Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 14, 2023 | Jun. 30, 2022 | |
Entity Registrant Name | ATLANTIC UNION BANKSHARES CORPORATION | ||
Entity Central Index Key | 0000883948 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-39325 | ||
Entity Tax Identification Number | 54-1598552 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Address, Address Line One | 1051 East Cary Street | ||
Entity Address, Address Line Two | Suite 1200 | ||
Entity Address, City or Town | Richmond | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 23219 | ||
City Area Code | 804 | ||
Local Phone Number | 633-5031 | ||
Document Period End Date | Dec. 31, 2022 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 2,508,235,973 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Richmond, Virginia | ||
Entity Common Stock, Shares Outstanding | 74,721,432 | ||
Common Stock, Class A | |||
Title of 12(b) Security | Common Stock, par value $1.33 per share | ||
Trading Symbol | AUB | ||
Security Exchange Name | NYSE | ||
Series A Preferred Stock | |||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/400th Interest in a Share of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A | ||
Trading Symbol | AUB.PRA | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 216,384,000 | $ 180,963,000 |
Interest-bearing deposits in other banks | 102,107,000 | 618,714,000 |
Federal funds sold | 1,457,000 | 2,824,000 |
Total cash and cash equivalents | 319,948,000 | 802,501,000 |
Securities available for sale, at fair value | 2,741,816,000 | 3,481,650,000 |
Securities held to maturity, at carrying value | 847,732,000 | 628,000,000 |
Restricted stock, at cost | 120,213,000 | 76,825,000 |
Loans held for sale, at fair value | 3,936,000 | 20,861,000 |
LHFI, net of deferred fees and costs | 14,449,142,000 | 13,195,843,000 |
Less allowance for loan and lease losses | 110,768,000 | 99,787,000 |
Total loans held for investment, net | 14,338,374,000 | 13,096,056,000 |
Premises and equipment, net | 118,243,000 | 134,808,000 |
Goodwill | 925,211,000 | 935,560,000 |
Amortizable intangibles, net | 26,761,000 | 43,312,000 |
Bank owned life insurance | 440,656,000 | 431,517,000 |
Other assets | 578,248,000 | 413,706,000 |
Total assets | 20,461,138,000 | 20,064,796,000 |
LIABILITIES | ||
Noninterest-bearing demand deposits | 4,883,239,000 | 5,207,324,000 |
Interest-bearing deposits | 11,048,438,000 | 11,403,744,000 |
Total deposits | 15,931,677,000 | 16,611,068,000 |
Securities sold under agreements to repurchase | 142,837,000 | 117,870,000 |
Other short-term borrowings | 1,176,000,000 | 0 |
Long-term borrowings | 389,863,000 | 388,724,000 |
Other liabilities | 448,024,000 | 237,063,000 |
Total liabilities | 18,088,401,000 | 17,354,725,000 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $10.00 par value | 173,000 | 173,000 |
Common stock, $1.33 par value | 98,873,000 | 100,101,000 |
Additional paid-in capital | 1,772,440,000 | 1,807,368,000 |
Retained earnings | 919,537,000 | 783,794,000 |
Accumulated other comprehensive (loss) income | (418,286,000) | 18,635,000 |
Total stockholders' equity | 2,372,737,000 | 2,710,071,000 |
Total liabilities and stockholders' equity | $ 20,461,138,000 | $ 20,064,796,000 |
Common shares outstanding | 74,712,622 | 75,663,648 |
Common shares authorized | 200,000,000 | 200,000,000 |
Preferred shares outstanding | 17,250 | 17,250 |
Preferred shares authorized | 500,000 | 500,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 |
Common stock, par value (in dollars per share) | $ 1.33 | $ 1.33 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and dividend income: | |||
Interest and fees on loans | $ 555,614 | $ 508,770 | $ 574,871 |
Interest on deposits in other banks | 2,612 | 855 | 1,270 |
Interest and dividends on securities: | |||
Taxable | 59,306 | 43,859 | 43,585 |
Nontaxable | 42,903 | 38,875 | 33,728 |
Total interest and dividend income | 660,435 | 592,359 | 653,454 |
Interest expense: | |||
Interest on deposits | 56,201 | 27,117 | 75,943 |
Interest on short-term borrowings | 5,393 | 108 | 1,691 |
Interest on long-term borrowings | 14,580 | 13,874 | 20,522 |
Total interest expense | 76,174 | 41,099 | 98,156 |
Net interest income | 584,261 | 551,260 | 555,298 |
Provision for credit losses | 19,028 | (60,888) | 87,141 |
Net interest income after provision for credit losses | 565,233 | 612,148 | 468,157 |
Noninterest income: | |||
Service charges on deposit accounts | 30,052 | 27,122 | 25,251 |
Other service charges, commissions and fees | 6,765 | 6,595 | 6,292 |
Interchange fees | 9,110 | 8,279 | 7,184 |
Fiduciary and asset management fees | 22,414 | 27,562 | 23,650 |
Mortgage banking income | 7,085 | 21,022 | 25,857 |
Bank owned life insurance income | 11,507 | 11,488 | 9,554 |
Loan-related interest rate swap fees | 12,174 | 5,620 | 15,306 |
Other operating income | 19,416 | 18,118 | 18,392 |
Total noninterest income | 118,523 | 125,806 | 131,486 |
Noninterest expenses: | |||
Salaries and benefits | 228,926 | 214,929 | 206,662 |
Occupancy expenses | 26,013 | 28,718 | 28,841 |
Furniture and equipment expenses | 14,838 | 15,950 | 14,923 |
Technology and data processing | 33,372 | 30,200 | 25,929 |
Professional services | 16,730 | 17,841 | 13,007 |
Marketing and advertising expense | 9,236 | 9,875 | 9,886 |
FDIC assessment premiums and other insurance | 10,241 | 9,482 | 9,971 |
Franchise and other taxes | 18,006 | 17,740 | 16,483 |
Loan-related expenses | 6,574 | 7,004 | 9,515 |
Amortization of intangible assets | 10,815 | 13,904 | 16,574 |
Loss on debt extinguishment | 0 | 14,695 | 31,116 |
Other expenses | 29,051 | 38,857 | 30,442 |
Total noninterest expenses | 403,802 | 419,195 | 413,349 |
Income before income taxes | 279,954 | 318,759 | 186,294 |
Income tax expense | 45,444 | 54,842 | 28,066 |
Net income | 234,510 | 263,917 | 158,228 |
Dividends on preferred stock | 11,868 | 11,868 | 5,658 |
Net Income available to common shareholders | $ 222,642 | $ 252,049 | $ 152,570 |
Basic earnings per common share | $ 2.97 | $ 3.26 | $ 1.93 |
Earnings per common share, diluted | 2.97 | 3.26 | 1.93 |
Dividends declared per common share | $ 1.16 | $ 1.09 | $ 1 |
Weighted average shares outstanding, basic | 74,949,109 | 77,399,902 | 78,858,726 |
Diluted weighted average number of common shares outstanding | 74,953,398 | 77,417,801 | 78,875,668 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 234,510 | $ 263,917 | $ 158,228 | |
Cash flow hedges: | ||||
Change in fair value of cash flow hedges (net of tax, $14,100, $404, and $186 for the years ended December 31, 2022, 2021, 2020 respectively) | (53,043) | (1,520) | (699) | |
Reclassification adjustment for (gains) losses included in net income (net of tax, $0, $12, and $394 for the years ended December 31, 2022, 2021, 2020 respectively) | [1] | 0 | (47) | 1,481 |
AFS securities: | ||||
Unrealized holding (losses) gains arising during period (net of tax, $102,789, 13,644, and $12,227 for the years ended December 31, 2022, 2021, 2020 respectively) | (386,684) | (51,329) | 45,996 | |
Reclassification adjustment for (gains) losses included in net income (net of tax, $1, $18, and $2,582 for the years ended December 31, 2022, 2021, 2020 respectively) | [2] | 2 | (69) | (9,712) |
HTM securities: | ||||
Reclassification adjustment for accretion of unrealized gain on AFS securities transferred to HTM (net of tax, $5, $5, and $5 for the years ended December 31, 2022, 2021, 2020, respectively) | [3] | (18) | (20) | (20) |
Bank owned life insurance: | ||||
Unrealized holding gains (losses) arising during period | 2,205 | 0 | (2,098) | |
Reclassification adjustment for losses included in net income | [4] | 617 | 605 | 492 |
Other comprehensive (loss) income | (436,921) | (52,380) | 35,440 | |
Comprehensive (loss) income | $ (202,411) | $ 211,537 | $ 193,668 | |
[1] The gross amounts are generally reported in the interest income and interest expense sections of the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. The gross amounts reclassified into earnings for the year ended December 31, 2020 included a $1.8 million loss related to the termination of a cash flow hedge that is reported in “Other operating income” with the corresponding income tax effect being reflected as a component of income tax expense. The gross amounts The gross amounts reclassified into earnings are reported within interest income on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. Reclassifications in earnings are reported in "Salaries and benefits" expense on the Company’s Consolidated Statements of Income. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax expense (benefit) on change in fair value of cash flow hedges before reclassification adjustments | $ (14,100) | $ (404) | $ (186) |
Tax expense (benefit) related to reclassification adjustment for losses included in net income | 0 | 12 | (394) |
Tax expense (benefit) related to unrealized holding gains (losses) arising during period | (102,789) | (13,644) | 12,227 |
Tax expense (benefit) related to gains on the sale of securities | (1) | 18 | 2,582 |
Tax expense (benefit) related to unrealized gain for AFS securities transferred to HTM | $ 5 | $ 5 | 5 |
Cash Flow Hedging | |||
Unrealized gain (loss) within accumulated other comprehensive income, to be reclassified into earnings | $ (1,800) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | AOCI Attributable to Parent | Cumulative Effect, Period of Adoption, Adjustment | Total |
Beginning balance at Dec. 31, 2019 | $ 105,827 | $ 0 | $ 1,790,305 | $ 581,395 | $ 35,575 | $ 2,513,102 | ||
Net Income | 158,228 | 158,228 | ||||||
Other comprehensive income (loss) (net of taxes) | 35,440 | 35,440 | ||||||
Issuance of preferred stock | 173 | 166,183 | 166,356 | |||||
Dividends on common stock | (78,860) | (78,860) | ||||||
Dividends on preferred stock | (5,658) | (5,658) | ||||||
Stock purchased under stock repurchase plan | (1,985) | (47,894) | (49,879) | |||||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 327 | (771) | (444) | |||||
Stock-based compensation expense | 9,258 | 9,258 | ||||||
Ending balance at Dec. 31, 2020 | 104,169 | 173 | 1,917,081 | $ (39,053) | 616,052 | 71,015 | $ (39,053) | 2,708,490 |
Net Income | 263,917 | 263,917 | ||||||
Other comprehensive income (loss) (net of taxes) | (52,380) | (52,380) | ||||||
Dividends on common stock | (84,307) | (84,307) | ||||||
Dividends on preferred stock | (11,868) | (11,868) | ||||||
Stock purchased under stock repurchase plan | (4,495) | (120,505) | (125,000) | |||||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 427 | 701 | 1,128 | |||||
Stock-based compensation expense | 10,091 | 10,091 | ||||||
Ending balance at Dec. 31, 2021 | 100,101 | 173 | 1,807,368 | 783,794 | 18,635 | 2,710,071 | ||
Net Income | 234,510 | 234,510 | ||||||
Other comprehensive income (loss) (net of taxes) | (436,921) | (436,921) | ||||||
Dividends on common stock | (86,899) | (86,899) | ||||||
Dividends on preferred stock | (11,868) | (11,868) | ||||||
Stock purchased under stock repurchase plan | (1,700) | (46,531) | (48,231) | |||||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 472 | 994 | 1,466 | |||||
Stock-based compensation expense | 10,609 | 10,609 | ||||||
Ending balance at Dec. 31, 2022 | $ 98,873 | $ 173 | $ 1,772,440 | $ 919,537 | $ (418,286) | $ 2,372,737 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Other comprehensive income, tax (benefit) | $ (116,893) | $ (13,679) | $ 10,034 |
Issuance of preferred stock, shares | 17,250 | ||
Dividends on common stock (in dollars per share) | $ 1.16 | $ 1.09 | $ 1 |
Dividends on preferred stock (in dollars per share) | $ 687.52 | $ 687.52 | $ 328.48 |
Stock purchased under stock repurchase plan, shares | 1,278,899 | 3,379,130 | 1,493,472 |
Issuance of common stock under Equity Compensation Plans, for services rendered, and vesting of restricted stock, shares | 355,834 | 320,263 | 246,377 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net income | $ 234,510 | $ 263,917 | $ 158,228 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of premises and equipment | 14,157 | 15,885 | 15,218 |
Writedown of foreclosed properties, former bank premises, ROU assets, and premises and equipment | 4,903 | 16,958 | 5,526 |
Amortization, net | 31,275 | 34,847 | 27,888 |
Acquisition accounting amortization, net | 3,297 | (2,953) | (8,397) |
Provision for credit losses | 19,028 | (60,888) | 87,141 |
Gain on sale of DHFB | (9,082) | 0 | 0 |
Losses (gains) on securities transactions, net | 3 | (87) | (12,294) |
Gain on Visa, Inc. Class B common stock | 0 | (5,138) | 0 |
BOLI income | (11,507) | (11,488) | (9,554) |
Deferred tax expense | 25,055 | 43,512 | 2,690 |
Originations and purchases of LHFS | (305,943) | (609,404) | (764,809) |
Proceeds from sales of LHFS | 321,709 | 682,482 | 723,351 |
(Gains) losses on sales of foreclosed properties and former bank premises, net | (3,752) | (2,257) | 29 |
Losses on debt extinguishment | 0 | 14,695 | 31,116 |
Stock-based compensation expenses | 10,609 | 10,091 | 9,258 |
Issuance of common stock for services | 819 | 567 | 804 |
Net (increase) decrease in other assets | (39,502) | 83,248 | (138,189) |
Net increase (decrease) in other liabilities | 108,386 | (136,196) | 103,916 |
Net cash provided by operating activities | 403,965 | 337,791 | 231,922 |
Investing activities: | |||
Purchases of AFS securities, restricted stock, and other investments | (179,667) | (1,557,818) | (1,165,302) |
Purchases of HTM securities | (258,183) | (94,070) | 0 |
Proceeds from sales of AFS securities and restricted stock | 40,686 | 45,436 | 257,945 |
Proceeds from maturities, calls and paydowns of AFS securities | 331,718 | 504,021 | 395,993 |
Proceeds from maturities, calls and paydowns of HTM securities | 33,997 | 7,523 | 6,963 |
Net (increase) decrease in LHFI | (1,244,843) | 837,569 | (1,393,424) |
Proceeds from sale of Visa, Inc. Class B common stock | 0 | 5,138 | 0 |
Net increase in premises and equipment | (2,855) | (9,399) | (29,573) |
Proceeds from BOLI settlements | 3,909 | 4,843 | 5,029 |
Purchases of BOLI policies | 0 | (100,000) | 0 |
Proceeds from sales of foreclosed properties and former bank premises | 13,538 | 11,315 | 4,063 |
Net cash used in investing activities | (1,261,700) | (345,442) | (1,918,306) |
Financing activities: | |||
Net (decrease) increase in noninterest-bearing deposits | (324,085) | 838,621 | 1,398,564 |
Net (decrease) increase in interest-bearing deposits | (355,349) | 49,695 | 1,019,352 |
Net increase (decrease) in short-term borrowings | 1,200,967 | (233,018) | (85,365) |
Net proceeds from Issuance of long-term debt | 0 | 246,869 | 0 |
Repayments of long-term borrowings | 0 | (364,695) | (619,616) |
Cash dividends paid - common stock | (86,899) | (84,307) | (78,860) |
Cash dividends paid - preferred stock | (11,868) | (11,868) | (5,658) |
Repurchase of common stock | (48,231) | (125,000) | (49,879) |
Issuance of common stock | 3,875 | 3,141 | 1,013 |
Issuance of preferred stock, net | 0 | 0 | 166,356 |
Vesting of restricted stock, net of shares held for taxes | (3,228) | (2,580) | (2,261) |
Net cash provided by financing activities | 375,182 | 316,858 | 1,743,646 |
(Decrease) increase in cash and cash equivalents | (482,553) | 309,207 | 57,262 |
Cash, cash equivalents, and restricted cash at beginning of the period | 802,501 | 493,294 | 436,032 |
Cash, cash equivalents, and restricted cash at end of the period | 319,948 | 802,501 | 493,294 |
Cash payments for: | |||
Interest | 70,662 | 40,669 | 101,045 |
Income taxes | 1,625 | 1,343 | 26,103 |
Supplemental schedule of noncash investing and financing activities | |||
Transfers from loans to foreclosed properties | 404 | 13 | 615 |
Transfers from bank premises to OREO | 4,490 | 8,233 | 7,949 |
Transfers from LHFI to LHFS | $ 899 | $ 0 | $ 1,050 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Effective June 30, 2022, the Company completed the sale of DHFB, which was formerly a subsidiary of the Bank. Basis of Financial Information The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the ALLL and the fair value of financial instruments. Principles of Consolidation – The accompanying consolidated financial statements include financial information related to Atlantic Union Bankshares Corporation and its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary, if any. In preparing the consolidated financial statements, all significant inter-company accounts and transactions have been eliminated. Assets held in an agency or fiduciary capacity are not included in the consolidated financial statements. Accounting guidance states that if a business enterprise is the primary beneficiary of a variable interest entity, the assets, liabilities, and results of the activities of the variable interest entity should be included in the consolidated financial statements of the business enterprise. An entity is deemed to be the primary beneficiary of a variable interest entity if that entity has both the power to direct the activities that most significantly impact its economic performance; and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity . Segment Reporting Segment Reporting reportable operating segment, the Bank. Effective for the third quarter of 2022, however, the Company completed system conversions that allowed its chief operating decision makers to evaluate the business, establish the overall business strategy, allocate resources, and assess business performance within reportable operating segments: Wholesale Banking and Consumer Banking, with corporate support functions such as corporate treasury and others included in Corporate Other. The application and development of management reporting methodologies is a dynamic process subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable segment may be periodically revised. Refer to Note 17 "Segment Reporting and Revenue" for additional details on the Company’s reportable operating segments. Cash and Cash Equivalents Restricted cash is disclosed in Note 9 “Commitments and Contingencies” and is comprised of cash maintained at various correspondent banks as collateral for the Company’s derivative portfolio and is included in interest-bearing deposits in other banks on the Company’s Consolidated Balance Sheets. Investments Debt Securities ● Available for Sale - debt securities that management intends to hold for an indefinite period of time, including securities used as part of the Company’s asset/liability strategy, and that may be sold in response to changes in interest rates, liquidity needs, or other factors are classified as AFS. AFS securities are reported at fair value with unrealized gains or losses, net of deferred taxes, included in AOCI in stockholders’ equity. ● Held to Maturity - debt securities that the Company has the positive intent and ability to hold to maturity are classified as HTM. HTM securities are reported at carrying value. Transfers of debt securities into the HTM category from the AFS category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in OCI and in the carrying value of the HTM securities. Such amounts are amortized over the remaining life of the security. Equity Securities Restricted Stock, at cost Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments, except for MBS where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. Discounts on callable debt securities are amortized to their maturity date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. The Company regularly evaluates AFS securities whose values have declined below amortized cost to assess whether the decline in fair value is the result of credit impairment. For AFS securities, the Company evaluates the fair value and credit quality of its AFS securities on at least a quarterly basis. In the event the fair value of a security falls below its amortized cost basis, the security will be evaluated to determine whether the decline in value was caused by changes in market interest rates or security credit quality. The primary indicators of credit quality for the Company’s AFS portfolio are security type and credit rating, which are influenced by a number of security-specific factors that may include obligor cash flow, geography, seniority, structure, credit enhancement and other factors. There is currently no ACL held against the Company’s AFS securities portfolio at December 31, 2022, consistent with December 31, 2021. See Note 2 “Securities,” for additional information on the Company’s ACL analysis. If unrealized losses are related to credit quality, the Company estimates the credit related loss by evaluating the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security and a credit loss exists, an ACL shall be recorded for the credit loss, limited by the amount that the fair value is less than amortized cost basis. Non-credit related declines in fair value are recognized in OCI, net of applicable taxes. Changes in the ACL are recorded as a provision for or reversal of credit loss expense. Charge-offs are recorded against the ACL when management believes the AFS security is no longer collectible. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. The Company evaluates the credit risk of its HTM securities on at least a quarterly basis. Management estimates expected credit losses on HTM debt securities on an individual basis based on the PD/LGD methodology primarily using security-level credit ratings. Management has an immaterial ACL on HTM securities at December 31, 2022 and 2021. Loans Held for Sale Loans Held for Investment Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for any charge-offs, the ALLL, and any deferred fees and costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Below is a summary of the current loan portfolios: Construction and Land Development Also, included in this category are loans generally made to residential home builders to support their lot and home construction inventory needs. Repayment relies upon the sale of the underlying residential real estate project. This type of lending carries a higher level of risk as compared to other commercial lending. This class of lending manages risks related to residential real estate market conditions, a functioning primary and secondary market in which to finance the sale of residential properties, and the borrower’s ability to manage inventory and run projects. The Company manages this risk by lending to experienced builders and developers by using specific underwriting policies and procedures for these types of loans and by avoiding excessive concentrations with any particular customer or geographic region. Commercial Real Estate – Owner Occupied Commercial Real Estate – Non-Owner Occupied Multifamily Real Estate Commercial & Industrial Residential 1-4 Family - Commercial Residential 1-4 Family - Consumer Residential 1-4 Family - Revolving Auto Consumer Other Commercial - portfolios carry risks associated with the creditworthiness of the borrower and changes in the economic environment. The Company manages these risks by using general underwriting policies and procedures for these types of loans and experienced underwriting. Loans that support small business lines of credit and agricultural lending are included in this category; however, neither are a material source of business for the Company. The Company participated in the SBA PPP under the CARES Act, which was intended to provide economic relief to small businesses that had been adversely impacted by COVID-19. The PPP loan funding program expired on May 31, 2021. Nonaccruals, Past Dues, and Charge-offs The policy for placing commercial and consumer loans on nonaccrual status is generally when the loan is 90 days delinquent unless the credit is well secured and in process of collection. Consumer loans are typically charged-off when management judges the loan to be uncollectible but generally no later than 120 days past due for non-real estate secured loans and 180 days for real estate secured loans. Non-real estate secured consumer loans are generally not placed on nonaccrual status prior to charge off. Commercial loans are typically written down to net realizable value when it is determined that the Company will be unable to collect the principal amount in full and the amount is a confirmed loss. Loans in all classes of portfolios are considered past due or delinquent when a contractual payment has not been satisfied. Loans are placed on nonaccrual status or charged off at an earlier date if collection of principal and interest is considered doubtful and in accordance with regulatory requirements. In response to the COVID-19 pandemic, the Company offered short-term loan modifications to assist borrowers through a program that expired January 1, 2022. The Company enhanced the monitoring over loans that received modifications, specifically full principal and interest payment deferrals, and considered nonaccrual treatment at which time the Company no longer expected to collect all principal and interest over the life of the loan. The process for charge-offs is discussed in detail within the “Allowance for Loan and Lease Losses” section of this Note 1. For both the commercial and consumer loan segments, all interest accrued but not collected for loans placed on nonaccrual status or charged-off is reversed against interest income and accrual of interest income is terminated. Payments and interest on these loans are accounted for using the cost-recovery method by applying all payments received as a reduction to the outstanding principal balance until qualifying for return to accrual. 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 determination of future payments being reasonably assured varies depending on the circumstances present with the loan; however, the timely payment of contractual amounts owed for six consecutive months is a primary indicator. The authority to move loans into or out of accrual status is limited to senior Special Assets Officers and the Chief Credit Officer, though reclassification of certain loans may require approval of the Special Assets Loan Committee. Allowance for Loan and Lease Losses Management’s determination of the adequacy of the ALLL is based on an evaluation of the composition of the loan portfolio, the value and adequacy of collateral, current economic conditions, historical loan loss experience, reasonable and supportable forecasts, and other risk factors. The ALLL is estimated using a loan-level PD/LGD method for all loans with the exception of its overdraft, auto and third-party consumer lending portfolios. For auto and third-party consumer lending portfolios, the Company has elected to pool those loans based on similar risk characteristics to determine the ALLL using vintage and loss rate methods. The Company considers a number of economic variables in developing the ALLL of which the Virginia unemployment rate is the most significant. The ALLL quantitative estimate is sensitive to changes in the forecast of the Virginia unemployment rate over the two-year reasonable and supportable period, with the commercial portfolio being the most sensitive to fluctuations in unemployment. To forecast Virginia unemployment, the Company utilizes Moody’s economic forecasts. At December 31, 2022, the baseline scenario used in the two-year reasonable and supportable period forecast included the Virginia unemployment rate at an average of 3.1%, compared to an average of 2.6% Virginia unemployment rate in the baseline scenario forecast used for the December 31, 2021 estimate. Because current economic conditions and forecasts can change and future events are inherently difficult to predict, the anticipated amount of estimated credit losses on loans, and therefore the appropriateness of the ALLL, could change significantly. It is difficult to estimate how potential changes in any one economic factor or input might affect the overall allowance because a wide variety of factors and inputs are considered in estimating the allowance and changes in those factors and inputs considered may not occur at the same rate and may not be consistent across all loan types. Additionally, changes in factors and inputs may be directionally inconsistent, such that improvement in one factor may offset deterioration in others. While management uses available information to estimate expected losses on loans, future changes in the ALLL may be necessary based on changes in portfolio composition, portfolio credit quality, and/or economic conditions. Determining the Contractual Term Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower or the extensions or renewal options are included in the original or modified contract at the reporting date and are not unconditionally legally cancelable by the Company. The Company’s ALLL measures the expected lifetime loss using pooled assumptions and loan-level details for financial assets that share common risk characteristics and evaluates an individual reserve in instances where the financial assets do not share the same risk characteristics. Collectively Assessed Reserve Consideration Loans that share common risk characteristics are considered collectively assessed. Loss estimates within the collectively assessed population are based on a combination of pooled assumptions and loan-level characteristics. Quantitative loss estimation models have been developed based largely on internal historical data at the loan and portfolio levels from 2005 through the current period and the economic conditions during the same time period. Expected losses for the Company’s collectively assessed loan segments are estimated using a number of quantitative methods including PD/LGD, Vintage, and Loss Rate. As part of its qualitative framework, the Company evaluates its current underwriting standards, geographic footprint, national and international current and forecasted economic conditions, concentrations of credit, and other factors to estimate the impact that changes in these factors may have on expected loan losses. The Company’s ALLL for the current period is based on a two-year reasonable and supportable forecast period with a straight-line reversion over the next two years to long-term average loss factors. Individually Assessed Reserve Consideration Loans that do not share risk characteristics are evaluated on an individual basis. The individual reserve component relates to loans that have shown substantial credit deterioration as measured by risk rating and/or delinquency status. In addition, the Company has elected the practical expedient that would include loans for individual assessment consideration if the repayment of the loan is expected substantially through the operation or sale of collateral because the borrower is experiencing financial difficulty. Where the source of repayment is the sale of collateral, the ALLL is based on the fair value of the underlying collateral, less selling costs, compared to the amortized cost basis of the loan. If the ALLL is based on the operation of the collateral, the reserve is calculated based on the fair value of the collateral calculated as the present value of expected cash flows from the operation of the collateral, compared to the amortized cost basis. If the Company determines that the value of a collateral dependent loan is less than the recorded investment in the loan, the Company charges off the deficiency if it is determined that such amount is deemed uncollectible. Typically, a loss is confirmed when the Company is moving toward foreclosure or final disposition. The Company obtains appraisals from a pre-approved list of independent, third party appraisers located in the market in which the collateral is located. The Company’s approved appraiser list is continuously maintained by the Company’s Real Estate Valuation Group to seek to ensure the list only includes such appraisers that have the experience, reputation, character, and knowledge of the respective real estate market. At a minimum, it is ascertained that the appraiser is currently licensed in the state in which the property is located, experienced in the appraisal of properties similar to the property being appraised, has knowledge of current real estate market conditions and financing trends, and is reputable. The Company’s internal Real Estate Valuation Group, which reports to the Enterprise Risk Management group, performs either a technical or administrative review of all appraisals obtained in accordance with the Company’s Appraisal Policy. The Appraisal Policy mirrors the Federal regulations governing appraisals, specifically the Interagency Appraisal and Evaluation Guidelines and the Financial Institutions Reform, Recovery, and Enforcement Act. The Real Estate Valuation Group performs a technical review of the overall quality of the appraisal and an administrative review confirms that all of the required components of an appraisal are present. Independent appraisals or valuations are obtained on all individually assessed loans, as well as updated every twelve months for all individually assessed loans. Adjustments to real estate appraised values are only permitted to be made by the Real Estate Valuation Group. The individually assessed analysis is reviewed and approved by senior Credit Administration officers and the Special Assets Loan Committee. External valuation sources are the primary source to value collateral dependent loans; however, the Company may also utilize values obtained through other valuation sources. These alternative sources of value are used only if deemed to be more representative of value based on updated information regarding collateral resolution. The ALLL on loans individually assessed is updated, reviewed, and approved on a quarterly basis at or near the end of each reporting period. The Company performs regular credit reviews of the loan portfolio to review the credit quality and adherence to its underwriting standards. The credit reviews include annual commercial loan reviews performed by the Company’s commercial bankers in accordance with the commercial loan policy, relationship reviews that accompany annual loan renewals, and independent reviews by its Credit Risk Review Group. Upon origination, each commercial loan is assigned a risk rating ranging from one to nine, with loans closer to one having less risk. This risk rating scale is the Company’s primary credit quality indicator for commercial loans. Consumer loans are not risk rated unless past due status, bankruptcy, or other event results in the assignment of a Substandard or worse risk rating in accordance with the consumer loan policy. Governance The Company’s Allowance Committee, which reports to the Audit Committee and contains representatives from both the Company’s finance, credit, and risk teams, is responsible for approving the Company’s estimate of expected credit losses and resulting ALLL. The Allowance Committee considers the quantitative model results and qualitative factors when approving the final ALLL. The Company’s ALLL model is subject to the Company’s models risk management program, which is overseen by the Model Risk Management Committee that reports to the Company’s Board Risk Committee. Acquired Loans – The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Acquired loans are recorded at their fair value at acquisition date without carryover of the acquiree’s previously established ALLL, as credit discounts are included in the determination of fair value. The fair value of the loans is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and then applying a market-based discount rate to those cash flows. During evaluation upon acquisition, acquired loans are also classified as either PCD or acquired performing. The acquired loans are subject to the Company’s ALLL policy upon acquisition. Acquired performing loans are accounted for under ASC 310-20, Receivables – Nonrefundable Fees and Other Costs PCD loans reflect loans that have experienced more-than-insignificant credit deterioration since origination, as it is probable at acquisition that the Company will not be able to collect all contractually required payments. These PCD loans are accounted for under ASC 326, Financial Instruments – Credit Losses. PCD loans are recorded at the amount paid. An ALLL is determined using the same methodology as other LHFI. The initial ALLL is determined on a collective basis and is allocated to individual loans. The sum of the loan's purchase price and ALLL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ALLL are recorded through provision expense. Troubled Debt Restructurings The Company reviews previously restructured loans quarterly in order to determine whether any have performed, subsequent to the restructure, at a level that would allow for them to be removed from reportable TDR status. The Company generally would consider a change in this classification if the borrower is no longer experiencing financial difficulty, the loan is current or less than 30 days past due at the time the status change is being considered, and the loan has performed under the restructured terms for a consecutive twelve-month period. A loan may also be considered for removal from TDR status as a result of a subsequent restructure under certain restrictive circumstances. The removal of TDR designations must be approved by the Company's Special Asset Loan Committee. Loan modifications made between March 1, 2020 and January 1, 2022 under the Joint Guidance and CARES Act, as amended by the Consolidated Appropriations Act of 2021, were suspended from TDR evaluation. Reserve for Unfunded Commitments Accrued Interest Receivable LHFI HTM AFS securities Premises and Equipment Goodwill and Intangible Assets Intangibles – Goodwill and Other, Intangible assets with definite useful lives are amortized over their estimated useful lives, which range from four years to 10 years, to their estimated residual values. Long-lived assets, including purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented on the Company’s Consolidated Balance Sheets and reported at the lower of the carrying amount or fair value less costs to sell, would no longer depreciated. Management concluded that no circumstances indicating an impairment of these assets existed as of the balance sheet date. The Company performs the analysis annually on April 30 of each year at the reporting unit level whereby the Company compares the estimated fair value of the reporting unit to its carrying value. In the third quarter of 2022, the Company moved from one reportable operating segment, the Bank, to two reportable operating segments, Wholesale Banking and Consumer Banking, which resulted in goodwill being allocated between the two reportable operating segments based on their relative fair values. The Company determined that there was no impairment to the Bank’s goodwill prior to and after reallocating goodwill. Refer to Note 17 “Segment Reporting and Revenue” for additional details on the Company’s reportable operating segments. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is not considered impaired. The Company engaged a third-party valuation specialist to assist management in performing its annual goodwill impairment analysis. To determine the fair value of a reporting unit, the Company utilizes a combination of two separate quantitative methods, the market value approach, which considers comparable publicly-traded companies, and the income approach which estimates future cash flows. Critical assumptions that are used as part of these calculations include: the selection of comparable publicly-traded companies and selection of market comparable acquisition transactions. In addition, other key assumptions include the discount rate, the forecast of future earnings and cash flows of the reporting unit, economic conditions, which impact the assumptions related to interest and growth rates, and loss rates, the cost savings expected to be realized by a market participant, the control premium associated with the reporting unit and a relative weight given to the valuations derived by the two valuation methods. At April 30, 2022, the Company determined that there was no impairment to its goodwill. The Company performed a sensitivity analysis on key assumptions and concluded that no impairment existed as of the balance sheet date. Leases Leases Lessor Arrangements The Company’s lessor arrangements consist of sales-type and direct financing leases for equipment. Lease payment terms are fixed and are typically payable in monthly installments. The lease arrangements may contain renewal options and purchase options that allow the lessee to purchase the leased equipment at the end of the lease term. The leases generally do not contain non-lease components. At lease inception the Company estimates the expected residual value of the leased property at the end of the lease term by considering both internal and third-party appraisals. In certain cases, the Company obtains lessee-provided residual value guarantees and third-party residual value insurance to reduce its residual asset risk. The net investment in sales-type and direct financing leases consists of the carrying amount of the lease receivables plus unguaranteed residual assets, net of unearned income and any deferred selling profit on direct financing leases. The lease receivables include the lessor’s right to receive lease payments and the guaranteed residual asset value the lessor expects to derive from the underlying assets at the end of the lease term. The Company’s net investment in sales-type and direct financing leases are included in “Loans held for investment, net of deferred fees and costs” on the Company’s Consolidated Balance Sheets. Lease income is recorded in “Interest and fees on loans” on the Company’s Consolidated Statements of Income. Lessee Arrangements The Company’s lessee arrangements consist of operating and finance leases; however, the majority of the leases have been classified as non-cancellable operating leases and are primarily for real estate leases. The Company’s real estate lease agreements do not contain residual value guarantees and most agreements do not contain restrictive covenants. The Company does not have any material arrangements where the Company is in a sublease contract. Lessee arrangements with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. The ROU assets and lease liabilities associated with operating and finance leases greater than 12 months are recorded in the Company’s Consolidated Balance Sheets; ROU assets within “Other assets” and lease liabilities within “Other liabilities.” ROU assets represent the Company’s right to use an underlying asset over the course of the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The initial measurement of lease liabilities and ROU assets are the same for operating and finance leases. Lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments, discounted using the incremental borrowing rate. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ROU assets are recognized at commencement date based on the initial measurement of the lease liability, any lease payments made excluding lease incentives, and any initial direct costs incurred. Most of the Company’s operating leases include one or more options to renew and if the Company is reasonably certain to exercise those options, it would be included in the measurement of the operating ROU assets and lease liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term and recorded in “Occupancy expenses” on the Company’s Consolidated Statements of Income. Finance lease expenses consist of straight-line amortization expense of the ROU assets recognized over the lease term and interest expense on the lease liability. Total finance lease expenses for the amortization of the ROU assets are recorded in “Occupancy expenses” on the Company’s Consolidated Statements of Income and interest expense on the finance lease liability is recorded in “Interest on long-term borrowings” on the Company’s Consolidated Statements of Income. Foreclosed Properties Transfers of Financial Assets Bank Owned Life Insurance Consolidated Balance Sheets. Income generated from policies is recorded as noninterest income. At December 31, 2022 and 2021, the Company also had liabilities for post-retirement benefits payable to other partial beneficiaries under some of these life insurance policies of $13.3 million and $14.9 million, respectively. The Company is exposed to credit risk to the extent an insurance company is unable to fulfill its financial obligations under a Derivatives During the normal course of business, the Company enters into commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding (“rate lock commitments”). For commitments issued in connection with potential loans intended for sale, the Bank enters into positions of forward month MBS to be announced (“TBA”) contracts on a mandatory basis or on a one-to-one forward sales contract on a best efforts basis. The Company enters into TBA contracts in order to control interest rate risk during |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2022 | |
Securities [Abstract] | |
