(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s Telephone Number, Including Area Code) | |||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
PAGE # | ||||||||
Consolidated statements of income – Three and nine months ended September 30, 2023 and 2022 | ||||||||
Consolidated statements of comprehensive income (loss) – Three and nine months ended September 30, 2023 and 2022 | ||||||||
Consolidated balance sheets - September 30, 2023 and December 31, 2022 | ||||||||
Consolidated statements of cash flows – Nine months ended September 30, 2023 and 2022 | ||||||||
Consolidated statements of shareholders' equity - Three and nine months ended September 30, 2023 and 2022 | ||||||||
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Interest and fees on loans | $ | $ | $ | $ | ||||||||||||||||||||||
Interest and dividends on securities | ||||||||||||||||||||||||||
Interest on interest bearing deposits and other investments | ||||||||||||||||||||||||||
Total Interest Income | ||||||||||||||||||||||||||
Interest on deposits | ||||||||||||||||||||||||||
Interest on time certificates | ||||||||||||||||||||||||||
Interest on borrowed money | ||||||||||||||||||||||||||
Total Interest Expense | ||||||||||||||||||||||||||
Net Interest Income | ||||||||||||||||||||||||||
Provision for credit losses | ||||||||||||||||||||||||||
Net Interest Income after Provision for Credit Losses | ||||||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Service charges on deposit accounts | ||||||||||||||||||||||||||
Interchange income | ||||||||||||||||||||||||||
Wealth management income | ||||||||||||||||||||||||||
Mortgage banking fees | ||||||||||||||||||||||||||
Insurance agency income | ||||||||||||||||||||||||||
SBA gains | ||||||||||||||||||||||||||
BOLI income | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Securities losses, net | ( | ( | ( | ( | ||||||||||||||||||||||
Total Noninterest Income | ||||||||||||||||||||||||||
Noninterest Expense: | ||||||||||||||||||||||||||
Salaries and wages | ||||||||||||||||||||||||||
Employee benefits | ||||||||||||||||||||||||||
Outsourced data processing costs | ||||||||||||||||||||||||||
Telephone / data lines | ||||||||||||||||||||||||||
Occupancy | ||||||||||||||||||||||||||
Furniture and equipment | ||||||||||||||||||||||||||
Marketing | ||||||||||||||||||||||||||
Legal and professional fees | ||||||||||||||||||||||||||
FDIC assessments | ||||||||||||||||||||||||||
Amortization of intangibles |
Foreclosed property expense and net loss (gain) on sale | ( | |||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total Noninterest Expense | ||||||||||||||||||||||||||
Income Before Income Taxes | ||||||||||||||||||||||||||
Provision for income taxes | ||||||||||||||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||||||||||||||
Share Data | ||||||||||||||||||||||||||
Net income per share of common stock | ||||||||||||||||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Average common shares outstanding | ||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
Basic |
(In thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Unrealized losses on available-for-sale securities, net of tax benefit of $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Amortization of unrealized (gains) losses on securities transferred to held-to-maturity, net of tax benefit of $ | ( | ( | ( | ( | ||||||||||||||||||||||
Reclassification adjustment for gains included in net income, net of tax expense of $ | ( | |||||||||||||||||||||||||
Unrealized gains on derivatives designated as fair value hedges, net of reclassifications to income, net of tax expense of $ | ||||||||||||||||||||||||||
Unrealized gains (losses) on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax expense of $ | ||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Comprehensive Income (Loss) | $ | $ | ( | $ | $ | ( |
September 30, | December 31, | |||||||||||||
(In thousands, except share data) | 2023 | 2022 | ||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | $ | ||||||||||||
Interest bearing deposits with other banks | ||||||||||||||
Total cash and cash equivalents | ||||||||||||||
Time deposits with other banks | ||||||||||||||
Debt securities: | ||||||||||||||
Securities available-for-sale (at fair value) | ||||||||||||||
Securities held-to-maturity (fair value $ and $ | ||||||||||||||
Total debt securities | ||||||||||||||
Loans held for sale (at fair value) | ||||||||||||||
Loans | ||||||||||||||
Less: Allowance for credit losses | ( | ( | ||||||||||||
Loans, net of allowance for credit losses | ||||||||||||||
Bank premises and equipment, net | ||||||||||||||
Other real estate owned | ||||||||||||||
Goodwill | ||||||||||||||
Other intangible assets, net | ||||||||||||||
Bank owned life insurance | ||||||||||||||
Net deferred tax assets | ||||||||||||||
Other assets | ||||||||||||||
Total Assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Deposits | $ | $ | ||||||||||||
Securities sold under agreements to repurchase, maturing within 30 days | ||||||||||||||
Federal Home Loan Bank ("FHLB") borrowings | ||||||||||||||
Subordinated debt | ||||||||||||||
Other liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Shareholders' Equity | ||||||||||||||
Common stock, par value $ | ||||||||||||||
Additional paid-in-capital | ||||||||||||||
Retained earnings | ||||||||||||||
Less: Treasury stock | ( | ( | ||||||||||||
Accumulated other comprehensive loss, net | ( | ( | ||||||||||||
Total Shareholders' Equity | ||||||||||||||
Total Liabilities and Shareholders' Equity |
Nine Months Ended September 30, | ||||||||||||||
(In thousands) | 2023 | 2022 | ||||||||||||
Cash Flows from Operating Activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | ||||||||||||||
(Accretion of discounts) and amortization of premiums on securities, net | ( | |||||||||||||
Amortization of operating lease right-of-use assets | ||||||||||||||
Other amortization and accretion, net | ( | |||||||||||||
Stock based compensation | ||||||||||||||
Origination of loans designated for sale | ( | ( | ||||||||||||
Sale of loans designated for sale | ||||||||||||||
Provision for credit losses | ||||||||||||||
Deferred income taxes | ( | |||||||||||||
Gains on sale of securities | ( | |||||||||||||
Gains on sale of loans | ( | ( | ||||||||||||
Gains on sale and write-downs of other real estate owned | ( | ( | ||||||||||||
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned | ||||||||||||||
Changes in operating assets and liabilities, net of effects from acquired companies: | ||||||||||||||
Net decrease (increase) in other assets | ( | |||||||||||||
Net increase in other liabilities | ||||||||||||||
Net cash provided by operating activities | $ | $ | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||||
Maturities and repayments of debt securities available-for-sale | ||||||||||||||
Maturities and repayments of debt securities held-to-maturity | ||||||||||||||
Proceeds from sale of debt securities available-for-sale | ||||||||||||||
Purchases of debt securities available-for-sale | ( | ( | ||||||||||||
Purchases of debt securities held-to-maturity | ( | |||||||||||||
Maturities of time deposits with other banks | ||||||||||||||
Purchases of time deposits with other banks | ( | |||||||||||||
Net new loans and principal repayments | ( | |||||||||||||
Purchases of loans held for investment | ( | |||||||||||||
Proceeds from sale of other real estate owned | ||||||||||||||
Additions to other real estate owned | ( | |||||||||||||
Proceeds from sale of FHLB and Federal Reserve Bank Stock | ||||||||||||||
Purchase of FHLB and Federal Reserve Bank Stock | ( | ( | ||||||||||||
Net cash from bank acquisitions | ||||||||||||||
Additions to bank premises and equipment | ( | ( | ||||||||||||
Net cash provided by (used in) investing activities | $ | $ | ( |
Nine Months Ended September 30, | ||||||||||||||
(In thousands) | 2023 | 2022 | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||
Net increase in deposits | $ | $ | ||||||||||||
Net increase (decrease) in repurchase agreements | ( | |||||||||||||
Net decrease in FHLB borrowings with original maturities of three months or less | ( | |||||||||||||
Repayments of FHLB borrowings with original maturities of more than three months | ( | |||||||||||||
Proceeds from FHLB borrowings with original maturities of more than three months | ||||||||||||||
Stock based employee benefit plans | ||||||||||||||
Repurchase of common stock | ( | |||||||||||||
Dividends paid | ( | ( | ||||||||||||
Net cash provided by financing activities | $ | ( | $ | |||||||||||
Net increase (decrease) in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Cash paid during the period for interest | $ | $ | ||||||||||||
Net (refund received) cash paid during the period for taxes | ( | |||||||||||||
Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations | ||||||||||||||
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations | ||||||||||||||
Supplemental disclosure of non-cash investing activities: 1 | ||||||||||||||
Transfers from bank premises to other real estate owned | ||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Common stock transactions related to stock based employee benefit plans | — | — | ||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($ | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Common stock transactions related to stock based employee benefit plans | — | — | ||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($ | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Common stock transactions related to stock based employee benefit plans | — | ( | — | |||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Issuance of common stock, pursuant to acquisition | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Conversion of options, pursuant to acquisition | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($ | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Common stock transactions related to stock based employee benefit plans | — | ( | — | |||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, pursuant to acquisitions | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Conversion of options, pursuant to acquisitions | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($ | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Average common shares outstanding | ||||||||||||||||||||||||||
Net income per share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Average common shares outstanding | ||||||||||||||||||||||||||
Add: Dilutive effect of employee restricted stock and stock options | ||||||||||||||||||||||||||
Average diluted shares outstanding | ||||||||||||||||||||||||||
Net income per share | $ | $ | $ | $ | ||||||||||||||||||||||
Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented. |
September 30, 2023 | ||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | $ | $ | ( | $ | |||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ( | |||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | ( | |||||||||||||||||||||||||
Collateralized loan obligations | ( | |||||||||||||||||||||||||
Obligations of state and political subdivisions | ( | |||||||||||||||||||||||||
Other debt securities | ( | |||||||||||||||||||||||||
Totals | $ | $ | $ | ( | $ | |||||||||||||||||||||
Held-to-Maturity Debt Securities | ||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Totals | $ | $ | $ | ( | $ |
December 31, 2022 | ||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | $ | $ | ( | $ | |||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ( | |||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | ( | |||||||||||||||||||||||||
Collateralized loan obligations | ( | |||||||||||||||||||||||||
Obligations of state and political subdivisions | ( | |||||||||||||||||||||||||
Other debt securities | ( | |||||||||||||||||||||||||
Totals | $ | $ | $ | ( | $ | |||||||||||||||||||||
Held-to-Maturity Debt Securities | ||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Totals | $ | $ | $ | ( | $ |
September 30, 2023 | ||||||||||||||||||||||||||
Held-to-Maturity | Available-for-Sale | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Due in less than one year | $ | $ | $ | $ | ||||||||||||||||||||||
Due after one year through five years | ||||||||||||||||||||||||||
Due after five years through ten years | ||||||||||||||||||||||||||
Due after ten years | ||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | ||||||||||||||||||||||||||
Collateralized loan obligations | ||||||||||||||||||||||||||
Other debt securities | ||||||||||||||||||||||||||
Totals | $ | $ | $ | $ |
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Collateralized loan obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Other debt securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Totals | $ | $ | ( | $ | $ | ( | $ | $ | ( |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Collateralized loan obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Other debt securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Totals | $ | $ | ( | $ | $ | ( | $ | $ | ( |
September 30, 2023 | ||||||||||||||||||||||||||
(In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | ||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
PPP Loans | ||||||||||||||||||||||||||
Totals | $ | $ | $ | $ |
December 31, 2022 | ||||||||||||||||||||||||||
(In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | ||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
PPP Loans | ||||||||||||||||||||||||||
Totals | $ | $ | $ | $ |
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Current | Accruing 30-59 Days Past Due | Accruing 60-89 Days Past Due | Accruing Greater Than 90 Days | Nonaccrual | Total | ||||||||||||||||||||||||||||||||
Portfolio Loans | ||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
PPP Loans | ||||||||||||||||||||||||||||||||||||||
Total Portfolio Loans | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Acquired Non-PCD Loans | ||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
PPP Loans | ||||||||||||||||||||||||||||||||||||||
Total Acquired Non-PCD Loans | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
PCD Loans | ||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
Total PCD Loans | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Current | Accruing 30-59 Days Past Due | Accruing 60-89 Days Past Due | Accruing Greater Than 90 Days | Nonaccrual | Total | ||||||||||||||||||||||||||||||||
Portfolio Loans | ||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
PPP Loans | ||||||||||||||||||||||||||||||||||||||
Total Portfolio Loans | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Acquired Non-PCD Loans | ||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
PPP Loans | ||||||||||||||||||||||||||||||||||||||
Total Acquired Non-PCD Loans | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
PCD Loans | ||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
Total PCD Loans | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Loans With No Related Allowance | Nonaccrual Loans With an Allowance | Total Nonaccrual Loans | Allowance for Credit Losses | ||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Totals | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Loans With No Related Allowance | Nonaccrual Loans With an Allowance | Total Nonaccrual Loans | Allowance for Credit Losses | ||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Totals | $ | $ | $ | $ |
(In thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||
Construction and land development | $ | $ | ||||||||||||
Commercial real estate - owner occupied | ||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||
Residential real estate | ||||||||||||||
Commercial and financial | ||||||||||||||
Consumer | ||||||||||||||
Totals | $ | $ |
September 30, 2023 | |||||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | |||||||||||||||||||||
Construction and Land Development | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Gross Charge Offs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Commercial real estate - owner occupied | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Gross Charge Offs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Commercial real estate - non-owner occupied | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Gross Charge Offs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard |
September 30, 2023 | |||||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | |||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Gross Charge Offs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Commercial and financial | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Gross Charge Offs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Gross Charge Offs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Paycheck Protection Program | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Gross Charge Offs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Gross Charge Offs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | |||||||||||||||||||||
Construction and Land Development | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Commercial real estate - owner occupied | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Commercial real estate - non-owner occupied | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Commercial and financial | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Paycheck Protection Program | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | |||||||||||||||||||||
Substandard | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Substandard Impaired | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||
Risk Ratings: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Substandard Impaired | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||
(In thousands) | Beginning Balance | Provision for Credit Losses | Charge- Offs | Recoveries | Ending Balance | ||||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial real estate - owner-occupied | ( | ||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ( | ||||||||||||||||||||||||||||
Residential real estate | ( | ||||||||||||||||||||||||||||
Commercial and financial | ( | ||||||||||||||||||||||||||||
Consumer | ( | ( | |||||||||||||||||||||||||||
Totals | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
(In thousands) | Beginning Balance | Provision for Credit Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ( | ||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ( | ( | |||||||||||||||||||||||||||||||||
Residential real estate | ( | ||||||||||||||||||||||||||||||||||
Commercial and financial | ( | ( | ( | ||||||||||||||||||||||||||||||||
Consumer | ( | ( | |||||||||||||||||||||||||||||||||
Totals | $ | $ | $ | ( | $ | $ | ( | $ |
Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Beginning Balance | Allowance on PCD Loans Acquired During the Period | Provision for Credit Losses | Charge- Offs | Recoveries | Ending Balance | ||||||||||||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ( | |||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ( | |||||||||||||||||||||||||||||||||||||
Residential real estate | ( | |||||||||||||||||||||||||||||||||||||
Commercial and financial | ( | |||||||||||||||||||||||||||||||||||||
Consumer | ( | |||||||||||||||||||||||||||||||||||||
Totals | $ | $ | $ | $ | ( | $ | $ |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Beginning Balance | Allowance on PCD Loans Acquired During the Period | Provision for Credit Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | |||||||||||||||||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ( | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ( | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Commercial and financial | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Consumer | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Totals | $ | $ | $ | $ | ( | $ | $ | ( | $ |
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Individually Evaluated | Collectively Evaluated | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | ||||||||||||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
Totals | $ | $ | $ | $ | $ | $ |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Individually Evaluated | Collectively Evaluated | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | ||||||||||||||||||||||||||||||||
Construction and land development | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||||||||||||
Commercial and financial | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
Totals | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
(In thousands) | Notional Amount | Fair Value | Balance Sheet Category | |||||||||||||||||
At September 30, 2023 | ||||||||||||||||||||
Back-to-back swaps | $ | $ | Other Assets and Other Liabilities | |||||||||||||||||
Interest rate floors | Other Assets | |||||||||||||||||||
Fair value hedges | Other Assets | |||||||||||||||||||
At December 31, 2022 | ||||||||||||||||||||
Back-to-back swaps | $ | $ | Other Assets and Other Liabilities | |||||||||||||||||
Interest rate floors | Other Assets |
Carrying amount of the hedged items | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items | ||||||||||||||||||||||
(In thousands) | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Available-for-sale securities 1 | $ | $ | $ | $ | |||||||||||||||||||
1 At September 30, 2023, and December 31, 2022, the amortized cost basis and unallocated basis adjustments used in hedging relationships was $ |
(In thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||
Fair value of pledged securities - overnight and continuous: | ||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | $ | $ |
(In thousands) | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
At September 30, 2023 | ||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||
Available-for-sale debt securities1 | $ | $ | $ | $ | ||||||||||||||||||||||
Derivative financial instruments2 | ||||||||||||||||||||||||||
Loans held for sale2 | ||||||||||||||||||||||||||
Loans, net3 | ||||||||||||||||||||||||||
Other real estate owned4 | ||||||||||||||||||||||||||
Equity securities5 | ||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||
Derivative financial instruments2 | $ | $ | $ | $ | ||||||||||||||||||||||
At December 31, 2022 | ||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||
Available-for-sale debt securities1 | $ | $ | $ | $ | ||||||||||||||||||||||
Derivative financial instruments2 | ||||||||||||||||||||||||||
Loans held for sale2 | ||||||||||||||||||||||||||
Loans3 | ||||||||||||||||||||||||||
Other real estate owned4 | ||||||||||||||||||||||||||
Equity securities5 | ||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||
Derivative financial instruments2 | $ | $ | $ | $ | ||||||||||||||||||||||
1See “Note 3 – Securities” for further detail of fair value of individual investment categories. | ||||||||||||||||||||||||||
2Recurring fair value basis determined using observable market data. | ||||||||||||||||||||||||||
3See “Note 4 – Loans.” Nonrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs that are based on current appraised values of the collateral in accordance with ASC Topic 310. | ||||||||||||||||||||||||||
4Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. | ||||||||||||||||||||||||||
5Investment in shares of mutual funds that invest primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. |
(In thousands) | September 30, 2023 | December 31, 2022 | |||||||||
Aggregate fair value | $ | $ | |||||||||
Contractual balance | |||||||||||
Excess |
(In thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||
Debt securities held-to-maturity1 | $ | $ | $ | $ | ||||||||||||||||||||||
Time deposits with other banks | ||||||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||
Deposit liabilities | ||||||||||||||||||||||||||
Federal Home Loan Bank (“FHLB”) borrowings | ||||||||||||||||||||||||||
Subordinated debt, net | ||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Debt securities held-to-maturity1 | $ | $ | $ | $ | ||||||||||||||||||||||
Time deposits with other banks | ||||||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||
Deposit liabilities | ||||||||||||||||||||||||||
Federal Home Loan Bank (“FHLB”) borrowings | ||||||||||||||||||||||||||
Subordinated debt | ||||||||||||||||||||||||||
1See “Note 3 – Securities” for further detail of recurring fair value basis of individual investment categories. |
(In thousands, except per share data) | January 31, 2023 | |||||||
Number of Professional common shares outstanding | ||||||||
Per share exchange ratio | ||||||||
Number of shares of SBCF common stock issued | ||||||||
Multiplied by common stock price per share at January 31, 2023 | $ | |||||||
Value of SBCF common stock issued | $ | |||||||
Cash paid for fractional shares | ||||||||
Fair value of Professional options converted | ||||||||
Total purchase price | $ |
Initially Measured | Measurement | As Adjusted | ||||||||||||||||||
(In thousands) | January 31, 2023 | Period Adjustments | January 31, 2023 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||||||||||
