income $ 76,504 $ 78,107 Net income 25,270 38,097 EPS - basic $ 0.41 $ 0.62 EPS - diluted 0.41 0.63 Proposed Acquisition of Apollo Bancshares, Inc. On March 29, 2022, the Company announced its proposed acquisition of Apollo Bancshares, Inc. (“Apollo”). The transaction, which is expected to close early in the fourth quarter of 2022, will expand the Company’s presence in Miami-Dade County, part of the Miami-Fort Lauderdale-Pompano Beach MSA, Florida’s largest MSA and the 8 th largest in the nation. Apollo operates five branches across Miami-Dade County with deposits of approximately $947 million and loans of $705 million as of March 31, 2022. Completion of the Apollo merger is subject to certain conditions, including the receipt of regulatory approvals, the approval of Apollo and Apollo Bank shareholders and the satisfaction of other customary closing conditions. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn May 4, 2022, the Company announced its proposed acquisition of Drummond Banking Company (“Drummond”). The transaction, which is expected to close early in the fourth quarter of 2022, will expand the Company’s presence in new Florida markets including Ocala and Gainesville. Drummond operates 18 branches across North Florida with deposits of approximately $932 million and loans of $543 million as of March 31, 2022. Completion of the Drummond merger is subject to certain conditions, including the receipt of regulatory approvals, the approval of Drummond shareholders and the satisfaction of other customary closing conditions. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Use of Estimates | Use of Estimates: The preparation of these condensed consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value measurements and contingent liabilities. |
Recently Issued Accounting Standards, Not Yet Adopted | Recently Issued Accounting Standards, Not Yet Adopted In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures . ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (“TDRs”) in ASC 310-40, Receivables - Troubled Debt Restructurings by Creditors , and introduces new disclosures related to modifications with borrowers that are experiencing financial difficulties. ASU 2022-02 also requires the disclosure of current-period gross writeoffs by year of origination for financing receivables held at amortized cost. The amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, and early adoption is permitted. The impact to the Company’s consolidated financial statements of the adoption of ASU 2022-02 is not expected to be material. |
Fair Value Measurement | Held-to-maturity debt securities : These debt securities are reported at fair value utilizing level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Loans : Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial or mortgage. Each loan category is further segmented into fixed and adjustable-rate interest terms as well as performing and nonperforming categories. The fair value of loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an “exit price” as defined in ASC Topic 820. Deposit liabilities : The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended March 31, (Dollars in thousands, except per share data) 2022 2021 Basic earnings per share Net income $ 20,588 $ 33,719 Average common shares outstanding 61,127 55,271 Net income per share $ 0.34 $ 0.61 Diluted earnings per share Net income $ 20,588 $ 33,719 Average common shares outstanding 61,127 55,271 Add: Dilutive effect of employee restricted stock and stock options 577 721 Average diluted shares outstanding 61,704 55,992 Net income per share $ 0.33 $ 0.60 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. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Value of Securities Available for Sale | The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at March 31, 2022 and December 31, 2021 are summarized as follows: March 31, 2022 (In thousands) Amortized Gross Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 6,240 $ 54 $ (13) $ 6,281 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,335,336 829 (91,495) 1,244,670 Private mortgage-backed securities and collateralized mortgage obligations 114,286 284 (3,274) 111,296 Collateralized loan obligations 315,168 — (2,044) 313,124 Obligations of state and political subdivisions 31,533 518 (803) 31,248 Totals $ 1,802,563 $ 1,685 $ (97,629) $ 1,706,619 Debt securities held-to-maturity Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 747,004 $ 15,397 $ (52,909) $ 709,492 Totals $ 747,004 $ 15,397 $ (52,909) $ 709,492 December 31, 2021 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 6,466 $ 316 $ (3) $ 6,779 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,234,721 8,308 (20,309) 1,222,720 Private mortgage-backed securities and collateralized mortgage obligations 88,096 1,091 (420) 88,767 Collateralized loan obligations 292,751 63 (124) 292,690 Obligations of state and political subdivisions 31,624 1,740 (1) 33,363 Totals $ 1,653,658 $ 11,518 $ (20,857) $ 1,644,319 Debt securities held-to-maturity Mortgage-backed securities of U.S. government-sponsored entities $ 638,640 $ 3,828 $ (15,070) $ 627,398 Totals $ 638,640 $ 3,828 $ (15,070) $ 627,398 |
Summary of Amortized Cost and Fair Value of Held-to-Maturity Securities | The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at March 31, 2022 and December 31, 2021 are summarized as follows: March 31, 2022 (In thousands) Amortized Gross Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 6,240 $ 54 $ (13) $ 6,281 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,335,336 829 (91,495) 1,244,670 Private mortgage-backed securities and collateralized mortgage obligations 114,286 284 (3,274) 111,296 Collateralized loan obligations 315,168 — (2,044) 313,124 Obligations of state and political subdivisions 31,533 518 (803) 31,248 Totals $ 1,802,563 $ 1,685 $ (97,629) $ 1,706,619 Debt securities held-to-maturity Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 747,004 $ 15,397 $ (52,909) $ 709,492 Totals $ 747,004 $ 15,397 $ (52,909) $ 709,492 December 31, 2021 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 6,466 $ 316 $ (3) $ 6,779 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,234,721 8,308 (20,309) 1,222,720 Private mortgage-backed securities and collateralized mortgage obligations 88,096 1,091 (420) 88,767 Collateralized loan obligations 292,751 63 (124) 292,690 Obligations of state and political subdivisions 31,624 1,740 (1) 33,363 Totals $ 1,653,658 $ 11,518 $ (20,857) $ 1,644,319 Debt securities held-to-maturity Mortgage-backed securities of U.S. government-sponsored entities $ 638,640 $ 3,828 $ (15,070) $ 627,398 Totals $ 638,640 $ 3,828 $ (15,070) $ 627,398 |
Summary of Investments Classified by Contractual Maturity | Securities not due at a single maturity date are shown separately. March 31, 2022 Held-to-Maturity Available-for-Sale (In thousands) Amortized Fair Amortized Fair Due in less than one year $ — $ — $ 2,776 $ 2,790 Due after one year through five years — — 14,493 14,807 Due after five years through ten years — — 5,705 5,698 Due after ten years — — 14,799 14,234 — — 37,773 37,529 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 747,004 709,492 1,335,336 1,244,670 Private mortgage-backed securities and collateralized mortgage obligations — — 114,286 111,296 Collateralized loan obligations — — 315,168 313,124 Totals $ 747,004 $ 709,492 $ 1,802,563 $ 1,706,619 |
Schedule of Debt Securities in Unrealized Loss Position | The tables below indicate the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded. March 31, 2022 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ 303 $ (11) $ 229 $ (2) $ 532 $ (13) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,089,150 (80,423) 100,982 (11,072) 1,190,132 (91,495) Private mortgage-backed securities and collateralized mortgage obligations 84,333 (3,109) 4,721 (165) 89,054 (3,274) Collateralized loan obligations 298,334 (1,928) 14,790 (116) 313,124 (2,044) Obligations of state and political subdivisions 9,255 (803) — — 9,255 (803) Totals $ 1,481,375 $ (86,274) $ 120,722 $ (11,355) $ 1,602,097 $ (97,629) December 31, 2021 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ 97 $ (1) $ 245 $ (2) $ 342 $ (3) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 955,881 (19,575) 11,953 (734) 967,834 (20,309) Private mortgage-backed securities and collateralized mortgage obligations 33,640 (173) 9,628 (247) 43,268 (420) Collateralized loan obligations 123,202 (81) 9,461 (43) 132,663 (124) Obligations of state and political subdivisions 499 (1) — — 499 (1) Totals $ 1,113,319 $ (19,831) $ 31,287 $ (1,026) $ 1,144,606 $ (20,857) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans | The following tables present net loan balances by segment as of: March 31, 2022 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 226,149 $ 33,231 $ 41 $ 259,421 Commercial real estate - owner-occupied 990,929 273,498 20,088 1,284,515 Commercial real estate - non owner-occupied 1,400,270 488,400 77,480 1,966,150 Residential real estate 1,379,911 214,401 5,333 1,599,645 Commercial and financial 1,007,064 110,161 15,281 1,132,506 Consumer 165,650 4,074 — 169,724 Paycheck Protection Program 29,137 10,119 — 39,256 Totals $ 5,199,110 $ 1,133,884 $ 118,223 $ 6,451,217 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 |
Schedule of Past Due Financing Receivables | The following tables present the status of net loan balances as of March 31, 2022 and December 31, 2021. March 31, 2022 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 225,921 $ — $ — $ — $ 228 $ 226,149 Commercial real estate - owner-occupied 990,260 — — — 669 990,929 Commercial real estate - non owner-occupied 1,399,902 35 — — 333 1,400,270 Residential real estate 1,372,141 155 275 — 7,340 1,379,911 Commercial and financial 1,000,983 2,738 — 40 3,303 1,007,064 Consumer 164,430 638 458 — 124 165,650 Paycheck Protection Program 1 29,109 28 — — — 29,137 Total Portfolio Loans $ 5,182,746 $ 3,594 $ 733 $ 40 $ 11,997 $ 5,199,110 Acquired Non-PCD Loans Construction and land development $ 33,231 $ — $ — $ — $ — $ 33,231 Commercial real estate - owner-occupied 273,498 — — — — 273,498 Commercial real estate - non owner-occupied 487,175 — — — 1,225 488,400 Residential real estate 213,208 — — — 1,193 214,401 Commercial and financial 109,805 282 — — 74 110,161 Consumer 3,837 — — — 237 4,074 Paycheck Protection Program 1 10,119 — — — — 10,119 Total Acquired Non-PCD Loans $ 1,130,873 $ 282 $ — $ — $ 2,729 $ 1,133,884 PCD Loans Construction and land development $ 37 $ — $ — $ — $ 4 $ 41 Commercial real estate - owner-occupied 16,915 — — — 3,173 20,088 Commercial real estate - non owner-occupied 74,256 — — — 3,224 77,480 Residential real estate 4,624 — — — 709 5,333 Commercial and financial 10,908 — — — 4,373 15,281 Consumer — — — — — — Total PCD Loans $ 106,740 $ — $ — $ — $ 11,483 $ 118,223 Total Loans $ 6,420,359 $ 3,876 $ 733 $ 40 $ 26,209 $ 6,451,217 1 Paycheck 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 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 199,087 $ — $ — $ — $ 254 $ 199,341 Commercial real estate - owner occupied 982,804 — — — 713 983,517 Commercial real estate - non-owner occupied 1,276,582 — — — 1,598 1,278,180 Residential real estate 1,248,160 3,457 143 — 9,546 1,261,306 Commercial and financial 963,828 851 41 — 3,598 968,318 Consumer 168,791 565 23 15 113 169,507 Paycheck Protection Program 1 69,434 — — 69 — 69,503 Total Portfolio Loans $ 4,908,686 $ 4,873 $ 207 $ 84 $ 15,822 $ 4,929,672 Acquired Non-PCD Loans Construction and land development $ 31,438 $ — $ — $ — $ — $ 31,438 Commercial real estate - owner occupied 186,652 — 160 — — 186,812 Commercial real estate - non-owner occupied 381,510 — — — 1,044 382,554 Residential real estate 154,981 182 — — 1,794 156,957 Commercial and financial 84,180 — 40 — 175 84,395 Consumer 4,082 135 — — 441 4,658 Paycheck Protection Program 1 21,567 — — 37 — 21,604 Total Acquired Non-PCD Loans $ 864,410 $ 317 $ 200 $ 37 $ 3,454 $ 868,418 PCD Loans Construction and land development $ 40 $ — $ — $ — $ 5 $ 45 Commercial real estate - owner occupied 24,192 — — — 3,253 27,445 Commercial real estate - non-owner occupied 72,442 — — — 3,263 75,705 Residential real estate 5,386 — — — 1,705 7,091 Commercial and financial 13,547 — — — 3,096 16,643 Consumer 10 — — — — 10 Total PCD Loans $ 115,617 $ — $ — $ — $ 11,322 $ 126,939 Total Loans $ 5,888,713 $ 5,190 $ 407 $ 121 $ 30,598 $ 5,925,029 1 Paycheck 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. |
