| Florida | 59-2260678 | |||||||||||||
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||||||||
| 815 COLORADO AVENUE, | STUART | FL | 34994 | |||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
| (772) | 287-4000 | ||||||||||
| (Registrant’s Telephone Number, Including Area Code) | |||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
| Common Stock | SBCF | Nasdaq Global Select Market | |||||||||
| Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ | ||||||||||
| PAGE # | ||||||||
Condensed consolidated statements of income – Three months ended March 31, 2022 and 2021 | ||||||||
Condensed consolidated statements of comprehensive income – Three months ended March 31, 2022 and 2021 | ||||||||
Condensed consolidated balance sheets - March 31, 2022 and December 31, 2021 | ||||||||
Consolidated statements of cash flows – Three months ended March 31, 2022 and 2021 | ||||||||
Consolidated statements of shareholders' equity - Three months ended March 31, 2022 and 2021 | ||||||||
| Three Months Ended March 31, | |||||||||||
| (In thousands, except per share data) | 2022 | 2021 | |||||||||
| Interest and fees on loans | $ | 67,118 | $ | 62,298 | |||||||
| Interest and dividends on securities | 10,181 | 6,446 | |||||||||
| Interest on interest bearing deposits and other investments | 933 | 586 | |||||||||
| Total Interest Income | 78,232 | 69,330 | |||||||||
| Interest on deposits | 767 | 1,065 | |||||||||
| Interest on time certificates | 468 | 1,187 | |||||||||
| Interest on borrowed money | 475 | 468 | |||||||||
| Total Interest Expense | 1,710 | 2,720 | |||||||||
| Net Interest Income | 76,522 | 66,610 | |||||||||
| Provision for credit losses | 6,556 | (5,715) | |||||||||
| Net Interest Income after Provision for Credit Losses | 69,966 | 72,325 | |||||||||
| Noninterest income: | |||||||||||
| Service charges on deposit accounts | 2,801 | 2,338 | |||||||||
| Interchange income | 4,128 | 3,820 | |||||||||
| Wealth management income | 2,659 | 2,323 | |||||||||
| Mortgage banking fees | 1,686 | 4,225 | |||||||||
| Marine finance fees | 191 | 189 | |||||||||
| SBA gains | 156 | 287 | |||||||||
| BOLI income | 1,334 | 859 | |||||||||
| Other | 2,870 | 3,744 | |||||||||
| 15,825 | 17,785 | ||||||||||
| Securities losses, net | (452) | (114) | |||||||||
| Total Noninterest Income | 15,373 | 17,671 | |||||||||
| Noninterest Expense: | |||||||||||
| Salaries and wages | 28,219 | 21,393 | |||||||||
| Employee benefits | 5,501 | 4,980 | |||||||||
| Outsourced data processing costs | 6,156 | 4,468 | |||||||||
| Telephone / data lines | 733 | 785 | |||||||||
| Occupancy | 3,986 | 3,789 | |||||||||
| Furniture and equipment | 1,426 | 1,254 | |||||||||
| Marketing | 1,171 | 1,168 | |||||||||
| Legal and professional fees | 4,789 | 2,582 | |||||||||
| FDIC assessments | 789 | 526 | |||||||||
| Amortization of intangibles | 1,446 | 1,211 | |||||||||
| Foreclosed property expense and net gain on sale | (164) | (65) | |||||||||
| Provision for credit losses on unfunded commitments | 142 | — | |||||||||
| Other | 4,723 | 4,029 | |||||||||
| Total Noninterest Expense | 58,917 | 46,120 | |||||||||
| Income Before Income Taxes | 26,422 | 43,876 | |||||||||
| Provision for income taxes | 5,834 | 10,157 | |||||||||
| Net Income | $ | 20,588 | $ | 33,719 | |||||||
| Share Data | |||||||||||
| Net income per share of common stock | |||||||||||
| Diluted | $ | 0.33 | $ | 0.60 | |||||||
| Basic | 0.34 | 0.61 | |||||||||
| Average common shares outstanding | |||||||||||
| Diluted | 61,704 | 55,992 | |||||||||
| Basic | 61,127 | 55,271 | |||||||||
| Three Months Ended March 31, | ||||||||||||||
| (In thousands) | 2022 | 2021 | ||||||||||||
| Net Income | $ | 20,588 | $ | 33,719 | ||||||||||
| Other comprehensive income (loss): | ||||||||||||||
| Available-for-sale securities: | ||||||||||||||
Unrealized losses on available-for-sale securities, net of tax benefit of $20.6 million and $3.1 million for the three months ended March 31, 2022 and 2021, respectively | $ | (66,012) | $ | (10,851) | ||||||||||
Amortization of unrealized gains and losses on securities transferred to held-to-maturity, net of tax expense of $7 thousand and $6 thousand for the three months ended March 31, 2022 and 2021, respectively | 36 | 24 | ||||||||||||
| Available-for-sale securities, net of tax | $ | (65,976) | $ | (10,827) | ||||||||||
Unrealized losses on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax benefit of $22 thousand and $47 thousand for the three months ended March 31, 2022 and 2021, respectively | (64) | (138) | ||||||||||||
| Total other comprehensive loss | $ | (66,040) | $ | (10,965) | ||||||||||
| Comprehensive (Loss) Income | $ | (45,452) | $ | 22,754 | ||||||||||
| March 31, | December 31, | ||||||||||
| (In thousands, except share data) | 2022 | 2021 | |||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 351,128 | $ | 238,750 | |||||||
| Interest bearing deposits with other banks | 871,387 | 498,979 | |||||||||
| Total cash and cash equivalents | 1,222,515 | 737,729 | |||||||||
| Time deposits with other banks | 5,975 | — | |||||||||
| Debt securities: | |||||||||||
| Securities available-for-sale (at fair value) | 1,706,619 | 1,644,319 | |||||||||
Securities held-to-maturity (fair value $709.5 million at March 31, 2022 and $627.4 million at December 31, 2021) | 747,004 | 638,640 | |||||||||
| Total debt securities | 2,453,623 | 2,282,959 | |||||||||
| Loans held for sale (at fair value) | 20,615 | 31,791 | |||||||||
| Loans | 6,451,217 | 5,925,029 | |||||||||
| Less: Allowance for credit losses | (89,838) | (83,315) | |||||||||
| Loans, net of allowance for credit losses | 6,361,379 | 5,841,714 | |||||||||
| Bank premises and equipment, net | 74,617 | 72,404 | |||||||||
| Other real estate owned | 11,567 | 13,618 | |||||||||
| Goodwill | 286,606 | 252,154 | |||||||||
| Other intangible assets, net | 21,549 | 14,845 | |||||||||
| Bank owned life insurance | 206,375 | 205,041 | |||||||||
| Net deferred tax assets | 47,222 | 27,321 | |||||||||
| Other assets | 192,774 | 201,857 | |||||||||
| Total Assets | $ | 10,904,817 | $ | 9,681,433 | |||||||
| Liabilities | |||||||||||
| Deposits | $ | 9,243,768 | $ | 8,067,589 | |||||||
| Securities sold under agreements to repurchase, maturing within 30 days | 120,922 | 121,565 | |||||||||
| Subordinated debt | 71,716 | 71,646 | |||||||||
| Other liabilities | 112,126 | 109,897 | |||||||||
| Total Liabilities | 9,548,532 | 8,370,697 | |||||||||
| Shareholders' Equity | |||||||||||
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 61,640,882 and outstanding 61,238,897 at March 31, 2022, and authorized 120,000,000, issued 58,909,369 and outstanding 58,504,250 shares at December 31, 2021 | 6,124 | 5,850 | |||||||||
| Other shareholders' equity | 1,350,161 | 1,304,886 | |||||||||
| Total Shareholders' Equity | 1,356,285 | 1,310,736 | |||||||||
| Total Liabilities and Shareholders' Equity | $ | 10,904,817 | $ | 9,681,433 | |||||||
| Three Months Ended March 31, | |||||||||||
| (In thousands) | 2022 | 2021 | |||||||||
| Cash Flows from Operating Activities | |||||||||||
| Net income | $ | 20,588 | $ | 33,719 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation | 1,420 | 1,440 | |||||||||
| Amortization of premiums and discounts on securities, net | 361 | 2,362 | |||||||||
| Amortization of operating lease right-of-use assets | 990 | 1,102 | |||||||||
| Other amortization and accretion, net | (1,173) | (4,437) | |||||||||
| Stock based compensation | 1,419 | 1,759 | |||||||||
| Origination of loans designated for sale | (57,625) | (163,863) | |||||||||
| Sale of loans designated for sale | 71,210 | 177,516 | |||||||||
| Provision for credit losses | 6,556 | (5,715) | |||||||||
| Deferred income taxes | 866 | 2,320 | |||||||||
| Gains on sale of loans | (2,324) | (5,570) | |||||||||
| Gains on sale and write-downs of other real estate owned | (255) | (167) | |||||||||
| Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned | 31 | 315 | |||||||||
| Changes in operating assets and liabilities, net of effects from acquired companies: | |||||||||||
| Net decrease in other assets | 15,471 | 4,658 | |||||||||
| Net (decrease) increase in other liabilities | (3,001) | 1,659 | |||||||||
| Net cash provided by operating activities | $ | 54,534 | $ | 47,098 | |||||||
| Cash Flows from Investing Activities | |||||||||||
| Maturities and repayments of debt securities available-for-sale | 95,398 | 155,860 | |||||||||
| Maturities and repayments of debt securities held-to-maturity | 26,430 | 43,291 | |||||||||