SECURITIES | 2. SECURITIES Available for Sale The Company’s AFS investment portfolio is generally highly-rated or agency backed. All AFS securities were current with no securities past due or on non-accrual as of December 31, 2022 and 2021. The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2022 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value December 31, 2022 U.S. government and agency securities $ 70,196 $ — $ (8,253) $ 61,943 Obligations of states and political subdivisions 959,999 137 (152,701) 807,435 Corporate and other bonds (1) 243,979 — (17,599) 226,380 Commercial MBS Agency 250,186 75 (39,268) 210,993 Non-agency 99,412 — (4,244) 95,168 Total commercial MBS 349,598 75 (43,512) 306,161 Residential MBS Agency 1,510,110 81 (233,961) 1,276,230 Non-agency 68,815 — (6,812) 62,003 Total residential MBS 1,578,925 81 (240,773) 1,338,233 Other securities 1,664 — — 1,664 Total AFS securities $ 3,204,361 $ 293 $ (462,838) $ 2,741,816 (1) Other bonds include asset-backed securities. The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2021 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value December 31, 2021 U.S. government and agency securities $ 73,830 $ 179 $ (160) $ 73,849 Obligations of states and political subdivisions 971,126 39,343 (2,073) 1,008,396 Corporate and other bonds (1) 150,201 3,353 (178) 153,376 Commercial MBS Agency 361,806 6,761 (4,215) 364,352 Non-agency 107,087 139 (421) 106,805 Total commercial MBS 468,893 6,900 (4,636) 471,157 Residential MBS Agency 1,691,651 15,180 (24,337) 1,682,494 Non-agency 91,443 243 (948) 90,738 Total residential MBS 1,783,094 15,423 (25,285) 1,773,232 Other securities 1,640 — — 1,640 Total AFS securities $ 3,448,784 $ 65,198 $ (32,332) $ 3,481,650 (1) Other bonds include asset-backed securities. The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses for which an ACL had not been recorded at December 31, 2022 and 2021 and that are not deemed to be impaired as of those dates. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands). Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value (2) Losses Value Losses December 31, 2022 U.S. government and agency securities $ 2,594 $ (166) $ 59,269 $ (8,087) $ 61,863 $ (8,253) Obligations of states and political subdivisions 588,668 (86,895) 187,375 (65,806) 776,043 (152,701) Corporate and other bonds (1) 206,861 (15,019) 17,121 (2,580) 223,982 (17,599) Commercial MBS Agency 73,362 (7,024) 127,193 (32,244) 200,555 (39,268) Non-agency 66,618 (2,231) 28,550 (2,013) 95,168 (4,244) Total commercial MBS 139,980 (9,255) 155,743 (34,257) 295,723 (43,512) Residential MBS Agency 328,590 (27,769) 929,581 (206,192) 1,258,171 (233,961) Non-agency 18,939 (1,288) 43,064 (5,524) 62,003 (6,812) Total residential MBS 347,529 (29,057) 972,645 (211,716) 1,320,174 (240,773) Total AFS securities $ 1,285,632 $ (140,392) $ 1,392,153 $ (322,446) $ 2,677,785 $ (462,838) December 31, 2021 U.S. government and agency securities $ 64,474 $ (115) $ 3,900 $ (45) $ 68,374 $ (160) Obligations of states and political subdivisions 249,701 (2,020) 2,123 (53) 251,824 (2,073) Corporate and other bonds (1) 21,134 (177) 703 (1) 21,837 (178) Commercial MBS Agency 175,588 (4,053) 3,172 (162) 178,760 (4,215) Non-agency 33,759 (313) 11,029 (108) 44,788 (421) Total commercial MBS 209,347 (4,366) 14,201 (270) 223,548 (4,636) Residential MBS Agency 1,140,701 (21,147) 106,104 (3,190) 1,246,805 (24,337) Non-agency 48,392 (584) 12,716 (364) 61,108 (948) Total residential MBS 1,189,093 (21,731) 118,820 (3,554) 1,307,913 (25,285) Total AFS securities $ 1,733,749 $ (28,409) $ 139,747 $ (3,923) $ 1,873,496 $ (32,332) (1) Other bonds include asset-backed securities. (2) Comprised of 363 and 33 individual securities as of December 31, 2022 and December 31, 2021, respectively. The Company has evaluated AFS securities in an unrealized loss position for credit related impairment at December 31, 2022 and 2021 and concluded no impairment existed based on several factors which included: (1) the majority of these securities are of high credit quality, (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) the contractual terms of the investments do not permit the issuer(s) to settle the securities at a price less than the cost basis of each investment, (4) issuers continue to make timely principal and interest payments, and (5) the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis. Additionally, the majority of the Company’s MBS are issued by FNMA, FHLMC, and GNMA and do not have credit risk given the implicit and explicit government guarantees associated with these agencies. In addition, the non-agency mortgage-backed and asset-backed securities generally received a 20% simplified supervisory formula approach rating. The following table presents the amortized cost and estimated fair value of AFS securities as of December 31, 2022 and 2021, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 42,447 $ 41,735 $ 18,247 $ 18,317 Due after one year through five years 158,063 152,523 180,080 183,981 Due after five years through ten years 343,303 312,935 324,615 331,215 Due after ten years 2,660,548 2,234,623 2,925,842 2,948,137 Total AFS securities $ 3,204,361 $ 2,741,816 $ 3,448,784 $ 3,481,650 Refer to Note 9 "Commitments and Contingencies" for information regarding the estimated fair value of AFS securities that were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of December 31, 2022 and 2021. Held to Maturity The Company’s HTM investment portfolio primarily consists of highly-rated municipal securities. The Company’s HTM securities were all current, with no securities past due or on non-accrual at December 31, 2022 and 2021. The Company reports HTM securities on the Company’s Consolidated Balance Sheets at carrying value. Carrying value is amortized cost, which includes any unamortized unrealized gains and losses recognized in AOCI prior to reclassifying the securities from AFS securities to HTM securities. Investment securities transferred into the HTM category from the AFS category are recorded at fair value at the date of transfer. The unrealized holding gains or losses at the date of transfer are retained in AOCI and in the carrying value of the HTM securities. Such unrealized gains or losses are accreted over the remaining life of the security with no impact on future net income. The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2022 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value December 31, 2022 U.S. government and agency securities $ 687 $ — $ (56) $ 631 Obligations of states and political subdivisions 705,990 2,218 (35,957) 672,251 Corporate and other bonds (1) 5,159 — (10) 5,149 Commercial MBS Agency 29,025 — (4,873) 24,152 Non-agency 13,736 — (126) 13,610 Total commercial MBS 42,761 — (4,999) 37,762 Residential MBS Agency 42,699 — (6,427) 36,272 Non-agency 50,436 — (614) 49,822 Total residential MBS 93,135 — (7,041) 86,094 Total HTM securities $ 847,732 $ 2,218 $ (48,063) $ 801,887 (1) Other bonds include asset-backed securities. The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2021 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value December 31, 2021 U.S. government and agency securities $ 2,604 $ — $ (29) $ 2,575 Obligations of states and political subdivisions 620,873 65,982 (121) 686,734 Commercial Agency MBS 4,523 — (58) 4,465 Total HTM securities $ 628,000 $ 65,982 $ (208) $ 693,774 Credit Quality Indicators & Allowance for Credit Losses - HTM For HTM securities, the Company evaluates the credit risk of its securities on at least a quarterly basis. The Company estimates expected credit losses on HTM debt securities on an individual basis based on the PD/LGD methodology primarily using security-level credit ratings. The Company’s HTM securities ACL was immaterial at December 31, 2022 and 2021. The primary indicators of credit quality for the Company’s HTM portfolio are security type and credit rating, which is influenced by a number of factors including obligor cash flow, geography, seniority, and others. The majority of the Company’s HTM securities with credit risk are obligations of states and political subdivisions. The following table presents the amortized cost of HTM securities as of December 31, 2022 and 2021 by security type and credit rating (dollars in thousands): U.S. Government and Agency Obligations of states and political Corporate and other Mortgage-backed Total HTM securities subdivisions bonds securities securities December 31, 2022 Credit Rating: AAA/AA/A $ — $ 704,803 $ — $ 2,702 $ 707,505 BBB/BB/B — 1,187 — — 1,187 Not Rated - Agency (1) 687 — — 71,725 72,412 Not Rated - Non-Agency (2) — — 5,159 61,469 66,628 Total $ 687 $ 705,990 $ 5,159 $ 135,896 $ 847,732 December 31, 2021 Credit Rating: AAA/AA/A $ — $ 620,873 $ — $ — $ 620,873 Not Rated - Agency (1) 2,604 — — 4,523 7,127 Total $ 2,604 $ 620,873 $ — $ 4,523 $ 628,000 (1) Generally considered not to have credit risk given the government guarantees associated with these agencies. (2) Non-agency mortgage-backed and asset-backed securities have limited credit risk, supported by most receiving a 20% simplified supervisory formula approach rating. The following table presents the amortized cost and estimated fair value of HTM securities as of December 31, 2022 and 2021, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Due in one year or less $ 2,010 $ 2,006 $ 3,034 $ 3,027 Due after one year through five years 35,044 35,014 5,852 6,065 Due after five years through ten years 19,941 20,239 14,019 15,984 Due after ten years 790,737 744,628 605,095 668,698 Total HTM securities $ 847,732 $ 801,887 $ 628,000 $ 693,774 Refer to Note 9 “Commitments and Contingencies” for information regarding the estimated fair value of HTM securities that were pledged to secure public deposits as permitted or required by law as of December 31, 2022 and December 31, 2021. Restricted Stock, at cost Due to restrictions placed upon the Bank’s common stock investment in the FRB and the FHLB, these securities have been classified as restricted equity securities and carried at cost. These restricted securities are not subject to the investment security classifications and are included as a separate line item on the Company’s Consolidated Balance Sheets. Restricted stock consists of FRB stock in the amount of $67.0 million for December 31, 2022 and 2021, and FHLB stock in the amount of $53.2 million and $9.8 million as of December 31, 2022 and 2021, respectively. Realized Gains and Losses The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the years ended December 31, 2022, 2021, and 2020 (dollars in thousands): 2022 2021 2020 Realized (losses) gains (1) : Gross realized gains $ — $ 147 $ 12,522 Gross realized losses (3) (60) (228) Net realized (losses) gains $ (3) $ 87 $ 12,294 Proceeds from sales of securities $ 40,686 $ 45,436 $ 257,945 (1) Includes (losses) gains on sales and calls of securities |
LOANS AND ALLOWANCE FOR LOAN AN
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES | 12 Months Ended |
Dec. 31, 2022 | |
Loans and Allowance for Loan Losses [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES | 3. LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES The information included below reflects the impact of the CARES Act, as amended by the Consolidated Appropriations Act of 2021, and the Joint Guidance, which encouraged banking institutions to work with borrowers affected by the COVID-19 pandemic, including offering short-term loan modifications to borrowers unable to meet their contractual payment obligations, and exempted certain modified loans from being reported as past due or TDRs. See Note 1 “Summary of Significant Accounting Policies” for information about COVID-19 and related legislative and regulatory developments. The Company’s loans are stated at their face amount, net of deferred fees and costs, and consisted of the following at December 31, 2022 and 2021 (dollars in thousands): 2022 2021 Construction and Land Development $ 1,101,260 $ 862,236 Commercial Real Estate - Owner Occupied 1,982,608 1,995,409 Commercial Real Estate - Non-Owner Occupied 3,996,130 3,789,377 Multifamily Real Estate 802,923 778,626 Commercial & Industrial (1) 2,983,349 2,542,243 Residential 1-4 Family - Commercial 538,063 607,337 Residential 1-4 Family - Consumer 940,275 816,524 Residential 1-4 Family - Revolving 585,184 560,796 Auto 592,976 461,052 Consumer 152,545 176,992 Other Commercial (2) 773,829 605,251 Total LHFI, net of deferred fees and costs (3) 14,449,142 13,195,843 Allowance for loan and lease losses (110,768) (99,787) Total LHFI, net $ 14,338,374 $ 13,096,056 (1) Commercial & industrial loans included approximately $7.3 million and $145.3 million in loans from the PPP at December 31, 2022 and December 31, 2021, respectively. (2) There were no loans from the PPP included in other commercial loans as of December 31, 2022. As of December 31, 2021, other commercial loans include approximately $5.1 million in loans from the PPP . (3) Total loans included unamortized premiums and discounts, and unamortized deferred fees and costs totaling $50.4 million and $49.3 million as of December 31, 2022 and December 31, 2021, respectively. The following table shows the aging of the Company’s loan portfolio, by class, at December 31, 2022 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Current Past Due Past Due still Accruing Nonaccrual Total Loans Construction and Land Development $ 1,099,555 $ 1,253 $ 45 $ 100 $ 307 $ 1,101,260 Commercial Real Estate - Owner Occupied 1,970,323 2,305 635 2,167 7,178 1,982,608 Commercial Real Estate - Non-Owner Occupied 3,993,091 1,121 48 607 1,263 3,996,130 Multifamily Real Estate 801,694 1,229 — — — 802,923 Commercial & Industrial 2,980,008 824 174 459 1,884 2,983,349 Residential 1-4 Family - Commercial 534,653 1,231 — 275 1,904 538,063 Residential 1-4 Family - Consumer 919,833 5,951 1,690 1,955 10,846 940,275 Residential 1-4 Family - Revolving 577,993 1,843 511 1,384 3,453 585,184 Auto 589,235 2,747 450 344 200 592,976 Consumer 151,958 351 125 108 3 152,545 Other Commercial 773,738 — — 91 — 773,829 Total LHFI, net of deferred fees and costs $ 14,392,081 $ 18,855 $ 3,678 $ 7,490 $ 27,038 $ 14,449,142 % of total loans 99.60 % 0.13 % 0.03 % 0.05 % 0.19 % 100.00 % The following table shows the aging of the Company’s loan portfolio, by class, at December 31, 2021 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Current Past Due Past Due still Accruing Nonaccrual Total Loans Construction and Land Development $ 857,883 $ 1,357 $ — $ 299 $ 2,697 $ 862,236 Commercial Real Estate - Owner Occupied 1,987,133 1,230 152 1,257 5,637 1,995,409 Commercial Real Estate - Non-Owner Occupied 3,783,211 1,965 127 433 3,641 3,789,377 Multifamily Real Estate 778,429 84 — — 113 778,626 Commercial & Industrial 2,536,100 1,161 1,438 1,897 1,647 2,542,243 Residential 1-4 Family - Commercial 601,946 1,844 272 990 2,285 607,337 Residential 1-4 Family - Consumer 795,821 3,368 2,925 3,013 11,397 816,524 Residential 1-4 Family - Revolving 554,652 1,493 363 882 3,406 560,796 Auto 458,473 1,866 249 241 223 461,052 Consumer 175,943 689 186 120 54 176,992 Other Commercial 605,214 37 — — — 605,251 Total LHFI, net of deferred fees and costs $ 13,134,805 $ 15,094 $ 5,712 $ 9,132 $ 31,100 $ 13,195,843 % of total loans 99.54 % 0.11 % 0.04 % 0.07 % 0.24 % 100.00 % The following table shows the Company’s amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of December 31, 2022 (dollars in thousands): Nonaccrual Nonaccrual With No ALLL 90 Days Past due and still Accruing Construction and Land Development $ 307 $ — $ 100 Commercial Real Estate - Owner Occupied 7,178 908 2,167 Commercial Real Estate - Non-Owner Occupied 1,263 — 607 Commercial & Industrial 1,884 1 459 Residential 1-4 Family - Commercial 1,904 — 275 Residential 1-4 Family - Consumer 10,846 — 1,955 Residential 1-4 Family - Revolving 3,453 — 1,384 Auto 200 — 344 Consumer 3 — 108 Other Commercial — — 91 Total LHFI $ 27,038 $ 909 $ 7,490 The following table shows the Company’s amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of December 31, 2021 (dollars in thousands): Nonaccrual Nonaccrual With No ALLL 90 Days Past due and still Accruing Construction and Land Development $ 2,697 $ 1,985 $ 299 Commercial Real Estate - Owner Occupied 5,637 970 1,257 Commercial Real Estate - Non-Owner Occupied 3,641 1,089 433 Multifamily Real Estate 113 — — Commercial & Industrial 1,647 1 1,897 Residential 1-4 Family - Commercial 2,285 — 990 Residential 1-4 Family - Consumer 11,397 — 3,013 Residential 1-4 Family - Revolving 3,406 — 882 Auto 223 — 241 Consumer 54 — 120 Total LHFI $ 31,100 $ 4,045 $ 9,132 There was no interest income recognized on nonaccrual loans during the years ended December 31, 2022 and 2021. See Note 1 “Summary of Significant Accounting Policies” for additional information on the Company’s policies for nonaccrual loans. Troubled Debt Restructurings As of December 31, 2022, the Company had TDRs totaling $14.2 million with an estimated $739,000 of allowance for those loans. As of December 31, 2021, the Company had TDRs totaling $18.0 million with an estimated $859,000 of allowance for those loans. A TDR occurs when a lender, for economic or legal reasons, grants a concession to the borrower related to the borrower’s financial difficulties, that it would not otherwise consider. All loans that are considered to be TDRs are evaluated for credit losses in accordance with the Company’s ALLL methodology. For the years ended December 31, 2022 and 2021, the recorded investment in TDRs prior to modifications was not materially impacted by the modifications. The following table provides a summary, by class, of TDRs that continue to accrue interest under the terms of the applicable restructuring agreement, which are considered to be performing, and TDRs that have been placed on nonaccrual status, which are considered to be nonperforming, as of December 31, 2022 and 2021 (dollars in thousands): December 31, 2022 December 31, 2021 No. of Recorded Outstanding No. of Recorded Outstanding Loans Investment Commitment Loans Investment Commitment Performing Construction and Land Development 3 $ 155 $ — 4 $ 201 $ — Commercial Real Estate - Owner Occupied 2 997 — 3 572 — Commercial & Industrial 1 93 — — — — Residential 1-4 Family - Consumer 83 7,761 — 75 9,021 — Residential 1-4 Family - Revolving 3 254 5 3 265 4 Consumer 1 13 — 2 15 — Other Commercial — — — 1 239 — Total performing 93 $ 9,273 $ 5 88 $ 10,313 $ 4 Nonperforming Commercial Real Estate - Owner Occupied 1 $ 15 $ — 2 $ 830 $ — Commercial Real Estate - Non-Owner Occupied 2 233 — 3 1,357 — Commercial & Industrial 2 375 — 3 729 — Residential 1-4 Family - Commercial 3 332 — 3 388 — Residential 1-4 Family - Consumer 23 3,869 — 24 4,239 — Residential 1-4 Family - Revolving 3 93 — 3 99 — Total nonperforming 34 $ 4,917 $ — 38 $ 7,642 $ — Total performing and nonperforming 127 $ 14,190 $ 5 126 $ 17,955 $ 4 The Company considers a default of a TDR to occur when the borrower is 90 days past due following the restructure or a foreclosure and repossession of the applicable collateral occurs. During the years ended December 31, 2022 and 2021, the Company did not have any material loans that went into default that had been restructured in the twelve-month period prior to the time of default. The following table shows, by class and modification type, TDRs that occurred during the years ended December 31, 2022 and 2021 (dollars in thousands): 2022 2021 Recorded Recorded No. of Investment at No. of Investment at Loans Period End Loans Period End Term modification, at a market rate Commercial Real Estate - Owner Occupied 1 $ 766 — $ — Commercial Real Estate - Non-Owner Occupied — — 1 153 Residential 1-4 Family - Consumer — — 2 101 Total loan term extended at a market rate 1 $ 766 3 $ 254 Term modification, below market rate Residential 1-4 Family - Consumer 21 $ 1,524 12 $ 1,810 Consumer — — 1 15 Total loan term extended at a below market rate 21 $ 1,524 13 $ 1,825 Interest rate modification, below market rate Residential 1-4 Family - Commercial — $ — 1 $ 45 Total interest only at below market rate of interest — $ — 1 $ 45 Total 22 $ 2,290 17 $ 2,124 Allowance for Loan and Lease Losses ALLL on the loan portfolio is a material estimate for the Company. The Company estimates its ALLL on its loan portfolio on a quarterly basis. The Company models the ALLL using two primary segments, Commercial and Consumer. Each loan segment is further disaggregated into classes based on similar risk characteristics. The Company has identified the following classes within each loan segment: ● Commercial : Construction and Land Development, Commercial Real Estate – Owner Occupied, Commercial Real Estate – Non-Owner Occupied, Multifamily Real Estate, Commercial & Industrial, Residential 1-4 Family – Commercial, and Other Commercial ● Consumer : Residential 1-4 Family – Consumer, Residential 1-4 Family – Revolving, Auto, and Consumer The following tables show the ALLL activity by loan segment for the years ended December 31, 2022 and 2021 (dollars in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Commercial Consumer Total Commercial Consumer Total Balance at beginning of period $ 77,902 $ 21,885 $ 99,787 $ 117,403 $ 43,137 $ 160,540 Loans charged-off (4,137) (3,272) (7,409) (5,186) (4,897) (10,083) Recoveries credited to allowance 2,426 2,650 5,076 4,915 3,303 8,218 Provision charged to operations 6,562 6,752 13,314 (39,230) (19,658) (58,888) Balance at end of period $ 82,753 $ 28,015 $ 110,768 $ 77,902 $ 21,885 $ 99,787 Credit Quality Indicators Credit quality indicators are utilized to help estimate the collectability of each loan class within the Commercial and Consumer loan segments. For classes of loans within the Commercial segment, the primary credit quality indicator used for evaluating credit quality and estimating the ALLL is risk rating categories of Pass, Watch, Special Mention, Substandard, and Doubtful. For classes of loans within the Consumer segment, the primary credit quality indicator used for evaluating credit quality and estimating the ALLL is delinquency bands of Current, 30-59, 60-89, 90+, and Nonaccrual. While other credit quality indicators are evaluated and analyzed as part of the Company’s credit risk management activities, these indicators are primarily used in estimating the ALLL. The Company evaluates the credit risk of its loan portfolio on at least a quarterly basis. Commercial Loans The Company uses a risk rating system as the primary credit quality indicator for classes of loans within the Commercial segment. The risk rating system on a scale of 0 through 9 is used to determine risk level as used in the calculation of the ACL. The risk levels, as described below, do not necessarily follow the regulatory definitions of risk levels with the same name. A general description of the characteristics of the risk levels follows: Pass is determined by the following criteria: ● Risk rated 0 loans have little or no risk and are with General Obligation Municipal Borrowers; ● Risk rated 1 loans have little or no risk and are generally secured by cash or cash equivalents; ● Risk rated 2 loans have minimal risk to well qualified borrowers and no significant questions as to safety; ● Risk rated 3 loans are satisfactory loans with strong borrowers and secondary sources of repayment; ● Risk rated 4 loans are satisfactory loans with borrowers not as strong as risk rated 3 loans and may exhibit a greater degree of financial risk based on the type of business supporting the loan. Watch is determined by the following criteria: ● Risk rated 5 loans are watch loans that warrant more than the normal level of supervision and have the possibility of an event occurring that may weaken the borrower’s ability to repay; Special Mention is determined by the following criteria: ● Risk rated 6 loans have increasing potential weaknesses beyond those at which the loan originally was granted and if not addressed could lead to inadequately protecting the Company’s credit position. Substandard is determined by the following criteria: ● Risk rated 7 loans are substandard loans and are inadequately protected by the current sound worth or paying capacity of the obligor or the collateral pledged; these have well defined weaknesses that jeopardize the liquidation of the debt with the distinct possibility the Company will sustain some loss if the deficiencies are not corrected. Doubtful is determined by the following criteria: ● Risk rated 8 loans are doubtful of collection and the possibility of loss is high but pending specific borrower plans for recovery, its classification as a loss is deferred until its more exact status is determined; ● Risk rated 9 loans are loss loans which are considered uncollectable and of such little value that their continuance as bankable assets is not warranted. The table below details the amortized cost of the classes of loans within the Commercial segment by risk level and year of origination as of December 31, 2022 (dollars in thousands): December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Construction and Land Development Pass $ 357,688 $ 499,738 $ 107,559 $ 17,191 $ 33,801 $ 36,335 $ 34,345 $ 1,086,657 Watch 242 1,637 — — 115 1,669 — 3,663 Special Mention 2,843 411 — — — 93 — 3,347 Substandard 1,254 3,148 40 211 1,345 1,595 — 7,593 Total Construction and Land Development $ 362,027 $ 504,934 $ 107,599 $ 17,402 $ 35,261 $ 39,692 $ 34,345 $ 1,101,260 Commercial Real Estate - Owner Occupied Pass $ 258,953 $ 215,414 $ 257,740 $ 282,110 $ 228,410 $ 624,238 $ 17,190 $ 1,884,055 Watch 1,060 176 2,437 9,567 9,736 31,331 916 55,223 Special Mention — 256 — 93 1,332 18,766 132 20,579 Substandard — 2,565 474 4,728 1,591 12,979 414 22,751 Total Commercial Real Estate - Owner Occupied $ 260,013 $ 218,411 $ 260,651 $ 296,498 $ 241,069 $ 687,314 $ 18,652 $ 1,982,608 Commercial Real Estate - Non-Owner Occupied Pass $ 496,079 $ 661,977 $ 385,084 $ 517,834 $ 373,126 $ 1,389,507 $ 34,804 $ 3,858,411 Watch — 2,151 2,091 11,915 19,550 20,683 2 56,392 Special Mention 232 — — 25,578 702 7,381 — 33,893 Substandard — — 10,460 3,083 29,012 4,879 — 47,434 Total Commercial Real Estate - Non-Owner Occupied $ 496,311 $ 664,128 $ 397,635 $ 558,410 $ 422,390 $ 1,422,450 $ 34,806 $ 3,996,130 Commercial & Industrial Pass $ 849,547 $ 536,982 $ 262,093 $ 182,263 $ 67,648 $ 120,326 $ 846,059 $ 2,864,918 Watch 1,399 1,305 18,682 5,039 12,843 1,984 41,836 83,088 Special Mention — 222 393 2,145 354 1,773 12,380 17,267 Substandard 94 513 112 2,911 1,449 1,339 11,658 18,076 Total Commercial & Industrial $ 851,040 $ 539,022 $ 281,280 $ 192,358 $ 82,294 $ 125,422 $ 911,933 $ 2,983,349 Multifamily Real Estate Pass $ 111,798 $ 90,952 $ 204,159 $ 47,240 $ 59,883 $ 231,745 $ 52,025 $ 797,802 Watch — — — 350 442 416 — 1,208 Special Mention — — — 3,826 — 87 — 3,913 Total Multifamily Real Estate $ 111,798 $ 90,952 $ 204,159 $ 51,416 $ 60,325 $ 232,248 $ 52,025 $ 802,923 Residential 1-4 Family - Commercial Pass $ 58,534 $ 86,881 $ 77,110 $ 50,721 $ 38,090 $ 199,783 $ 803 $ 511,922 Watch 500 — 539 852 1,532 5,378 113 8,914 Special Mention — — 94 7,771 582 2,630 — 11,077 Substandard — 632 1,400 463 473 2,883 299 6,150 Total Residential 1-4 Family - Commercial $ 59,034 $ 87,513 $ 79,143 $ 59,807 $ 40,677 $ 210,674 $ 1,215 $ 538,063 Other Commercial Pass $ 197,454 $ 211,438 $ 149,567 $ 119,795 $ 3,522 $ 69,243 $ 14,177 $ 765,196 Watch 5,095 — — 12 — 3,435 — 8,542 Substandard — — — — — — 91 91 Total Other Commercial $ 202,549 $ 211,438 $ 149,567 $ 119,807 $ 3,522 $ 72,678 $ 14,268 $ 773,829 Total Commercial Pass $ 2,330,053 $ 2,303,382 $ 1,443,312 $ 1,217,154 $ 804,480 $ 2,671,177 $ 999,403 $ 11,768,961 Watch 8,296 5,269 23,749 27,735 44,218 64,896 42,867 217,030 Special Mention 3,075 889 487 39,413 2,970 30,730 12,512 90,076 Substandard 1,348 6,858 12,486 11,396 33,870 23,675 12,462 102,095 Total Commercial $ 2,342,772 $ 2,316,398 $ 1,480,034 $ 1,295,698 $ 885,538 $ 2,790,478 $ 1,067,244 $ 12,178,162 The table below details the amortized cost of the classes of loans within the Commercial segment by risk level and year of origination as of December 31, 2021 (dollars in thousands): December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total Construction and Land Development Pass $ 430,764 $ 218,672 $ 39,937 $ 40,128 $ 11,299 $ 50,908 $ 22,996 $ 814,704 Watch 395 185 12,923 129 349 4,026 — 18,007 Special Mention — — — — — 735 — 735 Substandard 3,541 1 221 19,264 198 5,565 — 28,790 Total Construction and Land Development $ 434,700 $ 218,858 $ 53,081 $ 59,521 $ 11,846 $ 61,234 $ 22,996 $ 862,236 Commercial Real Estate - Owner Occupied Pass $ 222,079 $ 279,165 $ 321,503 $ 263,422 $ 179,994 $ 555,540 $ 19,705 $ 1,841,408 Watch 185 18 7,959 10,875 14,648 57,466 702 91,853 Special Mention — 932 11,826 610 1,052 19,480 507 34,407 Substandard 200 153 7,455 2,538 1,935 14,834 626 27,741 Total Commercial Real Estate - Owner Occupied $ 222,464 $ 280,268 $ 348,743 $ 277,445 $ 197,629 $ 647,320 $ 21,540 $ 1,995,409 Commercial Real Estate - Non-Owner Occupied Pass $ 642,386 $ 421,063 $ 520,035 $ 377,176 $ 374,949 $ 1,102,193 $ 36,568 $ 3,474,370 Watch 2,152 841 35,721 39,356 18,242 101,797 14 198,123 Special Mention — 10,609 25,691 20,119 12,741 4,775 — 73,935 Substandard — — 23,376 11,369 — 7,952 252 42,949 Total Commercial Real Estate - Non-Owner Occupied $ 644,538 $ 432,513 $ 604,823 $ 448,020 $ 405,932 $ 1,216,717 $ 36,834 $ 3,789,377 Commercial & Industrial Pass $ 770,662 $ 450,478 $ 287,926 $ 110,710 $ 38,395 $ 170,857 $ 619,583 $ 2,448,611 Watch 1,233 9,641 2,766 31,635 1,370 4,405 17,220 68,270 Special Mention 206 935 8,477 1,023 564 561 3,249 15,015 Substandard 379 575 3,636 1,965 463 1,639 1,690 10,347 Total Commercial & Industrial $ 772,480 $ 461,629 $ 302,805 $ 145,333 $ 40,792 $ 177,462 $ 641,742 $ 2,542,243 Multifamily Real Estate Pass $ 63,431 $ 187,616 $ 108,402 $ 114,077 $ 66,562 $ 228,013 $ 1,548 $ 769,649 Watch — — 359 459 — 522 — 1,340 Special Mention 44 2,248 624 4,517 — 91 — 7,524 Substandard — — — — — 113 — 113 Total Multifamily Real Estate $ 63,475 $ 189,864 $ 109,385 $ 119,053 $ 66,562 $ 228,739 $ 1,548 $ 778,626 Residential 1-4 Family - Commercial Pass $ 108,259 $ 94,184 $ 65,682 $ 46,267 $ 55,995 $ 196,052 $ 550 $ 566,989 Watch — 2,041 4,887 7,483 2,415 7,573 311 24,710 Special Mention — 96 — 436 391 4,126 — 5,049 Substandard 93 — 3,494 536 1,291 4,876 299 10,589 Total Residential 1-4 Family - Commercial $ 108,352 $ 96,321 $ 74,063 $ 54,722 $ 60,092 $ 212,627 $ 1,160 $ 607,337 Other Commercial Pass $ 226,595 $ 167,497 $ 98,848 $ 5,620 $ 25,723 $ 44,114 $ 30,445 $ 598,842 Watch — — — 581 1,246 4,341 — 6,168 Special Mention — — — — 2 — — 2 Substandard — — — — — 239 — 239 Total Other Commercial $ 226,595 $ 167,497 $ 98,848 $ 6,201 $ 26,971 $ 48,694 $ 30,445 $ 605,251 Total Commercial Pass $ 2,464,176 $ 1,818,675 $ 1,442,333 $ 957,400 $ 752,917 $ 2,347,677 $ 731,395 $ 10,514,573 Watch 3,965 12,726 64,615 90,518 38,270 180,130 18,247 408,471 Special Mention 250 14,820 46,618 26,705 14,750 29,768 3,756 136,667 Substandard 4,213 729 38,182 35,672 3,887 35,218 2,867 120,768 Total Commercial $ 2,472,604 $ 1,846,950 $ 1,591,748 $ 1,110,295 $ 809,824 $ 2,592,793 $ 756,265 $ 11,180,479 Consumer Loans For Consumer loans, the Company evaluates credit quality based on the delinquency status of the loan. The following table details the amortized cost of the classes of loans within the Consumer segment based on their delinquency status and year of origination as of December 31, 2022 (dollars in thousands): December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Residential 1-4 Family - Consumer Current $ 212,697 $ 263,734 $ 162,826 $ 36,197 $ 22,629 $ 221,738 $ 12 $ 919,833 30-59 Days Past Due 174 2,169 89 46 220 3,253 — 5,951 60-89 Days Past Due — — — — 413 1,277 — 1,690 90+ Days Past Due — — — 64 — 1,891 — 1,955 Nonaccrual — 423 — 307 940 9,176 — 10,846 Total Residential 1-4 Family - Consumer $ 212,871 $ 266,326 $ 162,915 $ 36,614 $ 24,202 $ 237,335 $ 12 $ 940,275 Residential 1-4 Family - Revolving Current $ 68,434 $ 13,810 $ 4,997 $ 1,672 $ 801 $ 476 $ 487,803 $ 577,993 30-59 Days Past Due 90 — — — — — 1,753 1,843 60-89 Days Past Due — — — — — — 511 511 90+ Days Past Due — — — — — — 1,384 1,384 Nonaccrual — 149 57 — 13 — 3,234 3,453 Total Residential 1-4 Family - Revolving $ 68,524 $ 13,959 $ 5,054 $ 1,672 $ 814 $ 476 $ 494,685 $ 585,184 Auto Current $ 285,036 $ 154,904 $ 81,710 $ 44,086 $ 15,974 $ 7,525 $ — $ 589,235 30-59 Days Past Due 808 772 451 456 134 126 — 2,747 60-89 Days Past Due 65 129 146 76 30 4 — 450 90+ Days Past Due 169 — 111 32 12 20 — 344 Nonaccrual — 113 18 62 2 5 — 200 Total Auto $ 286,078 $ 155,918 $ 82,436 $ 44,712 $ 16,152 $ 7,680 $ — $ 592,976 Consumer Current $ 36,513 $ 15,897 $ 11,019 $ 23,838 $ 16,084 $ 19,070 $ 29,537 $ 151,958 30-59 Days Past Due 61 27 36 113 34 61 19 351 60-89 Days Past Due 43 17 10 11 14 21 9 125 90+ Days Past Due 22 — 9 12 32 — 33 108 Nonaccrual — 3 — — — — — 3 Total Consumer $ 36,639 $ 15,944 $ 11,074 $ 23,974 $ 16,164 $ 19,152 $ 29,598 $ 152,545 Total Consumer Current $ 602,680 $ 448,345 $ 260,552 $ 105,793 $ 55,488 $ 248,809 $ 517,352 $ 2,239,019 30-59 Days Past Due 1,133 2,968 576 615 388 3,440 1,772 10,892 60-89 Days Past Due 108 146 156 87 457 1,302 520 2,776 90+ Days Past Due 191 — 120 108 44 1,911 1,417 3,791 Nonaccrual — 688 75 369 955 9,181 3,234 14,502 Total Consumer $ 604,112 $ 452,147 $ 261,479 $ 106,972 $ 57,332 $ 264,643 $ 524,295 $ 2,270,980 The following table details the amortized cost of the classes of loans within the Consumer segment based on their delinquency status and year of origination as of December 31, 2021 (dollars in thousands): December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total Residential 1-4 Family - Consumer Current $ 248,904 $ 174,459 $ 47,905 $ 33,809 $ 44,179 $ 246,554 $ 11 $ 795,821 30-59 Days Past Due — 157 143 807 460 1,801 — 3,368 60-89 Days Past Due — — — 624 107 2,194 — 2,925 90+ Days Past Due — — 46 20 304 2,643 — 3,013 Nonaccrual 444 — 117 884 1,330 8,622 — 11,397 Total Residential 1-4 Family - Consumer $ 249,348 $ 174,616 $ 48,211 $ 36,144 $ 46,380 $ 261,814 $ 11 $ 816,524 Residential 1-4 Family - Revolving Current $ 16,546 $ 9,511 $ 2,230 $ 1,056 $ — $ 484 $ 524,825 $ 554,652 30-59 Days Past Due — — — — — — 1,493 1,493 60-89 Days Past Due — — — — — — 363 363 90+ Days Past Due — — — — — — 882 882 Nonaccrual — 63 — 18 — — 3,325 3,406 Total Residential 1-4 Family - Revolving $ 16,546 $ 9,574 $ 2,230 $ 1,074 $ — $ 484 $ 530,888 $ 560,796 Auto Current $ 207,229 $ 123,848 $ 72,427 $ 31,745 $ 16,020 $ 7,204 $ — $ 458,473 30-59 Days Past Due 299 382 518 259 245 163 — 1,866 60-89 Days Past Due 45 29 95 33 36 11 — 249 90+ Days Past Due 55 101 42 20 23 — — 241 Nonaccrual — 81 55 27 27 33 — 223 Total Auto $ 207,628 $ 124,441 $ 73,137 $ 32,084 $ 16,351 $ 7,411 $ — $ 461,052 Consumer Current $ 25,084 $ 16,059 $ 38,594 $ 30,890 $ 12,853 $ 16,929 $ 35,534 $ 175,943 30-59 Days Past Due 31 94 201 186 63 26 88 689 60-89 Days Past Due 11 13 62 60 34 — 6 186 90+ Days Past Due 1 4 33 72 8 — 2 120 Nonaccrual — — — — — 54 — 54 Total Consumer $ 25,127 $ 16,170 $ 38,890 $ 31,208 $ 12,958 $ 17,009 $ 35,630 $ 176,992 Total Consumer Current $ 497,763 $ 323,877 $ 161,156 $ 97,500 $ 73,052 $ 271,171 $ 560,370 $ 1,984,889 30- |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | 4. PREMISES AND EQUIPMENT The Company’s premises and equipment as of December 31, 2022 and 2021 are as follows (dollars in thousands): 2022 2021 Land $ 29,741 $ 32,286 Land improvements and buildings 106,123 111,199 Leasehold improvements 21,529 23,195 Furniture and equipment 74,940 76,356 Construction in progress 1,296 1,717 Total 233,629 244,753 Accumulated depreciation and amortization (115,386) (109,945) Bank premises and equipment, net $ 118,243 $ 134,808 Depreciation expense for the years ended December 31, 2022, 2021, and 2020 was $14.2 million, $15.9 million, and $15.2 million, respectively. Refer to Note 6 “Leases” for further discussion regarding the Company’s leasing arrangements. In 2021, the Company determined it would close its operations center in March 2022, classifying it as held for sale at December 31, 2021, which resulted in an impairment expense of $11.7 million during the year ended December 31, 2021. The sale of the operations center was completed during the third quarter of 2022. The Company incurred no significant impairment expense during the year ended December 31, 2022. Refer to Note 13 “Fair Value Measurements” for further discussion regarding the Company’s fair value methodology. Write downs are included in “Other Expenses” within noninterest expense on the Company’s Consolidated Statements of Income. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 5. GOODWILL AND INTANGIBLE ASSETS The Company’s intangible assets consist of core deposits, goodwill, and other intangibles arising from acquisitions. The Company has determined that core deposit intangibles have finite lives and amortizes them over their estimated useful lives. Core deposit intangibles are being amortized over the period of expected benefit, which ranges from four years to ten years, using an accelerated method. Other amortizable intangible assets are being amortized over the period of expected benefit, which ranges from four years to ten years, using various methods. The Company determined that there was no impairment to its goodwill or intangible assets as of the balance sheet date. In the normal course of business, the Company routinely monitors the impact of the changes in the financial markets and includes these assessments in the Company’s impairment process. Effective June 30, 2022, the Company and the Bank, completed the sale of DHFB, which was formerly a subsidiary of the Bank, to Cary Street Partners Financial LLC, resulting in a reduction in both the Company’s goodwill of $10.3 million and intangible assets of $5.7 million. In the third quarter of 2022, the Company moved from one reportable operating segment, the Bank, to two reportable operating segments, Wholesale Banking and Consumer Banking, which resulted in goodwill being allocated between the two reportable operating segments based on their relative fair values. The Company determined that there was no impairment to the Bank’s goodwill prior to and after reallocating goodwill. The Company analyzed its intangible assets on a quarterly basis throughout 2022, and concluded no impairment existed as of the balance sheet date. Information concerning intangible assets with a finite life is presented in the following table (dollars in thousands): Gross Net Carrying Accumulated Carrying Value Amortization Value December 31, 2022 Core deposit intangibles $ 85,491 $ 60,363 $ 25,128 Other amortizable intangibles 2,774 1,141 1,633 December 31, 2021 Core deposit intangibles $ 101,724 $ 66,739 $ 34,985 Other amortizable intangibles 14,893 6,566 8,327 The following table presents the Company’s goodwill and intangible assets by operating segment as of December 31, 2022 and 2021 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total December 31, 2022 Goodwill $ 629,630 $ 295,581 $ — $ 925,211 Intangible Assets — 1,633 25,128 26,761 December 31, 2021 Goodwill $ 629,630 $ 305,930 $ — $ 935,560 Intangible Assets — 8,327 34,985 43,312 Refer to Note 17 “Segment Reporting and Revenue” for more information on the Company’s reportable operating segment changes. Amortization expense of intangibles for the years ended December 31, 2022, 2021, and 2020 totaled $10.8 million, $13.9 million, and $16.6 million, respectively. As of December 31, 2022, the estimated remaining amortization expense of intangibles for the years ended is as follows (dollars in thousands): 2023 $ 8,518 2024 6,753 2025 5,154 2026 3,559 2027 1,986 Thereafter 791 Total estimated amortization expense $ 26,761 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
LEASES | 6. LEASES Lessor Arrangements The Company’s lessor arrangements consist of sales-type and direct financing leases for equipment, including vehicles and machinery, with terms ranging from 14 months to 125 months. In certain cases, the Company obtains lessee-provided residual value guarantees and third-party residual value insurance to reduce its residual asset risk. At December 31, 2022 and 2021, the carrying value of residual assets covered by residual value guarantees and residual value insurance was $44.3 million and $23.0 million, respectively. For more information on the Company’s lessor arrangements, refer to Note 1 “Summary of Significant Accounting Policies” in this Form 10-K. Total net investment in sales-type and direct financing leases consists of the following (dollars in thousands): December 31, 2022 December 31, 2021 Sales-type and direct financing leases: Lease receivables, net of unearned income and deferred selling profit $ 266,380 $ 199,423 Unguaranteed residual values, net of unearned income and deferred selling profit 15,159 8,911 Total net investment in sales-type and direct financing leases $ 281,539 $ 208,334 Lessee Arrangements The Company’s lessee arrangements consist of operating and finance leases; however, the majority of the leases have been classified as non-cancellable operating leases and are primarily for real estate leases with remaining lease terms of up to 23 years. For more information on the Company’s lessee arrangements, refer to Note 1 “Summary of Significant Accounting Policies” in this Form 10-K. The tables below provide information about the Company’s lessee lease portfolio and other supplemental lease information (dollars in thousands): December 31, 2022 December 31, 2021 Operating Finance Operating Finance ROU assets $ 35,729 $ 5,588 $ 40,653 $ 6,506 Lease liabilities 47,696 8,288 50,742 9,477 Lease Term and Discount Rate of Operating leases: Weighted-average remaining lease term (years) 6.80 6.08 6.75 7.08 Weighted-average discount rate (1) 2.91 % 1.17 % 2.57 % 1.17 % (1) An incremental borrowing rate is used based on information available at commencement date of lease or at remeasurement date. Year ended December 31, 2022 2021 Cash paid for amounts included in measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 103 $ 117 Operating Cash Flows from Operating Leases 11,266 11,923 Financing Cash Flows from Finance Leases 1,189 1,144 ROU assets obtained in exchange for lease obligations: Operating leases $ 7,326 $ 3,666 Year ended December 31, 2022 2021 Net Operating Lease Cost $ 8,839 $ 10,121 Finance Lease Cost: Amortization of right-of-use assets 919 919 Interest on lease liabilities 103 117 Total Lease Cost $ 9,861 $ 11,157 The maturities of lessor and lessee arrangements outstanding are presented in the table below (dollars in thousands): Year ended December 31, Lessor Lessee Sales-type and Direct Financing Operating Finance 2023 $ 66,192 $ 11,036 $ 1,325 2024 65,360 10,221 1,358 2025 54,432 8,098 1,392 2026 42,918 5,597 1,427 2027 32,036 4,279 1,462 Thereafter 35,553 13,935 1,626 Total undiscounted cash flows 296,491 53,166 8,590 Less: Adjustments (1) 30,111 5,470 302 Total (2) $ 266,380 $ 47,696 $ 8,288 (1) Lessor – unearned income and unearned guaranteed residual value; Lessee – imputed interest. (2) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements . |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2022 | |
Deposits, Interest-bearing and Noninterest-bearing, Alternative [Abstract] | |
DEPOSITS | 7. DEPOSITS The major types of interest-bearing deposits are as follows for the years ended December 31, (dollars in thousands): 2022 2021 Interest-bearing deposits: NOW accounts $ 4,186,505 $ 4,176,032 Money market accounts 3,922,536 4,249,858 Savings accounts 1,130,899 1,121,297 Time deposits of $250,000 and over 405,060 452,193 Other time deposits 1,403,438 1,404,364 Total interest-bearing deposits $ 11,048,438 $ 11,403,744 Demand deposits 4,883,239 5,207,324 Total deposits $ 15,931,677 $ 16,611,068 As of December 31, 2022, the scheduled maturities of time deposits are as follows for the years ended December 31, (dollars in thousands): 2023 $ 1,199,381 2024 384,440 2025 167,690 2026 27,693 2027 28,085 Thereafter 1,209 Total scheduled maturities of time deposits $ 1,808,498 The amount of time deposits held in CDARS accounts was $15.5 million and $20.7 million as of December 31, 2022 and 2021, respectively. The Company classifies deposit overdrafts as LHFI within the “Other Commercial” category. As of December 31, 2022 and 2021, these deposits totaled $1.9 million and $2.0 million, respectively. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [Abstract] | |
