FORM | 10-Q |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number: | 001-13901 |
AMERIS BANCORP | ||
(Exact name of registrant as specified in its charter) |
Georgia | 58-1456434 | ||||
(State of incorporation) | (IRS Employer ID No.) |
3490 Piedmont Rd N.E., Suite 1550 | ||||||||
Atlanta | Georgia | 30305 | ||||||
(Address of principal executive offices) |
(404) | 639-6500 | ||||
(Registrant’s telephone number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $1 per share | ABCB | Nasdaq Global Select Market |
Large accelerated filer | ý | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I – FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
June 30, 2022 (unaudited) | December 31, 2021 | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | 345,627 | $ | 307,813 | |||||||
Federal funds sold and interest-bearing deposits in banks | 1,961,209 | 3,756,844 | |||||||||
Cash and cash equivalents | 2,306,836 | 4,064,657 | |||||||||
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $88 and $— | 1,052,268 | 592,621 | |||||||||
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $97,144 and $78,206) | 111,654 | 79,850 | |||||||||
Other investments | 49,500 | 47,552 | |||||||||
Loans held for sale, at fair value | 555,665 | 1,254,632 | |||||||||
Loans, net of unearned income | 17,561,022 | 15,874,258 | |||||||||
Allowance for credit losses | (172,642) | (167,582) | |||||||||
Loans, net | 17,388,380 | 15,706,676 | |||||||||
Other real estate owned, net | 835 | 3,810 | |||||||||
Premises and equipment, net | 224,249 | 225,400 | |||||||||
Goodwill | 1,023,056 | 1,012,620 | |||||||||
Other intangible assets, net | 115,613 | 125,938 | |||||||||
Cash value of bank owned life insurance | 384,862 | 331,146 | |||||||||
Other assets | 474,552 | 413,419 | |||||||||
Total assets | $ | 23,687,470 | $ | 23,858,321 | |||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 8,262,929 | $ | 7,774,823 | |||||||
Interest-bearing | 11,422,053 | 11,890,730 | |||||||||
Total deposits | 19,684,982 | 19,665,553 | |||||||||
Securities sold under agreements to repurchase | 953 | 5,845 | |||||||||
Other borrowings | 425,592 | 739,879 | |||||||||
Subordinated deferrable interest debentures | 127,325 | 126,328 | |||||||||
Other liabilities | 375,242 | 354,265 | |||||||||
Total liabilities | 20,614,094 | 20,891,870 | |||||||||
Commitments and Contingencies (Note 9) | |||||||||||
Shareholders’ Equity | |||||||||||
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding | — | — | |||||||||
Common stock, par value $1; 200,000,000 shares authorized; 72,251,856 and 72,017,126 shares issued | 72,251 | 72,017 | |||||||||
Capital surplus | 1,931,088 | 1,924,813 | |||||||||
Retained earnings | 1,157,359 | 1,006,436 | |||||||||
Accumulated other comprehensive income, net of tax | (12,635) | 15,590 | |||||||||
Treasury stock, at cost, 2,891,395 and 2,407,898 shares | (74,687) | (52,405) | |||||||||
Total shareholders’ equity | 3,073,376 | 2,966,451 | |||||||||
Total liabilities and shareholders’ equity | $ | 23,687,470 | $ | 23,858,321 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest and fees on loans | $ | 190,740 | $ | 167,761 | $ | 368,306 | $ | 338,918 | |||||||||||||||
Interest on taxable securities | 7,064 | 5,244 | 11,303 | 11,362 | |||||||||||||||||||
Interest on nontaxable securities | 269 | 139 | 455 | 280 | |||||||||||||||||||
Interest on deposits in other banks and federal funds sold | 4,495 | 607 | 5,878 | 1,141 | |||||||||||||||||||
Total interest income | 202,568 | 173,751 | 385,942 | 351,701 | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Interest on deposits | 4,908 | 5,775 | 9,000 | 12,573 | |||||||||||||||||||
Interest on other borrowings | 6,296 | 6,124 | 13,034 | 12,299 | |||||||||||||||||||
Total interest expense | 11,204 | 11,899 | 22,034 | 24,872 | |||||||||||||||||||
Net interest income | 191,364 | 161,852 | 363,908 | 326,829 | |||||||||||||||||||
Provision for loan losses | 13,227 | (899) | 10,493 | (17,478) | |||||||||||||||||||
Provision for unfunded commitments | 1,779 | 1,299 | 10,788 | (10,540) | |||||||||||||||||||
Provision for other credit losses | (82) | (258) | (126) | (431) | |||||||||||||||||||
Provision for credit losses | 14,924 | 142 | 21,155 | (28,449) | |||||||||||||||||||
Net interest income after provision for credit losses | 176,440 | 161,710 | 342,753 | 355,278 | |||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Service charges on deposit accounts | 11,148 | 11,007 | 22,206 | 21,836 | |||||||||||||||||||
Mortgage banking activity | 58,761 | 70,231 | 121,699 | 168,717 | |||||||||||||||||||
Other service charges, commissions and fees | 998 | 1,056 | 1,937 | 2,072 | |||||||||||||||||||
Net loss on securities | 248 | 1 | 221 | (11) | |||||||||||||||||||
Other noninterest income | 12,686 | 6,945 | 24,689 | 14,599 | |||||||||||||||||||
Total noninterest income | 83,841 | 89,240 | 170,752 | 207,213 | |||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Salaries and employee benefits | 81,545 | 85,505 | 165,826 | 181,490 | |||||||||||||||||||
Occupancy and equipment | 12,746 | 10,812 | 25,473 | 22,593 | |||||||||||||||||||
Data processing and communications expenses | 12,155 | 11,877 | 24,727 | 23,761 | |||||||||||||||||||
Credit resolution-related expenses | 496 | 622 | (469) | 1,169 | |||||||||||||||||||
Advertising and marketing | 3,122 | 1,946 | 5,110 | 3,377 | |||||||||||||||||||
Amortization of intangible assets | 5,144 | 4,065 | 10,325 | 8,191 | |||||||||||||||||||
Merger and conversion charges | — | — | 977 | — | |||||||||||||||||||
Loan servicing expense | 9,920 | 4,914 | 18,839 | 10,814 | |||||||||||||||||||
Other noninterest expenses | 17,068 | 16,020 | 35,208 | 33,164 | |||||||||||||||||||
Total noninterest expense | 142,196 | 135,761 | 286,016 | 284,559 | |||||||||||||||||||
Income before income tax expense | 118,085 | 115,189 | 227,489 | 277,932 | |||||||||||||||||||
Income tax expense | 28,019 | 26,862 | 55,725 | 64,643 | |||||||||||||||||||
Net income | 90,066 | 88,327 | 171,764 | 213,289 | |||||||||||||||||||
Other comprehensive loss | |||||||||||||||||||||||
Net unrealized holding losses arising during period on investment securities available-for-sale, net of tax benefit of $(2,870), $(283), $(7,503) and $(2,255) | (10,794) | (1,066) | (28,225) | (8,481) | |||||||||||||||||||
Total other comprehensive loss | (10,794) | (1,066) | (28,225) | (8,481) | |||||||||||||||||||
Comprehensive income | $ | 79,272 | $ | 87,261 | $ | 143,539 | $ | 204,808 | |||||||||||||||
Basic earnings per common share | $ | 1.30 | $ | 1.27 | $ | 2.48 | $ | 3.07 | |||||||||||||||
Diluted earnings per common share | $ | 1.30 | $ | 1.27 | $ | 2.47 | $ | 3.06 | |||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||||||||
Basic | 69,136 | 69,497 | 69,246 | 69,448 | |||||||||||||||||||
Diluted | 69,316 | 69,792 | 69,485 | 69,765 |
Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Operating Activities | ||||||||||||||
Net income | $ | 171,764 | $ | 213,289 | ||||||||||
Adjustments reconciling net income to net cash provided by (used in) operating activities: | ||||||||||||||
Depreciation | 9,191 | 8,226 | ||||||||||||
Net losses on sale or disposal of premises and equipment | 39 | 920 | ||||||||||||
Net write-downs on other assets | — | 149 | ||||||||||||
Provision for credit losses | 21,155 | (28,449) | ||||||||||||
Net write-downs and (gains) losses on sale of other real estate owned | (1,758) | (558) | ||||||||||||
Share-based compensation expense | 3,045 | 3,454 | ||||||||||||
Amortization of intangible assets | 10,325 | 8,191 | ||||||||||||
Amortization of operating lease right of use assets | 5,750 | 5,866 | ||||||||||||
Provision for deferred taxes | 10,505 | 26,488 | ||||||||||||
Net amortization of investment securities available-for-sale | 588 | 1,985 | ||||||||||||
Net amortization of investment securities held-to-maturity | 51 | 1 | ||||||||||||
Net amortization of other investments | 396 | — | ||||||||||||
Net (gain) loss on securities | (221) | 11 | ||||||||||||
Accretion of discount on purchased loans, net | (627) | (10,589) | ||||||||||||
Net amortization on other borrowings | 216 | 222 | ||||||||||||
Amortization of subordinated deferrable interest debentures | 997 | 986 | ||||||||||||
Loan servicing asset recovery | (20,492) | (11,388) | ||||||||||||
Originations of mortgage loans held for sale | (2,406,310) | (4,425,420) | ||||||||||||
Payments received on mortgage loans held for sale | 19,746 | 24,477 | ||||||||||||
Proceeds from sales of mortgage loans held for sale | 2,833,622 | 4,198,098 | ||||||||||||
Net (gains) losses on sale of mortgage loans held for sale | 78,173 | (84,992) | ||||||||||||
Originations of SBA loans | (30,793) | (44,257) | ||||||||||||
Proceeds from sales of SBA loans | 40,286 | 41,017 | ||||||||||||
Net gains on sale of SBA loans | (3,484) | (3,453) | ||||||||||||
Increase in cash surrender value of bank owned life insurance | (3,716) | (2,078) | ||||||||||||
Gain on bank owned life insurance proceeds | — | (603) | ||||||||||||
Net gains on other loans held for sale | — | (457) | ||||||||||||
Change attributable to other operating activities | (24,580) | (13,363) | ||||||||||||
Net cash provided by (used in) operating activities | 713,868 | (92,227) | ||||||||||||
Investing Activities, net of effects of business combinations | ||||||||||||||
Proceeds from maturities of time deposits in other banks | — | 249 | ||||||||||||
Purchases of securities available-for-sale | (613,715) | — | ||||||||||||
Purchases of investment securities held-to-maturity | (33,217) | (29,056) | ||||||||||||
Proceeds from maturities and paydowns of securities available-for-sale | 117,664 | 192,022 | ||||||||||||
Proceeds from maturities and paydowns of securities held-to-maturity | 1,362 | — | ||||||||||||
Net (increase) decrease in other investments | (2,123) | 570 | ||||||||||||
Net increase in loans | (1,533,706) | (219,110) | ||||||||||||
Purchases of premises and equipment | (8,192) | (17,196) | ||||||||||||
Proceeds from sale of premises and equipment | 46 | 946 | ||||||||||||
Proceeds from sales of other real estate owned | 4,962 | 7,902 | ||||||||||||
Purchases of bank owned life insurance | (50,000) | (100,000) | ||||||||||||
Proceeds from bank owned life insurance | — | 1,309 | ||||||||||||
Payments received on other loans held for sale | — | 9,136 | ||||||||||||
Proceeds from sales of other loans held for sale | — | 156,803 | ||||||||||||
Net cash and cash equivalents paid in acquisitions | (14,003) | — | ||||||||||||
Net cash provided by (used in) investing activities | (2,130,922) | 3,575 | ||||||||||||
(Continued) |
Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Financing Activities, net of effects of business combinations | ||||||||||||||
Net increase in deposits | $ | 19,429 | $ | 1,300,174 | ||||||||||
Net decrease in securities sold under agreements to repurchase | (4,892) | (6,097) | ||||||||||||