| Proceeds from sale of debt securities available-for-sale | 26,011 | — | |||||||||
| Purchases of debt securities available-for-sale | (244,551) | (36,512) | |||||||||
| Purchases of debt securities held-to-maturity | (134,941) | (160,031) | |||||||||
| Maturities of time deposits with other banks | 498 | — | |||||||||
| Net new loans and principal repayments | (44,256) | 79,353 | |||||||||
| Purchases of loans held for investment | (111,292) | — | |||||||||
| Proceeds from sale of other real estate owned | 3,742 | 1,340 | |||||||||
| Additions to other real estate owned | (319) | (654) | |||||||||
| Proceeds from sale of FHLB and Federal Reserve Bank Stock | — | 2,704 | |||||||||
| Purchase of FHLB and Federal Reserve Bank Stock | (3,347) | (55) | |||||||||
| Net cash from bank acquisitions | 208,933 | — | |||||||||
| Additions to bank premises and equipment | (825) | (341) | |||||||||
| Net cash used in investing activities | $ | (178,519) | $ | 84,955 | |||||||
| Three Months Ended March 31, | |||||||||||
| (In thousands) | 2022 | 2021 | |||||||||
| Cash Flows from Financing Activities | |||||||||||
| Net increase in deposits | $ | 613,899 | $ | 453,188 | |||||||
| Net decrease in repurchase agreements | (643) | (10,438) | |||||||||
| Stock based employee benefit plans | 3,509 | 434 | |||||||||
| Dividends paid | (7,994) | — | |||||||||
| Net cash provided by financing activities | $ | 608,771 | $ | 443,184 | |||||||
| Net increase in cash and cash equivalents | 484,786 | 575,237 | |||||||||
| Cash and cash equivalents at beginning of period | 737,729 | 404,088 | |||||||||
| Cash and cash equivalents at end of period | $ | 1,222,515 | $ | 979,325 | |||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Cash paid during the period for interest | $ | 1,673 | $ | 3,695 | |||||||
| Recognition of operating lease right-of-use assets, other than through bank acquisitions | 3,370 | — | |||||||||
| Recognition of operating lease liabilities, other than through bank acquisitions | 3,370 | — | |||||||||
| Supplemental disclosure of non-cash investing activities: | |||||||||||
| Transfer of debt securities from available-for-sale to held-to-maturity | $ | — | $ | 210,805 | |||||||
| Transfers from bank premises to other real estate owned | 1,008 | 3,318 | |||||||||
| Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2021 | 58,504 | $ | 5,850 | $ | 963,851 | $ | 358,598 | $ | (10,569) | $ | (6,994) | $ | 1,310,736 | |||||||||||||||||||||||||||||||
| Comprehensive income | — | — | — | 20,588 | — | (66,040) | (45,452) | |||||||||||||||||||||||||||||||||||||
| Stock based compensation expense | — | — | 1,419 | — | — | — | 1,419 | |||||||||||||||||||||||||||||||||||||
| Common stock transactions related to stock based employee benefit plans | 7 | 1 | (5) | — | 110 | — | 106 | |||||||||||||||||||||||||||||||||||||
| Common stock issued for stock options | 178 | 18 | 3,385 | — | — | — | 3,403 | |||||||||||||||||||||||||||||||||||||
| Issuance of common stock, pursuant to acquisitions | 2,550 | 255 | 89,979 | — | — | — | 90,234 | |||||||||||||||||||||||||||||||||||||
| Conversion of options, pursuant to acquisitions | — | — | 3,833 | — | — | — | 3,833 | |||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.13 per share) | — | — | — | (7,994) | — | — | (7,994) | |||||||||||||||||||||||||||||||||||||
| Three months ended March 31, 2022 | 2,735 | 274 | 98,611 | 12,594 | 110 | (66,040) | 45,549 | |||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2022 | 61,239 | $ | 6,124 | $ | 1,062,462 | $ | 371,192 | $ | (10,459) | $ | (73,034) | $ | 1,356,285 | |||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2020 | 55,243 | $ | 5,524 | $ | 856,092 | $ | 256,701 | $ | (8,285) | $ | 20,370 | $ | 1,130,402 | |||||||||||||||||||||||||||||||
| Comprehensive income | — | — | — | 33,719 | — | (10,965) | 22,754 | |||||||||||||||||||||||||||||||||||||
| Stock based compensation expense | — | — | 1,759 | — | — | — | 1,759 | |||||||||||||||||||||||||||||||||||||
| Common stock transactions related to stock based employee benefit plans | 20 | 2 | — | — | (408) | — | (406) | |||||||||||||||||||||||||||||||||||||
| Common stock issued for stock options | 31 | 3 | 837 | — | — | — | 840 | |||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2021 | 51 | 5 | 2,596 | 33,719 | (408) | (10,965) | 24,947 | |||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 55,294 | $ | 5,529 | $ | 858,688 | $ | 290,420 | $ | (8,693) | $ | 9,405 | $ | 1,155,349 | |||||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| (Dollars in thousands, except per share data) | 2022 | 2021 | |||||||||
| Basic earnings per share | |||||||||||
| Net income | $ | 20,588 | $ | 33,719 | |||||||
| Average common shares outstanding | 61,127 | 55,271 | |||||||||
| Net income per share | $ | 0.34 | $ | 0.61 | |||||||
| Diluted earnings per share | |||||||||||
| Net income | $ | 20,588 | $ | 33,719 | |||||||
| Average common shares outstanding | 61,127 | 55,271 | |||||||||
| Add: Dilutive effect of employee restricted stock and stock options | 577 | 721 | |||||||||
| Average diluted shares outstanding | 61,704 | 55,992 | |||||||||
| Net income per share | $ | 0.33 | $ | 0.60 | |||||||
Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented. | |||||||||||
| March 31, 2022 | |||||||||||||||||||||||
| (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
| Debt securities available-for-sale | |||||||||||||||||||||||
| U.S. Treasury securities and obligations of U.S. government agencies | $ | 6,240 | $ | 54 | $ | (13) | $ | 6,281 | |||||||||||||||
| Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 1,335,336 | 829 | (91,495) | 1,244,670 | |||||||||||||||||||
| Private mortgage-backed securities and collateralized mortgage obligations | 114,286 | 284 | (3,274) | 111,296 | |||||||||||||||||||
| Collateralized loan obligations | 315,168 | — | (2,044) | 313,124 | |||||||||||||||||||
| Obligations of state and political subdivisions | 31,533 | 518 | (803) | 31,248 | |||||||||||||||||||
| Totals | $ | 1,802,563 | $ | 1,685 | $ | (97,629) | $ | 1,706,619 | |||||||||||||||
| Debt securities held-to-maturity | |||||||||||||||||||||||
| Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | $ | 747,004 | $ | 15,397 | $ | (52,909) | $ | 709,492 | |||||||||||||||
| Totals | $ | 747,004 | $ | 15,397 | $ | (52,909) | $ | 709,492 | |||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||
| (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
| Debt securities available-for-sale | |||||||||||||||||||||||
| U.S. Treasury securities and obligations of U.S. government agencies | $ | 6,466 | $ | 316 | $ | (3) | $ | 6,779 | |||||||||||||||
| Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 1,234,721 | 8,308 | (20,309) | 1,222,720 | |||||||||||||||||||
| Private mortgage-backed securities and collateralized mortgage obligations | 88,096 | 1,091 | (420) | 88,767 | |||||||||||||||||||
| Collateralized loan obligations | 292,751 | 63 | (124) | 292,690 | |||||||||||||||||||
| Obligations of state and political subdivisions | 31,624 | 1,740 | (1) | 33,363 | |||||||||||||||||||
| Totals | $ | 1,653,658 | $ | 11,518 | $ | (20,857) | $ | 1,644,319 | |||||||||||||||
| Debt securities held-to-maturity | |||||||||||||||||||||||
| Mortgage-backed securities of U.S. government-sponsored entities | $ | 638,640 | $ | 3,828 | $ | (15,070) | $ | 627,398 | |||||||||||||||
| Totals | $ | 638,640 | $ | 3,828 | $ | (15,070) | $ | 627,398 | |||||||||||||||
| March 31, 2022 | |||||||||||||||||||||||
| Held-to-Maturity | Available-for-Sale | ||||||||||||||||||||||
| (In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
| Due in less than one year | $ | — | $ | — | $ | 2,776 | $ | 2,790 | |||||||||||||||
| Due after one year through five years | — | — | 14,493 | 14,807 | |||||||||||||||||||
| Due after five years through ten years | — | — | 5,705 | 5,698 | |||||||||||||||||||
| Due after ten years | — | — | 14,799 | 14,234 | |||||||||||||||||||
| — | — | 37,773 | 37,529 | ||||||||||||||||||||
| Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 747,004 | 709,492 | 1,335,336 | 1,244,670 | |||||||||||||||||||
| Private mortgage-backed securities and collateralized mortgage obligations | — | — | 114,286 | 111,296 | |||||||||||||||||||
| Collateralized loan obligations | — | — | 315,168 | 313,124 | |||||||||||||||||||
| Totals | $ | 747,004 | $ | 709,492 | $ | 1,802,563 | $ | 1,706,619 | |||||||||||||||
| March 31, 2022 | |||||||||||||||||||||||||||||||||||
| Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