BORROWINGS | 8. BORROWINGS Short-term Borrowings The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Total short-term borrowings consist primarily of securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold, advances from the FHLB, federal funds purchased (which are secured overnight borrowings from other financial institutions), and other lines of credit. Total short-term borrowings as of December 31, 2022 and 2021 (dollars in thousands): 2022 2021 Securities sold under agreements to repurchase $ 142,837 $ 117,870 Federal Funds Purchased 160,000 — FHLB Advances 1,016,000 — Total short-term borrowings $ 1,318,837 $ 117,870 Average outstanding balance during the period $ 302,060 $ 113,030 Average interest rate during the period 1.79 % 0.10 % Average interest rate at end of period 3.89 % 0.07 % The Company maintains federal funds lines with several correspondent banks; the available balance was $1.0 billion and $997.0 million at December 31, 2022 and 2021, respectively. The Company maintains an alternate line of credit at a correspondent bank; the available balance was $25.0 million at both December 31, 2022 and 2021. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with these lines and is in compliance with these covenants as of December 31, 2022 and 2021. Additionally, the Company had a collateral dependent line of credit with the FHLB of up to Long-term Borrowings During the fourth quarter of 2021, the Company issued the 2031 Notes. The 2031 Notes were sold at par resulting in net proceeds, after underwriting discounts and offering expenses, of approximately $246.9 million. The Company used a portion of the net proceeds from the 2031 Notes issuance to repay its outstanding In connection with several previous bank acquisitions, the Company issued $58.5 million and acquired $92.0 million of trust preferred capital notes. The remaining fair value discount on all acquired trust preferred capital notes was $12.5 million and $13.3 million at December 31, 2022 and 2021, respectively. Total long-term borrowings consist of the following as of December 31, 2022 (dollars in thousands): Spread to Principal 3-Month LIBOR Rate (1) Maturity Investment (2) Trust Preferred Capital Securities (4) Trust Preferred Capital Note - Statutory Trust I $ 22,500 2.75 % 7.52 % 6/17/2034 $ 696 Trust Preferred Capital Note - Statutory Trust II 36,000 1.40 % 6.17 % 6/15/2036 1,114 VFG Limited Liability Trust I Indenture 20,000 2.73 % 7.50 % 3/18/2034 619 FNB Statutory Trust II Indenture 12,000 3.10 % 7.87 % 6/26/2033 372 Gateway Capital Statutory Trust I 8,000 3.10 % 7.87 % 9/17/2033 248 Gateway Capital Statutory Trust II 7,000 2.65 % 7.42 % 6/17/2034 217 Gateway Capital Statutory Trust III 15,000 1.50 % 6.27 % 5/30/2036 464 Gateway Capital Statutory Trust IV 25,000 1.55 % 6.32 % 7/30/2037 774 MFC Capital Trust II 5,000 2.85 % 7.62 % 1/23/2034 155 Total Trust Preferred Capital Securities $ 150,500 $ 4,659 Subordinated Debt (3)(4) 2031 Subordinated Debt 250,000 — % 2.875 % 12/15/2031 Total Subordinated Debt (5) $ 250,000 Fair Value Discount (6) (15,296) Investment in Trust Preferred Capital Securities 4,659 Total Long-term Borrowings $ 389,863 (1) Rate as of December 31, 2022. Calculated using non-rounded numbers. (2) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other Assets" on the Company’s Consolidated Balance Sheets. (3) The remaining issuance discount as of December 31, 2022 is $2.8 million. (4) Qualifies as Tier 2 capital for the Company for regulatory purposes (5) Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $12.5 million and $2.8 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. Total long-term borrowings consist of the following as of December 31, 2021 (dollars in thousands): Spread to Principal 3-Month LIBOR Rate (1) Maturity Investment (2) Trust Preferred Capital Securities (4) Trust Preferred Capital Note - Statutory Trust I $ 22,500 2.75 % 2.96 % 6/17/2034 $ 696 Trust Preferred Capital Note - Statutory Trust II 36,000 1.40 % 1.61 % 6/15/2036 1,114 VFG Limited Liability Trust I Indenture 20,000 2.73 % 2.94 % 3/18/2034 619 FNB Statutory Trust II Indenture 12,000 3.10 % 3.31 % 6/26/2033 372 Gateway Capital Statutory Trust I 8,000 3.10 % 3.31 % 9/17/2033 248 Gateway Capital Statutory Trust II 7,000 2.65 % 2.86 % 6/17/2034 217 Gateway Capital Statutory Trust III 15,000 1.50 % 1.71 % 5/30/2036 464 Gateway Capital Statutory Trust IV 25,000 1.55 % 1.76 % 7/30/2037 774 MFC Capital Trust II 5,000 2.85 % 3.06 % 1/23/2034 155 Total Trust Preferred Capital Securities $ 150,500 $ 4,659 Subordinated Debt (3)(4) 2031 Subordinated Debt 250,000 — % 2.875 % 12/15/2031 Total Subordinated Debt (5) $ 250,000 Fair Value Discount (6) (16,435) Investment in Trust Preferred Capital Securities 4,659 Total Long-term Borrowings $ 388,724 (1) Rate as of December 31, 2021. Calculated using non-rounded numbers. (2) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other Assets" on the Company’s Consolidated Balance Sheets. (3) The remaining issuance discount as of December 31, 2021 is $3.1 million. (4) Qualifies as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $13.3 million and $3.1 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. As of December 31, 2022, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands): Trust Preferred Total Capital Subordinated Fair Value Long-term Notes Debt Discount (1) Borrowings 2023 $ — $ — $ (1,162) $ (1,162) 2024 — — (1,187) (1,187) 2025 — — (1,211) (1,211) 2026 — — (1,236) (1,236) 2027 — — (1,263) (1,263) Thereafter 155,159 250,000 (9,237) 395,922 Total long-term borrowings $ 155,159 $ 250,000 $ (15,296) $ 389,863 (1) Includes discount on Trust Preferred Capital Securities and Subordinated Debt . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES Litigation Matters In the ordinary course of its operations, the Company and its subsidiaries are involved in various legal and regulatory proceedings. The amount, if any, of ultimate liability with respect to such matters cannot be determined. Despite the uncertainties of such litigation and investigations, and based on the information presently available and after consultation with legal counsel, management believes that the ultimate outcome in such legal proceedings, in the aggregate, will not have a material adverse effect on the business or the financial condition or results of operations of the Company subject to the potential outcomes of the matter discussed below. As previously disclosed, on February 9, 2022, pursuant to the CFPB’s Notice and Opportunity to Respond and Advise process, the CFPB Office of Enforcement notified the Bank that it is considering recommending that the CFPB take legal action against the Bank in connection with alleged violations of Regulation E, 12 C.F.R. § 1005.17, and the Consumer Financial Protection Act, 12 U.S.C. §§ 5531 and 5536, in connection with the Bank’s overdraft practices and policies. The purpose of the CFPB’s notice process is to ensure that potential subjects of enforcement actions have the opportunity to respond to alleged violations and present their positions to the CFPB before an enforcement action is recommended or commenced. Should the CFPB commence a legal action, it may seek restitution to affected customers, civil monetary penalties, injunctive relief, or other corrective action. While a loss is reasonably possible related to this matter, an estimate is not possible at this time. The Company and the Bank are unable at this time to determine how or when the matter will be resolved or the significance, if any, to our business, financial condition, or results of operations. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and letters of credit. These instruments involve elements of credit and interest rate risk in excess of the amount recognized on the Company’s Consolidated Balance Sheets. The contractual amounts of these instruments reflect the extent of the Company’s involvement in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Unless noted otherwise, the Company does not require collateral or other security to support off-balance sheet financial instruments with credit risk. The Company considers credit losses related to off-balance sheet commitments by undergoing a similar process in evaluating losses for loans that are carried on the balance sheet. The Company considers historical loss and funding information, current and future economic conditions, risk ratings, and past due status among other factors in the consideration of expected credit losses in the Company’s off-balance sheet commitments to extend credit. The Company also records an indemnification reserve based on historical statistics and loss rates related to mortgage loans previously sold. As of December 31, 2022 and 2021, the Company’s reserves for unfunded commitment and indemnification were $14.1 million and $8.4 million, respectively. Commitments to extend credit are agreements to lend to customers as long as there are no violations of any conditions established in the contracts. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Letters of credit are conditional commitments issued by the Company to guarantee the performance of customers to third parties. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The following table presents the balances of commitments and contingencies as of December 31, (dollars in thousands): 2022 2021 Commitments with off-balance sheet risk: Commitments to extend credit (1) $ 5,229,252 $ 5,825,557 Letters of credit 156,459 152,506 Total commitments with off-balance sheet risk $ 5,385,711 $ 5,978,063 (1) Includes unfunded overdraft protection. As of December 31, 2022, the Company had approximately $273.5 million in deposits in other financial institutions of which $196.2 million served as collateral for cash flow and loan swap derivatives. As of December 31, 2021, the Company had approximately $187.4 million in deposits in other financial institutions of which $82.3 million served as collateral for cash flow and loan swap derivatives. For asset/liability management purposes, the Company uses interest rate contracts to hedge various exposures or to modify the interest rate characteristics of various balance sheet accounts. For the over-the-counter derivatives cleared with the central clearinghouses, the variation margin is treated as a settlement of the related derivatives fair values. See Note 10 “Derivatives” for additional information. As part of the Company’s liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged at December 31, 2022 and 2021 (dollars in thousands): Pledged Assets as of December 31, 2022 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 713,761 $ 579,550 $ — $ 1,293,311 Repurchase agreements — 159,221 — — 159,221 FHLB advances — 36,039 — 2,679,316 2,715,355 Derivatives 196,180 57,114 — — 253,294 Fed Funds — — — 458,680 458,680 Other purposes — 27,311 865 — 28,176 Total pledged assets $ 196,180 $ 993,446 $ 580,415 $ 3,137,996 $ 4,908,037 Pledged Assets as of December 31, 2021 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 703,489 $ 472,243 $ — $ 1,175,732 Repurchase agreements — 130,217 — — 130,217 FHLB advances — 43,722 — 4,263,259 4,306,981 Derivatives 82,299 65,053 — — 147,352 Fed Funds — — — 392,067 392,067 Other purposes — 22,003 985 — 22,988 Total pledged assets $ 82,299 $ 964,484 $ 473,228 $ 4,655,326 $ 6,175,337 (1) Balance represents market value. (2) Balance represents book value. |
DERIVATIVES
DERIVATIVES | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | 10. DERIVATIVES The Company is exposed to economic risks arising from its business operations and uses derivatives primarily to manage risk associated with changing interest rates, and to assist customers with their risk management objectives. The Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship (cash flow or fair value hedge). The remaining are classified as free-standing derivatives that do not qualify for hedge accounting and consist of interest rate contracts, which include loan swaps and interest rate cap agreements, as well as interest rate lock commitments. Derivatives Counterparty Credit Risk Derivative instruments contain an element of credit risk that arises from the potential failure of a counterparty to perform according to the terms of the contract. The Company’s exposure to derivative counterparty credit risk, at any point in time, is equal to the amount reported as a derivative asset on the Company’s Consolidated Balance Sheets, assuming no recoveries of underlying collateral. The Company clears certain over-the-counter derivatives with central clearinghouses through futures commission merchants due to applicable regulatory requirements, which reduces the Company’s counterparty risk. The Company also enters into legally enforceable master netting agreements and collateral agreements, where possible, with certain derivative counterparties to mitigate the risk of default on a bilateral basis. These bilateral agreements typically provide the right to offset exposures and require one counterparty to post collateral on derivative instruments in a net liability position to the other counterparty. For the over-the-counter derivatives cleared with central clearinghouses, the variation margin is treated as settlement of the related derivatives fair values. Cash Flow Hedges The Company designates derivatives as cash flow hedges when they are used to manage exposure to variability in cash flows related to forecasted transactions on variable rate financial instruments. The Company uses interest rate swap agreements as part of its hedging strategy by exchanging a notional amount, equal to the principal amount of the borrowings or commercial loans, for fixed-rate interest based on benchmarked interest rates. The original terms and conditions of the interest rate swaps vary and range in length. Amounts receivable or payable are recognized as accrued under the terms of the agreements. All swaps were entered into with counterparties that met the Company’s credit standards, and the agreements contain collateral provisions protecting the at-risk party. The Company concluded that the credit risk inherent in the contract is not significant. For derivatives designated and qualifying as cash flow hedges, ineffectiveness is not measured or separately disclosed. Rather, as long as the hedging relationship continues to qualify for hedge accounting, the entire change in the fair value of the hedging instrument is recorded in OCI and recognized in earnings as the hedged transaction affects earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item. At December 31, 2022 and 2021, the Company had interest rate swaps designated and qualifying as cash flow hedges of the Company’s forecasted variable interest receipts on variable rate loans due to changes in the interest rate with a notional amount of $900 million and $500 million, respectively. For each aforementioned agreement, the Company receives interest at a fixed rate and pays at a variable rate. Fair Value Hedges Derivatives are designated as fair value hedges when they are used to manage exposure to changes in the fair value of certain financial assets and liabilities, referred to as the hedged items, which fluctuate in value as a result of movements in interest rates. Loans : AFS Securities: The Company has entered into a swap agreement to hedge the interest rate risk on a portion of its fixed rate AFS securities. For the years ended December 31, 2022 and 2021, the aggregate notional amount of the related hedged items of the AFS securities totaled The Company applies hedge accounting in accordance with ASC 815, Derivatives and Hedging, and the fair value hedge and the underlying hedged item, attributable to the risk being hedged, are recorded at fair value with unrealized gains and losses being recorded on the Company’s Consolidated Statements of Income. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows on the derivative hedging instrument with the changes in fair value or cash flows on the designated hedged item or transactions for the risk being hedged. If a hedging relationship ceases to qualify for hedge accounting, the relationship is discontinued and future changes in the fair value of the derivative instrument are recognized in current period earnings. For a discontinued or terminated fair value hedging relationship, all remaining basis adjustments to the carrying amount of the hedged item are amortized to interest income or expense over the remaining life of the hedged item consistent with the amortization of other discounts or premiums. Previous balances deferred in AOCI from discontinued or terminated cash flow hedges are reclassified to interest income or expense as the hedged transactions affect earnings or over the originally specified term of the hedging relationship. The Company’s hedges continue to be highly effective and had no material impact on the Consolidated Statements of Income. Interest Rate Contracts During the normal course of business, the Company enters into interest rate contracts with borrowers to help meet their financing needs. Upon entering into interest rate contracts, the Company enters into offsetting positions with a third party in order to minimize interest rate risk. These interest rate contracts qualify as financial derivatives with fair values as reported in “Other Assets” and “Other Liabilities” on the Company’s Consolidated Balance Sheets. RPAs The Company enters into RPAs where it may either sell or assume credit risk related to a borrower’s performance under certain non-hedging interest rate derivative contracts on participated loans. The Company manages its credit risk under RPAs by monitoring the creditworthiness of the borrowers based on the Company’s normal credit review process. RPAs are carried at fair value with changes in fair value recorded in “Other operating income” on the Company’s Consolidated Statements of Income. The following table summarizes key elements of the Company’s derivative instruments as of December 31, 2022 and 2021, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands): December 31, 2022 December 31, 2021 Derivative (2) Derivative (2) Notional or Notional or Contractual Contractual Amount (1) Assets Liabilities Amount (1) Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: (3) Cash flow hedges $ 900,000 $ 1,163 $ 6,599 $ 500,000 $ — $ — Fair value hedges 133,576 4,117 — 138,606 — 5,387 Derivatives not designated as accounting hedges: Interest rate contracts (3)(4) 5,820,005 75,030 229,401 5,017,574 73,696 49,051 (1) Notional amounts are not recorded on the Company’s Consolidated Balance Sheets and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. (3) The Company’s cleared derivatives are classified as a single-unit of accounting, resulting in the fair value of the designated swap being reduced by the variation margin, which is treated as settlement of the related derivatives fair value for accounting purposes and is reported on a net basis at December 31, 2022 and 2021. (4) Includes RPAs. The following table summarizes the carrying value of the Company’s hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of December 31, 2022 and 2021 (dollars in thousands): December 31, 2022 December 31, 2021 Cumulative Cumulative Amount of Basis Amount of Basis Adjustments Adjustments Included in the Included in the Carrying Amount Carrying Carrying Amount Carrying of Hedged Amount of the of Hedged Amount of the Assets/(Liabilities) Hedged Assets/(Liabilities) Hedged Amount (1) Assets/(Liabilities) Amount (1) Assets/(Liabilities) Line items on the Consolidated Balance Sheets in which the hedged item is included: Securities available-for-sale (1) (2) $ 91,388 $ (1,889) $ 112,562 $ 4,051 Loans 83,576 (10,832) 88,606 546 (1) These amounts include the amortized cost basis of the investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. For the periods ended December 31, 2022 and 2021, the amortized cost basis of this portfolio was $91 million and $113 million, respectively, and the cumulative basis adjustment associated with this hedge was $1.9 million and $4.1 million, respectively. The amount of the designated hedged item at December 31, 2022 and 2021 totaled $50 million. (2) Carrying value represents amortized cost. (3) |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 11. STOCKHOLDERS’ EQUITY Repurchase Programs On May 4, 2021, the Company’s Board of Directors authorized a share repurchase program to purchase up to $125.0 million of the Company’s common stock through June 30, 2022 in open market transactions or privately negotiated transactions, which was fully utilized as of September 30, 2021. The Company repurchased an aggregate of approximately 3.4 million shares, at an average price of $36.99 per share, pursuant to this authorization. On December 10, 2021, the Company’s Board of Directors authorized a new share repurchase program to purchase up to $100.0 million of the Company’s common stock in open market transactions or privately negotiated transactions. The Company repurchased an aggregate of approximately 1.3 million shares (or approximately $48.2 million) through this repurchase program, before it expired on December 9, 2022. Series A Preferred Stock On June 9, 2020, the Company issued and sold 6,900,000 depositary shares, each representing a 1/400th ownership interest in a share of its Series A preferred stock, with a liquidation preference of $10,000 per share of Series A preferred stock (equivalent to $25 per depositary share), including 900,000 depositary shares pursuant to the exercise in full by the underwriters of their option to purchase additional depositary shares. The total net proceeds to the Company were approximately $166.4 million, after deducting the underwriting discount and other offering expenses payable by the Company. Accumulated Other Comprehensive (Loss) Income The change in AOCI (loss) for the year ended December 31, 2022 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) for Unrealized AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred Value of Cash (Losses) Securities to HTM Flow Hedges on BOLI Total AOCI - December 31, 2021 $ 22,763 $ 35 $ (1,567) $ (2,596) $ 18,635 Other comprehensive (loss) income: Other comprehensive loss before reclassification (386,684) — (53,043) 2,205 (437,522) Amounts reclassified from AOCI into earnings 2 (18) — 617 601 Net current period other comprehensive (loss) income (386,682) (18) (53,043) 2,822 (436,921) AOCI (loss) - December 31, 2022 $ (363,919) $ 17 $ (54,610) $ 226 $ (418,286) The change in AOCI for the year ended December 31, 2021 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) for Unrealized AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred Value of Cash (Losses) on Securities to HTM Flow Hedges BOLI Total AOCI - December 31, 2020 $ 74,161 $ 55 $ — $ (3,201) $ 71,015 Other comprehensive (loss) income: Other comprehensive income (loss) before reclassification (51,329) — (1,520) — (52,849) Amounts reclassified from AOCI into earnings (69) (20) (47) 605 469 Net current period other comprehensive (loss) income (51,398) (20) (1,567) 605 (52,380) AOCI - December 31, 2021 $ 22,763 $ 35 $ (1,567) $ (2,596) $ 18,635 The change in AOCI for the year ended December 31, 2020 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) for Unrealized AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred Value of Cash (Losses) Securities to HTM Flow Hedges on BOLI Total AOCI - December 31, 2019 $ 37,877 $ 75 $ (782) $ (1,595) $ 35,575 Other comprehensive income (loss): Other comprehensive income (loss) before reclassification 45,996 — (699) (2,098) 43,199 Amounts reclassified from AOCI into earnings (9,712) (20) 1,481 492 (7,759) Net current period other comprehensive income (loss) 36,284 (20) 782 (1,606) 35,440 AOCI - December 31, 2020 $ 74,161 $ 55 $ — $ (3,201) $ 71,015 |
REGULATORY MATTERS AND CAPITAL
REGULATORY MATTERS AND CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Capital Requirements [Abstract] | |
REGULATORY MATTERS AND CAPITAL | 12. REGULATORY MATTERS AND CAPITAL Capital resources represent funds, earned or obtained, over which financial institutions can exercise greater or longer control in comparison with deposits and borrowed funds. Management seeks to maintain a capital structure that will assure an adequate level of capital to support anticipated asset growth and to absorb potential losses, yet allow management to effectively leverage its capital to maximize return to shareholders. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on financial statements of the Company and the Bank. Under capital adequacy guidelines and the regulatory framework for PCA, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. PCA provisions are not applicable to financial holding companies and bank holding companies, but only to their bank subsidiaries. As of December 31, 2022 and 2021, the most recent notification from the FRB categorized the Bank as “well capitalized” under the regulatory framework for PCA. To be categorized as “well-capitalized,” an institution must maintain minimum total risk-based, Tier 1 risk-based, Tier 1 leverage, and common equity Tier 1 ratios as set forth in the following tables. There are no conditions or events since that notification that management believes have changed the Bank’s category. On March 27, 2020, the banking agencies issued an interim final rule that allows the Company to phase in the impact of adopting the CECL methodology up to two years, with a three-year transition period to phase out the cumulative benefit to regulatory capital provided during the two-year delay. The Company is allowed to include the impact of the CECL transition, which is defined as the CECL Day 1 impact to capital plus 25% of the Company’s provision for credit losses during 2020, in regulatory capital through 2021. The Company elected to phase in the regulatory capital impact as permitted under the aforementioned interim final rule. The CECL transition amount will be phased out of regulatory capital over a three-year period beginning in 2022 and ending in 2024. The Company and the Bank’s capital amounts and ratios are also presented in the following table at December 31, 2022 and 2021 (dollars in thousands): Required in Order to Be Required for Capital Well Capitalized Under Actual Adequacy Purposes PCA Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022 Common equity Tier 1 capital to risk weighted assets: Consolidated $ 1,684,088 9.95 % $ 761,648 4.50% NA NA Atlantic Union Bank 2,154,594 12.81 % 756,883 4.50% 1,093,276 6.50% Tier 1 capital to risk weighted assets: Consolidated 1,850,444 10.93 % 1,014,869 6.00% NA NA Atlantic Union Bank 2,154,594 12.81 % 1,009,178 6.00% 1,345,570 8.00% Total capital to risk weighted assets: Consolidated 2,319,160 13.70 % 1,354,254 8.00% NA NA Atlantic Union Bank 2,238,106 13.30 % 1,346,229 8.00% 1,682,786 10.00% Tier 1 capital to average adjusted assets: Consolidated 1,850,444 9.42 % 785,751 4.00% NA NA Atlantic Union Bank 2,154,594 11.02 % 782,067 4.00% 977,583 5.00% As of December 31, 2021 Common equity Tier 1 capital to risk weighted assets: Consolidated $ 1,569,752 10.24 % $ 689,832 4.50% NA NA Atlantic Union Bank 1,990,753 13.03 % 687,520 4.50% 993,085 6.50% Tier 1 capital to risk weighted assets: Consolidated 1,736,108 11.32 % 920,199 6.00% NA NA Atlantic Union Bank 1,990,753 13.03 % 916,694 6.00% 1,222,258 8.00% Total capital to risk weighted assets: Consolidated 2,173,543 14.17 % 1,227,124 8.00% NA NA Atlantic Union Bank 2,044,123 13.38 % 1,222,196 8.00% 1,527,745 10.00% Tier 1 capital to average adjusted assets: Consolidated 1,736,108 9.01 % 770,747 4.00% NA NA Atlantic Union Bank 1,990,753 10.37 % 767,889 4.00% 959,862 5.00% |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 13. FAIR VALUE MEASUREMENTS The Company follows ASC 820, Fair Value Measurement ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy under ASC 820 based on these two types of inputs are as follows: Level 1 Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the markets. Level 3 Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. These unobservable inputs reflect the Company’s assumptions about what market participants would use and information that is reasonably available under the circumstances without undue cost and effort. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Derivative Instruments As discussed in Note 10 “Derivatives,” the Company records derivative instruments at fair value on a recurring basis. The Company utilizes derivative instruments as part of the management of interest rate risk to modify the re-pricing characteristics of certain portions of the Company’s interest-bearing assets and liabilities, as well as to manage the Company’s exposure to credit risk related to borrower’s performance under interest rate derivatives. The Company has contracted with a third-party vendor to provide valuations for derivatives using standard valuation techniques and therefore classifies such valuations as Level 2. Third party valuations are validated by the Company using the Bloomberg Valuation Service’s derivative pricing functions. No material differences were identified during the validation as of December 31, 2022 and 2021. The Company has considered counterparty credit risk in the valuation of its derivative assets and has considered its own credit risk in the valuation of its derivative liabilities. Mortgage banking derivatives as of December 31, 2022 and 2021 did not have a material impact on the Company’s Consolidated Financial Statements. AFS Securities AFS securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data (Level 2). If the inputs used to provide the evaluation for certain securities are unobservable and/or there is little, if any, market activity, then the security would fall to the lowest level of the hierarchy (Level 3). The Company’s investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third-party portfolio accounting service vendor for valuation of its securities portfolio. The vendor’s primary source for security valuation is ICE, which evaluates securities based on market data. ICE utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company primarily uses the Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of December 31, 2022 and 2021. The carrying value of restricted FRB and FHLB stock approximates fair value based on the redemption provisions of each entity and is therefore excluded from the table below. Loans Held for Sale Residential loans originated for sale in the open market are carried at fair value. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). Gains and losses on the sale of loans are recorded in current period earnings as a component of “Mortgage banking income” on the Company’s Consolidated Statements of Income. The Company may periodically have other non-residential real estate LHFS that are recorded using lower of cost or market. Unrealized losses on these non-residential real estate LHFS are recognized through a valuation allowance and gains on sale are recorded in “Other operating income” on the Company’s Consolidated Statements of Income. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and 2021 (dollars in thousands): Fair Value Measurements at December 31, 2022 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ 56,606 $ 5,337 $ — $ 61,943 Obligations of states and political subdivisions — 807,435 — 807,435 Corporate and other bonds (1) — 226,380 — 226,380 MBS — 1,644,394 — 1,644,394 Other securities — 1,664 — 1,664 LHFS — 3,936 — 3,936 Derivatives: Interest rate contracts (2) — 75,032 — 75,032 Cash flow hedges — 1,163 — 1,163 Fair value hedges — 4,117 — 4,117 LIABILITIES Derivatives: Interest rate contracts (2) $ — $ 229,401 $ — $ 229,401 Cash flow hedges — 6,599 — 6,599 (1) Other bonds include asset-backed securities. (2) Includes RPAs. Fair Value Measurements at December 31, 2021 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ 64,474 $ 9,375 $ — $ 73,849 Obligations of states and political subdivisions — 1,008,396 — 1,008,396 Corporate and other bonds (1) — 153,376 — 153,376 MBS — 2,244,389 — 2,244,389 Other securities — 1,640 — 1,640 LHFS — 20,861 — 20,861 Derivatives: Interest rate contracts — 73,696 — 73,696 LIABILITIES Derivatives: Interest rate contracts $ — $ 49,051 $ — $ 49,051 Fair value hedges — 5,387 — 5,387 (1) Other bonds include asset-backed securities. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets after they are evaluated for impairment. The primary assets accounted for at fair value on a nonrecurring basis are related to foreclosed properties, former bank premises, and collateral-dependent loans that are individually assessed. When the asset is secured by real estate, the Company measures the fair value utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser using observable market data. Management may discount the value from the appraisal in determining the fair value if, based on its understanding of the market conditions, the collateral had been impaired below the appraised value (Level 3). The assets for which a nonrecurring fair value measurement was recorded were $6.3 million and $11.3 million during the periods ended December 31, 2022 and 2021, respectively. The nonrecurring valuation adjustments for these assets did not have a material impact on the Company’s consolidated financial statements. Fair Value of Financial Instruments ASC 825, Financial Instruments Cash and Cash Equivalents For those short-term instruments, the carrying amount is a reasonable estimate of fair value. HTM Securities The Company’s investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third-party portfolio accounting service vendor for valuation of its securities portfolio. The vendor’s primary source for security valuation is ICE, which evaluates securities based on market data. ICE utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company primarily uses the Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of December 31, 2022 and 2021. The Company’s Level 3 securities are a result of the Access acquisition and are comprised of asset-backed securities and municipal bonds. Valuations of the asset-backed securities are provided by a third-party vendor specializing in the SBA markets, and are based on underlying loan pool information, market data, and recent trading activity for similar securities. Valuations of the municipal bonds are provided by a third-party vendor that specializes in hard-to-value securities, and are based on a discounted cash flow model and considerations for the complexity of the instrument, likelihood it will be called and credit ratings. The Company reviews the valuation of both security types for reasonableness in the context of market conditions and to similar bonds in the Company’s portfolio. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of December 31, 2022 and 2021. Loans and Leases The fair value of loans and leases were estimated using an exit price, representing the amount that would be expected to be received if the Company sold the loans and leases. The fair value of performing loans and leases were estimated through use of discounted cash flows. Credit loss assumptions were based on market PD/LGD for loan and lease cohorts. The discount rate was based primarily on recent market origination rates. Fair value of loans and leases individually assessed and their respective levels within the fair value hierarchy are described in the previous section related to fair value measurements of assets that are measured on a nonrecurring basis. Bank Owned Life Insurance The carrying value of BOLI approximates fair value. The Company records these policies at their cash surrender value, which is estimated using information provided by insurance carriers. Deposits The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposits were valued using a discounted cash flow calculation that includes a market rate analysis of the current rates offered by market participants for certificates of deposits that mature in the same period. Accrued Interest The carrying amounts of accrued interest approximate fair value. The carrying values and estimated fair values of the Company’s financial instruments as of December 31, 2022 and 2021 are as follows (dollars in thousands): Fair Value Measurements at December 31, 2022 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 319,948 $ 319,948 $ — $ — $ 319,948 AFS securities 2,741,816 56,606 2,685,210 — 2,741,816 HTM securities 847,732 — 798,778 3,109 801,887 Restricted stock 120,213 — 120,213 — 120,213 LHFS 3,936 — 3,936 — 3,936 Net loans 14,338,374 — — 13,974,926 13,974,926 Derivatives: Interest rate contracts (1) 75,032 — 75,032 — 75,032 Cash flow hedges 1,163 — 1,163 — 1,163 Fair value hedges 4,117 — 4,117 — 4,117 Accrued interest receivable 81,953 — 81,953 — 81,953 BOLI 440,656 — 440,656 — 440,656 LIABILITIES Deposits $ 15,931,677 $ — $ 15,927,361 $ — $ 15,927,361 Borrowings 1,708,700 — 1,645,095 — 1,645,095 Accrued interest payable 5,268 — 5,268 — 5,268 Derivatives: Interest rate contracts (1) 229,401 — 229,401 — 229,401 Cash flow hedges 6,599 — 6,599 — 6,599 (1) Includes RPAs. Fair Value Measurements at December 31, 2021 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 802,501 $ 802,501 $ — $ — $ 802,501 AFS securities 3,481,650 64,474 3,417,176 — 3,481,650 HTM securities 628,000 — 686,733 7,041 693,774 Restricted stock 76,825 — 76,825 — 76,825 LHFS 20,861 — 20,861 — 20,861 Net loans 13,096,056 — — 12,861,274 12,861,274 Derivatives: Interest rate contracts 73,696 — 73,696 — 73,696 Accrued interest receivable 65,015 — 65,015 — 65,015 BOLI 431,517 — 431,517 — 431,517 LIABILITIES Deposits $ 16,611,068 $ — $ 16,630,087 $ — $ 16,630,087 Borrowings 506,594 — 488,796 — 488,796 Accrued interest payable 933 — 933 — 933 Derivatives: Interest rate contracts 49,051 — 49,051 — 49,051 Fair value hedges 5,387 — 5,387 — 5,387 The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. Borrowers with fixed rate obligations, however, are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. |
EMPLOYEE BENEFITS AND STOCK BAS
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits and Share-based Compensation, Noncash [Abstract] | |
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION | 14. EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION The Company has a 401(k) Plan designed to qualify under Section 401 of the Internal Revenue Code of 1986, as amended, that allows employees to defer a portion of their salary compensation as savings for retirement. The 401(k) Plan provides for the Company to match employee contributions based on each employee’s elected contribution percentage. For each employee’s 1% through 3% dollar contributions, the Company will match 100% of such dollar contributions, and for each employee’s 4% through 5% dollar contributions, the Company will match 50% of such dollar contributions. All employees are eligible to participate in the 401(k) Plan after meeting minimum age and service requirements. The Company also has an ESOP. All employees of the Company meeting minimum age and service requirements are eligible to participate in the ESOP plan. The Company makes discretionary profit-sharing contributions into the 401(k) Plan and ESOP, and other cash bonus payments. Company discretionary contributions to both the 401(k) Plan and the ESOP are allocated to participant accounts in proportion to each participant’s compensation and vest according to the respective plan’s vesting schedule. Employee contributions to the ESOP are not allowed. The following 401(k) Plan match and other discretionary contributions were made to the Company’s employees, in accordance with the plans described above, in 2022, 2021, and 2020 (dollars in thousands): 2022 2021 2020 401(k) Plan $ 7,037 $ 6,515 $ 6,265 ESOP 750 750 1,000 Cash 667 674 697 Total $ 8,454 $ 7,939 $ 7,962 The Company maintains certain deferred compensation arrangements with employees and certain current and former members of the Board of Directors. Under these deferred compensation plans, the Company had an obligation of $14.9 million at December 31, 2022 and $17.5 million at December 31, 2021. The Company owns life insurance policies on plan beneficiaries as an informal funding vehicle to meet future benefit obligations. The Atlantic Union Bankshares Corporation Stock and Incentive Plan, as amended and restated, became effective on May 4, 2021 (the “Plan”), and authorizes the Company to issue up to 4,000,000 shares of its common stock. No awards may be granted under the Plan after May 3, 2031 . As of December 31, 2022, there were shares available for future issuance under the Plan. The Plan was originally adopted by the Board on November 2, 2010, and became effective on January 1, 2011, following shareholder approval, and was later amended and restated by the Board on January 29, 2015, which amendment and restated became effective on April 21, 2015, following shareholder approval. The Plan authorizes the granting of stock-based awards to key employees and non-employee directors of the Company and its subsidiaries in the form of: (i) stock options; (ii) RSAs, (iii) restricted stock units, (iv) stock awards; (v) PSUs; and (vi) performance cash awards. The Company issues new shares to satisfy stock-based awards. For option awards, the option price cannot be less than the fair market value of the stock on the grant date. Stock option awards have a maximum term of ten years from the date of grant, and generally become exercisable over a five year period beginning on the first anniversary of the date of grant. The Company has not granted any stock options since February 2012; however, did acquire some additional stock options with the acquisition of Access that had a maximum term of five years from the date of grant, and generally became exercisable over a four year period beginning on the first anniversary of the date of grant. RSAs and PSUs typically have vesting schedules over a For the years ended December 31, 2022, 2021, and 2020, the Company recognized stock-based compensation expense, which is included in “Salaries and benefits” expense on the Company’s Consolidated Statements of Income (dollars in thousands, except per share data) as follows: Year Ended December 31, 2022 2021 2020 Stock-based compensation expense $ 10,609 $ 10,091 $ 9,258 Reduction of income tax expense 2,228 2,119 1,944 Per share compensation cost $ 0.11 $ 0.10 $ 0.09 Stock Options The following table summarizes the stock option activity during the year ended December 31, 2022: Weighted Weighted Average Stock Average Remaining Aggregate Options Exercise Contractual Intrinsic (shares) Price Life Value Outstanding as of December 31, 2021 208,755 $ 35.43 Granted — — Exercised (111,774) 34.56 Forfeited (1,512) 31.83 Expired (12,102) 37.70 Outstanding as of December 31, 2022 83,367 36.32 0.57 $ 105,665 Exercisable as of December 31, 2022 76,693 36.71 0.52 83,574 During the year ended December 31, 2022, there were 111,774 stock options exercised with a total intrinsic value (the amount by which the stock price exceeded the exercise price) and fair value of approximately $701,000 and $4.6 million, respectively. Cash received from the exercise of stock options for the year ended December 31, 2022 was approximately $3.9 million, and the tax benefit realized from tax deductions associated with options exercised during the year was approximately $122,000 . The total intrinsic value of all stock options outstanding was $106,000 During the year ended December 31, 2021, there were 104,514 stock options exercised with a total intrinsic value (the amount by which the stock price exceeded the exercise price) and fair value of approximately $903,000 and $4.0 million, respectively. Cash received from the exercise of stock options for the year ended December 31, 2021 was approximately $3.1 million, and the tax benefit realized from tax deductions associated with options exercised during the year was approximately $159,000. The total intrinsic value of all stock options outstanding was $529,000 as of December 31, 2021. During the year ended December 31, 2020, there were 46,278 stock options exercised with a total intrinsic value (the amount by which the stock price exceeded the exercise price) and fair value of approximately $555,000 and $1.6 million, respectively. Cash received from the exercise of stock options for the year ended December 31, 2020 was approximately $1.0 million, and the tax benefit realized from tax deductions associated with options exercised during the year was approximately $112,000. The total intrinsic value of all stock options outstanding was $798,000 as of December 31, 2020. Restricted Stock The Plan permits the granting of RSAs. Generally, RSAs vest one-third The following table summarizes the restricted stock activity for the year ended December 31, 2022: Weighted Number of Average Shares of Grant-Date Fair RSAs Value Unvested as of December 31, 2021 400,067 $ 36.55 Granted 273,010 37.99 Net settle for taxes (69,025) 36.56 Vested (202,311) 36.29 Forfeited (29,635) 37.90 Unvested as of December 31, 2022 372,106 37.63 Performance Stock The Plan permits the granting of PSUs. PSUs are granted to certain employees at no cost to the recipient and are subject to vesting based on achieving certain performance metrics. Outstanding PSUs may be paid in cash or shares of common stock or a combination thereof. Holders of PSUs have no right to vote the shares represented by the units until vested. In 2022, the PSUs awarded were market-based awards with the number of PSUs ultimately earned based on the Company’s relative total shareholder return as measured over the performance period. Number of Weighted Average Shares of Grant- PSUs Date Fair Value Unvested as of December 31, 2021 229,355 $ 33.89 Granted 82,754 41.92 Net settle for taxes (13,492) 36.16 Vested (41,374) 36.16 Forfeited (26,802) 37.09 Unvested as of December 31, 2022 230,441 35.86 During years ended December 31, 2022, 2021 and 2020 PSUs were awarded with a market-based component based on relative total shareholder return. The fair value of each PSU granted is estimated using the Monte Carlo simulation lattice model that uses the assumptions noted in the following table: 2022 2021 2020 Dividend yield (1) 3.95 % 2.66 % 2.83 % Expected life in years (2) 2.25 2.85 2.86 Expected volatility (3) 36.32 % 45.75 % 24.33 % Risk-free interest rate (4) 4.18 % 0.20 % 1.35 % (1) Calculated as the ratio of the current dividend paid per the stock price on the date of grant. (2) Represents the remaining performance period as of the grant date. (3) Based on the historical volatility for the period commensurate with the expected life of the PSUs. (4) Based upon the zero-coupon U.S. Treasury rate commensurate with the expected life of the PSUs on the grant date. The estimated unamortized compensation expense, net of estimated forfeitures, related to, restricted stock, performance stock and stock options issued and outstanding as of December 31, 2022 that will be recognized in future periods is as follows (dollars in thousands): Restricted Performance Stock Stock Stock Options Total 2023 $ 5,303 $ 1,853 $ 2,766 $ 9,922 2024 3,155 1,060 — 4,215 2025 618 — — 618 2026 9 — — 9 Total $ 9,085 $ 2,913 $ 2,766 $ 14,764 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 15. INCOME TAXES The Company files income tax returns in the U.S., the Commonwealth of Virginia, and other states. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years prior to 2019. Net deferred tax assets and liabilities consist of the following components as of December 31, 2022 and 2021 (dollars in thousands): 2022 2021 Deferred tax assets: Credit losses $ 33,714 $ 30,132 Benefit plans 3,290 4,016 Acquisition accounting 3,866 5,711 Lease right-of-use asset 11,982 12,889 Stock grants 2,449 2,642 Foreclosed and former bank owned property 2,955 6,110 Securities available for sale 97,572 — Prime loan swap 14,517 — Net operating losses 30,911 41,573 Nonaccrual loans 589 733 Other 2,845 4,760 Total deferred tax assets $ 204,690 $ 108,566 Deferred tax liabilities: Acquisition accounting $ 10,992 $ 13,252 Lease right-of-use liability 8,846 10,105 Premises and equipment 59,341 47,832 Securities available for sale — 5,157 Other 1,346 1,193 Total deferred tax liabilities 80,525 77,539 Net deferred tax asset $ 124,165 $ 31,027 At December 31, 2022, the Company had federal net operating loss carryforwards of approximately $50 million, of which approximately $29 million under pre-2018 law can be carried forward 20 years, and $21 million that can be carried forward indefinitely. The Company also had state net operating loss carryforwards of approximately $485 million at December 31, 2022, of which approximately $210 million will begin to expire after 2026 The Company has analyzed the tax positions taken or expected to be taken in its tax returns and concluded it has no liability related to uncertain tax positions in accordance with applicable ASC 740, Income Taxes The income tax expense for the years ended December 31, 2022, 2021, and 2020 consists of the following (dollars in thousands): 2022 2021 2020 Current tax expense $ 20,389 $ 11,330 $ 25,376 Deferred tax expense 25,055 43,512 2,690 Income tax expense $ 45,444 $ 54,842 $ 28,066 The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income for the years ended December 31, 2022, 2021, and 2020 due to the following (dollars in thousands): 2022 2021 2020 Computed "expected" tax expense $ 58,790 $ 66,939 $ 39,122 (Decrease) in taxes resulting from: Tax-exempt interest income, net (11,615) (9,820) (8,844) State income tax expense(benefit) 880 (1,039) (310) Other, net (2,611) (1,238) (1,902) Income tax expense $ 45,444 $ 54,842 $ 28,066 For the years ended December 31, 2022, 2021, and 2020, the effective tax rates were 16.2%, 17.2% and 15.1%, respectively, and tax credits totaled approximately $4.0 million, $3.6 million and $3.0 million, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 16. EARNINGS PER SHARE Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares outstanding attributable to stock awards. The following table presents basic and diluted EPS calculations for the years ended December 31, (in thousands except per share data): 2022 2021 2020 Net Income: Net income $ 234,510 $ 263,917 $ 158,228 Less: Preferred Stock Dividends 11,868 11,868 5,658 Net income available to common shareholders $ 222,642 $ 252,049 $ 152,570 Weighted average shares outstanding, basic 74,949 77,400 78,859 Dilutive effect of stock awards 4 18 17 Weighted average shares outstanding, diluted 74,953 77,418 78,876 Earnings per common share, basic $ 2.97 $ 3.26 $ 1.93 Earnings per common share, diluted $ 2.97 $ 3.26 $ 1.93 |
SEGMENT REPORTING AND REVENUE
SEGMENT REPORTING AND REVENUE | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