Repayment of other borrowings | (314,503) | (74) | ||||||||||||
Proceeds from exercise of stock options | 2,324 | 4,211 | ||||||||||||
Dividends paid - common stock | (20,843) | (20,888) | ||||||||||||
Purchase of treasury shares | (22,282) | (1,456) | ||||||||||||
Net cash provided by (used in) financing activities | (340,767) | 1,275,870 | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,757,821) | 1,187,218 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 4,064,657 | 2,117,306 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 2,306,836 | $ | 3,304,524 | ||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||
Cash paid during the period for: | ||||||||||||||
Interest | $ | 23,472 | $ | 25,985 | ||||||||||
Income taxes | 51,851 | 30,924 | ||||||||||||
Loans transferred to other real estate owned | 229 | 1,239 | ||||||||||||
Loans transferred from loans held for sale to loans held for investment | 167,727 | 85,748 | ||||||||||||
Loans provided for the sales of other real estate owned | 2,288 | 1,052 | ||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | 1,537 | 2,932 | ||||||||||||
Assets acquired in business acquisitions | 10,734 | — | ||||||||||||
Liabilities assumed in business acquisitions | (3,269) | — | ||||||||||||
Change in unrealized gain (loss) on securities available-for-sale, net of tax | (28,225) | (8,481) | ||||||||||||
(Concluded) |
(dollars in thousands) Securities available-for-sale | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 314,613 | $ | — | $ | — | $ | (1,724) | $ | 312,889 | ||||||||||||||||||||||
U.S. government-sponsored agencies | 2,050 | — | — | (29) | 2,021 | |||||||||||||||||||||||||||
State, county and municipal securities | 41,428 | — | 261 | (726) | 40,963 | |||||||||||||||||||||||||||
Corporate debt securities | 15,897 | (88) | 2 | (348) | 15,463 | |||||||||||||||||||||||||||
SBA pool securities | 35,854 | — | 6 | (1,429) | 34,431 | |||||||||||||||||||||||||||
Mortgage-backed securities | 658,508 | — | 420 | (12,427) | 646,501 | |||||||||||||||||||||||||||
Total debt securities available-for-sale | $ | 1,068,350 | $ | (88) | $ | 689 | $ | (16,683) | $ | 1,052,268 | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 7,084 | $ | — | $ | 88 | $ | — | $ | 7,172 | ||||||||||||||||||||||
State, county and municipal securities | 45,470 | — | 2,342 | — | 47,812 | |||||||||||||||||||||||||||
Corporate debt securities | 27,897 | — | 719 | (120) | 28,496 | |||||||||||||||||||||||||||
SBA pool securities | 44,312 | — | 958 | (69) | 45,201 | |||||||||||||||||||||||||||
Mortgage-backed securities | 448,124 | — | 15,822 | (6) | 463,940 | |||||||||||||||||||||||||||
Total debt securities available-for-sale | $ | 572,887 | $ | — | $ | 19,929 | $ | (195) | $ | 592,621 |
(dollars in thousands) Securities held-to-maturity | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||
State, county and municipal securities | $ | 31,905 | $ | — | $ | (4,279) | $ | 27,626 | ||||||||||||||||||
Mortgage-backed securities | 79,749 | — | (10,231) | 69,518 | ||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 111,654 | $ | — | $ | (14,510) | $ | 97,144 | ||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
State, county and municipal securities | $ | 8,905 | $ | 4 | $ | (198) | $ | 8,711 | ||||||||||||||||||
Mortgage-backed securities | 70,945 | — | (1,450) | 69,495 | ||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 79,850 | $ | 4 | $ | (1,648) | $ | 78,206 | ||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Due in one year or less | $ | 6,745 | $ | 6,754 | $ | — | $ | — | |||||||||||||||
Due from one year to five years | 339,429 | 337,279 | — | — | |||||||||||||||||||
Due from five to ten years | 31,462 | 31,085 | — | — | |||||||||||||||||||
Due after ten years | 32,206 | 30,649 | 31,905 | 27,626 | |||||||||||||||||||
Mortgage-backed securities | 658,508 | 646,501 | 79,749 | 69,518 | |||||||||||||||||||
$ | 1,068,350 | $ | 1,052,268 | $ | 111,654 | $ | 97,144 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities available-for-sale | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 312,889 | $ | (1,724) | $ | — | $ | — | $ | 312,889 | $ | (1,724) | ||||||||||||||||||||||||||
U.S. government-sponsored agencies | 2,021 | (29) | — | — | 2,021 | (29) | ||||||||||||||||||||||||||||||||
State, county and municipal securities | 15,199 | (726) | — | — | 15,199 | (726) | ||||||||||||||||||||||||||||||||
Corporate debt securities | 12,244 | (256) | 1,320 | (92) | 13,564 | (348) | ||||||||||||||||||||||||||||||||
SBA pool securities | 31,755 | (1,379) | 2,310 | (50) | 34,065 | (1,429) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 569,386 | (12,427) | 1 | — | 569,387 | (12,427) | ||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | $ | 943,494 | $ | (16,541) | $ | 3,631 | $ | (142) | $ | 947,125 | $ | (16,683) | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | — | $ | — | $ | 1,380 | $ | (120) | $ | 1,380 | $ | (120) | ||||||||||||||||||||||||||
SBA pool securities | 1,312 | (6) | 2,572 | (63) | 3,884 | (69) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 5,514 | (6) | 1 | — | 5,515 | (6) | ||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | $ | 6,826 | $ | (12) | $ | 3,953 | $ | (183) | $ | 10,779 | $ | (195) |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities held-to-maturity | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | $ | 27,626 | $ | (4,279) | $ | — | $ | — | $ | 27,626 | $ | (4,279) | ||||||||||||||||||||||||||
Mortgage-backed securities | 69,518 | (10,231) | — | — | 69,518 | (10,231) | ||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 97,144 | $ | (14,510) | $ | — | $ | — | $ | 97,144 | $ | (14,510) | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | $ | 3,707 | $ | (198) | $ | — | $ | — | $ | 3,707 | $ | (198) | ||||||||||||||||||||||||||
Mortgage-backed securities | 69,495 | (1,450) | — | — | 69,495 | (1,450) | ||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 73,202 | $ | (1,648) | $ | — | $ | — | $ | 73,202 | $ | (1,648) |
(dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
Allowance for credit losses | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Beginning balance | $ | — | $ | 101 | $ | — | $ | 112 | |||||||||||||||
Provision for expected credit losses | 88 | (20) | 88 | (31) | |||||||||||||||||||
Ending balance | $ | 88 | $ | 81 | $ | 88 | $ | 81 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Unrealized holding gains (losses) on equity securities | $ | (22) | $ | 1 | $ | (49) | $ | (11) | |||||||||||||||
Net realized gains on sales of other investments | 270 | — | 270 | — | |||||||||||||||||||
Net gain (loss) on securities | $ | 248 | $ | 1 | $ | 221 | $ | (11) |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Commercial, financial and agricultural | $ | 2,022,845 | $ | 1,875,993 | |||||||
Consumer installment | 167,237 | 191,298 | |||||||||
Indirect automobile | 172,245 | 265,779 | |||||||||
Mortgage warehouse | 949,191 | 787,837 | |||||||||
Municipal | 529,268 | 572,701 | |||||||||
Premium finance | 942,357 | 798,409 | |||||||||
Real estate – construction and development | 1,747,284 | 1,452,339 | |||||||||
Real estate – commercial and farmland | 7,156,017 | 6,834,917 | |||||||||
Real estate – residential | 3,874,578 | 3,094,985 | |||||||||
$ | 17,561,022 | $ | 15,874,258 |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Commercial, financial and agricultural | $ | 11,742 | $ | 14,214 | |||||||
Consumer installment | 473 | 476 | |||||||||
Indirect automobile | 465 | 947 | |||||||||
Real estate – construction and development | 178 | 492 | |||||||||
Real estate – commercial and farmland | 21,158 | 15,365 | |||||||||
Real estate – residential | 88,896 | 53,772 | |||||||||
$ | 122,912 | $ | 85,266 |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Commercial, financial and agricultural | $ | — | $ | 164 | |||||||
Real estate – construction and development | — | 209 | |||||||||
Real estate – commercial and farmland | 2,448 | 2,061 | |||||||||
Real estate – residential | 5,071 | 7,942 | |||||||||
$ | 7,519 | $ | 10,376 |
(dollars in thousands) | Loans 30-59 Days Past Due | Loans 60-89 Days Past Due | Loans 90 or More Days Past Due | Total Loans Past Due | Current Loans | Total Loans | Loans 90 Days or More Past Due and Still Accruing | ||||||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 3,822 | $ | 3,725 | $ | 11,063 | $ | 18,610 | $ | 2,004,235 | $ | 2,022,845 | $ | 1,697 | |||||||||||||||||||||||||||
Consumer installment | 1,132 | 739 | 699 | 2,570 | 164,667 | 167,237 | 466 | ||||||||||||||||||||||||||||||||||
Indirect automobile | 394 | 137 | 296 | 827 | 171,418 | 172,245 | — | ||||||||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | 949,191 | 949,191 | — | ||||||||||||||||||||||||||||||||||
Municipal | — | — | — | — | 529,268 | 529,268 | — | ||||||||||||||||||||||||||||||||||
Premium finance | 7,462 | 6,398 | 5,795 | 19,655 | 922,702 | 942,357 | 5,795 | ||||||||||||||||||||||||||||||||||
Real estate – construction and development | 18,050 | 5,677 | 633 | 24,360 | 1,722,924 | 1,747,284 | 584 | ||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | 2,706 | 11,334 | 3,666 | 17,705 | 7,138,312 | 7,156,017 | — | ||||||||||||||||||||||||||||||||||
Real estate – residential | 27,385 | 8,877 | 86,400 | 122,662 | 3,751,916 | 3,874,578 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 60,951 | $ | 36,887 | $ | 108,552 | $ | 206,389 | $ | 17,354,633 | $ | 17,561,022 | $ | 8,542 | |||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 3,431 | $ | 2,005 | $ | 12,017 | $ | 17,453 | $ | 1,858,540 | $ | 1,875,993 | $ | 1,165 | |||||||||||||||||||||||||||
Consumer installment | 1,786 | 871 | 891 | 3,548 | 187,750 | 191,298 | 584 | ||||||||||||||||||||||||||||||||||
Indirect automobile | 772 | 185 | 473 | 1,430 | 264,349 | 265,779 | — | ||||||||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | 787,837 | 787,837 | — | ||||||||||||||||||||||||||||||||||
Municipal | — | — | — | — | 572,701 | 572,701 | — | ||||||||||||||||||||||||||||||||||
Premium finance | 6,992 | 4,340 | 9,134 | 20,466 | 777,943 | 798,409 | 9,134 | ||||||||||||||||||||||||||||||||||
Real estate – construction and development | 16,601 | 1,398 | 2,190 | 20,189 | 1,432,150 | 1,452,339 | 1,758 | ||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | 6,713 | 1,150 | 5,924 | 13,787 | 6,821,130 | 6,834,917 | 7 | ||||||||||||||||||||||||||||||||||
Real estate – residential | 17,729 | 4,266 | 49,839 | 71,834 | 3,023,151 | 3,094,985 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 54,024 | $ | 14,215 | $ | 80,468 | $ | 148,707 | $ | 15,725,551 | $ | 15,874,258 | $ | 12,648 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Balance | Allowance for Credit Losses | Balance | Allowance for Credit Losses | |||||||||||||||||||
Commercial, financial and agricultural | $ | 1,695 | $ | 168 | $ | 2,613 | $ | 723 | |||||||||||||||