| (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
| U.S. Treasury securities and obligations of U.S. government agencies | $ | 303 | $ | (11) | $ | 229 | $ | (2) | $ | 532 | $ | (13) | |||||||||||||||||||||||
| Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 1,089,150 | (80,423) | 100,982 | (11,072) | 1,190,132 | (91,495) | |||||||||||||||||||||||||||||
| Private mortgage-backed securities and collateralized mortgage obligations | 84,333 | (3,109) | 4,721 | (165) | 89,054 | (3,274) | |||||||||||||||||||||||||||||
| Collateralized loan obligations | 298,334 | (1,928) | 14,790 | (116) | 313,124 | (2,044) | |||||||||||||||||||||||||||||
| Obligations of state and political subdivisions | 9,255 | (803) | — | — | 9,255 | (803) | |||||||||||||||||||||||||||||
| Totals | $ | 1,481,375 | $ | (86,274) | $ | 120,722 | $ | (11,355) | $ | 1,602,097 | $ | (97,629) | |||||||||||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||||||||||||||
| Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
| (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
| U.S. Treasury securities and obligations of U.S. government agencies | $ | 97 | $ | (1) | $ | 245 | $ | (2) | $ | 342 | $ | (3) | |||||||||||||||||||||||
| Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | 955,881 | (19,575) | 11,953 | (734) | 967,834 | (20,309) | |||||||||||||||||||||||||||||
| Private mortgage-backed securities and collateralized mortgage obligations | 33,640 | (173) | 9,628 | (247) | 43,268 | (420) | |||||||||||||||||||||||||||||
| Collateralized loan obligations | 123,202 | (81) | 9,461 | (43) | 132,663 | (124) | |||||||||||||||||||||||||||||
| Obligations of state and political subdivisions | 499 | (1) | — | — | 499 | (1) | |||||||||||||||||||||||||||||
| Totals | $ | 1,113,319 | $ | (19,831) | $ | 31,287 | $ | (1,026) | $ | 1,144,606 | $ | (20,857) | |||||||||||||||||||||||
| March 31, 2022 | |||||||||||||||||||||||
| (In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | |||||||||||||||||||
| Construction and land development | $ | 226,149 | $ | 33,231 | $ | 41 | $ | 259,421 | |||||||||||||||
| Commercial real estate - owner-occupied | 990,929 | 273,498 | 20,088 | 1,284,515 | |||||||||||||||||||
| Commercial real estate - non owner-occupied | 1,400,270 | 488,400 | 77,480 | 1,966,150 | |||||||||||||||||||
| Residential real estate | 1,379,911 | 214,401 | 5,333 | 1,599,645 | |||||||||||||||||||
| Commercial and financial | 1,007,064 | 110,161 | 15,281 | 1,132,506 | |||||||||||||||||||
| Consumer | 165,650 | 4,074 | — | 169,724 | |||||||||||||||||||
| Paycheck Protection Program | 29,137 | 10,119 | — | 39,256 | |||||||||||||||||||
| Totals | $ | 5,199,110 | $ | 1,133,884 | $ | 118,223 | $ | 6,451,217 | |||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||
| (In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | |||||||||||||||||||
| Construction and land development | $ | 199,341 | $ | 31,438 | $ | 45 | $ | 230,824 | |||||||||||||||
| Commercial real estate - owner occupied | 983,517 | 186,812 | 27,445 | 1,197,774 | |||||||||||||||||||
| Commercial real estate - non-owner occupied | 1,278,180 | 382,554 | 75,705 | 1,736,439 | |||||||||||||||||||
| Residential real estate | 1,261,306 | 156,957 | 7,091 | 1,425,354 | |||||||||||||||||||
| Commercial and financial | 968,318 | 84,395 | 16,643 | 1,069,356 | |||||||||||||||||||
| Consumer | 169,507 | 4,658 | 10 | 174,175 | |||||||||||||||||||
| Paycheck Protection Program | 69,503 | 21,604 | — | 91,107 | |||||||||||||||||||
| Totals | $ | 4,929,672 | $ | 868,418 | $ | 126,939 | $ | 5,925,029 | |||||||||||||||
| March 31, 2022 | |||||||||||||||||||||||
| (In thousands) | Nonaccrual Loans With No Related Allowance | Nonaccrual Loans With an Allowance | Total Nonaccrual Loans | Allowance for Credit Losses | |||||||||||||||||||
| Construction and land development | $ | 12 | $ | 220 | $ | 232 | $ | 89 | |||||||||||||||
| Commercial real estate - owner-occupied | 2,871 | 971 | 3,842 | 380 | |||||||||||||||||||
| Commercial real estate - non owner-occupied | 3,406 | 1,376 | 4,782 | 18 | |||||||||||||||||||
| Residential real estate | 9,145 | 97 | 9,242 | 35 | |||||||||||||||||||
| Commercial and financial | 4,084 | 3,666 | 7,750 | 1,945 | |||||||||||||||||||
| Consumer | 23 | 338 | 361 | 329 | |||||||||||||||||||
| Totals | $ | 19,541 | $ | 6,668 | $ | 26,209 | $ | 2,796 | |||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||
| (In thousands) | Nonaccrual Loans With No Related Allowance | Nonaccrual Loans With an Allowance | Total Nonaccrual Loans | Allowance for Credit Losses | |||||||||||||||||||
| Construction and land development | $ | 37 | $ | 222 | $ | 259 | $ | 92 | |||||||||||||||
| Commercial real estate - owner-occupied | 2,976 | 990 | 3,966 | 419 | |||||||||||||||||||
| Commercial real estate - non owner-occupied | 4,490 | 1,415 | 5,905 | 27 | |||||||||||||||||||
| Residential real estate | 12,358 | 687 | 13,045 | 357 | |||||||||||||||||||
| Commercial and financial | 2,676 | 4,193 | 6,869 | 2,384 | |||||||||||||||||||
| Consumer | 29 | 525 | 554 | 525 | |||||||||||||||||||
| Totals | $ | 22,566 | $ | 8,032 | $ | 30,598 | $ | 3,804 | |||||||||||||||
| (In thousands) | March 31, 2022 | December 31, 2021 | |||||||||
| Construction and land development | $ | 248 | $ | 271 | |||||||
| Commercial real estate - owner-occupied | 4,581 | 4,706 | |||||||||
| Commercial real estate - non owner-occupied | 3,619 | 4,923 | |||||||||
| Residential real estate | 12,482 | 16,334 | |||||||||
| Commercial and financial | 8,033 | 8,741 | |||||||||
| Consumer | 478 | 741 | |||||||||
| Totals | $ | 29,441 | $ | 35,716 | |||||||
| March 31, 2022 | ||||||||||||||||||||||||||
| (In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | ||||||||||||||||||
| Construction and Land Development | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 15,252 | $ | 118,289 | $ | 22,227 | $ | 30,059 | $ | 16,221 | $ | 16,738 | $ | 40,387 | $ | 259,173 | ||||||||||
| Special Mention | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Substandard | — | — | — | — | — | 7 | — | 7 | ||||||||||||||||||
| Substandard Impaired | — | — | — | — | 220 | 21 | — | 241 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 15,252 | $ | 118,289 | $ | 22,227 | $ | 30,059 | $ | 16,441 | $ | 16,766 | $ | 40,387 | $ | 259,421 | ||||||||||
| Commercial real estate - owner-occupied | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 57,482 | $ | 216,122 | $ | 161,838 | $ | 192,208 | $ | 128,139 | $ | 492,637 | $ | 11,429 | $ | 1,259,855 | ||||||||||
| Special Mention | — | — | 6,464 | 5,322 | 641 | 1,528 | — | 13,955 | ||||||||||||||||||
| Substandard | — | — | — | — | — | 5,359 | 350 | 5,709 | ||||||||||||||||||
| Substandard Impaired | — | — | — | 2,672 | 310 | 2,014 | — | 4,996 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 57,482 | $ | 216,122 | $ | 168,302 | $ | 200,202 | $ | 129,090 | $ | 501,538 | $ | 11,779 | $ | 1,284,515 | ||||||||||
| Commercial real estate - non owner-occupied | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 174,966 | $ | 415,704 | $ | 227,927 | $ | 305,852 | $ | 186,363 | $ | 578,279 | $ | 7,563 | $ | 1,896,654 | ||||||||||
| Special Mention | — | — | — | 837 | — | 10,640 | — | 11,477 | ||||||||||||||||||
| Substandard | — | — | 4,753 | 5,351 | 23,146 | 19,242 | — | 52,492 | ||||||||||||||||||
| Substandard Impaired | — | — | 1,044 | 1,849 | — | 2,634 | — | 5,527 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 174,966 | $ | 415,704 | $ | 233,724 | $ | 313,889 | $ | 209,509 | $ | 610,795 | $ | 7,563 | $ | 1,966,150 | ||||||||||
| Residential real estate | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 14,211 | $ | 564,750 | $ | 120,963 | $ | 90,420 | $ | 110,413 | $ | 311,573 | $ | 370,928 | $ | 1,583,258 | ||||||||||
| Special Mention | — | — | — | — | 13 | 1,120 | 75 | 1,208 | ||||||||||||||||||
| Substandard | — | — | 338 | — | 55 | 1,480 | 201 | 2,074 | ||||||||||||||||||
| Substandard Impaired | — | — | 144 | 134 | 38 | 9,777 | 3,012 | 13,105 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 14,211 | $ | 564,750 | $ | 121,445 | $ | 90,554 | $ | 110,519 | $ | 323,950 | $ | 374,216 | $ | 1,599,645 | ||||||||||
| March 31, 2022 | ||||||||||||||||||||||||||
| (In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | ||||||||||||||||||
| Commercial and financial | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 51,836 | $ | 351,023 | $ | 176,311 | $ | 90,587 | $ | 63,294 | $ | 89,736 | $ | 271,721 | $ | 1,094,508 | ||||||||||
| Special Mention | — | 504 | 14,956 | 449 | 235 | 637 | 385 | 17,166 | ||||||||||||||||||