Investment securities | ||||||||||||||||||||
Loans | ( | |||||||||||||||||||
Bank premises and equipment | ||||||||||||||||||||
Core deposit intangibles | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
BOLI | ||||||||||||||||||||
Other Assets | ||||||||||||||||||||
Total Assets | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | $ | $ | |||||||||||||||||
Subordinated debt | ||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||
Total Liabilities | $ | $ | $ |
January 31, 2023 | ||||||||||||||
(In thousands) | Book Balance | Fair Value | ||||||||||||
Loans: | ||||||||||||||
Construction and land development | $ | $ | ||||||||||||
Commercial real estate - owner occupied | ||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||
Residential real estate | ||||||||||||||
Commercial and financial | ||||||||||||||
Consumer | ||||||||||||||
PPP Loans | ||||||||||||||
Total acquired loans | $ | $ |
(In thousands) | January 31, 2023 | |||||||
Book balance of loans at acquisition | $ | |||||||
Allowance for credit losses at acquisition | ( | |||||||
Non-credit related discount | ( | |||||||
Total PCD loans acquired | $ |
(In thousands, except per share data) | October 7, 2022 | |||||||
Number of Apollo common shares outstanding | ||||||||
Per share exchange ratio | ||||||||
Number of shares of SBCF common stock issued | ||||||||
Number of Apollo Bank minority interest shares outstanding | ||||||||
Per share exchange ratio | ||||||||
Number of shares of SBCF common stock issued | ||||||||
Total number of shares of SBCF common stock issued | ||||||||
Multiplied by common stock price per share at October 7, 2022 | $ | |||||||
Value of SBCF common stock issued | $ | |||||||
Cash paid for fractional shares | ||||||||
Fair value of Apollo options and warrants converted | ||||||||
Total purchase price | $ |
Initially Measured | Measurement | As Adjusted | ||||||||||||||||||
(In thousands) | October 7, 2022 | Period Adjustments | October 7, 2022 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||||||||||
Investment securities | ||||||||||||||||||||
Loans | ||||||||||||||||||||
Bank premises and equipment | ||||||||||||||||||||
Core deposit intangibles | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
Other Assets | ( | |||||||||||||||||||
Total Assets | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | $ | $ | |||||||||||||||||
Other Liabilities | ||||||||||||||||||||
Total Liabilities | $ | $ | $ |
October 7, 2022 | ||||||||||||||
(In thousands) | Book Balance | Fair Value | ||||||||||||
Loans: | ||||||||||||||
Construction and land development | $ | $ | ||||||||||||
Commercial real estate - owner occupied | ||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||
Residential real estate | ||||||||||||||
Commercial and financial | ||||||||||||||
Consumer | ||||||||||||||
Total acquired loans | $ | $ |
(In thousands) | October 7, 2022 | |||||||
Book balance of loans at acquisition | $ | |||||||
Allowance for credit losses at acquisition | ( | |||||||
Non-credit related discount | ( | |||||||
Total PCD loans acquired | $ |
(In thousands, except per share data) | October 7, 2022 | |||||||
Number of Drummond common shares outstanding | ||||||||
Per share exchange ratio | ||||||||
Number of shares of SBCF common stock issued | ||||||||
Multiplied by common stock price per share at October 7, 2022 | $ | |||||||
Total purchase price | $ |
Initially Measured | Measurement | As Adjusted | ||||||||||||||||||
(In thousands) | October 7, 2022 | Period Adjustments | October 7, 2022 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||||||||||
Investment securities | ||||||||||||||||||||
Loans | ||||||||||||||||||||
Bank premises and equipment | ||||||||||||||||||||
Core deposit and other intangibles | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
Other Assets | ( | |||||||||||||||||||
Total Assets | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | $ | $ | |||||||||||||||||
Other Liabilities | ||||||||||||||||||||
Total Liabilities | $ | $ | $ |
October 7, 2022 | ||||||||||||||
(In thousands) | Book Balance | Fair Value | ||||||||||||
Loans: | ||||||||||||||
Construction and land development | $ | $ | ||||||||||||
Commercial real estate - owner occupied | ||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||
Residential real estate | ||||||||||||||
Commercial and financial | ||||||||||||||
Consumer | ||||||||||||||
Total acquired loans | $ | $ |
(In thousands) | October 7, 2022 | |||||||
Book balance of loans at acquisition | $ | |||||||
Allowance for credit losses at acquisition | ( | |||||||
Non-credit related discount | ( | |||||||
Total PCD loans acquired | $ |
(In thousands, except per share data) | January 3, 2022 | |||||||
Number of BBFC common shares outstanding | ||||||||
Per share exchange ratio | ||||||||
Number of shares of SBCF common stock issued | ||||||||
Multiplied by common stock price per share on January 3, 2022 | $ | |||||||
Value of SBCF common stock issued | $ | |||||||
Fair value of BBFC options converted | ||||||||
Total purchase price | $ |
(In thousands) | Measured January 3, 2022 | |||||||
Assets: | ||||||||
Cash | $ | |||||||
Investment securities | ||||||||
Loans | ||||||||
Bank premises and equipment | ||||||||
Core deposit intangibles | ||||||||
Goodwill | ||||||||
Total assets | $ | |||||||
Liabilities: | ||||||||
Deposits | ||||||||
Other liabilities | ||||||||
Total liabilities | $ | |||||||
January 3, 2022 | ||||||||||||||
(In thousands) | Book Balance | Fair Value | ||||||||||||
Loans: | ||||||||||||||
Construction and land development | $ | $ | ||||||||||||
Commercial real estate - owner occupied | ||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||
Residential real estate | ||||||||||||||
Commercial and financial | ||||||||||||||
Consumer | ||||||||||||||
Total acquired loans | $ | $ |
(In thousands) | (In thousands) | |||||||
Book balance of loans at acquisition | $ | |||||||
Allowance for credit losses at acquisition | ( | |||||||
Non-credit related discount | ( | |||||||
Total PCD loans acquired | $ | |||||||
(In thousands, except per share data) | January 3, 2022 | |||||||
Number of Sabal Palm common shares outstanding | ||||||||
Per share exchange ratio | ||||||||
Number of shares of SBCF common stock issued | ||||||||
Multiplied by common stock price per share on January 3, 2022 | $ | |||||||
Value of SBCF common stock issued | $ | |||||||
Fair value of Sabal Palm options converted | ||||||||
Total purchase price | $ |
(In thousands) | Measured January 3, 2022 | |||||||
Assets: | ||||||||
Cash | $ | |||||||
Time deposits with other banks | ||||||||
Loans | ||||||||
Bank premises and equipment | ||||||||
Core deposit intangibles | ||||||||
Goodwill | ||||||||
Other assets | ||||||||
Total assets | $ | |||||||
Liabilities: | ||||||||
Deposits | ||||||||
Other liabilities | ||||||||
Total liabilities | $ | |||||||
January 3, 2022 | ||||||||||||||
(In thousands) | Book Balance | Fair Value | ||||||||||||
Loans: | ||||||||||||||
Construction and land development | $ | $ | ||||||||||||
Commercial real estate - owner occupied | ||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||
Residential real estate | ||||||||||||||
Commercial and financial | ||||||||||||||
Consumer | ||||||||||||||
Total acquired loans | $ | $ |
(In thousands) | January 3, 2022 | |||||||
Book balance of loans at acquisition | $ | |||||||
Allowance for credit losses at acquisition | ( | |||||||
Non-credit related discount | ( | |||||||
Total PCD loans acquired | $ | |||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
(In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net interest income | $ | $ | $ | $ | ||||||||||||||||||||||
Net income available to common shareholders | ||||||||||||||||||||||||||
EPS - basic | ||||||||||||||||||||||||||
EPS - diluted | ||||||||||||||||||||||||||
Third | Second | Third | Nine Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | September 30, | |||||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Return on average tangible assets | 1.04 | % | 1.06 | % | 1.17 | % | 0.88 | % | 1.11 | % | ||||||||||||||||||||||
Return on average tangible shareholders' equity | 11.90 | 12.08 | 11.53 | 10.09 | 10.82 | |||||||||||||||||||||||||||
Efficiency ratio | 62.60 | 67.34 | 57.13 | 65.19 | 58.45 | |||||||||||||||||||||||||||
Adjusted return on average tangible assets1 | 1.12 | % | 1.41 | % | 1.27 | % | 1.15 | % | 1.24 | % | ||||||||||||||||||||||
Adjusted return on average tangible shareholders' equity1 | 12.79 | 16.08 | 12.48 | 13.14 | 12.13 | |||||||||||||||||||||||||||
Adjusted efficiency ratio1 | 60.19 | 56.44 | 53.28 | 56.47 | 53.73 | |||||||||||||||||||||||||||
1Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. |
(In thousands, except ratios) | Net Interest Income1 | Net Interest Margin1 | Yield on Earning Assets1 | Rate on Interest Bearing Liabilities | ||||||||||||||||||||||
Third quarter 2023 | $ | 119,505 | 3.57 | % | 5.38 | % | 2.76 | % | ||||||||||||||||||
Second quarter 2023 | 127,153 | 3.86 | % | 5.30 | % | 2.26 | % | |||||||||||||||||||
Third quarter 2022 | 88,399 | 3.67 | % | 3.80 | % | 0.22 | % | |||||||||||||||||||
Nine months ended September 30, 2023 | 378,009 | 3.91 | % | 5.30 | % | 2.19 | % | |||||||||||||||||||
Nine months ended September 30, 2022 | 246,803 | 3.44 | % | 3.53 | % | 0.16 | % | |||||||||||||||||||
1On tax equivalent basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. |
Third | Second | Third | Nine Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | September 30, | |||||||||||||||||||||||||||||
(In thousands) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Commercial/commercial real estate loan pipeline at period end | $ | 300,798 | $ | 217,574 | $ | 530,430 | $ | 300,798 | $ | 530,430 | ||||||||||||||||||||||
Commercial/commercial real estate loans closed | 106,497 | 317,378 | 340,438 | 745,540 | 1,175,279 | |||||||||||||||||||||||||||
Residential pipeline - saleable at period end | 6,820 | 11,492 | 6,563 | 6,820 | 6,563 | |||||||||||||||||||||||||||
Residential loans - sold | 17,625 | 19,078 | 16,381 | 50,638 | 110,269 | |||||||||||||||||||||||||||
Residential pipeline - portfolio at period end | 20,945 | 27,110 | 60,684 | 20,945 | 60,684 | |||||||||||||||||||||||||||
Residential loans - retained | 43,962 | 85,294 | 69,272 | 219,314 | 347,725 | |||||||||||||||||||||||||||
Consumer pipeline at period end | 24,482 | 28,446 | 43,732 | 24,482 | 43,732 | |||||||||||||||||||||||||||
Consumer originations | 76,531 | 97,184 | 133,093 | 284,317 | 342,887 |
Average Balances, Interest Income and Expenses, Yields and Rates1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter | Second Quarter | Third Quarter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except ratios) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | $ | 2,575,002 | $ | 21,401 | 3.32 | % | $ | 2,673,633 | $ | 20,898 | 3.13 | % | $ | 2,665,104 | $ | 15,653 | 2.35 | % | ||||||||||||||||||||||||||||||||||||||
Nontaxable | 15,280 | 119 | 3.11 | 15,621 | 120 | 3.08 | 22,064 | 174 | 3.15 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Securities | 2,590,282 | 21,520 | 3.32 | 2,689,254 | 21,018 | 3.13 | 2,687,168 | 15,827 | 2.36 | |||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | 547,576 | 7,415 | 5.37 | 327,433 | 4,313 | 5.28 | 203,815 | 1,062 | 2.07 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits with other banks and other investments | 90,039 | 1,062 | 4.68 | 90,783 | 710 | 3.14 | 45,193 | 581 | 5.10 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans excluding PPP loans | 10,039,270 | 150,037 | 5.93 | 10,096,394 | 148,420 | 5.90 | 6,597,828 | 73,730 | 4.43 | |||||||||||||||||||||||||||||||||||||||||||||||
PPP Loans | 4,341 | 11 | 1.01 | 4,834 | 12 | 1.00 | 10,114 | 320 | 12.54 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | 10,043,611 | 150,048 | 5.93 | 10,101,228 | 148,432 | 5.89 | 6,607,942 | 74,050 | 4.45 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Earning Assets | 13,271,508 | 180,045 | 5.38 | 13,208,698 | 174,473 | 5.30 | 9,544,118 | 91,520 | 3.80 | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (158,440) | (156,207) | (91,348) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 168,931 | 165,625 | 331,947 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 116,704 | 117,726 | 76,357 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | 839,787 | 842,988 | 305,935 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 295,272 | 293,251 | 208,193 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets including deferred tax assets | 372,241 | 415,208 | 210,136 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 14,906,003 | $ | 14,887,289 | $ | 10,585,338 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 2,804,243 | $ | 15,013 | 2.12 | % | $ | 2,666,314 | $ | 7,560 | 1.14 | % | $ | 2,215,899 | $ | 757 | 0.14 | % | ||||||||||||||||||||||||||||||||||||||
Savings | 770,503 | 465 | 0.24 | 906,936 | 427 | 0.19 | 944,128 | 65 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||
Money market | 2,972,495 | 22,918 | 3.06 | 2,806,672 | 19,196 | 2.74 | 1,806,014 | 802 | 0.18 | |||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,619,572 | 16,461 | 4.03 | 1,425,344 | 14,477 | 4.07 | 445,840 | 380 | 0.34 | |||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 327,711 | 2,876 | 3.48 | 244,824 | 1,593 | 2.61 | 111,902 | 309 | 1.10 | |||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank borrowings | 111,087 | 888 | 3.17 | 251,596 | 2,272 | 3.62 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | 106,036 | 1,919 | 7.18 | 105,861 | 1,795 | 6.80 | 71,810 | 808 | 4.46 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 8,711,647 | 60,540 | 2.76 | 8,407,547 | 47,320 | 2.26 | 5,595,593 | 3,121 | 0.22 | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest demand | 3,987,761 | 4,294,251 | 3,529,844 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 133,846 | 114,962 | 110,426 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 12,833,254 | 12,816,760 | 9,235,863 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 2,072,747 | 2,070,529 | 1,349,475 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities & Equity | $ | 14,906,003 | $ | 14,887,289 | $ | 10,585,338 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of deposits | 1.79 | % | 1.38 | % | 0.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense as a % of earning assets | 1.81 | % | 1.44 | % | 0.13 | % |
Net interest income as a % of earning assets | $ | 119,505 | 3.57 | % | $ | 127,153 | 3.86 | % | $ | 88,399 | 3.67 | % | ||||||||||||||||||||||||||||||||||||||||||||
1On a fully taxable equivalent basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. All yields and rates have been computed on an annual basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balances, Interest Income and Expenses, Yields and Rates1 | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Year to Date | Year to Date | |||||||||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||||||||||
(In thousands, except ratios) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||||||
Taxable | $ | 2,649,127 | $ | 61,543 | 3.10 | % | $ | 2,530,742 | $ | 38,081 | 2.01 | % | ||||||||||||||||||||||||||
Nontaxable | 15,721 | 370 | 3.14 | 22,842 | 526 | 3.07 | ||||||||||||||||||||||||||||||||
Total Securities | 2,664,848 | 61,913 | 3.10 | 2,553,584 | 38,607 | 2.02 | ||||||||||||||||||||||||||||||||
Federal funds sold | 336,022 | 12,444 | 4.95 | 526,890 | 2,693 | 0.68 | ||||||||||||||||||||||||||||||||
Interest bearing deposits with other banks and other investments | 90,511 | 4,530 | 6.69 | 45,483 | 1,800 | 5.29 | ||||||||||||||||||||||||||||||||
Loans excluding PPP loans | 9,835,653 | 433,786 | 5.90 | 6,444,253 | 208,052 | 4.32 | ||||||||||||||||||||||||||||||||
PPP Loans | 4,831 | 35 | 0.97 | 32,597 | 2,584 | 10.60 | ||||||||||||||||||||||||||||||||
Total Loans | 9,840,484 | 433,821 | 5.89 | 6,476,850 | 210,636 | 4.35 | ||||||||||||||||||||||||||||||||
Total Earning Assets | 12,931,865 | 512,708 | 5.30 | 9,602,807 | 253,736 | 3.53 | ||||||||||||||||||||||||||||||||
Allowance for credit losses | (151,613) | (89,700) | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 185,426 | 362,369 | ||||||||||||||||||||||||||||||||||||
Premises and equipment | 116,840 | 75,617 | ||||||||||||||||||||||||||||||||||||
Intangible assets | 811,483 | 305,895 | ||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 287,756 | 206,854 | ||||||||||||||||||||||||||||||||||||
Other assets including deferred tax assets | 402,175 | 220,790 | ||||||||||||||||||||||||||||||||||||
Total Assets | $ | 14,583,932 | $ | 10,684,632 | ||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 2,642,180 | $ | 25,780 | 1.30 | % | $ | 2,192,331 | $ | 1,240 | 0.08 | % | ||||||||||||||||||||||||||
Savings | 909,184 | 1,292 | 0.19 | 943,982 | 194 | 0.03 | ||||||||||||||||||||||||||||||||
Money market | 2,831,747 | 54,540 | 2.58 | 1,906,407 | 1,951 | 0.14 | ||||||||||||||||||||||||||||||||
Time deposits | 1,288,736 | 36,490 | 3.79 | 500,482 | 1,284 | 0.34 | ||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 249,242 | 5,333 | 2.86 | 116,805 | 442 | 0.51 | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank borrowings | 214,415 | 5,936 | 3.70 | — | — | — | ||||||||||||||||||||||||||||||||
Subordinated debt | 103,469 | 5,328 | 6.88 | 71,741 | 1,823 | 3.40 | ||||||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 8,238,973 | 134,699 | 2.19 | 5,731,748 | 6,934 | 0.16 | ||||||||||||||||||||||||||||||||
Noninterest demand | 4,204,389 | 3,462,931 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 126,487 | 123,281 | ||||||||||||||||||||||||||||||||||||
Total Liabilities | 12,569,849 | 9,317,960 | ||||||||||||||||||||||||||||||||||||
Shareholders' equity | 2,014,083 | 1,366,672 | ||||||||||||||||||||||||||||||||||||
Total Liabilities & Equity | $ | 14,583,932 | $ | 10,684,632 | ||||||||||||||||||||||||||||||||||
Cost of deposits | 1.33 | % | 0.07 | % | ||||||||||||||||||||||||||||||||||
Interest expense as a % of earning assets | 1.39 | % | 0.10 | % | ||||||||||||||||||||||||||||||||||
Net interest income as a % of earning assets | $ | 378,009 | 3.91 | % | $ | 246,802 | 3.44 | % | ||||||||||||||||||||||||||||||
1On a fully taxable equivalent basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. All yields and rates have been computed on an annual basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. |
Third | Second | Third | Nine Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | September 30, | |||||||||||||||||||||||||||||
(In thousands) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 4,648 | $ | 4,560 | $ | 3,504 | $ | 13,450 | $ | 9,713 | ||||||||||||||||||||||
Interchange income | 1,684 | 5,066 | 4,138 | 11,444 | 12,521 | |||||||||||||||||||||||||||
Wealth management income | 3,138 | 3,318 | 2,732 | 9,519 | 8,165 | |||||||||||||||||||||||||||
Mortgage banking fees | 410 | 576 | 434 | 1,412 | 3,052 | |||||||||||||||||||||||||||
Insurance agency income | 1,183 | 1,160 | — | 3,444 | — | |||||||||||||||||||||||||||
SBA gains | 613 | 249 | 108 | 1,184 | 737 | |||||||||||||||||||||||||||
BOLI income | 2,197 | 2,068 | 1,363 | 6,181 | 4,046 | |||||||||||||||||||||||||||
Other income | 4,307 | 4,755 | 4,186 | 15,636 | 11,320 | |||||||||||||||||||||||||||
18,180 | 21,752 | 16,465 | 62,270 | 49,554 | ||||||||||||||||||||||||||||
Securities (losses) gains, net | (387) | (176) | (362) | (456) | (1,114) | |||||||||||||||||||||||||||
Total | $ | 17,793 | $ | 21,576 | $ | 16,103 | $ | 61,814 | $ | 48,440 |
Third | Second | Third | Nine Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | September 30, | |||||||||||||||||||||||||||||
(In thousands) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Salaries and wages | $ | 46,431 | $ | 45,155 | $ | 28,420 | $ | 139,202 | $ | 84,695 | ||||||||||||||||||||||
Employee benefits | 7,206 | 7,472 | 4,074 | 23,240 | 13,726 | |||||||||||||||||||||||||||
Outsourced data processing costs | 8,714 | 20,222 | 5,393 | 43,489 | 17,592 | |||||||||||||||||||||||||||
Telephone/data lines | 1,409 | 1,518 | 973 | 4,008 | 2,614 | |||||||||||||||||||||||||||
Occupancy | 6,349 | 7,065 | 5,046 | 20,352 | 13,082 | |||||||||||||||||||||||||||
Furniture and equipment | 2,052 | 2,345 | 1,462 | 6,664 | 4,476 | |||||||||||||||||||||||||||
Marketing | 1,876 | 2,047 | 1,461 | 6,161 | 4,514 | |||||||||||||||||||||||||||
Legal and professional fees | 2,679 | 4,062 | 3,794 | 14,220 | 11,529 | |||||||||||||||||||||||||||
FDIC assessments | 2,258 | 2,116 | 760 | 5,817 | 2,248 | |||||||||||||||||||||||||||
Amortization of intangibles | 7,457 | 7,654 | 1,446 | 21,838 | 4,338 | |||||||||||||||||||||||||||
Foreclosed property expense and net (gain) loss on sale | 274 | (57) | 9 | 412 | (1,123) | |||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | — | — | 1,015 | 1,239 | 1,157 | |||||||||||||||||||||||||||
Other | 7,210 | 8,266 | 7,506 | 22,613 | 17,576 | |||||||||||||||||||||||||||
Total | $ | 93,915 | $ | 107,865 | $ | 61,359 | $ | 309,255 | $ | 176,424 | ||||||||||||||||||||||
Third | Second | Third | Nine Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | September 30, | |||||||||||||||||||||||||||||
(In thousands, except ratios) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Noninterest expense, as reported | $ | 93,915 | $ | 107,865 | $ | 61,359 | $ | 309,255 | $ | 176,424 | ||||||||||||||||||||||
Merger related charges | ||||||||||||||||||||||||||||||||
Salaries and wages | — | (1,573) | — | (5,813) | (3,605) | |||||||||||||||||||||||||||
Outsourced data processing costs | — | (10,904) | — | (17,455) | (1,052) | |||||||||||||||||||||||||||
Legal and professional fees | — | (1,664) | (1,791) | (6,453) | (6,055) | |||||||||||||||||||||||||||
Other categories | — | (1,507) | (263) | (3,459) | (1,073) | |||||||||||||||||||||||||||
Total merger related charges | — | (15,648) | (2,054) | (33,180) | (11,785) | |||||||||||||||||||||||||||
Amortization of intangibles | (7,457) | (7,654) | (1,446) | (21,838) | (4,338) | |||||||||||||||||||||||||||
Branch reductions and other expense initiatives | (3,305) | (571) | (960) | (5,167) | (1,034) | |||||||||||||||||||||||||||
Adjusted noninterest expense1 | $ | 83,153 | $ | 83,992 | $ | 56,899 | $ | 249,070 | $ | 159,267 | ||||||||||||||||||||||
Foreclosed property expense and net gain (loss) on sale | (274) | 57 | (9) | (412) | 1,123 | |||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | — | — | (1,015) | (1,239) | (1,157) | |||||||||||||||||||||||||||
Net adjusted noninterest expense1 | $ | 82,879 | $ | 84,049 | $ | 55,875 | $ | 247,419 | $ | 159,233 | ||||||||||||||||||||||
Efficiency ratio | 62.60 | % | 67.34 | % | 57.13 | % | 65.19 | % | 58.45 | % | ||||||||||||||||||||||
Adjusted efficiency ratio1,2 | 60.19 | 56.44 | 53.28 | 56.47 | 53.73 | |||||||||||||||||||||||||||
1Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. | ||||||||||||||||||||||||||||||||
2Adjusted efficiency ratio is defined as noninterest expense, including adjustments to noninterest expense divided by aggregated tax equivalent net interest income and noninterest income, including adjustments to revenue. |
Third | Second | Third | Nine Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | September 30, | |||||||||||||||||||||||||||||
(In thousands, except per share data) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Net income, as reported: | ||||||||||||||||||||||||||||||||
Net income | $ | 31,414 | $ | 31,249 | $ | 29,237 | $ | 74,490 | $ | 82,580 | ||||||||||||||||||||||
Noninterest Income | $ | 17,793 | $ | 21,576 | $ | 16,103 | $ | 61,814 | $ | 48,440 | ||||||||||||||||||||||
Securities losses (gains), net | 387 | 176 | 362 | 456 | 1,114 | |||||||||||||||||||||||||||
BOLI benefits on death (included in other income) | — | — | — | (2,117) | — | |||||||||||||||||||||||||||
Total adjustments to noninterest income | 387 | 176 | 362 | (1,661) | 1,114 | |||||||||||||||||||||||||||
Total Adjusted Noninterest Income | $ | 18,180 | $ | 21,752 | $ | 16,465 | $ | 60,153 | $ | 49,554 | ||||||||||||||||||||||
Noninterest Expense | $ | 93,915 | $ | 107,865 | $ | 61,359 | $ | 309,255 | $ | 176,424 | ||||||||||||||||||||||
Salaries and wages | — | (1,573) | — | (5,813) | (3,605) | |||||||||||||||||||||||||||
Outsourced data processing costs | — | (10,904) | — | (17,455) | (1,052) | |||||||||||||||||||||||||||
Legal and professional fees | — | (1,664) | (1,791) | (6,453) | (6,055) | |||||||||||||||||||||||||||
Other categories | — | (1,507) | (263) | (3,459) | (1,073) | |||||||||||||||||||||||||||
Total merger-related charges | — | (15,648) | (2,054) | (33,180) | (11,785) | |||||||||||||||||||||||||||
Amortization of intangibles | (7,457) | (7,654) | (1,446) | (21,838) | (4,338) | |||||||||||||||||||||||||||
Branch reductions and other expense initiatives1 | (3,305) | (571) | (960) | (5,167) | (1,034) | |||||||||||||||||||||||||||
Total adjustments to noninterest expense | (10,762) | (23,873) | (4,460) | (60,185) | (17,157) | |||||||||||||||||||||||||||