Premium finance | 1,136 | 91 | 2,989 | 30 | |||||||||||||||||||
Real estate – construction and development | — | — | 1,432 | 45 | |||||||||||||||||||
Real estate – commercial and farmland | 22,820 | 2,096 | 33,332 | 6,646 | |||||||||||||||||||
Real estate – residential | 14,317 | 1,580 | 11,712 | 453 | |||||||||||||||||||
$ | 39,968 | $ | 3,935 | $ | 52,078 | $ | 7,897 |
As of June 30, 2022 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 527,870 | $ | 637,107 | $ | 214,934 | $ | 143,779 | $ | 85,058 | $ | 59,648 | $ | 331,032 | $ | 1,999,428 | ||||||||||||||||||||||||||||||||||
6 | — | 151 | 92 | 274 | 160 | 2,881 | 794 | 4,352 | ||||||||||||||||||||||||||||||||||||||||||
7 | 6,618 | 1,160 | 445 | 3,122 | 1,400 | 4,151 | 2,169 | 19,065 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | $ | 534,488 | $ | 638,418 | $ | 215,471 | $ | 147,175 | $ | 86,618 | $ | 66,680 | $ | 333,995 | $ | 2,022,845 | ||||||||||||||||||||||||||||||||||
Consumer Installment | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 25,920 | $ | 18,153 | $ | 46,134 | $ | 28,754 | $ | 21,530 | $ | 16,607 | $ | 8,804 | $ | 165,902 | ||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 130 | 5 | 135 | ||||||||||||||||||||||||||||||||||||||||||
7 | 24 | 81 | 321 | 169 | 89 | 430 | 86 | 1,200 | ||||||||||||||||||||||||||||||||||||||||||
Total consumer installment | $ | 25,944 | $ | 18,234 | $ | 46,455 | $ | 28,923 | $ | 21,619 | $ | 17,167 | $ | 8,895 | $ | 167,237 | ||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | 15,350 | $ | 72,999 | $ | 82,645 | $ | — | $ | 170,994 | ||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 20 | — | 20 | ||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | 50 | 224 | 957 | — | 1,231 | ||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | $ | — | $ | — | $ | — | $ | 15,400 | $ | 73,223 | $ | 83,622 | $ | — | $ | 172,245 | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 949,191 | $ | 949,191 | ||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 949,191 | $ | 949,191 | ||||||||||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 10,775 | $ | 43,922 | $ | 194,357 | $ | 13,779 | $ | 4,853 | $ | 261,582 | $ | — | $ | 529,268 | ||||||||||||||||||||||||||||||||||
Total municipal | $ | 10,775 | $ | 43,922 | $ | 194,357 | $ | 13,779 | $ | 4,853 | $ | 261,582 | $ | — | $ | 529,268 | ||||||||||||||||||||||||||||||||||
Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 790,855 | $ | 146,821 | $ | 110 | $ | — | $ | — | $ | 75 | $ | — | $ | 937,861 | ||||||||||||||||||||||||||||||||||
7 | 1,766 | 2,729 | 1 | — | — | — | — | 4,496 | ||||||||||||||||||||||||||||||||||||||||||
Total premium finance | $ | 792,621 | $ | 149,550 | $ | 111 | $ | — | $ | — | $ | 75 | $ | — | $ | 942,357 | ||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 380,485 | $ | 844,549 | $ | 299,850 | $ | 128,437 | $ | 12,891 | $ | 30,227 | $ | 26,205 | $ | 1,722,644 | ||||||||||||||||||||||||||||||||||
6 | 4,330 | 5,241 | 432 | — | 48 | 580 | — | 10,631 | ||||||||||||||||||||||||||||||||||||||||||
7 | 216 | 218 | 211 | 26 | 13,079 | 259 | — | 14,009 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | $ | 385,031 | $ | 850,008 | $ | 300,493 | $ | 128,463 | $ | 26,018 | $ | 31,066 | $ | 26,205 | $ | 1,747,284 |
As of June 30, 2022 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 993,793 | $ | 2,069,024 | $ | 1,150,513 | $ | 891,580 | $ | 496,721 | $ | 1,373,284 | $ | 72,965 | $ | 7,047,880 | ||||||||||||||||||||||||||||||||||
6 | 607 | — | — | 29,343 | 1,163 | 18,007 | — | 49,120 | ||||||||||||||||||||||||||||||||||||||||||
7 | — | 3,259 | 2,588 | 13,777 | 6,967 | 32,408 | 18 | 59,017 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 994,400 | $ | 2,072,283 | $ | 1,153,101 | $ | 934,700 | $ | 504,851 | $ | 1,423,699 | $ | 72,983 | $ | 7,156,017 | ||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 880,233 | $ | 1,243,230 | $ | 582,823 | $ | 290,790 | $ | 123,347 | $ | 438,034 | $ | 214,894 | $ | 3,773,351 | ||||||||||||||||||||||||||||||||||
6 | 64 | 218 | 47 | 608 | 508 | 2,680 | 61 | 4,186 | ||||||||||||||||||||||||||||||||||||||||||
7 | 268 | 9,398 | 18,956 | 29,041 | 14,331 | 23,395 | 1,652 | 97,041 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 880,565 | $ | 1,252,846 | $ | 601,826 | $ | 320,439 | $ | 138,186 | $ | 464,109 | $ | 216,607 | $ | 3,874,578 | ||||||||||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 3,609,931 | $ | 5,002,806 | $ | 2,488,721 | $ | 1,512,469 | $ | 817,399 | $ | 2,262,102 | $ | 1,603,091 | $ | 17,296,519 | ||||||||||||||||||||||||||||||||||
6 | 5,001 | 5,610 | 571 | 30,225 | 1,879 | 24,298 | 860 | 68,444 | ||||||||||||||||||||||||||||||||||||||||||
7 | 8,892 | 16,845 | 22,522 | 46,185 | 36,090 | 61,600 | 3,925 | 196,059 | ||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 3,623,824 | $ | 5,025,261 | $ | 2,511,814 | $ | 1,588,879 | $ | 855,368 | $ | 2,348,000 | $ | 1,607,876 | $ | 17,561,022 |
As of December 31, 2021 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 903,630 | $ | 279,037 | $ | 188,810 | $ | 118,613 | $ | 50,737 | $ | 40,376 | $ | 262,951 | $ | 1,844,154 | ||||||||||||||||||||||||||||||||||
6 | 190 | — | 393 | 427 | 368 | 1,832 | 1,961 | 5,171 | ||||||||||||||||||||||||||||||||||||||||||
7 | 9,216 | 1,268 | 4,098 | 1,472 | 2,566 | 6,019 | 2,029 | 26,668 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | $ | 913,036 | $ | 280,305 | $ | 193,301 | $ | 120,512 | $ | 53,671 | $ | 48,227 | $ | 266,941 | $ | 1,875,993 | ||||||||||||||||||||||||||||||||||
Consumer Installment | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 35,781 | $ | 59,221 | $ | 37,195 | $ | 27,266 | $ | 9,787 | $ | 11,021 | $ | 9,437 | $ | 189,708 | ||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 135 | 5 | 140 | ||||||||||||||||||||||||||||||||||||||||||
7 | 59 | 283 | 290 | 216 | 103 | 405 | 94 | 1,450 | ||||||||||||||||||||||||||||||||||||||||||
Total consumer installment | $ | 35,840 | $ | 59,504 | $ | 37,485 | $ | 27,482 | $ | 9,890 | $ | 11,561 | $ | 9,536 | $ | 191,298 | ||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 20,276 | $ | 101,969 | $ | 90,294 | $ | 51,468 | $ | — | $ | 264,007 | ||||||||||||||||||||||||||||||||||
6 | — | — | — | 24 | 10 | 19 | — | 53 | ||||||||||||||||||||||||||||||||||||||||||
7 | — | — | 55 | 234 | 384 | 1,046 | — | 1,719 | ||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | $ | — | $ | — | $ | 20,331 | $ | 102,227 | $ | 90,688 | $ | 52,533 | $ | — | $ | 265,779 |
As of December 31, 2021 | Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 787,837 | $ | 787,837 | ||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 787,837 | $ | 787,837 | ||||||||||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 44,727 | $ | 219,385 | $ | 14,831 | $ | 5,494 | $ | 109,040 | $ | 179,224 | $ | — | $ | 572,701 | ||||||||||||||||||||||||||||||||||
Total municipal | $ | 44,727 | $ | 219,385 | $ | 14,831 | $ | 5,494 | $ | 109,040 | $ | 179,224 | $ | — | $ | 572,701 | ||||||||||||||||||||||||||||||||||
Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 787,884 | $ | 1,059 | $ | 26 | $ | — | $ | 302 | $ | 4 | $ | — | $ | 789,275 | ||||||||||||||||||||||||||||||||||
7 | 9,039 | 95 | — | — | — | — | — | 9,134 | ||||||||||||||||||||||||||||||||||||||||||
Total premium finance | $ | 796,923 | $ | 1,154 | $ | 26 | $ | — | $ | 302 | $ | 4 | $ | — | $ | 798,409 | ||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 826,094 | $ | 290,814 | $ | 176,476 | $ | 35,773 | $ | 24,533 | $ | 44,514 | $ | 21,267 | $ | 1,419,471 | ||||||||||||||||||||||||||||||||||
6 | 6,527 | 549 | — | 15,260 | — | 2,101 | — | 24,437 | ||||||||||||||||||||||||||||||||||||||||||
7 | 1,143 | 678 | 7 | 2,476 | 57 | 1,011 | 3,059 | 8,431 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | $ | 833,764 | $ | 292,041 | $ | 176,483 | $ | 53,509 | $ | 24,590 | $ | 47,626 | $ | 24,326 | $ | 1,452,339 | ||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,186,291 | $ | 1,205,578 | $ | 1,119,239 | $ | 542,295 | $ | 486,477 | $ | 1,103,675 | $ | 80,379 | $ | 6,723,934 | ||||||||||||||||||||||||||||||||||
6 | 416 | — | 1,036 | 14,760 | 5,334 | 21,665 | — | 43,211 | ||||||||||||||||||||||||||||||||||||||||||
7 | 4,709 | 2,682 | 11,109 | 9,076 | 4,861 | 35,315 | 20 | 67,772 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 2,191,416 | $ | 1,208,260 | $ | 1,131,384 | $ | 566,131 | $ | 496,672 | $ | 1,160,655 | $ | 80,399 | $ | 6,834,917 | ||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,171,008 | $ | 638,232 | $ | 329,247 | $ | 149,990 | $ | 108,538 | $ | 408,240 | $ | 217,982 | $ | 3,023,237 | ||||||||||||||||||||||||||||||||||
6 | 145 | 66 | 1,106 | 505 | 356 | 3,717 | 49 | 5,944 | ||||||||||||||||||||||||||||||||||||||||||
7 | 2,405 | 10,167 | 21,239 | 11,376 | 4,597 | 13,970 | 2,050 | 65,804 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 1,173,558 | $ | 648,465 | $ | 351,592 | $ | 161,871 | $ | 113,491 | $ | 425,927 | $ | 220,081 | $ | 3,094,985 | ||||||||||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 5,955,415 | $ | 2,693,326 | $ | 1,886,100 | $ | 981,400 | $ | 879,708 | $ | 1,838,522 | $ | 1,379,853 | $ | 15,614,324 | ||||||||||||||||||||||||||||||||||
6 | 7,278 | 615 | 2,535 | 30,976 | 6,068 | 29,469 | 2,015 | 78,956 | ||||||||||||||||||||||||||||||||||||||||||
7 | 26,571 | 15,173 | 36,798 | 24,850 | 12,568 | 57,766 | 7,252 | 180,978 | ||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 5,989,264 | $ | 2,709,114 | $ | 1,925,433 | $ | 1,037,226 | $ | 898,344 | $ | 1,925,757 | $ | 1,389,120 | $ | 15,874,258 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | 2 | $ | 502 | 2 | $ | 165 | 2 | $ | 502 | 6 | $ | 591 | |||||||||||||||||||||||||||||||||||
Consumer installment | — | — | 2 | 8 | — | — | 2 | 8 | |||||||||||||||||||||||||||||||||||||||
Premium finance | 2 | 756 | — | — | 6 | 993 | — | — | |||||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | 2 | 578 | 3 | 8,653 | 2 | 578 | 5 | 16,312 | |||||||||||||||||||||||||||||||||||||||
Real estate – residential | 2 | 462 | 2 | 472 | 5 | 1,437 | 12 | 1,457 | |||||||||||||||||||||||||||||||||||||||
Total | 8 | $ | 2,298 | 9 | $ | 9,298 | 15 | $ | 3,510 | 25 | $ | 18,368 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | — | $ | — | — | $ | — | 1 | $ | 357 | 3 | $ | 49 | |||||||||||||||||||||||||||||||||||
Consumer installment | — | — | — | — | 2 | 3 | 4 | 5 | |||||||||||||||||||||||||||||||||||||||
Indirect automobile | 3 | 2 | 7 | 27 | 12 | 22 | 22 | 112 | |||||||||||||||||||||||||||||||||||||||
Real estate – construction and development | — | — | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | — | — | 1 | 202 | 1 | 8 | 3 | 5,382 | |||||||||||||||||||||||||||||||||||||||
Real estate – residential | 11 | 1,071 | 17 | 940 | 21 | 2,791 | 27 | 1,646 | |||||||||||||||||||||||||||||||||||||||
Total | 14 | $ | 1,073 | 25 | $ | 1,169 | 37 | $ | 3,181 | 60 | $ | 7,195 |
June 30, 2022 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 9 | $ | 964 | 3 | $ | 364 | |||||||||||||||||