| Substandard | — | — | 212 | 2,466 | 2,104 | 3,365 | 273 | 8,420 | ||||||||||||||||||
| Substandard Impaired | — | — | 219 | 4,534 | 4,615 | 2,945 | 99 | 12,412 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 51,836 | $ | 351,527 | $ | 191,698 | $ | 98,036 | $ | 70,248 | $ | 96,683 | $ | 272,478 | $ | 1,132,506 | ||||||||||
| Consumer | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 9,049 | $ | 46,934 | $ | 28,939 | $ | 23,469 | $ | 15,271 | $ | 20,920 | $ | 21,607 | $ | 166,189 | ||||||||||
| Special Mention | — | 7 | 43 | 100 | 38 | 437 | 1,748 | 2,373 | ||||||||||||||||||
| Substandard | — | 437 | — | 8 | — | — | 191 | 636 | ||||||||||||||||||
| Substandard Impaired | — | 7 | 21 | 89 | 34 | 153 | 222 | 526 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 9,049 | $ | 47,385 | $ | 29,003 | $ | 23,666 | $ | 15,343 | $ | 21,510 | $ | 23,768 | $ | 169,724 | ||||||||||
| Paycheck Protection Program | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | — | $ | 37,304 | $ | 1,952 | $ | — | $ | — | $ | — | $ | — | $ | 39,256 | ||||||||||
| Total | $ | — | $ | 37,304 | $ | 1,952 | $ | — | $ | — | $ | — | $ | — | $ | 39,256 | ||||||||||
| Consolidated | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 322,796 | $ | 1,750,126 | $ | 740,157 | $ | 732,595 | $ | 519,701 | $ | 1,509,883 | $ | 723,635 | $ | 6,298,893 | ||||||||||
| Special Mention | — | 511 | 21,463 | 6,708 | 927 | 14,362 | 2,208 | 46,179 | ||||||||||||||||||
| Substandard | — | 437 | 5,303 | 7,825 | 25,305 | 29,453 | 1,015 | 69,338 | ||||||||||||||||||
| Substandard Impaired | — | 7 | 1,428 | 9,278 | 5,217 | 17,544 | 3,333 | 36,807 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 322,796 | $ | 1,751,081 | $ | 768,351 | $ | 756,406 | $ | 551,150 | $ | 1,571,242 | $ | 730,191 | $ | 6,451,217 | ||||||||||
| December 31, 2021 | ||||||||||||||||||||||||||
| (In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving | Total | ||||||||||||||||||
| Construction and Land Development | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 94,318 | $ | 23,860 | $ | 38,058 | $ | 25,507 | $ | 3,995 | $ | 15,466 | $ | 29,349 | $ | 230,553 | ||||||||||
| Special Mention | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Substandard | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Substandard Impaired | — | — | — | 222 | — | 49 | — | 271 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 94,318 | $ | 23,860 | $ | 38,058 | $ | 25,729 | $ | 3,995 | $ | 15,515 | $ | 29,349 | $ | 230,824 | ||||||||||
| Commercial real estate - owner-occupied | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 205,404 | $ | 154,432 | $ | 179,786 | $ | 132,353 | $ | 125,763 | $ | 363,986 | $ | 10,005 | $ | 1,171,729 | ||||||||||
| Special Mention | — | 6,527 | 5,370 | 649 | 218 | 3,250 | — | 16,014 | ||||||||||||||||||
| Substandard | — | — | — | — | 3,290 | 1,610 | — | 4,900 | ||||||||||||||||||
| Substandard Impaired | — | — | 2,742 | 310 | 596 | 1,483 | — | 5,131 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 205,404 | $ | 160,959 | $ | 187,898 | $ | 133,312 | $ | 129,867 | $ | 370,329 | $ | 10,005 | $ | 1,197,774 | ||||||||||
| December 31, 2021 | ||||||||||||||||||||||||||
| (In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving | Total | ||||||||||||||||||
| Commercial real estate - non owner-occupied | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 395,308 | $ | 207,824 | $ | 298,021 | $ | 186,339 | $ | 110,990 | $ | 460,435 | $ | 6,477 | $ | 1,665,394 | ||||||||||
| Special Mention | — | — | 844 | — | 289 | 13,850 | — | 14,983 | ||||||||||||||||||
| Substandard | — | 4,776 | 3,009 | 23,206 | 1,900 | 17,266 | — | 50,157 | ||||||||||||||||||
| Substandard Impaired | — | 1,044 | 1,849 | — | 326 | 2,686 | — | 5,905 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 395,308 | $ | 213,644 | $ | 303,723 | $ | 209,545 | $ | 113,505 | $ | 494,237 | $ | 6,477 | $ | 1,736,439 | ||||||||||
| Residential real estate | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 394,547 | $ | 114,364 | $ | 90,566 | $ | 119,836 | $ | 118,556 | $ | 213,950 | $ | 354,439 | $ | 1,406,258 | ||||||||||
| Special Mention | — | — | — | 70 | — | 1,243 | 532 | 1,845 | ||||||||||||||||||
| Substandard | — | 340 | — | — | 58 | 422 | 86 | 906 | ||||||||||||||||||
| Substandard Impaired | — | 149 | 724 | 39 | 4,415 | 8,507 | 2,511 | 16,345 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 394,547 | $ | 114,853 | $ | 91,290 | $ | 119,945 | $ | 123,029 | $ | 224,122 | $ | 357,568 | $ | 1,425,354 | ||||||||||
| Commercial and financial | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 340,826 | $ | 180,677 | $ | 97,072 | $ | 68,232 | $ | 39,331 | $ | 56,053 | $ | 246,568 | $ | 1,028,759 | ||||||||||
| Special Mention | 530 | 15,587 | — | 237 | 251 | 84 | 876 | 17,565 | ||||||||||||||||||
| Substandard | — | 371 | 2,605 | 3,594 | 1,436 | 3,217 | 339 | 11,562 | ||||||||||||||||||
| Substandard Impaired | — | 196 | 4,561 | 3,694 | 1,371 | 1,520 | 128 | 11,470 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 341,356 | $ | 196,831 | $ | 104,238 | $ | 75,757 | $ | 42,389 | $ | 60,874 | $ | 247,911 | $ | 1,069,356 | ||||||||||
| Consumer | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 45,063 | $ | 31,342 | $ | 26,194 | $ | 17,300 | $ | 9,979 | $ | 16,019 | $ | 25,418 | $ | 171,315 | ||||||||||
| Special Mention | — | 24 | 431 | 37 | 167 | 3 | 1,199 | 1,861 | ||||||||||||||||||
| Substandard | — | — | 18 | — | 17 | — | 223 | 258 | ||||||||||||||||||
| Substandard Impaired | — | — | 92 | 23 | 74 | 118 | 434 | 741 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 45,063 | $ | 31,366 | $ | 26,735 | $ | 17,360 | $ | 10,237 | $ | 16,140 | $ | 27,274 | $ | 174,175 | ||||||||||
| Paycheck Protection Program | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 87,036 | $ | 4,071 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 91,107 | ||||||||||
| Total | $ | 87,036 | $ | 4,071 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 91,107 | ||||||||||
| Consolidated | ||||||||||||||||||||||||||
| Risk Ratings: | ||||||||||||||||||||||||||
| Pass | $ | 1,562,502 | $ | 716,570 | $ | 729,697 | $ | 549,567 | $ | 408,614 | $ | 1,125,909 | $ | 672,256 | $ | 5,765,115 | ||||||||||
| Special Mention | 530 | 22,138 | 6,645 | 993 | 925 | 18,430 | 2,607 | 52,268 | ||||||||||||||||||
| Substandard | — | 5,487 | 5,632 | 26,800 | 6,701 | 22,515 | 648 | 67,783 | ||||||||||||||||||
| Substandard Impaired | — | 1,389 | 9,968 | 4,288 | 6,782 | 14,363 | 3,073 | 39,863 | ||||||||||||||||||
| Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Total | $ | 1,563,032 | $ | 745,584 | $ | 751,942 | $ | 581,648 | $ | 423,022 | $ | 1,181,217 | $ | 678,584 | $ | 5,925,029 | ||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||||||||||||||
| (In thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||
| Construction and land development | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||||||||||||
| Commercial real estate - owner-occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Commercial real estate - non owner-occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Residential real estate | 3 | 785 | 785 | 1 | 27 | 27 | |||||||||||||||||||||||||||||
| Commercial and financial | 1 | 33 | 33 | — | — | — | |||||||||||||||||||||||||||||
| Consumer | 4 | 22 | 22 | — | — | — | |||||||||||||||||||||||||||||
| Totals | 8 | $ | 840 | $ | 840 | 1 | $ | 27 | $ | 27 | |||||||||||||||||||||||||
| Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Beginning Balance | Initial Allowance on PCD Loans Acquired During the Period | Provision for Credit Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | ||||||||||||||||||||||||||||||||||
| Construction and land development | $ | 2,751 | $ | — | $ | (493) | $ | — | $ | 10 | $ | — | $ | 2,268 | |||||||||||||||||||||||||||
| Commercial real estate - owner-occupied | 8,579 | — | 715 | — | — | — | 9,294 | ||||||||||||||||||||||||||||||||||
| Commercial real estate - non owner-occupied | 36,617 | 31 | 7,274 | — | — | — | 43,922 | ||||||||||||||||||||||||||||||||||
| Residential real estate | 12,811 | 17 | 1,060 | (1) | 191 | (3) | 14,075 | ||||||||||||||||||||||||||||||||||
| Commercial and financial | 19,744 | 3 | (1,628) | (569) | 177 | — | 17,727 | ||||||||||||||||||||||||||||||||||
| Consumer | 2,813 | — | (372) | (95) | 208 | (2) | 2,552 | ||||||||||||||||||||||||||||||||||
| Paycheck Protection Program | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Totals | $ | 83,315 | $ | 51 | $ | 6,556 | $ | (665) | $ | 586 | $ | (5) | $ | 89,838 | |||||||||||||||||||||||||||
| Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
| (In thousands) | Beginning Balance | Provision for Credit Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | |||||||||||||||||||||||||||||
| Construction and land development | $ | 4,920 | $ | (510) | $ | — | $ | 18 | $ | — | $ | 4,428 | |||||||||||||||||||||||
| Commercial real estate - owner occupied | 9,868 | (76) | — | — | — | 9,792 | |||||||||||||||||||||||||||||
| Commercial real estate - non-owner occupied | 38,266 | (2,038) | — | 1 | — | 36,229 | |||||||||||||||||||||||||||||
| Residential real estate | 17,500 | (3,372) | — | 229 | (4) | 14,353 | |||||||||||||||||||||||||||||
| Commercial and financial | 18,690 | 775 | (756) | 207 | — | 18,916 | |||||||||||||||||||||||||||||
| Consumer | 3,489 | (494) | (185) | 116 | (1) | 2,925 | |||||||||||||||||||||||||||||
| Paycheck Protection Program | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Totals | $ | 92,733 | $ | (5,715) | $ | (941) | $ | 571 | $ | (5) | $ | 86,643 | |||||||||||||||||||||||
| March 31, 2022 | |||||||||||||||||||||||||||||||||||
| Individually Evaluated | Collectively Evaluated | Total | |||||||||||||||||||||||||||||||||
| (In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | |||||||||||||||||||||||||||||
| Construction and land development | $ | 248 | $ | 89 | $ | 259,173 | $ | 2,179 | $ | 259,421 | $ | 2,268 | |||||||||||||||||||||||
| Commercial real estate - owner occupied | 4,996 | 380 | 1,279,519 | 8,914 | 1,284,515 | 9,294 | |||||||||||||||||||||||||||||
| Commercial real estate - non owner-occupied | 5,527 | 787 | 1,960,623 | 43,135 | 1,966,150 | 43,922 | |||||||||||||||||||||||||||||
| Residential real estate | 13,154 | 312 | 1,586,491 | 13,763 | 1,599,645 | 14,075 | |||||||||||||||||||||||||||||
| Commercial and financial | 13,172 | 2,511 | 1,119,334 | 15,216 | 1,132,506 | 17,727 | |||||||||||||||||||||||||||||
| Consumer | 540 | 481 | 169,184 | 2,071 | 169,724 | 2,552 | |||||||||||||||||||||||||||||
| Paycheck Protection Program | — | — | 39,256 | — | 39,256 | — | |||||||||||||||||||||||||||||
| Totals | $ | 37,637 | $ | 4,560 | $ | 6,413,580 | $ | 85,278 | $ | 6,451,217 | $ | 89,838 | |||||||||||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||||||||||||||
| Individually Evaluated | Collectively Evaluated | Total | |||||||||||||||||||||||||||||||||
| (In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | |||||||||||||||||||||||||||||
| Construction and land development | $ | 271 | $ | 92 | $ | 230,553 | $ | 2,659 | $ | 230,824 | $ | 2,751 | |||||||||||||||||||||||
| Commercial real estate - owner occupied | 5,131 | 419 | 1,192,643 | 8,160 | 1,197,774 | 8,579 | |||||||||||||||||||||||||||||
| Commercial real estate - non owner-occupied | 5,905 | 27 | 1,730,534 | 36,590 | 1,736,439 | 36,617 | |||||||||||||||||||||||||||||
| Residential real estate | 16,345 | 646 | 1,409,009 | 12,165 | 1,425,354 | 12,811 | |||||||||||||||||||||||||||||
| Commercial and financial | 11,470 | 2,885 | 1,057,886 | 16,859 | 1,069,356 | 19,744 | |||||||||||||||||||||||||||||
| Consumer | 741 | 685 | 173,434 | 2,128 | 174,175 | 2,813 | |||||||||||||||||||||||||||||
| Paycheck Protection Program | — | — | 91,107 | — | 91,107 | — | |||||||||||||||||||||||||||||
| Totals | $ | 39,863 | $ | 4,754 | $ | 5,885,166 | $ | 78,561 | $ | 5,925,029 | $ | 83,315 | |||||||||||||||||||||||
| (In thousands) | Notional Amount | Fair Value | Balance Sheet Category | ||||||||||||||
At March 31, 2022 | |||||||||||||||||
| Back-to-back swaps | $ | 209,904 | $ | 8,923 | Other Assets and Other Liabilities | ||||||||||||
| Interest rate floors | 300,000 | 122 | Other Assets | ||||||||||||||
At December 31, 2021 | |||||||||||||||||
| Back-to-back swaps | $ | 175,392 | $ | 8,022 | Other Assets and Other Liabilities | ||||||||||||
| Interest rate floors | 300,000 | 290 | Other Assets | ||||||||||||||
| (In thousands) | March 31, 2022 | December 31, 2021 | |||||||||
| Fair value of pledged securities - overnight and continuous: | |||||||||||
| Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | $ | 152,817 | $ | 134,577 | |||||||
| (In thousands) | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
| At March 31, 2022 | |||||||||||||||||||||||
| Financial Assets | |||||||||||||||||||||||
Available-for-sale debt securities1 | $ | 1,706,619 | $ | 191 | $ | 1,706,428 | $ | — | |||||||||||||||
Derivative financial instruments2 | 9,045 | — | 9,045 | — | |||||||||||||||||||
Loans held for sale2 | 20,615 | — | 20,615 | — | |||||||||||||||||||
Loans3 | 8,395 | — | 1,517 | 6,878 | |||||||||||||||||||
Other real estate owned4 | 11,567 | — | 2,420 | 9,147 | |||||||||||||||||||
Equity securities5 | 8,864 | 8,864 | — | — | |||||||||||||||||||
| Financial Liabilities | |||||||||||||||||||||||
Derivative financial instruments2 | $ | 8,923 | $ | — | $ | 8,923 | $ | — | |||||||||||||||
| At December 31, 2021 | |||||||||||||||||||||||
| Financial Assets | |||||||||||||||||||||||
Available-for-sale debt securities1 | $ | 1,644,319 | $ | 197 | $ | 1,644,122 | $ | — | |||||||||||||||
Derivative financial instruments2 | 8,312 | — | 8,312 | — | |||||||||||||||||||
Loans held for sale2 | 31,791 | — | 31,791 | — | |||||||||||||||||||
Loans3 | 8,443 | — | 1,558 | 6,885 | |||||||||||||||||||
Other real estate owned4 | 13,618 | — | — | 13,618 | |||||||||||||||||||
Equity securities5 | 9,316 | 9,316 | — | — | |||||||||||||||||||
| Financial Liabilities | |||||||||||||||||||||||
Derivative financial instruments2 | $ | 8,022 | $ | — | $ | 8,022 | $ | — | |||||||||||||||
1See “Note 3 – Securities” for further detail of fair value of individual investment categories. | |||||||||||||||||||||||
2Recurring fair value basis determined using observable market data. | |||||||||||||||||||||||
3See “Note 4 – Loans.” Nonrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs that are based on current appraised values of the collateral in accordance with ASC Topic 310. | |||||||||||||||||||||||
4Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. | |||||||||||||||||||||||
5An investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. | |||||||||||||||||||||||
| (In thousands) | March 31, 2022 | December 31, 2021 | |||||||||
| Aggregate fair value | $ | 20,615 | $ | 31,791 | |||||||
| Contractual balance | 20,087 | 30,963 | |||||||||
| Excess | 528 | 828 | |||||||||
| (In thousands, except per share data) | January 3, 2022 | ||||
| Number of BBFC common shares outstanding | 1,112 | ||||
| Per share exchange ratio | 0.7997 | ||||
| Number of shares of common stock issued | 889 | ||||
| Multiplied by common stock price per share on January 3, 2022 | $ | 35.39 | |||
| Value of common stock issued | 31,480 | ||||
| Fair value of options converted | 497 | ||||
| Total purchase price | $ | 31,977 | |||
| (In thousands) | Initially Measured January 3, 2022 | |||||||
| Assets: | ||||||||
| Cash | $ | 38,332 | ||||||
| Investment securities | 26,011 | |||||||
| Loans | 121,774 | |||||||
| Bank premises and equipment | 2,102 | |||||||
| Core deposit intangibles | 2,621 | |||||||
| Goodwill | 7,962 | |||||||
| Total assets | $ | 198,802 | ||||||
| Liabilities: | ||||||||
| Deposits | 166,326 | |||||||
| Other liabilities | 499 | |||||||
| Total liabilities | $ | 166,825 | ||||||
| January 3, 2022 | |||||||||||
| (In thousands) | Book Balance | Fair Value | |||||||||
| Loans: | |||||||||||
| Construction and land development | $ | 8,677 | $ | 8,414 | |||||||
| Commercial real estate - owner-occupied | 45,403 | 44,564 | |||||||||
| Commercial real estate - non owner-occupied | 53,065 | 52,034 | |||||||||
| Residential real estate | 5,377 | 5,421 | |||||||||
| Commercial and financial | 9,376 | 9,321 | |||||||||
| Consumer | 59 | 61 | |||||||||
| PPP loans | 1,959 | 1,959 | |||||||||
| Total acquired loans | $ | 123,916 | $ | 121,774 | |||||||
| (In thousands) | January 3, 2022 | ||||
| Book balance of loans at acquisition | $ | 714 | |||
| Allowance for credit losses at acquisition | (15) | ||||
| Non-credit related discount | (48) | ||||
| Total PCD loans acquired | $ | 651 | |||
| (In thousands, except per share data) | January 3, 2022 | ||||
| Number of Sabal Palm common shares outstanding | 7,536 | ||||
| Per share exchange ratio | 0.2203 | ||||
| Number of shares of common stock issued | 1,660 | ||||
| Multiplied by common stock price per share on January 3, 2022 | $ | 35.39 | |||
| Value of common stock issued | 58,762 | ||||
| Fair value of options converted | 3,336 | ||||
| Total purchase price | $ | 62,098 | |||