SEGMENT REPORTING AND REVENUE | 17. SEGMENT REPORTING AND REVENUE Operating Segments Historically, the Company has had only one reportable operating segment, the Bank. In the third quarter of 2022, however, the Company completed system conversions that allow its chief operating decision makers to evaluate the business, establish the overall business strategy, allocate resources, and assess business performance within two reportable operating segments—Wholesale Banking and Consumer Banking—while corporate support functions such as corporate treasury and others will be included in Corporate Other. Goodwill was evaluated for impairment prior to re-allocating to the new reportable operating segments based on relative fair value. As of December 31, 2022, the Company’s operating segments include the following: ● Wholesale Banking : The Wholesale Banking segment provides loan and deposit services, as well as treasury management and capital market services to wholesale customers primarily throughout Virginia, Maryland, North Carolina, and South Carolina. These customers include commercial real estate and commercial and industrial customers. This segment also includes the Company’s public finance subsidiary and the equipment finance subsidiary, which has nationwide exposure. ● Consumer Banking : The Consumer Banking segment provides loan and deposit services to consumers and small businesses throughout Virginia, Maryland, and North Carolina. Consumer Banking includes the home loan division and the wealth management division, which consists of private banking, trust, investment management, and advisory services. ● Corporate Other: Corporate Other includes the Company’s Corporate Treasury functions, such as management of the investment securities portfolio, long-term debt, short-term liquidity and funding activities, balance sheet risk management, and other corporate support functions, as well as intercompany eliminations. The Company restated its segment information for the year ended December 31, 2021 under the new basis with two reportable operating segments; however, the Company determined that it is impracticable to restate segment information for the year ended December 31, 2020. Therefore, no such disclosures are presented for 2020, when the Company’s only reportable operating segment was the Bank. Segment Reporting Methodology The Company’s segment reporting is based on a “management approach” as described in Note 1 “Summary of Significant Accounting Policies.” Inter-segment transactions are recorded at cost and eliminated as part of the consolidation process. A management fee for operations and administrative support services is charged to all subsidiaries and eliminated in the consolidated totals. The following is additional information on the methodologies used in preparing the operating segment results: ● Net interest income: Interest income from LHFI and interest expense from deposits are reflected within respective operating segments. The Company uses a funds transfer pricing methodology which utilizes the matched funding approach to allocate a cost of funds used or credit for funds provided to all operating segment loans and deposits. ● Provision for credit losses: Provision for credit losses is assigned to operating segments based on the Company’s allowance methodology, driven by loan pool level information. ● Noninterest income: Noninterest fees and other revenue associated with loans or customers are included within each operating segment. ● Noninterest expense: Certain noninterest expenses incurred by corporate support functions are allocated based on assumptions regarding the extent to which each operating segment actually uses the services. ● Goodwill: Goodwill is assigned to reportable operating segments based on the relative fair value of each segment. Segment Results The following tables present the Company’s operating segment results for the years ended December 31, 2022 and 2021 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total Year Ended December 31, 2022 Net interest income $ 296,040 $ 228,550 $ 59,671 $ 584,261 Provision for credit losses 11,517 7,472 39 19,028 Net interest income after provision for credit losses 284,523 221,078 59,632 565,233 Noninterest income 24,094 69,362 25,067 118,523 Noninterest expenses 143,065 238,117 22,620 403,802 Income before income taxes $ 165,552 $ 52,323 $ 62,079 $ 279,954 Year Ended December 31, 2021 Net interest income $ 297,950 $ 225,630 $ 27,680 $ 551,260 Provision for credit losses (34,225) (26,663) — (60,888) Net interest income after provision for credit losses 332,175 252,293 27,680 612,148 Noninterest income 14,002 85,008 26,796 125,806 Noninterest expenses 130,220 237,590 51,385 419,195 Income before income taxes $ 215,957 $ 99,711 $ 3,091 $ 318,759 The following table presents the Company’s operating segment results for key balance sheet metrics as of December 31, 2022 and 2021 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total As of December 31, 2022 LHFI, net of deferred fees and costs (1) $ 11,339,660 $ 3,126,615 $ (17,133) $ 14,449,142 Goodwill 629,630 295,581 — 925,211 Deposits 5,870,061 9,983,266 78,350 15,931,677 As of December 31, 2021 LHFI, net of deferred fees and costs (1) $ 10,242,918 $ 2,976,200 $ (23,275) $ 13,195,843 Goodwill 629,630 305,930 — 935,560 Deposits 6,114,078 10,366,792 130,198 16,611,068 (1) Corporate Other includes acquisition accounting fair value adjustments Revenue The majority of the Company’s noninterest income is being accounted for in accordance with ASC 606, Revenue from Contracts with Customers The Company’s performance obligations on revenue from deposit accounts and interchange fees from the Consumer and Wholesale Banking segments are generally satisfied immediately, when the transaction occurs, or by month-end. Performance obligations on revenue from fiduciary and asset management fees from the Consumer Banking segment are generally satisfied monthly or quarterly. For a majority of fee income on deposit accounts, the Company is a principal controlling the promised good or service before transferring it to the customer. For income related to most wealth management income, however, the Company is an agent responsible for arranging for the provision of goods and services by another party. Mortgage banking income is earned from the Consumer Banking segment when the originated loans are sold to an investor on the secondary market. The loans are classified as LHFS before being sold. Additionally, the changes in fair value of the LHFS, loan commitments, and related derivatives are included in mortgage banking income. Noninterest income disaggregated by major source for the years ended December 31, 2022, 2021, and 2020 consisted of the following (dollars in thousands): 2022 2021 2020 Noninterest income: Deposit Service Charges (1) Overdraft fees $ 18,749 $ 17,126 $ 17,792 Maintenance fees & other 11,303 9,996 7,459 Other service charges, commissions, and fees (1) 6,765 6,595 6,292 Interchange fees (1) 9,110 8,279 7,184 Fiduciary and asset management fees (1) Trust asset management fees 12,720 12,571 10,804 Registered advisor management fees 5,088 9,856 8,657 Brokerage management fees 4,606 5,135 4,189 Mortgage banking income 7,085 21,022 25,857 Bank owned life insurance income 11,507 11,488 9,554 Loan-related interest rate swap fees 12,174 5,620 15,306 Other operating income (2)(3)(4) 19,416 18,118 18,392 Total noninterest income $ 118,523 $ 125,806 $ 131,486 (1) Income within scope of ASC 606, Revenue from Contracts with Customers. (2) For the year ended December 31, 2020, includes $12.3 million gains on securities transactions and a $1.8 million loss related to the termination of a cash flow hedge. (3) For the year ended December 31, 2021, includes a $5.1 million gain on sale of Visa, Inc. Class B common stock. (4) For the year ended December 31, 2022, includes a $9.1 million gain related to the sale of DHFB. The following tables present noninterest income disaggregated by reportable operating segment for the years ended December 31, 2022 and 2021 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other (1)(2) Total Year Ended December 31, 2022 Noninterest income: Deposit service charges $ 6,781 $ 23,271 $ — $ 30,052 Other service charges and fees 1,763 5,002 — 6,765 Fiduciary and asset management fees — 22,414 — 22,414 Mortgage banking income — 7,085 — 7,085 Other income 15,550 11,590 25,067 52,207 Total noninterest income $ 24,094 $ 69,362 $ 25,067 $ 118,523 Year Ended December 31, 2021 Noninterest income: Deposit service charges $ 6,009 $ 21,113 $ — $ 27,122 Other service charges and fees 1,689 4,906 — 6,595 Fiduciary and asset management fees — 27,562 — 27,562 Mortgage banking income — 21,022 — 21,022 Other income 6,304 10,405 26,796 43,505 Total noninterest income $ 14,002 $ 85,008 $ 26,796 $ 125,806 (1) Other income primarily consists of income from BOLI and equity investment income. (2) Other income includes a $9.1 million gain related to the sale of DHFB for the year ended December 31, 2022 and a $5.1 million gain on sale of Visa Inc. Class B common stock for the year ended December 31, 2021. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 18. RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company may have loans issued to its executive officers, directors, and principal shareholders. Pursuant to its policy, such loans are made in the ordinary course of business and do not involve more than the normal risk of collectability. |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | 19. PARENT COMPANY FINANCIAL INFORMATION The primary source of funds for the dividends paid by Atlantic Union Bankshares Corporation (for this note only, the “Parent Company”) is dividends received from its subsidiaries. The payments of dividends by the Bank to the Parent Company are subject to certain statutory limitations which contemplate that the current year earnings and earnings retained for the two preceding years may be paid to the Parent Company without regulatory approval. As of December 31, 2022, the aggregate amount of unrestricted funds that could be transferred from the Bank to the Parent Company without prior regulatory approval totaled approximately $485.7 million, or 20.5%, of the consolidated net assets. Financial information for the Parent Company is as follows: PARENT COMPANY CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2022 and 2021 (Dollars in thousands) 2022 2021 ASSETS Cash $ 17,472 $ 105,464 Other assets 41,942 34,376 Investment in subsidiaries 2,748,863 2,988,277 Total assets $ 2,808,277 $ 3,128,117 LIABILITIES AND STOCKHOLDERS' EQUITY Long-term borrowings $ 247,205 $ 246,895 Trust preferred capital notes 142,658 141,829 Other liabilities 45,677 29,322 Total liabilities 435,540 418,046 Total stockholders' equity 2,372,737 2,710,071 Total liabilities and stockholders' equity $ 2,808,277 $ 3,128,117 PARENT COMPANY CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME YEARS ENDED DECEMBER 31, 2022, 2021, and 2020 (Dollars in thousands) 2022 2021 2020 Income: Dividends received from subsidiaries $ 102,215 $ 119,500 $ 97,880 Other operating income (286) 3,770 1,338 Total income 101,929 123,270 99,218 Expenses: Interest expense 14,477 13,210 13,506 Other operating expenses 9,819 17,471 8,249 Total expenses 24,296 30,681 21,755 Income before income taxes and equity in undistributed net income from subsidiaries 77,633 92,589 77,463 Income tax benefit (10,892) (12,626) (5,439) Equity in undistributed net income from subsidiaries 145,985 158,702 75,326 Net income $ 234,510 $ 263,917 $ 158,228 Comprehensive (loss) income $ (202,411) $ 211,537 $ 193,668 PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2022, 2021, and 2020 (Dollars in thousands) 2022 2021 2020 Operating activities: Net income $ 234,510 $ 263,917 $ 158,228 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed net income of subsidiaries (145,985) (158,702) (75,326) Non-cash dividend (27,215) — — Depreciation of premises and equipment — 414 439 Write-down of corporate facilities — 7,429 — Acquisition accounting amortization, net 829 806 735 Issuance of common stock for services 819 567 804 Net increase in other assets (9,663) (10,726) (3,005) Net increase in other liabilities 11,370 12,944 10,038 Net cash provided by operating activities 64,665 116,649 91,913 Investing activities: Net increase in premises and equipment — — (306) Proceeds from sale of former bank premises 2,524 — — Increase in equity method investments (8,830) (4,188) (2,353) Net cash used in investing activities (6,306) (4,188) (2,659) Financing activities: Repayments of long-term borrowings — (150,000) (8,500) Net proceeds from issuance of long-term borrowings — 246,869 — Cash dividends paid - common stock (86,899) (84,307) (78,860) Cash dividends paid - preferred stock (11,868) (11,868) (5,658) Repurchase of common stock (48,231) (125,000) (49,879) Issuance of common stock 3,875 3,141 1,013 Issuance of preferred stock, net — — 166,356 Vesting of restricted stock, net of shares held for taxes (3,228) (2,580) (2,261) Net cash (used in) provided by financing activities (146,351) (123,745) 22,211 (Decrease) increase in cash and cash equivalents (87,992) (11,284) 111,465 Cash, cash equivalents and restricted cash at beginning of the period 105,464 116,748 5,283 Cash, cash equivalents and restricted cash at end of the period $ 17,472 $ 105,464 $ 116,748 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 20. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through February 23, 2023, the date the financial statements were issued. On January 27, 2023, the Company’s Board of Directors declared a quarterly dividend on the outstanding shares of its Series A preferred stock. The Series A preferred stock is represented by depositary shares, each representing a 1/400th ownership interest in a share of Series A preferred stock. The dividend of $171.88 per share (equivalent to $0.43 per outstanding depositary share) is payable on March 1, 2023 to preferred shareholders of record as of February 14, 2023. The Company’s Board of Directors also declared a quarterly dividend of $0.30 per share of common stock. The common stock dividend is payable on February 24, 2023 to common shareholders of record as of February 10, 2023. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Basis of Financial Information | Basis of Financial Information The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the ALLL and the fair value of financial instruments. |
Principles of Consolidation | Principles of Consolidation – The accompanying consolidated financial statements include financial information related to Atlantic Union Bankshares Corporation and its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary, if any. In preparing the consolidated financial statements, all significant inter-company accounts and transactions have been eliminated. Assets held in an agency or fiduciary capacity are not included in the consolidated financial statements. Accounting guidance states that if a business enterprise is the primary beneficiary of a variable interest entity, the assets, liabilities, and results of the activities of the variable interest entity should be included in the consolidated financial statements of the business enterprise. An entity is deemed to be the primary beneficiary of a variable interest entity if that entity has both the power to direct the activities that most significantly impact its economic performance; and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity . |
Segment Reporting | Segment Reporting Segment Reporting reportable operating segment, the Bank. Effective for the third quarter of 2022, however, the Company completed system conversions that allowed its chief operating decision makers to evaluate the business, establish the overall business strategy, allocate resources, and assess business performance within reportable operating segments: Wholesale Banking and Consumer Banking, with corporate support functions such as corporate treasury and others included in Corporate Other. The application and development of management reporting methodologies is a dynamic process subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable segment may be periodically revised. Refer to Note 17 "Segment Reporting and Revenue" for additional details on the Company’s reportable operating segments. |
Cash and Cash Equivalents | Cash and Cash Equivalents Restricted cash is disclosed in Note 9 “Commitments and Contingencies” and is comprised of cash maintained at various correspondent banks as collateral for the Company’s derivative portfolio and is included in interest-bearing deposits in other banks on the Company’s Consolidated Balance Sheets. |
Investments | Investments Debt Securities ● Available for Sale - debt securities that management intends to hold for an indefinite period of time, including securities used as part of the Company’s asset/liability strategy, and that may be sold in response to changes in interest rates, liquidity needs, or other factors are classified as AFS. AFS securities are reported at fair value with unrealized gains or losses, net of deferred taxes, included in AOCI in stockholders’ equity. ● Held to Maturity - debt securities that the Company has the positive intent and ability to hold to maturity are classified as HTM. HTM securities are reported at carrying value. Transfers of debt securities into the HTM category from the AFS category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in OCI and in the carrying value of the HTM securities. Such amounts are amortized over the remaining life of the security. Equity Securities Restricted Stock, at cost Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments, except for MBS where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. Discounts on callable debt securities are amortized to their maturity date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. The Company regularly evaluates AFS securities whose values have declined below amortized cost to assess whether the decline in fair value is the result of credit impairment. For AFS securities, the Company evaluates the fair value and credit quality of its AFS securities on at least a quarterly basis. In the event the fair value of a security falls below its amortized cost basis, the security will be evaluated to determine whether the decline in value was caused by changes in market interest rates or security credit quality. The primary indicators of credit quality for the Company’s AFS portfolio are security type and credit rating, which are influenced by a number of security-specific factors that may include obligor cash flow, geography, seniority, structure, credit enhancement and other factors. There is currently no ACL held against the Company’s AFS securities portfolio at December 31, 2022, consistent with December 31, 2021. See Note 2 “Securities,” for additional information on the Company’s ACL analysis. If unrealized losses are related to credit quality, the Company estimates the credit related loss by evaluating the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security and a credit loss exists, an ACL shall be recorded for the credit loss, limited by the amount that the fair value is less than amortized cost basis. Non-credit related declines in fair value are recognized in OCI, net of applicable taxes. Changes in the ACL are recorded as a provision for or reversal of credit loss expense. Charge-offs are recorded against the ACL when management believes the AFS security is no longer collectible. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. The Company evaluates the credit risk of its HTM securities on at least a quarterly basis. Management estimates expected credit losses on HTM debt securities on an individual basis based on the PD/LGD methodology primarily using security-level credit ratings. Management has an immaterial ACL on HTM securities at December 31, 2022 and 2021. |
Loans Held for Sale | Loans Held for Sale |
Loans Held for Investment | Loans Held for Investment Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for any charge-offs, the ALLL, and any deferred fees and costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Below is a summary of the current loan portfolios: Construction and Land Development Also, included in this category are loans generally made to residential home builders to support their lot and home construction inventory needs. Repayment relies upon the sale of the underlying residential real estate project. This type of lending carries a higher level of risk as compared to other commercial lending. This class of lending manages risks related to residential real estate market conditions, a functioning primary and secondary market in which to finance the sale of residential properties, and the borrower’s ability to manage inventory and run projects. The Company manages this risk by lending to experienced builders and developers by using specific underwriting policies and procedures for these types of loans and by avoiding excessive concentrations with any particular customer or geographic region. Commercial Real Estate – Owner Occupied Commercial Real Estate – Non-Owner Occupied Multifamily Real Estate Commercial & Industrial Residential 1-4 Family - Commercial Residential 1-4 Family - Consumer Residential 1-4 Family - Revolving Auto Consumer Other Commercial - portfolios carry risks associated with the creditworthiness of the borrower and changes in the economic environment. The Company manages these risks by using general underwriting policies and procedures for these types of loans and experienced underwriting. Loans that support small business lines of credit and agricultural lending are included in this category; however, neither are a material source of business for the Company. The Company participated in the SBA PPP under the CARES Act, which was intended to provide economic relief to small businesses that had been adversely impacted by COVID-19. The PPP loan funding program expired on May 31, 2021. Nonaccruals, Past Dues, and Charge-offs The policy for placing commercial and consumer loans on nonaccrual status is generally when the loan is 90 days delinquent unless the credit is well secured and in process of collection. Consumer loans are typically charged-off when management judges the loan to be uncollectible but generally no later than 120 days past due for non-real estate secured loans and 180 days for real estate secured loans. Non-real estate secured consumer loans are generally not placed on nonaccrual status prior to charge off. Commercial loans are typically written down to net realizable value when it is determined that the Company will be unable to collect the principal amount in full and the amount is a confirmed loss. Loans in all classes of portfolios are considered past due or delinquent when a contractual payment has not been satisfied. Loans are placed on nonaccrual status or charged off at an earlier date if collection of principal and interest is considered doubtful and in accordance with regulatory requirements. In response to the COVID-19 pandemic, the Company offered short-term loan modifications to assist borrowers through a program that expired January 1, 2022. The Company enhanced the monitoring over loans that received modifications, specifically full principal and interest payment deferrals, and considered nonaccrual treatment at which time the Company no longer expected to collect all principal and interest over the life of the loan. The process for charge-offs is discussed in detail within the “Allowance for Loan and Lease Losses” section of this Note 1. For both the commercial and consumer loan segments, all interest accrued but not collected for loans placed on nonaccrual status or charged-off is reversed against interest income and accrual of interest income is terminated. Payments and interest on these loans are accounted for using the cost-recovery method by applying all payments received as a reduction to the outstanding principal balance until qualifying for return to accrual. 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 determination of future payments being reasonably assured varies depending on the circumstances present with the loan; however, the timely payment of contractual amounts owed for six consecutive months is a primary indicator. The authority to move loans into or out of accrual status is limited to senior Special Assets Officers and the Chief Credit Officer, though reclassification of certain loans may require approval of the Special Assets Loan Committee. |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses Management’s determination of the adequacy of the ALLL is based on an evaluation of the composition of the loan portfolio, the value and adequacy of collateral, current economic conditions, historical loan loss experience, reasonable and supportable forecasts, and other risk factors. The ALLL is estimated using a loan-level PD/LGD method for all loans with the exception of its overdraft, auto and third-party consumer lending portfolios. For auto and third-party consumer lending portfolios, the Company has elected to pool those loans based on similar risk characteristics to determine the ALLL using vintage and loss rate methods. The Company considers a number of economic variables in developing the ALLL of which the Virginia unemployment rate is the most significant. The ALLL quantitative estimate is sensitive to changes in the forecast of the Virginia unemployment rate over the two-year reasonable and supportable period, with the commercial portfolio being the most sensitive to fluctuations in unemployment. To forecast Virginia unemployment, the Company utilizes Moody’s economic forecasts. At December 31, 2022, the baseline scenario used in the two-year reasonable and supportable period forecast included the Virginia unemployment rate at an average of 3.1%, compared to an average of 2.6% Virginia unemployment rate in the baseline scenario forecast used for the December 31, 2021 estimate. Because current economic conditions and forecasts can change and future events are inherently difficult to predict, the anticipated amount of estimated credit losses on loans, and therefore the appropriateness of the ALLL, could change significantly. It is difficult to estimate how potential changes in any one economic factor or input might affect the overall allowance because a wide variety of factors and inputs are considered in estimating the allowance and changes in those factors and inputs considered may not occur at the same rate and may not be consistent across all loan types. Additionally, changes in factors and inputs may be directionally inconsistent, such that improvement in one factor may offset deterioration in others. While management uses available information to estimate expected losses on loans, future changes in the ALLL may be necessary based on changes in portfolio composition, portfolio credit quality, and/or economic conditions. Determining the Contractual Term Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower or the extensions or renewal options are included in the original or modified contract at the reporting date and are not unconditionally legally cancelable by the Company. The Company’s ALLL measures the expected lifetime loss using pooled assumptions and loan-level details for financial assets that share common risk characteristics and evaluates an individual reserve in instances where the financial assets do not share the same risk characteristics. Collectively Assessed Reserve Consideration Loans that share common risk characteristics are considered collectively assessed. Loss estimates within the collectively assessed population are based on a combination of pooled assumptions and loan-level characteristics. Quantitative loss estimation models have been developed based largely on internal historical data at the loan and portfolio levels from 2005 through the current period and the economic conditions during the same time period. Expected losses for the Company’s collectively assessed loan segments are estimated using a number of quantitative methods including PD/LGD, Vintage, and Loss Rate. As part of its qualitative framework, the Company evaluates its current underwriting standards, geographic footprint, national and international current and forecasted economic conditions, concentrations of credit, and other factors to estimate the impact that changes in these factors may have on expected loan losses. The Company’s ALLL for the current period is based on a two-year reasonable and supportable forecast period with a straight-line reversion over the next two years to long-term average loss factors. Individually Assessed Reserve Consideration Loans that do not share risk characteristics are evaluated on an individual basis. The individual reserve component relates to loans that have shown substantial credit deterioration as measured by risk rating and/or delinquency status. In addition, the Company has elected the practical expedient that would include loans for individual assessment consideration if the repayment of the loan is expected substantially through the operation or sale of collateral because the borrower is experiencing financial difficulty. Where the source of repayment is the sale of collateral, the ALLL is based on the fair value of the underlying collateral, less selling costs, compared to the amortized cost basis of the loan. If the ALLL is based on the operation of the collateral, the reserve is calculated based on the fair value of the collateral calculated as the present value of expected cash flows from the operation of the collateral, compared to the amortized cost basis. If the Company determines that the value of a collateral dependent loan is less than the recorded investment in the loan, the Company charges off the deficiency if it is determined that such amount is deemed uncollectible. Typically, a loss is confirmed when the Company is moving toward foreclosure or final disposition. The Company obtains appraisals from a pre-approved list of independent, third party appraisers located in the market in which the collateral is located. The Company’s approved appraiser list is continuously maintained by the Company’s Real Estate Valuation Group to seek to ensure the list only includes such appraisers that have the experience, reputation, character, and knowledge of the respective real estate market. At a minimum, it is ascertained that the appraiser is currently licensed in the state in which the property is located, experienced in the appraisal of properties similar to the property being appraised, has knowledge of current real estate market conditions and financing trends, and is reputable. The Company’s internal Real Estate Valuation Group, which reports to the Enterprise Risk Management group, performs either a technical or administrative review of all appraisals obtained in accordance with the Company’s Appraisal Policy. The Appraisal Policy mirrors the Federal regulations governing appraisals, specifically the Interagency Appraisal and Evaluation Guidelines and the Financial Institutions Reform, Recovery, and Enforcement Act. The Real Estate Valuation Group performs a technical review of the overall quality of the appraisal and an administrative review confirms that all of the required components of an appraisal are present. Independent appraisals or valuations are obtained on all individually assessed loans, as well as updated every twelve months for all individually assessed loans. Adjustments to real estate appraised values are only permitted to be made by the Real Estate Valuation Group. The individually assessed analysis is reviewed and approved by senior Credit Administration officers and the Special Assets Loan Committee. External valuation sources are the primary source to value collateral dependent loans; however, the Company may also utilize values obtained through other valuation sources. These alternative sources of value are used only if deemed to be more representative of value based on updated information regarding collateral resolution. The ALLL on loans individually assessed is updated, reviewed, and approved on a quarterly basis at or near the end of each reporting period. The Company performs regular credit reviews of the loan portfolio to review the credit quality and adherence to its underwriting standards. The credit reviews include annual commercial loan reviews performed by the Company’s commercial bankers in accordance with the commercial loan policy, relationship reviews that accompany annual loan renewals, and independent reviews by its Credit Risk Review Group. Upon origination, each commercial loan is assigned a risk rating ranging from one to nine, with loans closer to one having less risk. This risk rating scale is the Company’s primary credit quality indicator for commercial loans. Consumer loans are not risk rated unless past due status, bankruptcy, or other event results in the assignment of a Substandard or worse risk rating in accordance with the consumer loan policy. Governance The Company’s Allowance Committee, which reports to the Audit Committee and contains representatives from both the Company’s finance, credit, and risk teams, is responsible for approving the Company’s estimate of expected credit losses and resulting ALLL. The Allowance Committee considers the quantitative model results and qualitative factors when approving the final ALLL. The Company’s ALLL model is subject to the Company’s models risk management program, which is overseen by the Model Risk Management Committee that reports to the Company’s Board Risk Committee. |
Acquired Loans | Acquired Loans – The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Acquired loans are recorded at their fair value at acquisition date without carryover of the acquiree’s previously established ALLL, as credit discounts are included in the determination of fair value. The fair value of the loans is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and then applying a market-based discount rate to those cash flows. During evaluation upon acquisition, acquired loans are also classified as either PCD or acquired performing. The acquired loans are subject to the Company’s ALLL policy upon acquisition. Acquired performing loans are accounted for under ASC 310-20, Receivables – Nonrefundable Fees and Other Costs PCD loans reflect loans that have experienced more-than-insignificant credit deterioration since origination, as it is probable at acquisition that the Company will not be able to collect all contractually required payments. These PCD loans are accounted for under ASC 326, Financial Instruments – Credit Losses. PCD loans are recorded at the amount paid. An ALLL is determined using the same methodology as other LHFI. The initial ALLL is determined on a collective basis and is allocated to individual loans. The sum of the loan's purchase price and ALLL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ALLL are recorded through provision expense. |
Troubled Debt Restructurings | Troubled Debt Restructurings The Company reviews previously restructured loans quarterly in order to determine whether any have performed, subsequent to the restructure, at a level that would allow for them to be removed from reportable TDR status. The Company generally would consider a change in this classification if the borrower is no longer experiencing financial difficulty, the loan is current or less than 30 days past due at the time the status change is being considered, and the loan has performed under the restructured terms for a consecutive twelve-month period. A loan may also be considered for removal from TDR status as a result of a subsequent restructure under certain restrictive circumstances. The removal of TDR designations must be approved by the Company's Special Asset Loan Committee. Loan modifications made between March 1, 2020 and January 1, 2022 under the Joint Guidance and CARES Act, as amended by the Consolidated Appropriations Act of 2021, were suspended from TDR evaluation. |
Accrued Interest Receivable | Accrued Interest Receivable LHFI HTM AFS securities |
Premises and Equipment | Premises and Equipment |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Intangibles – Goodwill and Other, Intangible assets with definite useful lives are amortized over their estimated useful lives, which range from four years to 10 years, to their estimated residual values. Long-lived assets, including purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented on the Company’s Consolidated Balance Sheets and reported at the lower of the carrying amount or fair value less costs to sell, would no longer depreciated. Management concluded that no circumstances indicating an impairment of these assets existed as of the balance sheet date. The Company performs the analysis annually on April 30 of each year at the reporting unit level whereby the Company compares the estimated fair value of the reporting unit to its carrying value. In the third quarter of 2022, the Company moved from one reportable operating segment, the Bank, to two reportable operating segments, Wholesale Banking and Consumer Banking, which resulted in goodwill being allocated between the two reportable operating segments based on their relative fair values. The Company determined that there was no impairment to the Bank’s goodwill prior to and after reallocating goodwill. Refer to Note 17 “Segment Reporting and Revenue” for additional details on the Company’s reportable operating segments. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is not considered impaired. The Company engaged a third-party valuation specialist to assist management in performing its annual goodwill impairment analysis. To determine the fair value of a reporting unit, the Company utilizes a combination of two separate quantitative methods, the market value approach, which considers comparable publicly-traded companies, and the income approach which estimates future cash flows. Critical assumptions that are used as part of these calculations include: the selection of comparable publicly-traded companies and selection of market comparable acquisition transactions. In addition, other key assumptions include the discount rate, the forecast of future earnings and cash flows of the reporting unit, economic conditions, which impact the assumptions related to interest and growth rates, and loss rates, the cost savings expected to be realized by a market participant, the control premium associated with the reporting unit and a relative weight given to the valuations derived by the two valuation methods. At April 30, 2022, the Company determined that there was no impairment to its goodwill. The Company performed a sensitivity analysis on key assumptions and concluded that no impairment existed as of the balance sheet date. |
Leases | Leases Leases Lessor Arrangements The Company’s lessor arrangements consist of sales-type and direct financing leases for equipment. Lease payment terms are fixed and are typically payable in monthly installments. The lease arrangements may contain renewal options and purchase options that allow the lessee to purchase the leased equipment at the end of the lease term. The leases generally do not contain non-lease components. At lease inception the Company estimates the expected residual value of the leased property at the end of the lease term by considering both internal and third-party appraisals. In certain cases, the Company obtains lessee-provided residual value guarantees and third-party residual value insurance to reduce its residual asset risk. The net investment in sales-type and direct financing leases consists of the carrying amount of the lease receivables plus unguaranteed residual assets, net of unearned income and any deferred selling profit on direct financing leases. The lease receivables include the lessor’s right to receive lease payments and the guaranteed residual asset value the lessor expects to derive from the underlying assets at the end of the lease term. The Company’s net investment in sales-type and direct financing leases are included in “Loans held for investment, net of deferred fees and costs” on the Company’s Consolidated Balance Sheets. Lease income is recorded in “Interest and fees on loans” on the Company’s Consolidated Statements of Income. Lessee Arrangements The Company’s lessee arrangements consist of operating and finance leases; however, the majority of the leases have been classified as non-cancellable operating leases and are primarily for real estate leases. The Company’s real estate lease agreements do not contain residual value guarantees and most agreements do not contain restrictive covenants. The Company does not have any material arrangements where the Company is in a sublease contract. Lessee arrangements with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. The ROU assets and lease liabilities associated with operating and finance leases greater than 12 months are recorded in the Company’s Consolidated Balance Sheets; ROU assets within “Other assets” and lease liabilities within “Other liabilities.” ROU assets represent the Company’s right to use an underlying asset over the course of the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The initial measurement of lease liabilities and ROU assets are the same for operating and finance leases. Lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments, discounted using the incremental borrowing rate. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ROU assets are recognized at commencement date based on the initial measurement of the lease liability, any lease payments made excluding lease incentives, and any initial direct costs incurred. Most of the Company’s operating leases include one or more options to renew and if the Company is reasonably certain to exercise those options, it would be included in the measurement of the operating ROU assets and lease liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term and recorded in “Occupancy expenses” on the Company’s Consolidated Statements of Income. Finance lease expenses consist of straight-line amortization expense of the ROU assets recognized over the lease term and interest expense on the lease liability. Total finance lease expenses for the amortization of the ROU assets are recorded in “Occupancy expenses” on the Company’s Consolidated Statements of Income and interest expense on the finance lease liability is recorded in “Interest on long-term borrowings” on the Company’s Consolidated Statements of Income. |
Foreclosed Properties | Foreclosed Properties |
Transfers of Financial Assets | Transfers of Financial Assets |
Bank Owned Life Insurance | Bank Owned Life Insurance Consolidated Balance Sheets. Income generated from policies is recorded as noninterest income. At December 31, 2022 and 2021, the Company also had liabilities for post-retirement benefits payable to other partial beneficiaries under some of these life insurance policies of $13.3 million and $14.9 million, respectively. The Company is exposed to credit risk to the extent an insurance company is unable to fulfill its financial obligations under a |
Derivatives | Derivatives During the normal course of business, the Company enters into commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding (“rate lock commitments”). For commitments issued in connection with potential loans intended for sale, the Bank enters into positions of forward month MBS to be announced (“TBA”) contracts on a mandatory basis or on a one-to-one forward sales contract on a best efforts basis. The Company enters into TBA contracts in order to control interest rate risk during the period between the rate lock commitment and mandatory sale of the mortgage loan. Both the rate lock commitment and the forward TBA contract are considered to be derivatives. A mortgage loan sold on a best efforts basis is locked into a forward sales contract with a counterparty on the same day as the rate lock commitment to control interest rate risk during the period between the commitment and the sale of the mortgage loan. Both the rate lock commitment and the forward sales contract are considered to be derivatives. Mortgage banking derivatives as of December 31, 2022 and 2021 did not have a material impact on the Company’s Consolidated Financial Statements. The market values of rate lock commitments and best efforts forward delivery commitments are not readily ascertainable with precision because they are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments, delivery contracts, and forward sales contracts of MBS by measuring the change in the value of the underlying asset, while taking into consideration the probability that the rate lock commitments will close or will be funded. Certain risks arise from the forward delivery contracts in that the counterparties to the contracts may not be able to meet the terms of the contracts. Additional risks inherent in mandatory delivery programs include the risk that, if the Company does not close the loans subject to rate lock commitments, it will still be obligated to deliver MBS to the counterparty under the forward sales agreement. |
Affordable Housing Entities | Affordable Housing Entities The Company invests in private investment funds that make equity investments in multifamily affordable housing properties that provide affordable housing and historic tax credits for these investments. The activities of these entities are financed with a combination of invested equity capital and debt. The Company accounts for its affordable housing entities using the proportional amortization method. Under the proportional amortization method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received, and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). For the years ended December 31, 2022 and 2021, the Company recognized amortization of The carrying value of the Company’s investments in these qualified affordable housing projects were $51.0 million and $46.9 million at December 31, 2022 and 2021, respectively. At December 31, 2022 and 2021, the Company’s recorded liability totaled $27.8 million and $25.7 million, respectively, for the related unfunded commitments, which are expected to be paid throughout the years 2022 - 2037. |
Stock Compensation Plan | Stock Compensation Plan Compensation – Stock Compensation The Company’s outstanding stock options related to shares assumed with the acquisition of Access. For the options assumed, the fair value of the stock options was estimated based on the date of acquisition, using the Black-Scholes option valuation. The converted option price of the Company’s common stock at acquisition was used for determining the associated compensation expense for nonvested stock awards. Key assumptions used in the valuation were dividend yield, expected life, expected volatility, and the risk-free rate. The fair value of PSUs are determined and fixed on the grant date based on the Company’s stock price, adjusted for the exclusion of dividend equivalents, and the Monte Carlo simulation valuation was used to determine the grant date fair value of PSUs granted. The fair value of RSAs and stock awards are based on the trading price of the Company’s stock on the date of the grant. The Company has elected to recognize forfeitures as they occur as a component of compensation expense as permitted by ASC 718, Compensation – Stock Compensation For more information and tables, refer to Note 14 “Employee Benefits and Stock Based Compensation.” |