Total Adjusted Noninterest Expense | $ | 83,153 | $ | 83,992 | $ | 56,899 | $ | 249,070 | $ | 159,267 | ||||||||||||||||||||||
Income Taxes | $ | 9,076 | $ | 10,189 | $ | 9,115 | $ | 21,962 | $ | 23,835 | ||||||||||||||||||||||
Tax effect of adjustments | 2,826 | 6,095 | 1,222 | 14,833 | 4,631 | |||||||||||||||||||||||||||
Adjusted income taxes | 11,902 | 16,284 | 10,337 | 36,795 | 28,466 | |||||||||||||||||||||||||||
Adjusted net income | $ | 39,737 | $ | 49,203 | $ | 32,837 | $ | 118,181 | $ | 96,220 | ||||||||||||||||||||||
Earnings per diluted share, as reported | $ | 0.37 | $ | 0.37 | $ | 0.47 | $ | 0.89 | $ | 1.33 | ||||||||||||||||||||||
Adjusted diluted earnings per share | 0.46 | 0.58 | 0.53 | 1.41 | 1.56 | |||||||||||||||||||||||||||
Average diluted shares outstanding | 85,666 | 85,536 | 61,961 | 83,993 | 61,867 | |||||||||||||||||||||||||||
Adjusted Noninterest Expense | $ | 83,153 | $ | 83,992 | $ | 56,899 | $ | 249,070 | $ | 159,267 | ||||||||||||||||||||||
Provision for credit losses on unfunded commitments | — | — | (1,015) | (1,239) | (1,157) | |||||||||||||||||||||||||||
Foreclosed property expense and net gain (loss) on sale | (274) | 57 | (9) | (412) | 1,123 | |||||||||||||||||||||||||||
Net Adjusted Noninterest Expense | $ | 82,879 | $ | 84,049 | $ | 55,875 | $ | 247,419 | $ | 159,233 | ||||||||||||||||||||||
Revenue | $ | 137,099 | $ | 148,539 | $ | 104,387 | $ | 439,235 | $ | 294,893 | ||||||||||||||||||||||
Total adjustments to revenue | 387 | 176 | 362 | (1,661) | 1,114 | |||||||||||||||||||||||||||
Impact of FTE adjustment | 199 | 190 | 115 | 588 | 349 | |||||||||||||||||||||||||||
Adjusted revenue on a fully tax equivalent basis | $ | 137,685 | $ | 148,905 | $ | 104,864 | $ | 438,162 | $ | 296,356 | ||||||||||||||||||||||
Adjusted Efficiency Ratio | 60.19 | % | 56.44 | % | 53.28 | % | 56.47 | % | 53.73 | % | ||||||||||||||||||||||
Net Interest Income | $ | 119,306 | $ | 126,963 | $ | 88,284 | $ | 377,421 | $ | 246,453 | ||||||||||||||||||||||
Impact of FTE adjustment | 199 | 190 | 115 | 588 | 349 | |||||||||||||||||||||||||||
Net interest income including FTE adjustment | 119,505 | 127,153 | 88,399 | 378,009 | 246,802 |
Third | Second | Third | Nine Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | September 30, | |||||||||||||||||||||||||||||
(In thousands, except per share data) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Noninterest income | 17,793 | 21,576 | 16,103 | 61,814 | 48,440 | |||||||||||||||||||||||||||
Noninterest expense | 93,915 | 107,865 | 61,359 | 309,255 | 176,424 | |||||||||||||||||||||||||||
Pre-Tax Pre-Provision Earnings | 43,383 | 40,864 | 43,143 | 130,568 | 118,818 | |||||||||||||||||||||||||||
Adjustments to noninterest income | 387 | 176 | 362 | (1,661) | 1,114 | |||||||||||||||||||||||||||
Adjustments to noninterest expense | (11,036) | (23,816) | (5,484) | (61,836) | (17,191) | |||||||||||||||||||||||||||
Adjusted Pre-Tax Pre-Provision Earnings | $ | 54,806 | $ | 64,856 | $ | 48,989 | $ | 190,743 | $ | 137,123 | ||||||||||||||||||||||
Average Assets | $ | 14,906,003 | $ | 14,887,289 | $ | 10,585,338 | $ | 14,583,932 | $ | 10,684,632 | ||||||||||||||||||||||
Less average goodwill and intangible assets | (839,787) | (842,988) | (305,935) | (811,483) | (305,895) | |||||||||||||||||||||||||||
Average Tangible Assets | $ | 14,066,216 | $ | 14,044,301 | $ | 10,279,403 | $ | 13,772,449 | $ | 10,378,737 | ||||||||||||||||||||||
Return on Average Assets (ROA) | 0.84 | % | 0.84 | % | 1.10 | % | 0.68 | % | 1.03 | % | ||||||||||||||||||||||
Impact of removing average intangible assets and related amortization | 0.20 | 0.22 | 0.07 | 0.20 | 0.08 | |||||||||||||||||||||||||||
Return on Average Tangible Assets (ROTA) | 1.04 | 1.06 | 1.17 | 0.88 | 1.11 | |||||||||||||||||||||||||||
Impact of other adjustments for Adjusted Net Income | 0.08 | 0.35 | 0.10 | 0.27 | 0.13 | |||||||||||||||||||||||||||
Adjusted Return on Average Tangible Assets | 1.12 | % | 1.41 | % | 1.27 | % | 1.15 | % | 1.24 | % | ||||||||||||||||||||||
Pre-Tax Pre-Provision return on Average Tangible Assets | 1.38 | % | 1.33 | % | 1.71 | % | 1.43 | % | 1.57 | % | ||||||||||||||||||||||
Impact of adjustments on Pre-Tax Pre-Provision earnings | 0.17 | 0.52 | 0.18 | 0.42 | 0.20 | |||||||||||||||||||||||||||
Adjusted Pre-Tax Pre-Provision Return on Tangible Assets | 1.55 | % | 1.85 | % | 1.89 | % | 1.85 | % | 1.77 | % | ||||||||||||||||||||||
Average Shareholders' Equity | $ | 2,072,747 | $ | 2,070,529 | $ | 1,349,475 | $ | 2,014,083 | $ | 1,366,672 | ||||||||||||||||||||||
Less average goodwill and intangible assets | (839,787) | (842,988) | (305,935) | (811,483) | (305,895) | |||||||||||||||||||||||||||
Average Tangible Equity | $ | 1,232,960 | $ | 1,227,541 | $ | 1,043,540 | $ | 1,202,600 | $ | 1,060,777 | ||||||||||||||||||||||
Return on Average Shareholders' Equity | 6.01 | % | 6.05 | % | 8.60 | % | 4.94 | % | 8.08 | % | ||||||||||||||||||||||
Impact of removing average intangible assets and related amortization | 5.89 | 6.03 | 2.93 | 5.15 | 2.74 | |||||||||||||||||||||||||||
Return on Average Tangible Common Equity (ROTCE) | 11.90 | 12.08 | 11.53 | 10.09 | 10.82 | |||||||||||||||||||||||||||
Impact of other adjustments for Adjusted Net Income | 0.89 | 4.00 | 0.95 | 3.05 | 1.31 | |||||||||||||||||||||||||||
Adjusted Return on Average Tangible Common Equity | 12.79 | % | 16.08 | % | 12.48 | % | 13.14 | % | 12.13 | % | ||||||||||||||||||||||
Loan Interest Income2 | $ | 150,048 | $ | 148,432 | $ | 74,050 | $ | 433,821 | $ | 210,636 | ||||||||||||||||||||||
Accretion on acquired loans | (14,843) | (14,580) | (2,242) | (45,365) | (8,679) | |||||||||||||||||||||||||||
Loan interest income excluding accretion on acquired loans2 | $ | 135,205 | $ | 133,852 | $ | 71,808 | $ | 388,456 | $ | 201,957 | ||||||||||||||||||||||
Yield on Loans2 | 5.93 | % | 5.89 | % | 4.45 | % | 5.89 | % | 4.35 | % | ||||||||||||||||||||||
Impact of accretion on acquired loans | (0.59) | (0.58) | (0.14) | (0.61) | (0.18) | |||||||||||||||||||||||||||
Yield on loans excluding accretion on acquired loans2 | 5.34 | % | 5.31 | % | 4.31 | % | 5.28 | % | 4.17 | % | ||||||||||||||||||||||
Net Interest Income2 | $ | 119,505 | $ | 127,153 | $ | 88,399 | $ | 378,009 | $ | 246,802 | ||||||||||||||||||||||
Accretion on acquired loans | (14,843) | (14,580) | (2,242) | (45,365) | (8,679) | |||||||||||||||||||||||||||
Net interest income excluding accretion on acquired loans2 | $ | 104,662 | $ | 112,573 | $ | 86,157 | $ | 332,644 | $ | 238,123 |
Third | Second | Third | Nine Months Ended | |||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | September 30, | |||||||||||||||||||||||||||||
(In thousands, except per share data) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Net Interest Margin2 | 3.57 | % | 3.86 | % | 3.67 | % | 3.91 | % | 3.44 | % | ||||||||||||||||||||||
Impact of accretion on acquired loans | (0.44) | (0.44) | (0.09) | (0.47) | (0.12) | |||||||||||||||||||||||||||
Net interest margin excluding accretion on acquired loans2 | 3.13 | % | 3.42 | % | 3.58 | % | 3.44 | % | 3.32 | % | ||||||||||||||||||||||
Securities Interest Income2 | $ | 21,520 | $ | 21,018 | $ | 15,827 | $ | 61,913 | $ | 38,607 | ||||||||||||||||||||||
Tax equivalent adjustment to securities | (22) | (23) | (35) | (71) | (108) | |||||||||||||||||||||||||||
Securities interest income excluding tax equivalent adjustment | $ | 21,498 | $ | 20,995 | $ | 15,792 | $ | 61,842 | $ | 38,499 | ||||||||||||||||||||||
Loan Interest Income2 | $ | 150,048 | $ | 148,432 | $ | 74,050 | $ | 433,821 | $ | 210,636 | ||||||||||||||||||||||
Tax equivalent adjustment to loans | (177) | (167) | (80) | (517) | (241) | |||||||||||||||||||||||||||
Loan interest income excluding tax equivalent adjustment | $ | 149,871 | $ | 148,265 | $ | 73,970 | $ | 433,304 | $ | 210,395 | ||||||||||||||||||||||
Net Interest Income2 | $ | 119,505 | $ | 127,153 | $ | 88,399 | $ | 378,009 | $ | 246,802 | ||||||||||||||||||||||
Tax equivalent adjustments to securities | (22) | (23) | (35) | (71) | (108) | |||||||||||||||||||||||||||
Tax equivalent adjustments to loans | (177) | (167) | (80) | (517) | (241) | |||||||||||||||||||||||||||
Net interest income excluding tax equivalent adjustments | $ | 119,306 | $ | 126,963 | $ | 88,284 | $ | 377,421 | $ | 246,453 | ||||||||||||||||||||||
1Includes severance, contract termination costs, disposition of branch premises and fixed assets, and other costs to effect the Company's branch consolidation and other expense reduction strategies. | ||||||||||||||||||||||||||||||||
2On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. |
September 30, 2023 | ||||||||||||||||||||||||||
(In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | ||||||||||||||||||||||
Construction and land development | $ | 474,788 | $ | 308,429 | $ | 10,519 | $ | 793,736 | ||||||||||||||||||
Commercial real estate - owner occupied | 1,056,521 | 580,725 | 38,635 | 1,675,881 | ||||||||||||||||||||||
Commercial real estate - non-owner occupied | 1,774,919 | 1,357,624 | 153,431 | 3,285,974 | ||||||||||||||||||||||
Residential real estate | 1,693,169 | 703,628 | 22,106 | 2,418,903 | ||||||||||||||||||||||
Commercial and financial | 1,187,340 | 340,412 | 56,298 | 1,584,050 | ||||||||||||||||||||||
Consumer | 155,576 | 92,122 | 842 | 248,540 | ||||||||||||||||||||||
PPP Loans | 809 | 3,293 | — | 4,102 | ||||||||||||||||||||||
Totals | $ | 6,343,122 | $ | 3,386,233 | $ | 281,831 | $ | 10,011,186 | ||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
(In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | ||||||||||||||||||||||
Construction and land development | $ | 364,900 | $ | 201,333 | $ | 21,100 | $ | 587,332 | ||||||||||||||||||
Commercial real estate - owner occupied | 995,154 | 451,202 | 31,946 | 1,478,302 | ||||||||||||||||||||||
Commercial real estate - non-owner occupied | 1,695,411 | 767,138 | 127,225 | 2,589,774 | ||||||||||||||||||||||
Residential real estate | 1,558,643 | 271,378 | 19,482 | 1,849,503 | ||||||||||||||||||||||
Commercial and financial | 1,151,273 | 182,124 | 15,238 | 1,348,636 | ||||||||||||||||||||||
Consumer | 177,338 | 89,458 | 19,791 | 286,587 | ||||||||||||||||||||||
PPP Loans | 1,474 | 3,116 | — | 4,590 | ||||||||||||||||||||||
Totals | $ | 5,944,193 | $ | 1,965,749 | $ | 234,782 | $ | 8,144,724 |
September 30, 2023 | |||||||||||
(In thousands) | Amortized Cost Basis | % of Total Loans | |||||||||
Commercial real estate - non-owner occupied | |||||||||||
Retail | $ | 1,041,818 | 10.41 | % | |||||||
Office | 595,381 | 5.95 | |||||||||
Multifamily 5+ | 501,614 | 5.01 | |||||||||
Hotel/Motel | 394,367 | 3.94 | |||||||||
Industrial/Warehouse | 355,213 | 3.55 | |||||||||
Other | 397,581 | 3.96 | |||||||||
Total commercial real estate - non-owner occupied | $ | 3,285,974 | 32.82 | % |
September 30, 2023 | ||||||||||||||||||||
Nonaccrual Loans | ||||||||||||||||||||
(In thousands) | Non-Current | Current | Total | |||||||||||||||||
Construction and land development | $ | 142 | $ | 14 | $ | 156 | ||||||||||||||
Commercial real estate - owner occupied | 2,015 | 5,947 | 7,962 | |||||||||||||||||
Commercial real estate - non-owner occupied | 4,308 | 5,342 | 9,650 | |||||||||||||||||
Residential real estate | 4,761 | 5,307 | 10,068 | |||||||||||||||||
Commercial and financial | 6,338 | 5,984 | 12,322 | |||||||||||||||||
Consumer | 1,274 | 76 | 1,350 | |||||||||||||||||
Total | $ | 18,838 | $ | 22,670 | $ | 41,508 | ||||||||||||||
December 31, 2022 | ||||||||||||||||||||
Nonaccrual Loans | ||||||||||||||||||||
(In thousands) | Non-Current | Current | Total | |||||||||||||||||
Construction and land development | $ | 53 | $ | 562 | $ | 615 | ||||||||||||||
Commercial real estate - owner occupied | — | 2,597 | 2,597 | |||||||||||||||||
Commercial real estate - non-owner occupied | 2,892 | 1,292 | 4,184 | |||||||||||||||||
Residential real estate | 2,213 | 6,896 | 9,109 | |||||||||||||||||
Commercial and financial | 4,189 | 7,426 | 11,615 | |||||||||||||||||
Consumer | 18 | 705 | 723 | |||||||||||||||||
Total | $ | 9,365 | $ | 19,478 | $ | 28,843 | ||||||||||||||
September 30, | December 31, | |||||||||||||
(In thousands, except ratios) | 2023 | 2022 | ||||||||||||
Noninterest demand | $ | 3,868,132 | $ | 4,070,973 | ||||||||||
Interest-bearing demand | 2,800,152 | 2,337,590 | ||||||||||||
Money market | 3,143,897 | 1,985,974 | ||||||||||||
Savings | 721,558 | 1,064,392 | ||||||||||||
Time certificates of deposit | 1,574,095 | 522,666 | ||||||||||||
Total deposits | $ | 12,107,834 | $ | 9,981,595 | ||||||||||
Customer sweep accounts | $ | 276,450 | $ | 172,029 | ||||||||||
Noninterest demand deposits as % of total deposits | 32 | % | 41 | % |
(In thousands) | 2023 | 2022 | ||||||||||||
Beginning balance at December 31, 2022 and 2021 | $ | 1,607,775 | $ | 1,310,736 | ||||||||||
Net income | 74,490 | 82,580 | ||||||||||||
Common stock transactions related to stock based employee benefit plans | 4,316 | — | ||||||||||||
Issuance of common stock and conversion of options pursuant to acquisitions | 421,042 | 94,067 | ||||||||||||
Stock compensation, net of Treasury shares acquired | 10,290 | 9,651 | ||||||||||||
Issuance of common share dividend | (45,236) | (29,012) | ||||||||||||
Change in accumulated other comprehensive income | (24,238) | (180,220) | ||||||||||||
Repurchase of common stock | (45) | — | ||||||||||||
Ending balance at September 30, 2023 and 2022 | $ | 2,048,394 | $ | 1,287,802 |
September 30, 2023 | Seacoast (Consolidated) | Seacoast Bank | Minimum to be Well- Capitalized1 | |||||||||||||||||
Total Risk-Based Capital Ratio | 15.09% | 14.26% | 10.00% | |||||||||||||||||
Tier 1 Capital Ratio | 14.00 | 13.17 | 8.00 | |||||||||||||||||
Common Equity Tier 1 Ratio (CET1) | 13.34 | 13.17 | 6.50 | |||||||||||||||||
Leverage Ratio | 10.71 | 10.05 | 5.00 | |||||||||||||||||
1For subsidiary bank only. |
% Change in Projected Baseline | ||||||||
Change in Interest Rates | Net Interest Income | |||||||
1-12 months | ||||||||
+3.00% | (14.3)% | |||||||
+2.00% | (7.0)% | |||||||
+1.00% | (3.6)% | |||||||
Current | —% | |||||||
-1.00% | 0.9% | |||||||
-2.00% | (0.3%) | |||||||
-3.00% | (1.3%) |
% Change in | ||||||||
Change in Interest Rates | Economic Value of | |||||||
Equity | ||||||||
+3.00% | (18.9)% | |||||||
+2.00% | (12.5)% | |||||||
+1.00% | (5.5)% | |||||||
Current | —% | |||||||
-1.00% | 3.9% | |||||||
-2.00% | 6.9% | |||||||
-3.00% | 7.9% |
Period | Total Number of Shares Purchased1 | Average Price Paid Per Share | Total Number of Shares Purchased as part of Public Announced Plan | Maximum Value of Shares that May Yet be Purchased Under the Plan (in thousands) | ||||||||||||||||||||||
1/1/23 to 1/31/23 | 8,783 | $ | 31.23 | — | $ | 100,000 | ||||||||||||||||||||
2/1/23 to 2/28/23 | — | — | — | 100,000 | ||||||||||||||||||||||
3/1/23 to 3/31/23 | 2,703 | 28.15 | — | 100,000 | ||||||||||||||||||||||
Total - 1st Quarter | 11,486 | $ | 29.84 | — | $ | 100,000 | ||||||||||||||||||||
4/1/23 to 4/30/23 | 47,516 | 23.70 | — | 100,000 | ||||||||||||||||||||||
5/1/23 to 5/31/23 | — | 17.99 | 2,515 | 99,955 | ||||||||||||||||||||||
6/1/23 to 6/30/23 | 7,117 | 31.90 | — | 99,955 | ||||||||||||||||||||||
Total - 2nd Quarter | 54,633 | $ | 23.72 | 2,515 | $ | 99,955 | ||||||||||||||||||||
7/1/23 to 7/31/23 | 4,121 | 23.46 | — | 99,955 | ||||||||||||||||||||||
8/1/23 to 8/31/23 | — | — | — | 99,955 | ||||||||||||||||||||||
9/1/23 to 9/30/23 | — | — | — | 99,955 | ||||||||||||||||||||||
Total - 3rd Quarter | 4,121 | $ | 23.46 | — | $ | 99,955 | ||||||||||||||||||||
1Shares purchased from January 1, 2023 through September 30, 2023 represent shares surrendered to the Company to satisfy tax withholding related to the exercise of stock options and the vesting of share-based awards. |
Exhibit 3.1.1 Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q, filed May 10, 2006. | |||||
Exhibit 3.1.2 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 23, 2008. | |||||
Exhibit 3.1.3 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.4 to the Company's Form S-1, filed June 22, 2009. | |||||
Exhibit 3.1.4 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company's Form 8-K, filed July 20, 2009. | |||||
Exhibit 3.1.5 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 3, 2009. | |||||
Exhibit 3.1.6 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K/A, filed July 14, 2010. | |||||
Exhibit 3.1.7 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 25, 2010. | |||||
Exhibit 3.1.8 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 1, 2011. | |||||
Exhibit 3.1.9 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 13, 2013. | |||||
Exhibit 3.1.10 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company's Form 8K, filed May 30, 2018. | |||||
Exhibit 3.2 Amended and Restated By-laws of the Company Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed October 26, 2020. | |||||
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 | ||||||||
Exhibit 32.2 | ||||||||
Exhibit 101 | The following materials from Seacoast Banking Corporation of Florida’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 formatted in Inline XBRL: (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Shareholders' Equity and (vi) the Notes to the Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | |||||||
Exhibit 104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline XBRL. |
SEACOAST BANKING CORPORATION OF FLORIDA |
November 8, 2023 | /s/ Charles M. Shaffer | ||||
Charles M. Shaffer | |||||
Chairman and Chief Executive Officer |
November 8, 2023 | /s/ Tracey L. Dexter | ||||
Tracey L. Dexter | |||||
Executive Vice President and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Seacoast Banking Corporation of Florida; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 8, 2023 | /s/ Charles M. Shaffer | |||||||||||||
Charles M. Shaffer | ||||||||||||||
Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Seacoast Banking Corporation of Florida; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 8, 2023 | /s/ Tracey L. Dexter | |||||||||||||
Tracey L. Dexter | ||||||||||||||
Executive Vice President and Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: November 8, 2023 | /s/ Charles M. Shaffer | |||||||||||||
Charles M. Shaffer | ||||||||||||||
Chairman and Chief Executive Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: November 8, 2023 | /s/ Tracey L. Dexter | |||||||||||||
Tracey L. Dexter | ||||||||||||||
Executive Vice President and Chief Financial Officer |
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Statement [Abstract] | ||||
Interest and fees on loans | $ 149,871 | $ 73,970 | $ 433,304 | $ 210,395 |
Interest and dividends on securities | 21,498 | 15,791 | 61,842 | 38,497 |
Interest on interest bearing deposits and other investments | 8,477 | 1,643 | 16,974 | 4,493 |
Total Interest Income | 179,846 | 91,404 | 512,120 | 253,385 |
Interest on deposits | 38,396 | 1,623 | 81,612 | 3,384 |
Interest on time certificates | 16,461 | 380 | 36,490 | 1,284 |
Interest on borrowed money | 5,683 | 1,117 | 16,597 | 2,264 |
Total Interest Expense | 60,540 | 3,120 | 134,699 | 6,932 |
Net Interest Income | 119,306 | 88,284 | 377,421 | 246,453 |
Provision for credit losses | 2,694 | 4,676 | 33,528 | 12,054 |
Net Interest Income after Provision for Credit Losses | 116,612 | 83,608 | 343,893 | 234,399 |
Noninterest income: | ||||
Service charges on deposit accounts | 4,648 | 3,504 | 13,450 | 9,713 |
Interchange income | 1,684 | 4,138 | 11,444 | 12,521 |
Wealth management income | 3,138 | 2,732 | 9,519 | 8,165 |
Mortgage banking fees | 410 | 434 | 1,412 | 3,052 |
Insurance agency income | 1,183 | 0 | 3,444 | 0 |
SBA gains | 613 | 108 | 1,184 | 737 |
BOLI income | 2,197 | 1,363 | 6,181 | 4,046 |
Other | 4,307 | 4,186 | 15,636 | 11,320 |
Noninterest income, excluding securities gains (losses) | 18,180 | 16,465 | 62,270 | 49,554 |
Securities losses, net | (387) | (362) | (456) | (1,114) |
Total Noninterest Income | 17,793 | 16,103 | 61,814 | 48,440 |
Noninterest Expense: | ||||
Salaries and wages | 46,431 | 28,420 | 139,202 | 84,695 |
Employee benefits | 7,206 | 4,074 | 23,240 | 13,726 |
Outsourced data processing costs | 8,714 | 5,393 | 43,489 | 17,592 |
Telephone / data lines | 1,409 | 973 | 4,008 | 2,614 |
Occupancy | 6,349 | 5,046 | 20,352 | 13,082 |
Furniture and equipment | 2,052 | 1,462 | 6,664 | 4,476 |
Marketing | 1,876 | 1,461 | 6,161 | 4,514 |
Legal and professional fees | 2,679 | 3,794 | 14,220 | 11,529 |
FDIC assessments | 2,258 | 760 | 5,817 | 2,248 |
Amortization of intangibles | 7,457 | 1,446 | 21,838 | 4,338 |
Foreclosed property expense and net loss (gain) on sale | 274 | 9 | 412 | (1,123) |
Provision for credit losses on unfunded commitments | 0 | 1,015 | 1,239 | 1,157 |
Other | 7,210 | 7,506 | 22,613 | 17,576 |
Total Noninterest Expense | 93,915 | 61,359 | 309,255 | 176,424 |
Income Before Income Taxes | 40,490 | 38,352 | 96,452 | 106,415 |
Provision for income taxes | 9,076 | 9,115 | 21,962 | 23,835 |
Net Income | $ 31,414 | $ 29,237 | $ 74,490 | $ 82,580 |
Net income per share of common stock | ||||
Diluted (in dollars per share) | $ 0.37 | $ 0.47 | $ 0.89 | $ 1.33 |
Basic (in dollars per share) | $ 0.37 | $ 0.48 | $ 0.89 | $ 1.35 |
Average common shares outstanding | ||||
Diluted (in shares) | 85,666 | 61,961 | 83,993 | 61,867 |
Basic (in shares) | 85,142 | 61,442 | 83,457 | 61,327 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized losses on available-for-sale securities, tax (benefit) expense | $ (8,100) | $ (20,300) | $ (9,300) | $ (56,800) |
Amortization of unrealized gains and losses on securities transferred to held-to-maturity, tax expense (benefit) | (3) | (3) | (10) | (4) |
Reclassification adjustment for (gains) included in net income, tax expense (benefit) | 1 | |||
Unrealized gains (losses) on fair value hedging derivatives, net of reclassifications, tax expense (benefit) | 200 | 1,800 | ||
Unrealized gains (losses) on cash flow hedging derivatives, net of reclassifications, tax expense (benefit) | $ 43 | $ 22 | $ 114 | $ 3 |
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Held to maturity, fair value | $ 537,218 | $ 617,741 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 85,672,995 | 72,099,136 |
Common stock, shares outstanding (in shares) | 85,149,880 | 71,617,852 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Paid-in Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2021 | 58,504,000 | |||||
Beginning balance at Dec. 31, 2021 | $ 1,310,736 | $ 5,850 | $ 963,851 | $ 358,598 | $ (10,569) | $ (6,994) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | (97,640) | 82,580 | (180,220) | |||
Stock based compensation expense (in shares) | 21,000 | |||||
Stock based compensation expense | 6,620 | 6,620 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 401,000 | |||||
Common stock transactions related to stock based employee benefit plans | 3,031 | $ 43 | 3,958 | (970) | ||
Issuance of common stock, pursuant to acquisitions (in shares) | 2,550,000 | |||||
Issuance of common stock, pursuant to acquisitions | 90,234 | $ 255 | 89,979 | |||
Conversion of options, pursuant to acquisition | 3,833 | 3,833 | ||||
Dividends on common stock | (29,012) | (29,012) | ||||
Increase (decrease) in shares during period (in shares) | 2,972,000 | |||||
Increase (decrease) in stockholders' equity during period | (22,934) | $ 298 | 104,390 | 53,568 | (970) | (180,220) |
Ending balance (in shares) at Sep. 30, 2022 | 61,476,000 | |||||
Ending balance at Sep. 30, 2022 | 1,287,802 | $ 6,148 | 1,068,241 | 412,166 | (11,539) | (187,214) |
Beginning balance (in shares) at Jun. 30, 2022 | 61,410,000 | |||||
Beginning balance at Jun. 30, 2022 | 1,329,575 | $ 6,141 | 1,065,167 | 393,431 | (11,632) | (123,532) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | (34,445) | 29,237 | (63,682) | |||
Stock based compensation expense (in shares) | 21,000 | |||||
Stock based compensation expense | 2,504 | 2,504 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 45,000 | |||||
Common stock transactions related to stock based employee benefit plans | 670 | $ 7 | 570 | 93 | ||
Dividends on common stock | (10,502) | (10,502) | ||||
Increase (decrease) in shares during period (in shares) | 66,000 | |||||
Increase (decrease) in stockholders' equity during period | (41,773) | $ 7 | 3,074 | 18,735 | 93 | (63,682) |
Ending balance (in shares) at Sep. 30, 2022 | 61,476,000 | |||||
Ending balance at Sep. 30, 2022 | $ 1,287,802 | $ 6,148 | 1,068,241 | 412,166 | (11,539) | (187,214) |
Beginning balance (in shares) at Dec. 31, 2022 | 71,617,852 | 71,618,000 | ||||
Beginning balance at Dec. 31, 2022 | $ 1,607,775 | $ 7,162 | 1,377,802 | 423,863 | (13,019) | (188,033) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 50,252 | 74,490 | (24,238) | |||
Stock based compensation expense (in shares) | 30,000 | |||||
Stock based compensation expense | 10,290 | 10,290 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 713,000 | |||||
Common stock transactions related to stock based employee benefit plans | 4,316 | $ 74 | 5,258 | (1,016) | ||
Repurchase of common stock (in shares) | (3,000) | |||||
Repurchase of common stock | (45) | (45) | ||||