Consumer installment | 4 | 9 | 10 | 14 | |||||||||||||||||||
Indirect automobile | 196 | 759 | 30 | 122 | |||||||||||||||||||
Premium finance | 6 | 993 | — | — | |||||||||||||||||||
Real estate – construction and development | 2 | 706 | — | — | |||||||||||||||||||
Real estate – commercial and farmland | 18 | 8,213 | 4 | 788 | |||||||||||||||||||
Real estate – residential | 210 | 24,456 | 31 | 4,369 | |||||||||||||||||||
Total | 445 | $ | 36,100 | 78 | $ | 5,657 |
December 31, 2021 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 12 | $ | 1,286 | 6 | $ | 83 | |||||||||||||||||
Consumer installment | 7 | 16 | 17 | 35 | |||||||||||||||||||
Indirect automobile | 233 | 1,037 | 52 | 273 | |||||||||||||||||||
Real estate – construction and development | 4 | 789 | 1 | 13 | |||||||||||||||||||
Real estate – commercial and farmland | 25 | 35,575 | 5 | 5,924 | |||||||||||||||||||
Real estate – residential | 213 | 26,879 | 39 | 4,678 | |||||||||||||||||||
Total | 494 | $ | 65,582 | 120 | $ | 11,006 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 25,526 | $ | 5,619 | $ | 373 | $ | 3,010 | $ | 384 | $ | 2,515 | |||||||||||||||||||||||
Provision for loan losses | 1,738 | 557 | (306) | 875 | (13) | 200 | |||||||||||||||||||||||||||||
Loans charged off | (4,391) | (1,137) | (41) | — | — | (1,066) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 2,785 | 230 | 265 | — | — | 1,113 | |||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 25,658 | $ | 5,269 | $ | 291 | $ | 3,885 | $ | 371 | $ | 2,762 | |||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | ||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 26,831 | $ | 67,033 | $ | 29,960 | $ | 161,251 | |||||||||||||||||||||||||||
Provision for loan losses | (3,954) | (7,647) | 21,777 | 13,227 | |||||||||||||||||||||||||||||||
Loans charged off | — | (81) | (137) | (6,853) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 355 | 44 | 225 | 5,017 | |||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 23,232 | $ | 59,349 | $ | 51,825 | $ | 172,642 | |||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 26,829 | $ | 6,097 | $ | 476 | $ | 3,231 | $ | 401 | $ | 2,729 | |||||||||||||||||||||||
Provision for loan losses | 1,953 | 1,346 | (596) | 654 | (30) | 108 | |||||||||||||||||||||||||||||
Loans charged off | (8,805) | (2,562) | (129) | — | — | (2,435) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 5,681 | 388 | 540 | — | — | 2,360 | |||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 25,658 | $ | 5,269 | $ | 291 | $ | 3,885 | $ | 371 | $ | 2,762 | |||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | ||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 22,045 | $ | 77,831 | $ | 27,943 | $ | 167,582 | |||||||||||||||||||||||||||
Provision for loan losses | 614 | (17,199) | 23,643 | 10,493 | |||||||||||||||||||||||||||||||
Loans charged off | — | (1,364) | (137) | (15,432) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 573 | 81 | 376 | 9,999 | |||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 23,232 | $ | 59,349 | $ | 51,825 | $ | 172,642 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | 8,291 | $ | 8,790 | $ | 1,272 | $ | 3,521 | $ | 790 | $ | 4,100 | |||||||||||||||||||||||
Provision for loan losses | 1,502 | 491 | (423) | (156) | (13) | (833) | |||||||||||||||||||||||||||||
Loans charged off | (3,529) | (1,669) | (141) | — | — | (1,194) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 625 | 212 | 372 | — | — | 2,466 | |||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 6,889 | $ | 7,824 | $ | 1,080 | $ | 3,365 | $ | 777 | $ | 4,539 | |||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | ||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | 22,858 | $ | 91,211 | $ | 37,737 | $ | 178,570 | |||||||||||||||||||||||||||
Provision for loan losses | (3,757) | (3,031) | 5,321 | (899) | |||||||||||||||||||||||||||||||
Loans charged off | (186) | (27) | (392) | (7,138) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 84 | 185 | 593 | 4,537 | |||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 18,999 | $ | 88,338 | $ | 43,259 | $ | 175,070 | |||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 7,359 | $ | 4,076 | $ | 1,929 | $ | 3,666 | $ | 791 | $ | 3,879 | |||||||||||||||||||||||
Provision for loan losses | 4,077 | 6,297 | (951) | (301) | (14) | (391) | |||||||||||||||||||||||||||||
Loans charged off | (5,899) | (3,117) | (970) | — | — | (2,537) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 1,352 | 568 | 1,072 | — | — | 3,588 | |||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 6,889 | $ | 7,824 | $ | 1,080 | $ | 3,365 | $ | 777 | $ | 4,539 | |||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | ||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 45,304 | $ | 88,894 | $ | 43,524 | $ | 199,422 | |||||||||||||||||||||||||||
Provision for loan losses | (26,344) | 640 | (491) | (17,478) | |||||||||||||||||||||||||||||||
Loans charged off | (212) | (1,422) | (555) | (14,712) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 251 | 226 | 781 | 7,838 | |||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 18,999 | $ | 88,338 | $ | 43,259 | $ | 175,070 | |||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Securities sold under agreements to repurchase | $ | 953 | $ | 5,845 |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
FHLB borrowings: | |||||||||||
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% | $ | 15,000 | $ | 15,000 | |||||||
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% | 15,000 | 15,000 | |||||||||
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% | 15,000 | 15,000 | |||||||||
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 1,394 | 1,400 | |||||||||
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 965 | 969 | |||||||||
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | 1,348 | 1,421 | |||||||||
Subordinated notes payable: | |||||||||||
Subordinated notes payable due June 1, 2026, net of unaccreted purchase accounting fair value adjustment of $— and $500, respectively; fixed interest rate of 5.50% | — | 50,500 | |||||||||
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $616 and $681, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | 74,384 | 74,319 | |||||||||
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,801 and $1,923, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% | 118,199 | 118,077 | |||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $967 and $1,028, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | 75,967 | 76,028 | |||||||||
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,665 and $1,766, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | 108,335 | 108,234 | |||||||||
Securitization Facilities: | |||||||||||
Equipment contract backed notes, Series 2018-1 (BCC XIV) due on various dates through 2025 and bear a weighted-average interest rate of 5.11% | — | 19,199 | |||||||||
Equipment contract backed notes, Series 2019-1 (BCC XVI) due on various dates through 2027 and bear a weighted-average interest rate of 2.84% | — | 139,329 | |||||||||
Equipment contract backed notes, Series 2020-1 (BCC XVII) due on various dates through 2027 and bear a weighted-average interest rate of 1.48% | — | 105,403 | |||||||||
$ | 425,592 | $ | 739,879 |
(dollars in thousands) | Unrealized Gain (Loss) on Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||
Balance, March 31, 2022 | $ | (1,841) | $ | (1,841) | ||||||||||
Reclassification for gains included in net income, net of tax | — | — | ||||||||||||
Current year changes, net of tax | (10,794) | (10,794) | ||||||||||||
Balance, June 30, 2022 | $ | (12,635) | $ | (12,635) | ||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||
Balance, March 31, 2021 | $ | 26,090 | $ | 26,090 | ||||||||||
Reclassification for gains included in net income, net of tax | — | — | ||||||||||||
Current year changes, net of tax | (1,066) | (1,066) | ||||||||||||
Balance, June 30, 2021 | $ | 25,024 | $ | 25,024 | ||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||
Balance, December 31, 2021 | $ | 15,590 | $ | 15,590 | ||||||||||
Reclassification for gains included in net income, net of tax | — | — | ||||||||||||
Current year changes, net of tax | (28,225) | (28,225) | ||||||||||||
Balance, June 30, 2022 | $ | (12,635) | $ | (12,635) | ||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||
Balance, December 31, 2020 | $ | 33,505 | $ | 33,505 | ||||||||||
Reclassification for gains included in net income, net of tax | — | — | ||||||||||||
Current year changes, net of tax | (8,481) | (8,481) | ||||||||||||
Balance, June 30, 2021 | $ | 25,024 | $ | 25,024 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(share data in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Average common shares outstanding | 69,136 | 69,497 | 69,246 | 69,448 | |||||||||||||||||||
Common share equivalents: | |||||||||||||||||||||||
Stock options | 16 | 64 | 24 | 74 | |||||||||||||||||||
Nonvested restricted share grants | 46 | 151 | 97 | 153 | |||||||||||||||||||
Performance stock units | 118 | 80 | 118 | 90 | |||||||||||||||||||
Average common shares outstanding, assuming dilution | 69,316 | 69,792 | 69,485 | 69,765 |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Mortgage loans held for sale | $ | 555,039 | $ | 1,247,997 | |||||||
SBA loans held for sale | 626 | 6,635 | |||||||||
Total loans held for sale | $ | 555,665 | $ | 1,254,632 |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Aggregate fair value of mortgage loans held for sale | $ | 555,039 | $ | 1,247,997 | |||||||
Aggregate unpaid principal balance of mortgage loans held for sale | 551,420 | 1,211,646 | |||||||||
Past-due loans of 90 days or more | 694 | 746 | |||||||||
Nonaccrual loans | 694 | 746 | |||||||||
Unpaid principal balance of nonaccrual loans | 712 | 718 |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Aggregate fair value of SBA loans held for sale | $ | 626 | $ | 6,635 | |||||||
Aggregate unpaid principal balance of SBA loans held for sale | 565 | 5,825 | |||||||||
Past-due loans of 90 days or more | — | — | |||||||||
Nonaccrual loans | — | — |
Recurring Basis Fair Value Measurements | |||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
(dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||
U.S. Treasuries | $ | 312,889 | $ | 312,889 | $ | — | $ | — | |||||||||||||||
U.S. government sponsored agencies | 2,021 | — | 2,021 | — | |||||||||||||||||||
State, county and municipal securities | 40,963 | — | 40,963 | — | |||||||||||||||||||
Corporate debt securities | 15,463 | — | 14,143 | 1,320 | |||||||||||||||||||
SBA pool securities | 34,431 | — | 34,431 | — | |||||||||||||||||||
Mortgage-backed securities | 646,501 | — | 646,501 | — | |||||||||||||||||||
Loans held for sale | 555,665 | — | 555,665 | — | |||||||||||||||||||
Mortgage banking derivative instruments | 10,079 | — | 10,079 | — | |||||||||||||||||||