Income Taxes | Income Taxes When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely to be realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits on the Company’s Consolidated Balance Sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes on the Company’s Consolidated Statements of Income. The Company did not record any material interest or penalties for the periods ending December 31, 2022, 2021, or 2020 related to tax positions taken. As of December 31, 2022 and 2021, there were no accruals for uncertain tax positions. The Company and its wholly-owned subsidiaries file a consolidated income tax return. Each entity provides for income taxes based on its contribution to income or loss of the consolidated group. |
Advertising Costs | Advertising Costs |
Earnings Per Common Share | Earnings Per Common Share |
Comprehensive Income | Comprehensive Income |
Off Balance Sheet Credit Related Financial Instruments | Off Balance Sheet Credit Related Financial Instruments |
Fair Value | Fair Value Fair Value Measurement ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy under ASC 820 based on these two types of inputs are as follows: Level 1 valuation is based on quoted prices in active markets for identical assets and liabilities; Level 2 valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the markets; and Level 3 valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. These unobservable inputs reflect the Company’s assumptions about what market participants would use and information that is reasonably available under the circumstances without undue cost and effort. For more specific information on the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value in the financial statements, refer to Note 13 “Fair Value Measurements.” |
Concentrations of Credit Risk | Concentrations of Credit Risk |
Reclassifications | Reclassifications |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Reference Rate Reform On January 1, 2021, the Company adopted ASC 740, Income Taxes |
Unfunded Commitments | |
Allowance for Credit Losses | Reserve for Unfunded Commitments |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Amortized Cost of HTM Securities by Security Type and Credit Rating | The following table presents the amortized cost of HTM securities as of December 31, 2022 and 2021 by security type and credit rating (dollars in thousands): U.S. Government and Agency Obligations of states and political Corporate and other Mortgage-backed Total HTM securities subdivisions bonds securities securities December 31, 2022 Credit Rating: AAA/AA/A $ — $ 704,803 $ — $ 2,702 $ 707,505 BBB/BB/B — 1,187 — — 1,187 Not Rated - Agency (1) 687 — — 71,725 72,412 Not Rated - Non-Agency (2) — — 5,159 61,469 66,628 Total $ 687 $ 705,990 $ 5,159 $ 135,896 $ 847,732 December 31, 2021 Credit Rating: AAA/AA/A $ — $ 620,873 $ — $ — $ 620,873 Not Rated - Agency (1) 2,604 — — 4,523 7,127 Total $ 2,604 $ 620,873 $ — $ 4,523 $ 628,000 (1) Generally considered not to have credit risk given the government guarantees associated with these agencies. (2) Non-agency mortgage-backed and asset-backed securities have limited credit risk, supported by most receiving a 20% simplified supervisory formula approach rating. |
Gross Realized Gain and Losses on the Sale of Securities | The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the years ended December 31, 2022, 2021, and 2020 (dollars in thousands): 2022 2021 2020 Realized (losses) gains (1) : Gross realized gains $ — $ 147 $ 12,522 Gross realized losses (3) (60) (228) Net realized (losses) gains $ (3) $ 87 $ 12,294 Proceeds from sales of securities $ 40,686 $ 45,436 $ 257,945 (1) Includes (losses) gains on sales and calls of securities |
Available-for-sale Securities | |
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities | The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2022 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value December 31, 2022 U.S. government and agency securities $ 70,196 $ — $ (8,253) $ 61,943 Obligations of states and political subdivisions 959,999 137 (152,701) 807,435 Corporate and other bonds (1) 243,979 — (17,599) 226,380 Commercial MBS Agency 250,186 75 (39,268) 210,993 Non-agency 99,412 — (4,244) 95,168 Total commercial MBS 349,598 75 (43,512) 306,161 Residential MBS Agency 1,510,110 81 (233,961) 1,276,230 Non-agency 68,815 — (6,812) 62,003 Total residential MBS 1,578,925 81 (240,773) 1,338,233 Other securities 1,664 — — 1,664 Total AFS securities $ 3,204,361 $ 293 $ (462,838) $ 2,741,816 (1) Other bonds include asset-backed securities. The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2021 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value December 31, 2021 U.S. government and agency securities $ 73,830 $ 179 $ (160) $ 73,849 Obligations of states and political subdivisions 971,126 39,343 (2,073) 1,008,396 Corporate and other bonds (1) 150,201 3,353 (178) 153,376 Commercial MBS Agency 361,806 6,761 (4,215) 364,352 Non-agency 107,087 139 (421) 106,805 Total commercial MBS 468,893 6,900 (4,636) 471,157 Residential MBS Agency 1,691,651 15,180 (24,337) 1,682,494 Non-agency 91,443 243 (948) 90,738 Total residential MBS 1,783,094 15,423 (25,285) 1,773,232 Other securities 1,640 — — 1,640 Total AFS securities $ 3,448,784 $ 65,198 $ (32,332) $ 3,481,650 (1) Other bonds include asset-backed securities. |
Schedule of Gross Unrealized Losses and Fair Value of Investments | The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses for which an ACL had not been recorded at December 31, 2022 and 2021 and that are not deemed to be impaired as of those dates. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands). Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value (2) Losses Value Losses December 31, 2022 U.S. government and agency securities $ 2,594 $ (166) $ 59,269 $ (8,087) $ 61,863 $ (8,253) Obligations of states and political subdivisions 588,668 (86,895) 187,375 (65,806) 776,043 (152,701) Corporate and other bonds (1) 206,861 (15,019) 17,121 (2,580) 223,982 (17,599) Commercial MBS Agency 73,362 (7,024) 127,193 (32,244) 200,555 (39,268) Non-agency 66,618 (2,231) 28,550 (2,013) 95,168 (4,244) Total commercial MBS 139,980 (9,255) 155,743 (34,257) 295,723 (43,512) Residential MBS Agency 328,590 (27,769) 929,581 (206,192) 1,258,171 (233,961) Non-agency 18,939 (1,288) 43,064 (5,524) 62,003 (6,812) Total residential MBS 347,529 (29,057) 972,645 (211,716) 1,320,174 (240,773) Total AFS securities $ 1,285,632 $ (140,392) $ 1,392,153 $ (322,446) $ 2,677,785 $ (462,838) December 31, 2021 U.S. government and agency securities $ 64,474 $ (115) $ 3,900 $ (45) $ 68,374 $ (160) Obligations of states and political subdivisions 249,701 (2,020) 2,123 (53) 251,824 (2,073) Corporate and other bonds (1) 21,134 (177) 703 (1) 21,837 (178) Commercial MBS Agency 175,588 (4,053) 3,172 (162) 178,760 (4,215) Non-agency 33,759 (313) 11,029 (108) 44,788 (421) Total commercial MBS 209,347 (4,366) 14,201 (270) 223,548 (4,636) Residential MBS Agency 1,140,701 (21,147) 106,104 (3,190) 1,246,805 (24,337) Non-agency 48,392 (584) 12,716 (364) 61,108 (948) Total residential MBS 1,189,093 (21,731) 118,820 (3,554) 1,307,913 (25,285) Total AFS securities $ 1,733,749 $ (28,409) $ 139,747 $ (3,923) $ 1,873,496 $ (32,332) (1) Other bonds include asset-backed securities. (2) Comprised of 363 and 33 individual securities as of December 31, 2022 and December 31, 2021, respectively. |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of AFS securities as of December 31, 2022 and 2021, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 42,447 $ 41,735 $ 18,247 $ 18,317 Due after one year through five years 158,063 152,523 180,080 183,981 Due after five years through ten years 343,303 312,935 324,615 331,215 Due after ten years 2,660,548 2,234,623 2,925,842 2,948,137 Total AFS securities $ 3,204,361 $ 2,741,816 $ 3,448,784 $ 3,481,650 |
Held-to-maturity Securities | |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of HTM securities as of December 31, 2022 and 2021, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Due in one year or less $ 2,010 $ 2,006 $ 3,034 $ 3,027 Due after one year through five years 35,044 35,014 5,852 6,065 Due after five years through ten years 19,941 20,239 14,019 15,984 Due after ten years 790,737 744,628 605,095 668,698 Total HTM securities $ 847,732 $ 801,887 $ 628,000 $ 693,774 |
Schedule of Carrying Values, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities | The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2022 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value December 31, 2022 U.S. government and agency securities $ 687 $ — $ (56) $ 631 Obligations of states and political subdivisions 705,990 2,218 (35,957) 672,251 Corporate and other bonds (1) 5,159 — (10) 5,149 Commercial MBS Agency 29,025 — (4,873) 24,152 Non-agency 13,736 — (126) 13,610 Total commercial MBS 42,761 — (4,999) 37,762 Residential MBS Agency 42,699 — (6,427) 36,272 Non-agency 50,436 — (614) 49,822 Total residential MBS 93,135 — (7,041) 86,094 Total HTM securities $ 847,732 $ 2,218 $ (48,063) $ 801,887 (1) Other bonds include asset-backed securities. The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2021 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value December 31, 2021 U.S. government and agency securities $ 2,604 $ — $ (29) $ 2,575 Obligations of states and political subdivisions 620,873 65,982 (121) 686,734 Commercial Agency MBS 4,523 — (58) 4,465 Total HTM securities $ 628,000 $ 65,982 $ (208) $ 693,774 |
LOANS AND ALLOWANCE FOR LOAN _2
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Stated at Face Amount, Net of Unearned Income | The Company’s loans are stated at their face amount, net of deferred fees and costs, and consisted of the following at December 31, 2022 and 2021 (dollars in thousands): 2022 2021 Construction and Land Development $ 1,101,260 $ 862,236 Commercial Real Estate - Owner Occupied 1,982,608 1,995,409 Commercial Real Estate - Non-Owner Occupied 3,996,130 3,789,377 Multifamily Real Estate 802,923 778,626 Commercial & Industrial (1) 2,983,349 2,542,243 Residential 1-4 Family - Commercial 538,063 607,337 Residential 1-4 Family - Consumer 940,275 816,524 Residential 1-4 Family - Revolving 585,184 560,796 Auto 592,976 461,052 Consumer 152,545 176,992 Other Commercial (2) 773,829 605,251 Total LHFI, net of deferred fees and costs (3) 14,449,142 13,195,843 Allowance for loan and lease losses (110,768) (99,787) Total LHFI, net $ 14,338,374 $ 13,096,056 (1) Commercial & industrial loans included approximately $7.3 million and $145.3 million in loans from the PPP at December 31, 2022 and December 31, 2021, respectively. (2) There were no loans from the PPP included in other commercial loans as of December 31, 2022. As of December 31, 2021, other commercial loans include approximately $5.1 million in loans from the PPP . (3) Total loans included unamortized premiums and discounts, and unamortized deferred fees and costs totaling $50.4 million and $49.3 million as of December 31, 2022 and December 31, 2021, respectively. |
Summary of Aging of the Loan Portfolio by Class | The following table shows the aging of the Company’s loan portfolio, by class, at December 31, 2022 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Current Past Due Past Due still Accruing Nonaccrual Total Loans Construction and Land Development $ 1,099,555 $ 1,253 $ 45 $ 100 $ 307 $ 1,101,260 Commercial Real Estate - Owner Occupied 1,970,323 2,305 635 2,167 7,178 1,982,608 Commercial Real Estate - Non-Owner Occupied 3,993,091 1,121 48 607 1,263 3,996,130 Multifamily Real Estate 801,694 1,229 — — — 802,923 Commercial & Industrial 2,980,008 824 174 459 1,884 2,983,349 Residential 1-4 Family - Commercial 534,653 1,231 — 275 1,904 538,063 Residential 1-4 Family - Consumer 919,833 5,951 1,690 1,955 10,846 940,275 Residential 1-4 Family - Revolving 577,993 1,843 511 1,384 3,453 585,184 Auto 589,235 2,747 450 344 200 592,976 Consumer 151,958 351 125 108 3 152,545 Other Commercial 773,738 — — 91 — 773,829 Total LHFI, net of deferred fees and costs $ 14,392,081 $ 18,855 $ 3,678 $ 7,490 $ 27,038 $ 14,449,142 % of total loans 99.60 % 0.13 % 0.03 % 0.05 % 0.19 % 100.00 % The following table shows the aging of the Company’s loan portfolio, by class, at December 31, 2021 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Current Past Due Past Due still Accruing Nonaccrual Total Loans Construction and Land Development $ 857,883 $ 1,357 $ — $ 299 $ 2,697 $ 862,236 Commercial Real Estate - Owner Occupied 1,987,133 1,230 152 1,257 5,637 1,995,409 Commercial Real Estate - Non-Owner Occupied 3,783,211 1,965 127 433 3,641 3,789,377 Multifamily Real Estate 778,429 84 — — 113 778,626 Commercial & Industrial 2,536,100 1,161 1,438 1,897 1,647 2,542,243 Residential 1-4 Family - Commercial 601,946 1,844 272 990 2,285 607,337 Residential 1-4 Family - Consumer 795,821 3,368 2,925 3,013 11,397 816,524 Residential 1-4 Family - Revolving 554,652 1,493 363 882 3,406 560,796 Auto 458,473 1,866 249 241 223 461,052 Consumer 175,943 689 186 120 54 176,992 Other Commercial 605,214 37 — — — 605,251 Total LHFI, net of deferred fees and costs $ 13,134,805 $ 15,094 $ 5,712 $ 9,132 $ 31,100 $ 13,195,843 % of total loans 99.54 % 0.11 % 0.04 % 0.07 % 0.24 % 100.00 % |
Summary of Loans on Nonaccrual Status | The following table shows the Company’s amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of December 31, 2022 (dollars in thousands): Nonaccrual Nonaccrual With No ALLL 90 Days Past due and still Accruing Construction and Land Development $ 307 $ — $ 100 Commercial Real Estate - Owner Occupied 7,178 908 2,167 Commercial Real Estate - Non-Owner Occupied 1,263 — 607 Commercial & Industrial 1,884 1 459 Residential 1-4 Family - Commercial 1,904 — 275 Residential 1-4 Family - Consumer 10,846 — 1,955 Residential 1-4 Family - Revolving 3,453 — 1,384 Auto 200 — 344 Consumer 3 — 108 Other Commercial — — 91 Total LHFI $ 27,038 $ 909 $ 7,490 The following table shows the Company’s amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of December 31, 2021 (dollars in thousands): Nonaccrual Nonaccrual With No ALLL 90 Days Past due and still Accruing Construction and Land Development $ 2,697 $ 1,985 $ 299 Commercial Real Estate - Owner Occupied 5,637 970 1,257 Commercial Real Estate - Non-Owner Occupied 3,641 1,089 433 Multifamily Real Estate 113 — — Commercial & Industrial 1,647 1 1,897 Residential 1-4 Family - Commercial 2,285 — 990 Residential 1-4 Family - Consumer 11,397 — 3,013 Residential 1-4 Family - Revolving 3,406 — 882 Auto 223 — 241 Consumer 54 — 120 Total LHFI $ 31,100 $ 4,045 $ 9,132 |
Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement | The following table provides a summary, by class, of TDRs that continue to accrue interest under the terms of the applicable restructuring agreement, which are considered to be performing, and TDRs that have been placed on nonaccrual status, which are considered to be nonperforming, as of December 31, 2022 and 2021 (dollars in thousands): December 31, 2022 December 31, 2021 No. of Recorded Outstanding No. of Recorded Outstanding Loans Investment Commitment Loans Investment Commitment Performing Construction and Land Development 3 $ 155 $ — 4 $ 201 $ — Commercial Real Estate - Owner Occupied 2 997 — 3 572 — Commercial & Industrial 1 93 — — — — Residential 1-4 Family - Consumer 83 7,761 — 75 9,021 — Residential 1-4 Family - Revolving 3 254 5 3 265 4 Consumer 1 13 — 2 15 — Other Commercial — — — 1 239 — Total performing 93 $ 9,273 $ 5 88 $ 10,313 $ 4 Nonperforming Commercial Real Estate - Owner Occupied 1 $ 15 $ — 2 $ 830 $ — Commercial Real Estate - Non-Owner Occupied 2 233 — 3 1,357 — Commercial & Industrial 2 375 — 3 729 — Residential 1-4 Family - Commercial 3 332 — 3 388 — Residential 1-4 Family - Consumer 23 3,869 — 24 4,239 — Residential 1-4 Family - Revolving 3 93 — 3 99 — Total nonperforming 34 $ 4,917 $ — 38 $ 7,642 $ — Total performing and nonperforming 127 $ 14,190 $ 5 126 $ 17,955 $ 4 |
Schedule of TDR by Class and Modification Type | The following table shows, by class and modification type, TDRs that occurred during the years ended December 31, 2022 and 2021 (dollars in thousands): 2022 2021 Recorded Recorded No. of Investment at No. of Investment at Loans Period End Loans Period End Term modification, at a market rate Commercial Real Estate - Owner Occupied 1 $ 766 — $ — Commercial Real Estate - Non-Owner Occupied — — 1 153 Residential 1-4 Family - Consumer — — 2 101 Total loan term extended at a market rate 1 $ 766 3 $ 254 Term modification, below market rate Residential 1-4 Family - Consumer 21 $ 1,524 12 $ 1,810 Consumer — — 1 15 Total loan term extended at a below market rate 21 $ 1,524 13 $ 1,825 Interest rate modification, below market rate Residential 1-4 Family - Commercial — $ — 1 $ 45 Total interest only at below market rate of interest — $ — 1 $ 45 Total 22 $ 2,290 17 $ 2,124 |
Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology | The following tables show the ALLL activity by loan segment for the years ended December 31, 2022 and 2021 (dollars in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Commercial Consumer Total Commercial Consumer Total Balance at beginning of period $ 77,902 $ 21,885 $ 99,787 $ 117,403 $ 43,137 $ 160,540 Loans charged-off (4,137) (3,272) (7,409) (5,186) (4,897) (10,083) Recoveries credited to allowance 2,426 2,650 5,076 4,915 3,303 8,218 Provision charged to operations 6,562 6,752 13,314 (39,230) (19,658) (58,888) Balance at end of period $ 82,753 $ 28,015 $ 110,768 $ 77,902 $ 21,885 $ 99,787 |
Commercial Portfolio | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Receivables Related Risk Rating | The table below details the amortized cost of the classes of loans within the Commercial segment by risk level and year of origination as of December 31, 2022 (dollars in thousands): December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Construction and Land Development Pass $ 357,688 $ 499,738 $ 107,559 $ 17,191 $ 33,801 $ 36,335 $ 34,345 $ 1,086,657 Watch 242 1,637 — — 115 1,669 — 3,663 Special Mention 2,843 411 — — — 93 — 3,347 Substandard 1,254 3,148 40 211 1,345 1,595 — 7,593 Total Construction and Land Development $ 362,027 $ 504,934 $ 107,599 $ 17,402 $ 35,261 $ 39,692 $ 34,345 $ 1,101,260 Commercial Real Estate - Owner Occupied Pass $ 258,953 $ 215,414 $ 257,740 $ 282,110 $ 228,410 $ 624,238 $ 17,190 $ 1,884,055 Watch 1,060 176 2,437 9,567 9,736 31,331 916 55,223 Special Mention — 256 — 93 1,332 18,766 132 20,579 Substandard — 2,565 474 4,728 1,591 12,979 414 22,751 Total Commercial Real Estate - Owner Occupied $ 260,013 $ 218,411 $ 260,651 $ 296,498 $ 241,069 $ 687,314 $ 18,652 $ 1,982,608 Commercial Real Estate - Non-Owner Occupied Pass $ 496,079 $ 661,977 $ 385,084 $ 517,834 $ 373,126 $ 1,389,507 $ 34,804 $ 3,858,411 Watch — 2,151 2,091 11,915 19,550 20,683 2 56,392 Special Mention 232 — — 25,578 702 7,381 — 33,893 Substandard — — 10,460 3,083 29,012 4,879 — 47,434 Total Commercial Real Estate - Non-Owner Occupied $ 496,311 $ 664,128 $ 397,635 $ 558,410 $ 422,390 $ 1,422,450 $ 34,806 $ 3,996,130 Commercial & Industrial Pass $ 849,547 $ 536,982 $ 262,093 $ 182,263 $ 67,648 $ 120,326 $ 846,059 $ 2,864,918 Watch 1,399 1,305 18,682 5,039 12,843 1,984 41,836 83,088 Special Mention — 222 393 2,145 354 1,773 12,380 17,267 Substandard 94 513 112 2,911 1,449 1,339 11,658 18,076 Total Commercial & Industrial $ 851,040 $ 539,022 $ 281,280 $ 192,358 $ 82,294 $ 125,422 $ 911,933 $ 2,983,349 Multifamily Real Estate Pass $ 111,798 $ 90,952 $ 204,159 $ 47,240 $ 59,883 $ 231,745 $ 52,025 $ 797,802 Watch — — — 350 442 416 — 1,208 Special Mention — — — 3,826 — 87 — 3,913 Total Multifamily Real Estate $ 111,798 $ 90,952 $ 204,159 $ 51,416 $ 60,325 $ 232,248 $ 52,025 $ 802,923 Residential 1-4 Family - Commercial Pass $ 58,534 $ 86,881 $ 77,110 $ 50,721 $ 38,090 $ 199,783 $ 803 $ 511,922 Watch 500 — 539 852 1,532 5,378 113 8,914 Special Mention — — 94 7,771 582 2,630 — 11,077 Substandard — 632 1,400 463 473 2,883 299 6,150 Total Residential 1-4 Family - Commercial $ 59,034 $ 87,513 $ 79,143 $ 59,807 $ 40,677 $ 210,674 $ 1,215 $ 538,063 Other Commercial Pass $ 197,454 $ 211,438 $ 149,567 $ 119,795 $ 3,522 $ 69,243 $ 14,177 $ 765,196 Watch 5,095 — — 12 — 3,435 — 8,542 Substandard — — — — — — 91 91 Total Other Commercial $ 202,549 $ 211,438 $ 149,567 $ 119,807 $ 3,522 $ 72,678 $ 14,268 $ 773,829 Total Commercial Pass $ 2,330,053 $ 2,303,382 $ 1,443,312 $ 1,217,154 $ 804,480 $ 2,671,177 $ 999,403 $ 11,768,961 Watch 8,296 5,269 23,749 27,735 44,218 64,896 42,867 217,030 Special Mention 3,075 889 487 39,413 2,970 30,730 12,512 90,076 Substandard 1,348 6,858 12,486 11,396 33,870 23,675 12,462 102,095 Total Commercial $ 2,342,772 $ 2,316,398 $ 1,480,034 $ 1,295,698 $ 885,538 $ 2,790,478 $ 1,067,244 $ 12,178,162 The table below details the amortized cost of the classes of loans within the Commercial segment by risk level and year of origination as of December 31, 2021 (dollars in thousands): December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total Construction and Land Development Pass $ 430,764 $ 218,672 $ 39,937 $ 40,128 $ 11,299 $ 50,908 $ 22,996 $ 814,704 Watch 395 185 12,923 129 349 4,026 — 18,007 Special Mention — — — — — 735 — 735 Substandard 3,541 1 221 19,264 198 5,565 — 28,790 Total Construction and Land Development $ 434,700 $ 218,858 $ 53,081 $ 59,521 $ 11,846 $ 61,234 $ 22,996 $ 862,236 Commercial Real Estate - Owner Occupied Pass $ 222,079 $ 279,165 $ 321,503 $ 263,422 $ 179,994 $ 555,540 $ 19,705 $ 1,841,408 Watch 185 18 7,959 10,875 14,648 57,466 702 91,853 Special Mention — 932 11,826 610 1,052 19,480 507 34,407 Substandard 200 153 7,455 2,538 1,935 14,834 626 27,741 Total Commercial Real Estate - Owner Occupied $ 222,464 $ 280,268 $ 348,743 $ 277,445 $ 197,629 $ 647,320 $ 21,540 $ 1,995,409 Commercial Real Estate - Non-Owner Occupied Pass $ 642,386 $ 421,063 $ 520,035 $ 377,176 $ 374,949 $ 1,102,193 $ 36,568 $ 3,474,370 Watch 2,152 841 35,721 39,356 18,242 101,797 14 198,123 Special Mention — 10,609 25,691 20,119 12,741 4,775 — 73,935 Substandard — — 23,376 11,369 — 7,952 252 42,949 Total Commercial Real Estate - Non-Owner Occupied $ 644,538 $ 432,513 $ 604,823 $ 448,020 $ 405,932 $ 1,216,717 $ 36,834 $ 3,789,377 Commercial & Industrial Pass $ 770,662 $ 450,478 $ 287,926 $ 110,710 $ 38,395 $ 170,857 $ 619,583 $ 2,448,611 Watch 1,233 9,641 2,766 31,635 1,370 4,405 17,220 68,270 Special Mention 206 935 8,477 1,023 564 561 3,249 15,015 Substandard 379 575 3,636 1,965 463 1,639 1,690 10,347 Total Commercial & Industrial $ 772,480 $ 461,629 $ 302,805 $ 145,333 $ 40,792 $ 177,462 $ 641,742 $ 2,542,243 Multifamily Real Estate Pass $ 63,431 $ 187,616 $ 108,402 $ 114,077 $ 66,562 $ 228,013 $ 1,548 $ 769,649 Watch — — 359 459 — 522 — 1,340 Special Mention 44 2,248 624 4,517 — 91 — 7,524 Substandard — — — — — 113 — 113 Total Multifamily Real Estate $ 63,475 $ 189,864 $ 109,385 $ 119,053 $ 66,562 $ 228,739 $ 1,548 $ 778,626 Residential 1-4 Family - Commercial Pass $ 108,259 $ 94,184 $ 65,682 $ 46,267 $ 55,995 $ 196,052 $ 550 $ 566,989 Watch — 2,041 4,887 7,483 2,415 7,573 311 24,710 Special Mention — 96 — 436 391 4,126 — 5,049 Substandard 93 — 3,494 536 1,291 4,876 299 10,589 Total Residential 1-4 Family - Commercial $ 108,352 $ 96,321 $ 74,063 $ 54,722 $ 60,092 $ 212,627 $ 1,160 $ 607,337 Other Commercial Pass $ 226,595 $ 167,497 $ 98,848 $ 5,620 $ 25,723 $ 44,114 $ 30,445 $ 598,842 Watch — — — 581 1,246 4,341 — 6,168 Special Mention — — — — 2 — — 2 Substandard — — — — — 239 — 239 Total Other Commercial $ 226,595 $ 167,497 $ 98,848 $ 6,201 $ 26,971 $ 48,694 $ 30,445 $ 605,251 Total Commercial Pass $ 2,464,176 $ 1,818,675 $ 1,442,333 $ 957,400 $ 752,917 $ 2,347,677 $ 731,395 $ 10,514,573 Watch 3,965 12,726 64,615 90,518 38,270 180,130 18,247 408,471 Special Mention 250 14,820 46,618 26,705 14,750 29,768 3,756 136,667 Substandard 4,213 729 38,182 35,672 3,887 35,218 2,867 120,768 Total Commercial $ 2,472,604 $ 1,846,950 $ 1,591,748 $ 1,110,295 $ 809,824 $ 2,592,793 $ 756,265 $ 11,180,479 |
Consumer Portfolio | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Receivables Related Risk Rating | For Consumer loans, the Company evaluates credit quality based on the delinquency status of the loan. The following table details the amortized cost of the classes of loans within the Consumer segment based on their delinquency status and year of origination as of December 31, 2022 (dollars in thousands): December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Residential 1-4 Family - Consumer Current $ 212,697 $ 263,734 $ 162,826 $ 36,197 $ 22,629 $ 221,738 $ 12 $ 919,833 30-59 Days Past Due 174 2,169 89 46 220 3,253 — 5,951 60-89 Days Past Due — — — — 413 1,277 — 1,690 90+ Days Past Due — — — 64 — 1,891 — 1,955 Nonaccrual — 423 — 307 940 9,176 — 10,846 Total Residential 1-4 Family - Consumer $ 212,871 $ 266,326 $ 162,915 $ 36,614 $ 24,202 $ 237,335 $ 12 $ 940,275 Residential 1-4 Family - Revolving Current $ 68,434 $ 13,810 $ 4,997 $ 1,672 $ 801 $ 476 $ 487,803 $ 577,993 30-59 Days Past Due 90 — — — — — 1,753 1,843 60-89 Days Past Due — — — — — — 511 511 90+ Days Past Due — — — — — — 1,384 1,384 Nonaccrual — 149 57 — 13 — 3,234 3,453 Total Residential 1-4 Family - Revolving $ 68,524 $ 13,959 $ 5,054 $ 1,672 $ 814 $ 476 $ 494,685 $ 585,184 Auto Current $ 285,036 $ 154,904 $ 81,710 $ 44,086 $ 15,974 $ 7,525 $ — $ 589,235 30-59 Days Past Due 808 772 451 456 134 126 — 2,747 60-89 Days Past Due 65 129 146 76 30 4 — 450 90+ Days Past Due 169 — 111 32 12 20 — 344 Nonaccrual — 113 18 62 2 5 — 200 Total Auto $ 286,078 $ 155,918 $ 82,436 $ 44,712 $ 16,152 $ 7,680 $ — $ 592,976 Consumer Current $ 36,513 $ 15,897 $ 11,019 $ 23,838 $ 16,084 $ 19,070 $ 29,537 $ 151,958 30-59 Days Past Due 61 27 36 113 34 61 19 351 60-89 Days Past Due 43 17 10 11 14 21 9 125 90+ Days Past Due 22 — 9 12 32 — 33 108 Nonaccrual — 3 — — — — — 3 Total Consumer $ 36,639 $ 15,944 $ 11,074 $ 23,974 $ 16,164 $ 19,152 $ 29,598 $ 152,545 Total Consumer Current $ 602,680 $ 448,345 $ 260,552 $ 105,793 $ 55,488 $ 248,809 $ 517,352 $ 2,239,019 30-59 Days Past Due 1,133 2,968 576 615 388 3,440 1,772 10,892 60-89 Days Past Due 108 146 156 87 457 1,302 520 2,776 90+ Days Past Due 191 — 120 108 44 1,911 1,417 3,791 Nonaccrual — 688 75 369 955 9,181 3,234 14,502 Total Consumer $ 604,112 $ 452,147 $ 261,479 $ 106,972 $ 57,332 $ 264,643 $ 524,295 $ 2,270,980 The following table details the amortized cost of the classes of loans within the Consumer segment based on their delinquency status and year of origination as of December 31, 2021 (dollars in thousands): December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total Residential 1-4 Family - Consumer Current $ 248,904 $ 174,459 $ 47,905 $ 33,809 $ 44,179 $ 246,554 $ 11 $ 795,821 30-59 Days Past Due — 157 143 807 460 1,801 — 3,368 60-89 Days Past Due — — — 624 107 2,194 — 2,925 90+ Days Past Due — — 46 20 304 2,643 — 3,013 Nonaccrual 444 — 117 884 1,330 8,622 — 11,397 Total Residential 1-4 Family - Consumer $ 249,348 $ 174,616 $ 48,211 $ 36,144 $ 46,380 $ 261,814 $ 11 $ 816,524 Residential 1-4 Family - Revolving Current $ 16,546 $ 9,511 $ 2,230 $ 1,056 $ — $ 484 $ 524,825 $ 554,652 30-59 Days Past Due — — — — — — 1,493 1,493 60-89 Days Past Due — — — — — — 363 363 90+ Days Past Due — — — — — — 882 882 Nonaccrual — 63 — 18 — — 3,325 3,406 Total Residential 1-4 Family - Revolving $ 16,546 $ 9,574 $ 2,230 $ 1,074 $ — $ 484 $ 530,888 $ 560,796 Auto Current $ 207,229 $ 123,848 $ 72,427 $ 31,745 $ 16,020 $ 7,204 $ — $ 458,473 30-59 Days Past Due 299 382 518 259 245 163 — 1,866 60-89 Days Past Due 45 29 95 33 36 11 — 249 90+ Days Past Due 55 101 42 20 23 — — 241 Nonaccrual — 81 55 27 27 33 — 223 Total Auto $ 207,628 $ 124,441 $ 73,137 $ 32,084 $ 16,351 $ 7,411 $ — $ 461,052 Consumer Current $ 25,084 $ 16,059 $ 38,594 $ 30,890 $ 12,853 $ 16,929 $ 35,534 $ 175,943 30-59 Days Past Due 31 94 201 186 63 26 88 689 60-89 Days Past Due 11 13 62 60 34 — 6 186 90+ Days Past Due 1 4 33 72 8 — 2 120 Nonaccrual — — — — — 54 — 54 Total Consumer $ 25,127 $ 16,170 $ 38,890 $ 31,208 $ 12,958 $ 17,009 $ 35,630 $ 176,992 Total Consumer Current $ 497,763 $ 323,877 $ 161,156 $ 97,500 $ 73,052 $ 271,171 $ 560,370 $ 1,984,889 30-59 Days Past Due 330 633 862 1,252 768 1,990 1,581 7,416 60-89 Days Past Due 56 42 157 717 177 2,205 369 3,723 90+ Days Past Due 56 105 121 112 335 2,643 884 4,256 Nonaccrual 444 144 172 929 1,357 8,709 3,325 15,080 Total Consumer $ 498,649 $ 324,801 $ 162,468 $ 100,510 $ 75,689 $ 286,718 $ 566,529 $ 2,015,364 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Bank Premises and Equipment | The Company’s premises and equipment as of December 31, 2022 and 2021 are as follows (dollars in thousands): 2022 2021 Land $ 29,741 $ 32,286 Land improvements and buildings 106,123 111,199 Leasehold improvements 21,529 23,195 Furniture and equipment 74,940 76,356 Construction in progress 1,296 1,717 Total 233,629 244,753 Accumulated depreciation and amortization (115,386) (109,945) Bank premises and equipment, net $ 118,243 $ 134,808 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Information Concerning Intangible Assets with Finite Life | The Company analyzed its intangible assets on a quarterly basis throughout 2022, and concluded no impairment existed as of the balance sheet date. Information concerning intangible assets with a finite life is presented in the following table (dollars in thousands): Gross Net Carrying Accumulated Carrying Value Amortization Value December 31, 2022 Core deposit intangibles $ 85,491 $ 60,363 $ 25,128 Other amortizable intangibles 2,774 1,141 1,633 December 31, 2021 Core deposit intangibles $ 101,724 $ 66,739 $ 34,985 Other amortizable intangibles 14,893 6,566 8,327 |
Schedule of goodwill and intangible assets by operating segment | The following table presents the Company’s goodwill and intangible assets by operating segment as of December 31, 2022 and 2021 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total December 31, 2022 Goodwill $ 629,630 $ 295,581 $ — $ 925,211 Intangible Assets — 1,633 25,128 26,761 December 31, 2021 Goodwill $ 629,630 $ 305,930 $ — $ 935,560 Intangible Assets — 8,327 34,985 43,312 |
Estimated Remaining Amortization Expense of Intangibles | As of December 31, 2022, the estimated remaining amortization expense of intangibles for the years ended is as follows (dollars in thousands): 2023 $ 8,518 2024 6,753 2025 5,154 2026 3,559 2027 1,986 Thereafter 791 Total estimated amortization expense $ 26,761 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Net Investment in Sales-Type and Direct Financing Lease | Total net investment in sales-type and direct financing leases consists of the following (dollars in thousands): December 31, 2022 December 31, 2021 Sales-type and direct financing leases: Lease receivables, net of unearned income and deferred selling profit $ 266,380 $ 199,423 Unguaranteed residual values, net of unearned income and deferred selling profit 15,159 8,911 Total net investment in sales-type and direct financing leases $ 281,539 $ 208,334 |
Lessee Lease Portfolio and Other Supplemental Lease Information | The tables below provide information about the Company’s lessee lease portfolio and other supplemental lease information (dollars in thousands): December 31, 2022 December 31, 2021 Operating Finance Operating Finance ROU assets $ 35,729 $ 5,588 $ 40,653 $ 6,506 Lease liabilities 47,696 8,288 50,742 9,477 Lease Term and Discount Rate of Operating leases: Weighted-average remaining lease term (years) 6.80 6.08 6.75 7.08 Weighted-average discount rate (1) 2.91 % 1.17 % 2.57 % 1.17 % (1) An incremental borrowing rate is used based on information available at commencement date of lease or at remeasurement date. |
Other Lease Information | Year ended December 31, 2022 2021 Cash paid for amounts included in measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 103 $ 117 Operating Cash Flows from Operating Leases 11,266 11,923 Financing Cash Flows from Finance Leases 1,189 1,144 ROU assets obtained in exchange for lease obligations: Operating leases $ 7,326 $ 3,666 |
Lease Cost | Year ended December 31, 2022 2021 Net Operating Lease Cost $ 8,839 $ 10,121 Finance Lease Cost: Amortization of right-of-use assets 919 919 Interest on lease liabilities 103 117 Total Lease Cost $ 9,861 $ 11,157 |
Maturities of Lessor and Lessee Arrangements Outstanding | The maturities of lessor and lessee arrangements outstanding are presented in the table below (dollars in thousands): Year ended December 31, Lessor Lessee Sales-type and Direct Financing Operating Finance 2023 $ 66,192 $ 11,036 $ 1,325 2024 65,360 10,221 1,358 2025 54,432 8,098 1,392 2026 42,918 5,597 1,427 2027 32,036 4,279 1,462 Thereafter 35,553 13,935 1,626 Total undiscounted cash flows 296,491 53,166 8,590 Less: Adjustments (1) 30,111 5,470 302 Total (2) $ 266,380 $ 47,696 $ 8,288 (1) Lessor – unearned income and unearned guaranteed residual value; Lessee – imputed interest. (2) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements . |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits, Interest-bearing and Noninterest-bearing, Alternative [Abstract] | |
Schedule of Deposits by Type | The major types of interest-bearing deposits are as follows for the years ended December 31, (dollars in thousands): 2022 2021 Interest-bearing deposits: NOW accounts $ 4,186,505 $ 4,176,032 Money market accounts 3,922,536 4,249,858 Savings accounts 1,130,899 1,121,297 Time deposits of $250,000 and over 405,060 452,193 Other time deposits 1,403,438 1,404,364 Total interest-bearing deposits $ 11,048,438 $ 11,403,744 Demand deposits 4,883,239 5,207,324 Total deposits $ 15,931,677 $ 16,611,068 |
Scheduled Maturities of Time Deposits | As of December 31, 2022, the scheduled maturities of time deposits are as follows for the years ended December 31, (dollars in thousands): 2023 $ 1,199,381 2024 384,440 2025 167,690 2026 27,693 2027 28,085 Thereafter 1,209 Total scheduled maturities of time deposits $ 1,808,498 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [Abstract] | |
Short-Term Borrowings | Total short-term borrowings as of December 31, 2022 and 2021 (dollars in thousands): 2022 2021 Securities sold under agreements to repurchase $ 142,837 $ 117,870 Federal Funds Purchased 160,000 — FHLB Advances 1,016,000 — Total short-term borrowings $ 1,318,837 $ 117,870 Average outstanding balance during the period $ 302,060 $ 113,030 Average interest rate during the period 1.79 % 0.10 % Average interest rate at end of period 3.89 % 0.07 % |
Long-Term Borrowings | Total long-term borrowings consist of the following as of December 31, 2022 (dollars in thousands): Spread to Principal 3-Month LIBOR Rate (1) Maturity Investment (2) Trust Preferred Capital Securities (4) Trust Preferred Capital Note - Statutory Trust I $ 22,500 2.75 % 7.52 % 6/17/2034 $ 696 Trust Preferred Capital Note - Statutory Trust II 36,000 1.40 % 6.17 % 6/15/2036 1,114 VFG Limited Liability Trust I Indenture 20,000 2.73 % 7.50 % 3/18/2034 619 FNB Statutory Trust II Indenture 12,000 3.10 % 7.87 % 6/26/2033 372 Gateway Capital Statutory Trust I 8,000 3.10 % 7.87 % 9/17/2033 248 Gateway Capital Statutory Trust II 7,000 2.65 % 7.42 % 6/17/2034 217 Gateway Capital Statutory Trust III 15,000 1.50 % 6.27 % 5/30/2036 464 Gateway Capital Statutory Trust IV 25,000 1.55 % 6.32 % 7/30/2037 774 MFC Capital Trust II 5,000 2.85 % 7.62 % 1/23/2034 155 Total Trust Preferred Capital Securities $ 150,500 $ 4,659 Subordinated Debt (3)(4) 2031 Subordinated Debt 250,000 — % 2.875 % 12/15/2031 Total Subordinated Debt (5) $ 250,000 Fair Value Discount (6) (15,296) Investment in Trust Preferred Capital Securities 4,659 Total Long-term Borrowings $ 389,863 (1) Rate as of December 31, 2022. Calculated using non-rounded numbers. (2) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other Assets" on the Company’s Consolidated Balance Sheets. (3) The remaining issuance discount as of December 31, 2022 is $2.8 million. (4) Qualifies as Tier 2 capital for the Company for regulatory purposes (5) Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $12.5 million and $2.8 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. Total long-term borrowings consist of the following as of December 31, 2021 (dollars in thousands): Spread to Principal 3-Month LIBOR Rate (1) Maturity Investment (2) Trust Preferred Capital Securities (4) Trust Preferred Capital Note - Statutory Trust I $ 22,500 2.75 % 2.96 % 6/17/2034 $ 696 Trust Preferred Capital Note - Statutory Trust II 36,000 1.40 % 1.61 % 6/15/2036 1,114 VFG Limited Liability Trust I Indenture 20,000 2.73 % 2.94 % 3/18/2034 619 FNB Statutory Trust II Indenture 12,000 3.10 % 3.31 % 6/26/2033 372 Gateway Capital Statutory Trust I 8,000 3.10 % 3.31 % 9/17/2033 248 Gateway Capital Statutory Trust II 7,000 2.65 % 2.86 % 6/17/2034 217 Gateway Capital Statutory Trust III 15,000 1.50 % 1.71 % 5/30/2036 464 Gateway Capital Statutory Trust IV 25,000 1.55 % 1.76 % 7/30/2037 774 MFC Capital Trust II 5,000 2.85 % 3.06 % 1/23/2034 155 Total Trust Preferred Capital Securities $ 150,500 $ 4,659 Subordinated Debt (3)(4) 2031 Subordinated Debt 250,000 — % 2.875 % 12/15/2031 Total Subordinated Debt (5) $ 250,000 Fair Value Discount (6) (16,435) Investment in Trust Preferred Capital Securities 4,659 Total Long-term Borrowings $ 388,724 (1) Rate as of December 31, 2021. Calculated using non-rounded numbers. (2) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other Assets" on the Company’s Consolidated Balance Sheets. (3) The remaining issuance discount as of December 31, 2021 is $3.1 million. (4) Qualifies as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $13.3 million and $3.1 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. |
Contractual Maturities of Long-Term Debt | As of December 31, 2022, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands): Trust Preferred Total Capital Subordinated Fair Value Long-term Notes Debt Discount (1) Borrowings 2023 $ — $ — $ (1,162) $ (1,162) 2024 — — (1,187) (1,187) 2025 — — (1,211) (1,211) 2026 — — (1,236) (1,236) 2027 — — (1,263) (1,263) Thereafter 155,159 250,000 (9,237) 395,922 Total long-term borrowings $ 155,159 $ 250,000 $ (15,296) $ 389,863 (1) Includes discount on Trust Preferred Capital Securities and Subordinated Debt . |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Balances of Commitments and Contingencies | The following table presents the balances of commitments and contingencies as of December 31, (dollars in thousands): 2022 2021 Commitments with off-balance sheet risk: Commitments to extend credit (1) $ 5,229,252 $ 5,825,557 Letters of credit 156,459 152,506 Total commitments with off-balance sheet risk $ 5,385,711 $ 5,978,063 |
Schedule of Pledged Assets, Not Separately Reported on Statement of Financial Position | As part of the Company’s liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged at December 31, 2022 and 2021 (dollars in thousands): Pledged Assets as of December 31, 2022 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 713,761 $ 579,550 $ — $ 1,293,311 Repurchase agreements — 159,221 — — 159,221 FHLB advances — 36,039 — 2,679,316 2,715,355 Derivatives 196,180 57,114 — — 253,294 Fed Funds — — — 458,680 458,680 Other purposes — 27,311 865 — 28,176 Total pledged assets $ 196,180 $ 993,446 $ 580,415 $ 3,137,996 $ 4,908,037 Pledged Assets as of December 31, 2021 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 703,489 $ 472,243 $ — $ 1,175,732 Repurchase agreements — 130,217 — — 130,217 FHLB advances — 43,722 — 4,263,259 4,306,981 Derivatives 82,299 65,053 — — 147,352 Fed Funds — — — 392,067 392,067 Other purposes — 22,003 985 — 22,988 Total pledged assets $ 82,299 $ 964,484 $ 473,228 $ 4,655,326 $ 6,175,337 (1) Balance represents market value. (2) Balance represents book value. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Derivatives | The following table summarizes key elements of the Company’s derivative instruments as of December 31, 2022 and 2021, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands): December 31, 2022 December 31, 2021 Derivative (2) Derivative (2) Notional or Notional or Contractual Contractual Amount (1) Assets Liabilities Amount (1) Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: (3) Cash flow hedges $ 900,000 $ 1,163 $ 6,599 $ 500,000 $ — $ — Fair value hedges 133,576 4,117 — 138,606 — 5,387 Derivatives not designated as accounting hedges: Interest rate contracts (3)(4) 5,820,005 75,030 229,401 5,017,574 73,696 49,051 (1) Notional amounts are not recorded on the Company’s Consolidated Balance Sheets and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. (3) The Company’s cleared derivatives are classified as a single-unit of accounting, resulting in the fair value of the designated swap being reduced by the variation margin, which is treated as settlement of the related derivatives fair value for accounting purposes and is reported on a net basis at December 31, 2022 and 2021. (4) Includes RPAs. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table summarizes the carrying value of the Company’s hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of December 31, 2022 and 2021 (dollars in thousands): December 31, 2022 December 31, 2021 Cumulative Cumulative Amount of Basis Amount of Basis Adjustments Adjustments Included in the Included in the Carrying Amount Carrying Carrying Amount Carrying of Hedged Amount of the of Hedged Amount of the Assets/(Liabilities) Hedged Assets/(Liabilities) Hedged Amount (1) Assets/(Liabilities) Amount (1) Assets/(Liabilities) Line items on the Consolidated Balance Sheets in which the hedged item is included: Securities available-for-sale (1) (2) $ 91,388 $ (1,889) $ 112,562 $ 4,051 Loans 83,576 (10,832) 88,606 546 (1) These amounts include the amortized cost basis of the investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. For the periods ended December 31, 2022 and 2021, the amortized cost basis of this portfolio was $91 million and $113 million, respectively, and the cumulative basis adjustment associated with this hedge was $1.9 million and $4.1 million, respectively. The amount of the designated hedged item at December 31, 2022 and 2021 totaled $50 million. (2) Carrying value represents amortized cost. (3) |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Change in Accumulated Other Comprehensive Income | The change in AOCI (loss) for the year ended December 31, 2022 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) for Unrealized AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred Value of Cash (Losses) Securities to HTM Flow Hedges on BOLI Total AOCI - December 31, 2021 $ 22,763 $ 35 $ (1,567) $ (2,596) $ 18,635 Other comprehensive (loss) income: Other comprehensive loss before reclassification (386,684) — (53,043) 2,205 (437,522) Amounts reclassified from AOCI into earnings 2 (18) — 617 601 Net current period other comprehensive (loss) income (386,682) (18) (53,043) 2,822 (436,921) AOCI (loss) - December 31, 2022 $ (363,919) $ 17 $ (54,610) $ 226 $ (418,286) The change in AOCI for the year ended December 31, 2021 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) for Unrealized AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred Value of Cash (Losses) on Securities to HTM Flow Hedges BOLI Total AOCI - December 31, 2020 $ 74,161 $ 55 $ — $ (3,201) $ 71,015 Other comprehensive (loss) income: Other comprehensive income (loss) before reclassification (51,329) — (1,520) — (52,849) Amounts reclassified from AOCI into earnings (69) (20) (47) 605 469 Net current period other comprehensive (loss) income (51,398) (20) (1,567) 605 (52,380) AOCI - December 31, 2021 $ 22,763 $ 35 $ (1,567) $ (2,596) $ 18,635 The change in AOCI for the year ended December 31, 2020 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) for Unrealized AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred Value of Cash (Losses) Securities to HTM Flow Hedges on BOLI Total AOCI - December 31, 2019 $ 37,877 $ 75 $ (782) $ (1,595) $ 35,575 Other comprehensive income (loss): Other comprehensive income (loss) before reclassification 45,996 — (699) (2,098) 43,199 Amounts reclassified from AOCI into earnings (9,712) (20) 1,481 492 (7,759) Net current period other comprehensive income (loss) 36,284 (20) 782 (1,606) 35,440 AOCI - December 31, 2020 $ 74,161 $ 55 $ — $ (3,201) $ 71,015 |
REGULATORY MATTERS AND CAPITAL
REGULATORY MATTERS AND CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Bank Capital Amount and Ratio | The Company and the Bank’s capital amounts and ratios are also presented in the following table at December 31, 2022 and 2021 (dollars in thousands): Required in Order to Be Required for Capital Well Capitalized Under Actual Adequacy Purposes PCA Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022 Common equity Tier 1 capital to risk weighted assets: Consolidated $ 1,684,088 9.95 % $ 761,648 4.50% NA NA Atlantic Union Bank 2,154,594 12.81 % 756,883 4.50% 1,093,276 6.50% Tier 1 capital to risk weighted assets: Consolidated 1,850,444 10.93 % 1,014,869 6.00% NA NA Atlantic Union Bank 2,154,594 12.81 % 1,009,178 6.00% 1,345,570 8.00% Total capital to risk weighted assets: Consolidated 2,319,160 13.70 % 1,354,254 8.00% NA NA Atlantic Union Bank 2,238,106 13.30 % 1,346,229 8.00% 1,682,786 10.00% Tier 1 capital to average adjusted assets: Consolidated 1,850,444 9.42 % 785,751 4.00% NA NA Atlantic Union Bank 2,154,594 11.02 % 782,067 4.00% 977,583 5.00% As of December 31, 2021 Common equity Tier 1 capital to risk weighted assets: Consolidated $ 1,569,752 10.24 % $ 689,832 4.50% NA NA Atlantic Union Bank 1,990,753 13.03 % 687,520 4.50% 993,085 6.50% Tier 1 capital to risk weighted assets: Consolidated 1,736,108 11.32 % 920,199 6.00% NA NA Atlantic Union Bank 1,990,753 13.03 % 916,694 6.00% 1,222,258 8.00% Total capital to risk weighted assets: Consolidated 2,173,543 14.17 % 1,227,124 8.00% NA NA Atlantic Union Bank 2,044,123 13.38 % 1,222,196 8.00% 1,527,745 10.00% Tier 1 capital to average adjusted assets: Consolidated 1,736,108 9.01 % 770,747 4.00% NA NA Atlantic Union Bank 1,990,753 10.37 % 767,889 4.00% 959,862 5.00% |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and 2021 (dollars in thousands): Fair Value Measurements at December 31, 2022 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ 56,606 $ 5,337 $ — $ 61,943 Obligations of states and political subdivisions — 807,435 — 807,435 Corporate and other bonds (1) — 226,380 — 226,380 MBS — 1,644,394 — 1,644,394 Other securities — 1,664 — 1,664 LHFS — 3,936 — 3,936 Derivatives: Interest rate contracts (2) — 75,032 — 75,032 Cash flow hedges — 1,163 — 1,163 Fair value hedges — 4,117 — 4,117 LIABILITIES Derivatives: Interest rate contracts (2) $ — $ 229,401 $ — $ 229,401 Cash flow hedges — 6,599 — 6,599 (1) Other bonds include asset-backed securities. (2) Includes RPAs. Fair Value Measurements at December 31, 2021 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ 64,474 $ 9,375 $ — $ 73,849 Obligations of states and political subdivisions — 1,008,396 — 1,008,396 Corporate and other bonds (1) — 153,376 — 153,376 MBS — 2,244,389 — 2,244,389 Other securities — 1,640 — 1,640 LHFS — 20,861 — 20,861 Derivatives: Interest rate contracts — 73,696 — 73,696 LIABILITIES Derivatives: Interest rate contracts $ — $ 49,051 $ — $ 49,051 Fair value hedges — 5,387 — 5,387 (1) Other bonds include asset-backed securities. |