Issuance of common stock, pursuant to acquisitions (in shares) | 12,792,000 | |||||
Issuance of common stock, pursuant to acquisitions | 410,738 | $ 1,279 | 409,459 | |||
Conversion of options, pursuant to acquisition | 10,304 | 10,304 | ||||
Dividends on common stock | (45,236) | (45,236) | ||||
Increase (decrease) in shares during period (in shares) | 13,532,000 | |||||
Increase (decrease) in stockholders' equity during period | $ 440,619 | $ 1,353 | 435,266 | 29,254 | (1,016) | (24,238) |
Ending balance (in shares) at Sep. 30, 2023 | 85,149,880 | 85,150,000 | ||||
Ending balance at Sep. 30, 2023 | $ 2,048,394 | $ 8,515 | 1,813,068 | 453,117 | (14,035) | (212,271) |
Beginning balance (in shares) at Jun. 30, 2023 | 85,086,000 | |||||
Beginning balance at Jun. 30, 2023 | 2,054,032 | $ 8,509 | 1,809,431 | 437,087 | (14,171) | (186,824) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 5,967 | 31,414 | (25,447) | |||
Stock based compensation expense (in shares) | 30,000 | |||||
Stock based compensation expense | 3,194 | 3,194 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 34,000 | |||||
Common stock transactions related to stock based employee benefit plans | 585 | $ 6 | 443 | 136 | ||
Dividends on common stock | (15,384) | (15,384) | ||||
Increase (decrease) in shares during period (in shares) | 64,000 | |||||
Increase (decrease) in stockholders' equity during period | $ (5,638) | $ 6 | 3,637 | 16,030 | 136 | (25,447) |
Ending balance (in shares) at Sep. 30, 2023 | 85,149,880 | 85,150,000 | ||||
Ending balance at Sep. 30, 2023 | $ 2,048,394 | $ 8,515 | $ 1,813,068 | $ 453,117 | $ (14,035) | $ (212,271) |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
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Sep. 30, 2023 |
Sep. 30, 2022 |
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Statement of Stockholders' Equity [Abstract] | ||||
Dividends on common stock (in dollars per share) | $ 0.18 | $ 0.17 | $ 0.53 | $ 0.47 |
Basis of Presentation |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Presentation: The accompanying unaudited consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates: The preparation of these consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well-controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues, and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include the determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value measurements, and contingent liabilities. Adoption of New Accounting Pronouncement On January 1, 2023, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2022-02, “Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (“TDRs”) in ASC 310-40, Receivables – Troubled Debt Restructurings by Creditors, and introduces new disclosures related to modifications with borrowers that are experiencing financial difficulties. ASU 2022-02 also requires the disclosure of current-period gross write-offs by year of origination for financing receivables held at amortized cost. Upon adoption, the Company eliminated the separate allowance for credit loss estimation process for loans classified as TDRs. The adoption did not have a material impact to the consolidated financial statements. For additional information on the loans modified for borrowers in financial difficulty and for the disclosure of current-period gross write-offs by year of origination, see “Note 4 – Loans.” On January 1, 2023, the Company adopted FASB ASU 2022-01, “Fair Value Hedging - Portfolio Layer Method.” ASU 2022-01 permits the designation of multiple hedging relationships on a single closed portfolio. The guidance also expands the scope of the portfolio layer method to include non-prepayable assets, specifies eligible hedging instruments in a single-layer hedge, and provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method. The adoption did not have a material impact to the consolidated financial statements. For additional information on fair value hedges, see “Note 6 – Derivatives.”
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Earnings per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. For the three and nine months ended September 30, 2023, 368,968 options to purchase shares of the Company’s common stock were anti-dilutive. For the three and nine months ended September 30, 2022, 1,505 options to purchase shares of the Company's common stock were anti-dilutive.
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Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at September 30, 2023 and December 31, 2022 are summarized as follows:
During the three months ended March 31, 2023, debt securities with a fair value of $22.1 million obtained in the acquisition of Professional Holding Corp. (“Professional”) were sold. No gain or loss was recognized on the sale. There were $8.4 million in other sales of securities during the three months ended March 31, 2023, with gross gains of $24 thousand and gross losses of $19 thousand. There were no other sales of securities during the three and nine months ended September 30, 2023. During the three months ended March 31, 2022, securities with a fair value of $26.0 million obtained in the acquisition of Business Bank of Florida Corp. were immediately sold. No gain or loss was recognized on the sale. There were no other sales of securities during the three and nine months ended September 30, 2022. Included in “Securities losses, net” are decreases of $0.4 million and $0.5 million for the three and nine months ended September 30, 2023, respectively, and decreases of $0.4 million and $1.1 million for the three and nine months ended September 30, 2022, respectively, in the value of investments in mutual funds that invest in CRA-qualified debt securities. At September 30, 2023, debt securities with a fair value of $1.8 billion were pledged primarily as collateral for public deposits and secured borrowings. The amortized cost and fair value of securities as of September 30, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models, or discounted cash flow analyses, or using observable market data. The tables below indicate the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded.
At September 30, 2023, the Company had unrealized losses of $266.7 million on mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $1.3 billion. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide a sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, on September 30, 2023, no allowance for credit losses has been recorded. At September 30, 2023, the Company had $13.9 million of unrealized losses on private-label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $124.2 million. The securities have a weighted average credit support of 22%. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2023, no allowance for credit losses has been recorded. At September 30, 2023, the Company had $3.5 million of unrealized losses in floating rate collateralized loan obligations (“CLOs”) having a fair value of $304.2 million. CLOs are special purpose vehicles and those in which the Company has invested are nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of September 30, 2023, all positions held by the Company are in AAA and AA tranches, with weighted average credit support of 38% and 25%, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2023, no allowance for credit losses has been recorded. At September 30, 2023, the Company had $2.1 million of unrealized losses on municipal securities having a fair value of $19.7 million. These securities are highly rated issuances of state or local municipalities, all of which are continuing to make timely contractual payments. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. As a result, as of September 30, 2023, no allowance for credit losses has been recorded. All held-to-maturity (“HTM”) debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. While the potential for default on these securities may be greater than zero, the long history with no credit losses, the implied government guarantee of principal and interest payments, and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if default were to occur. As a result, as of September 30, 2023, no allowance for credit losses has been recorded. The Company has the intent and ability to hold these securities until maturity. Included in Other Assets at September 30, 2023 is $70.5 million of Federal Home Loan Bank and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Accrued interest receivable on available-for-sale (“AFS”) and HTM debt securities of $8.1 million and $1.1 million, respectively, at September 30, 2023, and $7.0 million and $1.3 million, respectively, at December 31, 2022, is included in Other Assets. Also included in Other Assets are investments in CRA-qualified mutual funds carried at fair value of $13.1 million and $8.2 million at September 30, 2023 and December 31, 2022, respectively. The Company holds 11,330 shares of Visa Class B stock, which, following the resolution of Visa litigation, will be converted to Visa Class A shares. Under the current conversion ratio that became effective September 28, 2023, the Company would receive 1.5875 shares of Class A stock for each share of Class B stock for a total of 17,986 shares of Visa Class A stock. The ownership of Visa stock is related to prior ownership in Visa's network while Visa operated as a cooperative, and is recorded on the Company's financial records at a zero basis.
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Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans Loans held for investment are categorized into the following segments: •Construction and land development: Loans are extended to both commercial and consumer customers which are collateralized by and for the purpose of funding land development and construction projects, including 1-4 family residential construction, multi-family property, and non-farm residential property where the primary source of repayment is from proceeds of the sale, refinancing or permanent financing of the property. •Commercial real estate - owner occupied: Loans are extended to commercial customers for the purpose of acquiring real estate to be occupied by the borrower's business. These loans are collateralized by the subject property and the repayment of these loans is largely dependent on the performance of the company occupying the property. •Commercial real estate - non-owner occupied: Loans are extended to commercial customers for the purpose of acquiring commercial property where occupancy by the borrower is not their primary intent. These loans are viewed primarily as cash flow loans, collateralized by the subject property, and the repayment of these loans is largely dependent on rental income from the successful operation of the property. •Residential real estate: Loans are extended to consumer customers and collateralized primarily by 1-4 family residential properties and include fixed and variable rate mortgages, home equity mortgages, and home equity lines of credit. Loans are primarily written based on conventional loan agency guidelines, including loans that exceed agency value limitations. Sources of repayment are largely dependent on the occupant of the residential property. •Commercial and financial: Loans are extended to commercial customers. The purpose of the loans can be working capital, physical asset expansion, asset acquisition, or other business purposes. Loans may be collateralized by assets owned by the borrower or the borrower's business. Commercial loans are based primarily on the historical and projected cash flow of the borrower's business and secondarily on the capacity of credit enhancements, guarantees, and underlying collateral provided by the borrower. •Consumer: Loans are extended to consumer customers. The segment includes both installment loans and lines of credit which may be collateralized or non-collateralized. The following tables present net loan balances by segment as of:
The amortized cost basis of loans at September 30, 2023 included net deferred costs of $38.1 million. At December 31, 2022, the amortized cost basis included net deferred costs of $35.1 million. At September 30, 2023, the remaining fair value adjustments on acquired loans were $186.5 million, or 4.9% of the outstanding acquired loan balances, compared to $97.7 million, or 4.3% of the acquired loan balances at December 31, 2022. The discount is accreted into interest income over the remaining lives of the related loans on a level yield basis. Accrued interest receivable is included within Other Assets and was $37.8 million and $28.2 million at September 30, 2023 and December 31, 2022, respectively. The following tables present the status of net loan balances as of September 30, 2023 and December 31, 2022.
The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of:
Collateral-Dependent Loans Loans are considered collateral-dependent when the repayment, based on the Company's assessment as of the reporting date, is expected to be provided substantially through the operation or sale of the underlying collateral and there are no other available and reliable sources of repayment. In the third quarter of 2023, $19.9 million of loans moved from individually evaluated to collectively evaluated as a result of a change in methodology for evaluating loans individually.These loans are no longer reflected as collateral-dependent loans. The following table presents collateral-dependent loans as of:
Loans by Risk Rating The Company utilizes an internal asset classification system as a means of identifying problem and potential problem loans. The following classifications are used to categorize loans under the internal classification system: •Pass: Loans that are not problem loans or potential problem loans are considered to be pass-rated. •Special Mention: Loans that do not currently expose the Company to sufficient risk to warrant classification in the Substandard or Doubtful categories, but possess weaknesses that deserve management's close attention are deemed to be Special Mention. •Substandard: Loans with the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. •Substandard Impaired: Loans typically placed on nonaccrual and considered to be collateral-dependent. •Doubtful: Loans that have all the weaknesses inherent in those classified Substandard with the added characteristic that the weakness present makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The principal balance of loans classified as doubtful is likely to be charged off. The following tables present the risk rating of loans and year-to-date gross charge offs by year of origination as of:
Troubled Borrower Modifications On January 1, 2023, the Company adopted ASU 2022-02 which includes disclosure requirements related to certain modifications of loans to borrowers experiencing financial difficulty, which the Company refers to as troubled borrower modifications (“TBMs”). TBMs are typically in the form of an interest rate reduction, an extension of the amortization period, and/or converting the loan to interest only for a limited period of time. In addition to the change in payment terms, the Company seeks to obtain additional collateral and/or guarantors to provide additional support for the loan. The Company does not typically provide forgiveness of principal as a modification. As of September 30, 2023, the Company had eight loans classified as TBMs totaling $2.2 million, which is considered immaterial. To the extent there are additional modifications in subsequent periods, the Company will disclose additional information about the nature of the modifications, the financial effect of the modifications, and payment defaults of TBMs in the 12 months prior to default, among any other relevant disclosures.
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Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses Activity in the allowance for credit losses is summarized as follows:
Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Forecast data is sourced from Moody’s Analytics (“Moody’s”), a firm widely recognized for its research, analysis, and economic forecasts. The forecasts of future economic conditions are over a period that has been deemed reasonable and supportable, and in segments where it can no longer develop reasonable and supportable forecasts, the Company reverts to longer-term historical loss experience to estimate losses over the remaining life of the loans. As of September 30, 2023 and December 31, 2022, the Company utilized a blend of Moody’s most recent “U.S. Macroeconomic Outlook Baseline” and “Alternative Scenario 3 Downside 90th Percentile” scenarios and considered the uncertainty associated with the assumptions in both scenarios, including continued actions taken by the Federal Reserve with regard to monetary policy and interest rates and the potential impact of those actions, the ongoing Russia-Ukraine conflict and the magnitude of the resulting market disruption, the potential impact of persistently high inflation on economic growth and expectations around a recession occurring over the next 12 to 24 months. Outcomes in any or all of these factors could differ from the scenarios identified above, and the Company incorporated qualitative considerations reflecting the risk of uncertain economic conditions, and for additional dimensions of risk not captured in the quantitative model. The following section discusses changes in the level of the allowance for credit losses for the three months ended September 30, 2023. In the Construction and Land Development segment, the increase in the allowance is due to an increase in expected credit losses driven by changes in collateral type and estimated collateral values. In this segment, the primary source of repayment is typically from proceeds of the sale, refinancing, or permanent financing of the underlying property; therefore, industry and collateral type and estimated collateral values are among the relevant factors in assessing expected losses. In the Commercial Real Estate - Owner-Occupied segment, the allowance decreased from the prior quarter due to slight improvements in the forecast for macroeconomic factors such as the unemployment rate and BBB credit spread. Risk characteristics include but are not limited to, collateral type, note structure and loan seasoning. In the Commercial Real Estate - Non Owner-Occupied segment, the decrease in the allowance is primarily attributed to lower loan balances. Repayment is often dependent upon rental income from the successful operation of the underlying property. Loan performance may be adversely affected by general economic conditions or conditions specific to the real estate market, including property types. Collateral type, note structure, and loan seasoning are among the risk characteristics analyzed for this segment. The Residential Real Estate segment includes first mortgages secured by residential property, and home equity lines of credit. The increase in the allowance is due to an increase in loan balances and an increase in expected credit losses. Risk characteristics considered for this segment include, but are not limited to, borrower FICO score, lien position, loan to value ratios, and loan seasoning. In the Commercial and Financial segment, borrowers are primarily small to medium sized professional firms and other businesses, and loans are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners. The decrease in reserves is primarily attributed to a complete charge-off of an $11.3 million acquired loan that was fully reserved, partially offset by an increase in expected credit losses on commercial and industrial unsecured loans. Industry, collateral type, estimated collateral values, and loan seasoning are among the relevant factors in assessing expected losses. Consumer loans include installment and revolving lines, loans for automobiles, boats, and other personal or family purposes. Risk characteristics considered for this segment include, but are not limited to, collateral type, loan to value ratios, loan seasoning and FICO score. The decrease in the allowance is primarily due to a decrease in loan balances. The allowance for credit losses is composed of specific allowances for loans individually evaluated and general allowances for loans grouped into loan pools based on similar characteristics, which are collectively evaluated. In the third quarter of 2023, $19.9 million of loans moved from individually evaluated to collectively evaluated as a result of a change in methodology for evaluating loans individually. The impact on the reserve was not material. The Company’s loan portfolio and related allowance at September 30, 2023 and December 31, 2022 are shown in the following tables:
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Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives Back-to-Back Swaps The Company offers interest rate swaps when requested by customers to allow them to hedge the risk of rising interest rates on their variable rate loans. Upon entering into these swaps, the Company enters into offsetting positions with counterparties in order to minimize the interest rate risk. These back-to-back swaps qualify as freestanding financial derivatives with the fair values reported in Other Assets and Other Liabilities. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under the arrangements for financial statement presentation purposes. Gains and losses on these back-to-back swaps, which offset, are recorded through noninterest income. No net gains or losses have been recognized to date on these instruments. As of September 30, 2023, the interest rate swaps had an aggregate notional value of $505.7 million, with a fair value of $37.4 million recorded in Other Assets and Other Liabilities. As of December 31, 2022, the interest rate swaps had an aggregate notional value of $312.8 million, with a fair value of $23.1 million recorded in Other Assets and Other Liabilities. The weighted average maturity was 6.0 years at September 30, 2023 and 6.7 years at December 31, 2022. Interest Rate Floors Designated as Cash Flow Hedges The Company has entered into interest rate floor contracts to mitigate exposure to the variability of future cash flows due to changes in interest rates on certain segments of its variable-rate loans. During 2020, the Company entered into two interest rate floor contracts, each with a notional amount of $150.0 million, maturing in October 2023 and November 2023, respectively. The Company considers these derivatives to be highly effective at achieving offsetting changes in cash flows attributable to changes in interest rates and has designated them as cash flow hedges. Therefore, changes in the fair value of these derivative instruments are recognized in other comprehensive income. Amortization of the premium paid on cash flow hedges is recognized in earnings over the term of the hedge in the same caption as the hedged item. As of September 30, 2023 and December 31, 2022, the interest rate floors had a nominal fair value. For the three and nine months ended September 30, 2023, the Company recognized nominal amounts through other comprehensive income, and reclassified $0.2 million and $0.5 million, respectively, out of accumulated other comprehensive income and into interest income. For the three and nine months ended September 30, 2022, the Company recognized a loss through other comprehensive income of $0.1 million and $0.3 million, respectively, and reclassified $0.1 million and $0.3 million, respectively, out of accumulated other comprehensive income and into interest income. During the next twelve months, the Company expects to reclassify $0.1 million from accumulated other comprehensive income into interest income related to these agreements. Interest Rate Swaps Designated as Fair Value Hedges In April 2023, the Company entered into two interest rate swap contracts to hedge the risk of changes in fair value of the AFS portfolio due to changes in the Secured Overnight Financing Rate (“SOFR”) interest rate. Each fair value hedge utilizes the portfolio layer method hedge designation type for a notional amount of $200 million, maturing April 2025. The Company considers these derivatives to be highly effective at offsetting changes in interest rates and will assess the effectiveness on a monthly basis. Therefore, changes in interest rates affecting the fair value of these derivative contracts are recognized in other comprehensive income. These derivative instruments are primarily for risk management purposes. As of September 30, 2023, the interest rate swaps had a notional value of $400 million with a fair value of $6.9 million. For the three and nine months ended September 30, 2023, the Company recognized gains through other comprehensive income of $0.7 million and $7.0 million, respectively, and reclassified a loss of $5.4 thousand and gain of $0.1 million, respectively, out of accumulated other comprehensive income and into interest income.
The following table presents amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.