Total recurring assets at fair value | $ | 1,618,012 | $ | 312,889 | $ | 1,303,803 | $ | 1,320 | |||||||||||||||
Recurring Basis Fair Value Measurements | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
(dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||
U.S. government sponsored agencies | $ | 7,172 | $ | — | $ | 7,172 | $ | — | |||||||||||||||
State, county and municipal securities | 47,812 | — | 47,812 | — | |||||||||||||||||||
Corporate debt securities | 28,496 | — | 27,116 | 1,380 | |||||||||||||||||||
SBA pool securities | 45,201 | — | 45,201 | — | |||||||||||||||||||
Mortgage-backed securities | 463,940 | — | 463,940 | — | |||||||||||||||||||
Loans held for sale | 1,254,632 | — | 1,254,632 | — | |||||||||||||||||||
Mortgage banking derivative instruments | 11,940 | — | 11,940 | — | |||||||||||||||||||
Total recurring assets at fair value | $ | 1,859,193 | $ | — | $ | 1,857,813 | $ | 1,380 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Mortgage banking derivative instruments | $ | 710 | $ | — | $ | 710 | $ | — | |||||||||||||||
Total recurring liabilities at fair value | $ | 710 | $ | — | $ | 710 | $ | — |
Nonrecurring Basis Fair Value Measurements | |||||||||||||||||||||||
(dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Collateral-dependent loans | $ | 36,033 | $ | — | $ | — | $ | 36,033 | |||||||||||||||
Other real estate owned | 702 | — | — | 702 | |||||||||||||||||||
Mortgage servicing rights | 257,112 | — | — | 257,112 | |||||||||||||||||||
Total nonrecurring assets at fair value | $ | 293,847 | $ | — | $ | — | $ | 293,847 | |||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Collateral-dependent loans | $ | 44,181 | $ | — | $ | — | $ | 44,181 | |||||||||||||||
Mortgage servicing rights | 206,944 | — | — | 206,944 | |||||||||||||||||||
Total nonrecurring assets at fair value | $ | 251,125 | $ | — | $ | — | $ | 251,125 |
(dollars in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range of Discounts | Weighted Average Discount | |||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||
Recurring: | ||||||||||||||||||||||||||||||||
Debt securities available-for-sale | $ | 1,320 | Discounted par values | Probability of Default | 13% | 13% | ||||||||||||||||||||||||||
Loss Given Default | 44% | 44% | ||||||||||||||||||||||||||||||
Nonrecurring: | ||||||||||||||||||||||||||||||||
Collateral-dependent loans | $ | 36,033 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 40% | 31% | ||||||||||||||||||||||||||
Other real estate owned | $ | 702 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 15% - 55% | 37% | ||||||||||||||||||||||||||
Mortgage servicing rights | $ | 257,112 | Discounted cash flows | Discount rate | 10% - 11% | 10% | ||||||||||||||||||||||||||
Prepayment speed | 4% - 22% | 8% | ||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Recurring: | ||||||||||||||||||||||||||||||||
Debt securities available-for-sale | $ | 1,380 | Discounted par values | Discount Rate | 8% | 8% | ||||||||||||||||||||||||||
Nonrecurring: | ||||||||||||||||||||||||||||||||
Collateral-dependent loans | $ | 44,181 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 50% | 39% | ||||||||||||||||||||||||||
Mortgage servicing rights | $ | 206,944 | Discounted cash flows | Discount rate | 9% - 10% | 9% | ||||||||||||||||||||||||||
Prepayment speed | 10% - 40% | 13% |
Fair Value Measurements | |||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 345,627 | $ | 345,627 | $ | — | $ | — | $ | 345,627 | |||||||||||||||||||
Federal funds sold and interest-bearing accounts | 1,961,209 | 1,961,209 | — | — | 1,961,209 | ||||||||||||||||||||||||
Debt securities held-to-maturity | 111,654 | — | 97,144 | — | 97,144 | ||||||||||||||||||||||||
Loans, net | 17,352,347 | — | — | 17,056,635 | 17,056,635 | ||||||||||||||||||||||||
Accrued interest receivable | 56,995 | — | 3,867 | 53,128 | 56,995 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | 19,684,982 | — | 19,682,653 | — | 19,682,653 | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | 953 | 953 | — | — | 953 | ||||||||||||||||||||||||
Other borrowings | 425,592 | — | 418,722 | — | 418,722 | ||||||||||||||||||||||||
Subordinated deferrable interest debentures | 127,325 | — | 117,240 | — | 117,240 | ||||||||||||||||||||||||
Accrued interest payable | 2,875 | — | 2,875 | — | 2,875 |
Fair Value Measurements | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 307,813 | $ | 307,813 | $ | — | $ | — | $ | 307,813 | |||||||||||||||||||
Federal funds sold and interest-bearing accounts | 3,756,844 | 3,756,844 | — | — | 3,756,844 | ||||||||||||||||||||||||
Debt securities held-to-maturity | 79,850 | — | 78,206 | — | 78,206 | ||||||||||||||||||||||||
Loans, net | 15,662,495 | — | — | 15,509,410 | 15,509,410 | ||||||||||||||||||||||||
Accrued interest receivable | 56,917 | — | 2,373 | 54,544 | 56,917 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | 19,665,553 | — | 19,667,612 | — | 19,667,612 | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | 5,845 | 5,845 | — | — | 5,845 | ||||||||||||||||||||||||
Other borrowings | 739,879 | — | 760,829 | — | 760,829 | ||||||||||||||||||||||||
Subordinated deferrable interest debentures | 126,328 | — | 117,764 | — | 117,764 | ||||||||||||||||||||||||
Accrued interest payable | 4,313 | — | 4,313 | — | 4,313 |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Commitments to extend credit | $ | 5,420,227 | $ | 4,328,749 | |||||||
Unused home equity lines of credit | 303,428 | 272,029 | |||||||||
Financial standby letters of credit | 30,272 | 36,184 | |||||||||
Mortgage interest rate lock commitments | 320,320 | 417,126 | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Balance at beginning of period | $ | 42,194 | $ | 21,015 | $ | 33,185 | $ | 32,854 | |||||||||||||||
Provision for unfunded commitments | 1,779 | 1,299 | 10,788 | (10,540) | |||||||||||||||||||
Balance at end of period | $ | 43,973 | $ | 22,314 | $ | 43,973 | $ | 22,314 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 141,844 | $ | 38,055 | $ | 8,476 | $ | 4,757 | $ | 9,436 | $ | 202,568 | |||||||||||||||||||||||
Interest expense | (10,278) | 17,276 | 1,776 | 959 | 1,471 | 11,204 | |||||||||||||||||||||||||||||
Net interest income | 152,122 | 20,779 | 6,700 | 3,798 | 7,965 | 191,364 | |||||||||||||||||||||||||||||
Provision for credit losses | 10,175 | 4,499 | 867 | (523) | (94) | 14,924 | |||||||||||||||||||||||||||||
Noninterest income | 23,469 | 57,795 | 1,041 | 1,526 | 10 | 83,841 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 46,733 | 31,219 | 208 | 1,316 | 2,069 | 81,545 | |||||||||||||||||||||||||||||
Occupancy and equipment | 11,168 | 1,406 | 1 | 81 | 90 | 12,746 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 10,863 | 1,123 | 48 | 29 | 92 | 12,155 | |||||||||||||||||||||||||||||
Other expenses | 21,123 | 12,812 | 212 | 539 | 1,064 | 35,750 | |||||||||||||||||||||||||||||
Total noninterest expense | 89,887 | 46,560 | 469 | 1,965 | 3,315 | 142,196 | |||||||||||||||||||||||||||||
Income before income tax expense | 75,529 | 27,515 | 6,405 | 3,882 | 4,754 | 118,085 | |||||||||||||||||||||||||||||
Income tax expense | 19,120 | 5,779 | 1,346 | 815 | 959 | 28,019 | |||||||||||||||||||||||||||||
Net income | $ | 56,409 | $ | 21,736 | $ | 5,059 | $ | 3,067 | $ | 3,795 | $ | 90,066 | |||||||||||||||||||||||
Total assets | $ | 17,009,855 | $ | 4,418,211 | $ | 923,829 | $ | 264,227 | $ | 1,071,348 | $ | 23,687,470 | |||||||||||||||||||||||
Goodwill | 958,558 | — | — | — | 64,498 | 1,023,056 | |||||||||||||||||||||||||||||
Other intangible assets, net | 105,198 | — | — | — | 10,415 | 115,613 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 109,260 | $ | 34,085 | $ | 8,988 | $ | 14,050 | $ | 7,368 | $ | 173,751 | |||||||||||||||||||||||
Interest expense | (1,410) | 11,552 | 268 | 1,168 | 321 | 11,899 | |||||||||||||||||||||||||||||
Net interest income | 110,670 | 22,533 | 8,720 | 12,882 | 7,047 | 161,852 | |||||||||||||||||||||||||||||
Provision for credit losses | (3,949) | 5,647 | (155) | (607) | (794) | 142 | |||||||||||||||||||||||||||||
Noninterest income | 16,171 | 69,055 | 1,333 | 2,677 | 4 | 89,240 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 37,814 | 44,798 | 278 | 937 | 1,678 | 85,505 | |||||||||||||||||||||||||||||
Occupancy and equipment | 9,050 | 1,553 | 1 | 132 | 76 | 10,812 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 10,280 | 1,435 | 68 | — | 94 | 11,877 | |||||||||||||||||||||||||||||
Other expenses | 18,763 | 7,638 | 30 | 284 | 852 | 27,567 | |||||||||||||||||||||||||||||
Total noninterest expense | 75,907 | 55,424 | 377 | 1,353 | 2,700 | 135,761 | |||||||||||||||||||||||||||||
Income before income tax expense | 54,883 | 30,517 | 9,831 | 14,813 | 5,145 | 115,189 | |||||||||||||||||||||||||||||
Income tax expense | 14,196 | 6,408 | 2,064 | 3,111 | 1,083 | 26,862 | |||||||||||||||||||||||||||||
Net income | $ | 40,687 | $ | 24,109 | $ | 7,767 | $ | 11,702 | $ | 4,062 | $ | 88,327 | |||||||||||||||||||||||
Total assets | $ | 15,561,628 | $ | 3,917,275 | $ | 779,234 | $ | 748,234 | $ | 880,560 | $ | 21,886,931 | |||||||||||||||||||||||
Goodwill | 863,507 | — | — | — | 64,498 | 928,005 | |||||||||||||||||||||||||||||
Other intangible assets, net | 50,418 | — | — | — | 13,365 | 63,783 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 271,134 | $ | 70,887 | $ | 15,289 | $ | 11,537 | $ | 17,095 | $ | 385,942 | |||||||||||||||||||||||
Interest expense | (14,733) | 30,813 | 2,142 | 1,728 | 2,084 | 22,034 | |||||||||||||||||||||||||||||
Net interest income | 285,867 | 40,074 | 13,147 | 9,809 | 15,011 | 363,908 | |||||||||||||||||||||||||||||
Provision for credit losses | 15,401 | 6,086 | 645 | (666) | (311) | 21,155 | |||||||||||||||||||||||||||||
Noninterest income | 44,833 | 119,444 | 2,442 | 4,017 | 16 | 170,752 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 95,928 | 62,833 | 491 | 2,587 | 3,987 | 165,826 | |||||||||||||||||||||||||||||
Occupancy and equipment | 22,242 | 2,877 | 2 | 180 | 172 | 25,473 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 22,093 | 2,295 | 95 | 57 | 187 | 24,727 | |||||||||||||||||||||||||||||
Other expenses | 41,168 | 25,457 | 430 | 919 | 2,016 | 69,990 | |||||||||||||||||||||||||||||
Total noninterest expense | 181,431 | 93,462 | 1,018 | 3,743 | 6,362 | 286,016 | |||||||||||||||||||||||||||||
Income before income tax expense | 133,868 | 59,970 | 13,926 | 10,749 | 8,976 | 227,489 | |||||||||||||||||||||||||||||
Income tax expense | 36,116 | 12,594 | 2,925 | 2,257 | 1,833 | 55,725 | |||||||||||||||||||||||||||||
Net income | $ | 97,752 | $ | 47,376 | $ | 11,001 | $ | 8,492 | $ | 7,143 | $ | 171,764 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 221,639 | $ | 64,284 | $ | 19,315 | $ | 32,084 | $ | 14,379 | $ | 351,701 | |||||||||||||||||||||||
Interest expense | (1,847) | 22,767 | 689 | 2,567 | 696 | 24,872 | |||||||||||||||||||||||||||||