Carrying Values and Estimated Fair Values of the Company's Financial Instruments | The carrying values and estimated fair values of the Company’s financial instruments as of December 31, 2022 and 2021 are as follows (dollars in thousands): Fair Value Measurements at December 31, 2022 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 319,948 $ 319,948 $ — $ — $ 319,948 AFS securities 2,741,816 56,606 2,685,210 — 2,741,816 HTM securities 847,732 — 798,778 3,109 801,887 Restricted stock 120,213 — 120,213 — 120,213 LHFS 3,936 — 3,936 — 3,936 Net loans 14,338,374 — — 13,974,926 13,974,926 Derivatives: Interest rate contracts (1) 75,032 — 75,032 — 75,032 Cash flow hedges 1,163 — 1,163 — 1,163 Fair value hedges 4,117 — 4,117 — 4,117 Accrued interest receivable 81,953 — 81,953 — 81,953 BOLI 440,656 — 440,656 — 440,656 LIABILITIES Deposits $ 15,931,677 $ — $ 15,927,361 $ — $ 15,927,361 Borrowings 1,708,700 — 1,645,095 — 1,645,095 Accrued interest payable 5,268 — 5,268 — 5,268 Derivatives: Interest rate contracts (1) 229,401 — 229,401 — 229,401 Cash flow hedges 6,599 — 6,599 — 6,599 (1) Includes RPAs. Fair Value Measurements at December 31, 2021 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 802,501 $ 802,501 $ — $ — $ 802,501 AFS securities 3,481,650 64,474 3,417,176 — 3,481,650 HTM securities 628,000 — 686,733 7,041 693,774 Restricted stock 76,825 — 76,825 — 76,825 LHFS 20,861 — 20,861 — 20,861 Net loans 13,096,056 — — 12,861,274 12,861,274 Derivatives: Interest rate contracts 73,696 — 73,696 — 73,696 Accrued interest receivable 65,015 — 65,015 — 65,015 BOLI 431,517 — 431,517 — 431,517 LIABILITIES Deposits $ 16,611,068 $ — $ 16,630,087 $ — $ 16,630,087 Borrowings 506,594 — 488,796 — 488,796 Accrued interest payable 933 — 933 — 933 Derivatives: Interest rate contracts 49,051 — 49,051 — 49,051 Fair value hedges 5,387 — 5,387 — 5,387 |
EMPLOYEE BENEFITS AND STOCK B_2
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits and Share-based Compensation, Noncash [Abstract] | |
Payment Made for Employee Benefit Plans | The following 401(k) Plan match and other discretionary contributions were made to the Company’s employees, in accordance with the plans described above, in 2022, 2021, and 2020 (dollars in thousands): 2022 2021 2020 401(k) Plan $ 7,037 $ 6,515 $ 6,265 ESOP 750 750 1,000 Cash 667 674 697 Total $ 8,454 $ 7,939 $ 7,962 |
Schedule of Recognized Stock-Based Compensation Expense | Year Ended December 31, 2022 2021 2020 Stock-based compensation expense $ 10,609 $ 10,091 $ 9,258 Reduction of income tax expense 2,228 2,119 1,944 Per share compensation cost $ 0.11 $ 0.10 $ 0.09 |
Summary of Stock Option Activity | The following table summarizes the stock option activity during the year ended December 31, 2022: Weighted Weighted Average Stock Average Remaining Aggregate Options Exercise Contractual Intrinsic (shares) Price Life Value Outstanding as of December 31, 2021 208,755 $ 35.43 Granted — — Exercised (111,774) 34.56 Forfeited (1,512) 31.83 Expired (12,102) 37.70 Outstanding as of December 31, 2022 83,367 36.32 0.57 $ 105,665 Exercisable as of December 31, 2022 76,693 36.71 0.52 83,574 |
Summary of Nonvested Stock Activity | Weighted Number of Average Shares of Grant-Date Fair RSAs Value Unvested as of December 31, 2021 400,067 $ 36.55 Granted 273,010 37.99 Net settle for taxes (69,025) 36.56 Vested (202,311) 36.29 Forfeited (29,635) 37.90 Unvested as of December 31, 2022 372,106 37.63 |
Summary of Performance Stock Activity | Number of Weighted Average Shares of Grant- PSUs Date Fair Value Unvested as of December 31, 2021 229,355 $ 33.89 Granted 82,754 41.92 Net settle for taxes (13,492) 36.16 Vested (41,374) 36.16 Forfeited (26,802) 37.09 Unvested as of December 31, 2022 230,441 35.86 |
Schedule of Performance Stock Units Valuation Assumptions | During years ended December 31, 2022, 2021 and 2020 PSUs were awarded with a market-based component based on relative total shareholder return. The fair value of each PSU granted is estimated using the Monte Carlo simulation lattice model that uses the assumptions noted in the following table: 2022 2021 2020 Dividend yield (1) 3.95 % 2.66 % 2.83 % Expected life in years (2) 2.25 2.85 2.86 Expected volatility (3) 36.32 % 45.75 % 24.33 % Risk-free interest rate (4) 4.18 % 0.20 % 1.35 % (1) Calculated as the ratio of the current dividend paid per the stock price on the date of grant. (2) Represents the remaining performance period as of the grant date. (3) Based on the historical volatility for the period commensurate with the expected life of the PSUs. (4) Based upon the zero-coupon U.S. Treasury rate commensurate with the expected life of the PSUs on the grant date. |
Estimated Unamortized Compensation Expense Recognized in Future | The estimated unamortized compensation expense, net of estimated forfeitures, related to, restricted stock, performance stock and stock options issued and outstanding as of December 31, 2022 that will be recognized in future periods is as follows (dollars in thousands): Restricted Performance Stock Stock Stock Options Total 2023 $ 5,303 $ 1,853 $ 2,766 $ 9,922 2024 3,155 1,060 — 4,215 2025 618 — — 618 2026 9 — — 9 Total $ 9,085 $ 2,913 $ 2,766 $ 14,764 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Net deferred tax assets and liabilities consist of the following components as of December 31, 2022 and 2021 (dollars in thousands): 2022 2021 Deferred tax assets: Credit losses $ 33,714 $ 30,132 Benefit plans 3,290 4,016 Acquisition accounting 3,866 5,711 Lease right-of-use asset 11,982 12,889 Stock grants 2,449 2,642 Foreclosed and former bank owned property 2,955 6,110 Securities available for sale 97,572 — Prime loan swap 14,517 — Net operating losses 30,911 41,573 Nonaccrual loans 589 733 Other 2,845 4,760 Total deferred tax assets $ 204,690 $ 108,566 Deferred tax liabilities: Acquisition accounting $ 10,992 $ 13,252 Lease right-of-use liability 8,846 10,105 Premises and equipment 59,341 47,832 Securities available for sale — 5,157 Other 1,346 1,193 Total deferred tax liabilities 80,525 77,539 Net deferred tax asset $ 124,165 $ 31,027 |
Provision for Income Taxes Charged to Operations | The income tax expense for the years ended December 31, 2022, 2021, and 2020 consists of the following (dollars in thousands): 2022 2021 2020 Current tax expense $ 20,389 $ 11,330 $ 25,376 Deferred tax expense 25,055 43,512 2,690 Income tax expense $ 45,444 $ 54,842 $ 28,066 |
Schedule of Income Tax Expense, Difference in Income Tax Rate to Pretax Income | The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income for the years ended December 31, 2022, 2021, and 2020 due to the following (dollars in thousands): 2022 2021 2020 Computed "expected" tax expense $ 58,790 $ 66,939 $ 39,122 (Decrease) in taxes resulting from: Tax-exempt interest income, net (11,615) (9,820) (8,844) State income tax expense(benefit) 880 (1,039) (310) Other, net (2,611) (1,238) (1,902) Income tax expense $ 45,444 $ 54,842 $ 28,066 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Denominators of the Basic and Diluted EPS Computations | The following table presents basic and diluted EPS calculations for the years ended December 31, (in thousands except per share data): 2022 2021 2020 Net Income: Net income $ 234,510 $ 263,917 $ 158,228 Less: Preferred Stock Dividends 11,868 11,868 5,658 Net income available to common shareholders $ 222,642 $ 252,049 $ 152,570 Weighted average shares outstanding, basic 74,949 77,400 78,859 Dilutive effect of stock awards 4 18 17 Weighted average shares outstanding, diluted 74,953 77,418 78,876 Earnings per common share, basic $ 2.97 $ 3.26 $ 1.93 Earnings per common share, diluted $ 2.97 $ 3.26 $ 1.93 |
SEGMENT REPORTING AND REVENUE (
SEGMENT REPORTING AND REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of operating segment results | The following tables present the Company’s operating segment results for the years ended December 31, 2022 and 2021 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total Year Ended December 31, 2022 Net interest income $ 296,040 $ 228,550 $ 59,671 $ 584,261 Provision for credit losses 11,517 7,472 39 19,028 Net interest income after provision for credit losses 284,523 221,078 59,632 565,233 Noninterest income 24,094 69,362 25,067 118,523 Noninterest expenses 143,065 238,117 22,620 403,802 Income before income taxes $ 165,552 $ 52,323 $ 62,079 $ 279,954 Year Ended December 31, 2021 Net interest income $ 297,950 $ 225,630 $ 27,680 $ 551,260 Provision for credit losses (34,225) (26,663) — (60,888) Net interest income after provision for credit losses 332,175 252,293 27,680 612,148 Noninterest income 14,002 85,008 26,796 125,806 Noninterest expenses 130,220 237,590 51,385 419,195 Income before income taxes $ 215,957 $ 99,711 $ 3,091 $ 318,759 The following table presents the Company’s operating segment results for key balance sheet metrics as of December 31, 2022 and 2021 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total As of December 31, 2022 LHFI, net of deferred fees and costs (1) $ 11,339,660 $ 3,126,615 $ (17,133) $ 14,449,142 Goodwill 629,630 295,581 — 925,211 Deposits 5,870,061 9,983,266 78,350 15,931,677 As of December 31, 2021 LHFI, net of deferred fees and costs (1) $ 10,242,918 $ 2,976,200 $ (23,275) $ 13,195,843 Goodwill 629,630 305,930 — 935,560 Deposits 6,114,078 10,366,792 130,198 16,611,068 (1) Corporate Other includes acquisition accounting fair value adjustments |
Schedule of Disaggregation of Revenue | Noninterest income disaggregated by major source for the years ended December 31, 2022, 2021, and 2020 consisted of the following (dollars in thousands): 2022 2021 2020 Noninterest income: Deposit Service Charges (1) Overdraft fees $ 18,749 $ 17,126 $ 17,792 Maintenance fees & other 11,303 9,996 7,459 Other service charges, commissions, and fees (1) 6,765 6,595 6,292 Interchange fees (1) 9,110 8,279 7,184 Fiduciary and asset management fees (1) Trust asset management fees 12,720 12,571 10,804 Registered advisor management fees 5,088 9,856 8,657 Brokerage management fees 4,606 5,135 4,189 Mortgage banking income 7,085 21,022 25,857 Bank owned life insurance income 11,507 11,488 9,554 Loan-related interest rate swap fees 12,174 5,620 15,306 Other operating income (2)(3)(4) 19,416 18,118 18,392 Total noninterest income $ 118,523 $ 125,806 $ 131,486 (1) Income within scope of ASC 606, Revenue from Contracts with Customers. (2) For the year ended December 31, 2020, includes $12.3 million gains on securities transactions and a $1.8 million loss related to the termination of a cash flow hedge. (3) For the year ended December 31, 2021, includes a $5.1 million gain on sale of Visa, Inc. Class B common stock. (4) For the year ended December 31, 2022, includes a $9.1 million gain related to the sale of DHFB. The following tables present noninterest income disaggregated by reportable operating segment for the years ended December 31, 2022 and 2021 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other (1)(2) Total Year Ended December 31, 2022 Noninterest income: Deposit service charges $ 6,781 $ 23,271 $ — $ 30,052 Other service charges and fees 1,763 5,002 — 6,765 Fiduciary and asset management fees — 22,414 — 22,414 Mortgage banking income — 7,085 — 7,085 Other income 15,550 11,590 25,067 52,207 Total noninterest income $ 24,094 $ 69,362 $ 25,067 $ 118,523 Year Ended December 31, 2021 Noninterest income: Deposit service charges $ 6,009 $ 21,113 $ — $ 27,122 Other service charges and fees 1,689 4,906 — 6,595 Fiduciary and asset management fees — 27,562 — 27,562 Mortgage banking income — 21,022 — 21,022 Other income 6,304 10,405 26,796 43,505 Total noninterest income $ 14,002 $ 85,008 $ 26,796 $ 125,806 (1) Other income primarily consists of income from BOLI and equity investment income. (2) Other income includes a $9.1 million gain related to the sale of DHFB for the year ended December 31, 2022 and a $5.1 million gain on sale of Visa Inc. Class B common stock for the year ended December 31, 2021. |
PARENT COMPANY FINANCIAL INFO_2
PARENT COMPANY FINANCIAL INFORMATION (Tables) - Parent Company | 12 Months Ended |
Dec. 31, 2022 | |
Financial Information for the Parent Company - Balance Sheets | Financial information for the Parent Company is as follows: PARENT COMPANY CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2022 and 2021 (Dollars in thousands) 2022 2021 ASSETS Cash $ 17,472 $ 105,464 Other assets 41,942 34,376 Investment in subsidiaries 2,748,863 2,988,277 Total assets $ 2,808,277 $ 3,128,117 LIABILITIES AND STOCKHOLDERS' EQUITY Long-term borrowings $ 247,205 $ 246,895 Trust preferred capital notes 142,658 141,829 Other liabilities 45,677 29,322 Total liabilities 435,540 418,046 Total stockholders' equity 2,372,737 2,710,071 Total liabilities and stockholders' equity $ 2,808,277 $ 3,128,117 |
Financial Information for the Parent Company - Statements of Income and Comprehensive Income | PARENT COMPANY CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME YEARS ENDED DECEMBER 31, 2022, 2021, and 2020 (Dollars in thousands) 2022 2021 2020 Income: Dividends received from subsidiaries $ 102,215 $ 119,500 $ 97,880 Other operating income (286) 3,770 1,338 Total income 101,929 123,270 99,218 Expenses: Interest expense 14,477 13,210 13,506 Other operating expenses 9,819 17,471 8,249 Total expenses 24,296 30,681 21,755 Income before income taxes and equity in undistributed net income from subsidiaries 77,633 92,589 77,463 Income tax benefit (10,892) (12,626) (5,439) Equity in undistributed net income from subsidiaries 145,985 158,702 75,326 Net income $ 234,510 $ 263,917 $ 158,228 Comprehensive (loss) income $ (202,411) $ 211,537 $ 193,668 |
Financial Information for the Parent Company - Statements of Cash Flows | PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2022, 2021, and 2020 (Dollars in thousands) 2022 2021 2020 Operating activities: Net income $ 234,510 $ 263,917 $ 158,228 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed net income of subsidiaries (145,985) (158,702) (75,326) Non-cash dividend (27,215) — — Depreciation of premises and equipment — 414 439 Write-down of corporate facilities — 7,429 — Acquisition accounting amortization, net 829 806 735 Issuance of common stock for services 819 567 804 Net increase in other assets (9,663) (10,726) (3,005) Net increase in other liabilities 11,370 12,944 10,038 Net cash provided by operating activities 64,665 116,649 91,913 Investing activities: Net increase in premises and equipment — — (306) Proceeds from sale of former bank premises 2,524 — — Increase in equity method investments (8,830) (4,188) (2,353) Net cash used in investing activities (6,306) (4,188) (2,659) Financing activities: Repayments of long-term borrowings — (150,000) (8,500) Net proceeds from issuance of long-term borrowings — 246,869 — Cash dividends paid - common stock (86,899) (84,307) (78,860) Cash dividends paid - preferred stock (11,868) (11,868) (5,658) Repurchase of common stock (48,231) (125,000) (49,879) Issuance of common stock 3,875 3,141 1,013 Issuance of preferred stock, net — — 166,356 Vesting of restricted stock, net of shares held for taxes (3,228) (2,580) (2,261) Net cash (used in) provided by financing activities (146,351) (123,745) 22,211 (Decrease) increase in cash and cash equivalents (87,992) (11,284) 111,465 Cash, cash equivalents and restricted cash at beginning of the period 105,464 116,748 5,283 Cash, cash equivalents and restricted cash at end of the period $ 17,472 $ 105,464 $ 116,748 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) segment | Jun. 30, 2022 USD ($) segment | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
Accounting Policies [Line Items] | |||||
Number of bank branches | item | 114 | ||||
Number of ATM's | item | 130 | ||||
Number of operating segments | segment | 2 | 1 | |||
Accruals for uncertain tax positions | $ 0 | $ 0 | $ 0 | ||
Impairment charges for goodwill | $ 0 | $ 0 | 0 | ||
Available for sale securities, allowance for credit losses | 0 | 0 | |||
Goodwill | 925,211 | 925,211 | 935,560 | ||
Loans held for investment, accrued interest receivable | $ 58,900 | $ 58,900 | 43,300 | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |||
HTM securities, Accrued interest receivable | $ 8,600 | $ 8,600 | 7,000 | ||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |||
AFS securities, accrued interest receivable | $ 14,200 | $ 14,200 | $ 14,500 | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |||
Restricted equity securities as a percentage of outstanding borrowings, required by FHLB | 4.25% | 3.75% | |||
Restricted equity securities as a percentage of outstanding borrowings, required by FRB | 6% | 6% | |||
Debt security, duration to be placed in nonaccrual status | 90 days | ||||
ALLL, reasonable and supportable forecast period | 2 years | ||||
Commercial and consumer loans on nonaccrual status, period | 90 days | ||||
Liabilities for post retirement benefits payable to other beneficiaries | $ 13,300 | $ 13,300 | $ 14,900 | ||
Minimum | |||||
Accounting Policies [Line Items] | |||||
Intangible assets, amortization period (years) | 4 years | ||||
Period past due to change TDR status | 30 days | ||||
Estimated useful life of bank premises | 3 years | ||||
Percentage of fair value of the derivative instruments for the hedge to be highly effective | 80% | ||||
Maximum | |||||
Accounting Policies [Line Items] | |||||
Intangible assets, amortization period (years) | 10 years | ||||
Estimated useful life of bank premises | 40 years | ||||
Percentage of fair value of the derivative instruments for the hedge to be highly effective | 125% | ||||
Non-real Estate Secured Loans [Member] | |||||
Accounting Policies [Line Items] | |||||
Consumer loans, period for past due status | 120 days | 120 days | |||
Real Estate Secured Loans [Member] | |||||
Accounting Policies [Line Items] | |||||
Consumer loans, period for past due status | 180 days | 180 days |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Affordable Housing Entities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Affordable Housing Projects [Abstract] | ||
Affordable housing projects, recognized amortization | $ 4.1 | $ 3.6 |
Affordable housing projects, tax credits | 4.9 | 4.3 |
Affordable housing projects, investment amount | 51 | 46.9 |
Affordable housing projects, liability | $ 27.8 | $ 25.7 |
SECURITIES (Narrative) (Details
SECURITIES (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security | |
Schedule of Investments [Line Items] | ||
Available for sale securities past due or non-accrual | $ 0 | $ 0 |
Available for sale securities that had been in a continuous loss position for more than 12 months, Number of issues | security | 363 | 33 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | $ 322,446,000 | $ 3,923,000 |
AFS securities in an unrealized loss, credit related impairment | 0 | 0 |
Available for sale securities, allowance for credit losses | 0 | |
HTM securities past due or non accrual | 0 | 0 |
Restricted equity securities consist of Federal Reserve Bank stock | 67,000,000 | 67,000,000 |
Federal Home Loan Bank Stock | $ 53,200,000 | $ 9,800,000 |
Non-agency collateralized mortgage obligations | ||
Schedule of Investments [Line Items] | ||
SSFA rating percentage | 20% | 20% |
SECURITIES (Amortized Cost, Gro
SECURITIES (Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | $ 3,204,361 | $ 3,448,784 |
Gross Unrealized Gains | 293 | 65,198 |
Gross Unrealized (Losses) | (462,838) | (32,332) |
Total AFS securities, Estimated Fair Value | 2,741,816 | 3,481,650 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 70,196 | 73,830 |
Gross Unrealized Gains | 0 | 179 |
Gross Unrealized (Losses) | (8,253) | (160) |
Total AFS securities, Estimated Fair Value | 61,943 | 73,849 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 959,999 | 971,126 |
Gross Unrealized Gains | 137 | 39,343 |
Gross Unrealized (Losses) | (152,701) | (2,073) |
Total AFS securities, Estimated Fair Value | 807,435 | 1,008,396 |
Corporate and other bonds | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 243,979 | 150,201 |
Gross Unrealized Gains | 0 | 3,353 |
Gross Unrealized (Losses) | (17,599) | (178) |
Total AFS securities, Estimated Fair Value | 226,380 | 153,376 |
Commercial | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 349,598 | 468,893 |
Gross Unrealized Gains | 75 | 6,900 |
Gross Unrealized (Losses) | (43,512) | (4,636) |
Total AFS securities, Estimated Fair Value | 306,161 | 471,157 |
Commercial | Agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 250,186 | 361,806 |
Gross Unrealized Gains | 75 | 6,761 |
Gross Unrealized (Losses) | (39,268) | (4,215) |
Total AFS securities, Estimated Fair Value | 210,993 | 364,352 |
Commercial | Non-agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 99,412 | 107,087 |
Gross Unrealized Gains | 0 | 139 |
Gross Unrealized (Losses) | (4,244) | (421) |
Total AFS securities, Estimated Fair Value | 95,168 | 106,805 |
Residential | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 1,578,925 | 1,783,094 |
Gross Unrealized Gains | 81 | 15,423 |
Gross Unrealized (Losses) | (240,773) | (25,285) |
Total AFS securities, Estimated Fair Value | 1,338,233 | 1,773,232 |
Residential | Agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 1,510,110 | 1,691,651 |
Gross Unrealized Gains | 81 | 15,180 |
Gross Unrealized (Losses) | (233,961) | (24,337) |
Total AFS securities, Estimated Fair Value | 1,276,230 | 1,682,494 |
Residential | Non-agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 68,815 | 91,443 |
Gross Unrealized Gains | 0 | 243 |
Gross Unrealized (Losses) | (6,812) | (948) |
Total AFS securities, Estimated Fair Value | 62,003 | 90,738 |
Other securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 1,664 | 1,640 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Total AFS securities, Estimated Fair Value | $ 1,664 | $ 1,640 |
SECURITIES (Schedule of Gross U
SECURITIES (Schedule of Gross Unrealized Losses and Fair Value of Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | $ 1,285,632 | $ 1,733,749 |
Less than 12 Months, Unrealized Losses | (140,392) | (28,409) |
More than 12 Months, Fair Value | 1,392,153 | 139,747 |
More than 12 Months, Unrealized Losses | (322,446) | (3,923) |
Total, Fair Value | 2,677,785 | 1,873,496 |
Unrealized Losses, Total | (462,838) | (32,332) |
U.S. government and agency securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 2,594 | 64,474 |
Less than 12 Months, Unrealized Losses | (166) | (115) |
More than 12 Months, Fair Value | 59,269 | 3,900 |
More than 12 Months, Unrealized Losses | (8,087) | (45) |
Total, Fair Value | 61,863 | 68,374 |
Unrealized Losses, Total | (8,253) | (160) |
Obligations of states and political subdivisions | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 588,668 | 249,701 |
Less than 12 Months, Unrealized Losses | (86,895) | (2,020) |
More than 12 Months, Fair Value | 187,375 | 2,123 |
More than 12 Months, Unrealized Losses | (65,806) | (53) |
Total, Fair Value | 776,043 | 251,824 |
Unrealized Losses, Total | (152,701) | (2,073) |
Corporate and other bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 206,861 | 21,134 |
Less than 12 Months, Unrealized Losses | (15,019) | (177) |
More than 12 Months, Fair Value | 17,121 | 703 |
More than 12 Months, Unrealized Losses | (2,580) | (1) |
Total, Fair Value | 223,982 | 21,837 |
Unrealized Losses, Total | (17,599) | (178) |
Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 139,980 | 209,347 |
Less than 12 Months, Unrealized Losses | (9,255) | (4,366) |
More than 12 Months, Fair Value | 155,743 | 14,201 |
More than 12 Months, Unrealized Losses | (34,257) | (270) |
Total, Fair Value | 295,723 | 223,548 |
Unrealized Losses, Total | (43,512) | (4,636) |
Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 347,529 | 1,189,093 |
Less than 12 Months, Unrealized Losses | (29,057) | (21,731) |
More than 12 Months, Fair Value | 972,645 | 118,820 |
More than 12 Months, Unrealized Losses | (211,716) | (3,554) |
Total, Fair Value | 1,320,174 | 1,307,913 |
Unrealized Losses, Total | (240,773) | (25,285) |
Agency | Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 73,362 | 175,588 |
Less than 12 Months, Unrealized Losses | (7,024) | (4,053) |
More than 12 Months, Fair Value | 127,193 | 3,172 |
More than 12 Months, Unrealized Losses | (32,244) | (162) |
Total, Fair Value | 200,555 | 178,760 |
Unrealized Losses, Total | (39,268) | (4,215) |
Agency | Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 328,590 | 1,140,701 |
Less than 12 Months, Unrealized Losses | (27,769) | (21,147) |
More than 12 Months, Fair Value | 929,581 | 106,104 |
More than 12 Months, Unrealized Losses | (206,192) | (3,190) |
Total, Fair Value | 1,258,171 | 1,246,805 |
Unrealized Losses, Total | (233,961) | (24,337) |
Non-agency | Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 66,618 | 33,759 |
Less than 12 Months, Unrealized Losses | (2,231) | (313) |
More than 12 Months, Fair Value | 28,550 | 11,029 |
More than 12 Months, Unrealized Losses | (2,013) | (108) |
Total, Fair Value | 95,168 | 44,788 |
Unrealized Losses, Total | (4,244) | (421) |
Non-agency | Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 18,939 | 48,392 |
Less than 12 Months, Unrealized Losses | (1,288) | (584) |
More than 12 Months, Fair Value | 43,064 | 12,716 |
More than 12 Months, Unrealized Losses | (5,524) | (364) |
Total, Fair Value | 62,003 | 61,108 |
Unrealized Losses, Total | $ (6,812) | $ (948) |
SECURITIES (Schedule of Amortiz
SECURITIES (Schedule of Amortized Cost and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
AFS Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 42,447 | $ 18,247 |
Due in one year or less, Estimated Fair Value | 41,735 | 18,317 |
Due after one year through five years, Amortized Cost | 158,063 | 180,080 |
Due after one year through five years, Estimated Fair Value | 152,523 | 183,981 |
Due after five years through ten years, Amortized Cost | 343,303 | 324,615 |
Due after five years through ten years, Estimated Fair Value | 312,935 | 331,215 |
Due after ten years, Amortized Cost | 2,660,548 | 2,925,842 |
Due after ten years, Estimated Fair Value | 2,234,623 | 2,948,137 |
Total AFS securities | 3,204,361 | 3,448,784 |
Total AFS securities, Estimated Fair Value | 2,741,816 | 3,481,650 |
HTM Securities [Abstract] | ||
Due in one year or less, Carrying Value | 2,010 | 3,034 |
Due in one year or less, Estimated Fair Value | 2,006 | 3,027 |
Due after one year through five years, Carrying Value | 35,044 | 5,852 |
Due after one year through five years, Estimated Fair Value | 35,014 | 6,065 |
Due after five years through ten years, Carrying Value | 19,941 | 14,019 |
Due after five years through ten years, Estimated Fair Value | 20,239 | 15,984 |
Due after ten years, Carrying Value | 790,737 | 605,095 |
Due after ten years, Estimated Fair Value | 744,628 | 668,698 |
Total HTM Securities | 847,732 | 628,000 |
Total HTM securities, Estimated Fair Value | $ 801,887 | $ 693,774 |
SECURITIES (Amortized Cost of H
SECURITIES (Amortized Cost of HTM Securities by Security Type and Credit Rating) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
HTM Securities, Amortized Cost | $ 847,732 | $ 628,000 |
Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 707,505 | 620,873 |
Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 1,187 | |
Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 72,412 | 7,127 |
Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 66,628 | |
U.S. government and agency securities | ||
HTM Securities, Amortized Cost | 687 | 2,604 |
U.S. government and agency securities | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 0 | 0 |
U.S. government and agency securities | Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 0 | |
U.S. government and agency securities | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 687 | 2,604 |
U.S. government and agency securities | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 0 | |
Obligations of states and political subdivisions | ||
HTM Securities, Amortized Cost | 705,990 | 620,873 |
Obligations of states and political subdivisions | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 704,803 | 620,873 |
Obligations of states and political subdivisions | Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 1,187 | |
Obligations of states and political subdivisions | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 0 | 0 |
Obligations of states and political subdivisions | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 0 | |
Corporate and other bonds | ||
HTM Securities, Amortized Cost | 5,159 | 0 |
Corporate and other bonds | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 0 | 0 |
Corporate and other bonds | Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 0 | |
Corporate and other bonds | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 0 | 0 |
Corporate and other bonds | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 5,159 | |
Mortgage-backed securities | ||
HTM Securities, Amortized Cost | 135,896 | 4,523 |
Mortgage-backed securities | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 2,702 | 0 |
Mortgage-backed securities | Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 0 | |
Mortgage-backed securities | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 71,725 | $ 4,523 |
Mortgage-backed securities | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | $ 61,469 |
SECURITIES (Schedule of Carryin
SECURITIES (Schedule of Carrying Value, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | $ 847,732 | $ 628,000 |
Gross Unrealized Gains | 2,218 | 65,982 |
Gross Unrealized Losses | (48,063) | (208) |
Held-to-maturity Securities, Fair Value | 801,887 | 693,774 |
U.S. government and agency securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 687 | 2,604 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (56) | (29) |
Held-to-maturity Securities, Fair Value | 631 | 2,575 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 705,990 | 620,873 |
Gross Unrealized Gains | 2,218 | 65,982 |
Gross Unrealized Losses | (35,957) | (121) |
Held-to-maturity Securities, Fair Value | 672,251 | 686,734 |
Corporate and other bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 5,159 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (10) | |
Held-to-maturity Securities, Fair Value | 5,149 | |
Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 42,761 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (4,999) | |
Held-to-maturity Securities, Fair Value | 37,762 | |
Residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 93,135 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (7,041) | |
Held-to-maturity Securities, Fair Value | 86,094 | |
Agency | Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 29,025 | 4,523 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4,873) | (58) |
Held-to-maturity Securities, Fair Value | 24,152 | $ 4,465 |
Agency | Residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 42,699 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (6,427) | |
Held-to-maturity Securities, Fair Value | 36,272 | |
Non-agency | Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 13,736 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (126) | |
Held-to-maturity Securities, Fair Value | 13,610 | |
Non-agency | Residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 50,436 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (614) | |
Held-to-maturity Securities, Fair Value | $ 49,822 |
SECURITIES (Gross Realized Gain
SECURITIES (Gross Realized Gains and Losses on the Sale of Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Securities [Abstract] | |||
Gross realized gains | $ 0 | $ 147 | $ 12,522 |
Gross realized losses | (3) | (60) | (228) |
Gains on securities transactions, net | (3) | 87 | 12,294 |
Proceeds from sales of securities | $ 40,686 | $ 45,436 | $ 257,945 |
LOANS AND ALLOWANCE FOR LOAN _3
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Loans Stated at Face Amount, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
LHFI, net of deferred fees and costs | $ 14,449,142 | $ 13,195,843 |
Total Allowance for credit losses | (110,768) | (99,787) |
Total loans held for investment, net | 14,338,374 | 13,096,056 |
Loans receivable, deferred fees and costs | 50,400 | 49,300 |
Construction and Land Development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
LHFI, net of deferred fees and costs | 1,101,260 | 862,236 |
Commercial Real Estate - Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
LHFI, net of deferred fees and costs | 1,982,608 | 1,995,409 |
Commercial Real Estate - Non-Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
LHFI, net of deferred fees and costs | 3,996,130 | 3,789,377 |
Multifamily Real Estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
LHFI, net of deferred fees and costs | 802,923 | 778,626 |
Commercial and Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
LHFI, net of deferred fees and costs | 2,983,349 | 2,542,243 |
Residential 1-4 Family - Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
LHFI, net of deferred fees and costs | 538,063 | 607,337 |
Residential 1-4 Family - Mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
LHFI, net of deferred fees and costs | 940,275 | 816,524 |
Residential 1-4 Family - Revolving | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
LHFI, net of deferred fees and costs | 585,184 | 560,796 |
Auto | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
LHFI, net of deferred fees and costs | 592,976 | 461,052 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
LHFI, net of deferred fees and costs | 152,545 | 176,992 |
Other Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
LHFI, net of deferred fees and costs | 773,829 | 605,251 |
Paycheck Protection Program (PPP) | Commercial and Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 7,300 | 145,300,000 |
Paycheck Protection Program (PPP) | Other Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | $ 0 | $ 5,100 |
LOANS AND ALLOWANCE FOR LOAN _4
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans, interest income | $ 0 | $ 0 |
Period for restructured loan to be considered default | 90 days | |
Troubled Debt Restructurings (TDRs) | $ 14,190,000 | 17,955,000 |
Total Allowance for credit losses | 110,768,000 | 99,787,000 |
Troubled Debt Restructurings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings (TDRs) | 14,200,000 | 18,000,000 |
Total Allowance for credit losses | $ 739,000 | $ 859,000 |
LOANS AND ALLOWANCE FOR LOAN _5
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Summary of Aging of the Loan Portfolio by Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | $ 7,490 | $ 9,132 |
Greater than 90 Days and still Accruing, % of total loans | 0.05% | 0.07% |
Nonaccrual | $ 27,038 | $ 31,100 |
Nonaccrual, % of total loans | 0.19% | 0.24% |
Total Loans | $ 14,449,142 | $ 13,195,843 |
Total loans, % of total loans | 100% | 100% |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | $ 14,392,081 | $ 13,134,805 |
Current, % of total loans | 99.60% | 99.54% |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | $ 18,855 | $ 15,094 |
Past Due, % of total loans | 0.13% | 0.11% |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | $ 3,678 | $ 5,712 |
Past Due, % of total loans | 0.03% | 0.04% |
Construction and Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | $ 100 | $ 299 |
Nonaccrual | 307 | 2,697 |
Total Loans | 1,101,260 | 862,236 |
Construction and Land Development | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,099,555 | 857,883 |
Construction and Land Development | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,253 | 1,357 |
Construction and Land Development | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 45 | 0 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 2,167 | 1,257 |
Nonaccrual | 7,178 | 5,637 |
Total Loans | 1,982,608 | 1,995,409 |
Commercial Real Estate - Owner Occupied | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,970,323 | 1,987,133 |
Commercial Real Estate - Owner Occupied | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 2,305 | 1,230 |
Commercial Real Estate - Owner Occupied | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 635 | 152 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 607 | 433 |
Nonaccrual | 1,263 | 3,641 |
Total Loans | 3,996,130 | 3,789,377 |
Commercial Real Estate - Non-Owner Occupied | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 3,993,091 | 3,783,211 |
Commercial Real Estate - Non-Owner Occupied | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,121 | 1,965 |
Commercial Real Estate - Non-Owner Occupied | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 48 | 127 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 0 | 0 |
Nonaccrual | 0 | 113 |
Total Loans | 802,923 | 778,626 |
Multifamily Real Estate | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 801,694 | 778,429 |
Multifamily Real Estate | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,229 | 84 |
Multifamily Real Estate | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 0 | 0 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 459 | 1,897 |
Nonaccrual | 1,884 | 1,647 |
Total Loans | 2,983,349 | 2,542,243 |
Commercial and Industrial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 2,980,008 | 2,536,100 |
Commercial and Industrial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 824 | 1,161 |
Commercial and Industrial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 174 | 1,438 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 275 | 990 |
Nonaccrual | 1,904 | 2,285 |
Total Loans | 538,063 | 607,337 |
Residential 1-4 Family - Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 534,653 | 601,946 |
Residential 1-4 Family - Commercial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,231 | 1,844 |
Residential 1-4 Family - Commercial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 0 | 272 |
Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 1,955 | 3,013 |
Nonaccrual | 10,846 | 11,397 |
Total Loans | 940,275 | 816,524 |
Residential 1-4 Family - Mortgage | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 919,833 | 795,821 |
Total Loans | 919,833 | 795,821 |
Residential 1-4 Family - Mortgage | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 5,951 | 3,368 |
Total Loans | 5,951 | 3,368 |
Residential 1-4 Family - Mortgage | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,690 | 2,925 |
Total Loans | 1,690 | 2,925 |
Residential 1-4 Family - Mortgage | Greater Than 90 Days and still Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,955 | 3,013 |
Residential 1-4 Family - Mortgage | Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 10,846 | 11,397 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 1,384 | 882 |
Nonaccrual | 3,453 | 3,406 |
Total Loans | 585,184 | 560,796 |
Residential 1-4 Family - Revolving | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 577,993 | 554,652 |
Total Loans | 577,993 | 554,652 |
Residential 1-4 Family - Revolving | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,843 | 1,493 |
Total Loans | 1,843 | 1,493 |
Residential 1-4 Family - Revolving | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 511 | 363 |
Total Loans | 511 | 363 |
Residential 1-4 Family - Revolving | Greater Than 90 Days and still Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,384 | 882 |
Residential 1-4 Family - Revolving | Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 3,453 | 3,406 |
Auto | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 344 | 241 |
Nonaccrual | 200 | 223 |
Total Loans | 592,976 | 461,052 |
Auto | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 589,235 | 458,473 |
Total Loans | 589,235 | 458,473 |
Auto | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 2,747 | 1,866 |
Total Loans | 2,747 | 1,866 |
Auto | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 450 | 249 |
Total Loans | 450 | 249 |
Auto | Greater Than 90 Days and still Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 344 | 241 |
Auto | Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 200 | 223 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 108 | 120 |
Nonaccrual | 3 | 54 |
Total Loans | 152,545 | 176,992 |
Consumer | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 151,958 | 175,943 |
Total Loans | 151,958 | 175,943 |
Consumer | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 351 | 689 |
Total Loans | 351 | 689 |
Consumer | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 125 | 186 |
Total Loans | 125 | 186 |
Consumer | Greater Than 90 Days and still Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 108 | 120 |
Consumer | Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 3 | 54 |
Other Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 91 | 0 |
Nonaccrual | 0 | 0 |
Total Loans | 773,829 | 605,251 |
Other Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 773,738 | 605,214 |
Other Commercial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 0 | 37 |
Other Commercial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _6
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Summary of Loans on Nonaccrual Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | $ 27,038 | $ 31,100 |
Nonaccrual With No ALLL | 909 | 4,045 |
Loans Past Due Over 90 Days Still Accruing | 7,490 | 9,132 |
Construction and Land Development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 307 | 2,697 |
Nonaccrual With No ALLL | 0 | 1,985 |
Loans Past Due Over 90 Days Still Accruing | 100 | 299 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 7,178 | 5,637 |
Nonaccrual With No ALLL | 908 | 970 |
Loans Past Due Over 90 Days Still Accruing | 2,167 | 1,257 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 1,263 | 3,641 |
Nonaccrual With No ALLL | 0 | 1,089 |
Loans Past Due Over 90 Days Still Accruing | 607 | 433 |
Multifamily Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 0 | 113 |
Nonaccrual With No ALLL | 0 | |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial and Industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 1,884 | 1,647 |
Nonaccrual With No ALLL | 1 | 1 |
Loans Past Due Over 90 Days Still Accruing | 459 | 1,897 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 1,904 | 2,285 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 275 | 990 |
Residential 1-4 Family - Mortgage | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 10,846 | 11,397 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 1,955 | 3,013 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 3,453 | 3,406 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 1,384 | 882 |
Auto | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 200 | 223 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 344 | 241 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 3 | 54 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 108 | 120 |
Other Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 0 | 0 |
Nonaccrual With No ALLL | 0 | |
Loans Past Due Over 90 Days Still Accruing | $ 91 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _7
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement) (Details) $ in Thousands | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan |
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 127 | 126 |
Recorded Investment | $ 14,190 | $ 17,955 |
Outstanding Commitment | $ 5 | $ 4 |
Performing Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 93 | 88 |
Recorded Investment | $ 9,273 | $ 10,313 |
Outstanding Commitment | $ 5 | $ 4 |
Performing Financing Receivable | Construction and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 4 |
Recorded Investment | $ 155 | $ 201 |
Outstanding Commitment | $ 0 | $ 0 |
Performing Financing Receivable | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 3 |
Recorded Investment | $ 997 | $ 572 |
Outstanding Commitment | $ 0 | $ 0 |
Performing Financing Receivable | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 0 |
Recorded Investment | $ 93 | $ 0 |
Outstanding Commitment | $ 0 | $ 0 |
Performing Financing Receivable | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 83 | 75 |
Recorded Investment | $ 7,761 | $ 9,021 |
Outstanding Commitment | $ 0 | $ 0 |
Performing Financing Receivable | Residential 1-4 Family - Revolving | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 3 |
Recorded Investment | $ 254 | $ 265 |
Outstanding Commitment | $ 5 | $ 4 |
Performing Financing Receivable | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 2 |
Recorded Investment | $ 13 | $ 15 |
Outstanding Commitment | $ 0 | $ 0 |
Performing Financing Receivable | Other Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 1 |
Recorded Investment | $ 0 | $ 239 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 34 | 38 |
Recorded Investment | $ 4,917 | $ 7,642 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 2 |
Recorded Investment | $ 15 | $ 830 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 3 |
Recorded Investment | $ 233 | $ 1,357 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 3 |
Recorded Investment | $ 375 | $ 729 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 3 |
Recorded Investment | $ 332 | $ 388 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 23 | 24 |
Recorded Investment | $ 3,869 | $ 4,239 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | Residential 1-4 Family - Revolving | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 3 |
Recorded Investment | $ 93 | $ 99 |
Outstanding Commitment | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _8
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Schedule of TDR by Class and Modification Type) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | |
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 22 | 17 |
Recorded Investment at Period End | $ | $ 2,290 | $ 2,124 |
Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 3 |
Recorded Investment at Period End | $ | $ 766 | $ 254 |
Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 21 | 13 |
Recorded Investment at Period End | $ | $ 1,524 | $ 1,825 |
Interest rate modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | |
Recorded Investment at Period End | $ | $ 45 | |
Commercial Real Estate - Owner Occupied | Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | |
Recorded Investment at Period End | $ | $ 766 | |
Commercial Real Estate - Non-Owner Occupied | Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | |
Recorded Investment at Period End | $ | $ 153 | |
Residential 1-4 Family - Commercial | Interest rate modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | |
Recorded Investment at Period End | $ | $ 45 | |
Residential 1-4 Family - Mortgage | Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | |
Recorded Investment at Period End | $ | $ 101 | |
Residential 1-4 Family - Mortgage | Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 21 | 12 |
Recorded Investment at Period End | $ | $ 1,524 | $ 1,810 |
Consumer | Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | |
Recorded Investment at Period End | $ | $ 15 |