Schedule of Nonaccrual Loans by Loan Category | The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of: March 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 $ 12 $ 220 $ 232 $ 89 Commercial real estate - owner-occupied 2,871 971 3,842 380 Commercial real estate - non owner-occupied 3,406 1,376 4,782 18 Residential real estate 9,145 97 9,242 35 Commercial and financial 4,084 3,666 7,750 1,945 Consumer 23 338 361 329 Totals $ 19,541 $ 6,668 $ 26,209 $ 2,796 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 |
Schedule of Collateral Dependent Loans | The following table presents collateral-dependent loans as of: (In thousands) March 31, 2022 December 31, 2021 Construction and land development $ 248 $ 271 Commercial real estate - owner-occupied 4,581 4,706 Commercial real estate - non owner-occupied 3,619 4,923 Residential real estate 12,482 16,334 Commercial and financial 8,033 8,741 Consumer 478 741 Totals $ 29,441 $ 35,716 |
Schedule of Risk Categories of Loans by Class of Loans | The following tables present the risk rating of loans by year of origination as of: March 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 15,252 $ 118,289 $ 22,227 $ 30,059 $ 16,221 $ 16,738 $ 40,387 $ 259,173 Special Mention — — — — — — — — Substandard — — — — — 7 — 7 Substandard Impaired — — — — 220 21 — 241 Doubtful — — — — — — — — Total $ 15,252 $ 118,289 $ 22,227 $ 30,059 $ 16,441 $ 16,766 $ 40,387 $ 259,421 Commercial real estate - owner-occupied Risk Ratings: Pass $ 57,482 $ 216,122 $ 161,838 $ 192,208 $ 128,139 $ 492,637 $ 11,429 $ 1,259,855 Special Mention — — 6,464 5,322 641 1,528 — 13,955 Substandard — — — — — 5,359 350 5,709 Substandard Impaired — — — 2,672 310 2,014 — 4,996 Doubtful — — — — — — — — Total $ 57,482 $ 216,122 $ 168,302 $ 200,202 $ 129,090 $ 501,538 $ 11,779 $ 1,284,515 Commercial real estate - non owner-occupied Risk Ratings: Pass $ 174,966 $ 415,704 $ 227,927 $ 305,852 $ 186,363 $ 578,279 $ 7,563 $ 1,896,654 Special Mention — — — 837 — 10,640 — 11,477 Substandard — — 4,753 5,351 23,146 19,242 — 52,492 Substandard Impaired — — 1,044 1,849 — 2,634 — 5,527 Doubtful — — — — — — — — Total $ 174,966 $ 415,704 $ 233,724 $ 313,889 $ 209,509 $ 610,795 $ 7,563 $ 1,966,150 Residential real estate Risk Ratings: Pass $ 14,211 $ 564,750 $ 120,963 $ 90,420 $ 110,413 $ 311,573 $ 370,928 $ 1,583,258 Special Mention — — — — 13 1,120 75 1,208 Substandard — — 338 — 55 1,480 201 2,074 Substandard Impaired — — 144 134 38 9,777 3,012 13,105 Doubtful — — — — — — — — Total $ 14,211 $ 564,750 $ 121,445 $ 90,554 $ 110,519 $ 323,950 $ 374,216 $ 1,599,645 March 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Total Commercial and financial Risk Ratings: Pass $ 51,836 $ 351,023 $ 176,311 $ 90,587 $ 63,294 $ 89,736 $ 271,721 $ 1,094,508 Special Mention — 504 14,956 449 235 637 385 17,166 Substandard — — 212 2,466 2,104 3,365 273 8,420 Substandard Impaired — — 219 4,534 4,615 2,945 99 12,412 Doubtful — — — — — — — — Total $ 51,836 $ 351,527 $ 191,698 $ 98,036 $ 70,248 $ 96,683 $ 272,478 $ 1,132,506 Consumer Risk Ratings: Pass $ 9,049 $ 46,934 $ 28,939 $ 23,469 $ 15,271 $ 20,920 $ 21,607 $ 166,189 Special Mention — 7 43 100 38 437 1,748 2,373 Substandard — 437 — 8 — — 191 636 Substandard Impaired — 7 21 89 34 153 222 526 Doubtful — — — — — — — — Total $ 9,049 $ 47,385 $ 29,003 $ 23,666 $ 15,343 $ 21,510 $ 23,768 $ 169,724 Paycheck Protection Program Risk Ratings: Pass $ — $ 37,304 $ 1,952 $ — $ — $ — $ — $ 39,256 Total $ — $ 37,304 $ 1,952 $ — $ — $ — $ — $ 39,256 Consolidated Risk Ratings: Pass $ 322,796 $ 1,750,126 $ 740,157 $ 732,595 $ 519,701 $ 1,509,883 $ 723,635 $ 6,298,893 Special Mention — 511 21,463 6,708 927 14,362 2,208 46,179 Substandard — 437 5,303 7,825 25,305 29,453 1,015 69,338 Substandard Impaired — 7 1,428 9,278 5,217 17,544 3,333 36,807 Doubtful — — — — — — — — Total $ 322,796 $ 1,751,081 $ 768,351 $ 756,406 $ 551,150 $ 1,571,242 $ 730,191 $ 6,451,217 December 31, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 94,318 $ 23,860 $ 38,058 $ 25,507 $ 3,995 $ 15,466 $ 29,349 $ 230,553 Special Mention — — — — — — — — Substandard — — — — — — — — Substandard Impaired — — — 222 — 49 — 271 Doubtful — — — — — — — — Total $ 94,318 $ 23,860 $ 38,058 $ 25,729 $ 3,995 $ 15,515 $ 29,349 $ 230,824 Commercial real estate - owner-occupied Risk Ratings: Pass $ 205,404 $ 154,432 $ 179,786 $ 132,353 $ 125,763 $ 363,986 $ 10,005 $ 1,171,729 Special Mention — 6,527 5,370 649 218 3,250 — 16,014 Substandard — — — — 3,290 1,610 — 4,900 Substandard Impaired — — 2,742 310 596 1,483 — 5,131 Doubtful — — — — — — — — Total $ 205,404 $ 160,959 $ 187,898 $ 133,312 $ 129,867 $ 370,329 $ 10,005 $ 1,197,774 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 |
Schedule of Troubled Debt Restructuring | The following table presents loans that were modified in a troubled debt restructuring during the three months ended March 31, 2022 and March 31, 2021: Three Months Ended March 31, 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 1 27 27 Commercial and financial 1 33 33 — — — Consumer 4 22 22 — — — Totals 8 $ 840 $ 840 1 $ 27 $ 27 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Allowance for Credit Losses | Activity in the allowance for credit losses is summarized as follows: Three Months Ended March 31, 2022 (In thousands) Beginning Initial Allowance on PCD Loans Acquired During the Period Provision Charge- Recoveries TDR Ending Construction and land development $ 2,751 $ — $ (493) $ — $ 10 $ — $ 2,268 Commercial real estate - owner-occupied 8,579 — 715 — — — 9,294 Commercial real estate - non owner-occupied 36,617 31 7,274 — — — 43,922 Residential real estate 12,811 17 1,060 (1) 191 (3) 14,075 Commercial and financial 19,744 3 (1,628) (569) 177 — 17,727 Consumer 2,813 — (372) (95) 208 (2) 2,552 Paycheck Protection Program — — — — — — — Totals $ 83,315 $ 51 $ 6,556 $ (665) $ 586 $ (5) $ 89,838 Three Months Ended March 31, 2021 (In thousands) Beginning Provision Charge- Recoveries TDR Ending Construction and land development $ 4,920 $ (510) $ — $ 18 $ — $ 4,428 Commercial real estate - owner occupied 9,868 (76) — — — 9,792 Commercial real estate - non-owner occupied 38,266 (2,038) — 1 — 36,229 Residential real estate 17,500 (3,372) — 229 (4) 14,353 Commercial and financial 18,690 775 (756) 207 — 18,916 Consumer 3,489 (494) (185) 116 (1) 2,925 Paycheck Protection Program — — — — — — Totals $ 92,733 $ (5,715) $ (941) $ 571 $ (5) $ 86,643 |
Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance | The allowance for credit losses is composed of specific allowances for loans individually evaluated and general allowances for loans grouped into loan pools based on similar characteristics, which are collectively evaluated. The Company’s loan portfolio and related allowance at March 31, 2022 and December 31, 2021 is shown in the following tables: March 31, 2022 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 248 $ 89 $ 259,173 $ 2,179 $ 259,421 $ 2,268 Commercial real estate - owner occupied 4,996 380 1,279,519 8,914 1,284,515 9,294 Commercial real estate - non owner-occupied 5,527 787 1,960,623 43,135 1,966,150 43,922 Residential real estate 13,154 312 1,586,491 13,763 1,599,645 14,075 Commercial and financial 13,172 2,511 1,119,334 15,216 1,132,506 17,727 Consumer 540 481 169,184 2,071 169,724 2,552 Paycheck Protection Program — — 39,256 — 39,256 — Totals $ 37,637 $ 4,560 $ 6,413,580 $ 85,278 $ 6,451,217 $ 89,838 December 31, 2021 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 271 $ 92 $ 230,553 $ 2,659 $ 230,824 $ 2,751 Commercial real estate - owner occupied 5,131 419 1,192,643 8,160 1,197,774 8,579 Commercial real estate - non owner-occupied 5,905 27 1,730,534 36,590 1,736,439 36,617 Residential real estate 16,345 646 1,409,009 12,165 1,425,354 12,811 Commercial and financial 11,470 2,885 1,057,886 16,859 1,069,356 19,744 Consumer 741 685 173,434 2,128 174,175 2,813 Paycheck Protection Program — — 91,107 — 91,107 — Totals $ 39,863 $ 4,754 $ 5,885,166 $ 78,561 $ 5,925,029 $ 83,315 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | (In thousands) Notional Amount Fair Value Balance Sheet Category At March 31, 2022 Back-to-back swaps $ 209,904 $ 8,923 Other Assets and Other Liabilities Interest rate floors 300,000 122 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 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Brokers and Dealers [Abstract] | |
Schedule of Securities Sold Under Agreements to Repurchase and Securities Pledged | Company securities pledged were as follows by collateral type and maturity as of: (In thousands) March 31, 2022 December 31, 2021 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities $ 152,817 $ 134,577 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets Measured on Recurring and Nonrecurring Basis | Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2022 and December 31, 2021 included: (In thousands) Fair Value Quoted Prices Significant Significant At March 31, 2022 Financial Assets Available-for-sale debt securities 1 $ 1,706,619 $ 191 $ 1,706,428 $ — Derivative financial instruments 2 9,045 — 9,045 — Loans held for sale 2 20,615 — 20,615 — Loans 3 8,395 — 1,517 6,878 Other real estate owned 4 11,567 — 2,420 9,147 Equity securities 5 8,864 8,864 — — Financial Liabilities Derivative financial instruments 2 $ 8,923 $ — $ 8,923 $ — At December 31, 2021 Financial Assets Available-for-sale debt securities 1 $ 1,644,319 $ 197 $ 1,644,122 $ — Derivative financial instruments 2 8,312 — 8,312 — Loans held for sale 2 31,791 — 31,791 — Loans 3 8,443 — 1,558 6,885 Other real estate owned 4 13,618 — — 13,618 Equity securities 5 9,316 9,316 — — Financial Liabilities Derivative financial instruments 2 $ 8,022 $ — $ 8,022 $ — 1 See “ Note 3 – Securities ” for further detail of fair value of individual investment categories. 2 Recurring fair value basis determined using observable market data. 3 S e e “ Note 4 – Loans .” N onrecurring 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. 4 Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. 5 An 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. |
Schedule of Aggregate Fair Value and Contractual Balance of Loans for Sale | The aggregate fair value and contractual balance of loans held for sale as of March 31, 2022 and December 31, 2021 is as follows: (In thousands) March 31, 2022 December 31, 2021 Aggregate fair value $ 20,615 $ 31,791 Contractual balance 20,087 30,963 Excess 528 828 |