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Securities Sold Under Agreements to Repurchase |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broker-Dealer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company is required to pledge collateral with value sufficient to fully collateralize borrowings. Company securities pledged were as follows by collateral type and maturity as of:
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Equity Capital |
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Sep. 30, 2023 | |
Equity [Abstract] | |
Equity Capital | Equity CapitalThe Company is well-capitalized and at September 30, 2023, the Company and the Company’s principal banking subsidiary, Seacoast Bank, exceeded the common equity Tier 1 (CET1) capital ratio regulatory threshold of 6.5% for well-capitalized institutions under the Basel III standardized transition approach, as well as risk-based and leverage ratio requirements for well-capitalized banks under the regulatory framework for prompt corrective action. |
Contingent Liabilities |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent LiabilitiesThe Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial condition, operating results or cash flows. |
Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at September 30, 2023 and December 31, 2022 included:
Available-for-sale debt securities: Level 1 securities consist of U.S. Treasury securities. Other securities are reported at fair value utilizing Level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. The fair value of collateralized loan obligations is determined from broker quotes. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Derivative financial instruments: The Company offers interest rate swaps to certain loan customers to allow them to hedge the risk of rising interest rates on their variable rate loans. The Company originates a variable rate loan and enters into a variable-to-fixed interest rate swap with the customer. The Company also enters into an offsetting swap with a correspondent bank. These back-to-back agreements are intended to offset each other and allow the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps is classified as Level 2. Other derivatives are also classified within Level 2. The fair values of these instruments are based upon the estimated amount the Company would receive or pay to terminate the instruments, taking into account current interest rates and, when appropriate, the current creditworthiness of the counterparties. Loans held for sale: Fair values are based upon estimated values to be received from independent third party purchasers. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Fair market value changes occur due to changes in interest rates, the borrower’s credit, the secondary loan market and the market for a borrower’s debt. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of the loans were 90 days or more past due or on nonaccrual as of September 30, 2023 and December 31, 2022. The aggregate fair value and contractual balance of loans held for sale as of September 30, 2023 and December 31, 2022 is as follows:
Loans: Loans carried at fair value consist of collateral-dependent real estate loans. Fair value is based on recent real estate appraisals and evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. A significant unobservable input in the income approach is the estimated capitalization rate for a given piece of collateral. At September 30, 2023, capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 6.9%. Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time. If such adjustments are made, the fair value of these loans is considered Level 3 in the fair value hierarchy. Collateral-dependent loans measured at fair value totaled $11.5 million with a specific reserve of $1.0 million at September 30, 2023, compared to $10.2 million with a specific reserve of $2.9 million at December 31, 2022. For loans classified as Level 3, changes included loan additions of $3.2 million offset by $6.3 million in paydowns and charge-offs and for the nine months ended September 30, 2023. Other real estate owned: When appraisals are used to determine fair value and the appraisals are based on a market approach, the fair value of other real estate owned (“OREO”) is classified as a Level 2 input. When the fair value of OREO is based on appraisals which require significant adjustments to market-based valuation inputs or apply an income approach based on unobservable cash flows, the fair value of OREO is classified as Level 3. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process. During the three and nine months ended September 30, 2023, there were no such transfers. The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of September 30, 2023 and December 31, 2022 is as follows:
The short maturity of Seacoast’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and due from banks, interest bearing deposits with other banks, short-term FHLB borrowings and securities sold under agreements to repurchase. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at September 30, 2023 and December 31, 2022: Held-to-maturity debt securities: These debt securities are reported at fair value utilizing Level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Loans: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial or mortgage. Each loan category is further segmented into fixed and adjustable-rate interest terms as well as performing and nonperforming categories. The fair value of loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an “exit price” as defined in ASC Topic 820. Deposit liabilities: The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities.
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Business Combinations |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Business Combinations Acquisition of Professional Holding Corp. On January 31, 2023, the Company completed its acquisition of Professional Holding Corp. (“Professional”). Simultaneously, upon completion of the merger of Professional and the Company, Professional Bank was merged with and into Seacoast Bank. Prior to the acquisition, Professional Bank operated nine branches across South Florida. The transaction further expands the Company’s presence in the tri-county South Florida market, which includes Miami-Dade, Broward, and Palm Beach counties, Florida’s largest MSA and the 8th largest in the nation. The Company acquired 100% of the outstanding common stock of Professional. Under the terms of the merger agreement, Professional shareholders received 0.8909 shares of Seacoast common stock for each share of Professional common stock held immediately prior to the merger, and Professional option holders received options to purchase Seacoast common stock, with the number of shares underlying each such option and the applicable exercise price adjusted using the same 0.8909 exchange ratio.
The acquisition of Professional was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $251.2 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. As part of the acquisition of Professional, options were granted to replace outstanding Professional options. These options were fully vested upon acquisition. The full value of the replacement options, $10.3 million, was associated with pre-combination service and was therefore included in the calculation of the total purchase consideration.
The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of Apollo Bancshares, Inc. On October 7, 2022, the Company completed its acquisition of Apollo Bancshares, Inc. (“Apollo”). Simultaneously, upon completion of the merger of Apollo and the Company, Apollo Bank was merged with and into Seacoast Bank. Prior to the acquisition, Apollo Bank operated five branches in Miami-Dade County. As a result of this acquisition, the Company expects to expand its customer base and leverage operating costs through economies of scale, and positively affect the Company’s operating results. Under the terms of the merger agreement, Apollo shareholders received 1.006529 shares of Seacoast common stock for each share of Apollo common stock, and the minority interest holders in Apollo Bank received 1.195651 shares of Seacoast common stock for each share of Apollo Bank common stock.
The acquisition of Apollo was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $90.5 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. As part of the acquisition of Apollo, options and warrants were granted to replace outstanding Apollo awards. These awards were fully vested upon acquisition. The full value of the replacement awards, $6.5 million, was associated with pre-combination service and was therefore included in the calculation of the total purchase consideration.
The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:
The acquisition of Apollo resulted in the addition of $7.8 million in allowance for credit losses, including the $2.7 million identified in the table above for PCD loans, and $5.1 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of Drummond Banking Company. On October 7, 2022, the Company completed its acquisition of Drummond Banking Company (“Drummond”). Simultaneously, upon completion of the merger of Drummond and the Company, Drummond’s wholly owned subsidiary bank, Drummond Community Bank, was merged with and into Seacoast Bank. Prior to the acquisition, Drummond Community Bank operated 18 branches across North Florida. As a result of this acquisition, the Company expects to expand its customer base and leverage operating cost through economies of scale, and positively affect the Company’s operating results. The Company acquired 100% of the outstanding common stock of Drummond. Under the terms of the merger agreement, each share of Drummond common stock was converted into the right to receive 51.9561 shares of Seacoast common stock.
The acquisition of Drummond was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $103.6 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known.
The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:
The acquisition of Drummond resulted in the addition of $12.5 million in allowance for credit losses, including the $2.6 million identified in the table above for PCD loans, and $9.9 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of Business Bank of Florida, Corp. On January 3, 2022, the Company completed its acquisition of Business Bank of Florida, Corp., (“BBFC”). Simultaneously, upon completion of the merger of BBFC and the Company, BBFC’s wholly owned subsidiary bank, Florida Business Bank, was merged with and into Seacoast Bank. Prior to the acquisition, Florida Business Bank operated one branch in Melbourne, Florida. As a result of this acquisition, the Company expects to expand its customer base and leverage operating cost through economies of scale, and positively affect the Company’s operating results. The Company acquired 100% of the outstanding common stock of BBFC. Under the terms of the merger agreement, each share of BBFC common stock was converted into the right to receive 0.7997 of a share of Seacoast common stock.
The acquisition of BBFC was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $8.0 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. As part of the BBFC acquisition, options were granted to replace outstanding BBFC options. These options were fully vested upon acquisition. The full value of the replacement options, $0.5 million, was associated with pre-combination service and was therefore included in the calculation of the total purchase consideration.
The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:
The acquisition of BBFC resulted in the addition of $1.8 million in allowance for credit losses, including the $15 thousand identified in the table above for PCD loans, and $1.8 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of Sabal Palm Bancorp, Inc. On January 3, 2022, the Company completed its acquisition of Sabal Palm Bancorp, Inc. (“Sabal Palm”). Simultaneously, upon completion of the merger of Sabal Palm and the Company, Sabal Palm’s wholly owned subsidiary bank, Sabal Palm Bank, was merged with and into Seacoast Bank. Prior to the acquisition, Sabal Palm Bank operated three branches in the Sarasota area. As a result of this acquisition, the Company expects to expand its customer base and leverage operating cost through economies of scale, and positively affect the Company’s operating results. The Company acquired 100% of the outstanding common stock of Sabal Palm. Under the terms of the merger agreement, each share of Sabal Palm common stock was converted into the right to receive 0.2203 of a share of Seacoast common stock.
The acquisition of Sabal Palm was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $26.5 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. As part of the Sabal Palm acquisition, options were granted to replace outstanding Sabal Palm options. These options were fully vested upon acquisition. The full value of the replacement options, $3.3 million, was associated with pre-combination service and was therefore included in the calculation of the total purchase consideration.
The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:
The acquisition of Sabal Palm resulted in the addition of $3.4 million in allowance for credit losses, including the $37 thousand identified in the table above for PCD loans, and $3.4 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition Costs There were no acquisition costs included in the Company's income statement for the three months ended September 30, 2023, and $33.2 million for the nine months ended September 30, 2023. Acquisition costs included in the Company’s income statement for the three and nine months ended September 30, 2022 were $2.1 million and $11.8 million, respectively. Pro-Forma Information Pro-forma data as of September 30, 2023 and 2022 present information as if the acquisition of Professional occurred at the beginning of 2022. The pro-forma information is presented for illustrative purposes only and is not necessarily indicative of the results of operations that would have occurred if the transactions had been effected on the assumed dates.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
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Pay vs Performance Disclosure | ||||
Net Income | $ 31,414 | $ 29,237 | $ 74,490 | $ 82,580 |
Insider Trading Arrangements |
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Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies) |
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation.Operating results for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. |
Use of Estimates | Use of Estimates: The preparation of these consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well-controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues, and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include the determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value measurements, and contingent liabilities. |
Adoption of New Accounting Pronouncement | Adoption of New Accounting Pronouncement On January 1, 2023, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2022-02, “Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (“TDRs”) in ASC 310-40, Receivables – Troubled Debt Restructurings by Creditors, and introduces new disclosures related to modifications with borrowers that are experiencing financial difficulties. ASU 2022-02 also requires the disclosure of current-period gross write-offs by year of origination for financing receivables held at amortized cost. Upon adoption, the Company eliminated the separate allowance for credit loss estimation process for loans classified as TDRs. The adoption did not have a material impact to the consolidated financial statements. For additional information on the loans modified for borrowers in financial difficulty and for the disclosure of current-period gross write-offs by year of origination, see “Note 4 – Loans.” On January 1, 2023, the Company adopted FASB ASU 2022-01, “Fair Value Hedging - Portfolio Layer Method.” ASU 2022-01 permits the designation of multiple hedging relationships on a single closed portfolio. The guidance also expands the scope of the portfolio layer method to include non-prepayable assets, specifies eligible hedging instruments in a single-layer hedge, and provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method. The adoption did not have a material impact to the consolidated financial statements. For additional information on fair value hedges, see “Note 6 – Derivatives.”
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Fair Value Measurement | Held-to-maturity debt securities: These debt securities are reported at fair value utilizing Level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Loans: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial or mortgage. Each loan category is further segmented into fixed and adjustable-rate interest terms as well as performing and nonperforming categories. The fair value of loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an “exit price” as defined in ASC Topic 820. Deposit liabilities: The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities.
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Earnings per Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
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Securities (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Amortized Cost and Fair Value of Securities Available for Sale | The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at September 30, 2023 and December 31, 2022 are summarized as follows:
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Summary of Amortized Cost and Fair Value of Held-to-Maturity Securities | The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at September 30, 2023 and December 31, 2022 are summarized as follows:
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Summary of Investments Classified by Contractual Maturity | Securities not due at a single maturity date are shown separately.
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Schedule of Debt Securities in Unrealized Loss Position | The tables below indicate the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded.
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Loans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans | The following tables present net loan balances by segment as of:
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Schedule of Past Due Financing Receivables | The following tables present the status of net loan balances as of September 30, 2023 and December 31, 2022.
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Schedule of Nonaccrual Loans by Loan Category | The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of:
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Schedule of Collateral Dependent Loans | The following table presents collateral-dependent loans as of:
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Schedule of Risk Categories of Loans by Class of Loans | The following tables present the risk rating of loans and year-to-date gross charge offs by year of origination as of:
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Allowance for Credit Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Credit Losses | Activity in the allowance for credit losses is summarized as follows:
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Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance | The Company’s loan portfolio and related allowance at September 30, 2023 and December 31, 2022 are shown in the following tables:
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Derivatives (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments |
The following table presents amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.
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Securities Sold Under Agreements to Repurchase (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broker-Dealer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Securities Sold Under Agreements to Repurchase and Securities Pledged | Company securities pledged were as follows by collateral type and maturity as of:
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Fair Value (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Assets Measured on Recurring and Nonrecurring Basis | Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at September 30, 2023 and December 31, 2022 included:
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Schedule of Aggregate Fair Value and Contractual Balance of Loans for Sale | The aggregate fair value and contractual balance of loans held for sale as of September 30, 2023 and December 31, 2022 is as follows:
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Schedule of Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis | The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of September 30, 2023 and December 31, 2022 is as follows:
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Business Combinations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price Calculation |
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Schedule of Business Acquisitions |
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Schedule of Fair Value of Acquired Loans, Unpaid Principal Balance, Purchase Price and Allowance for Credit Losses | The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
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Schedule Purchase Credit Deteriorated Loans Acquired | The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:
The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:
The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:
The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:
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Schedule of Pro-Forma Data | Pro-forma data as of September 30, 2023 and 2022 present information as if the acquisition of Professional occurred at the beginning of 2022. The pro-forma information is presented for illustrative purposes only and is not necessarily indicative of the results of operations that would have occurred if the transactions had been effected on the assumed dates.
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Earnings per Share - Narrative (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from diluted earnings per share calculation (in shares) | 368,968 | 1,505,000 | 368,968 | 1,505,000 |
Earnings per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Basic earnings per share | ||||
Net income | $ 31,414 | $ 29,237 | $ 74,490 | $ 82,580 |
Average common shares outstanding (in shares) | 85,142 | 61,442 | 83,457 | 61,327 |
Net income per share (in dollars per share) | $ 0.37 | $ 0.48 | $ 0.89 | $ 1.35 |
Diluted earnings per share | ||||
Average common shares outstanding (in shares) | 85,142 | 61,442 | 83,457 | 61,327 |
Add: Dilutive effect of employee restricted stock and stock options (in shares) | 524 | 519 | 536 | 540 |
Average diluted shares outstanding (in shares) | 85,666 | 61,961 | 83,993 | 61,867 |
Net income per share (in dollars per share) | $ 0.37 | $ 0.47 | $ 0.89 | $ 1.33 |
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | $ 2,128,508 | $ 2,119,303 |
Available for sale, gross unrealized gains | 681 | 1,101 |
Available for sale, gross unrealized losses | (287,344) | (248,662) |
Available for sale, fair value | 1,841,845 | 1,871,742 |
Held-to-Maturity Debt Securities | ||
Held to maturity, amortized cost, total | 691,404 | 747,408 |
Held to maturity, gross unrealized gains | 0 | 64 |
Held to maturity, gross unrealized losses | (154,186) | (129,731) |
Held to maturity, fair value | 537,218 | 617,741 |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 39,388 | 13,813 |
Available for sale, gross unrealized gains | 2 | 173 |
Available for sale, gross unrealized losses | (954) | (339) |
Available for sale, fair value | 38,436 | 13,647 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 1,593,306 | 1,561,197 |
Available for sale, gross unrealized gains | 58 | 539 |
Available for sale, gross unrealized losses | (266,725) | (223,083) |
Available for sale, fair value | 1,326,639 | 1,338,653 |
Held-to-Maturity Debt Securities | ||
Held to maturity, amortized cost, total | 747,408 | |
Held to maturity, gross unrealized gains | 64 | |
Held to maturity, gross unrealized losses | (129,731) | |
Held to maturity, fair value | 617,741 | |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 139,089 | 179,148 |
Available for sale, gross unrealized gains | 25 | 70 |
Available for sale, gross unrealized losses | (13,927) | (12,831) |
Available for sale, fair value | 125,187 | 166,387 |
Collateralized loan obligations | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 307,664 | 313,155 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | (3,496) | (10,251) |
Available for sale, fair value | 304,168 | 302,904 |
Obligations of state and political subdivisions | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 21,768 | 29,350 |
Available for sale, gross unrealized gains | 0 | 122 |
Available for sale, gross unrealized losses | (2,116) | (1,731) |
Available for sale, fair value | 19,652 | 27,741 |
Other debt securities | ||
Available-for-Sale Debt Securities | ||
Available for sale, amortized cost, total | 27,293 | 22,640 |
Available for sale, gross unrealized gains | 596 | 197 |
Available for sale, gross unrealized losses | (126) | (427) |
Available for sale, fair value | 27,763 | $ 22,410 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Held-to-Maturity Debt Securities | ||
Held to maturity, amortized cost, total | 691,404 | |
Held to maturity, gross unrealized gains | 0 | |
Held to maturity, gross unrealized losses | (154,186) | |
Held to maturity, fair value | $ 537,218 |
Securities - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
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Debt Securities, Available-for-sale [Line Items] | |||||||
Gross gains from sale of securities | $ 24,000 | ||||||
Gross losses from sale of securities | 19,000 | ||||||
Unrealized losses on mortgage backed securities of government sponsored entities | $ 287,344,000 | $ 287,344,000 | $ 248,662,000 | ||||
Fair value of securities in unrealized loss position | 1,813,395,000 | 1,813,395,000 | 1,812,522,000 | ||||
Held-to-maturity securities, allowance for credit loss | 0 | 0 | |||||
Federal Home Loan Bank and Federal Reserve stock recorded in other assets | 70,500,000 | 70,500,000 | |||||
Accrued interest receivable on AFS debt securities | 8,100,000 | 8,100,000 | 7,000,000 | ||||
Accrued interest receivable on HTM debt securities | $ 1,100,000 | $ 1,100,000 | $ 1,300,000 | ||||
Common stock, shares outstanding (in shares) | 85,149,880 | 85,149,880 | 71,617,852 | ||||
Visa | Common Class B | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Common stock, shares outstanding (in shares) | 11,330 | 11,330 | |||||
Visa | Common Class A | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Conversion rate of Class A stock for each share of Class B stock (in dollars per share) | $ 1.5875 | $ 1.5875 | |||||