| (In thousands) | Initially Measured January 3, 2022 | |||||||
| Assets: | ||||||||
| Cash | $ | 170,609 | ||||||
| Time deposits with other banks | 6,473 | |||||||
| Loans | 246,152 | |||||||
| Bank premises and equipment | 1,745 | |||||||
| Core deposit intangibles | 5,587 | |||||||
| Goodwill | 26,489 | |||||||
| Other assets | 5,189 | |||||||
| Total assets | $ | 462,244 | ||||||
| Liabilities: | ||||||||
| Deposits | 395,952 | |||||||
| Other liabilities | 4,194 | |||||||
| Total liabilities | $ | 400,146 | ||||||
| January 3, 2022 | |||||||||||
| (In thousands) | Book Balance | Fair Value | |||||||||
| Loans: | |||||||||||
| Construction and land development | $ | 9,256 | $ | 9,009 | |||||||
| Commercial real estate - owner-occupied | 57,690 | 56,591 | |||||||||
| Commercial real estate - non owner-occupied | 89,153 | 87,280 | |||||||||
| Residential real estate | 71,469 | 72,227 | |||||||||
| Commercial and financial | 17,797 | 17,501 | |||||||||
| Consumer | 233 | 232 | |||||||||
| PPP loans | 3,312 | 3,312 | |||||||||
| Total acquired loans | $ | 248,910 | $ | 246,152 | |||||||
| (In thousands) | January 3, 2022 | ||||
| Book balance of loans at acquisition | $ | 3,703 | |||
| Allowance for credit losses at acquisition | (37) | ||||
| Non-credit related discount | (663) | ||||
| Total PCD loans acquired | $ | 3,003 | |||
| (In thousands, except per share data) | August 6, 2021 | ||||
| Number of Legacy Bank common shares outstanding | 15,778 | ||||
| Per share exchange ratio | 0.1703 | ||||
| Number of shares of common stock issued | 2,687 | ||||
| Multiplied by common stock price per share on August 6, 2021 | $ | 32.19 | |||
| Value of common stock issued | 86,487 | ||||
| Cash paid for fractional shares | 7 | ||||
| Fair value of options converted | 4,736 | ||||
| Total purchase price | $ | 91,230 | |||
| (In thousands) | Initially Measured August 6, 2021 | |||||||
| Assets: | ||||||||
| Cash | $ | 98,107 | ||||||
| Investment securities | 992 | |||||||
| Loans | 477,215 | |||||||
| Bank premises and equipment | 2,577 | |||||||
| Core deposit intangibles | 3,454 | |||||||
| Goodwill | 30,978 | |||||||
| Other assets | 15,532 | |||||||
| Total assets | $ | 628,855 | ||||||
| Liabilities: | ||||||||
| Deposits | 494,921 | |||||||
| Other liabilities | 42,705 | |||||||
| Total liabilities | $ | 537,626 | ||||||
| August 6, 2021 | |||||||||||
| (In thousands) | Book Balance | Fair Value | |||||||||
| Loans: | |||||||||||
| Construction and land development | $ | 37,558 | $ | 36,651 | |||||||
| Commercial real estate - owner-occupied | 35,765 | 35,363 | |||||||||
| Commercial real estate - non owner-occupied | 241,322 | 237,091 | |||||||||
| Residential real estate | 71,118 | 70,541 | |||||||||
| Commercial and financial | 61,274 | 58,324 | |||||||||
| Consumer | 647 | 647 | |||||||||
| PPP loans | 38,598 | 38,598 | |||||||||
| Total acquired loans | $ | 486,282 | $ | 477,215 | |||||||
| (In thousands) | August 6, 2021 | ||||
| Book balance of loans at acquisition | $ | 66,371 | |||
| Allowance for credit losses at acquisition | (3,046) | ||||
| Non-credit related discount | (736) | ||||
| Total PCD loans acquired | $ | 62,589 | |||
| Three Months Ended March 31, | |||||||||||
| (In thousands, except per share amounts) | 2022 | 2021 | |||||||||
| Net interest income | $ | 76,504 | $ | 78,107 | |||||||
| Net income | 25,270 | 38,097 | |||||||||
| EPS - basic | $ | 0.41 | $ | 0.62 | |||||||
| EPS - diluted | 0.41 | 0.63 | |||||||||
| First | Fourth | First | ||||||||||||||||||
| Quarter | Quarter | Quarter | ||||||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | |||||||||||||||||
| Commercial pipeline at period end | $ | 619,547 | $ | 397,822 | $ | 240,871 | ||||||||||||||
| Commercial loan originations | 372,986 | 408,948 | 204,253 | |||||||||||||||||
| Residential pipeline - saleable at period end | 25,745 | 30,102 | 92,141 | |||||||||||||||||
| Residential loans - sold | 51,222 | 69,224 | 138,337 | |||||||||||||||||
| Residential pipeline - portfolio at period end | 87,950 | 25,589 | 72,448 | |||||||||||||||||
| Residential loans - retained | 175,457 | 49,065 | 46,620 | |||||||||||||||||
| Consumer pipeline at period end | 61,613 | 29,739 | 28,127 | |||||||||||||||||
| Consumer originations | 79,010 | 72,626 | 46,745 | |||||||||||||||||
| PPP originations | — | — | 232,478 | |||||||||||||||||
| First | Fourth | First | |||||||||||||||
| Quarter | Quarter | Quarter | |||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | ||||||||||||||
| Service charges on deposit accounts | $ | 2,801 | $ | 2,606 | $ | 2,338 | |||||||||||
| Interchange income | 4,128 | 4,135 | 3,820 | ||||||||||||||
| Wealth management income | 2,659 | 2,356 | 2,323 | ||||||||||||||
| Mortgage banking fees | 1,686 | 2,030 | 4,225 | ||||||||||||||
| Marine finance fees | 191 | 147 | 189 | ||||||||||||||
| SBA gains | 156 | 200 | 287 | ||||||||||||||
| BOLI income | 1,334 | 1,295 | 859 | ||||||||||||||
| Other income | 2,870 | 6,316 | 3,744 | ||||||||||||||
| 15,825 | 19,085 | 17,785 | |||||||||||||||
| Securities losses, net | (452) | (379) | (114) | ||||||||||||||
| Total | $ | 15,373 | $ | 18,706 | $ | 17,671 | |||||||||||
| First | Fourth | First | |||||||||||||||
| Quarter | Quarter | Quarter | |||||||||||||||
| (In thousands) | 2022 | 2021 | 2021 | ||||||||||||||
| Salaries and wages | $ | 28,219 | $ | 25,005 | $ | 21,393 | |||||||||||
| Employee benefits | 5,501 | 4,763 | 4,980 | ||||||||||||||
| Outsourced data processing costs | 6,156 | 5,165 | 4,468 | ||||||||||||||
| Telephone/data lines | 733 | 790 | 785 | ||||||||||||||
| Occupancy | 3,986 | 3,500 | 3,789 | ||||||||||||||
| Furniture and equipment | 1,426 | 1,403 | 1,254 | ||||||||||||||
| Marketing | 1,171 | 1,060 | 1,168 | ||||||||||||||
| Legal and professional fees | 4,789 | 2,461 | 2,582 | ||||||||||||||
| FDIC assessments | 789 | 713 | 526 | ||||||||||||||
| Amortization of intangibles | 1,446 | 1,304 | 1,211 | ||||||||||||||
| Foreclosed property expense and net gain on sale | (164) | (175) | (65) | ||||||||||||||
| Provision for credit losses on unfunded commitments | 142 | — | — | ||||||||||||||
| Other | 4,723 | 4,274 | 4,029 | ||||||||||||||
| Total | $ | 58,917 | $ | 50,263 | $ | 46,120 | |||||||||||
| First | Fourth | First | |||||||||||||||
| Quarter | Quarter | Quarter | |||||||||||||||
| (In thousands, except per share data) | 2022 | 2021 | 2021 | ||||||||||||||
| Net income, as reported: | |||||||||||||||||
| Net income | $ | 20,588 | $ | 36,330 | $ | 33,719 | |||||||||||
| Noninterest Income | $ | 15,373 | $ | 18,706 | $ | 17,671 | |||||||||||
| Securities losses, net | 452 | 379 | 114 | ||||||||||||||
| Gain on sale of domain name (included in other income) | — | (755) | — | ||||||||||||||
| Total adjustments to noninterest income | 452 | (376) | 114 | ||||||||||||||
| Total Adjusted Noninterest Income | $ | 15,825 | $ | 18,330 | $ | 17,785 | |||||||||||
| Noninterest Expense | 58,917 | $ | 50,263 | $ | 46,120 | ||||||||||||
| Merger-related charges | (6,692) | (482) | (581) | ||||||||||||||
| Amortization of intangibles | (1,446) | (1,304) | (1,211) | ||||||||||||||
Branch reductions and other expense initiatives1 | (74) | (168) | (449) | ||||||||||||||
| Total adjustments to noninterest expense | (8,212) | (1,954) | (2,241) | ||||||||||||||
| Total Adjusted Noninterest Expense | $ | 50,705 | $ | 48,309 | $ | 43,879 | |||||||||||
| Income Taxes | $ | 5,834 | $ | 8,344 | $ | 10,157 | |||||||||||
| Tax effect of adjustments | 2,196 | 280 | 577 | ||||||||||||||
| Effect of change in corporate tax rate on deferred tax assets | — | 774 | — | ||||||||||||||
| Total adjustments to income taxes | 2,196 | 1,054 | 577 | ||||||||||||||
| Adjusted income taxes | 8,030 | 9,398 | 10,734 | ||||||||||||||
| Adjusted net income | $ | 27,056 | $ | 36,854 | $ | 35,497 | |||||||||||
| Earnings per diluted share, as reported | $ | 0.33 | $ | 0.62 | $ | 0.60 | |||||||||||
| Adjusted diluted earnings per share | 0.44 | 0.62 | 0.63 | ||||||||||||||
| Average diluted shares outstanding | 61,704 | 59,016 | 55,992 | ||||||||||||||
| Adjusted Noninterest Expense | $ | 50,705 | $ | 48,309 | $ | 43,879 | |||||||||||
| Foreclosed property expense and net (loss) gain on sale | 164 | 175 | 65 | ||||||||||||||
| Provision for credit losses on unfunded commitments | (142) | — | — | ||||||||||||||
| Net Adjusted Noninterest Expense | $ | 50,727 | $ | 48,484 | $ | 43,944 | |||||||||||
| Revenue | $ | 91,895 | $ | 90,995 | $ | 84,281 | |||||||||||
| Total adjustments to revenue | 452 | (376) | 114 | ||||||||||||||