Schedule of Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis | The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of March 31, 2022 and December 31, 2021 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2022 Financial Assets Debt securities held-to-maturity 1 $ 747,004 $ — $ 709,492 $ — Time deposits with other banks 5,975 — 5,933 — Loans, net 6,352,984 — — 6,423,158 Financial Liabilities Deposit liabilities 9,243,768 — — 9,238,260 Subordinated debt 71,716 — 69,416 — December 31, 2021 Financial Assets Debt securities held-to-maturity 1 $ 638,640 $ — $ 627,398 $ — Loans, net 5,833,271 — — 5,907,447 Financial Liabilities Deposit liabilities 8,067,589 — — 8,067,995 Subordinated debt 71,646 — 69,348 — 1 See “ Note 3 – Securities ” for further detail of individual investment categories. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price Calculation | The Company acquired 100% of the outstanding common stock of BBFC. Under the terms of the definitive agreement, each share of BBFC common stock was converted into the right to receive 0.7997 of a share of Seacoast common stock. (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 common stock issued 889 Multiplied by common stock price per share on January 3, 2022 $ 35.39 Value of common stock issued 31,480 Fair value of options converted 497 Total purchase price $ 31,977 The Company acquired 100% of the outstanding common stock of Sabal Palm. Under the terms of the definitive agreement, each share of Sabal Palm common stock was converted into the right to receive 0.2203 of a share of Seacoast common stock. (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 common stock issued 1,660 Multiplied by common stock price per share on January 3, 2022 $ 35.39 Value of common stock issued 58,762 Fair value of options converted 3,336 Total purchase price $ 62,098 The Company acquired 100% of the outstanding common stock of Legacy Bank. Under the terms of the definitive agreement, each share of Legacy Bank common stock was converted into the right to receive 0.1703 of a share of Seacoast common stock. (In thousands, except per share data) August 6, 2021 Number of Legacy Bank common shares outstanding 15,778 Per share exchange ratio 0.1703 Number of shares of common stock issued 2,687 Multiplied by common stock price per share on August 6, 2021 $ 32.19 Value of common stock issued 86,487 Cash paid for fractional shares 7 Fair value of options converted 4,736 Total purchase price $ 91,230 |
Schedule of Business Acquisitions | (In thousands) Initially Measured 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 (In thousands) Initially Measured 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 As part of the Legacy Bank acquisition, 356,497 options were granted to replace outstanding Legacy Bank options. These options had a weighted average exercise price of $16.70 and were fully vested upon acquisition. In accordance with ASC Topic 805, Business Combinations , the value of the replacement awards associated with pre-combination service, $4.7 million, was considered purchase consideration, and the value of the replacement awards associated with post-combination service, $0.9 million, was recognized as compensation expense in 2021. (In thousands) Initially Measured Assets: Cash $ 98,107 Investment securities 992 Loans 477,215 Bank premises and equipment 2,577 Core deposit intangibles 3,454 Goodwill 30,978 Other assets 15,532 Total assets $ 628,855 Liabilities: Deposits 494,921 Other liabilities 42,705 Total liabilities $ 537,626 |
Schedule of Fair Value of Acquired Loans, Unpaid Principal Balance, Purchase Price and Allowance for Credit Losses | The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. 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 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. January 3, 2022 (In thousands) Book Balance Fair Value Loans: 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 Residential real estate 71,469 72,227 Commercial and financial 17,797 17,501 Consumer 233 232 PPP loans 3,312 3,312 Total acquired loans $ 248,910 $ 246,152 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. 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 |
Schedule Purchase Credit Deteriorated Loans Acquired | The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) January 3, 2022 Book balance of loans at acquisition $ 714 Allowance for credit losses at acquisition (15) Non-credit related discount (48) Total PCD loans acquired $ 651 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (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 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) August 6, 2021 Book balance of loans at acquisition $ 66,371 Allowance for credit losses at acquisition (3,046) Non-credit related discount (736) Total PCD loans acquired $ 62,589 |
Schedule of Pro-Forma Data | Pro-forma data for the three months ended March 31, 2022 presents information as if the acquisition of Legacy Bank occurred at the beginning of 2020, and the acquisitions of BBFC and Sabal Palm occurred at the beginning of 2021, as follows: Three Months Ended March 31, (In thousands, except per share amounts) 2022 2021 Net interest income $ 76,504 $ 78,107 Net income 25,270 38,097 EPS - basic $ 0.41 $ 0.62 EPS - diluted 0.41 0.63 |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from diluted earnings per share calculation (in shares) | 0 | 0 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic earnings per share | ||
Net income | $ 20,588 | $ 33,719 |
Average common shares outstanding (in shares) | 61,127 | 55,271 |
Net income per share (in dollars per share) | $ 0.34 | $ 0.61 |
Diluted earnings per share | ||
Average common shares outstanding (in shares) | 61,127 | 55,271 |
Add: Dilutive effect of employee restricted stock and stock options (in shares) | 577 | 721 |
Average diluted shares outstanding (in shares) | 61,704 | 55,992 |
Net income per share (in dollars per share) | $ 0.33 | $ 0.60 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | $ 1,802,563 | $ 1,653,658 |
Available for sale, gross unrealized gains | 1,685 | 11,518 |
Available for sale, gross unrealized losses | (97,629) | (20,857) |
Available for sale, fair value | 1,706,619 | 1,644,319 |
Debt securities held-to-maturity | ||
Held to maturity, amortized cost, total | 747,004 | 638,640 |
Held to maturity, gross unrealized gains | 15,397 | 3,828 |
Held to maturity, gross unrealized losses | (52,909) | (15,070) |
Held to maturity, fair value | 709,492 | 627,398 |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 6,240 | 6,466 |
Available for sale, gross unrealized gains | 54 | 316 |
Available for sale, gross unrealized losses | (13) | (3) |
Available for sale, fair value | 6,281 | 6,779 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 1,335,336 | 1,234,721 |
Available for sale, gross unrealized gains | 829 | 8,308 |
Available for sale, gross unrealized losses | (91,495) | (20,309) |
Available for sale, fair value | 1,244,670 | 1,222,720 |
Debt securities held-to-maturity | ||
Held to maturity, amortized cost, total | 638,640 | |
Held to maturity, gross unrealized gains | 3,828 | |
Held to maturity, gross unrealized losses | (15,070) | |
Held to maturity, fair value | 709,492 | 627,398 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 114,286 | 88,096 |
Available for sale, gross unrealized gains | 284 | 1,091 |
Available for sale, gross unrealized losses | (3,274) | (420) |
Available for sale, fair value | 111,296 | 88,767 |
Debt securities held-to-maturity | ||
Held to maturity, fair value | 0 | |
Collateralized loan obligations | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 315,168 | 292,751 |
Available for sale, gross unrealized gains | 0 | 63 |
Available for sale, gross unrealized losses | (2,044) | (124) |
Available for sale, fair value | 313,124 | 292,690 |
Debt securities held-to-maturity | ||
Held to maturity, fair value | 0 | |
Obligations of state and political subdivisions | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 31,533 | 31,624 |
Available for sale, gross unrealized gains | 518 | 1,740 |
Available for sale, gross unrealized losses | (803) | (1) |
Available for sale, fair value | 31,248 | $ 33,363 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Debt securities held-to-maturity | ||
Held to maturity, amortized cost, total | 747,004 | |
Held to maturity, gross unrealized gains | 15,397 | |
Held to maturity, gross unrealized losses | (52,909) | |
Held to maturity, fair value | $ 709,492 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sale of available-for-sale debt securities, including legacy securities | $ 26,000 | $ 0 | |
Securities transferred from available for sale to held to maturity | 210,800 | ||
Securities transferred from available for sale to held to maturity, unrealized gains | 800 | ||
Unrealized losses on mortgage backed securities of government sponsored entities | 97,629 | $ 20,857 | |
Fair value of securities in unrealized loss position | 1,602,097 | 1,144,606 | |
Held-to-maturity securities, allowance for credit loss | 0 | ||
Federal Home Loan Bank and Federal Reserve stock recorded in other assets | 38,100 | ||
Accrued interest receivable on AFS debt securities | 3,400 | 3,400 | |
Accrued interest receivable on HTM debt securities | $ 1,200 | 1,000 | |
Common Class B | Visa | |||
Debt Securities, Available-for-sale [Line Items] | |||
Shares of Visa stock held (in shares) | 11,330 | ||
Common Class A | Visa | |||
Debt Securities, Available-for-sale [Line Items] | |||
Conversion rate of Class A stock for each share of Class B stock (in shares) | 1.6181 | ||
Shares issued (in shares) | 18,333 | ||
CRA - Qualified Mutual Fund | |||
Debt Securities, Available-for-sale [Line Items] | |||
Gross losses from sale of securities | $ 500 | $ 100 | |
Investment in mutual fund carried at fair value | 8,900 | ||
Public Deposits and Secured Borrowings | Carrying Value | Asset Pledged as Collateral | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of debt securities pledged as collateral | 446,700 | ||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses on mortgage backed securities of government sponsored entities | 91,495 | 20,309 | |
Fair value of securities in unrealized loss position | 1,190,132 | 967,834 | |
Allowance for credit losses on AFS debt securities | 0 | ||
Private mortgage-backed securities and collateralized mortgage obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses on mortgage backed securities of government sponsored entities | 3,274 | 420 | |
Fair value of securities in unrealized loss position | 89,054 | 43,268 | |
Allowance for credit losses on AFS debt securities | $ 0 | ||
Average credit support percentage | 24.00% | ||
Collateralized loan obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses on mortgage backed securities of government sponsored entities | $ 2,044 | 124 | |
Fair value of securities in unrealized loss position | 313,124 | $ 132,663 | |
Allowance for credit losses on AFS debt securities | $ 0 | ||
Collateralized loan obligations | Standard & Poor's, AAA Rating | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of positions held, percentage of total | 37.00% | ||