Shares issued (in shares) | 17,986 | ||||||
Asset Pledged as Collateral | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Fair value of debt securities pledged as collateral | $ 1,800,000,000 | $ 1,800,000,000 | |||||
Other debt securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Proceeds from sale of available-for-sale debt securities, including legacy securities | 8,400,000 | ||||||
Unrealized losses on mortgage backed securities of government sponsored entities | 126,000 | 126,000 | $ 427,000 | ||||
Fair value of securities in unrealized loss position | 10,765,000 | 10,765,000 | 11,459,000 | ||||
CRA - Qualified Mutual Fund | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Gross losses from sale of securities | 400,000 | $ 400,000 | 500,000 | $ 1,100,000 | |||
Investment in mutual fund carried at fair value | 13,100,000 | 13,100,000 | 8,200,000 | ||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Unrealized losses on mortgage backed securities of government sponsored entities | 266,725,000 | 266,725,000 | 223,083,000 | ||||
Fair value of securities in unrealized loss position | 1,317,198,000 | 1,317,198,000 | 1,314,171,000 | ||||
Allowance for credit losses on AFS debt securities | 0 | 0 | |||||
Private mortgage-backed securities and collateralized mortgage obligations | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Unrealized losses on mortgage backed securities of government sponsored entities | 13,927,000 | 13,927,000 | 12,831,000 | ||||
Fair value of securities in unrealized loss position | 124,162,000 | 124,162,000 | 155,722,000 | ||||
Allowance for credit losses on AFS debt securities | $ 0 | $ 0 | |||||
Average credit support percentage | 22.00% | 22.00% | |||||
Collateralized loan obligations | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Unrealized losses on mortgage backed securities of government sponsored entities | $ 3,496,000 | $ 3,496,000 | 10,251,000 | ||||
Fair value of securities in unrealized loss position | 304,168,000 | 304,168,000 | 302,904,000 | ||||
Allowance for credit losses on AFS debt securities | $ 0 | $ 0 | |||||
Collateralized loan obligations | Standard & Poor's, AAA Rating | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Number of positions held, percentage of total | 38.00% | 38.00% | |||||
Collateralized loan obligations | Standard & Poor's, AA Rating | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Number of positions held, percentage of total | 25.00% | 25.00% | |||||
Obligations of state and political subdivisions | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Unrealized losses on mortgage backed securities of government sponsored entities | $ 2,116,000 | $ 2,116,000 | 1,731,000 | ||||
Fair value of securities in unrealized loss position | 19,652,000 | 19,652,000 | $ 24,229,000 | ||||
Allowance for credit losses on AFS debt securities | $ 0 | $ 0 | |||||
Professional Holding Corp. | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Proceeds from sale of available-for-sale debt securities, including legacy securities | $ 22,100,000 | ||||||
Business Bank of Florida | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Proceeds from sale of available-for-sale debt securities, including legacy securities | $ 26,000,000 |
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
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Amortized Cost | ||
Due in less than one year | $ 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 0 | |
Held to maturity loans with maturity date, amortized cost, total | 0 | |
Held to maturity, amortized cost, total | 691,404 | $ 747,408 |
Fair Value | ||
Due in less than one year | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 0 | |
Held to maturity loans with maturity date, fair value, total | 0 | |
Held to maturity, fair value, total | 537,218 | 617,741 |
Amortized Cost | ||
Due in less than one year | 6,157 | |
Due after one year through five years | 11,621 | |
Due after five years through ten years | 11,075 | |
Due after ten years | 32,303 | |
Available for sale loans with maturity date, amortized cost, total | 61,156 | |
Available for sale, amortized cost, total | 2,128,508 | 2,119,303 |
Fair Value | ||
Due in less than one year | 6,083 | |
Due after one year through five years | 11,365 | |
Due after five years through ten years | 10,938 | |
Due after ten years | 29,702 | |
Available for sale loans with maturity date, fair value, total | 58,088 | |
Available for sale, fair value, total | 1,841,845 | 1,871,742 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Amortized Cost | ||
Loans without single maturity date | 691,404 | |
Held to maturity, amortized cost, total | 747,408 | |
Fair Value | ||
Loans without single maturity date | 537,218 | |
Held to maturity, fair value, total | 617,741 | |
Amortized Cost | ||
Loans without single maturity date | 1,593,306 | |
Available for sale, amortized cost, total | 1,593,306 | 1,561,197 |
Fair Value | ||
Loans without single maturity date | 1,326,639 | |
Available for sale, fair value, total | 1,326,639 | 1,338,653 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Amortized Cost | ||
Loans without single maturity date | 0 | |
Fair Value | ||
Loans without single maturity date | 0 | |
Amortized Cost | ||
Loans without single maturity date | 139,089 | |
Available for sale, amortized cost, total | 139,089 | 179,148 |
Fair Value | ||
Loans without single maturity date | 125,187 | |
Available for sale, fair value, total | 125,187 | 166,387 |
Collateralized loan obligations | ||
Amortized Cost | ||
Loans without single maturity date | 0 | |
Fair Value | ||
Loans without single maturity date | 0 | |
Amortized Cost | ||
Loans without single maturity date | 307,664 | |
Available for sale, amortized cost, total | 307,664 | 313,155 |
Fair Value | ||
Loans without single maturity date | 304,168 | |
Available for sale, fair value, total | 304,168 | 302,904 |
Other debt securities | ||
Amortized Cost | ||
Loans without single maturity date | 0 | |
Fair Value | ||
Loans without single maturity date | 0 | |
Amortized Cost | ||
Loans without single maturity date | 27,293 | |
Available for sale, amortized cost, total | 27,293 | 22,640 |
Fair Value | ||
Loans without single maturity date | 27,763 | |
Available for sale, fair value, total | $ 27,763 | $ 22,410 |
Securities - Schedule of Unrealized Loss and Fair Value on Investments (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value | ||
Less Than 12 Months | $ 291,773 | $ 1,058,560 |
12 Months or Longer | 1,521,622 | 753,962 |
Total | 1,813,395 | 1,812,522 |
Unrealized Losses | ||
Less Than 12 Months | (19,787) | (73,965) |
12 Months or Longer | (267,557) | (174,697) |
Total | (287,344) | (248,662) |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Fair Value | ||
Less Than 12 Months | 33,881 | 3,788 |
12 Months or Longer | 3,569 | 249 |
Total | 37,450 | 4,037 |
Unrealized Losses | ||
Less Than 12 Months | (467) | (328) |
12 Months or Longer | (487) | (11) |
Total | (954) | (339) |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Fair Value | ||
Less Than 12 Months | 174,339 | 646,651 |
12 Months or Longer | 1,142,859 | 667,520 |
Total | 1,317,198 | 1,314,171 |
Unrealized Losses | ||
Less Than 12 Months | (18,084) | (54,956) |
12 Months or Longer | (248,641) | (168,127) |
Total | (266,725) | (223,083) |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value | ||
Less Than 12 Months | 4,814 | 130,488 |
12 Months or Longer | 119,348 | 25,234 |
Total | 124,162 | 155,722 |
Unrealized Losses | ||
Less Than 12 Months | (84) | (8,255) |
12 Months or Longer | (13,843) | (4,576) |
Total | (13,927) | (12,831) |
Collateralized loan obligations | ||
Fair Value | ||
Less Than 12 Months | 59,580 | 242,370 |
12 Months or Longer | 244,588 | 60,534 |
Total | 304,168 | 302,904 |
Unrealized Losses | ||
Less Than 12 Months | (730) | (8,343) |
12 Months or Longer | (2,766) | (1,908) |
Total | (3,496) | (10,251) |
Obligations of state and political subdivisions | ||
Fair Value | ||
Less Than 12 Months | 8,394 | 23,804 |
12 Months or Longer | 11,258 | 425 |
Total | 19,652 | 24,229 |
Unrealized Losses | ||
Less Than 12 Months | (296) | (1,656) |
12 Months or Longer | (1,820) | (75) |
Total | (2,116) | (1,731) |
Other debt securities | ||
Fair Value | ||
Less Than 12 Months | 10,765 | 11,459 |
12 Months or Longer | 0 | 0 |
Total | 10,765 | 11,459 |
Unrealized Losses | ||
Less Than 12 Months | (126) | (427) |
12 Months or Longer | 0 | 0 |
Total | $ (126) | $ (427) |
Loans - Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 10,011,186 | $ 8,144,724 |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 793,736 | 587,332 |
Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,675,881 | 1,478,302 |
Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,285,974 | 2,589,774 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,418,903 | 1,849,503 |
Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,584,050 | 1,348,636 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 248,540 | 286,587 |
PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,102 | 4,590 |
Acquired Non-PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,386,233 | 1,965,749 |
Acquired Non-PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 308,429 | 201,333 |
Acquired Non-PCD Loans | Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 580,725 | 451,202 |
Acquired Non-PCD Loans | Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,357,624 | 767,138 |
Acquired Non-PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 703,628 | 271,378 |
Acquired Non-PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 340,412 | 182,124 |
Acquired Non-PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 92,122 | 89,458 |
Acquired Non-PCD Loans | PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,293 | 3,116 |
PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 281,831 | 234,782 |
PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 10,519 | 21,100 |
PCD Loans | Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 38,635 | 31,946 |
PCD Loans | Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 153,431 | 127,225 |
PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 22,106 | 19,482 |
PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 56,298 | 15,238 |
PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 842 | 19,791 |
PCD Loans | PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,343,122 | 5,944,193 |
Portfolio Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 474,788 | 364,900 |
Portfolio Loans | Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,056,521 | 995,154 |
Portfolio Loans | Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,774,919 | 1,695,411 |
Portfolio Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,693,169 | 1,558,643 |
Portfolio Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,187,340 | 1,151,273 |
Portfolio Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 155,576 | 177,338 |
Portfolio Loans | PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 809 | $ 1,474 |
Loans - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
contract
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Net deferred costs | $ 38.1 | $ 38.1 | $ 35.1 | ||
Accrued interest receivable | 37.8 | 37.8 | 28.2 | ||
Interest income from securities with no related allowance | 0.4 | $ 0.2 | $ 0.8 | $ 1.4 | |
Loans moved from individually evaluated to collectively evaluated | $ 19.9 | ||||
Number of loans under trouble debt restructuring | contract | 8 | ||||
Modified in trouble borrower modifications | $ 2.2 | ||||
Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Remaining fair value adjustment for loans acquired | $ 186.5 | $ 97.7 | |||
Percentage of fair value adjustment for loans acquired | 4.90% | 4.90% | 4.30% |
Loans - Past Due Financing Receivables (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 10,011,186 | $ 8,144,724 |
Nonaccrual | 41,508 | 28,843 |
Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,386,233 | 1,965,749 |
Nonaccrual | 10,522 | 2,630 |
PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 281,831 | 234,782 |
Nonaccrual | 12,296 | 10,563 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 9,934,140 | 8,104,803 |
Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,355,966 | 1,958,490 |
Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 267,334 | 222,282 |
Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 25,450 | 6,929 |
Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 12,396 | 3,104 |
Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 627 | 1,038 |
Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 7,393 | 2,301 |
Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,919 | 1,000 |
Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,574 | 359 |
Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,695 | 1,848 |
Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,430 | 525 |
Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 540 |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 793,736 | 587,332 |
Nonaccrual | 156 | 615 |
Construction and land development | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 308,429 | 201,333 |
Nonaccrual | 151 | 70 |
Construction and land development | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,519 | 21,100 |
Nonaccrual | 0 | 420 |
Construction and land development | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 305,822 | 201,263 |
Construction and land development | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,519 | 20,680 |
Construction and land development | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,462 | 0 |
Construction and land development | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 994 | 0 |
Construction and land development | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,675,881 | 1,478,302 |
Nonaccrual | 7,962 | 2,597 |
Commercial real estate - owner occupied | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 580,725 | 451,202 |
Nonaccrual | 2,474 | 0 |
Commercial real estate - owner occupied | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 38,635 | 31,946 |
Nonaccrual | 4,490 | 1,383 |
Commercial real estate - owner occupied | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 578,177 | 450,109 |
Commercial real estate - owner occupied | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 34,145 | 30,517 |
Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 74 | 796 |
Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 23 |
Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 297 |
Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 23 |
Commercial real estate - owner occupied | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - owner occupied | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non-owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,285,974 | 2,589,774 |
Nonaccrual | 9,650 | 4,184 |
Commercial real estate - non-owner occupied | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,357,624 | 767,138 |
Nonaccrual | 2,329 | 1,343 |
Commercial real estate - non-owner occupied | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 153,431 | 127,225 |
Nonaccrual | 3,810 | 3,110 |
Commercial real estate - non-owner occupied | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,354,889 | 765,633 |
Commercial real estate - non-owner occupied | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 149,621 | 124,115 |
Commercial real estate - non-owner occupied | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 406 | 162 |
Commercial real estate - non-owner occupied | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non-owner occupied | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non-owner occupied | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non-owner occupied | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non-owner occupied | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,418,903 | 1,849,503 |
Nonaccrual | 10,068 | 9,109 |
Residential real estate | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 703,628 | 271,378 |
Nonaccrual | 2,117 | 586 |
Residential real estate | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 22,106 | 19,482 |
Nonaccrual | 1,098 | 1,587 |
Residential real estate | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 697,683 | 270,215 |
Residential real estate | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 18,864 | 17,885 |
Residential real estate | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,293 | 577 |
Residential real estate | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 573 | 10 |
Residential real estate | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 535 | 0 |
Residential real estate | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,571 | 0 |
Residential real estate | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,584,050 | 1,348,636 |
Nonaccrual | 12,322 | 11,615 |
Commercial and financial | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 340,412 | 182,124 |
Nonaccrual | 2,266 | 410 |
Commercial and financial | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 56,298 | 15,238 |
Nonaccrual | 2,895 | 4,033 |
Commercial and financial | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 337,215 | 180,837 |
Commercial and financial | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 53,403 | 11,201 |
Commercial and financial | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 887 | 790 |
Commercial and financial | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 4 |
Commercial and financial | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 29 | 87 |
Commercial and financial | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and financial | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 15 | 0 |
Commercial and financial | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 248,540 | 286,587 |
Nonaccrual | 1,350 | 723 |
Consumer | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 92,122 | 89,458 |
Nonaccrual | 1,185 | 221 |
Consumer | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 842 | 19,791 |
Nonaccrual | 3 | 30 |
Consumer | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 78,887 | 87,317 |
Consumer | Current | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 782 | 17,884 |
Consumer | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,274 | 779 |
Consumer | Accruing 30-59 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 54 | 1,001 |
Consumer | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,361 | 616 |
Consumer | Accruing 60-89 Days Past Due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3 | 336 |
Consumer | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,415 | 525 |
Consumer | Accruing Greater Than 90 Days | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 540 |
PPP Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,102 | 4,590 |
PPP Loans | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,293 | 3,116 |
Nonaccrual | 0 | 0 |
PPP Loans | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PPP Loans | Current | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,293 | 3,116 |
PPP Loans | Accruing 30-59 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PPP Loans | Accruing 60-89 Days Past Due | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PPP Loans | Accruing Greater Than 90 Days | Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,343,122 | 5,944,193 |
Nonaccrual | 18,690 | 15,650 |
Portfolio Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,310,840 | 5,924,031 |
Portfolio Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 12,427 | 2,787 |
Portfolio Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 900 | 942 |
Portfolio Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 265 | 783 |
Portfolio Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 474,788 | 364,900 |
Nonaccrual | 5 | 59 |
Portfolio Loans | Construction and land development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 474,783 | 364,841 |
Portfolio Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial real estate - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,056,521 | 995,154 |
Nonaccrual | 998 | 957 |
Portfolio Loans | Commercial real estate - owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,055,457 | 993,690 |
Portfolio Loans | Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 66 | 0 |
Portfolio Loans | Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 67 |
Portfolio Loans | Commercial real estate - owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 440 |
Portfolio Loans | Commercial real estate - non-owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,774,919 | 1,695,411 |
Nonaccrual | 3,511 | 30 |
Portfolio Loans | Commercial real estate - non-owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,771,201 | 1,695,381 |
Portfolio Loans | Commercial real estate - non-owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 207 | 0 |
Portfolio Loans | Commercial real estate - non-owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial real estate - non-owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,693,169 | 1,558,643 |
Nonaccrual | 6,853 | 7,284 |
Portfolio Loans | Residential real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,675,299 | 1,550,040 |
Portfolio Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,279 | 1,172 |
Portfolio Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 738 | 147 |
Portfolio Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,187,340 | 1,151,273 |
Nonaccrual | 7,161 | 7,229 |
Portfolio Loans | Commercial and financial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,178,839 | 1,142,536 |
Portfolio Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,168 | 1,032 |
Portfolio Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 141 | 476 |
Portfolio Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 31 | 0 |
Portfolio Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 155,576 | 177,338 |
Nonaccrual | 162 | 91 |
Portfolio Loans | Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 154,452 | 176,444 |
Portfolio Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 707 | 550 |
Portfolio Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 21 | 252 |
Portfolio Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 234 | 1 |
Portfolio Loans | PPP Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 809 | 1,474 |
Nonaccrual | 0 | 0 |
Portfolio Loans | PPP Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 809 | 1,099 |
Portfolio Loans | PPP Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 33 |
Portfolio Loans | PPP Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Portfolio Loans | PPP Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 0 | $ 342 |
Loans - Schedule of Nonaccrual Loans by Loan Category (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | $ 13,933 | $ 17,755 |
Nonaccrual Loans With an Allowance | 27,575 | 11,088 |
Total Nonaccrual Loans | 41,508 | 28,843 |
Allowance for Credit Losses | 6,103 | 2,905 |
Construction and land development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 0 | 615 |
Nonaccrual Loans With an Allowance | 156 | 0 |
Total Nonaccrual Loans | 156 | 615 |
Allowance for Credit Losses | 71 | 0 |
Commercial real estate - owner occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 1,908 | 957 |
Nonaccrual Loans With an Allowance | 6,054 | 1,641 |
Total Nonaccrual Loans | 7,962 | 2,597 |
Allowance for Credit Losses | 320 | 41 |
Commercial real estate - non-owner occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 6,868 | 3,347 |
Nonaccrual Loans With an Allowance | 2,782 | 837 |
Total Nonaccrual Loans | 9,650 | 4,184 |
Allowance for Credit Losses | 728 | 230 |
Residential real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 1,810 | 8,072 |
Nonaccrual Loans With an Allowance | 8,258 | 1,036 |
Total Nonaccrual Loans | 10,068 | 9,109 |
Allowance for Credit Losses | 179 | 58 |
Commercial and financial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 3,347 | 4,724 |
Nonaccrual Loans With an Allowance | 8,975 | 6,891 |
Total Nonaccrual Loans | 12,322 | 11,615 |
Allowance for Credit Losses | 4,610 | 2,319 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 0 | 40 |
Nonaccrual Loans With an Allowance | 1,350 | 683 |
Total Nonaccrual Loans | 1,350 | 723 |
Allowance for Credit Losses | $ 195 | $ 257 |
Loans - Schedule of Collateral Dependent Loans (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | $ 11,484 | $ 26,697 |
Construction and land development | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 0 | 59 |
Commercial real estate - owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 0 | 2,733 |
Commercial real estate - non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 8,519 | 1,698 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 818 | 11,333 |
Commercial and financial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 2,147 | 10,448 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | $ 0 | $ 426 |
Loans - Risk Categories of Loans by Class of Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | $ 719,759 | $ 719,759 | $ 1,771,386 | ||
One year prior to current fiscal year | 2,288,921 | 2,288,921 | 1,972,420 | ||
Two years prior to current fiscal year | 2,180,807 | 2,180,807 | 752,699 | ||
Three years prior to current fiscal year | 839,310 | 839,310 | 749,534 | ||
Four years prior to current fiscal year | 823,392 | 823,392 | 545,447 | ||
Prior | 2,077,625 | 2,077,625 | 1,469,313 | ||
Revolving | 1,081,372 | 1,081,372 | 883,925 | ||
Total | 10,011,186 | 10,011,186 | 8,144,724 | ||
Current fiscal year, Charge Offs | 215 | ||||
One year prior to current fiscal year, Charge Offs | 1,044 | ||||
Two years prior to current fiscal year, Charge Offs | 2,255 | ||||
Three years prior to current fiscal year, Charge Offs | 1,775 | ||||
Four years prior to current fiscal year, Charge Offs | 403 | ||||
Prior, Charge Offs | 12,957 | ||||
Revolving, Charge Offs | 819 | ||||
Total, Charge Offs | 13,123 | $ 408 | 19,468 | $ 1,525 | |
Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 719,488 | 719,488 | 1,754,920 | ||
One year prior to current fiscal year | 2,268,871 | 2,268,871 | 1,945,692 | ||
Two years prior to current fiscal year | 2,139,198 | 2,139,198 | 722,206 | ||
Three years prior to current fiscal year | 816,155 | 816,155 | 724,493 | ||
Four years prior to current fiscal year | 796,586 | 796,586 | 529,942 | ||
Prior | 2,004,084 | 2,004,084 | 1,430,636 | ||
Revolving | 1,065,321 | 1,065,321 | 864,846 | ||
Total | 9,809,703 | 9,809,703 | 7,972,735 | ||
Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 132 | 132 | 16,461 | ||
One year prior to current fiscal year | 6,727 | 6,727 | 17,132 | ||
Two years prior to current fiscal year | 5,578 | 5,578 | 3,254 | ||
Three years prior to current fiscal year | 1,081 | 1,081 | 13,718 | ||
Four years prior to current fiscal year | 2,624 | 2,624 | 2,770 | ||
Prior | 27,996 | 27,996 | 8,506 | ||
Revolving | 9,260 | 9,260 | 3,927 | ||
Total | 53,398 | 53,398 | 65,768 | ||
Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 10,635 | 10,635 | 9,486 | ||