LOANS AND ALLOWANCE FOR LOAN _9
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for loan losses: | ||
Balance, beginning of period | $ 99,787 | $ 160,540 |
Loans charged off | (7,409) | (10,083) |
Recoveries credited to allowance | 5,076 | 8,218 |
Provision charged to operations | 13,314 | (58,888) |
Balance, end of period | 110,768 | 99,787 |
Commercial Portfolio | ||
Allowance for loan losses: | ||
Balance, beginning of period | 77,902 | 117,403 |
Loans charged off | (4,137) | (5,186) |
Recoveries credited to allowance | 2,426 | 4,915 |
Provision charged to operations | 6,562 | (39,230) |
Balance, end of period | 82,753 | 77,902 |
Consumer Portfolio | ||
Allowance for loan losses: | ||
Balance, beginning of period | 21,885 | 43,137 |
Loans charged off | (3,272) | (4,897) |
Recoveries credited to allowance | 2,650 | 3,303 |
Provision charged to operations | 6,752 | (19,658) |
Balance, end of period | $ 28,015 | $ 21,885 |
LOANS AND ALLOWANCE FOR LOAN_10
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Loans Receivables Related Risk Rating) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 14,449,142 | $ 13,195,843 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 362,027 | 434,700 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 504,934 | 218,858 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 107,599 | 53,081 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 17,402 | 59,521 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 35,261 | 11,846 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 39,692 | 61,234 |
Financing Receivable, Revolving Loans | 34,345 | 22,996 |
Loans, Total | 1,101,260 | 862,236 |
Construction and Land Development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 357,688 | 430,764 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 499,738 | 218,672 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 107,559 | 39,937 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 17,191 | 40,128 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 33,801 | 11,299 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 36,335 | 50,908 |
Financing Receivable, Revolving Loans | 34,345 | 22,996 |
Loans, Total | 1,086,657 | 814,704 |
Construction and Land Development | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 242 | 395 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1,637 | 185 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 12,923 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 129 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 115 | 349 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,669 | 4,026 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 3,663 | 18,007 |
Construction and Land Development | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 2,843 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 411 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 93 | 735 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 3,347 | 735 |
Construction and Land Development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,254 | 3,541 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 3,148 | 1 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 40 | 221 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 211 | 19,264 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,345 | 198 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,595 | 5,565 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 7,593 | 28,790 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 260,013 | 222,464 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 218,411 | 280,268 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 260,651 | 348,743 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 296,498 | 277,445 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 241,069 | 197,629 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 687,314 | 647,320 |
Financing Receivable, Revolving Loans | 18,652 | 21,540 |
Loans, Total | 1,982,608 | 1,995,409 |
Commercial Real Estate - Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 258,953 | 222,079 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 215,414 | 279,165 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 257,740 | 321,503 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 282,110 | 263,422 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 228,410 | 179,994 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 624,238 | 555,540 |
Financing Receivable, Revolving Loans | 17,190 | 19,705 |
Loans, Total | 1,884,055 | 1,841,408 |
Commercial Real Estate - Owner Occupied | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,060 | 185 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 176 | 18 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 2,437 | 7,959 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 9,567 | 10,875 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 9,736 | 14,648 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 31,331 | 57,466 |
Financing Receivable, Revolving Loans | 916 | 702 |
Loans, Total | 55,223 | 91,853 |
Commercial Real Estate - Owner Occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 256 | 932 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 11,826 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 93 | 610 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,332 | 1,052 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 18,766 | 19,480 |
Financing Receivable, Revolving Loans | 132 | 507 |
Loans, Total | 20,579 | 34,407 |
Commercial Real Estate - Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 200 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,565 | 153 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 474 | 7,455 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 4,728 | 2,538 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,591 | 1,935 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 12,979 | 14,834 |
Financing Receivable, Revolving Loans | 414 | 626 |
Loans, Total | 22,751 | 27,741 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 496,311 | 644,538 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 664,128 | 432,513 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 397,635 | 604,823 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 558,410 | 448,020 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 422,390 | 405,932 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,422,450 | 1,216,717 |
Financing Receivable, Revolving Loans | 34,806 | 36,834 |
Loans, Total | 3,996,130 | 3,789,377 |
Commercial Real Estate - Non-Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 496,079 | 642,386 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 661,977 | 421,063 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 385,084 | 520,035 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 517,834 | 377,176 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 373,126 | 374,949 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,389,507 | 1,102,193 |
Financing Receivable, Revolving Loans | 34,804 | 36,568 |
Loans, Total | 3,858,411 | 3,474,370 |
Commercial Real Estate - Non-Owner Occupied | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 2,152 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,151 | 841 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 2,091 | 35,721 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 11,915 | 39,356 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 19,550 | 18,242 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 20,683 | 101,797 |
Financing Receivable, Revolving Loans | 2 | 14 |
Loans, Total | 56,392 | 198,123 |
Commercial Real Estate - Non-Owner Occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 232 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 10,609 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 25,691 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 25,578 | 20,119 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 702 | 12,741 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7,381 | 4,775 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 33,893 | 73,935 |
Commercial Real Estate - Non-Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 10,460 | 23,376 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 3,083 | 11,369 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 29,012 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 4,879 | 7,952 |
Financing Receivable, Revolving Loans | 0 | 252 |
Loans, Total | 47,434 | 42,949 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 851,040 | 772,480 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 539,022 | 461,629 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 281,280 | 302,805 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 192,358 | 145,333 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 82,294 | 40,792 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 125,422 | 177,462 |
Financing Receivable, Revolving Loans | 911,933 | 641,742 |
Loans, Total | 2,983,349 | 2,542,243 |
Commercial and Industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 849,547 | 770,662 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 536,982 | 450,478 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 262,093 | 287,926 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 182,263 | 110,710 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 67,648 | 38,395 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 120,326 | 170,857 |
Financing Receivable, Revolving Loans | 846,059 | 619,583 |
Loans, Total | 2,864,918 | 2,448,611 |
Commercial and Industrial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,399 | 1,233 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1,305 | 9,641 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 18,682 | 2,766 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 5,039 | 31,635 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 12,843 | 1,370 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,984 | 4,405 |
Financing Receivable, Revolving Loans | 41,836 | 17,220 |
Loans, Total | 83,088 | 68,270 |
Commercial and Industrial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 206 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 222 | 935 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 393 | 8,477 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 2,145 | 1,023 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 354 | 564 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,773 | 561 |
Financing Receivable, Revolving Loans | 12,380 | 3,249 |
Loans, Total | 17,267 | 15,015 |
Commercial and Industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 94 | 379 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 513 | 575 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 112 | 3,636 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 2,911 | 1,965 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,449 | 463 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,339 | 1,639 |
Financing Receivable, Revolving Loans | 11,658 | 1,690 |
Loans, Total | 18,076 | 10,347 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 111,798 | 63,475 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 90,952 | 189,864 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 204,159 | 109,385 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 51,416 | 119,053 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 60,325 | 66,562 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 232,248 | 228,739 |
Financing Receivable, Revolving Loans | 52,025 | 1,548 |
Loans, Total | 802,923 | 778,626 |
Multifamily Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 111,798 | 63,431 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 90,952 | 187,616 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 204,159 | 108,402 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 47,240 | 114,077 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 59,883 | 66,562 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 231,745 | 228,013 |
Financing Receivable, Revolving Loans | 52,025 | 1,548 |
Loans, Total | 797,802 | 769,649 |
Multifamily Real Estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 359 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 350 | 459 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 442 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 416 | 522 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 1,208 | 1,340 |
Multifamily Real Estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 44 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 2,248 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 624 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 3,826 | 4,517 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 87 | 91 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 3,913 | 7,524 |
Multifamily Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 113 | |
Financing Receivable, Revolving Loans | 0 | |
Loans, Total | 113 | |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 59,034 | 108,352 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 87,513 | 96,321 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 79,143 | 74,063 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 59,807 | 54,722 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 40,677 | 60,092 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 210,674 | 212,627 |
Financing Receivable, Revolving Loans | 1,215 | 1,160 |
Loans, Total | 538,063 | 607,337 |
Residential 1-4 Family - Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 58,534 | 108,259 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 86,881 | 94,184 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 77,110 | 65,682 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 50,721 | 46,267 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 38,090 | 55,995 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 199,783 | 196,052 |
Financing Receivable, Revolving Loans | 803 | 550 |
Loans, Total | 511,922 | 566,989 |
Residential 1-4 Family - Commercial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 500 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 2,041 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 539 | 4,887 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 852 | 7,483 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,532 | 2,415 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5,378 | 7,573 |
Financing Receivable, Revolving Loans | 113 | 311 |
Loans, Total | 8,914 | 24,710 |
Residential 1-4 Family - Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 96 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 94 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 7,771 | 436 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 582 | 391 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,630 | 4,126 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 11,077 | 5,049 |
Residential 1-4 Family - Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 93 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 632 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,400 | 3,494 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 463 | 536 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 473 | 1,291 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,883 | 4,876 |
Financing Receivable, Revolving Loans | 299 | 299 |
Loans, Total | 6,150 | 10,589 |
Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 202,549 | 226,595 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 211,438 | 167,497 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 149,567 | 98,848 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 119,807 | 6,201 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 3,522 | 26,971 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 72,678 | 48,694 |
Financing Receivable, Revolving Loans | 14,268 | 30,445 |
Loans, Total | 773,829 | 605,251 |
Other Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 197,454 | 226,595 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 211,438 | 167,497 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 149,567 | 98,848 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 119,795 | 5,620 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 3,522 | 25,723 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 69,243 | 44,114 |
Financing Receivable, Revolving Loans | 14,177 | 30,445 |
Loans, Total | 765,196 | 598,842 |
Other Commercial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 5,095 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 12 | 581 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 1,246 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,435 | 4,341 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 8,542 | 6,168 |
Other Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 2 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Financing Receivable, Revolving Loans | 0 | |
Loans, Total | 2 | |
Other Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 239 |
Financing Receivable, Revolving Loans | 91 | 0 |
Loans, Total | 91 | 239 |
Commercial Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 2,342,772 | 2,472,604 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,316,398 | 1,846,950 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,480,034 | 1,591,748 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,295,698 | 1,110,295 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 885,538 | 809,824 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,790,478 | 2,592,793 |
Financing Receivable, Revolving Loans | 1,067,244 | 756,265 |
Loans, Total | 12,178,162 | 11,180,479 |
Commercial Portfolio | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 2,330,053 | 2,464,176 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,303,382 | 1,818,675 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,443,312 | 1,442,333 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,217,154 | 957,400 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 804,480 | 752,917 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,671,177 | 2,347,677 |
Financing Receivable, Revolving Loans | 999,403 | 731,395 |
Loans, Total | 11,768,961 | 10,514,573 |
Commercial Portfolio | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 8,296 | 3,965 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 5,269 | 12,726 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 23,749 | 64,615 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 27,735 | 90,518 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 44,218 | 38,270 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 64,896 | 180,130 |
Financing Receivable, Revolving Loans | 42,867 | 18,247 |
Loans, Total | 217,030 | 408,471 |
Commercial Portfolio | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 3,075 | 250 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 889 | 14,820 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 487 | 46,618 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 39,413 | 26,705 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 2,970 | 14,750 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 30,730 | 29,768 |
Financing Receivable, Revolving Loans | 12,512 | 3,756 |
Loans, Total | 90,076 | 136,667 |
Commercial Portfolio | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,348 | 4,213 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 6,858 | 729 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 12,486 | 38,182 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 11,396 | 35,672 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 33,870 | 3,887 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 23,675 | 35,218 |
Financing Receivable, Revolving Loans | 12,462 | 2,867 |
Loans, Total | $ 102,095 | $ 120,768 |
LOANS AND ALLOWANCE FOR LOAN_11
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Loans Receivables Based on Delinquency Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 14,449,142 | $ 13,195,843 |
Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 212,871 | 249,348 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 266,326 | 174,616 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 162,915 | 48,211 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 36,614 | 36,144 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 24,202 | 46,380 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 237,335 | 261,814 |
Financing Receivable, Revolving Loans | 12 | 11 |
Loans, Total | 940,275 | 816,524 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 68,524 | 16,546 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 13,959 | 9,574 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 5,054 | 2,230 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,672 | 1,074 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 814 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 476 | 484 |
Financing Receivable, Revolving Loans | 494,685 | 530,888 |
Loans, Total | 585,184 | 560,796 |
Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 286,078 | 207,628 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 155,918 | 124,441 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 82,436 | 73,137 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 44,712 | 32,084 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 16,152 | 16,351 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7,680 | 7,411 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 592,976 | 461,052 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 36,639 | 25,127 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 15,944 | 16,170 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 11,074 | 38,890 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 23,974 | 31,208 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 16,164 | 12,958 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 19,152 | 17,009 |
Financing Receivable, Revolving Loans | 29,598 | 35,630 |
Loans, Total | 152,545 | 176,992 |
Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 604,112 | 498,649 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 452,147 | 324,801 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 261,479 | 162,468 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 106,972 | 100,510 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 57,332 | 75,689 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 264,643 | 286,718 |
Financing Receivable, Revolving Loans | 524,295 | 566,529 |
Loans, Total | 2,270,980 | 2,015,364 |
Current | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 212,697 | 248,904 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 263,734 | 174,459 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 162,826 | 47,905 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 36,197 | 33,809 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 22,629 | 44,179 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 221,738 | 246,554 |
Financing Receivable, Revolving Loans | 12 | 11 |
Loans, Total | 919,833 | 795,821 |
Current | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 68,434 | 16,546 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 13,810 | 9,511 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 4,997 | 2,230 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,672 | 1,056 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 801 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 476 | 484 |
Financing Receivable, Revolving Loans | 487,803 | 524,825 |
Loans, Total | 577,993 | 554,652 |
Current | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 285,036 | 207,229 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 154,904 | 123,848 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 81,710 | 72,427 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 44,086 | 31,745 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 15,974 | 16,020 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7,525 | 7,204 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 589,235 | 458,473 |
Current | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 36,513 | 25,084 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 15,897 | 16,059 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 11,019 | 38,594 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 23,838 | 30,890 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 16,084 | 12,853 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 19,070 | 16,929 |
Financing Receivable, Revolving Loans | 29,537 | 35,534 |
Loans, Total | 151,958 | 175,943 |
Current | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 602,680 | 497,763 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 448,345 | 323,877 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 260,552 | 161,156 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 105,793 | 97,500 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 55,488 | 73,052 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 248,809 | 271,171 |
Financing Receivable, Revolving Loans | 517,352 | 560,370 |
Loans, Total | 2,239,019 | 1,984,889 |
30 to 59 Days Past Due | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 174 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,169 | 157 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 89 | 143 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 46 | 807 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 220 | 460 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,253 | 1,801 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 5,951 | 3,368 |
30 to 59 Days Past Due | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 90 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 1,753 | 1,493 |
Loans, Total | 1,843 | 1,493 |
30 to 59 Days Past Due | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 808 | 299 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 772 | 382 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 451 | 518 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 456 | 259 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 134 | 245 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 126 | 163 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 2,747 | 1,866 |
30 to 59 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 61 | 31 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 27 | 94 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 36 | 201 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 113 | 186 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 34 | 63 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 61 | 26 |
Financing Receivable, Revolving Loans | 19 | 88 |
Loans, Total | 351 | 689 |
30 to 59 Days Past Due | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,133 | 330 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,968 | 633 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 576 | 862 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 615 | 1,252 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 388 | 768 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,440 | 1,990 |
Financing Receivable, Revolving Loans | 1,772 | 1,581 |
Loans, Total | 10,892 | 7,416 |
60 to 89 Days Past Due | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 624 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 413 | 107 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,277 | 2,194 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 1,690 | 2,925 |
60 to 89 Days Past Due | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 511 | 363 |
Loans, Total | 511 | 363 |
60 to 89 Days Past Due | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 65 | 45 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 129 | 29 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 146 | 95 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 76 | 33 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 30 | 36 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 4 | 11 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 450 | 249 |
60 to 89 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 43 | 11 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 17 | 13 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 10 | 62 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 11 | 60 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 14 | 34 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 21 | 0 |
Financing Receivable, Revolving Loans | 9 | 6 |
Loans, Total | 125 | 186 |
60 to 89 Days Past Due | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 108 | 56 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 146 | 42 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 156 | 157 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 87 | 717 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 457 | 177 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,302 | 2,205 |
Financing Receivable, Revolving Loans | 520 | 369 |
Loans, Total | 2,776 | 3,723 |
Greater Than 90 Days and still Accruing | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 46 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 64 | 20 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 304 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,891 | 2,643 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 1,955 | 3,013 |
Greater Than 90 Days and still Accruing | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 1,384 | 882 |
Loans, Total | 1,384 | 882 |
Greater Than 90 Days and still Accruing | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 169 | 55 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 101 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 111 | 42 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 32 | 20 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 12 | 23 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 20 | 0 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 344 | 241 |
Greater Than 90 Days and still Accruing | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 22 | 1 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 4 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 9 | 33 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 12 | 72 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 32 | 8 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 33 | 2 |
Loans, Total | 108 | 120 |
Greater Than 90 Days and still Accruing | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 191 | 56 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 105 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 120 | 121 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 108 | 112 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 44 | 335 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,911 | 2,643 |
Financing Receivable, Revolving Loans | 1,417 | 884 |
Loans, Total | 3,791 | 4,256 |
Nonaccrual | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 444 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 423 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 117 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 307 | 884 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 940 | 1,330 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,176 | 8,622 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 10,846 | 11,397 |
Nonaccrual | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 149 | 63 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 57 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 18 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 13 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 3,234 | 3,325 |
Loans, Total | 3,453 | 3,406 |
Nonaccrual | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 113 | 81 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 18 | 55 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 62 | 27 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 2 | 27 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5 | 33 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 200 | 223 |
Nonaccrual | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 3 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 54 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 3 | 54 |
Nonaccrual | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 444 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 688 | 144 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 75 | 172 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 369 | 929 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 955 | 1,357 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,181 | 8,709 |
Financing Receivable, Revolving Loans | 3,234 | 3,325 |
Loans, Total | $ 14,502 | $ 15,080 |
PREMISES AND EQUIPMENT (Narrati
PREMISES AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 14.2 | $ 15.9 | $ 15.2 |
Impairment of Real Estate | $ 11.7 |
PREMISES AND EQUIPMENT (Summary
PREMISES AND EQUIPMENT (Summary of Bank Premises and Equipment) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 233,629,000 | $ 244,753,000 |
Accumulated depreciation and amortization | (115,386,000) | (109,945,000) |
Bank premises and equipment, net | 118,243,000 | 134,808,000 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 29,741,000 | 32,286,000 |
Land Improvements and Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total | 106,123,000 | 111,199,000 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 21,529,000 | 23,195,000 |
Furniture and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 74,940,000 | 76,356,000 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 1,296,000 | $ 1,717,000 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 USD ($) segment | Jun. 30, 2022 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||||
Number of operating segments | segment | 2 | 1 | |||
Goodwill | $ 925,211 | $ 925,211 | $ 935,560 | ||
Intangible Assets | 26,761 | 26,761 | 43,312 | ||
Impairment of goodwill or intangible assets | 0 | ||||
Intangible assets, amortization expense | 10,815 | 13,904 | $ 16,574 | ||
Wholesale Banking | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 629,630 | 629,630 | 629,630 | ||
Intangible Assets | 0 | 0 | 0 | ||
Consumer Banking | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 295,581 | 295,581 | 305,930 | ||
Intangible Assets | 1,633 | 1,633 | 8,327 | ||
Corporate Other | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 0 | 0 | 0 | ||
Intangible Assets | $ 25,128 | $ 25,128 | 34,985 | ||
DHFB | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill reduction | $ 10,300 | ||||
Intangible assets reduction | $ 5,700 | ||||
Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 4 years | ||||
Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 10 years | ||||
Core Deposits | Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 4 years | ||||
Core Deposits | Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 10 years | ||||
Other amortizable intangibles | Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 4 years | ||||
Other amortizable intangibles | Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 10 years | ||||
Core Deposits and Other Intangible Assets | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization expense | $ 10,800 | $ 13,900 | $ 16,600 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Information Concerning Intangible Assets with Finite Life) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Total estimated amortization expense | $ 26,761,000 | |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 85,491,000 | $ 101,724,000 |
Accumulated Amortization | 60,363,000 | 66,739,000 |
Total estimated amortization expense | 25,128,000 | 34,985,000 |
Other amortizable intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 2,774,000 | 14,893,000 |
Accumulated Amortization | 1,141,000 | 6,566,000 |
Total estimated amortization expense | $ 1,633,000 | $ 8,327,000 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Estimated Remaining Amortization Expense of Intangibles) (Details) | Dec. 31, 2022 USD ($) |
Estimated Remaining Amortization of Intangibles | |
2023 | $ 8,518,000 |
2024 | 6,753,000 |
2025 | 5,154,000 |
2026 | 3,559,000 |
2027 | 1,986,000 |
Thereafter | 791,000 |
Total estimated amortization expense | $ 26,761,000 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessor Disclosure [Abstract] | ||
Residual assets covered by residual value guarantees | $ 44.3 | $ 23 |
Minimum | ||
Lessor Disclosure [Abstract] | ||
Lessor sales-type and direct financing lease, term of contract | 14 months | |
Maximum | ||
Lessor Disclosure [Abstract] | ||
Lessor sales-type and direct financing lease, term of contract | 125 months | |
Lessee Disclosure [Abstract] | ||
Lessee, operating lease, remaining lease term (years) | 23 years |
LEASES (Net Investment in Sales
LEASES (Net Investment in Sales-Type and Direct Financing Lease) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Lease receivables, net of unearned income and deferred selling profit | $ 266,380 | $ 199,423 |
Unguaranteed residual values, net of unearned income and deferred selling profit | 15,159 | 8,911 |
Total net investment in sales-type and direct financing leases | $ 281,539 | $ 208,334 |
LEASES (Lessee Lease Portfolio
LEASES (Lessee Lease Portfolio and Other Supplemental Lease Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease | ||
Right-of-use assets | $ 35,729 | $ 40,653 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Lease liabilities | $ 47,696 | $ 50,742 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Weighted average remaining lease term (years) | 6 years 9 months 18 days | 6 years 9 months |
Weighted average discount rate, percent | 2.91% | 2.57% |
Lessee, Finance Lease | ||
Right-of-use-assets | $ 5,588 | $ 6,506 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Lease liabilities | $ 8,288 | $ 9,477 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Weighted-average remaining lease term (years) | 6 years 29 days | 7 years 29 days |
Weighted-average discount rate, percent | 1.17% | 1.17% |
LEASES (Other Lease Information
LEASES (Other Lease Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating Cash Flows from Finance Leases | $ 103 | $ 117 |
Operating Cash Flows from Operating Leases | 11,266 | 11,923 |
Financing Cash Flows from Finance Leases | 1,189 | 1,144 |
Right-of-use assets obtained in exchange for lease obligations, operating lease | $ 7,326 | $ 3,666 |
LEASES (Lease Cost Information)
LEASES (Lease Cost Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Net Operating Lease Cost | $ 8,839 | $ 10,121 |
Finance Lease Cost: Amortization of right-of-use assets | 919 | 919 |
Finance Lease Cost: Interest on lease liabilities | 103 | 117 |
Total Lease Cost | $ 9,861 | $ 11,157 |
LEASES (Maturities of Lessor an
LEASES (Maturities of Lessor and Lessee Arrangements Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessor - Sales-type and Direct Financing Lease Maturities | ||
2023 | $ 66,192 | |
2024 | 65,360 | |
2025 | 54,432 | |
2026 | 42,918 | |
2027 | 32,036 | |
Thereafter | 35,553 | |
Total undiscounted cash flows | 296,491 | |
Less: Adjustments | 30,111 | |
Total | 266,380 | $ 199,423 |
Lessee - Operating Lease Maturities | ||
2023 | 11,036 | |
2024 | 10,221 | |
2025 | 8,098 | |
2026 | 5,597 | |
2027 | 4,279 | |
Thereafter | 13,935 | |
Total undiscounted cash flows | 53,166 | |
Less: Adjustments | 5,470 | |
Total | 47,696 | 50,742 |
Lessee - Finance Lease Maturities | ||
2023 | 1,325 | |
2024 | 1,358 | |
2025 | 1,392 | |
2026 | 1,427 | |
2027 | 1,462 | |
Thereafter | 1,626 | |
Total undiscounted cash flows | 8,590 | |
Less: Adjustments | 302 | |
Total | $ 8,288 | $ 9,477 |
DEPOSITS (Narrative) (Details)
DEPOSITS (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Line Items] | ||
Time deposits held in Certificates of Deposit | $ 1,808,498 | |
Deposit overdrafts as other commercial/consumer loans | 1,900 | $ 2,000 |
CDARS | ||
Cash and Cash Equivalents [Line Items] | ||
Time deposits held in Certificates of Deposit | $ 15,500 | $ 20,700 |
DEPOSITS (Schedule of Deposits
DEPOSITS (Schedule of Deposits by Type) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits, Interest-bearing and Noninterest-bearing, Alternative [Abstract] | ||
NOW accounts | $ 4,186,505 | $ 4,176,032 |
Money market accounts | 3,922,536 | 4,249,858 |
Savings accounts | 1,130,899 | 1,121,297 |
Time deposits of $250,000 and over | 405,060 | 452,193 |
Time Deposits Less Than 250000 | 1,403,438 | 1,404,364 |
Total interest-bearing deposits | 11,048,438 | 11,403,744 |
Demand deposits | 4,883,239 | 5,207,324 |
Total deposits | $ 15,931,677 | $ 16,611,068 |
DEPOSITS (Scheduled Maturities
DEPOSITS (Scheduled Maturities of Time Deposits) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Deposits, Interest-bearing and Noninterest-bearing, Alternative [Abstract] | |
2023 | $ 1,199,381 |
2024 | 384,440 |
2025 | 167,690 |
2026 | 27,693 |
2027 | 28,085 |
Thereafter | 1,209 |
Total scheduled maturities of time deposits | $ 1,808,498 |
BORROWINGS (Short-Term Borrowin
BORROWINGS (Short-Term Borrowings) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Borrowings [Abstract] | ||
Securities sold under agreements to repurchase | $ 142,837,000 | $ 117,870,000 |
Federal Funds Purchased | 160,000,000 | 0 |
FHLB Advances | 1,016,000,000 | 0 |
Total short-term borrowings | 1,318,837,000 | 117,870,000 |
Average outstanding balance during the period | $ 302,060,000 | $ 113,030,000 |
Average interest rate (during the period) | 1.79% | 0.10% |
Average interest rate at end of period | 3.89% | 0.07% |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subordinated Borrowing [Line Items] | |||
Remaining available balance for the federal funds lines | $ 1,000,000 | $ 997,000 | |
Maximum collateral dependent line of credit with the FHLB | 6,000,000 | 6,000,000 | |
Trust Preferred Capital Securities | 150,500 | 150,500 | |
Fair value discount | 15,296 | 16,435 | |
Net proceeds from issuance of long-term borrowings | 0 | 246,869 | $ 0 |
Subordinated Debt | 250,000 | 250,000 | |
Long-term debt, early repayments | 0 | 364,695 | $ 619,616 |
Remaining borrowing capacity | 25,000 | 25,000 | |
2026 Subordinate Debt | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debt | $ 150,000 | ||
Stated percentage on debt instrument | 5% | ||
2031 Subordinate Debt | |||
Subordinated Borrowing [Line Items] | |||
Net proceeds from issuance of long-term borrowings | $ 246,900 | ||
Subordinated Debt | $ 250,000 | $ 250,000 | |
Stated percentage on debt instrument | 2.875% | 2.875% | |
Three-month LIBOR rate plus | 0% | 0% | |
Maturity date | Dec. 15, 2031 | Dec. 15, 2031 | |
StellarOne Bank and Xenith | Trust Preferred Capital Notes | |||
Subordinated Borrowing [Line Items] | |||
Trust preferred capital notes principal balance | $ 58,500 | ||
Trust preferred securities acquired | $ 92,000 |
BORROWINGS (Long-Term Borrowing
BORROWINGS (Long-Term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 150,500 | $ 150,500 |
Subordinated Debt | 250,000 | 250,000 |
Fair Value Premium (Discount) | (15,296) | (16,435) |
Investment in Trust Preferred Capital Securities | 4,659 | 4,659 |
Total Long-term Borrowings | 389,863 | 388,724 |
Trust Preferred Capital Notes | ||
Debt Instrument [Line Items] | ||
Remaining issuance discount on debt | 12,500 | 13,300 |
Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | 22,500 | 22,500 |
Investment in Trust Preferred Capital Securities | $ 696 | $ 696 |
Basis spread on variable rate | 2.75% | 2.75% |
Rate | 7.52% | 2.96% |
Maturity date | Jun. 17, 2034 | Jun. 17, 2034 |
Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 36,000 | $ 36,000 |
Investment in Trust Preferred Capital Securities | $ 1,114 | $ 1,114 |
Basis spread on variable rate | 1.40% | 1.40% |
Rate | 6.17% | 1.61% |
Maturity date | Jun. 15, 2036 | Jun. 15, 2036 |
VFG Limited Liability Trust I Indenture | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 20,000 | $ 20,000 |
Investment in Trust Preferred Capital Securities | $ 619 | $ 619 |
Basis spread on variable rate | 2.73% | 2.73% |
Rate | 7.50% | 2.94% |
Maturity date | Mar. 18, 2034 | Mar. 18, 2034 |
FNB Statutory Trust II Indenture | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 12,000 | $ 12,000 |
Investment in Trust Preferred Capital Securities | $ 372 | $ 372 |
Basis spread on variable rate | 3.10% | 3.10% |
Rate | 7.87% | 3.31% |
Maturity date | Jun. 26, 2033 | Jun. 26, 2033 |
Gateway Capital Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 8,000 | $ 8,000 |
Investment in Trust Preferred Capital Securities | $ 248 | $ 248 |
Basis spread on variable rate | 3.10% | 3.10% |
Rate | 7.87% | 3.31% |
Maturity date | Sep. 17, 2033 | Sep. 17, 2033 |
Gateway Capital Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 7,000 | $ 7,000 |
Investment in Trust Preferred Capital Securities | $ 217 | $ 217 |
Basis spread on variable rate | 2.65% | 2.65% |
Rate | 7.42% | 2.86% |
Maturity date | Jun. 17, 2034 | Jun. 17, 2034 |
Gateway Capital Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 15,000 | $ 15,000 |
Investment in Trust Preferred Capital Securities | $ 464 | $ 464 |
Basis spread on variable rate | 1.50% | 1.50% |
Rate | 6.27% | 1.71% |
Maturity date | May 30, 2036 | May 30, 2036 |
Gateway Capital Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 25,000 | $ 25,000 |
Investment in Trust Preferred Capital Securities | $ 774 | $ 774 |
Basis spread on variable rate | 1.55% | 1.55% |
Rate | 6.32% | 1.76% |
Maturity date | Jul. 30, 2037 | Jul. 30, 2037 |
MFC Capital Trust II | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 5,000 | $ 5,000 |
Investment in Trust Preferred Capital Securities | $ 155 | $ 155 |
Basis spread on variable rate | 2.85% | 2.85% |
Rate | 7.62% | 3.06% |
Maturity date | Jan. 23, 2034 | Jan. 23, 2034 |
Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Remaining issuance discount on debt | $ 2,800 | $ 3,100 |
Subordinated Debt | SOFR | Scenario, Plan | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.86% | 1.86% |
2026 Subordinate Debt | ||
Debt Instrument [Line Items] | ||
Subordinated Debt | $ 150,000 | |
Rate | 5% | |
2031 Subordinate Debt | ||
Debt Instrument [Line Items] | ||
Subordinated Debt | $ 250,000 | $ 250,000 |
Basis spread on variable rate | 0% | 0% |
Rate | 2.875% | 2.875% |
Maturity date | Dec. 15, 2031 | Dec. 15, 2031 |
Remaining issuance discount on debt | $ 2,800 | $ 3,100 |
BORROWINGS (Contractual Maturit
BORROWINGS (Contractual Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Premium (Discount) | ||
2023 | $ (1,162) | |
2024 | (1,187) | |
2025 | (1,211) | |
2026 | (1,236) | |
2027 | (1,263) | |
Thereafter | (9,237) | |
Total Long-term borrowings | (15,296) | $ (16,435) |
Total Long-term Borrowings | ||
2023 | (1,162) | |
2024 | (1,187) | |
2025 | (1,211) | |
2026 | (1,236) | |
2027 | (1,263) | |
Thereafter | 395,922 | |
Total Long-term Borrowings | 389,863 | $ 388,724 |
Trust Preferred Capital Notes | ||
Total Long-term Borrowings, Gross | ||
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 155,159 | |
Total Long-term borrowings | 155,159 | |