Collateralized loan obligations | Standard & Poor's, AA Rating | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of positions held, percentage of total | 25.00% |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Held to maturity, amortized cost, total | $ 747,004 | $ 638,640 |
Fair Value | ||
Held to maturity, fair value, total | 709,492 | 627,398 |
Amortized Cost | ||
Available for sale, amortized cost, total | 1,802,563 | 1,653,658 |
Fair Value | ||
Available for sale, fair value, total | 1,706,619 | 1,644,319 |
Other debt | ||
Amortized Cost | ||
Held to maturity, amortized cost, due in less than one year | 0 | |
Held to maturity, amortized cost, due after one year through five years | 0 | |
Held to maturity, amortized cost, due after five years through ten years | 0 | |
Held to maturity, amortized cost, due after ten years | 0 | |
Held to maturity, amortized cost, total | 0 | |
Fair Value | ||
Held to maturity, fair value, due in less than one year | 0 | |
Held to maturity, fair value, due after one year through five years | 0 | |
Held to maturity, fair value, due after five years through ten years | 0 | |
Held to maturity, fair value, due after ten years | 0 | |
Held to maturity, fair value, total | 0 | |
Amortized Cost | ||
Available for sale, amortized cost, due in less than one year | 2,776 | |
Available for sale, amortized cost, due after one year through five years | 14,493 | |
Available for sale, amortized cost, due after five years through ten years | 5,705 | |
Available for sale, amortized cost, due after ten years | 14,799 | |
Available for sale, amortized cost, total | 37,773 | |
Fair Value | ||
Available for sale, fair value, due in less than one year | 2,790 | |
Available for sale, fair value, due after one year through five years | 14,807 | |
Available for sale, fair value, due after five years through ten years | 5,698 | |
Available for sale, fair value, due after ten years | 14,234 | |
Available for sale, fair value, total | 37,529 | |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Amortized Cost | ||
Held to maturity, amortized cost, total | 747,004 | |
Fair Value | ||
Held to maturity, fair value, total | 709,492 | 627,398 |
Amortized Cost | ||
Available for sale, amortized cost, total | 1,335,336 | 1,234,721 |
Fair Value | ||
Available for sale, fair value, total | 1,244,670 | 1,222,720 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Amortized Cost | ||
Held to maturity, amortized cost, total | 0 | |
Fair Value | ||
Held to maturity, fair value, total | 0 | |
Amortized Cost | ||
Available for sale, amortized cost, total | 114,286 | 88,096 |
Fair Value | ||
Available for sale, fair value, total | 111,296 | 88,767 |
Collateralized loan obligations | ||
Amortized Cost | ||
Held to maturity, amortized cost, total | 0 | |
Fair Value | ||
Held to maturity, fair value, total | 0 | |
Amortized Cost | ||
Available for sale, amortized cost, total | 315,168 | 292,751 |
Fair Value | ||
Available for sale, fair value, total | $ 313,124 | $ 292,690 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Loss and Fair Value on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value | ||
Less Than 12 Months | $ 1,481,375 | $ 1,113,319 |
12 Months or Longer | 120,722 | 31,287 |
Total | 1,602,097 | 1,144,606 |
Unrealized Losses | ||
Less Than 12 Months | (86,274) | (19,831) |
12 Months or Longer | (11,355) | (1,026) |
Total | (97,629) | (20,857) |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Fair Value | ||
Less Than 12 Months | 303 | 97 |
12 Months or Longer | 229 | 245 |
Total | 532 | 342 |
Unrealized Losses | ||
Less Than 12 Months | (11) | (1) |
12 Months or Longer | (2) | (2) |
Total | (13) | (3) |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Fair Value | ||
Less Than 12 Months | 1,089,150 | 955,881 |
12 Months or Longer | 100,982 | 11,953 |
Total | 1,190,132 | 967,834 |
Unrealized Losses | ||
Less Than 12 Months | (80,423) | (19,575) |
12 Months or Longer | (11,072) | (734) |
Total | (91,495) | (20,309) |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value | ||
Less Than 12 Months | 84,333 | 33,640 |
12 Months or Longer | 4,721 | 9,628 |
Total | 89,054 | 43,268 |
Unrealized Losses | ||
Less Than 12 Months | (3,109) | (173) |
12 Months or Longer | (165) | (247) |
Total | (3,274) | (420) |
Collateralized loan obligations | ||
Fair Value | ||
Less Than 12 Months | 298,334 | 123,202 |
12 Months or Longer | 14,790 | 9,461 |
Total | 313,124 | 132,663 |
Unrealized Losses | ||
Less Than 12 Months | (1,928) | (81) |
12 Months or Longer | (116) | (43) |
Total | (2,044) | (124) |
Obligations of state and political subdivisions | ||
Fair Value | ||
Less Than 12 Months | 9,255 | 499 |
12 Months or Longer | 0 | 0 |
Total | 9,255 | 499 |
Unrealized Losses | ||
Less Than 12 Months | (803) | (1) |
12 Months or Longer | 0 | 0 |
Total | $ (803) | $ (1) |
Loans - Schedule of Portfolio L
Loans - Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 6,451,217 | $ 5,925,029 |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 259,421 | 230,824 |
Commercial real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,284,515 | 1,197,774 |
Commercial real estate - non owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,966,150 | 1,736,439 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,599,645 | 1,425,354 |
Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,132,506 | 1,069,356 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 169,724 | 174,175 |
Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 39,256 | 91,107 |
Acquired Non-PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,133,884 | 868,418 |
Acquired Non-PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 33,231 | 31,438 |
Acquired Non-PCD Loans | Commercial real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 273,498 | 186,812 |
Acquired Non-PCD Loans | Commercial real estate - non owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 488,400 | 382,554 |
Acquired Non-PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 214,401 | 156,957 |
Acquired Non-PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 110,161 | 84,395 |
Acquired Non-PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,074 | 4,658 |
Acquired Non-PCD Loans | Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 10,119 | 21,604 |
PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 118,223 | 126,939 |
PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 41 | 45 |
PCD Loans | Commercial real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 20,088 | 27,445 |
PCD Loans | Commercial real estate - non owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 77,480 | 75,705 |
PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,333 | 7,091 |
PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 15,281 | 16,643 |
PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 10 |
PCD Loans | Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,199,110 | 4,929,672 |
Portfolio Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 226,149 | 199,341 |
Portfolio Loans | Commercial real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 990,929 | 983,517 |
Portfolio Loans | Commercial real estate - non owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,400,270 | 1,278,180 |
Portfolio Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,379,911 | 1,261,306 |
Portfolio Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,007,064 | 968,318 |
Portfolio Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 165,650 | 169,507 |
Portfolio Loans | Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 29,137 | $ 69,503 |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Thousands | 3 Months Ended | 11 Months Ended | |
Mar. 31, 2022USD ($)contract | Mar. 31, 2021USD ($)contract | Dec. 31, 2021USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Net deferred costs | $ 27,600 | $ 31,000 | |
Accrued interest receivable | 15,500 | 14,700 | |
Interest income from securities with no related allowance | 800 | $ 200 | |
Allowance for credit loss on TDRs | $ 200 | $ 200 | |
Number of loans under trouble debt restructuring | contract | 1 | 0 | |
Amount of loans in default | $ 33 | ||
Interest income related to impaired loans with impairment measured on present value of expected future cash flows | 5 | $ 5 | |
Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Remaining fair value adjustment for loans acquired | $ 24,100 | $ 23,100 | |
Percentage of fair value adjustment for loans acquired | 1.90% | 2.30% | |
Portfolio Loans | Paycheck Protection Program | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Net deferred fees | $ 1,000 | $ 2,400 |
Loans - Past Due Financing Rece
Loans - Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 6,451,217 | $ 5,925,029 |
Nonaccrual | 26,209 | 30,598 |
Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,133,884 | 868,418 |
Nonaccrual | 2,729 | 3,454 |
PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 118,223 | 126,939 |
Nonaccrual | 11,483 | 11,322 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,420,359 | 5,888,713 |
Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,130,873 | 864,410 |
Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 106,740 | 115,617 |
Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,876 | 5,190 |
Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 282 | 317 |
Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 733 | 407 |
Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 200 |
Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 40 | 121 |
Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 37 |
Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 259,421 | 230,824 |
Nonaccrual | 232 | 259 |
Construction and land development | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 33,231 | 31,438 |
Nonaccrual | 0 | 0 |
Construction and land development | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 41 | 45 |
Nonaccrual | 4 | 5 |
Construction and land development | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 33,231 | 31,438 |
Construction and land development | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 37 | 40 |
Construction and land development | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,284,515 | 1,197,774 |
Nonaccrual | 3,842 | 3,966 |
Commercial real estate - owner-occupied | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 273,498 | 186,812 |
Nonaccrual | 0 | 0 |
Commercial real estate - owner-occupied | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 20,088 | 27,445 |
Nonaccrual | 3,173 | 3,253 |
Commercial real estate - owner-occupied | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 273,498 | 186,652 |
Commercial real estate - owner-occupied | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 16,915 | 24,192 |
Commercial real estate - owner-occupied | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - owner-occupied | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - owner-occupied | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 160 |
Commercial real estate - owner-occupied | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - owner-occupied | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - owner-occupied | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,966,150 | 1,736,439 |
Nonaccrual | 4,782 | 5,905 |
Commercial real estate - non owner-occupied | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 488,400 | 382,554 |
Nonaccrual | 1,225 | 1,044 |