Net interest income | 223,486 | 41,517 | 18,626 | 29,517 | 13,683 | 326,829 | |||||||||||||||||||||||||||||
Provision for credit losses | (27,853) | 1,094 | (300) | (1,154) | (236) | (28,449) | |||||||||||||||||||||||||||||
Noninterest income | 32,909 | 166,695 | 2,313 | 5,288 | 8 | 207,213 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 80,537 | 94,636 | 608 | 2,319 | 3,390 | 181,490 | |||||||||||||||||||||||||||||
Occupancy and equipment | 19,170 | 3,029 | 2 | 238 | 154 | 22,593 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 20,481 | 2,981 | 117 | 1 | 181 | 23,761 | |||||||||||||||||||||||||||||
Other expenses | 38,473 | 15,827 | 63 | 579 | 1,773 | 56,715 | |||||||||||||||||||||||||||||
Total noninterest expense | 158,661 | 116,473 | 790 | 3,137 | 5,498 | 284,559 | |||||||||||||||||||||||||||||
Income before income tax expense | 125,587 | 90,645 | 20,449 | 32,822 | 8,429 | 277,932 | |||||||||||||||||||||||||||||
Income tax expense | 32,652 | 19,035 | 4,294 | 6,893 | 1,769 | 64,643 | |||||||||||||||||||||||||||||
Net income | $ | 92,935 | $ | 71,610 | $ | 16,155 | $ | 25,929 | $ | 6,660 | $ | 213,289 |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Loan Servicing Rights | |||||||||||
Residential mortgage | $ | 257,112 | $ | 206,944 | |||||||
SBA | 4,954 | 5,556 | |||||||||
Total loan servicing rights | $ | 262,066 | $ | 212,500 |
(dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
Residential mortgage servicing rights | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Beginning carrying value, net | $ | 232,236 | $ | 154,746 | $ | 206,944 | $ | 130,630 | |||||||||||||||
Additions | 21,551 | 43,377 | 43,252 | 65,244 | |||||||||||||||||||
Amortization | (7,514) | (7,197) | (13,576) | (14,681) | |||||||||||||||||||
Recoveries | 10,839 | 749 | 20,492 | 10,482 | |||||||||||||||||||
Ending carrying value, net | $ | 257,112 | $ | 191,675 | $ | 257,112 | $ | 191,675 |
(dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
Residential mortgage servicing valuation allowance | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Beginning balance | $ | 16,129 | $ | 29,674 | $ | 25,782 | $ | 39,407 | |||||||||||||||
Recoveries | (10,839) | (749) | (20,492) | (10,482) | |||||||||||||||||||
Ending balance | $ | 5,290 | $ | 28,925 | $ | 5,290 | $ | 28,925 |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Residential mortgage servicing rights | |||||||||||
Unpaid principal balance of loans serviced for others | $ | 18,304,805 | $ | 16,786,442 | |||||||
Composition of residential loans serviced for others: | |||||||||||
FHLMC | 21.78 | % | 21.88 | % | |||||||
FNMA | 60.49 | % | 60.26 | % | |||||||
GNMA | 17.73 | % | 17.86 | % | |||||||
Total | 100.00 | % | 100.00 | % | |||||||
Weighted average term (months) | 342 | 341 | |||||||||
Weighted average age (months) | 22 | 20 | |||||||||
Modeled prepayment speed | 8.11 | % | 12.96 | % | |||||||
Decline in fair value due to a 10% adverse change | (9,451) | (8,368) | |||||||||
Decline in fair value due to a 20% adverse change | (17,679) | (16,157) | |||||||||
Weighted average discount rate | 9.77 | % | 8.77 | % | |||||||
Decline in fair value due to a 10% adverse change | (11,577) | (6,984) | |||||||||
Decline in fair value due to a 20% adverse change | (21,616) | (13,504) |
(dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
SBA servicing rights | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Beginning carrying value, net | $ | 5,384 | $ | 6,445 | $ | 5,556 | $ | 5,839 | |||||||||||||||
Additions | 236 | 241 | 774 | 471 | |||||||||||||||||||
Amortization | (666) | (563) | (1,376) | (1,092) | |||||||||||||||||||
Recoveries | — | — | — | 905 | |||||||||||||||||||
Ending carrying value, net | $ | 4,954 | $ | 6,123 | $ | 4,954 | $ | 6,123 |
(dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
SBA servicing valuation allowance | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | 905 | |||||||||||||||
Recoveries | — | — | — | (905) | |||||||||||||||||||
Ending balance | $ | — | $ | — | $ | — | $ | — |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
SBA servicing rights | |||||||||||
Unpaid principal balance of loans serviced for others | $ | 387,101 | $ | 410,167 | |||||||
Weighted average life (in years) | 3.64 | 3.65 | |||||||||
Modeled prepayment speed | 17.81 | % | 17.68 | % | |||||||
Decline in fair value due to a 10% adverse change | (218) | (291) | |||||||||
Decline in fair value due to a 20% adverse change | (419) | (557) | |||||||||
Weighted average discount rate | 16.55 | % | 11.92 | % | |||||||
Decline in fair value due to a 100 basis point adverse change | (108) | (144) | |||||||||
Decline in fair value due to a 200 basis point adverse change | (212) | (282) |
(dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
Indirect automobile servicing rights | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Beginning carrying value, net | $ | — | $ | 29 | $ | — | $ | 73 | |||||||||||||||
Amortization | — | (29) | — | (73) | |||||||||||||||||||
Ending carrying value, net | $ | — | $ | — | $ | — | $ | — |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 141,844 | $ | 38,055 | $ | 8,476 | $ | 4,757 | $ | 9,436 | $ | 202,568 | |||||||||||||||||||||||
Interest expense | (10,278) | 17,276 | 1,776 | 959 | 1,471 | 11,204 | |||||||||||||||||||||||||||||
Net interest income | 152,122 | 20,779 | 6,700 | 3,798 | 7,965 | 191,364 | |||||||||||||||||||||||||||||
Provision for credit losses | 10,175 | 4,499 | 867 | (523) | (94) | 14,924 | |||||||||||||||||||||||||||||
Noninterest income | 23,469 | 57,795 | 1,041 | 1,526 | 10 | 83,841 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 46,733 | 31,219 | 208 | 1,316 | 2,069 | 81,545 | |||||||||||||||||||||||||||||
Occupancy and equipment | 11,168 | 1,406 | 1 | 81 | 90 | 12,746 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 10,863 | 1,123 | 48 | 29 | 92 | 12,155 | |||||||||||||||||||||||||||||
Other expenses | 21,123 | 12,812 | 212 | 539 | 1,064 | 35,750 | |||||||||||||||||||||||||||||
Total noninterest expense | 89,887 | 46,560 | 469 | 1,965 | 3,315 | 142,196 | |||||||||||||||||||||||||||||
Income before income tax expense | 75,529 | 27,515 | 6,405 | 3,882 | 4,754 | 118,085 | |||||||||||||||||||||||||||||
Income tax expense | 19,120 | 5,779 | 1,346 | 815 | 959 | 28,019 | |||||||||||||||||||||||||||||
Net income | $ | 56,409 | $ | 21,736 | $ | 5,059 | $ | 3,067 | $ | 3,795 | $ | 90,066 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 109,260 | $ | 34,085 | $ | 8,988 | $ | 14,050 | $ | 7,368 | $ | 173,751 | |||||||||||||||||||||||
Interest expense | (1,410) | 11,552 | 268 | 1,168 | 321 | 11,899 | |||||||||||||||||||||||||||||
Net interest income | 110,670 | 22,533 | 8,720 | 12,882 | 7,047 | 161,852 | |||||||||||||||||||||||||||||
Provision for credit losses | (3,949) | 5,647 | (155) | (607) | (794) | 142 | |||||||||||||||||||||||||||||
Noninterest income | 16,171 | 69,055 | 1,333 | 2,677 | 4 | 89,240 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 37,814 | 44,798 | 278 | 937 | 1,678 | 85,505 | |||||||||||||||||||||||||||||
Occupancy and equipment | 9,050 | 1,553 | 1 | 132 | 76 | 10,812 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 10,280 | 1,435 | 68 | — | 94 | 11,877 | |||||||||||||||||||||||||||||
Other expenses | 18,763 | 7,638 | 30 | 284 | 852 | 27,567 | |||||||||||||||||||||||||||||
Total noninterest expense | 75,907 | 55,424 | 377 | 1,353 | 2,700 | 135,761 | |||||||||||||||||||||||||||||
Income before income tax expense | 54,883 | 30,517 | 9,831 | 14,813 | 5,145 | 115,189 | |||||||||||||||||||||||||||||
Income tax expense | 14,196 | 6,408 | 2,064 | 3,111 | 1,083 | 26,862 | |||||||||||||||||||||||||||||
Net income | $ | 40,687 | $ | 24,109 | $ | 7,767 | $ | 11,702 | $ | 4,062 | $ | 88,327 |
Quarter Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks | $ | 2,227,453 | $ | 4,495 | 0.81% | $ | 2,481,336 | $ | 607 | 0.10% | |||||||||||||||||||||||||
Investment securities | 1,021,610 | 7,405 | 2.91% | 857,079 | 5,420 | 2.54% | |||||||||||||||||||||||||||||
Loans held for sale | 944,964 | 10,036 | 4.26% | 1,705,167 | 11,773 | 2.77% | |||||||||||||||||||||||||||||
Loans | 16,861,674 | 181,602 | 4.32% | 14,549,104 | 157,112 | 4.33% | |||||||||||||||||||||||||||||
Total interest-earning assets | 21,055,701 | 203,538 | 3.88% | 19,592,686 | 174,912 | 3.58% | |||||||||||||||||||||||||||||
Noninterest-earning assets | 2,349,500 | 1,946,208 | |||||||||||||||||||||||||||||||||
Total assets | $ | 23,405,201 | $ | 21,538,894 | |||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings and interest-bearing demand deposits | $ | 9,790,029 | $ | 3,590 | 0.15% | $ | 9,063,721 | $ | 2,846 | 0.13% | |||||||||||||||||||||||||
Time deposits | 1,693,740 | 1,318 | 0.31% | 2,006,265 | 2,929 | 0.59% | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 1,854 | 1 | 0.22% | 6,883 | 5 | 0.29% | |||||||||||||||||||||||||||||
FHLB advances | 48,746 | 192 | 1.58% | 48,910 | 193 | 1.58% | |||||||||||||||||||||||||||||
Other borrowings | 376,829 | 4,437 | 4.72% | 376,376 | 4,683 | 4.99% | |||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | 127,063 | 1,666 | 5.26% | 125,068 | 1,243 | 3.99% | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 12,038,261 | 11,204 | 0.37% | 11,627,223 | 11,899 | 0.41% | |||||||||||||||||||||||||||||
Demand deposits | 7,955,765 | 6,874,471 | |||||||||||||||||||||||||||||||||
Other liabilities | 367,895 | 238,931 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 3,043,280 | 2,798,269 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 23,405,201 | $ | 21,538,894 | |||||||||||||||||||||||||||||||
Interest rate spread | 3.51% | 3.17% | |||||||||||||||||||||||||||||||||
Net interest income | $ | 192,334 | $ | 163,013 | |||||||||||||||||||||||||||||||
Net interest margin | 3.66% | 3.34% |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Average Balance | Average Cost | Average Balance | Average Cost | |||||||||||||||||||
NOW | $ | 3,695,490 | 0.14% | $ | 3,314,334 | 0.10% | |||||||||||||||||
MMDA | 5,087,199 | 0.17% | 4,872,500 | 0.16% | |||||||||||||||||||
Savings | 1,007,340 | 0.06% | 876,887 | 0.06% | |||||||||||||||||||
Retail CDs | 1,693,740 | 0.31% | 2,005,265 | 0.58% | |||||||||||||||||||
Brokered CDs | — | —% | 1,000 | 3.21% | |||||||||||||||||||
Interest-bearing deposits | $ | 11,483,769 | 0.17% | $ | 11,069,986 | 0.21% |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 271,134 | $ | 70,887 | $ | 15,289 | $ | 11,537 | $ | 17,095 | $ | 385,942 | |||||||||||||||||||||||
Interest expense | (14,733) | 30,813 | 2,142 | 1,728 | 2,084 | 22,034 | |||||||||||||||||||||||||||||
Net interest income | 285,867 | 40,074 | 13,147 | 9,809 | 15,011 | 363,908 | |||||||||||||||||||||||||||||
Provision for loan losses | 15,401 | 6,086 | 645 | (666) | (311) | 21,155 | |||||||||||||||||||||||||||||
Noninterest income | 44,833 | 119,444 | 2,442 | 4,017 | 16 | 170,752 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 95,928 | 62,833 | 491 | 2,587 | 3,987 | 165,826 | |||||||||||||||||||||||||||||