Two years prior to current fiscal year | 31,059 | 31,059 | 20,935 | ||
Three years prior to current fiscal year | 19,702 | 19,702 | 8,929 | ||
Four years prior to current fiscal year | 20,882 | 20,882 | 8,650 | ||
Prior | 15,703 | 15,703 | 14,073 | ||
Revolving | 2,862 | 2,862 | 13,199 | ||
Total | 100,843 | 100,843 | 75,272 | ||
Substandard Impaired | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 139 | 139 | 5 | ||
One year prior to current fiscal year | 2,688 | 2,688 | 110 | ||
Two years prior to current fiscal year | 4,972 | 4,972 | 6,304 | ||
Three years prior to current fiscal year | 2,372 | 2,372 | 2,394 | ||
Four years prior to current fiscal year | 3,300 | 3,300 | 4,085 | ||
Prior | 29,842 | 29,842 | 16,098 | ||
Revolving | 3,929 | 3,929 | 1,953 | ||
Total | 47,242 | 47,242 | 30,949 | ||
Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Construction and land development | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 58,254 | 58,254 | 237,727 | ||
One year prior to current fiscal year | 291,887 | 291,887 | 219,469 | ||
Two years prior to current fiscal year | 145,675 | 145,675 | 18,239 | ||
Three years prior to current fiscal year | 28,682 | 28,682 | 27,753 | ||
Four years prior to current fiscal year | 23,102 | 23,102 | 13,742 | ||
Prior | 29,758 | 29,758 | 19,427 | ||
Revolving | 216,378 | 216,378 | 50,975 | ||
Total | 793,736 | 793,736 | 587,332 | ||
Current fiscal year, Charge Offs | 0 | ||||
One year prior to current fiscal year, Charge Offs | 0 | ||||
Two years prior to current fiscal year, Charge Offs | 0 | ||||
Three years prior to current fiscal year, Charge Offs | 0 | ||||
Four years prior to current fiscal year, Charge Offs | 0 | ||||
Prior, Charge Offs | 0 | ||||
Revolving, Charge Offs | 0 | ||||
Total, Charge Offs | 0 | 0 | 0 | 0 | |
Construction and land development | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 58,254 | 58,254 | 223,204 | ||
One year prior to current fiscal year | 290,673 | 290,673 | 209,738 | ||
Two years prior to current fiscal year | 134,906 | 134,906 | 18,239 | ||
Three years prior to current fiscal year | 28,682 | 28,682 | 24,600 | ||
Four years prior to current fiscal year | 23,102 | 23,102 | 12,783 | ||
Prior | 29,307 | 29,307 | 19,022 | ||
Revolving | 216,059 | 216,059 | 50,960 | ||
Total | 780,983 | 780,983 | 558,546 | ||
Construction and land development | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 14,523 | ||
One year prior to current fiscal year | 1,214 | 1,214 | 452 | ||
Two years prior to current fiscal year | 794 | 794 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 3,153 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 394 | 394 | 0 | ||
Revolving | 200 | 200 | 15 | ||
Total | 2,602 | 2,602 | 18,143 | ||
Construction and land development | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 9,227 | ||
Two years prior to current fiscal year | 9,975 | 9,975 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 959 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Total | 9,975 | 9,975 | 10,186 | ||
Construction and land development | Substandard Impaired | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 52 | ||
Two years prior to current fiscal year | 0 | 0 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 57 | 57 | 405 | ||
Revolving | 119 | 119 | 0 | ||
Total | 176 | 176 | 457 | ||
Construction and land development | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Commercial real estate - owner occupied | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 99,731 | 99,731 | 216,147 | ||
One year prior to current fiscal year | 263,570 | 263,570 | 251,638 | ||
Two years prior to current fiscal year | 300,701 | 300,701 | 183,111 | ||
Three years prior to current fiscal year | 176,184 | 176,184 | 192,625 | ||
Four years prior to current fiscal year | 194,068 | 194,068 | 124,983 | ||
Prior | 592,176 | 592,176 | 477,545 | ||
Revolving | 49,451 | 49,451 | 32,253 | ||
Total | 1,675,881 | 1,675,881 | 1,478,302 | ||
Current fiscal year, Charge Offs | 0 | ||||
One year prior to current fiscal year, Charge Offs | 0 | ||||
Two years prior to current fiscal year, Charge Offs | 0 | ||||
Three years prior to current fiscal year, Charge Offs | 0 | ||||
Four years prior to current fiscal year, Charge Offs | 0 | ||||
Prior, Charge Offs | 0 | ||||
Revolving, Charge Offs | 0 | ||||
Total, Charge Offs | 0 | 0 | 0 | 0 | |
Commercial real estate - owner occupied | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 99,731 | 99,731 | 215,453 | ||
One year prior to current fiscal year | 259,947 | 259,947 | 251,638 | ||
Two years prior to current fiscal year | 300,315 | 300,315 | 180,081 | ||
Three years prior to current fiscal year | 169,143 | 169,143 | 185,286 | ||
Four years prior to current fiscal year | 186,034 | 186,034 | 121,568 | ||
Prior | 569,304 | 569,304 | 467,963 | ||
Revolving | 49,385 | 49,385 | 32,253 | ||
Total | 1,633,859 | 1,633,859 | 1,454,242 | ||
Commercial real estate - owner occupied | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 694 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 350 | 350 | 2,363 | ||
Three years prior to current fiscal year | 0 | 0 | 4,403 | ||
Four years prior to current fiscal year | 871 | 871 | 2,548 | ||
Prior | 9,252 | 9,252 | 2,869 | ||
Revolving | 0 | 0 | 0 | ||
Total | 10,473 | 10,473 | 12,877 | ||
Commercial real estate - owner occupied | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 2,775 | 2,775 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 667 | ||
Three years prior to current fiscal year | 6,377 | 6,377 | 2,625 | ||
Four years prior to current fiscal year | 6,868 | 6,868 | 573 | ||
Prior | 7,501 | 7,501 | 4,444 | ||
Revolving | 66 | 66 | 0 | ||
Total | 23,587 | 23,587 | 8,309 | ||
Commercial real estate - owner occupied | Substandard Impaired | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 848 | 848 | 0 | ||
Two years prior to current fiscal year | 36 | 36 | 0 | ||
Three years prior to current fiscal year | 664 | 664 | 311 | ||
Four years prior to current fiscal year | 295 | 295 | 294 | ||
Prior | 6,119 | 6,119 | 2,269 | ||
Revolving | 0 | 0 | 0 | ||
Total | 7,962 | 7,962 | 2,874 | ||
Commercial real estate - owner occupied | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Commercial real estate - non-owner occupied | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 151,486 | 151,486 | 593,364 | ||
One year prior to current fiscal year | 842,420 | 842,420 | 546,911 | ||
Two years prior to current fiscal year | 655,525 | 655,525 | 252,787 | ||
Three years prior to current fiscal year | 301,148 | 301,148 | 338,460 | ||
Four years prior to current fiscal year | 406,447 | 406,447 | 233,622 | ||
Prior | 891,421 | 891,421 | 589,304 | ||
Revolving | 37,527 | 37,527 | 35,326 | ||
Total | 3,285,974 | 3,285,974 | 2,589,774 | ||
Current fiscal year, Charge Offs | 0 | ||||
One year prior to current fiscal year, Charge Offs | 0 | ||||
Two years prior to current fiscal year, Charge Offs | 0 | ||||
Three years prior to current fiscal year, Charge Offs | 0 | ||||
Four years prior to current fiscal year, Charge Offs | 0 | ||||
Prior, Charge Offs | 0 | ||||
Revolving, Charge Offs | 109 | ||||
Total, Charge Offs | 0 | 179 | 109 | 179 | |
Commercial real estate - non-owner occupied | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 151,486 | 151,486 | 593,364 | ||
One year prior to current fiscal year | 842,420 | 842,420 | 530,462 | ||
Two years prior to current fiscal year | 653,228 | 653,228 | 231,693 | ||
Three years prior to current fiscal year | 291,699 | 291,699 | 331,173 | ||
Four years prior to current fiscal year | 396,142 | 396,142 | 228,077 | ||
Prior | 865,181 | 865,181 | 575,656 | ||
Revolving | 37,285 | 37,285 | 35,326 | ||
Total | 3,237,441 | 3,237,441 | 2,525,751 | ||
Commercial real estate - non-owner occupied | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 16,257 | ||
Two years prior to current fiscal year | 2,108 | 2,108 | 735 | ||
Three years prior to current fiscal year | 0 | 0 | 5,438 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 13,992 | 13,992 | 4,975 | ||
Revolving | 0 | 0 | 0 | ||
Total | 16,100 | 16,100 | 27,405 | ||
Commercial real estate - non-owner occupied | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 192 | ||
Two years prior to current fiscal year | 189 | 189 | 19,315 | ||
Three years prior to current fiscal year | 8,383 | 8,383 | 0 | ||
Four years prior to current fiscal year | 8,456 | 8,456 | 5,515 | ||
Prior | 5,754 | 5,754 | 7,412 | ||
Revolving | 242 | 242 | 0 | ||
Total | 23,024 | 23,024 | 32,434 | ||
Commercial real estate - non-owner occupied | Substandard Impaired | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 1,044 | ||
Three years prior to current fiscal year | 1,066 | 1,066 | 1,849 | ||
Four years prior to current fiscal year | 1,849 | 1,849 | 30 | ||
Prior | 6,494 | 6,494 | 1,261 | ||
Revolving | 0 | 0 | 0 | ||
Total | 9,409 | 9,409 | 4,184 | ||
Commercial real estate - non-owner occupied | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Residential real estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 149,013 | 149,013 | 270,054 | ||
One year prior to current fiscal year | 439,094 | 439,094 | 552,950 | ||
Two years prior to current fiscal year | 647,052 | 647,052 | 122,062 | ||
Three years prior to current fiscal year | 164,244 | 164,244 | 77,132 | ||
Four years prior to current fiscal year | 100,478 | 100,478 | 98,008 | ||
Prior | 435,022 | 435,022 | 302,994 | ||
Revolving | 484,000 | 484,000 | 426,303 | ||
Total | 2,418,903 | 2,418,903 | 1,849,503 | ||
Current fiscal year, Charge Offs | 0 | ||||
One year prior to current fiscal year, Charge Offs | 0 | ||||
Two years prior to current fiscal year, Charge Offs | 0 | ||||
Three years prior to current fiscal year, Charge Offs | 0 | ||||
Four years prior to current fiscal year, Charge Offs | 0 | ||||
Prior, Charge Offs | 159 | ||||
Revolving, Charge Offs | 153 | ||||
Total, Charge Offs | 44 | 0 | 312 | 1 | |
Residential real estate | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 149,010 | 149,010 | 270,054 | ||
One year prior to current fiscal year | 439,061 | 439,061 | 552,950 | ||
Two years prior to current fiscal year | 646,121 | 646,121 | 121,879 | ||
Three years prior to current fiscal year | 164,118 | 164,118 | 77,100 | ||
Four years prior to current fiscal year | 98,896 | 98,896 | 97,900 | ||
Prior | 424,737 | 424,737 | 292,867 | ||
Revolving | 475,311 | 475,311 | 423,764 | ||
Total | 2,397,254 | 2,397,254 | 1,836,514 | ||
Residential real estate | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 3 | 3 | 0 | ||
One year prior to current fiscal year | 33 | 33 | 0 | ||
Two years prior to current fiscal year | 70 | 70 | 50 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 1,267 | 1,267 | 25 | ||
Prior | 769 | 769 | 269 | ||
Revolving | 5,467 | 5,467 | 884 | ||
Total | 7,609 | 7,609 | 1,228 | ||
Residential real estate | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 343 | ||
Revolving | 768 | 768 | 85 | ||
Total | 768 | 768 | 428 | ||
Residential real estate | Substandard Impaired | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 861 | 861 | 133 | ||
Three years prior to current fiscal year | 126 | 126 | 32 | ||
Four years prior to current fiscal year | 315 | 315 | 83 | ||
Prior | 9,516 | 9,516 | 9,515 | ||
Revolving | 2,454 | 2,454 | 1,570 | ||
Total | 13,272 | 13,272 | 11,333 | ||
Residential real estate | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Commercial and financial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 232,740 | 232,740 | 361,082 | ||
One year prior to current fiscal year | 388,489 | 388,489 | 320,855 | ||
Two years prior to current fiscal year | 378,522 | 378,522 | 146,607 | ||
Three years prior to current fiscal year | 145,908 | 145,908 | 84,487 | ||
Four years prior to current fiscal year | 77,655 | 77,655 | 63,364 | ||
Prior | 108,279 | 108,279 | 63,135 | ||
Revolving | 252,457 | 252,457 | 309,106 | ||
Total | 1,584,050 | 1,584,050 | 1,348,636 | ||
Current fiscal year, Charge Offs | 206 | ||||
One year prior to current fiscal year, Charge Offs | 117 | ||||
Two years prior to current fiscal year, Charge Offs | 109 | ||||
Three years prior to current fiscal year, Charge Offs | 1,484 | ||||
Four years prior to current fiscal year, Charge Offs | 265 | ||||
Prior, Charge Offs | 12,584 | ||||
Revolving, Charge Offs | 418 | ||||
Total, Charge Offs | 11,814 | 77 | 15,183 | 899 | |
Commercial and financial | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 232,472 | 232,472 | 359,833 | ||
One year prior to current fiscal year | 377,084 | 377,084 | 320,307 | ||
Two years prior to current fiscal year | 354,060 | 354,060 | 140,450 | ||
Three years prior to current fiscal year | 139,626 | 139,626 | 77,562 | ||
Four years prior to current fiscal year | 70,860 | 70,860 | 57,924 | ||
Prior | 94,921 | 94,921 | 58,648 | ||
Revolving | 246,568 | 246,568 | 292,818 | ||
Total | 1,515,591 | 1,515,591 | 1,307,542 | ||
Commercial and financial | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 129 | 129 | 1,244 | ||
One year prior to current fiscal year | 3,545 | 3,545 | 423 | ||
Two years prior to current fiscal year | 1,086 | 1,086 | 106 | ||
Three years prior to current fiscal year | 1,002 | 1,002 | 474 | ||
Four years prior to current fiscal year | 461 | 461 | 195 | ||
Prior | 3,583 | 3,583 | 259 | ||
Revolving | 2,842 | 2,842 | 2,998 | ||
Total | 12,648 | 12,648 | 5,699 | ||
Commercial and financial | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 7,860 | 7,860 | 67 | ||
Two years prior to current fiscal year | 20,895 | 20,895 | 942 | ||
Three years prior to current fiscal year | 4,942 | 4,942 | 6,304 | ||
Four years prior to current fiscal year | 5,558 | 5,558 | 1,603 | ||
Prior | 2,448 | 2,448 | 1,683 | ||
Revolving | 1,786 | 1,786 | 13,114 | ||
Total | 43,489 | 43,489 | 23,713 | ||
Commercial and financial | Substandard Impaired | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 139 | 139 | 5 | ||
One year prior to current fiscal year | 0 | 0 | 58 | ||
Two years prior to current fiscal year | 2,481 | 2,481 | 5,109 | ||
Three years prior to current fiscal year | 338 | 338 | 147 | ||
Four years prior to current fiscal year | 776 | 776 | 3,642 | ||
Prior | 7,327 | 7,327 | 2,545 | ||
Revolving | 1,261 | 1,261 | 176 | ||
Total | 12,322 | 12,322 | 11,682 | ||
Commercial and financial | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Consumer | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 28,535 | 28,535 | 93,012 | ||
One year prior to current fiscal year | 63,461 | 63,461 | 77,889 | ||
Two years prior to current fiscal year | 51,375 | 51,375 | 28,011 | ||
Three years prior to current fiscal year | 20,999 | 20,999 | 29,077 | ||
Four years prior to current fiscal year | 21,642 | 21,642 | 11,728 | ||
Prior | 20,969 | 20,969 | 16,908 | ||
Revolving | 41,559 | 41,559 | 29,962 | ||
Total | 248,540 | 248,540 | 286,587 | ||
Current fiscal year, Charge Offs | 9 | ||||
One year prior to current fiscal year, Charge Offs | 927 | ||||
Two years prior to current fiscal year, Charge Offs | 2,146 | ||||
Three years prior to current fiscal year, Charge Offs | 291 | ||||
Four years prior to current fiscal year, Charge Offs | 138 | ||||
Prior, Charge Offs | 214 | ||||
Revolving, Charge Offs | 139 | ||||
Total, Charge Offs | 1,265 | $ 152 | 3,864 | $ 446 | |
Consumer | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 28,535 | 28,535 | 93,012 | ||
One year prior to current fiscal year | 59,686 | 59,686 | 77,889 | ||
Two years prior to current fiscal year | 48,611 | 48,611 | 27,982 | ||
Three years prior to current fiscal year | 20,742 | 20,742 | 28,772 | ||
Four years prior to current fiscal year | 21,552 | 21,552 | 11,690 | ||
Prior | 20,634 | 20,634 | 16,480 | ||
Revolving | 40,713 | 40,713 | 29,725 | ||
Total | 240,473 | 240,473 | 285,550 | ||
Consumer | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 1,935 | 1,935 | 0 | ||
Two years prior to current fiscal year | 1,170 | 1,170 | 0 | ||
Three years prior to current fiscal year | 79 | 79 | 250 | ||
Four years prior to current fiscal year | 25 | 25 | 2 | ||
Prior | 6 | 6 | 134 | ||
Revolving | 751 | 751 | 30 | ||
Total | 3,966 | 3,966 | 416 | ||
Consumer | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 11 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 191 | ||
Revolving | 0 | 0 | 0 | ||
Total | 0 | 0 | 202 | ||
Consumer | Substandard Impaired | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 1,840 | 1,840 | 0 | ||
Two years prior to current fiscal year | 1,594 | 1,594 | 18 | ||
Three years prior to current fiscal year | 178 | 178 | 55 | ||
Four years prior to current fiscal year | 65 | 65 | 36 | ||
Prior | 329 | 329 | 103 | ||
Revolving | 95 | 95 | 207 | ||
Total | 4,101 | 4,101 | 419 | ||
Consumer | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
PPP Loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 2,708 | ||
Two years prior to current fiscal year | 1,957 | 1,957 | 1,882 | ||
Three years prior to current fiscal year | 2,145 | 2,145 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Total | 4,102 | 4,102 | 4,590 | ||
Current fiscal year, Charge Offs | 0 | ||||
One year prior to current fiscal year, Charge Offs | 0 | ||||
Two years prior to current fiscal year, Charge Offs | 0 | ||||
Three years prior to current fiscal year, Charge Offs | 0 | ||||
Four years prior to current fiscal year, Charge Offs | 0 | ||||
Prior, Charge Offs | 0 | ||||
Revolving, Charge Offs | 0 | ||||
Total, Charge Offs | 0 | ||||
PPP Loans | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 2,708 | ||
Two years prior to current fiscal year | 1,957 | 1,957 | 1,882 | ||
Three years prior to current fiscal year | 2,145 | 2,145 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Total | 4,102 | 4,102 | 4,590 | ||
PPP Loans | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
PPP Loans | Substandard Impaired | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0 | 0 | 0 | ||
One year prior to current fiscal year | 0 | 0 | 0 | ||
Two years prior to current fiscal year | 0 | 0 | 0 | ||
Three years prior to current fiscal year | 0 | 0 | 0 | ||
Four years prior to current fiscal year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 0 | ||
Total | $ 0 | $ 0 | $ 0 |
Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | $ 159,715 | $ 90,769 | $ 113,895 | $ 83,315 |
Allowance on PCD Loans Acquired During the Period | 18,879 | 51 | ||
Provision for Credit Losses | 2,694 | 4,676 | 33,528 | 12,054 |
Charge- Offs | (13,123) | (408) | (19,468) | (1,525) |
Recoveries | 375 | 305 | 2,827 | 1,467 |
TDR Allowance Adjustments | (13) | (33) | ||
Ending Balance | 149,661 | 95,329 | 149,661 | 95,329 |
Construction and land development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 6,960 | 2,552 | 6,464 | 2,751 |
Allowance on PCD Loans Acquired During the Period | 5 | 0 | ||
Provision for Credit Losses | 725 | 792 | 1,208 | 529 |
Charge- Offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 1 | 8 | 65 |
TDR Allowance Adjustments | 0 | 0 | ||
Ending Balance | 7,685 | 3,345 | 7,685 | 3,345 |
Commercial real estate - owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 6,418 | 7,376 | 6,051 | 8,579 |
Allowance on PCD Loans Acquired During the Period | 139 | 0 | ||
Provision for Credit Losses | (353) | (2,182) | (127) | (3,385) |
Charge- Offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 2 | 0 |
TDR Allowance Adjustments | 0 | 0 | ||
Ending Balance | 6,065 | 5,194 | 6,065 | 5,194 |
Commercial real estate - non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 54,103 | 46,459 | 43,258 | 36,617 |
Allowance on PCD Loans Acquired During the Period | 647 | 31 | ||
Provision for Credit Losses | (1,677) | (6,841) | 8,461 | 2,961 |
Charge- Offs | 0 | (179) | (109) | (179) |
Recoveries | 15 | 23 | 184 | 32 |
TDR Allowance Adjustments | 0 | 0 | ||
Ending Balance | 52,441 | 39,462 | 52,441 | 39,462 |
Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 36,710 | 14,821 | 29,605 | 12,811 |
Allowance on PCD Loans Acquired During the Period | 400 | 17 | ||
Provision for Credit Losses | 2,009 | 11,193 | 8,659 | 12,901 |
Charge- Offs | (44) | 0 | (312) | (1) |
Recoveries | 60 | 31 | 383 | 334 |
TDR Allowance Adjustments | (8) | (25) | ||
Ending Balance | 38,735 | 26,037 | 38,735 | 26,037 |
Commercial and financial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 40,272 | 17,144 | 15,648 | 19,744 |
Allowance on PCD Loans Acquired During the Period | 17,527 | 3 | ||
Provision for Credit Losses | 2,932 | (1,457) | 11,548 | (3,585) |
Charge- Offs | (11,814) | (77) | (15,183) | (899) |
Recoveries | 135 | 92 | 1,985 | 440 |
TDR Allowance Adjustments | (1) | (2) | ||
Ending Balance | 31,525 | 15,701 | 31,525 | 15,701 |
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 15,252 | 2,417 | 12,869 | 2,813 |
Allowance on PCD Loans Acquired During the Period | 161 | 0 | ||
Provision for Credit Losses | (942) | 3,171 | 3,779 | 2,633 |
Charge- Offs | (1,265) | (152) | (3,864) | (446) |
Recoveries | 165 | 158 | 265 | 596 |
TDR Allowance Adjustments | (4) | (6) | ||
Ending Balance | $ 13,210 | $ 5,590 | $ 13,210 | $ 5,590 |
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Charge-Offs | $ 13,123 | $ 408 | $ 19,468 | $ 1,525 |
Loans moved from individually evaluated to collectively evaluated | 19,900 | |||
Commercial and financial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Charge-Offs | 11,814 | $ 77 | $ 15,183 | $ 899 |
Commercial and financial | Financial Asset Acquired, Fully Reserved | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Charge-Offs | $ 11,300 |
Allowance for Credit Losses - Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|
Recorded Investment | ||||||
Individually Evaluated | $ 35,524 | $ 31,514 | ||||
Collectively Evaluated | 9,975,662 | 8,113,210 | ||||
Total | 10,011,186 | 8,144,724 | ||||
Associated Allowance | ||||||
Individually Evaluated | 8,592 | 3,547 | ||||
Collectively Evaluated | 141,069 | 110,348 | ||||
Total | 149,661 | $ 159,715 | 113,895 | $ 95,329 | $ 90,769 | $ 83,315 |
Construction and land development | ||||||
Recorded Investment | ||||||
Individually Evaluated | 0 | 59 | ||||
Collectively Evaluated | 793,736 | 587,273 | ||||
Total | 793,736 | 587,332 | ||||
Associated Allowance | ||||||
Individually Evaluated | 0 | 0 | ||||
Collectively Evaluated | 7,685 | 6,464 | ||||
Total | 7,685 | 6,960 | 6,464 | 3,345 | 2,552 | 2,751 |
Commercial real estate - owner occupied | ||||||
Recorded Investment | ||||||
Individually Evaluated | 1,908 | 3,346 | ||||
Collectively Evaluated | 1,673,973 | 1,474,956 | ||||
Total | 1,675,881 | 1,478,302 | ||||
Associated Allowance | ||||||
Individually Evaluated | 0 | 41 | ||||
Collectively Evaluated | 6,065 | 6,010 | ||||
Total | 6,065 | 6,418 | 6,051 | 5,194 | 7,376 | 8,579 |
Commercial real estate - non-owner occupied | ||||||
Recorded Investment | ||||||
Individually Evaluated | 8,519 | 4,183 | ||||
Collectively Evaluated | 3,277,455 | 2,585,591 | ||||
Total | 3,285,974 | 2,589,774 | ||||
Associated Allowance | ||||||
Individually Evaluated | 530 | 230 | ||||
Collectively Evaluated | 51,911 | 43,028 | ||||
Total | 52,441 | 54,103 | 43,258 | 39,462 | 46,459 | 36,617 |
Residential real estate | ||||||
Recorded Investment | ||||||
Individually Evaluated | 1,810 | 11,333 | ||||
Collectively Evaluated | 2,417,093 | 1,838,170 | ||||
Total | 2,418,903 | 1,849,503 | ||||
Associated Allowance | ||||||
Individually Evaluated | 0 | 275 | ||||
Collectively Evaluated | 38,735 | 29,330 | ||||
Total | 38,735 | 36,710 | 29,605 | 26,037 | 14,821 | 12,811 |
Commercial and financial | ||||||
Recorded Investment | ||||||
Individually Evaluated | 23,287 | 12,167 | ||||
Collectively Evaluated | 1,564,865 | 1,341,059 | ||||
Total | 1,588,152 | 1,353,226 | ||||
Associated Allowance | ||||||
Individually Evaluated | 8,062 | 2,639 | ||||
Collectively Evaluated | 23,463 | 13,009 | ||||
Total | 31,525 | 15,648 | ||||
Consumer | ||||||
Recorded Investment | ||||||
Individually Evaluated | 0 | 426 | ||||
Collectively Evaluated | 248,540 | 286,161 | ||||
Total | 248,540 | 286,587 | ||||
Associated Allowance | ||||||
Individually Evaluated | 0 | 362 | ||||
Collectively Evaluated | 13,210 | 12,507 | ||||
Total | $ 13,210 | $ 15,252 | $ 12,869 | $ 5,590 | $ 2,417 | $ 2,813 |
Derivatives - Narrative (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
contract
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
contract
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Derivative [Line Items] | |||||
Loss recognized in OCI | $ 100,000 | $ 300,000 | |||
Reclassification from AOCI into income | $ 200,000 | $ 100,000 | $ 500,000 | $ 300,000 | |
Reclassification of fair value hedge from AOCI into income | 700,000 | 7,000,000 | |||
Amount of fair value hedge expected to be reclassified from accumulated other comprehensive income into interest income | (5,400) | 100,000 | |||
Back-to-Back Swap | |||||
Derivative [Line Items] | |||||
Notional amount | 505,742,000 | $ 505,742,000 | $ 312,808,000 | ||
Weighted average maturity (in years) | 6 years | 6 years 8 months 12 days | |||
Back-to-Back Swap | Fair Value Hedging | |||||
Derivative [Line Items] | |||||
Notional amount | $ 400,000,000 | $ 400,000,000 | |||
Number of derivative contracts | contract | 2 | 2 | |||
Back-to-Back Swap | Other Assets and Other Liabilities | |||||
Derivative [Line Items] | |||||
Fair value of derivative assets and liabilities | $ 37,362,000 | $ 37,362,000 | $ 23,140,000 | ||
Back-to-Back Swap | Other Assets | Fair Value Hedging | |||||
Derivative [Line Items] | |||||
Fair value of derivative assets and liabilities | 6,914,000 | 6,914,000 | |||
Interest Rate Floor | |||||
Derivative [Line Items] | |||||
Notional amount | $ 300,000,000 | $ 300,000,000 | 300,000,000 | ||
Number of derivative contracts | contract | 2 | 2 | |||
Amount expected to be reclassified from accumulated other comprehensive income into interest income | $ 100,000 | ||||
Interest Rate Floor | Other Assets | |||||
Derivative [Line Items] | |||||
Fair value of derivative assets and liabilities | $ 0 | 0 | $ 2,000 | ||
Interest Rate Floor, October 2023 Maturity | |||||
Derivative [Line Items] | |||||
Notional amount | 150,000,000 | 150,000,000 | |||
Interest Rate Floor, November 2023 Maturity | |||||
Derivative [Line Items] | |||||
Notional amount | 150,000,000 | 150,000,000 | |||
Interest Rate Swap 1, April 2025 Maturity | Fair Value Hedging | |||||
Derivative [Line Items] | |||||
Notional amount | 200,000,000 | 200,000,000 | |||
Interest Rate Swap 2, April 2025 Maturity | Fair Value Hedging | |||||
Derivative [Line Items] | |||||
Notional amount | $ 200,000,000 | $ 200,000,000 |
Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Back-to-back swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 505,742 | $ 312,808 |
Back-to-back swaps | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 400,000 | |
Back-to-back swaps | Other Assets and Other Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivative assets and liabilities | 37,362 | 23,140 |
Back-to-back swaps | Other Assets | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivative assets and liabilities | 6,914 | |