Commercial real estate - non owner-occupied | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 77,480 | 75,705 |
Nonaccrual | 3,224 | 3,263 |
Commercial real estate - non owner-occupied | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 487,175 | 381,510 |
Commercial real estate - non owner-occupied | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 74,256 | 72,442 |
Commercial real estate - non owner-occupied | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non owner-occupied | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non owner-occupied | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non owner-occupied | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non owner-occupied | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non owner-occupied | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,599,645 | 1,425,354 |
Nonaccrual | 9,242 | 13,045 |
Residential real estate | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 214,401 | 156,957 |
Nonaccrual | 1,193 | 1,794 |
Residential real estate | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,333 | 7,091 |
Nonaccrual | 709 | 1,705 |
Residential real estate | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 213,208 | 154,981 |
Residential real estate | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,624 | 5,386 |
Residential real estate | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 182 |
Residential real estate | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,132,506 | 1,069,356 |
Nonaccrual | 7,750 | 6,869 |
Commercial and financial | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 110,161 | 84,395 |
Nonaccrual | 74 | 175 |
Commercial and financial | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 15,281 | 16,643 |
Nonaccrual | 4,373 | 3,096 |
Commercial and financial | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 109,805 | 84,180 |
Commercial and financial | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,908 | 13,547 |
Commercial and financial | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 282 | 0 |
Commercial and financial | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and financial | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 40 |
Commercial and financial | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and financial | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and financial | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 169,724 | 174,175 |
Nonaccrual | 361 | 554 |
Consumer | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,074 | 4,658 |
Nonaccrual | 237 | 441 |
Consumer | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 10 |
Nonaccrual | 0 | 0 |
Consumer | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,837 | 4,082 |
Consumer | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 10 |
Consumer | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 135 |
Consumer | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Paycheck Protection Program | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 39,256 | 91,107 |
Paycheck Protection Program | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,119 | 21,604 |
Nonaccrual | 0 | 0 |
Paycheck Protection Program | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Paycheck Protection Program | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,119 | 21,567 |
Paycheck Protection Program | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Paycheck Protection Program | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Paycheck Protection Program | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 37 |
Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,199,110 | 4,929,672 |
Nonaccrual | 11,997 | 15,822 |
Portfolio Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,182,746 | 4,908,686 |
Portfolio Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,594 | 4,873 |
Portfolio Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 733 | 207 |
Portfolio Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 40 | 84 |
Portfolio Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 226,149 | 199,341 |
Nonaccrual | 228 | 254 |
Portfolio Loans | Construction and land development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 225,921 | 199,087 |
Portfolio Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial real estate - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 990,929 | 983,517 |
Nonaccrual | 669 | 713 |
Portfolio Loans | Commercial real estate - owner-occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 990,260 | 982,804 |
Portfolio Loans | Commercial real estate - owner-occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial real estate - owner-occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial real estate - owner-occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial real estate - non owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,400,270 | 1,278,180 |
Nonaccrual | 333 | 1,598 |
Portfolio Loans | Commercial real estate - non owner-occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,399,902 | 1,276,582 |
Portfolio Loans | Commercial real estate - non owner-occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 35 | 0 |
Portfolio Loans | Commercial real estate - non owner-occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial real estate - non owner-occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,379,911 | 1,261,306 |
Nonaccrual | 7,340 | 9,546 |
Portfolio Loans | Residential real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,372,141 | 1,248,160 |
Portfolio Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 155 | 3,457 |
Portfolio Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 275 | 143 |
Portfolio Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,007,064 | 968,318 |
Nonaccrual | 3,303 | 3,598 |
Portfolio Loans | Commercial and financial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,000,983 | 963,828 |
Portfolio Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,738 | 851 |
Portfolio Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 41 |
Portfolio Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 40 | 0 |
Portfolio Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 165,650 | 169,507 |
Nonaccrual | 124 | 113 |
Portfolio Loans | Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 164,430 | 168,791 |
Portfolio Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 638 | 565 |
Portfolio Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 458 | 23 |
Portfolio Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 15 |
Portfolio Loans | Paycheck Protection Program | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 29,137 | 69,503 |
Nonaccrual | 0 | 0 |
Portfolio Loans | Paycheck Protection Program | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 29,109 | 69,434 |
Portfolio Loans | Paycheck Protection Program | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 28 | 0 |
Portfolio Loans | Paycheck Protection Program | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Paycheck Protection Program | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 0 | $ 69 |
Loans - Schedule of Nonaccrual
Loans - Schedule of Nonaccrual Loans by Loan Category (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | $ 19,541 | $ 22,566 |
Nonaccrual Loans With an Allowance | 6,668 | 8,032 |
Total Nonaccrual Loans | 26,209 | 30,598 |
Allowance for Credit Losses | 2,796 | 3,804 |
Construction and land development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 12 | 37 |
Nonaccrual Loans With an Allowance | 220 | 222 |
Total Nonaccrual Loans | 232 | 259 |
Allowance for Credit Losses | 89 | 92 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 2,871 | 2,976 |
Nonaccrual Loans With an Allowance | 971 | 990 |
Total Nonaccrual Loans | 3,842 | 3,966 |
Allowance for Credit Losses | 380 | 419 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 3,406 | 4,490 |
Nonaccrual Loans With an Allowance | 1,376 | 1,415 |
Total Nonaccrual Loans | 4,782 | 5,905 |
Allowance for Credit Losses | 18 | 27 |
Residential real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 9,145 | 12,358 |
Nonaccrual Loans With an Allowance | 97 | 687 |
Total Nonaccrual Loans | 9,242 | 13,045 |
Allowance for Credit Losses | 35 | 357 |
Commercial and financial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 4,084 | 2,676 |
Nonaccrual Loans With an Allowance | 3,666 | 4,193 |
Total Nonaccrual Loans | 7,750 | 6,869 |
Allowance for Credit Losses | 1,945 | 2,384 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 23 | 29 |
Nonaccrual Loans With an Allowance | 338 | 525 |
Total Nonaccrual Loans | 361 | 554 |
Allowance for Credit Losses | $ 329 | $ 525 |
Loans - Schedule of Collateral
Loans - Schedule of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | $ 29,441 | $ 35,716 |
Construction and land development | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 248 | 271 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 4,581 | 4,706 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 3,619 | 4,923 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 12,482 | 16,334 |
Commercial and financial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 8,033 | 8,741 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | $ 478 | $ 741 |
Loans - Risk Categories of Loan
Loans - Risk Categories of Loans by Class of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 322,796 | $ 1,563,032 |
One year prior to current fiscal year | 1,751,081 | 745,584 |
Two years prior to current fiscal year | 768,351 | 751,942 |
Three years prior to current fiscal year | 756,406 | 581,648 |
Four years prior to current fiscal year | 551,150 | 423,022 |
Prior | 1,571,242 | 1,181,217 |
Revolving | 730,191 | 678,584 |
Total | 6,451,217 | 5,925,029 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 322,796 | 1,562,502 |
One year prior to current fiscal year | 1,750,126 | 716,570 |
Two years prior to current fiscal year | 740,157 | 729,697 |
Three years prior to current fiscal year | 732,595 | 549,567 |
Four years prior to current fiscal year | 519,701 | 408,614 |
Prior | 1,509,883 | 1,125,909 |
Revolving | 723,635 | 672,256 |
Total | 6,298,893 | 5,765,115 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 530 |
One year prior to current fiscal year | 511 | 22,138 |
Two years prior to current fiscal year | 21,463 | 6,645 |
Three years prior to current fiscal year | 6,708 | 993 |
Four years prior to current fiscal year | 927 | 925 |
Prior | 14,362 | 18,430 |
Revolving | 2,208 | 2,607 |
Total | 46,179 | 52,268 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 437 | 5,487 |
Two years prior to current fiscal year | 5,303 | 5,632 |
Three years prior to current fiscal year | 7,825 | 26,800 |
Four years prior to current fiscal year | 25,305 | 6,701 |
Prior | 29,453 | 22,515 |
Revolving | 1,015 | 648 |
Total | 69,338 | 67,783 |
Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 7 | 1,389 |
Two years prior to current fiscal year | 1,428 | 9,968 |
Three years prior to current fiscal year | 9,278 | 4,288 |
Four years prior to current fiscal year | 5,217 | 6,782 |
Prior | 17,544 | 14,363 |
Revolving | 3,333 | 3,073 |
Total | 36,807 | 39,863 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 15,252 | 94,318 |
One year prior to current fiscal year | 118,289 | 23,860 |
Two years prior to current fiscal year | 22,227 | 38,058 |
Three years prior to current fiscal year | 30,059 | 25,729 |