| Impact of FTE adjustment | 117 | 123 | 131 | ||||||||||||||
| Adjusted revenue on a fully tax equivalent basis | $ | 92,464 | $ | 90,742 | $ | 84,526 | |||||||||||
| Adjusted Efficiency Ratio | 54.86 | % | 53.43 | % | 51.99 | % | |||||||||||
Net Adjusted Noninterest Expense as a Percent of Average Tangible Assets2 | 1.99 | % | 1.96 | % | 2.16 | % | |||||||||||
| First | Fourth | First | |||||||||||||||
| Quarter | Quarter | Quarter | |||||||||||||||
| (In thousands, except per share data) | 2022 | 2021 | 2021 | ||||||||||||||
| Net Interest Income | $ | 76,522 | $ | 72,289 | $ | 66,610 | |||||||||||
| Impact of FTE adjustment | 117 | 123 | 131 | ||||||||||||||
| Net interest income including FTE adjustment | 76,639 | 72,412 | 66,741 | ||||||||||||||
| Noninterest income | 15,373 | 18,706 | 17,671 | ||||||||||||||
| Noninterest expense | 58,917 | 50,263 | 46,120 | ||||||||||||||
| Pre-Tax Pre-Provision Earnings | 33,095 | 40,855 | 38,292 | ||||||||||||||
| Adjustments to noninterest income | 452 | (376) | 114 | ||||||||||||||
| Adjustments to noninterest expense | (8,190) | (1,779) | (2,176) | ||||||||||||||
| Adjusted Pre-Tax Pre-Provision Earnings | $ | 41,737 | $ | 42,258 | $ | 40,582 | |||||||||||
| Average Assets | $ | 10,628,516 | $ | 10,061,382 | $ | 8,485,354 | |||||||||||
| Less average goodwill and intangible assets | (304,321) | (267,692) | (237,323) | ||||||||||||||
| Average Tangible Assets | $ | 10,324,195 | $ | 9,793,690 | $ | 8,248,031 | |||||||||||
| Return on Average Assets (ROA) | 0.79 | % | 1.43 | % | 1.61 | % | |||||||||||
| Impact of removing average intangible assets and related amortization | 0.06 | 0.08 | 0.09 | ||||||||||||||
| Return on Average Tangible Assets (ROTA) | 0.85 | 1.51 | 1.70 | ||||||||||||||
| Impact of other adjustments for Adjusted Net Income | 0.21 | (0.02) | 0.05 | ||||||||||||||
| Adjusted Return on Average Tangible Assets | 1.06 | % | 1.49 | % | 1.75 | % | |||||||||||
| Average Shareholders' Equity | $ | 1,400,535 | $ | 1,303,686 | $ | 1,136,416 | |||||||||||
| Less average goodwill and intangible assets | (304,321) | (267,692) | (237,323) | ||||||||||||||
| Average Tangible Equity | $ | 1,096,214 | $ | 1,035,994 | $ | 899,093 | |||||||||||
| Return on Average Shareholders' Equity | 5.96 | % | 11.06 | % | 12.03 | % | |||||||||||
| Impact of removing average intangible assets and related amortization | 2.06 | 3.23 | 3.59 | ||||||||||||||
| Return on Average Tangible Common Equity (ROTCE) | 8.02 | 14.29 | 15.62 | ||||||||||||||
| Impact of other adjustments for Adjusted Net Income | 1.99 | (0.18) | 0.39 | ||||||||||||||
| Adjusted Return on Average Tangible Common Equity | 10.01 | % | 14.11 | % | 16.01 | % | |||||||||||
Loan Interest Income2 | $ | 67,198 | $ | 64,487 | $ | 62,390 | |||||||||||
| Accretion on acquired loans | (3,717) | (3,520) | (2,868) | ||||||||||||||
| Interest and fees on PPP loans | (1,523) | (3,352) | (6,886) | ||||||||||||||
Loan interest income excluding PPP and accretion on acquired loans2 | $ | 61,958 | $ | 57,615 | $ | 52,636 | |||||||||||
Yield on Loans2 | 4.30 | % | 4.31 | % | 4.39 | % | |||||||||||
| Impact of accretion on acquired loans | (0.24) | (0.24) | (0.20) | ||||||||||||||
| Impact of PPP loans | (0.06) | (0.13) | (0.04) | ||||||||||||||
Yield on loans excluding PPP and accretion on acquired loans2 | 4.00 | % | 3.94 | % | 4.15 | % | |||||||||||
Net Interest Income2 | $ | 76,639 | $ | 72,412 | $ | 66,741 | |||||||||||
| Accretion on acquired loans | (3,717) | (3,520) | (2,868) | ||||||||||||||
| Interest and fees on PPP loans | (1,523) | (3,352) | (6,886) | ||||||||||||||
Net interest income excluding PPP and accretion on acquired loans2 | $ | 71,399 | $ | 65,540 | $ | 56,987 | |||||||||||
| March 31, 2022 | |||||||||||||||||||||||
| (In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | |||||||||||||||||||
| Construction and land development | $ | 226,149 | $ | 33,231 | $ | 41 | $ | 259,421 | |||||||||||||||
| Commercial real estate - owner-occupied | 990,929 | 273,498 | 20,088 | 1,284,515 | |||||||||||||||||||
| Commercial real estate - non owner-occupied | 1,400,270 | 488,400 | 77,480 | 1,966,150 | |||||||||||||||||||
| Residential real estate | 1,379,911 | 214,401 | 5,333 | 1,599,645 | |||||||||||||||||||
| Commercial and financial | 1,007,064 | 110,161 | 15,281 | 1,132,506 | |||||||||||||||||||
| Consumer | 165,650 | 4,074 | — | 169,724 | |||||||||||||||||||
| Paycheck Protection Program | 29,137 | 10,119 | — | 39,256 | |||||||||||||||||||
| Totals | $ | 5,199,110 | $ | 1,133,884 | $ | 118,223 | $ | 6,451,217 | |||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||
| (In thousands) | Portfolio Loans | Acquired Non-PCD Loans | PCD Loans | Total | |||||||||||||||||||
| Construction and land development | $ | 199,341 | $ | 31,438 | $ | 45 | $ | 230,824 | |||||||||||||||
| Commercial real estate - owner-occupied | 983,517 | 186,812 | 27,445 | 1,197,774 | |||||||||||||||||||
| Commercial real estate - non owner-occupied | 1,278,180 | 382,554 | 75,705 | 1,736,439 | |||||||||||||||||||
| Residential real estate | 1,261,306 | 156,957 | 7,091 | 1,425,354 | |||||||||||||||||||
| Commercial and financial | 968,318 | 84,395 | 16,643 | 1,069,356 | |||||||||||||||||||
| Consumer | 169,507 | 4,658 | 10 | 174,175 | |||||||||||||||||||
| Paycheck Protection Program | 69,503 | 21,604 | — | 91,107 | |||||||||||||||||||
| Totals | $ | 4,929,672 | $ | 868,418 | $ | 126,939 | $ | 5,925,029 | |||||||||||||||
| March 31, 2022 | ||||||||||||||||||||||||||
| Nonaccrual Loans | Accruing Restructured Loans | |||||||||||||||||||||||||
| (In thousands) | Non-Current | Current | Total | |||||||||||||||||||||||
| Construction and land development | $ | — | $ | 232 | $ | 232 | $ | 8 | ||||||||||||||||||
| Commercial real estate - owner-occupied | 310 | 3,532 | 3,842 | 99 | ||||||||||||||||||||||
| Commercial real estate - non owner-occupied | 3,210 | 1,572 | 4,782 | — | ||||||||||||||||||||||
| Residential real estate | 3,361 | 5,881 | 9,242 | 3,863 | ||||||||||||||||||||||
| Commercial and financial | 2,720 | 5,030 | 7,750 | 310 | ||||||||||||||||||||||
| Consumer | 28 | 333 | 361 | 174 | ||||||||||||||||||||||
| Total | $ | 9,629 | $ | 16,580 | $ | 26,209 | $ | 4,454 | ||||||||||||||||||
| December 31, 2021 | ||||||||||||||||||||||||||
| Nonaccrual Loans | Accruing Restructured Loans | |||||||||||||||||||||||||
| (In thousands) | Non-Current | Current | Total | |||||||||||||||||||||||
| Construction and land development | $ | — | $ | 259 | $ | 259 | $ | 12 | ||||||||||||||||||
| Commercial real estate - owner-occupied | 261 | 3,705 | 3,966 | 101 | ||||||||||||||||||||||
| Commercial real estate - non owner-occupied | 3,218 | 2,687 | 5,905 | — | ||||||||||||||||||||||
| Residential real estate | 5,130 | 7,915 | 13,045 | 3,298 | ||||||||||||||||||||||
| Commercial and financial | 2,914 | 3,955 | 6,869 | 318 | ||||||||||||||||||||||
| Consumer | 46 | 508 | 554 | 188 | ||||||||||||||||||||||
| Total | $ | 11,569 | $ | 19,029 | $ | 30,598 | $ | 3,917 | ||||||||||||||||||
| March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
| (In thousands) | Number | Amount | Number | Amount | ||||||||||||||||||||||
| Maturity extended | 55 | $ | 5,087 | 56 | $ | 5,385 | ||||||||||||||||||||
| Rate reduction | 23 | 1,481 | 25 | 2,769 | ||||||||||||||||||||||
| Chapter 7 bankruptcies | 8 | 227 | 1 | 39 | ||||||||||||||||||||||
| Not elsewhere classified | 7 | 207 | 12 | 378 | ||||||||||||||||||||||
| Total | 93 | $ | 7,002 | 94 | $ | 8,571 | ||||||||||||||||||||
| Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Beginning Balance | Initial Allowance on PCD Loans Acquired During the Period | Provision for Credit Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | ||||||||||||||||||||||||||||||||||
| Construction and land development | $ | 2,751 | $ | — | $ | (493) | $ | — | $ | 10 | $ | — | $ | 2,268 | |||||||||||||||||||||||||||
| Commercial real estate - owner-occupied | 8,579 | — | 715 | — | — | — | 9,294 | ||||||||||||||||||||||||||||||||||
| Commercial real estate - non owner-occupied | 36,617 | 31 | 7,274 | — | — | — | 43,922 | ||||||||||||||||||||||||||||||||||
| Residential real estate | 12,811 | 17 | 1,060 | (1) | 191 | (3) | 14,075 | ||||||||||||||||||||||||||||||||||
| Commercial and financial | 19,744 | 3 | (1,628) | (569) | 177 | — | 17,727 | ||||||||||||||||||||||||||||||||||
| Consumer | 2,813 | — | (372) | (95) | 208 | (2) | 2,552 | ||||||||||||||||||||||||||||||||||