Interest rate floors | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 300,000 | 300,000 |
Interest rate floors | Other Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivative assets and liabilities | $ 0 | $ 2 |
Derivatives - Fair Value Hedges (Details) - Debt Securities - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative [Line Items] | ||
Carrying amount of the hedged items | $ 574,823 | $ 0 |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items | 7,014 | 0 |
Financial Asset, Closed Portfolio, Portfolio Layer Method, Amortized Cost | $ 696,200 | $ 0 |
Securities Sold Under Agreements to Repurchase - Schedule of Securities Sold Under Agreements to Repurchase and Securities Pledged (Details) - Asset Pledged as Collateral - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair value of pledged securities - overnight and continuous: | ||
Fair value of debt securities pledged as collateral | $ 1,800,000 | |
Fair Value | Repurchase Agreement | Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Fair value of pledged securities - overnight and continuous: | ||
Fair value of debt securities pledged as collateral | $ 358,448 | $ 184,967 |
Equity Capital (Details) |
Sep. 30, 2023 |
---|---|
Equity [Abstract] | |
Regulatory threshold percentage for well-capitalized institutions | 0.065 |
Fair Value - Fair Value of Assets Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financial Assets | ||
Available-for-sale debt securities | $ 1,841,845 | $ 1,871,742 |
Loans held for sale | 2,979 | 3,151 |
Other real estate owned | 7,216 | 2,301 |
Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Available-for-sale debt securities | 1,841,845 | 1,871,742 |
Derivative financial instruments | 44,276 | 23,142 |
Loans held for sale | 2,979 | 3,151 |
Equity securities | 13,120 | 8,220 |
Financial Liabilities | ||
Derivative financial instruments | 37,362 | 23,142 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Available-for-sale debt securities | 188 | 186 |
Derivative financial instruments | 0 | 0 |
Loans held for sale | 0 | 0 |
Equity securities | 13,120 | 8,220 |
Financial Liabilities | ||
Derivative financial instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Available-for-sale debt securities | 1,841,657 | 1,871,556 |
Derivative financial instruments | 44,276 | 23,142 |
Loans held for sale | 2,979 | 3,151 |
Equity securities | 0 | 0 |
Financial Liabilities | ||
Derivative financial instruments | 37,362 | 23,142 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Available-for-sale debt securities | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Loans held for sale | 0 | 0 |
Equity securities | 0 | 0 |
Financial Liabilities | ||
Derivative financial instruments | 0 | 0 |
Fair Value, Measurements, Nonrecurring | ||
Financial Assets | ||
Loans | 10,482 | 8,513 |
Other real estate owned | 7,216 | 2,301 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Loans | 818 | 1,183 |
Other real estate owned | 7,216 | 2,301 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Loans | 9,664 | 7,330 |
Other real estate owned | $ 0 | $ 0 |
Fair Value - Aggregate Fair Value and Contractual Balance of Loans for Sale (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Value of loans held for sale | $ 2,979 | $ 3,151 |
Excess | 133 | 80 |
Contractual Balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Value of loans held for sale | $ 2,846 | $ 3,071 |
Fair Value - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Average capitalization rate | 6.90% | |||||
Allowance for credit losses | $ 149,661 | $ 159,715 | $ 113,895 | $ 95,329 | $ 90,769 | $ 83,315 |
Fair Value, Measurements, Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of impaired loans | 10,482 | 8,513 | ||||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of impaired loans | 9,664 | 7,330 | ||||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Loans Receivable | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Additions | 3,200 | |||||
Paydowns and charge-offs | 6,300 | |||||
Collateral-Dependent Real Estate | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of impaired loans | 11,500 | 10,200 | ||||
Allowance for credit losses | $ 1,000 | $ 2,900 |
Fair Value - Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financial Assets | ||
Debt securities held-to-maturity | $ 691,404 | $ 747,408 |
Time deposits with other banks | 4,357 | 3,236 |
Loans, net | 9,861,525 | 8,030,829 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Debt securities held-to-maturity | 0 | 0 |
Time deposits with other banks | 0 | 0 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposit liabilities | 0 | 0 |
Federal Home Loan Bank (“FHLB”) borrowings | 0 | 0 |
Subordinated debt, net | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Debt securities held-to-maturity | 537,218 | 617,741 |
Time deposits with other banks | 4,241 | 2,989 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposit liabilities | 0 | 0 |
Federal Home Loan Bank (“FHLB”) borrowings | 0 | 0 |
Subordinated debt, net | 98,110 | 82,226 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Debt securities held-to-maturity | 0 | 0 |
Time deposits with other banks | 0 | 0 |
Loans, net | 9,591,237 | 7,845,375 |
Financial Liabilities | ||
Deposit liabilities | 12,106,525 | 9,976,125 |
Federal Home Loan Bank (“FHLB”) borrowings | 110,293 | 149,450 |
Subordinated debt, net | 0 | 0 |
Carrying Value | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Debt securities held-to-maturity | 691,404 | 747,408 |
Time deposits with other banks | 4,357 | 3,236 |
Loans, net | 9,851,043 | 8,022,316 |
Financial Liabilities | ||
Deposit liabilities | 12,107,834 | 9,981,595 |
Federal Home Loan Bank (“FHLB”) borrowings | 110,000 | 150,000 |
Subordinated debt, net | $ 106,136 | $ 84,533 |
Business Combinations - Narrative (Details) |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2023
USD ($)
branch
|
Oct. 07, 2022
USD ($)
branch
|
Jan. 03, 2022
USD ($)
branch
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 731,970,000 | $ 731,970,000 | $ 480,319,000 | ||||||||
Allowance for credit losses | 149,661,000 | $ 95,329,000 | 149,661,000 | $ 95,329,000 | $ 159,715,000 | $ 113,895,000 | $ 90,769,000 | $ 83,315,000 | |||
Acquisition costs | $ 0 | $ 2,100,000 | $ 33,200,000 | $ 11,800,000 | |||||||
Professional Holding Corp. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches operated | branch | 9 | ||||||||||
Percentage of common stock acquired | 100.00% | ||||||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.8909 | ||||||||||
Goodwill | $ 251,226,000 | ||||||||||
Measurement period adjustment, acquired loan | 5,544,000 | ||||||||||
Measurement period adjustment, receivable | 2,409,000 | ||||||||||
Fair value of options and warrants converted | 10,304,000 | ||||||||||
Allowance for credit losses | 45,500,000 | ||||||||||
Professional Holding Corp. | PCD Loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Allowance for credit losses at acquisition | 18,879,000 | ||||||||||
Professional Holding Corp. | Acquired Non-PCD Loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Allowance for credit losses | $ 26,600,000 | ||||||||||
Apollo Bancshares, Inc. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches operated | branch | 5 | ||||||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 1.006529 | ||||||||||
Goodwill | $ 90,488,000 | ||||||||||
Measurement period adjustment, acquired loan | 0 | ||||||||||
Measurement period adjustment, receivable | (251,000) | ||||||||||
Fair value of options and warrants converted | 6,530,000 | ||||||||||
Allowance for credit losses | $ 7,800,000 | ||||||||||
Minority interest portion, number of Seacoast stock for each share of stock converted (in shares) | 1.195651 | ||||||||||
Apollo Bancshares, Inc. | PCD Loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Allowance for credit losses at acquisition | $ 2,658,000 | ||||||||||
Apollo Bancshares, Inc. | Acquired Non-PCD Loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Allowance for credit losses | $ 5,100,000 | ||||||||||
Drummond Banking Company | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches operated | branch | 18 | ||||||||||
Percentage of common stock acquired | 100.00% | ||||||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 51.9561 | ||||||||||
Goodwill | $ 103,649,000 | ||||||||||
Goodwill recognized from acquisition, nondeductible | 103,600,000 | ||||||||||
Measurement period adjustment, acquired loan | 0 | ||||||||||
Measurement period adjustment, receivable | (173,000) | ||||||||||
Allowance for credit losses | 12,500,000 | ||||||||||
Drummond Banking Company | PCD Loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Allowance for credit losses at acquisition | 2,566,000 | ||||||||||
Drummond Banking Company | Acquired Non-PCD Loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Allowance for credit losses | $ 9,900,000 | ||||||||||
Business Bank of Florida | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches operated | branch | 1 | ||||||||||
Percentage of common stock acquired | 100.00% | ||||||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.7997 | ||||||||||
Goodwill | $ 7,962,000 | ||||||||||
Goodwill recognized from acquisition, nondeductible | 8,000,000 | ||||||||||
Fair value of options and warrants converted | 497,000 | ||||||||||
Allowance for credit losses | 1,800,000 | ||||||||||
Business Bank of Florida | Stock Option | Seacoast 2021 Incentive Plan | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Fair value of options and warrants converted | 500,000 | ||||||||||
Business Bank of Florida | PCD Loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Allowance for credit losses | 15,000 | ||||||||||
Allowance for credit losses at acquisition | 15,000 | ||||||||||
Business Bank of Florida | Acquired Non-PCD Loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Allowance for credit losses | $ 1,800,000 | ||||||||||
Sabal Palm Bancorp, Inc. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches operated | branch | 3 | ||||||||||
Percentage of common stock acquired | 100.00% | ||||||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.2203 | ||||||||||
Goodwill | $ 26,489,000 | ||||||||||
Goodwill recognized from acquisition, nondeductible | 26,500,000 | ||||||||||
Fair value of options and warrants converted | 3,336,000 | ||||||||||
Allowance for credit losses | 3,400,000 | ||||||||||
Sabal Palm Bancorp, Inc. | Stock Option | Seacoast 2021 Incentive Plan | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Fair value of options and warrants converted | 3,300,000 | ||||||||||
Sabal Palm Bancorp, Inc. | PCD Loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Allowance for credit losses | 37,000 | ||||||||||
Allowance for credit losses at acquisition | 37,000 | ||||||||||
Sabal Palm Bancorp, Inc. | Acquired Non-PCD Loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Allowance for credit losses | $ 3,400,000 |
Business Combinations - Purchase Price (Details) $ / shares in Units, $ in Thousands |
Jan. 31, 2023
USD ($)
$ / shares
shares
|
Oct. 07, 2022
USD ($)
$ / shares
shares
|
Jan. 03, 2022
USD ($)
$ / shares
shares
|
---|---|---|---|
Professional Holding Corp. | |||
Business Acquisition [Line Items] | |||
Number of common shares outstanding (in shares) | shares | 14,358,000 | ||
Per share exchange ratio (in shares) | 0.8909 | ||
Number of shares of SBCF common stock issues (in shares) | shares | 12,792,000 | ||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 32.11 | ||
Value of common stock issued | $ 410,738 | ||
Cash paid for fractional shares | 5 | ||
Fair value of options and warrants converted | 10,304 | ||
Total purchase price | $ 421,047 | ||
Apollo Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Number of common shares outstanding (in shares) | shares | 3,766,000 | ||
Per share exchange ratio (in shares) | 1.006529 | ||
Number of shares of SBCF common stock issues (in shares) | shares | 3,791,000 | ||
Number of minority interest shares outstanding (in shares) | shares | 609,000 | ||
Per share exchange ratio (in shares) | 1.195651 | ||
Number of shares of SBCF common stock issued, minority interest converted (in shares) | shares | 728,000 | ||
Number of shares of common stock issued (in shares) | shares | 4,519,000 | ||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 30.83 | ||
Value of common stock issued | $ 139,307 | ||
Cash paid for fractional shares | 5 | ||
Fair value of options and warrants converted | 6,530 | ||
Total purchase price | $ 145,842 | ||
Drummond Banking Company | |||
Business Acquisition [Line Items] | |||
Number of common shares outstanding (in shares) | shares | 99,000 | ||
Per share exchange ratio (in shares) | 51.9561 | ||
Number of shares of common stock issued (in shares) | shares | 5,136,000 | ||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 30.83 | ||
Total purchase price | $ 158,332 | ||
Business Bank of Florida | |||
Business Acquisition [Line Items] | |||
Number of common shares outstanding (in shares) | shares | 1,112,000 | ||
Per share exchange ratio (in shares) | 0.7997 | ||
Number of shares of common stock issued (in shares) | shares | 889,000 | ||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 35.39 | ||
Value of common stock issued | $ 31,480 | ||
Fair value of options and warrants converted | 497 | ||
Total purchase price | $ 31,977 | ||
Sabal Palm Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Number of common shares outstanding (in shares) | shares | 7,536,000 | ||
Per share exchange ratio (in shares) | 0.2203 | ||
Number of shares of common stock issued (in shares) | shares | 1,660,000 | ||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 35.39 | ||
Value of common stock issued | $ 58,762 | ||
Fair value of options and warrants converted | 3,336 | ||
Total purchase price | $ 62,098 |
Business Combinations - Fair Value of the Assets Purchased, Including Goodwill and Liabilities (Details) - USD ($) $ in Thousands |
Jan. 31, 2023 |
Oct. 07, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Jan. 03, 2022 |
---|---|---|---|---|---|
Assets: | |||||
Goodwill | $ 731,970 | $ 480,319 | |||
Professional Holding Corp. | |||||
Assets: | |||||
Cash and cash equivalents | $ 141,680 | ||||
Measurement Period Adjustments, Cash and cash equivalents | 0 | ||||
Investments | 167,059 | ||||
Measurement Period Adjustments, Investment Securities | 0 | ||||
Loans | 1,986,169 | ||||
Measurement Period Adjustments, Loans | (5,544) | ||||
Bank premises and equipment | 2,478 | ||||
Measurement Period Adjustments, Bank premises and equipment | 0 | ||||
Core deposit intangibles | 48,885 | ||||
Measurement Period Adjustments, Core deposit intangibles | 0 | ||||
Goodwill | 251,226 | ||||
Measurement Period Adjustments, Goodwill | 3,135 | ||||
BOLI | 55,071 | ||||
Measurement Period Adjustments, BOLI | 0 | ||||
Other Assets | 76,641 | ||||
Measurement Period Adjustments, Other Assets | 2,409 | ||||
Total Assets | 2,729,209 | ||||
Measurement Period Adjustments, Total Assets | 0 | ||||
Liabilities: | |||||
Deposits | 2,119,341 | ||||
Measurement Period Adjustments, Deposits | 0 | ||||
Subordinated debt | 21,141 | ||||
Measurement Period Adjustments, Subordinated debt | 0 | ||||
Other Liabilities | 167,680 | ||||
Measurement Period Adjustments, Other Liabilities | 0 | ||||
Total Liabilities | 2,308,162 | ||||
Measurement Period Adjustments, Total Liabilities | 0 | ||||
Professional Holding Corp. | Initially Measured | |||||
Assets: | |||||
Cash and cash equivalents | 141,680 | ||||
Investments | 167,059 | ||||
Loans | 1,991,713 | ||||
Bank premises and equipment | 2,478 | ||||
Core deposit intangibles | 48,885 | ||||
Goodwill | 248,091 | ||||
BOLI | 55,071 | ||||
Other Assets | 74,232 | ||||
Total Assets | 2,729,209 | ||||
Liabilities: | |||||
Deposits | 2,119,341 | ||||
Subordinated debt | 21,141 | ||||
Other Liabilities | 167,680 | ||||
Total Liabilities | $ 2,308,162 | ||||
Apollo Bancshares, Inc. | |||||
Assets: | |||||
Cash and cash equivalents | $ 41,001 | ||||
Measurement Period Adjustments, Cash and cash equivalents | 0 | ||||
Investments | 203,596 | ||||
Measurement Period Adjustments, Investment Securities | 0 | ||||
Loans | 666,522 | ||||
Measurement Period Adjustments, Loans | 0 | ||||
Bank premises and equipment | 7,809 | ||||
Measurement Period Adjustments, Bank premises and equipment | 0 | ||||
Core deposit intangibles | 28,699 | ||||
Measurement Period Adjustments, Core deposit intangibles | 0 | ||||
Goodwill | 90,488 | ||||
Measurement Period Adjustments, Goodwill | 251 | ||||
Other Assets | 52,473 | ||||
Measurement Period Adjustments, Other Assets | (251) | ||||
Total Assets | 1,090,588 | ||||
Measurement Period Adjustments, Total Assets | 0 | ||||
Liabilities: | |||||
Deposits | 854,774 | ||||
Measurement Period Adjustments, Deposits | 0 | ||||
Other Liabilities | 89,972 | ||||
Measurement Period Adjustments, Other Liabilities | 0 | ||||
Total Liabilities | 944,746 | ||||
Measurement Period Adjustments, Total Liabilities | 0 | ||||
Apollo Bancshares, Inc. | Initially Measured | |||||
Assets: | |||||
Cash and cash equivalents | 41,001 | ||||
Investments | 203,596 | ||||
Loans | 666,522 | ||||
Bank premises and equipment | 7,809 | ||||
Core deposit intangibles | 28,699 | ||||
Goodwill | 90,237 | ||||
Other Assets | 52,724 | ||||
Total Assets | 1,090,588 | ||||
Liabilities: | |||||
Deposits | 854,774 | ||||
Other Liabilities | 89,972 | ||||
Total Liabilities | 944,746 | ||||
Drummond Banking Company | |||||
Assets: | |||||
Cash and cash equivalents | 31,805 | ||||
Measurement Period Adjustments, Cash and cash equivalents | 0 | ||||
Investments | 327,852 | ||||
Measurement Period Adjustments, Investment Securities | 0 | ||||
Loans | 544,694 | ||||
Measurement Period Adjustments, Loans | 0 | ||||
Bank premises and equipment | 29,370 | ||||
Measurement Period Adjustments, Bank premises and equipment | 0 | ||||
Core deposit intangibles | 32,983 | ||||
Measurement Period Adjustments, Core deposit intangibles | 0 | ||||
Goodwill | 103,649 | ||||
Measurement Period Adjustments, Goodwill | 173 | ||||
Other Assets | 49,639 | ||||
Measurement Period Adjustments, Other Assets | (173) | ||||
Total Assets | 1,119,992 | ||||
Measurement Period Adjustments, Total Assets | 0 | ||||
Liabilities: | |||||
Deposits | 881,281 | ||||
Measurement Period Adjustments, Deposits | 0 | ||||
Other Liabilities | 80,379 | ||||
Measurement Period Adjustments, Other Liabilities | 0 | ||||
Total Liabilities | 961,660 | ||||
Measurement Period Adjustments, Total Liabilities | 0 | ||||
Drummond Banking Company | Initially Measured | |||||
Assets: | |||||
Cash and cash equivalents | 31,805 | ||||
Investments | 327,852 | ||||
Loans | 544,694 | ||||
Bank premises and equipment | 29,370 | ||||
Core deposit intangibles | 32,983 | ||||
Goodwill | 103,476 | ||||
Other Assets | 49,812 | ||||
Total Assets | 1,119,992 | ||||
Liabilities: | |||||
Deposits | 881,281 | ||||
Other Liabilities | 80,379 | ||||
Total Liabilities | $ 961,660 | ||||
Business Bank of Florida | |||||
Assets: | |||||
Cash and cash equivalents | $ 38,332 | ||||
Investments | 26,011 | ||||
Loans | 121,774 | ||||
Bank premises and equipment | 2,102 | ||||
Core deposit intangibles | 2,621 | ||||
Goodwill | 7,962 | ||||
Total Assets | 198,802 | ||||
Liabilities: | |||||
Deposits | 166,326 | ||||
Other Liabilities | 499 | ||||
Total Liabilities | 166,825 | ||||
Sabal Palm Bancorp, Inc. | |||||
Assets: | |||||
Cash and cash equivalents | 170,609 | ||||
Investments | 6,473 | ||||
Loans | 246,152 | ||||
Bank premises and equipment | 1,745 | ||||
Core deposit intangibles | 5,587 | ||||
Goodwill | 26,489 | ||||
Other Assets | 5,189 | ||||
Total Assets | 462,244 | ||||
Liabilities: | |||||
Deposits | 395,952 | ||||
Other Liabilities | 4,194 | ||||
Total Liabilities | $ 400,146 |
Business Combinations - Fair Value of Acquired Loans (Details) - USD ($) $ in Thousands |
Jan. 31, 2023 |
Oct. 07, 2022 |
Jan. 03, 2022 |
---|---|---|---|
Professional Holding Corp. | |||
Business Acquisition [Line Items] | |||
Book Balance | $ 2,139,222 | ||
Fair Value | 1,986,169 | ||
Professional Holding Corp. | Construction and land development | |||
Business Acquisition [Line Items] | |||
Book Balance | 156,048 | ||
Fair Value | 151,012 | ||
Professional Holding Corp. | Commercial real estate - owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 293,473 | ||
Fair Value | 274,068 | ||
Professional Holding Corp. | Commercial real estate - non-owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 752,393 | ||
Fair Value | 692,746 | ||
Professional Holding Corp. | Residential real estate | |||
Business Acquisition [Line Items] | |||
Book Balance | 509,305 | ||
Fair Value | 483,611 | ||
Professional Holding Corp. | Commercial and financial | |||
Business Acquisition [Line Items] | |||
Book Balance | 392,396 | ||
Fair Value | 350,628 | ||
Professional Holding Corp. | Consumer | |||
Business Acquisition [Line Items] | |||
Book Balance | 33,656 | ||
Fair Value | 32,153 | ||
Professional Holding Corp. | PPP Loans | |||
Business Acquisition [Line Items] | |||
Book Balance | 1,951 | ||
Fair Value | $ 1,951 | ||
Apollo Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Book Balance | $ 717,578 | ||
Fair Value | 666,522 | ||
Apollo Bancshares, Inc. | Construction and land development | |||
Business Acquisition [Line Items] | |||
Book Balance | 74,126 | ||
Fair Value | 70,654 | ||
Apollo Bancshares, Inc. | Commercial real estate - owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 131,093 | ||
Fair Value | 121,600 | ||
Apollo Bancshares, Inc. | Commercial real estate - non-owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 374,673 | ||
Fair Value | 340,561 | ||
Apollo Bancshares, Inc. | Residential real estate | |||
Business Acquisition [Line Items] | |||
Book Balance | 76,254 | ||
Fair Value | 75,957 | ||
Apollo Bancshares, Inc. | Commercial and financial | |||
Business Acquisition [Line Items] | |||
Book Balance | 50,125 | ||
Fair Value | 46,695 | ||
Apollo Bancshares, Inc. | Consumer | |||
Business Acquisition [Line Items] | |||
Book Balance | 11,307 | ||
Fair Value | 11,055 | ||
Drummond Banking Company | |||
Business Acquisition [Line Items] | |||
Book Balance | 587,002 | ||
Fair Value | 544,694 | ||
Drummond Banking Company | Construction and land development | |||
Business Acquisition [Line Items] | |||
Book Balance | 155,041 | ||
Fair Value | 140,401 | ||
Drummond Banking Company | Commercial real estate - owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 112,768 | ||
Fair Value | 106,152 | ||
Drummond Banking Company | Commercial real estate - non-owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 26,520 | ||
Fair Value | 24,744 | ||
Drummond Banking Company | Residential real estate | |||
Business Acquisition [Line Items] | |||
Book Balance | 85,767 | ||
Fair Value | 78,663 | ||
Drummond Banking Company | Commercial and financial | |||
Business Acquisition [Line Items] | |||
Book Balance | 88,026 | ||
Fair Value | 82,067 | ||
Drummond Banking Company | Consumer | |||
Business Acquisition [Line Items] | |||
Book Balance | 118,880 | ||
Fair Value | $ 112,667 | ||
Business Bank of Florida | |||
Business Acquisition [Line Items] | |||
Book Balance | $ 123,916 | ||
Fair Value | 121,774 | ||
Business Bank of Florida | Construction and land development | |||
Business Acquisition [Line Items] | |||
Book Balance | 8,677 | ||
Fair Value | 8,414 | ||
Business Bank of Florida | Commercial real estate - owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 45,403 | ||
Fair Value | 44,564 | ||
Business Bank of Florida | Commercial real estate - non-owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 53,065 | ||
Fair Value | 52,034 | ||
Business Bank of Florida | Residential real estate | |||
Business Acquisition [Line Items] | |||
Book Balance | 5,377 | ||
Fair Value | 5,421 | ||
Business Bank of Florida | Commercial and financial | |||
Business Acquisition [Line Items] | |||
Book Balance | 11,335 | ||
Fair Value | 11,280 | ||
Business Bank of Florida | Consumer | |||
Business Acquisition [Line Items] | |||
Book Balance | 59 | ||
Fair Value | 61 | ||
Sabal Palm Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Book Balance | 248,910 | ||
Fair Value | 246,152 | ||
Sabal Palm Bancorp, Inc. | Construction and land development | |||
Business Acquisition [Line Items] | |||
Book Balance | 9,256 | ||
Fair Value | 9,009 | ||
Sabal Palm Bancorp, Inc. | Commercial real estate - owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 57,690 | ||
Fair Value | 56,591 | ||
Sabal Palm Bancorp, Inc. | Commercial real estate - non-owner occupied | |||
Business Acquisition [Line Items] | |||
Book Balance | 89,153 | ||
Fair Value | 87,280 | ||
Sabal Palm Bancorp, Inc. | Residential real estate | |||
Business Acquisition [Line Items] | |||
Book Balance | 71,469 | ||
Fair Value | 72,227 | ||
Sabal Palm Bancorp, Inc. | Commercial and financial | |||
Business Acquisition [Line Items] | |||
Book Balance | 21,109 | ||
Fair Value | 20,813 | ||
Sabal Palm Bancorp, Inc. | Consumer | |||
Business Acquisition [Line Items] | |||
Book Balance | 233 | ||
Fair Value | $ 232 |
Business Combinations - Purchased Credit Impaired Loans (Details) - PCD Loans - USD ($) $ in Thousands |
Jan. 31, 2023 |
Oct. 07, 2022 |
Jan. 03, 2022 |
---|---|---|---|
Professional Holding Corp. | |||
Business Acquisition [Line Items] | |||
Book balance of loans at acquisition | $ 155,031 | ||
Allowance for credit losses at acquisition | (18,879) | ||
Non-credit related discount | (12,361) | ||
Total PCD loans acquired | $ 123,791 | ||
Apollo Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Book balance of loans at acquisition | $ 107,744 | ||
Allowance for credit losses at acquisition | (2,658) | ||
Non-credit related discount | (14,191) | ||
Total PCD loans acquired | 90,895 | ||
Drummond Banking Company | |||
Business Acquisition [Line Items] | |||
Book balance of loans at acquisition | 58,878 | ||
Allowance for credit losses at acquisition | (2,566) | ||
Non-credit related discount | (4,607) | ||
Total PCD loans acquired | $ 51,705 | ||
Business Bank of Florida | |||
Business Acquisition [Line Items] | |||
Book balance of loans at acquisition | $ 714 | ||
Allowance for credit losses at acquisition | (15) | ||
Non-credit related discount | (48) | ||
Total PCD loans acquired | 651 | ||
Sabal Palm Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Book balance of loans at acquisition | 3,703 | ||
Allowance for credit losses at acquisition | (37) | ||
Non-credit related discount | (663) | ||
Total PCD loans acquired | $ 3,003 |
Business Combinations - Pro-Forma Information (Details) - Professional Holding Corp. - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Business Acquisition, Pro Forma Information [Abstract] | ||||
Net interest income | $ 119,306 | $ 121,341 | $ 388,189 | $ 339,213 |
Net income available to common shareholders | $ 31,414 | $ 46,076 | $ 99,905 | $ 89,728 |
EPS - basic (in dollars per share) | $ 0.37 | $ 0.62 | $ 1.18 | $ 1.21 |
EPS - diluted (in dollars per share) | $ 0.37 | $ 0.62 | $ 1.17 | $ 1.20 |
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