Four years prior to current fiscal year | 16,441 | 3,995 |
Prior | 16,766 | 15,515 |
Revolving | 40,387 | 29,349 |
Total | 259,421 | 230,824 |
Construction and land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 15,252 | 94,318 |
One year prior to current fiscal year | 118,289 | 23,860 |
Two years prior to current fiscal year | 22,227 | 38,058 |
Three years prior to current fiscal year | 30,059 | 25,507 |
Four years prior to current fiscal year | 16,221 | 3,995 |
Prior | 16,738 | 15,466 |
Revolving | 40,387 | 29,349 |
Total | 259,173 | 230,553 |
Construction and land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Construction and land development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 7 | 0 |
Revolving | 0 | 0 |
Total | 7 | 0 |
Construction and land development | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 222 |
Four years prior to current fiscal year | 220 | 0 |
Prior | 21 | 49 |
Revolving | 0 | 0 |
Total | 241 | 271 |
Construction and land development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 57,482 | 205,404 |
One year prior to current fiscal year | 216,122 | 160,959 |
Two years prior to current fiscal year | 168,302 | 187,898 |
Three years prior to current fiscal year | 200,202 | 133,312 |
Four years prior to current fiscal year | 129,090 | 129,867 |
Prior | 501,538 | 370,329 |
Revolving | 11,779 | 10,005 |
Total | 1,284,515 | 1,197,774 |
Commercial real estate - owner-occupied | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 57,482 | 205,404 |
One year prior to current fiscal year | 216,122 | 154,432 |
Two years prior to current fiscal year | 161,838 | 179,786 |
Three years prior to current fiscal year | 192,208 | 132,353 |
Four years prior to current fiscal year | 128,139 | 125,763 |
Prior | 492,637 | 363,986 |
Revolving | 11,429 | 10,005 |
Total | 1,259,855 | 1,171,729 |
Commercial real estate - owner-occupied | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 6,527 |
Two years prior to current fiscal year | 6,464 | 5,370 |
Three years prior to current fiscal year | 5,322 | 649 |
Four years prior to current fiscal year | 641 | 218 |
Prior | 1,528 | 3,250 |
Revolving | 0 | 0 |
Total | 13,955 | 16,014 |
Commercial real estate - owner-occupied | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 3,290 |
Prior | 5,359 | 1,610 |
Revolving | 350 | 0 |
Total | 5,709 | 4,900 |
Commercial real estate - owner-occupied | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 2,742 |
Three years prior to current fiscal year | 2,672 | 310 |
Four years prior to current fiscal year | 310 | 596 |
Prior | 2,014 | 1,483 |
Revolving | 0 | 0 |
Total | 4,996 | 5,131 |
Commercial real estate - owner-occupied | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 174,966 | 395,308 |
One year prior to current fiscal year | 415,704 | 213,644 |
Two years prior to current fiscal year | 233,724 | 303,723 |
Three years prior to current fiscal year | 313,889 | 209,545 |
Four years prior to current fiscal year | 209,509 | 113,505 |
Prior | 610,795 | 494,237 |
Revolving | 7,563 | 6,477 |
Total | 1,966,150 | 1,736,439 |
Commercial real estate - non owner-occupied | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 174,966 | 395,308 |
One year prior to current fiscal year | 415,704 | 207,824 |
Two years prior to current fiscal year | 227,927 | 298,021 |
Three years prior to current fiscal year | 305,852 | 186,339 |
Four years prior to current fiscal year | 186,363 | 110,990 |
Prior | 578,279 | 460,435 |
Revolving | 7,563 | 6,477 |
Total | 1,896,654 | 1,665,394 |
Commercial real estate - non owner-occupied | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 844 |
Three years prior to current fiscal year | 837 | 0 |
Four years prior to current fiscal year | 0 | 289 |
Prior | 10,640 | 13,850 |
Revolving | 0 | 0 |
Total | 11,477 | 14,983 |
Commercial real estate - non owner-occupied | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 4,776 |
Two years prior to current fiscal year | 4,753 | 3,009 |
Three years prior to current fiscal year | 5,351 | 23,206 |
Four years prior to current fiscal year | 23,146 | 1,900 |
Prior | 19,242 | 17,266 |
Revolving | 0 | 0 |
Total | 52,492 | 50,157 |
Commercial real estate - non owner-occupied | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 1,044 |
Two years prior to current fiscal year | 1,044 | 1,849 |
Three years prior to current fiscal year | 1,849 | 0 |
Four years prior to current fiscal year | 0 | 326 |
Prior | 2,634 | 2,686 |
Revolving | 0 | 0 |
Total | 5,527 | 5,905 |
Commercial real estate - non owner-occupied | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 14,211 | 394,547 |
One year prior to current fiscal year | 564,750 | 114,853 |
Two years prior to current fiscal year | 121,445 | 91,290 |
Three years prior to current fiscal year | 90,554 | 119,945 |
Four years prior to current fiscal year | 110,519 | 123,029 |
Prior | 323,950 | 224,122 |
Revolving | 374,216 | 357,568 |
Total | 1,599,645 | 1,425,354 |
Residential real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 14,211 | 394,547 |
One year prior to current fiscal year | 564,750 | 114,364 |
Two years prior to current fiscal year | 120,963 | 90,566 |
Three years prior to current fiscal year | 90,420 | 119,836 |
Four years prior to current fiscal year | 110,413 | 118,556 |
Prior | 311,573 | 213,950 |
Revolving | 370,928 | 354,439 |
Total | 1,583,258 | 1,406,258 |
Residential real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 70 |
Four years prior to current fiscal year | 13 | 0 |
Prior | 1,120 | 1,243 |
Revolving | 75 | 532 |
Total | 1,208 | 1,845 |
Residential real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 340 |
Two years prior to current fiscal year | 338 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 55 | 58 |
Prior | 1,480 | 422 |
Revolving | 201 | 86 |
Total | 2,074 | 906 |
Residential real estate | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 149 |
Two years prior to current fiscal year | 144 | 724 |
Three years prior to current fiscal year | 134 | 39 |
Four years prior to current fiscal year | 38 | 4,415 |
Prior | 9,777 | 8,507 |
Revolving | 3,012 | 2,511 |
Total | 13,105 | 16,345 |
Residential real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Commercial and financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 51,836 | 341,356 |
One year prior to current fiscal year | 351,527 | 196,831 |
Two years prior to current fiscal year | 191,698 | 104,238 |
Three years prior to current fiscal year | 98,036 | 75,757 |
Four years prior to current fiscal year | 70,248 | 42,389 |
Prior | 96,683 | 60,874 |
Revolving | 272,478 | 247,911 |
Total | 1,132,506 | 1,069,356 |
Commercial and financial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 51,836 | 340,826 |
One year prior to current fiscal year | 351,023 | 180,677 |
Two years prior to current fiscal year | 176,311 | 97,072 |
Three years prior to current fiscal year | 90,587 | 68,232 |
Four years prior to current fiscal year | 63,294 | 39,331 |
Prior | 89,736 | 56,053 |
Revolving | 271,721 | 246,568 |
Total | 1,094,508 | 1,028,759 |
Commercial and financial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 530 |
One year prior to current fiscal year | 504 | 15,587 |
Two years prior to current fiscal year | 14,956 | 0 |
Three years prior to current fiscal year | 449 | 237 |
Four years prior to current fiscal year | 235 | 251 |
Prior | 637 | 84 |
Revolving | 385 | 876 |
Total | 17,166 | 17,565 |
Commercial and financial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 371 |
Two years prior to current fiscal year | 212 | 2,605 |
Three years prior to current fiscal year | 2,466 | 3,594 |
Four years prior to current fiscal year | 2,104 | 1,436 |
Prior | 3,365 | 3,217 |
Revolving | 273 | 339 |
Total | 8,420 | 11,562 |
Commercial and financial | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 196 |
Two years prior to current fiscal year | 219 | 4,561 |
Three years prior to current fiscal year | 4,534 | 3,694 |
Four years prior to current fiscal year | 4,615 | 1,371 |
Prior | 2,945 | 1,520 |
Revolving | 99 | 128 |
Total | 12,412 | 11,470 |
Commercial and financial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 9,049 | 45,063 |
One year prior to current fiscal year | 47,385 | 31,366 |
Two years prior to current fiscal year | 29,003 | 26,735 |
Three years prior to current fiscal year | 23,666 | 17,360 |
Four years prior to current fiscal year | 15,343 | 10,237 |
Prior | 21,510 | 16,140 |
Revolving | 23,768 | 27,274 |
Total | 169,724 | 174,175 |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 9,049 | 45,063 |
One year prior to current fiscal year | 46,934 | 31,342 |
Two years prior to current fiscal year | 28,939 | 26,194 |
Three years prior to current fiscal year | 23,469 | 17,300 |
Four years prior to current fiscal year | 15,271 | 9,979 |
Prior | 20,920 | 16,019 |
Revolving | 21,607 | 25,418 |
Total | 166,189 | 171,315 |
Consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 7 | 24 |
Two years prior to current fiscal year | 43 | 431 |
Three years prior to current fiscal year | 100 | 37 |
Four years prior to current fiscal year | 38 | 167 |
Prior | 437 | 3 |
Revolving | 1,748 | 1,199 |
Total | 2,373 | 1,861 |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 437 | 0 |
Two years prior to current fiscal year | 0 | 18 |
Three years prior to current fiscal year | 8 | 0 |
Four years prior to current fiscal year | 0 | 17 |
Prior | 0 | 0 |
Revolving | 191 | 223 |
Total | 636 | 258 |
Consumer | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 7 | 0 |
Two years prior to current fiscal year | 21 | 92 |
Three years prior to current fiscal year | 89 | 23 |
Four years prior to current fiscal year | 34 | 74 |
Prior | 153 | 118 |
Revolving | 222 | 434 |
Total | 526 | 741 |
Consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Paycheck Protection Program | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 87,036 |
One year prior to current fiscal year | 37,304 | 4,071 |
Two years prior to current fiscal year | 1,952 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 39,256 | 91,107 |
Paycheck Protection Program | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 87,036 |
One year prior to current fiscal year | 37,304 | 4,071 |
Two years prior to current fiscal year | 1,952 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | $ 39,256 | $ 91,107 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)contract | Mar. 31, 2021USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 8 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 840 | $ 27 |
Post-Modification Outstanding Recorded Investment | $ 840 | $ 27 |
Construction and land development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Residential real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 785 | $ 27 |
Post-Modification Outstanding Recorded Investment | $ 785 | $ 27 |
Commercial and financial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 33 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 33 | $ 0 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 4 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 22 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 22 | $ 0 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | $ 83,315 | $ 92,733 |
Initial Allowance on PCD Loans Acquired During the Period | 51 | |
Provision for Credit Losses | 6,556 | (5,715) |
Charge- Offs | (665) | (941) |