Subordinated Debt | ||
Total Long-term Borrowings, Gross | ||
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 250,000 | |
Total Long-term borrowings | $ 250,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits with other financial institutions | $ 273.5 | $ 187.4 |
Uninsured deposits with other financial institutions | 74 | 102 |
Reserve for Off-balance Sheet Activities | ||
RUC and indemnification reserve | 14.1 | 8.4 |
Cash Flow Hedging | ||
Deposits with other financial institutions serves as collateral for cash flow hedge | $ 196.2 | $ 82.3 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Balances of Commitments and Contingencies) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 5,385,711 | $ 5,978,063 |
Commitments to Extend Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | 5,229,252 | 5,825,557 |
Standby Letters of Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 156,459 | $ 152,506 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Schedule of Securities Pledged as Collateral) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
AFS Securities | $ 2,741,816 | $ 3,481,650 |
HTM securities | 801,887 | 693,774 |
Loans | 14,338,374 | 13,096,056 |
Total assets | 20,461,138 | 20,064,796 |
Asset Pledged as Collateral [Member] | ||
Cash | 196,180 | 82,299 |
AFS Securities | 993,446 | 964,484 |
HTM securities | 580,415 | 473,228 |
Loans | 3,137,996 | 4,655,326 |
Total assets | 4,908,037 | 6,175,337 |
Public deposits | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 713,761 | 703,489 |
HTM securities | 579,550 | 472,243 |
Loans | 0 | 0 |
Total assets | 1,293,311 | 1,175,732 |
Repurchase agreements | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 159,221 | 130,217 |
HTM securities | 0 | 0 |
Loans | 0 | 0 |
Total assets | 159,221 | 130,217 |
FHLB advances | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 36,039 | 43,722 |
HTM securities | 0 | 0 |
Loans | 2,679,316 | 4,263,259 |
Total assets | 2,715,355 | 4,306,981 |
Derivatives | Asset Pledged as Collateral [Member] | ||
Cash | 196,180 | 82,299 |
AFS Securities | 57,114 | 65,053 |
HTM securities | 0 | 0 |
Loans | 0 | 0 |
Total assets | 253,294 | 147,352 |
Fed Funds | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 0 | |
HTM securities | 0 | 0 |
Loans | 458,680 | 392,067 |
Total assets | 458,680 | 392,067 |
Other purposes | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 27,311 | 22,003 |
HTM securities | 865 | 985 |
Loans | 0 | 0 |
Total assets | $ 28,176 | $ 22,988 |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Carrying Amount of Hedged Asset/(Liabilities) | $ 50,000,000 | $ 50,000,000 | |
Cash Flow Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Unrealized gain (loss) within accumulated other comprehensive income, to be reclassified into earnings | $ (1,800,000) | ||
Derivative, amount | 900,000,000 | 500,000,000 | |
Loans | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Amount of Hedged Asset/(Liabilities) | 83,576,000 | 88,606,000 | |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | (10,832,000) | 546,000 | |
Loans | Fair Value Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate notional amount of the hedged items | 83,600,000 | 88,600,000 | |
Fair value of aggregate notional amount of the hedged items, unrealized gain (loss) | 11,000,000 | (620,000) | |
Available-for-sale Securities | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Amount of Hedged Asset/(Liabilities) | 91,388,000 | 112,562,000 | |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | (1,889,000) | 4,051,000 | |
Available-for-sale Securities | Fair Value Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate notional amount of the hedged items | 50,000,000 | 50,000,000 | |
Fair value of aggregate notional amount of the hedged items, unrealized gain (loss) | 1,900,000 | (4,100,000) | |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | $ 1,900,000 | $ 4,100,000 |
DERIVATIVES (Summary of the Der
DERIVATIVES (Summary of the Derivatives) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Summary of the derivative designated as a cash flow hedge | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Interest Rate Contract [Member] | Not Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | $ 5,820,005 | $ 5,017,574 |
Asset | 75,030 | 73,696 |
Liabilities | 229,401 | 49,051 |
Cash Flow Hedging | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 900,000 | 500,000 |
Cash Flow Hedging | Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 900,000 | 500,000 |
Asset | 1,163 | 0 |
Liabilities | 6,599 | 0 |
Fair Value Hedging | Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 133,576 | 138,606 |
Asset | 4,117 | 0 |
Liabilities | $ 0 | $ 5,387 |
DERIVATIVES (Summary of the Car
DERIVATIVES (Summary of the Carrying Value of the Company's Hedged Assets in Fair Value Hedges) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | $ 50,000 | $ 50,000 |
Portfolio, last-of-layer, amortized cost | 91,000 | 113,000 |
Available-for-sale Securities | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 91,388 | 112,562 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | (1,889) | 4,051 |
Loans | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 83,576 | 88,606 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | $ (10,832) | $ 546 |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 5 Months Ended | 12 Months Ended | 13 Months Ended | ||||||
Dec. 09, 2022 | Jun. 09, 2020 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 10, 2021 | May 04, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Preferred stock, shares authorized | 500,000 | 500,000 | 500,000 | ||||||
Shares issued and sold | 17,250 | ||||||||
Stock repurchase program, expiration date | Dec. 09, 2022 | ||||||||
Stock repurchase program, number of shares repurchased | 3,400,000 | 1,300,000 | |||||||
Stock repurchase program, average cost per share | $ 36.99 | ||||||||
Stock repurchase program, shares repurchased amount | $ 48,200 | ||||||||
Preferred stock, shares outstanding | 17,250 | 17,250 | 17,250 | ||||||
Net proceeds from issuance of preferred stock | $ 0 | $ 0 | $ 166,356 | ||||||
Maximum | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stock repurchase program, authorized amount | $ 100,000 | $ 125,000 | |||||||
Depositary Shares | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Shares issued and sold | 6,900,000 | ||||||||
Number of shares to be purchased upon the exercise of options | 900,000 | ||||||||
Preferred stock, liquidation preference (usd per share) | $ 25 | ||||||||
Series A Preferred Stock | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Preferred stock, liquidation preference (usd per share) | $ 10,000 | ||||||||
Net proceeds from issuance of preferred stock | $ 166,400 |
STOCKHOLDERS' EQUITY (Change in
STOCKHOLDERS' EQUITY (Change in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 2,710,071 | $ 2,708,490 | $ 2,513,102 |
Other comprehensive (loss) income | (436,921) | (52,380) | 35,440 |
Ending balance | 2,372,737 | 2,710,071 | 2,708,490 |
Unrealized Gains (Losses) on AFS Securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 22,763 | 74,161 | 37,877 |
Other comprehensive income (loss) before reclassification | (386,684) | (51,329) | 45,996 |
Amounts reclassified from AOCI into earnings | 2 | (69) | (9,712) |
Other comprehensive (loss) income | (386,682) | (51,398) | 36,284 |
Ending balance | (363,919) | 22,763 | 74,161 |
Unrealized Gains (Losses) for AFS Securities Transferred to HTM | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 35 | 55 | 75 |
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 |
Amounts reclassified from AOCI into earnings | (18) | (20) | (20) |
Other comprehensive (loss) income | (18) | (20) | (20) |
Ending balance | 17 | 35 | 55 |
Change in Fair Value of Cash Flow Hedge | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1,567) | 0 | (782) |
Other comprehensive income (loss) before reclassification | (53,043) | (1,520) | (699) |
Amounts reclassified from AOCI into earnings | (47) | 1,481 | |
Other comprehensive (loss) income | (53,043) | (1,567) | 782 |
Ending balance | (54,610) | (1,567) | 0 |
Unrealized Gains (Losses) on BOLI | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (2,596) | (3,201) | (1,595) |
Other comprehensive income (loss) before reclassification | 2,205 | 0 | (2,098) |
Amounts reclassified from AOCI into earnings | 617 | 605 | 492 |
Other comprehensive (loss) income | 2,822 | 605 | (1,606) |
Ending balance | 226 | (2,596) | (3,201) |
AOCI Attributable to Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 18,635 | 71,015 | 35,575 |
Other comprehensive income (loss) before reclassification | (437,522) | (52,849) | 43,199 |
Amounts reclassified from AOCI into earnings | 601 | 469 | (7,759) |
Other comprehensive (loss) income | (436,921) | (52,380) | 35,440 |
Ending balance | $ (418,286) | 18,635 | 71,015 |
Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ (39,053) | ||
Ending balance | $ (39,053) |
REGULATORY MATTERS AND CAPITA_2
REGULATORY MATTERS AND CAPITAL (Schedule of Bank Capital and Ratio) (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 capital to risk weighted assets, actual amount | $ 1,684,088 | $ 1,569,752 |
Common Equity Tier 1 capital to risk weighted assets, actual ratio | 0.0995 | 0.1024 |
Common Equity Tier 1 capital to risk weighted assets, required for capital adequacy purposes, amount | $ 761,648 | $ 689,832 |
Common Equity Tier 1 capital to risk weighted assets, required for capital adequacy purposes, ratio | 0.0450 | 0.0450 |
Tier 1 capital to risk weighted assets, actual amount | $ 1,850,444 | $ 1,736,108 |
Tier 1 capital to risk weighted assets, actual ratio | 0.1093 | 0.1132 |
Tier 1 capital to risk weighted assets, required for capital adequacy purposes, amount | $ 1,014,869 | $ 920,199 |
Tier 1 capital ratio of risk-weighted assets, required for capital adequacy purposes, ratio | 0.0600 | 0.0600 |
Total capital to risk weighted assets, actual amount | $ 2,319,160 | $ 2,173,543 |
Total capital to risk weighted assets, actual ratio | 0.1370 | 0.1417 |
Total capital to risk weighted assets, Required for Capital adequacy purposes, amount | $ 1,354,254 | $ 1,227,124 |
Total capital to risk weighted assets, required for capital adequacy purposes, ratio | 0.0800 | 0.0800 |
Tier 1 capital to average adjusted assets, actual amount | $ 1,850,444 | $ 1,736,108 |
Tier 1 capital to average adjusted assets, actual ratio | 0.0942 | 0.0901 |
Tier 1 capital to average adjusted assets, required for capital adequacy purposes, amount | $ 785,751 | $ 770,747 |
Tier 1 capital to average adjusted assets, required for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Atlantic Union Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 capital to risk weighted assets, actual amount | $ 2,154,594 | $ 1,990,753 |
Common Equity Tier 1 capital to risk weighted assets, actual ratio | 0.1281 | 0.1303 |
Common Equity Tier 1 capital to risk weighted assets, required for capital adequacy purposes, amount | $ 756,883 | $ 687,520 |
Common Equity Tier 1 capital to risk weighted assets, required for capital adequacy purposes, ratio | 0.0450 | 0.0450 |
Common Equity Tier 1 capital to risk weighted assets, required in order to be well capitalized under PCA, amount | $ 1,093,276 | $ 993,085 |
Common Equity Tier 1 capital to risk weighted assets, required in order to be well capitalized under PCA, ratio | 0.0650 | 0.0650 |
Tier 1 capital to risk weighted assets, actual amount | $ 2,154,594 | $ 1,990,753 |
Tier 1 capital to risk weighted assets, actual ratio | 0.1281 | 0.1303 |
Tier 1 capital to risk weighted assets, required for capital adequacy purposes, amount | $ 1,009,178 | $ 916,694 |
Tier 1 capital ratio of risk-weighted assets, required for capital adequacy purposes, ratio | 0.0600 | 0.0600 |
Tier 1 capital to risk weighted assets, required in order to be well capitalized under PCA, amount | $ 1,345,570 | $ 1,222,258 |
Tier 1 capital to risk weighted assets, required in order to be well capitalized under PCA, ratio | 0.0800 | 0.0800 |
Total capital to risk weighted assets, actual amount | $ 2,238,106 | $ 2,044,123 |
Total capital to risk weighted assets, actual ratio | 0.1330 | 0.1338 |
Total capital to risk weighted assets, Required for Capital adequacy purposes, amount | $ 1,346,229 | $ 1,222,196 |
Total capital to risk weighted assets, required for capital adequacy purposes, ratio | 0.0800 | 0.0800 |
Total capital to risk weighted assets, required in order to be well capitalized under PCA, amount | $ 1,682,786 | $ 1,527,745 |
Total capital to risk weighted assets, required in order to be well capitalized under PCA, ratio | 0.1000 | 0.1000 |
Tier 1 capital to average adjusted assets, actual amount | $ 2,154,594 | $ 1,990,753 |
Tier 1 capital to average adjusted assets, actual ratio | 0.1102 | 0.1037 |
Tier 1 capital to average adjusted assets, required for capital adequacy purposes, amount | $ 782,067 | $ 767,889 |
Tier 1 capital to average adjusted assets, required for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Tier 1 capital to average adjusted assets, required in order to be well capitalized under PCA, amount | $ 977,583 | $ 959,862 |
Tier 1 capital to average adjusted assets, required in order to be well capitalized under PCA, ratio | 0.0500 | 0.0500 |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Minimum number of market participants | item | 4,000 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ | $ 6.3 | $ 11.3 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Securities available for sale, at fair value | $ 2,741,816 | $ 3,481,650 |
Loans held for sale, at fair value | 3,936 | 20,861 |
Cash flow hedges | 1,163 | |
Fair value hedges | 4,117 | |
LIABILITIES | ||
Cash flow hedges | 6,599 | |
Fair value hedges | 5,387 | |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 56,606 | 64,474 |
Loans held for sale, at fair value | 0 | 0 |
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
LIABILITIES | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 2,685,210 | 3,417,176 |
Loans held for sale, at fair value | 3,936 | 20,861 |
Cash flow hedges | 1,163 | |
Fair value hedges | 4,117 | |
LIABILITIES | ||
Cash flow hedges | 6,599 | |
Fair value hedges | 5,387 | |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
LIABILITIES | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
Recurring | ||
ASSETS | ||
Loans held for sale, at fair value | 3,936 | 20,861 |
Interest rate contracts | 75,032 | 73,696 |
Cash flow hedges | 1,163 | |
Fair value hedges | 4,117 | |
LIABILITIES | ||
Interest rate contracts | 229,401 | 49,051 |
Cash flow hedges | 6,599 | |
Fair value hedges | 5,387 | |
Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Loans held for sale, at fair value | 0 | 0 |
Interest rate contracts | 0 | 0 |
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
LIABILITIES | ||
Interest rate contracts | 0 | 0 |
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Loans held for sale, at fair value | 3,936 | 20,861 |
Interest rate contracts | 75,032 | 73,696 |
Cash flow hedges | 1,163 | |
Fair value hedges | 4,117 | |
LIABILITIES | ||
Interest rate contracts | 229,401 | 49,051 |
Cash flow hedges | 6,599 | |
Fair value hedges | 5,387 | |
Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Loans held for sale, at fair value | 0 | 0 |
Interest rate contracts | 0 | 0 |
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
LIABILITIES | ||
Interest rate contracts | 0 | 0 |
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
U.S. government and agency securities | ||
ASSETS | ||
Securities available for sale, at fair value | 61,943 | 73,849 |
U.S. government and agency securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 61,943 | 73,849 |
U.S. government and agency securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 56,606 | 64,474 |
U.S. government and agency securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 5,337 | 9,375 |
U.S. government and agency securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Obligations of states and political subdivisions | ||
ASSETS | ||
Securities available for sale, at fair value | 807,435 | 1,008,396 |
Obligations of states and political subdivisions | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 807,435 | 1,008,396 |
Obligations of states and political subdivisions | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Obligations of states and political subdivisions | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 807,435 | 1,008,396 |
Obligations of states and political subdivisions | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Corporate and other bonds | ||
ASSETS | ||
Securities available for sale, at fair value | 226,380 | 153,376 |
Corporate and other bonds | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 226,380 | 153,376 |
Corporate and other bonds | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Corporate and other bonds | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 226,380 | 153,376 |
Corporate and other bonds | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage-backed securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 1,644,394 | 2,244,389 |
Mortgage-backed securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage-backed securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 1,644,394 | 2,244,389 |
Mortgage-backed securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Other securities | ||
ASSETS | ||
Securities available for sale, at fair value | 1,664 | 1,640 |
Other Debt Obligations | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 1,664 | 1,640 |
Other Debt Obligations | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Other Debt Obligations | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 1,664 | 1,640 |
Other Debt Obligations | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Interest Rate Swap | ||
ASSETS | ||
Interest rate contracts | 75,032 | 73,696 |
LIABILITIES | ||
Interest rate contracts | 229,401 | 49,051 |
Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Interest rate contracts | 0 | 0 |
LIABILITIES | ||
Interest rate contracts | 0 | 0 |
Interest Rate Swap | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Interest rate contracts | 75,032 | 73,696 |
LIABILITIES | ||
Interest rate contracts | 229,401 | 49,051 |
Interest Rate Swap | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Interest rate contracts | 0 | 0 |
LIABILITIES | ||
Interest rate contracts | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Carryi
FAIR VALUE MEASUREMENTS (Carrying Values and Estimated Fair Values of the Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 319,948 | $ 802,501 |
Securities available for sale, at fair value | 2,741,816 | 3,481,650 |
HTM securities | 801,887 | 693,774 |
Restricted stock | 120,213 | 76,825 |
Loans held for sale, at fair value | 3,936 | 20,861 |
Net loans | 13,974,926 | 12,861,274 |
Derivatives: | ||
Cash flow hedges | 1,163 | |
Fair value hedges | 4,117 | |
Accrued interest receivable | 81,953 | 65,015 |
Bank owned life insurance | 440,656 | 431,517 |
LIABILITIES | ||
Deposits | 15,927,361 | 16,630,087 |
Borrowings | 1,645,095 | 488,796 |
Accrued interest payable | 5,268 | 933 |
Derivatives: | ||
Cash flow hedges | 6,599 | |
Fair value hedges | 5,387 | |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Cash and cash equivalents | 319,948 | 802,501 |
Securities available for sale, at fair value | 56,606 | 64,474 |
HTM securities | 0 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Net loans | 0 | 0 |
Derivatives: | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
LIABILITIES | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivatives: | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 2,685,210 | 3,417,176 |
HTM securities | 798,778 | 686,733 |
Restricted stock | 120,213 | 76,825 |
Loans held for sale, at fair value | 3,936 | 20,861 |
Net loans | 0 | 0 |
Derivatives: | ||
Cash flow hedges | 1,163 | |
Fair value hedges | 4,117 | |
Accrued interest receivable | 81,953 | 65,015 |
Bank owned life insurance | 440,656 | 431,517 |
LIABILITIES | ||
Deposits | 15,927,361 | 16,630,087 |
Borrowings | 1,645,095 | 488,796 |
Accrued interest payable | 5,268 | 933 |
Derivatives: | ||
Cash flow hedges | 6,599 | |
Fair value hedges | 5,387 | |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
HTM securities | 3,109 | 7,041 |
Restricted stock | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Net loans | 13,974,926 | 12,861,274 |
Derivatives: | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
LIABILITIES | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivatives: | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
Interest Rate Swap | ||
Derivatives: | ||
Interest rate contracts | 75,032 | 73,696 |
Derivatives: | ||
Interest rate contracts | 229,401 | 49,051 |
Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Derivatives: | ||
Interest rate contracts | 0 | 0 |
Derivatives: | ||
Interest rate contracts | 0 | 0 |
Interest Rate Swap | Significant Other Observable Inputs Level 2 | ||
Derivatives: | ||
Interest rate contracts | 75,032 | 73,696 |
Derivatives: | ||
Interest rate contracts | 229,401 | 49,051 |
Interest Rate Swap | Significant Unobservable Inputs Level 3 | ||
Derivatives: | ||
Interest rate contracts | 0 | 0 |
Derivatives: | ||
Interest rate contracts | 0 | 0 |
Carrying Value | ||
ASSETS | ||
Cash and cash equivalents | 319,948 | 802,501 |
Securities available for sale, at fair value | 2,741,816 | 3,481,650 |
HTM securities | 847,732 | 628,000 |
Restricted stock | 120,213 | 76,825 |
Loans held for sale, at fair value | 3,936 | 20,861 |
Net loans | 14,338,374 | 13,096,056 |
Derivatives: | ||
Cash flow hedges | 1,163 | |
Fair value hedges | 4,117 | |
Accrued interest receivable | 81,953 | 65,015 |
Bank owned life insurance | 440,656 | 431,517 |
LIABILITIES | ||
Deposits | 15,931,677 | 16,611,068 |
Borrowings | 1,708,700 | 506,594 |
Accrued interest payable | 5,268 | 933 |
Derivatives: | ||
Cash flow hedges | 6,599 | |
Fair value hedges | 5,387 | |
Carrying Value | Interest Rate Swap | ||
Derivatives: | ||
Interest rate contracts | 75,032 | 73,696 |
Derivatives: | ||
Interest rate contracts | $ 229,401 | $ 49,051 |
EMPLOYEE BENEFITS AND STOCK B_3
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Narrative) (Details) - USD ($) | 12 Months Ended | |||
May 04, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Deferred compensation plans obligation to Board of Directors | $ 14,900,000 | $ 17,500,000 | ||
Plan expiration date | May 03, 2031 | |||
Number of shares available for future issuance | 1,556,274 | |||
Maximum term of stock options | 10 years | |||
Vesting period of stock awards | 5 years | |||
Number of stock option awards exercised | 111,774 | 104,514 | 46,278 | |
Intrinsic value of stock options exercised | $ 701,000 | $ 903,000 | $ 555,000 | |
Fair value of stock options exercised | 4,600,000 | 4,000,000 | 1,600,000 | |
Cash received from the exercise of stock options | 3,900,000 | 3,100,000 | 1,000,000 | |
Tax benefit from exercise of equity-based awards | $ 122,000 | 159,000 | 112,000 | |
Restricted stock vesting percentage | 33.33% | |||
Intrinsic value of stock options outstanding | $ 105,665 | $ 529,000 | $ 798,000 | |
Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of shares authorized to be issued, maximum | 4,000,000 | |||
Restricted Stock | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Restricted stock units, vesting terms | RSAs vest one-third on each of the first, second and third anniversaries from the date of the grant | |||
Restricted Stock and Performance Stock Awards | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Vesting period of stock awards | 3 years | |||
1% through 3% | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employer's match for 401(k) plan | 100% | |||
1% through 3% | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employee's gross pay for 401(k) plan | 1% | |||
1% through 3% | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employee's gross pay for 401(k) plan | 3% | |||
4% through 5% | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employer's match for 401(k) plan | 50% | |||
4% through 5% | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employee's gross pay for 401(k) plan | 4% | |||
4% through 5% | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employee's gross pay for 401(k) plan | 5% | |||
Access National Bank | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum term of stock options | 5 years | |||
Vesting period of stock awards | 4 years |
EMPLOYEE BENEFITS AND STOCK B_4
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Payment Made for Employee Benefit Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Benefits and Share-based Compensation, Noncash [Abstract] | |||
401(K) Plan | $ 7,037 | $ 6,515 | $ 6,265 |
ESOP | 750 | 750 | 1,000 |
Cash | 667 | 674 | 697 |
Total | $ 8,454 | $ 7,939 | $ 7,962 |
EMPLOYEE BENEFITS AND STOCK B_5
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Schedule of Recognized Stock-Based Compensation Expense) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Benefits and Share-based Compensation, Noncash [Abstract] | |||
Stock-based compensation expense | $ 10,609 | $ 10,091 | $ 9,258 |
Reduction of income tax expense | $ 2,228 | $ 2,119 | $ 1,944 |
Per share compensation cost | $ 0.11 | $ 0.10 | $ 0.09 |
EMPLOYEE BENEFITS AND STOCK B_6
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Summary of Stock Option Activity) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Options (shares) | |||
Number of Stock Options, Outstanding beginning balance | 208,755 | ||
Number of Stock Options, Granted | 0 | ||
Number of Stock Options, Exercised | (111,774) | (104,514) | (46,278) |
Number of Stock Options, Forfeited | (1,512) | ||
Number of Stock Options, Expired | (12,102) | ||
Number of Stock Options, Outstanding ending balance | 83,367 | 208,755 | |
Number of Stock Options, Exercisable | 76,693 | ||
Weighted Average Exercise Price | |||
Weighted Average Exercise Price, Outstanding, beginning balance (in dollars per share) | $ 35.43 | ||
Weighted Average Exercise Price, Granted (in dollars per share) | 0 | ||
Weighted Average Exercise Price, Exercised (in dollars per share) | 34.56 | ||
Weighted Average Exercise Price, Forfeited (in dollars per share) | 31.83 | ||
Weighted Average Exercise Price, Expired (in dollars per share) | 37.70 | ||
Weighted Average Exercise Price, Outstanding, beginning balance (in dollars per share) | 36.32 | $ 35.43 | |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 36.71 | ||
Weighted Average Remaining Contractual Life, Outstanding | 6 months 25 days | ||
Weighted Average Remaining Contractual Life, Exercisable | 6 months 7 days | ||
Aggregate Intrinsic Value, Outstanding | $ 105,665 | $ 529,000 | $ 798,000 |
Aggregate Intrinsic Value, Exercisable | $ 83,574 |
EMPLOYEE BENEFITS AND STOCK B_7
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Summary of Nonvested Stock Activity) (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Restricted Stock | |
Number of Shares of RSAs | |
Beginning balance (in shares) | shares | 400,067 |
Granted (in shares) | shares | 273,010 |
Net settle for taxes (in shares) | shares | (69,025) |
Vested (in shares) | shares | (202,311) |
Forfeited (in shares) | shares | (29,635) |
Ending balance (in shares) | shares | 372,106 |
Weighted Average Grant-Date Fair Value | |
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares | $ 36.55 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 37.99 |
Weighted Average Grant Date Fair Value, Net settle for taxes (in dollars per share) | $ / shares | 36.56 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 36.29 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 37.90 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares | $ 37.63 |
Performance Stock | |
Number of Shares of RSAs | |
Beginning balance (in shares) | shares | 229,355 |
Granted (in shares) | shares | 82,754 |
Net settle for taxes (in shares) | shares | (13,492) |
Vested (in shares) | shares | (41,374) |
Forfeited (in shares) | shares | (26,802) |
Ending balance (in shares) | shares | 230,441 |
Weighted Average Grant-Date Fair Value | |
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares | $ 33.89 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 41.92 |
Weighted Average Grant Date Fair Value, Net settle for taxes (in dollars per share) | $ / shares | 36.16 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 36.16 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 37.09 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares | $ 35.86 |
EMPLOYEE BENEFITS AND STOCK B_8
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Schedule of Performance Stock Units Valuation Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Performance Stock Units Valuation Assumptions | |||
Dividend yield | 3.95% | 2.66% | 2.83% |
Expected life in years | 2 years 3 months | 2 years 10 months 6 days | 2 years 10 months 9 days |
Expected volatility | 36.32% | 45.75% | 24.33% |
Risk-free interest rate | 4.18% | 0.20% | 1.35% |
EMPLOYEE BENEFITS AND STOCK B_9
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Estimated Unamortized Compensation Expense Recognized in Future) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Estimated unamortized compensation expense recognized in future | |
2023 | $ 9,922 |
2024 | 4,215 |
2025 | 618 |
2026 | 9 |
Total | 14,764 |
Restricted Stock | |
Estimated unamortized compensation expense recognized in future | |
2023 | 5,303 |
2024 | 3,155 |
2025 | 618 |
2026 | 9 |
Total | 9,085 |
Performance Stock | |
Estimated unamortized compensation expense recognized in future | |
2023 | 1,853 |
2024 | 1,060 |
Total | 2,913 |
Stock Options | |
Estimated unamortized compensation expense recognized in future | |
2023 | 2,766 |
Total | $ 2,766 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Examination [Line Items] | |||
Effective income taxes | 16.20% | 17.20% | 15.10% |
Tax credits | $ 4,000 | $ 3,600 | $ 3,000 |
Accruals for uncertain tax positions | 0 | $ 0 | |
Federal | |||
Income Tax Examination [Line Items] | |||
Operating loss carryforwards | $ 50,000 | ||
Operating loss carryforwards, limitations on use | net operating loss carryforwards of approximately $50 million, of which approximately $29 million under pre-2018 law can be carried forward 20 years, and $21 million that can be carried forward indefinitely | ||
State | |||
Income Tax Examination [Line Items] | |||
Operating loss carryforwards | $ 485,000 | ||
Operating loss carryforwards, limitations on use | net operating loss carryforwards of approximately $485 million at December 31, 2022, of which approximately $210 million will begin to expire after 2026, and $275 million that can be carried forward indefinitely. | ||
Operating loss carryforward subject to expiration | $ 210,000 | ||
Operating loss carryforward not subject to expiration | $ 275,000 | ||
Operating loss carryforwards expiration date | Dec. 31, 2026 | ||
Pre-2018 | Federal | |||
Income Tax Examination [Line Items] | |||
Tax carryforward | $ 29,000 | ||
Post-2018 | Federal | |||
Income Tax Examination [Line Items] | |||
Tax carryforward | $ 21,000 |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Credit losses | $ 33,714 | $ 30,132 |
Benefit plans | 3,290 | 4,016 |
Acquisition accounting | 3,866 | 5,711 |
Lease right-of-Use Asset | 11,982 | 12,889 |
Stock grants | 2,449 | 2,642 |
Foreclosed and former bank owned property | 2,955 | 6,110 |
Securities available for sale | 97,572 | 0 |
Prime loan swap | 14,517 | 0 |
Net operating losses | 30,911 | 41,573 |
Nonaccrual loans | 589 | 733 |
Other | 2,845 | 4,760 |
Total deferred tax assets | 204,690 | 108,566 |
Deferred tax liabilities: | ||
Acquisition accounting | 10,992 | 13,252 |
Lease right-of-use liability | 8,846 | 10,105 |
Premises and equipment | 59,341 | 47,832 |
Securities available for sale | 5,157 | |
Other | 1,346 | 1,193 |
Total deferred tax liabilities | 80,525 | 77,539 |
Net deferred tax asset | $ 124,165 | $ 31,027 |
INCOME TAXES (Provision for Inc
INCOME TAXES (Provision for Income Taxes Charged to Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets, Net [Abstract] | |||
Current tax expense | $ 20,389 | $ 11,330 | $ 25,376 |
Deferred tax expense | 25,055 | 43,512 | 2,690 |
Income tax expense | $ 45,444 | $ 54,842 | $ 28,066 |
INCOME TAXES (Schedule of Incom
INCOME TAXES (Schedule of Income Tax Expense, Difference in Income Tax Rate to Pretax Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets, Net [Abstract] | |||
Computed expected tax expense | $ 58,790 | $ 66,939 | $ 39,122 |
Tax-exempt interest income, net | (11,615) | (9,820) | (8,844) |
State income tax benefit | 880 | (1,039) | (310) |
Other, net | (2,611) | (1,238) | (1,902) |
Income tax expense | $ 45,444 | $ 54,842 | $ 28,066 |
EARNINGS PER SHARE (Reconciliat
EARNINGS PER SHARE (Reconciliation of the Denominators of the Basic and Diluted EPS Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income: | |||
Net income | $ 234,510 | $ 263,917 | $ 158,228 |
Less: Preferred Stock Dividends | 11,868 | 11,868 | 5,658 |
Net Income available to common shareholders | $ 222,642 | $ 252,049 | $ 152,570 |
Weighted average shares outstanding, basic | 74,949,109 | 77,399,902 | 78,858,726 |
Dilutive effect of stock awards | 4,000 | 18,000 | 17,000 |
Weighted average shares outstanding, diluted | 74,953,398 | 77,417,801 | 78,875,668 |
Basic EPS: | |||
Earnings per common share, basic | $ 2.97 | $ 3.26 | $ 1.93 |
Diluted EPS: | |||
Earnings per common share, diluted | $ 2.97 | $ 3.26 | $ 1.93 |
SEGMENT REPORTING AND REVENUE_2
SEGMENT REPORTING AND REVENUE (Operating Segment Results) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 USD ($) segment | Jun. 30, 2022 segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disaggregation of Revenue [Line Items] | |||||
Number of operating segments | segment | 2 | 1 | |||
Net interest income | $ 584,261 | $ 551,260 | $ 555,298 | ||
Provision for credit losses | 19,028 | (60,888) | 87,141 | ||
Net interest income after provision for credit losses | 565,233 | 612,148 | 468,157 | ||
Noninterest income | 118,523 | 125,806 | 131,486 | ||
Noninterest expenses | 403,802 | 419,195 | 413,349 | ||
Income before income taxes | 279,954 | 318,759 | $ 186,294 | ||
LHFI, net of deferred fees and costs | $ 14,449,142 | 14,449,142 | 13,195,843 | ||
Goodwill | 925,211 | 925,211 | 935,560 | ||
Deposits | 15,931,677 | 15,931,677 | 16,611,068 | ||
Wholesale Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Net interest income | 296,040 | 297,950 | |||
Provision for credit losses | 11,517 | (34,225) | |||
Net interest income after provision for credit losses | 284,523 | 332,175 | |||
Noninterest income | 24,094 | 14,002 | |||
Noninterest expenses | 143,065 | 130,220 | |||
Income before income taxes | 165,552 | 215,957 | |||
LHFI, net of deferred fees and costs | 11,339,660 | 11,339,660 | 10,242,918 | ||
Goodwill | 629,630 | 629,630 | 629,630 | ||
Deposits | 5,870,061 | 5,870,061 | 6,114,078 | ||
Consumer Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Net interest income | 228,550 | 225,630 | |||
Provision for credit losses | 7,472 | (26,663) | |||
Net interest income after provision for credit losses | 221,078 | 252,293 | |||
Noninterest income | 69,362 | 85,008 | |||
Noninterest expenses | 238,117 | 237,590 | |||
Income before income taxes | 52,323 | 99,711 | |||
LHFI, net of deferred fees and costs | 3,126,615 | 3,126,615 | 2,976,200 | ||
Goodwill | 295,581 | 295,581 | 305,930 | ||
Deposits | 9,983,266 | 9,983,266 | 10,366,792 | ||
Corporate Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Net interest income | 59,671 | 27,680 | |||
Provision for credit losses | 39 | ||||
Net interest income after provision for credit losses | 59,632 | 27,680 | |||
Noninterest income | 25,067 | 26,796 | |||
Noninterest expenses | 22,620 | 51,385 | |||
Income before income taxes | 62,079 | 3,091 | |||
LHFI, net of deferred fees and costs | (17,133) | (17,133) | (23,275) | ||
Goodwill | 0 | 0 | 0 | ||
Deposits | $ 78,350 | $ 78,350 | $ 130,198 |
SEGMENT REPORTING AND REVENUE_3
SEGMENT REPORTING AND REVENUE (Disaggregation of Noninterest Income by Major Source) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue | |||
Deposit Service Charges | $ 30,052 | $ 27,122 | $ 25,251 |
Other service charges, commissions and fees | 6,765 | 6,595 | 6,292 |
Interchange fees | 9,110 | 8,279 | 7,184 |
Fiduciary and asset management fees | 22,414 | 27,562 | 23,650 |
Mortgage banking income | 7,085 | 21,022 | 25,857 |
Bank owned life insurance income | 11,507 | 11,488 | 9,554 |
Loan-related interest rate swap fees | 12,174 | 5,620 | 15,306 |
Other operating income | 19,416 | 18,118 | 18,392 |
Total noninterest income | 118,523 | 125,806 | 131,486 |
Gain on sale of DHFB | 9,082 | 0 | 0 |
Gains on securities transactions | 12,300 | ||
Gain on Sale of Investments | 0 | 5,138 | 0 |
Overdraft fees | |||
Disaggregation of Revenue | |||
Deposit Service Charges | 18,749 | 17,126 | 17,792 |
Maintenance fees & other | |||
Disaggregation of Revenue | |||
Deposit Service Charges | 11,303 | 9,996 | 7,459 |
Trust asset management fees | |||
Disaggregation of Revenue | |||
Fiduciary and asset management fees | 12,720 | 12,571 | 10,804 |
Registered advisor management fees, net | |||
Disaggregation of Revenue | |||
Fiduciary and asset management fees | 5,088 | 9,856 | 8,657 |
Brokerage management fees, net | |||
Disaggregation of Revenue | |||
Fiduciary and asset management fees | 4,606 | 5,135 | 4,189 |
Product and Service, Other | |||
Disaggregation of Revenue | |||
Other service charges, commissions and fees | $ 6,765 | $ 6,595 | 6,292 |
Cash Flow Hedging | |||
Disaggregation of Revenue | |||
Unrealized gain (loss) within accumulated other comprehensive income, to be reclassified into earnings | $ (1,800) |
SEGMENT REPORTING AND REVENUE_4
SEGMENT REPORTING AND REVENUE (Disaggregation of Noninterest Income by Reportable Operating Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue | |||
Deposit Service Charges | $ 30,052 | $ 27,122 | $ 25,251 |
Other service charges and fees | 6,765 | 6,595 | 6,292 |
Fiduciary and asset management fees | 22,414 | 27,562 | 23,650 |
Mortgage banking income | 7,085 | 21,022 | 25,857 |
Other income | 52,207 | 43,505 | |
Total noninterest income | 118,523 | 125,806 | 131,486 |
Gain on sale of DHFB | 9,082 | 0 | 0 |
Gain on Sale of Investments | 0 | 5,138 | $ 0 |
Wholesale Banking | |||
Disaggregation of Revenue | |||
Deposit Service Charges | 6,781 | 6,009 | |
Other service charges and fees | 1,763 | 1,689 | |
Other income | 15,550 | 6,304 | |
Total noninterest income | 24,094 | 14,002 | |
Consumer Banking | |||
Disaggregation of Revenue | |||
Deposit Service Charges | 23,271 | 21,113 | |
Other service charges and fees | 5,002 | 4,906 | |
Fiduciary and asset management fees | 22,414 | 27,562 | |
Mortgage banking income | 7,085 | 21,022 | |
Other income | 11,590 | 10,405 | |
Total noninterest income | 69,362 | 85,008 | |
Corporate Other | |||
Disaggregation of Revenue | |||
Other income | 25,067 | 26,796 | |
Total noninterest income | $ 25,067 | $ 26,796 |
PARENT COMPANY FINANCIAL INFO_3
PARENT COMPANY FINANCIAL INFORMATION (Narrative) (Details) - Parent Company $ in Millions | Dec. 31, 2022 USD ($) |
Aggregate amount of unrestricted funds | $ 485.7 |
Aggregate amount of unrestricted funds percentage | 20.50% |
PARENT COMPANY FINANCIAL INFO_4
PARENT COMPANY FINANCIAL INFORMATION (CONDENSED BALANCE SHEETS) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||||
Cash | $ 319,948,000 | $ 802,501,000 | ||
Premises and equipment, net | 118,243,000 | 134,808,000 | ||
Other assets | 578,248,000 | 413,706,000 | ||
Total assets | 20,461,138,000 | 20,064,796,000 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Other short-term borrowings | 1,176,000,000 | 0 | ||
Long-term borrowings | 389,863,000 | 388,724,000 | ||
Other liabilities | 448,024,000 | 237,063,000 | ||
Total liabilities | 18,088,401,000 | 17,354,725,000 | ||
Total stockholders' equity | 2,372,737,000 | 2,710,071,000 | $ 2,708,490,000 | $ 2,513,102,000 |
Total liabilities and stockholders' equity | 20,461,138,000 | 20,064,796,000 | ||
Parent Company | ||||
ASSETS | ||||
Cash | 17,472,000 | 105,464,000 | ||
Other assets | 41,942,000 | 34,376,000 | ||
Investment in subsidiaries | 2,748,863,000 | 2,988,277,000 | ||
Total assets | 2,808,277,000 | 3,128,117,000 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Long-term borrowings | 247,205,000 | 246,895,000 | ||
Trust preferred capital notes | 142,658,000 | 141,829,000 | ||
Other liabilities | 45,677,000 | 29,322,000 | ||
Total liabilities | 435,540,000 | 418,046,000 | ||
Total stockholders' equity | 2,372,737,000 | 2,710,071,000 | ||
Total liabilities and stockholders' equity | $ 2,808,277,000 | $ 3,128,117,000 |
PARENT COMPANY FINANCIAL INFO_5
PARENT COMPANY FINANCIAL INFORMATION (CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income: | |||
Interest and dividend income | $ 660,435 | $ 592,359 | $ 653,454 |
Other operating income | 19,416 | 18,118 | 18,392 |
Expenses: | |||
Interest expense | 76,174 | 41,099 | 98,156 |
Other expenses | 29,051 | 38,857 | 30,442 |
Income before income taxes | 279,954 | 318,759 | 186,294 |
Income tax benefit | 45,444 | 54,842 | 28,066 |
Net Income | 234,510 | 263,917 | 158,228 |
Parent Company | |||
Income: | |||
Dividends received from subsidiaries | 102,215 | 119,500 | 97,880 |
Other operating income | (286) | 3,770 | 1,338 |
Total income | 101,929 | 123,270 | 99,218 |
Expenses: | |||
Interest expense | 14,477 | 13,210 | 13,506 |
Other expenses | 9,819 | 17,471 | 8,249 |
Total expenses | 24,296 | 30,681 | 21,755 |
Income before income taxes | 77,633 | 92,589 | 77,463 |
Income tax benefit | (10,892) | (12,626) | (5,439) |
Equity in undistributed net income from subsidiaries | 145,985 | 158,702 | 75,326 |
Net Income | 234,510 | 263,917 | 158,228 |
Comprehensive (loss) income | $ (202,411) | $ 211,537 | $ 193,668 |
PARENT COMPANY FINANCIAL INFO_6
PARENT COMPANY FINANCIAL INFORMATION (CONDENSED STATEMENTS OF CASH FLOWS) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net income | $ 234,510 | $ 263,917 | $ 158,228 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of premises and equipment | 14,157 | 15,885 | 15,218 |
Acquisition accounting amortization, net | 3,297 | (2,953) | (8,397) |
Gain on sale of investment | 0 | (5,138) | 0 |
Issuance of common stock for services | 819 | 567 | 804 |
Net (increase) decrease in other assets | (39,502) | 83,248 | (138,189) |
Net increase in other liabilities | 108,386 | (136,196) | 103,916 |
Net cash and cash equivalents provided by operating activities | 403,965 | 337,791 | 231,922 |
Investing activities: | |||
Net increase in premises and equipment | (2,855) | (9,399) | (29,573) |
Proceeds from sale of former bank premises | 13,538 | 11,315 | 4,063 |
Net cash used in investing activities | (1,261,700) | (345,442) | (1,918,306) |
Financing activities: | |||
Net increase (decrease) in short-term borrowings | 1,200,967 | (233,018) | (85,365) |
Repayments of long-term borrowings | 0 | (364,695) | (619,616) |
Net proceeds from issuance of long-term borrowings | 0 | 246,869 | 0 |
Cash dividends paid - common stock | (86,899) | (84,307) | (78,860) |
Cash dividends paid - preferred stock | (11,868) | (11,868) | (5,658) |
Issuance of common stock | 3,875 | 3,141 | 1,013 |
Issuance of preferred stock, net | 0 | 0 | 166,356 |
Vesting of restricted stock, net of shares held for taxes | (3,228) | (2,580) | (2,261) |
Net cash and cash equivalents provided by (used in) financing activities | 375,182 | 316,858 | 1,743,646 |
Net increase (decrease) in cash and cash equivalents | (482,553) | 309,207 | 57,262 |
Cash, cash equivalents, and restricted cash at beginning of the period | 802,501 | 493,294 | 436,032 |
Cash, cash equivalents, and restricted cash at end of the period | 319,948 | 802,501 | 493,294 |
Parent Company | |||
Operating activities: | |||
Net income | 234,510 | 263,917 | 158,228 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed net income of subsidiaries | (145,985) | (158,702) | (75,326) |
Non-cash dividend | (27,215) | 0 | 0 |
Depreciation of premises and equipment | 0 | 414 | 439 |
Writedown of corporate facilities | 0 | 7,429 | 0 |
Acquisition accounting amortization, net | 829 | 806 | 735 |
Issuance of common stock for services | 819 | 567 | 804 |
Net (increase) decrease in other assets | (9,663) | (10,726) | (3,005) |
Net increase in other liabilities | 11,370 | 12,944 | 10,038 |
Net cash and cash equivalents provided by operating activities | 64,665 | 116,649 | 91,913 |
Investing activities: | |||
Net increase in premises and equipment | 0 | 0 | (306) |
Proceeds from sale of former bank premises | 2,524 | 0 | 0 |
Increase in equity method investments | (8,830) | (4,188) | (2,353) |
Net cash used in investing activities | (6,306) | (4,188) | (2,659) |
Financing activities: | |||
Repayments of long-term borrowings | 0 | (150,000) | (8,500) |
Net proceeds from issuance of long-term borrowings | 0 | 246,869 | 0 |
Cash dividends paid - common stock | (86,899) | (84,307) | (78,860) |
Cash dividends paid - preferred stock | (11,868) | (11,868) | (5,658) |
Repurchase of common stock | (48,231) | (125,000) | (49,879) |
Issuance of common stock | 3,875 | 3,141 | 1,013 |
Issuance of preferred stock, net | 0 | 0 | 166,356 |
Vesting of restricted stock, net of shares held for taxes | (3,228) | (2,580) | (2,261) |
Net cash and cash equivalents provided by (used in) financing activities | (146,351) | (123,745) | 22,211 |
Net increase (decrease) in cash and cash equivalents | (87,992) | (11,284) | 111,465 |
Cash, cash equivalents, and restricted cash at beginning of the period | 105,464 | 116,748 | 5,283 |
Cash, cash equivalents, and restricted cash at end of the period | $ 17,472 | $ 105,464 | $ 116,748 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - $ / shares | 12 Months Ended | |||
Jan. 27, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | ||||
Dividends on common stock (in dollars per share) | $ 1.16 | $ 1.09 | $ 1 | |
Dividends on preferred stock (in dollars per share) | $ 687.52 | $ 687.52 | $ 328.48 | |
Common Stock, Class A | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends on common stock (in dollars per share) | $ 0.30 | |||
Dividends payable, date declared | Jan. 27, 2023 | |||
Dividends payable, date to be paid | Feb. 24, 2023 | |||
Dividends payable, date of record | Feb. 10, 2023 | |||
Depositary Shares | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends on preferred stock (in dollars per share) | $ 0.43 | |||
Series A Preferred Stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of preferred stock represented by each depositary share | The Series A preferred stock is represented by depositary shares, each representing a 1/400th ownership interest in a share of Series A preferred stock. | |||
Dividends on preferred stock (in dollars per share) | $ 171.88 | |||
Dividends payable, date to be paid | Mar. 01, 2023 | |||
Dividends payable, date of record | Feb. 14, 2023 |