Occupancy and equipment | 22,242 | 2,877 | 2 | 180 | 172 | 25,473 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 22,093 | 2,295 | 95 | 57 | 187 | 24,727 | |||||||||||||||||||||||||||||
Other expenses | 41,168 | 25,457 | 430 | 919 | 2,016 | 69,990 | |||||||||||||||||||||||||||||
Total noninterest expense | 181,431 | 93,462 | 1,018 | 3,743 | 6,362 | 286,016 | |||||||||||||||||||||||||||||
Income before income tax expense | 133,868 | 59,970 | 13,926 | 10,749 | 8,976 | 227,489 | |||||||||||||||||||||||||||||
Income tax expense | 36,116 | 12,594 | 2,925 | 2,257 | 1,833 | 55,725 | |||||||||||||||||||||||||||||
Net income | $ | 97,752 | $ | 47,376 | $ | 11,001 | $ | 8,492 | $ | 7,143 | $ | 171,764 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 221,639 | $ | 64,284 | $ | 19,315 | $ | 32,084 | $ | 14,379 | $ | 351,701 | |||||||||||||||||||||||
Interest expense | (1,847) | 22,767 | 689 | 2,567 | 696 | 24,872 | |||||||||||||||||||||||||||||
Net interest income | 223,486 | 41,517 | 18,626 | 29,517 | 13,683 | 326,829 | |||||||||||||||||||||||||||||
Provision for loan losses | (27,853) | 1,094 | (300) | (1,154) | (236) | (28,449) | |||||||||||||||||||||||||||||
Noninterest income | 32,909 | 166,695 | 2,313 | 5,288 | 8 | 207,213 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 80,537 | 94,636 | 608 | 2,319 | 3,390 | 181,490 | |||||||||||||||||||||||||||||
Occupancy and equipment | 19,170 | 3,029 | 2 | 238 | 154 | 22,593 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 20,481 | 2,981 | 117 | 1 | 181 | 23,761 | |||||||||||||||||||||||||||||
Other expenses | 38,473 | 15,827 | 63 | 579 | 1,773 | 56,715 | |||||||||||||||||||||||||||||
Total noninterest expense | 158,661 | 116,473 | 790 | 3,137 | 5,498 | 284,559 | |||||||||||||||||||||||||||||
Income before income tax expense | 125,587 | 90,645 | 20,449 | 32,822 | 8,429 | 277,932 | |||||||||||||||||||||||||||||
Income tax expense | 32,652 | 19,035 | 4,294 | 6,893 | 1,769 | 64,643 | |||||||||||||||||||||||||||||
Net income | $ | 92,935 | $ | 71,610 | $ | 16,155 | $ | 25,929 | $ | 6,660 | $ | 213,289 |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks | $ | 2,817,071 | $ | 5,878 | 0.42% | $ | 2,324,365 | $ | 1,141 | 0.10% | |||||||||||||||||||||||||
Investment securities | 862,178 | 11,879 | 2.78% | 907,049 | 11,716 | 2.60% | |||||||||||||||||||||||||||||
Loans held for sale | 1,020,611 | 18,168 | 3.59% | 1,496,155 | 22,600 | 3.05% | |||||||||||||||||||||||||||||
Loans | 16,344,409 | 352,000 | 4.34% | 14,501,802 | 318,585 | 4.43% | |||||||||||||||||||||||||||||
Total interest-earning assets | 21,044,269 | 387,925 | 3.72% | 19,229,371 | 354,042 | 3.71% | |||||||||||||||||||||||||||||
Noninterest-earning assets | 2,296,516 | 1,915,380 | |||||||||||||||||||||||||||||||||
Total assets | $ | 23,340,785 | $ | 21,144,751 | |||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings and interest-bearing demand deposits | $ | 9,844,422 | $ | 6,190 | 0.13% | $ | 8,915,964 | $ | 5,894 | 0.13% | |||||||||||||||||||||||||
Time deposits | 1,733,656 | 2,810 | 0.33% | 2,036,668 | 6,679 | 0.66% | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 2,931 | 4 | 0.28% | 8,077 | 12 | 0.30% | |||||||||||||||||||||||||||||
FHLB advances | 48,766 | 382 | 1.58% | 48,931 | 385 | 1.59% | |||||||||||||||||||||||||||||
Other borrowings | 410,058 | 9,601 | 4.72% | 376,318 | 9,321 | 4.99% | |||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | 126,814 | 3,047 | 4.85% | 124,823 | 2,581 | 4.17% | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 12,166,647 | 22,034 | 0.37% | 11,510,781 | 24,872 | 0.44% | |||||||||||||||||||||||||||||
Demand deposits | 7,807,929 | 6,644,646 | |||||||||||||||||||||||||||||||||
Other liabilities | 347,109 | 242,402 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 3,019,100 | 2,746,922 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 23,340,785 | $ | 21,144,751 | |||||||||||||||||||||||||||||||
Interest rate spread | 3.35% | 3.27% | |||||||||||||||||||||||||||||||||
Net interest income | $ | 365,891 | $ | 329,170 | |||||||||||||||||||||||||||||||
Net interest margin | 3.51% | 3.45% |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Average Balance | Average Cost | Average Balance | Average Cost | |||||||||||||||||||
NOW | $ | 3,690,161 | 0.11% | $ | 3,248,655 | 0.11% | |||||||||||||||||
MMDA | 5,163,636 | 0.15% | 4,817,197 | 0.16% | |||||||||||||||||||
Savings | 990,625 | 0.06% | 850,112 | 0.06% | |||||||||||||||||||
Retail CDs | 1,733,656 | 0.33% | 2,035,668 | 0.66% | |||||||||||||||||||
Brokered CDs | — | —% | 1,000 | 2.82% | |||||||||||||||||||
Interest-bearing deposits | $ | 11,578,078 | 0.16% | $ | 10,952,632 | 0.23% |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||
U.S. Treasuries | $ | 314,613 | $ | 312,889 | $ | — | $ | — | |||||||||||||||
U.S. government-sponsored agencies | 2,050 | 2,021 | 7,084 | 7,172 | |||||||||||||||||||
State, county and municipal securities | 41,428 | 40,963 | 45,470 | 47,812 | |||||||||||||||||||
Corporate debt securities | 15,897 | 15,463 | 27,897 | 28,496 | |||||||||||||||||||
SBA pool securities | 35,854 | 34,431 | 44,312 | 45,201 | |||||||||||||||||||
Mortgage-backed securities | 658,508 | 646,501 | 448,124 | 463,940 | |||||||||||||||||||
Total debt securities available-for-sale | $ | 1,068,350 | $ | 1,052,268 | $ | 572,887 | $ | 592,621 | |||||||||||||||
Securities held-to-maturity | |||||||||||||||||||||||
State, county and municipal securities | $ | 31,905 | $ | 27,626 | $ | 8,905 | $ | 8,711 | |||||||||||||||
Mortgage-backed securities | 79,749 | 69,518 | 70,945 | 69,495 | |||||||||||||||||||
Total debt securities held-to-maturity | $ | 111,654 | $ | 97,144 | $ | 79,850 | $ | 78,206 |
U.S. Treasuries | U.S. Government-Sponsored Agencies | State, County and Municipal Securities | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities available-for-sale (1) | Amount | Yield (2) | Amount | Yield (2) | Amount | Yield (2)(3) | ||||||||||||||||||||||||||||||||
One year or less | $ | — | — | % | $ | 1,008 | 1.92 | % | $ | 4,769 | 3.05 | % | ||||||||||||||||||||||||||
After one year through five years | 312,889 | 2.53 | 1,013 | 2.16 | 13,715 | 4.07 | ||||||||||||||||||||||||||||||||
After five years through ten years | — | — | — | — | 15,252 | 4 | 4.01 | |||||||||||||||||||||||||||||||
After ten years | — | — | — | — | 7,227 | 3.70 | ||||||||||||||||||||||||||||||||
$ | 312,889 | 2.53 | % | $ | 2,021 | 2.04 | % | $ | 40,963 | 3.86 | % | |||||||||||||||||||||||||||
Corporate Debt Securities | SBA Pool Securities | Mortgage-Backed Securities | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities available-for-sale (1) | Amount | Yield (2) | Amount | Yield (2) | Amount | Yield (2) | ||||||||||||||||||||||||||||||||
One year or less | $ | 500 | 3.88 | % | $ | 477 | 2.10 | % | $ | 21 | 2.40 | % | ||||||||||||||||||||||||||
After one year through five years | — | — | 9,663 | 2.07 | 113,977 | 2.99 | ||||||||||||||||||||||||||||||||
After five years through ten years | 13,244 | 4.71 | 2,589 | 3.04 | 225,714 | 2.94 | ||||||||||||||||||||||||||||||||
After ten years | 1,719 | 5.59 | 21,702 | 2.50 | 306,789 | 3.03 | ||||||||||||||||||||||||||||||||
$ | 15,463 | 4.79 | % | $ | 34,431 | 2.42 | % | $ | 646,501 | 2.99 | % | |||||||||||||||||||||||||||
State, County and Municipal Securities | Mortgage-Backed Securities | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities held-to-maturity (1) | Amount | Yield (2)(3) | Amount | Yield (2) | ||||||||||||||||||||||||||||||||||
One year or less | $ | — | — | % | $ | — | — | % | ||||||||||||||||||||||||||||||
After one year through five years | — | — | 11,044 | 1.01 | ||||||||||||||||||||||||||||||||||
After five years through ten years | — | — | 26,103 | 2.03 | ||||||||||||||||||||||||||||||||||
After ten years | 31,905 | 3.93 | 42,602 | 1.68 | ||||||||||||||||||||||||||||||||||
$ | 31,905 | 3.93 | % | $ | 79,749 | 1.70 | % |
Six Months Ended June 30, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
Balance of allowance for credit losses on loans at beginning of period | $ | 167,582 | $ | 199,422 | |||||||
Provision charged to operating expense | 10,493 | (17,478) | |||||||||
Charge-offs: | |||||||||||
Commercial, financial and agricultural | 8,805 | 5,899 | |||||||||
Consumer installment | 2,562 | 3,117 | |||||||||
Indirect automobile | 129 | 970 | |||||||||
Premium finance | 2,435 | 2,537 | |||||||||
Real estate – construction and development | — | 212 | |||||||||
Real estate – commercial and farmland | 1,364 | 1,422 | |||||||||
Real estate – residential | 137 | 555 | |||||||||
Total charge-offs | 15,432 | 14,712 | |||||||||
Recoveries: | |||||||||||
Commercial, financial and agricultural | 5,681 | 1,352 | |||||||||
Consumer installment | 388 | 568 | |||||||||
Indirect automobile | 540 | 1,072 | |||||||||
Premium finance | 2,360 | 3,588 | |||||||||
Real estate – construction and development | 573 | 251 | |||||||||
Real estate – commercial and farmland | 81 | 226 | |||||||||
Real estate – residential | 376 | 781 | |||||||||
Total recoveries | 9,999 | 7,838 | |||||||||
Net charge-offs | 5,433 | 6,874 | |||||||||
Balance of allowance for credit losses on loans at end of period | $ | 172,642 | $ | 175,070 |
As of and for the Six Months Ended | |||||||||||
(dollars in thousands) | June 30, 2022 | June 30, 2021 | |||||||||
Allowance for credit losses on loans at end of period | $ | 172,642 | $ | 175,070 | |||||||
Net charge-offs for the period | 5,433 | 6,874 | |||||||||
Loan balances: | |||||||||||
End of period | 17,561,022 | 14,780,791 | |||||||||
Average for the period | 16,344,409 | 14,501,802 | |||||||||
Net charge-offs as a percentage of average loans (annualized) | 0.07 | % | 0.10 | % | |||||||
Allowance for credit losses on loans as a percentage of end of period loans | 0.98 | % | 1.18 | % |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Commercial, financial and agricultural | $ | 2,022,845 | $ | 1,875,993 | |||||||
Consumer installment | 167,237 | 191,298 | |||||||||
Indirect automobile | 172,245 | 265,779 | |||||||||
Mortgage warehouse | 949,191 | 787,837 | |||||||||
Municipal | 529,268 | 572,701 | |||||||||
Premium finance | 942,357 | 798,409 | |||||||||
Real estate – construction and development | 1,747,284 | 1,452,339 | |||||||||
Real estate – commercial and farmland | 7,156,017 | 6,834,917 | |||||||||
Real estate – residential | 3,874,578 | 3,094,985 | |||||||||
$ | 17,561,022 | $ | 15,874,258 |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Nonaccrual loans | $ | 122,912 | $ | 85,266 | |||||||
Accruing loans delinquent 90 days or more | 8,542 | 12,648 | |||||||||
Repossessed assets | 122 | 84 | |||||||||
Other real estate owned | 835 | 3,810 | |||||||||
Total non-performing assets | $ | 132,411 | $ | 101,808 |
June 30, 2022 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 9 | $ | 964 | 3 | $ | 364 | |||||||||||||||||