Recoveries | 586 | 571 |
TDR Allowance Adjustments | (5) | (5) |
Ending Balance | 89,838 | 86,643 |
Construction and land development | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 2,751 | 4,920 |
Initial Allowance on PCD Loans Acquired During the Period | 0 | |
Provision for Credit Losses | (493) | (510) |
Charge- Offs | 0 | 0 |
Recoveries | 10 | 18 |
TDR Allowance Adjustments | 0 | 0 |
Ending Balance | 2,268 | 4,428 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 8,579 | 9,868 |
Initial Allowance on PCD Loans Acquired During the Period | 0 | |
Provision for Credit Losses | 715 | (76) |
Charge- Offs | 0 | 0 |
Recoveries | 0 | 0 |
TDR Allowance Adjustments | 0 | 0 |
Ending Balance | 9,294 | 9,792 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 36,617 | 38,266 |
Initial Allowance on PCD Loans Acquired During the Period | 31 | |
Provision for Credit Losses | 7,274 | (2,038) |
Charge- Offs | 0 | 0 |
Recoveries | 0 | 1 |
TDR Allowance Adjustments | 0 | 0 |
Ending Balance | 43,922 | 36,229 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 12,811 | 17,500 |
Initial Allowance on PCD Loans Acquired During the Period | 17 | |
Provision for Credit Losses | 1,060 | (3,372) |
Charge- Offs | (1) | 0 |
Recoveries | 191 | 229 |
TDR Allowance Adjustments | (3) | (4) |
Ending Balance | 14,075 | 14,353 |
Commercial and financial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 19,744 | 18,690 |
Initial Allowance on PCD Loans Acquired During the Period | 3 | |
Provision for Credit Losses | (1,628) | 775 |
Charge- Offs | (569) | (756) |
Recoveries | 177 | 207 |
TDR Allowance Adjustments | 0 | 0 |
Ending Balance | 17,727 | 18,916 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 2,813 | 3,489 |
Initial Allowance on PCD Loans Acquired During the Period | 0 | |
Provision for Credit Losses | (372) | (494) |
Charge- Offs | (95) | (185) |
Recoveries | 208 | 116 |
TDR Allowance Adjustments | (2) | (1) |
Ending Balance | 2,552 | 2,925 |
Paycheck Protection Program | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | 0 | 0 |
Initial Allowance on PCD Loans Acquired During the Period | 0 | |
Provision for Credit Losses | 0 | 0 |
Charge- Offs | 0 | 0 |
Recoveries | 0 | 0 |
TDR Allowance Adjustments | 0 | 0 |
Ending Balance | $ 0 | $ 0 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Recorded Investment | ||||
Individually Evaluated | $ 37,637 | $ 39,863 | ||
Collectively Evaluated | 6,413,580 | 5,885,166 | ||
Total | 6,451,217 | 5,925,029 | ||
Associated Allowance | ||||
Individually Evaluated | 4,560 | 4,754 | ||
Collectively Evaluated | 85,278 | 78,561 | ||
Total | 89,838 | 83,315 | $ 86,643 | $ 92,733 |
Construction and land development | ||||
Recorded Investment | ||||
Individually Evaluated | 248 | 271 | ||
Collectively Evaluated | 259,173 | 230,553 | ||
Total | 259,421 | 230,824 | ||
Associated Allowance | ||||
Individually Evaluated | 89 | 92 | ||
Collectively Evaluated | 2,179 | 2,659 | ||
Total | 2,268 | 2,751 | 4,428 | 4,920 |
Commercial real estate - owner-occupied | ||||
Recorded Investment | ||||
Individually Evaluated | 4,996 | 5,131 | ||
Collectively Evaluated | 1,279,519 | 1,192,643 | ||
Total | 1,284,515 | 1,197,774 | ||
Associated Allowance | ||||
Individually Evaluated | 380 | 419 | ||
Collectively Evaluated | 8,914 | 8,160 | ||
Total | 9,294 | 8,579 | 9,792 | 9,868 |
Commercial real estate - non owner-occupied | ||||
Recorded Investment | ||||
Individually Evaluated | 5,527 | 5,905 | ||
Collectively Evaluated | 1,960,623 | 1,730,534 | ||
Total | 1,966,150 | 1,736,439 | ||
Associated Allowance | ||||
Individually Evaluated | 787 | 27 | ||
Collectively Evaluated | 43,135 | 36,590 | ||
Total | 43,922 | 36,617 | 36,229 | 38,266 |
Residential real estate | ||||
Recorded Investment | ||||
Individually Evaluated | 13,154 | 16,345 | ||
Collectively Evaluated | 1,586,491 | 1,409,009 | ||
Total | 1,599,645 | 1,425,354 | ||
Associated Allowance | ||||
Individually Evaluated | 312 | 646 | ||
Collectively Evaluated | 13,763 | 12,165 | ||
Total | 14,075 | 12,811 | 14,353 | 17,500 |
Commercial and financial | ||||
Recorded Investment | ||||
Individually Evaluated | 13,172 | 11,470 | ||
Collectively Evaluated | 1,119,334 | 1,057,886 | ||
Total | 1,132,506 | 1,069,356 | ||
Associated Allowance | ||||
Individually Evaluated | 2,511 | 2,885 | ||
Collectively Evaluated | 15,216 | 16,859 | ||
Total | 17,727 | 19,744 | 18,916 | 18,690 |
Consumer | ||||
Recorded Investment | ||||
Individually Evaluated | 540 | 741 | ||
Collectively Evaluated | 169,184 | 173,434 | ||
Total | 169,724 | 174,175 | ||
Associated Allowance | ||||
Individually Evaluated | 481 | 685 | ||
Collectively Evaluated | 2,071 | 2,128 | ||
Total | 2,552 | 2,813 | 2,925 | 3,489 |
Paycheck Protection Program | ||||
Recorded Investment | ||||
Individually Evaluated | 0 | 0 | ||
Collectively Evaluated | 39,256 | 91,107 | ||
Total | 39,256 | 91,107 | ||
Associated Allowance | ||||
Individually Evaluated | 0 | 0 | ||
Collectively Evaluated | 0 | 0 | ||
Total | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)contract | Dec. 31, 2021USD ($) | |
Derivative [Line Items] | ||
Loss recognized in OCI | $ 200 | |
Reclassification from AOCI into income | 100 | |
Back-to-Back Swap | ||
Derivative [Line Items] | ||
Notional amount | $ 209,904 | $ 175,392 |
Weighted average maturity (in years) | 6 years 6 months | 6 years 8 months 12 days |
Back-to-Back Swap | Other Assets and Other Liabilities | ||
Derivative [Line Items] | ||
Fair value of derivative assets and liabilities | $ 8,923 | $ 8,022 |
Interest Rate Floor | ||
Derivative [Line Items] | ||
Notional amount | $ 300,000 | 300,000 |
Number of derivative contracts | contract | 2 | |
Amount expected to be reclassified from accumulated other comprehensive income into interest income | $ 400 | |
Interest Rate Floor | Other Assets | ||
Derivative [Line Items] | ||
Fair value of derivative assets and liabilities | 122 | 290 |
Fair value of derivative assets | 100 | $ 300 |
Interest Rate Floor, October 2023 Maturity | ||
Derivative [Line Items] | ||
Notional amount | 150,000 | |
Interest Rate Floor, November 2023 Maturity | ||
Derivative [Line Items] | ||
Notional amount | $ 150,000 |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Back-to-back swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 209,904 | $ 175,392 |
Back-to-back swaps | Other Assets and Other Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivative assets and liabilities | 8,923 | 8,022 |
Interest rate floors | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 300,000 | 300,000 |
Interest rate floors | Other Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivative assets and liabilities | $ 122 | $ 290 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Schedule of Securities Sold Under Agreements to Repurchase and Securities Pledged (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value | Repurchase Agreement | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | Asset Pledged as Collateral | ||
Fair value of pledged securities - overnight and continuous: | ||
Fair value of debt securities pledged as collateral | $ 152,817 | $ 134,577 |
Equity Capital (Details)
Equity Capital (Details) | Mar. 31, 2022 |
Equity [Abstract] | |
Regulatory threshold percentage for well-capitalized institutions | 0.065 |
Fair Value - Fair Value of Asse
Fair Value - Fair Value of Assets Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial Assets | ||
Available-for-sale debt securities | $ 1,706,619 | $ 1,644,319 |
Loans held for sale | 20,615 | 31,791 |
Other real estate owned | 11,567 | 13,618 |
Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Available-for-sale debt securities | 1,706,619 | 1,644,319 |
Derivative financial instruments | 9,045 | 8,312 |
Loans held for sale | 20,615 | 31,791 |
Equity securities | 8,864 | 9,316 |
Financial Liabilities | ||
Derivative financial instruments | 8,923 | 8,022 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Available-for-sale debt securities | 191 | 197 |
Derivative financial instruments | 0 | 0 |
Loans held for sale | 0 | 0 |
Equity securities | 8,864 | 9,316 |
Financial Liabilities | ||
Derivative financial instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Available-for-sale debt securities | 1,706,428 | 1,644,122 |
Derivative financial instruments | 9,045 | 8,312 |
Loans held for sale | 20,615 | 31,791 |
Equity securities | 0 | 0 |
Financial Liabilities | ||
Derivative financial instruments | 8,923 | 8,022 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Available-for-sale debt securities | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Loans held for sale | 0 | 0 |
Equity securities | 0 | 0 |
Financial Liabilities | ||
Derivative financial instruments | 0 | 0 |
Fair Value, Measurements, Nonrecurring | ||
Financial Assets | ||
Loans | 8,395 | 8,443 |
Other real estate owned | 11,567 | 13,618 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Loans | 1,517 | 1,558 |
Other real estate owned | 2,420 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Loans | 6,878 | 6,885 |
Other real estate owned | $ 9,147 | $ 13,618 |
Fair Value - Aggregate Fair Val
Fair Value - Aggregate Fair Value and Contractual Balance of Loans for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Value of loans held for sale | $ 20,615 | $ 31,791 |
Excess | 528 | 828 |
Contractual Balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Value of loans held for sale | $ 20,087 | $ 30,963 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Average capitalization rate | 7.00% | |
Collateral-Dependent Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of impaired loans | $ 12.7 | $ 13.1 |
Specific reserve on collateral dependent loans | $ 4.3 | $ 4.7 |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial Assets | ||
Debt securities held-to-maturity | $ 747,004 | $ 638,640 |
Time deposits with other banks | 5,975 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Debt securities held-to-maturity | 0 | 0 |
Time deposits with other banks | 0 | |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposit liabilities | 0 | 0 |
Subordinated debt | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Debt securities held-to-maturity | 709,492 | 627,398 |
Time deposits with other banks | 5,933 | |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposit liabilities | 0 | 0 |
Subordinated debt | 69,416 | 69,348 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Debt securities held-to-maturity | 0 | 0 |
Time deposits with other banks | 0 | |
Loans, net | 6,423,158 | 5,907,447 |
Financial Liabilities | ||
Deposit liabilities | 9,238,260 | 8,067,995 |
Subordinated debt | 0 | 0 |
Carrying Value | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Debt securities held-to-maturity | 747,004 | 638,640 |
Time deposits with other banks | 5,975 | |
Loans, net | 6,352,984 | 5,833,271 |
Financial Liabilities | ||
Deposit liabilities | 9,243,768 | 8,067,589 |
Subordinated debt | $ 71,716 | $ 71,646 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) | Jan. 03, 2022USD ($)branch$ / sharesshares | Aug. 06, 2021USD ($)branch$ / sharesshares | Mar. 31, 2022USD ($)branch | Dec. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | ||||||
Initial allowance for credit losses | $ 89,838,000 | $ 83,315,000 | $ 86,643,000 | $ 92,733,000 | ||
Apollo Bancshares, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches operated | branch | 5 | |||||