| Paycheck Protection Program | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Totals | $ | 83,315 | $ | 51 | $ | 6,556 | $ | (665) | $ | 586 | $ | (5) | $ | 89,838 | |||||||||||||||||||||||||||
| Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
| (In thousands) | Beginning Balance | Provision for Credit Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | |||||||||||||||||||||||||||||
| Construction and land development | $ | 4,920 | $ | (510) | $ | — | $ | 18 | $ | — | $ | 4,428 | |||||||||||||||||||||||
| Commercial real estate - owner-occupied | 9,868 | (76) | — | — | — | 9,792 | |||||||||||||||||||||||||||||
| Commercial real estate - non owner-occupied | 38,266 | (2,038) | — | 1 | — | 36,229 | |||||||||||||||||||||||||||||
| Residential real estate | 17,500 | (3,372) | — | 229 | (4) | 14,353 | |||||||||||||||||||||||||||||
| Commercial and financial | 18,690 | 775 | (756) | 207 | — | 18,916 | |||||||||||||||||||||||||||||
| Consumer | 3,489 | (494) | (185) | 116 | (1) | 2,925 | |||||||||||||||||||||||||||||
| Paycheck Protection Program | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Totals | $ | 92,733 | $ | (5,715) | $ | (941) | $ | 571 | $ | (5) | $ | 86,643 | |||||||||||||||||||||||
| March 31, | December 31, | |||||||||||||
| (In thousands, except ratios) | 2022 | 2021 | ||||||||||||
| Noninterest demand | $ | 3,522,700 | $ | 3,075,534 | ||||||||||
| Interest-bearing demand | 2,253,562 | 1,890,212 | ||||||||||||
| Money market | 1,999,027 | 1,651,881 | ||||||||||||
| Savings | 937,839 | 895,019 | ||||||||||||
| Time certificates of deposit | 530,640 | 554,943 | ||||||||||||
| Total deposits | $ | 9,243,768 | $ | 8,067,589 | ||||||||||
| Customer sweep accounts | $ | 120,922 | $ | 121,565 | ||||||||||
| Noninterest demand deposits as % of total deposits | 38 | % | 38 | % | ||||||||||
| (In thousands) | 2022 | 2021 | |||||||||
Beginning balance at December 31, 2021 and 2020 | $ | 1,310,736 | $ | 1,130,402 | |||||||
| Net income | 20,588 | 33,719 | |||||||||
| Common stock issued for stock options | 3,403 | 840 | |||||||||
| Issuance of common stock and conversion of options pursuant to acquisitions | 94,067 | — | |||||||||
| Stock compensation, net of Treasury shares acquired | 1,525 | 1,353 | |||||||||
| Issuance of common share dividend | (7,994) | — | |||||||||
| Change in accumulated other comprehensive income | (66,040) | (10,965) | |||||||||
Ending balance at March 31, 2022 and 2021 | $ | 1,356,285 | $ | 1,155,349 | |||||||
| March 31, 2022 | Seacoast (Consolidated) | Seacoast Bank | Minimum to be Well- Capitalized1 | ||||||||||||||
| Total Risk-Based Capital Ratio | 17.72% | 16.18% | 10.00% | ||||||||||||||
| Tier 1 Capital Ratio | 16.80 | 15.27 | 8.00 | ||||||||||||||
| Common Equity Tier 1 Ratio (CET1) | 15.81 | 15.27 | 6.50 | ||||||||||||||
| Leverage Ratio | 11.72 | 10.65 | 5.00 | ||||||||||||||
1For subsidiary bank only. | |||||||||||||||||
| % Change in Projected Baseline Net | ||||||||||||||
| Change in Interest Rates | Interest Income | |||||||||||||
| 1-12 months | 13-24 months | |||||||||||||
| +2.00% | 13.8% | 17.1% | ||||||||||||
| +1.00% | 6.8% | 8.5% | ||||||||||||
| Current | —% | —% | ||||||||||||
| -1.00% | (2.7%) | (8.6%) | ||||||||||||
| % Change in | ||||||||
| Change in Interest Rates | Economic Value of | |||||||
| Equity | ||||||||
| +2.00% | 14.2% | |||||||
| +1.00% | 7.7% | |||||||
| Current | —% | |||||||
| -1.00% | (8.4%) | |||||||
| Period | Total Number of Shares Purchased1 | Average Price Paid Per Share | Total Number of Shares Purchased as part of Public Announced Plan | Maximum Value of Shares that May Yet be Purchased Under the Plan (in thousands) | ||||||||||||||||||||||
| 1/1/22 to 1/31/22 | 940 | $ | 35.39 | — | $ | 100,000 | ||||||||||||||||||||
| 2/1/22 to 2/28/22 | — | — | — | 100,000 | ||||||||||||||||||||||
| 3/1/22 to 3/31/22 | — | — | — | 100,000 | ||||||||||||||||||||||
| Total - 1st Quarter | 940 | $ | 35.39 | — | $ | 100,000 | ||||||||||||||||||||
1Shares purchased from January 1, 2022 through March 31, 2022 represent shares surrendered to the Company to satisfy tax withholding related to the exercise of stock options and the vesting of share-based awards. | ||||||||||||||||||||||||||
Exhibit 2.1 Agreement and Plan of Merger dated March 29, 2022 by and among the Company, Seacoast Bank, Apollo Bancshares, Inc. and Apollo Bank incorporated herein by reference from Exhibit 2.1 to the Company’s Form 8-K, filed April 1, 2022. | ||||||||
Exhibit 3.1.1 Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q, filed May 10, 2006. | ||||||||
Exhibit 3.1.2 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 23, 2008. | ||||||||
Exhibit 3.1.3 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.4 to the Company's Form S-1, filed June 22, 2009. | ||||||||
Exhibit 3.1.4 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company's Form 8-K, filed July 20, 2009. | ||||||||
Exhibit 3.1.5 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 3, 2009. | ||||||||
Exhibit 3.1.6 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K/A, filed July 14, 2010. | ||||||||
Exhibit 3.1.7 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 25, 2010. | ||||||||
Exhibit 3.1.8 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 1, 2011. | ||||||||
Exhibit 3.1.9 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 13, 2013. | ||||||||
Exhibit 3.1.10 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company's Form 8K, filed May 30, 2018. | ||||||||
Exhibit 3.2 Amended and Restated By-laws of the Company Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed October 26, 2020. | ||||||||
| Exhibit 31.1 | ||||||||
| Exhibit 31.2 | ||||||||
| Exhibit 32.1 | ||||||||
| Exhibit 32.2 | ||||||||
| Exhibit 101 | The following materials from Seacoast Banking Corporation of Florida’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 formatted in Inline XBRL: (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Shareholders' Equity and (vi) the Notes to the Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | |||||||
| Exhibit 104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, formatted in Inline XBRL. | |||||||
| SEACOAST BANKING CORPORATION OF FLORIDA | |||||
| May 6, 2022 | /s/ Charles M. Shaffer | ||||
| Charles M. Shaffer | |||||
| Chairman and Chief Executive Officer | |||||
| May 6, 2022 | /s/ Tracey L. Dexter | ||||
| Tracey L. Dexter | |||||
| Executive Vice President and Chief Financial Officer | |||||
| 1. | I have reviewed this quarterly report on Form 10-Q of Seacoast Banking Corporation of Florida; | ||||
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||||
| 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||||
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
| b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
| c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||
| d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |||||||
| 5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | ||||
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |||||||
| b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |||||||
| Date: May 6, 2022 | /s/ Charles M. Shaffer | |||||||||||||
| Charles M. Shaffer | ||||||||||||||
| Chairman and Chief Executive Officer | ||||||||||||||
| 1. | I have reviewed this quarterly report on Form 10-Q of Seacoast Banking Corporation of Florida; | ||||
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||||
| 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||||
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
| b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
| c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||
| d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |||||||
| 5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | ||||
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |||||||
| b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |||||||
| Date: May 6, 2022 | /s/ Tracey L. Dexter | |||||||||||||
| Tracey L. Dexter | ||||||||||||||
| Executive Vice President and Chief Financial Officer | ||||||||||||||
| 1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||||
| 2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. | ||||
| Date: May 6, 2022 | /s/ Charles M. Shaffer | |||||||||||||
| Charles M. Shaffer | ||||||||||||||
| Chairman and Chief Executive Officer | ||||||||||||||
| 1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||||
| 2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. | ||||
| Date: May 6, 2022 | /s/ Tracey L. Dexter | |||||||||||||
| Tracey L. Dexter | ||||||||||||||
| Executive Vice President and Chief Financial Officer | ||||||||||||||