Consumer installment | 4 | 9 | 10 | 14 | |||||||||||||||||||
Indirect automobile | 196 | 759 | 30 | 122 | |||||||||||||||||||
Premium finance | 6 | 993 | — | — | |||||||||||||||||||
Real estate – construction and development | 2 | 706 | — | — | |||||||||||||||||||
Real estate – commercial and farmland | 18 | 8,213 | 4 | 788 | |||||||||||||||||||
Real estate – residential | 210 | 24,456 | 31 | 4,369 | |||||||||||||||||||
Total | 445 | $ | 36,100 | 78 | $ | 5,657 |
December 31, 2021 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 12 | $ | 1,286 | 6 | $ | 83 | |||||||||||||||||
Consumer installment | 7 | 16 | 17 | 35 | |||||||||||||||||||
Indirect automobile | 233 | 1,037 | 52 | 273 | |||||||||||||||||||
Real estate – construction and development | 4 | 789 | 1 | 13 | |||||||||||||||||||
Real estate – commercial and farmland | 25 | 35,575 | 5 | 5,924 | |||||||||||||||||||
Real estate – residential | 213 | 26,879 | 39 | 4,678 | |||||||||||||||||||
Total | 494 | $ | 65,582 | 120 | $ | 11,006 |
June 30, 2022 | Loans Currently Paying Under Restructured Terms | Loans that have Defaulted Under Restructured Terms | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 11 | $ | 971 | 1 | $ | 357 | |||||||||||||||||
Consumer installment | 8 | 13 | 6 | 10 | |||||||||||||||||||
Indirect automobile | 182 | 697 | 44 | 184 | |||||||||||||||||||
Premium finance | 6 | 993 | — | — | |||||||||||||||||||
Real estate – construction and development | 2 | 706 | — | — | |||||||||||||||||||
Real estate – commercial and farmland | 21 | 8,993 | 1 | 8 | |||||||||||||||||||
Real estate – residential | 198 | 23,052 | 43 | 5,773 | |||||||||||||||||||
Total | 428 | $ | 35,425 | 95 | $ | 6,332 |
December 31, 2021 | Loans Currently Paying Under Restructured Terms | Loans that have Defaulted Under Restructured Terms | |||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Commercial, financial and agricultural | 11 | $ | 1,269 | 7 | $ | 100 | |||||||||||||||||
Consumer installment | 10 | 17 | 14 | 34 | |||||||||||||||||||
Indirect automobile | 233 | 1,052 | 52 | 258 | |||||||||||||||||||
Real estate – construction and development | 4 | 789 | 1 | 13 | |||||||||||||||||||
Real estate – commercial and farmland | 29 | 41,452 | 1 | 47 | |||||||||||||||||||
Real estate – residential | 215 | 26,956 | 37 | 4,601 | |||||||||||||||||||
Total | 502 | $ | 71,535 | 112 | $ | 5,053 |
June 30, 2022 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Type of Concession | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Forgiveness of interest | 3 | $ | 283 | — | $ | — | |||||||||||||||||
Forbearance of interest | 15 | 1,070 | 1 | 41 | |||||||||||||||||||
Forbearance of principal | 288 | 21,748 | 49 | 4,725 | |||||||||||||||||||
Rate reduction only | 54 | 5,311 | 2 | 160 | |||||||||||||||||||
Rate reduction, forbearance of interest | 32 | 2,385 | 2 | 25 | |||||||||||||||||||
Rate reduction, forbearance of principal | 17 | 2,336 | 21 | 573 | |||||||||||||||||||
Rate reduction, forgiveness of interest | 36 | 2,967 | 3 | 133 | |||||||||||||||||||
Total | 445 | $ | 36,100 | 78 | $ | 5,657 |
December 31, 2021 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Type of Concession | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Forgiveness of interest | 3 | $ | 287 | — | $ | — | |||||||||||||||||
Forbearance of interest | 16 | 1,218 | 1 | 15 | |||||||||||||||||||
Forbearance of principal | 332 | 49,778 | 73 | 9,783 | |||||||||||||||||||
Rate reduction only | 55 | 6,321 | 4 | 200 | |||||||||||||||||||
Rate reduction, maturity extension | — | — | 1 | 1 | |||||||||||||||||||
Rate reduction, forbearance of interest | 33 | 2,296 | 6 | 319 | |||||||||||||||||||
Rate reduction, forbearance of principal | 18 | 2,694 | 29 | 363 | |||||||||||||||||||
Rate reduction, forgiveness of interest | 37 | 2,988 | 6 | 325 | |||||||||||||||||||
Total | 494 | $ | 65,582 | 120 | $ | 11,006 |
June 30, 2022 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Collateral Type | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Warehouse | 3 | $ | 57 | 2 | $ | 251 | |||||||||||||||||
Raw land | 3 | 1,751 | 2 | 51 | |||||||||||||||||||
Hotel and motel | 1 | 130 | — | — | |||||||||||||||||||
Office | 4 | 613 | — | — | |||||||||||||||||||
Retail, including strip centers | 7 | 3,978 | 1 | 496 | |||||||||||||||||||
1-4 family residential | 210 | 24,456 | 30 | 4,359 | |||||||||||||||||||
Church | 2 | 2,390 | — | — | |||||||||||||||||||
Automobile/equipment/CD | 209 | 1,732 | 43 | 500 | |||||||||||||||||||
Unsecured | 6 | 993 | — | — | |||||||||||||||||||
Total | 445 | $ | 36,100 | 78 | $ | 5,657 |
December 31, 2021 | Accruing Loans | Non-Accruing Loans | |||||||||||||||||||||
Collateral Type | # | Balance (in thousands) | # | Balance (in thousands) | |||||||||||||||||||
Warehouse | 3 | $ | 61 | 2 | $ | 272 | |||||||||||||||||
Raw land | 6 | 3,776 | 1 | 13 | |||||||||||||||||||
Hotel and motel | 4 | 22,069 | 1 | 4,798 | |||||||||||||||||||
Office | 5 | 710 | 1 | 485 | |||||||||||||||||||
Retail, including strip centers | 8 | 7,118 | 1 | 370 | |||||||||||||||||||
1-4 family residential | 215 | 27,129 | 39 | 4,678 | |||||||||||||||||||
Church | 2 | 2,393 | — | — | |||||||||||||||||||
Automobile/equipment/CD | 251 | 2,326 | 75 | 390 | |||||||||||||||||||
Total | 494 | $ | 65,582 | 120 | $ | 11,006 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Balance | % of Total Loans | Balance | % of Total Loans | |||||||||||||||||||
Construction and development loans | $ | 1,747,284 | 10% | $ | 1,452,339 | 9% | |||||||||||||||||
Multi-family loans | 693,382 | 4% | 596,000 | 4% | |||||||||||||||||||
Nonfarm non-residential loans (excluding owner-occupied) | 4,539,983 | 26% | 4,341,436 | 27% | |||||||||||||||||||
Total CRE Loans (excluding owner-occupied) | 6,980,649 | 40% | 6,389,775 | 40% | |||||||||||||||||||
All other loan types | 10,580,373 | 60% | 9,484,483 | 60% | |||||||||||||||||||
Total Loans | $ | 17,561,022 | 100% | $ | 15,874,258 | 100% |
Internal Limit | Actual | ||||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||||||||
Construction and development loans | 100% | 72% | 66% | ||||||||||||||
Total CRE loans (excluding owner-occupied) | 300% | 288% | 291% |
June 30, 2022 | December 31, 2021 | ||||||||||
Tier 1 Leverage Ratio (tier 1 capital to average assets) | |||||||||||
Consolidated | 9.01% | 8.63% | |||||||||
Ameris Bank | 10.30% | 9.50% | |||||||||
CET1 Ratio (common equity tier 1 capital to risk weighted assets) | |||||||||||
Consolidated | 10.11% | 10.46% | |||||||||
Ameris Bank | 11.54% | 11.50% | |||||||||
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) | |||||||||||
Consolidated | 10.11% | 10.46% | |||||||||
Ameris Bank | 11.54% | 11.50% | |||||||||
Total Capital Ratio (total capital to risk weighted assets) | |||||||||||
Consolidated | 13.27% | 13.78% | |||||||||
Ameris Bank | 12.61% | 12.45% |
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | |||||||||||||||||||||||||
Investment securities available-for-sale to total deposits | 5.35% | 2.96% | 3.01% | 3.63% | 4.26% | ||||||||||||||||||||||||
Loans (net of unearned income) to total deposits | 89.21% | 82.41% | 80.72% | 78.71% | 80.96% | ||||||||||||||||||||||||
Interest-earning assets to total assets | 89.88% | 90.43% | 90.56% | 91.20% | 90.79% | ||||||||||||||||||||||||
Interest-bearing deposits to total deposits | 58.02% | 59.82% | 60.46% | 59.56% | 61.75% |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs(1) | ||||||||||||||||||||||
April 1, 2022 through April 30, 2022 | — | $ | — | — | $ | 63,310,664 | ||||||||||||||||||||
May 1, 2022 through May 31, 2022 | 118,157 | $ | 42.72 | 118,157 | $ | 58,262,530 | ||||||||||||||||||||
June 1, 2022 through June 30, 2022 | — | $ | — | — | $ | 58,262,530 | ||||||||||||||||||||
Total | 118,157 | $ | — | 118,157 | $ | 58,262,530 |
Exhibit Number | Description | |||||||
3.1 | Articles of Incorporation of Ameris Bancorp, as amended (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Regulation A Offering Statement on Form 1-A filed with the SEC on August 14, 1987). | |||||||
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.7 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 26, 1999). | ||||||||
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.9 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 31, 2003). | ||||||||
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 1, 2005). | ||||||||
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on November 21, 2008). | ||||||||
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on June 1, 2011). | ||||||||
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.7 to Ameris Bancorp's Quarterly Report on Form 10-Q filed with the SEC on August 10, 2020). | ||||||||
Bylaws of Ameris Bancorp, as amended and restated through June 11, 2020 (incorporated by reference to Exhibit 3.8 to Ameris Bancorp's Quarterly Report on Form 10-Q filed with the SEC on August 10, 2020). | ||||||||
Ameris Bancorp 2021 Omnibus Equity Incentive Plan, as amended and restated through July 26, 2022. | ||||||||
Summary of Director Compensation. | ||||||||
Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Executive Officer. | ||||||||
Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Financial Officer. | ||||||||
Section 1350 Certification by the Company’s Chief Executive Officer. | ||||||||
Section 1350 Certification by the Company’s Chief Financial Officer. | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
Dated: August 5, 2022 | AMERIS BANCORP | ||||
/s/ Nicole S. Stokes | |||||
Nicole S. Stokes | |||||
Chief Financial Officer (duly authorized signatory and principal accounting and financial officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2022, of Ameris Bancorp; |
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: |
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): |
Dated: August 5, 2022 | /s/ H. Palmer Proctor, Jr. | ||||
H. Palmer Proctor, Jr. | |||||
Chief Executive Officer | |||||
(principal executive officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2022, of Ameris Bancorp; |
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: |
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): |
Dated: August 5, 2022 | /s/ Nicole S. Stokes | ||||
Nicole S. Stokes, Chief Financial Officer | |||||
(principal accounting and financial officer) |
1. | The Quarterly Report on Form 10-Q of the Company for the period ending June 30, 2022 (the “Periodic Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: August 5, 2022 | /s/ H. Palmer Proctor, Jr. | ||||
H. Palmer Proctor, Jr., Chief Executive Officer | |||||
(principal executive officer) |
1. | The Quarterly Report on Form 10-Q of the Company for the period ending June 30, 2022 (the “Periodic Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: August 5, 2022 | /s/ Nicole S. Stokes | ||||
Nicole S. Stokes, | |||||
Chief Financial Officer | |||||
(principal accounting and financial officer) |