Deposits to be acquired in acquisition | $ 947,000,000 | |||||
Loans to be acquired in acquisition | $ 705,000,000 | |||||
Business Bank of Florida | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches operated | branch | 1 | |||||
Percentage of common stock acquired | 100.00% | |||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.7997 | |||||
Goodwill recognized from acquisition, nondeductible | $ 8,000,000 | |||||
Initial allowance for credit losses | 1,800,000 | |||||
Deposits to be acquired in acquisition | 166,326,000 | |||||
Loans to be acquired in acquisition | $ 121,774,000 | |||||
Business Bank of Florida | Stock Option | Seacoast 2021 Incentive Plan | ||||||
Business Acquisition [Line Items] | ||||||
Shares granted (in shares) | shares | 52,432 | |||||
Weighted-average exercise price, granted (in dollars per share) | $ / shares | $ 26.63 | |||||
Fair value of options converted | $ 500,000 | |||||
Business Bank of Florida | PCD Loans | ||||||
Business Acquisition [Line Items] | ||||||
Initial allowance for credit losses | 15,000 | |||||
Loans to be acquired in acquisition | 651,000 | |||||
Business Bank of Florida | Acquired Non-PCD Loans | ||||||
Business Acquisition [Line Items] | ||||||
Initial allowance for credit losses | $ 1,800,000 | |||||
Sabal Palm Bancorp, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches operated | branch | 3 | |||||
Percentage of common stock acquired | 100.00% | |||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.2203 | |||||
Goodwill recognized from acquisition, nondeductible | $ 26,500,000 | |||||
Fair value of options converted | 3,336,000 | |||||
Initial allowance for credit losses | 3,400,000 | |||||
Deposits to be acquired in acquisition | 395,952,000 | |||||
Loans to be acquired in acquisition | $ 246,152,000 | |||||
Sabal Palm Bancorp, Inc. | Stock Option | Seacoast 2021 Incentive Plan | ||||||
Business Acquisition [Line Items] | ||||||
Shares granted (in shares) | shares | 188,253 | |||||
Weighted-average exercise price, granted (in dollars per share) | $ / shares | $ 17.84 | |||||
Fair value of options converted | $ 3,300,000 | |||||
Sabal Palm Bancorp, Inc. | PCD Loans | ||||||
Business Acquisition [Line Items] | ||||||
Initial allowance for credit losses | 37,000 | |||||
Loans to be acquired in acquisition | 3,003,000 | |||||
Sabal Palm Bancorp, Inc. | Acquired Non-PCD Loans | ||||||
Business Acquisition [Line Items] | ||||||
Initial allowance for credit losses | $ 3,400,000 | |||||
Legacy Bank of Florida | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches operated | branch | 5 | |||||
Percentage of common stock acquired | 100.00% | |||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.7997 | 0.1703 | ||||
Goodwill recognized from acquisition, nondeductible | $ 31,000,000 | |||||
Fair value of options converted | $ 497,000 | 4,736,000 | ||||
Initial allowance for credit losses | 11,200,000 | |||||
Deposits to be acquired in acquisition | 494,921,000 | |||||
Loans to be acquired in acquisition | $ 477,215,000 | |||||
Legacy Bank of Florida | Stock Option | Seacoast 2021 Incentive Plan | ||||||
Business Acquisition [Line Items] | ||||||
Shares granted (in shares) | shares | 356,497 | |||||
Weighted-average exercise price, granted (in dollars per share) | $ / shares | $ 16.70 | |||||
Fair value of options converted | $ 4,700,000 | |||||
Share-based compensation expense | $ 900,000 | |||||
Legacy Bank of Florida | PCD Loans | ||||||
Business Acquisition [Line Items] | ||||||
Initial allowance for credit losses | 3,000,000 | |||||
Loans to be acquired in acquisition | 62,589,000 | |||||
Legacy Bank of Florida | Acquired Non-PCD Loans | ||||||
Business Acquisition [Line Items] | ||||||
Initial allowance for credit losses | $ 8,200,000 |
Business Combinations - Purchas
Business Combinations - Purchase Price (Details) $ / shares in Units, $ in Thousands | Jan. 03, 2022USD ($)$ / sharesshares | Aug. 06, 2021USD ($)$ / sharesshares |
Business Bank of Florida | ||
Business Acquisition [Line Items] | ||
Per share exchange ratio (in shares) | 0.7997 | |
Sabal Palm Bancorp, Inc. | ||
Business Acquisition [Line Items] | ||
Number of common shares outstanding (in shares) | shares | 7,536,000 | |
Per share exchange ratio (in shares) | 0.2203 | |
Number of shares of common stock issued (in shares) | shares | 1,660,000 | |
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 35.39 | |
Value of common stock issued | $ 58,762 | |
Fair value of options converted | 3,336 | |
Total purchase price | $ 62,098 | |
Legacy Bank of Florida | ||
Business Acquisition [Line Items] | ||
Number of common shares outstanding (in shares) | shares | 1,112,000 | 15,778,000 |
Per share exchange ratio (in shares) | 0.7997 | 0.1703 |
Number of shares of common stock issued (in shares) | shares | 889,000 | 2,687,000 |
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 35.39 | $ 32.19 |
Value of common stock issued | $ 31,480 | $ 86,487 |
Cash paid for fractional shares | 7 | |
Fair value of options converted | 497 | 4,736 |
Total purchase price | $ 31,977 | $ 91,230 |
Business Combinations - Fair Va
Business Combinations - Fair Value of the Assets Purchased, Including Goodwill and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jan. 03, 2022 | Dec. 31, 2021 | Aug. 06, 2021 |
Assets: | ||||
Goodwill | $ 286,606 | $ 252,154 | ||
Business Bank of Florida | ||||
Assets: | ||||
Cash | $ 38,332 | |||
Investments | 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 | |||
Sabal Palm Bancorp, Inc. | ||||
Assets: | ||||
Cash | 170,609 | |||
Investments | 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 | |||
Legacy Bank of Florida | ||||
Assets: | ||||
Cash | $ 98,107 | |||
Investments | 992 | |||
Loans | 477,215 | |||
Bank premises and equipment | 2,577 | |||
Core deposit intangibles | 3,454 | |||
Goodwill | 30,978 | |||
Other assets | 15,532 | |||
Total assets | 628,855 | |||
Liabilities: | ||||
Deposits | 494,921 | |||
Other liabilities | 42,705 | |||
Total liabilities | $ 537,626 |
Business Combinations - Fair _2
Business Combinations - Fair Value of Acquired Loans (Details) - USD ($) $ in Thousands | Jan. 03, 2022 | Aug. 06, 2021 |
Business Bank of Florida | ||
Business Acquisition [Line Items] | ||
Book Balance | $ 123,916 | |
Fair Value | 121,774 | |
Business Bank of Florida | Construction and land development | ||
Business Acquisition [Line Items] | ||
Book Balance | 8,677 | |
Fair Value | 8,414 | |
Business Bank of Florida | Commercial real estate - owner-occupied | ||
Business Acquisition [Line Items] | ||
Book Balance | 45,403 | |
Fair Value | 44,564 | |
Business Bank of Florida | Commercial real estate - non owner-occupied | ||
Business Acquisition [Line Items] | ||
Book Balance | 53,065 | |
Fair Value | 52,034 | |
Business Bank of Florida | Residential real estate | ||
Business Acquisition [Line Items] | ||
Book Balance | 5,377 | |
Fair Value | 5,421 | |
Business Bank of Florida | Commercial and financial | ||
Business Acquisition [Line Items] | ||
Book Balance | 9,376 | |
Fair Value | 9,321 | |
Business Bank of Florida | Consumer | ||
Business Acquisition [Line Items] | ||
Book Balance | 59 | |
Fair Value | 61 | |
Business Bank of Florida | PPP loans | ||
Business Acquisition [Line Items] | ||
Book Balance | 1,959 | |
Fair Value | 1,959 | |
Sabal Palm Bancorp, Inc. | ||
Business Acquisition [Line Items] | ||
Book Balance | 248,910 | |
Fair Value | 246,152 | |
Sabal Palm Bancorp, Inc. | Construction and land development | ||
Business Acquisition [Line Items] | ||
Book Balance | 9,256 | |
Fair Value | 9,009 | |
Sabal Palm Bancorp, Inc. | Commercial real estate - owner-occupied | ||
Business Acquisition [Line Items] | ||
Book Balance | 57,690 | |
Fair Value | 56,591 | |
Sabal Palm Bancorp, Inc. | Commercial real estate - non owner-occupied | ||
Business Acquisition [Line Items] | ||
Book Balance | 89,153 | |
Fair Value | 87,280 | |
Sabal Palm Bancorp, Inc. | Residential real estate | ||
Business Acquisition [Line Items] | ||
Book Balance | 71,469 | |
Fair Value | 72,227 | |
Sabal Palm Bancorp, Inc. | Commercial and financial | ||
Business Acquisition [Line Items] | ||
Book Balance | 17,797 | |
Fair Value | 17,501 | |
Sabal Palm Bancorp, Inc. | Consumer | ||
Business Acquisition [Line Items] | ||
Book Balance | 233 | |
Fair Value | 232 | |
Sabal Palm Bancorp, Inc. | PPP loans | ||
Business Acquisition [Line Items] | ||
Book Balance | 3,312 | |
Fair Value | $ 3,312 | |
Legacy Bank of Florida | ||
Business Acquisition [Line Items] | ||
Book Balance | $ 486,282 | |
Fair Value | 477,215 | |
Legacy Bank of Florida | Construction and land development | ||
Business Acquisition [Line Items] | ||
Book Balance | 37,558 | |
Fair Value | 36,651 | |
Legacy Bank of Florida | Commercial real estate - owner-occupied | ||
Business Acquisition [Line Items] | ||
Book Balance | 35,765 | |
Fair Value | 35,363 | |
Legacy Bank of Florida | Commercial real estate - non owner-occupied | ||
Business Acquisition [Line Items] | ||
Book Balance | 241,322 | |
Fair Value | 237,091 | |
Legacy Bank of Florida | Residential real estate | ||
Business Acquisition [Line Items] | ||
Book Balance | 71,118 | |
Fair Value | 70,541 | |
Legacy Bank of Florida | Commercial and financial | ||
Business Acquisition [Line Items] | ||
Book Balance | 61,274 | |
Fair Value | 58,324 | |
Legacy Bank of Florida | Consumer | ||
Business Acquisition [Line Items] | ||
Book Balance | 647 | |
Fair Value | 647 | |
Legacy Bank of Florida | PPP loans | ||
Business Acquisition [Line Items] | ||
Book Balance | 38,598 | |
Fair Value | $ 38,598 |
Business Combinations - Purch_2
Business Combinations - Purchased Credit Impaired Loans (Details) - USD ($) $ in Thousands | Jan. 03, 2022 | Aug. 06, 2021 |
Business Bank of Florida | ||
Business Acquisition [Line Items] | ||
Total PCD loans acquired | $ 121,774 | |
Sabal Palm Bancorp, Inc. | ||
Business Acquisition [Line Items] | ||
Total PCD loans acquired | 246,152 | |
Legacy Bank of Florida | ||
Business Acquisition [Line Items] | ||
Total PCD loans acquired | $ 477,215 | |
PCD Loans | Business Bank of Florida | ||
Business Acquisition [Line Items] | ||
Book balance of loans at acquisition | 714 | |
Allowance for credit losses at acquisition | (15) | |
Non-credit related discount | (48) | |
Total PCD loans acquired | 651 | |
PCD Loans | Sabal Palm Bancorp, Inc. | ||
Business Acquisition [Line Items] | ||
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 | |
PCD Loans | Legacy Bank of Florida | ||
Business Acquisition [Line Items] | ||
Book balance of loans at acquisition | 66,371 | |
Allowance for credit losses at acquisition | (3,046) | |
Non-credit related discount | (736) | |
Total PCD loans acquired | $ 62,589 |
Business Combinations - Pro-For
Business Combinations - Pro-Forma Information (Details) - Legacy Bank of Florida, Business Bank of Florida and Sabal Palm - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Net interest income | $ 76,504 | $ 78,107 |
Net income | $ 25,270 | $ 38,097 |
EPS - basic (in dollars per share) | $ 0.41 | $ 0.62 |
EPS - diluted (in dollars per share) | $ 0.41 | $ 0.63 |
Subsequent Event (Details)
Subsequent Event (Details) - Drummond Banking Company $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)branch | |
Subsequent Event [Line Items] | |
Number of branches operated | branch | 18 |
Deposits | $ 932 |
Loans acquired in acquisition | $ 543 |