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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Renasant Corporation | NASDAQ:RNST | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 26.06 | 25.51 | 26.63 | 0 | 01:00:00 |
☒ | 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 |
Mississippi | 64-0676974 | |||||||
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) |
209 Troy Street, | Tupelo, | Mississippi | 38804-4827 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $5.00 par value per share | RNST | The NASDAQ Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer |
☐
|
||||||||
Non-accelerated filer |
☐
|
Smaller reporting company |
☐
|
||||||||
Emerging growth company |
☐
|
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Consolidated Balance Sheets
|
||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
(Unaudited) | |||||||||||
September 30,
2020 |
December 31, 2019 | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | 207,353 | $ | 191,065 | |||||||
Interest-bearing balances with banks | 206,752 | 223,865 | |||||||||
Cash and cash equivalents | 414,105 | 414,930 | |||||||||
Securities available for sale, at fair value | 1,293,388 | 1,290,613 | |||||||||
Loans held for sale, at fair value | 399,773 | 318,272 | |||||||||
Loans, net of unearned income: | |||||||||||
Non purchased loans and leases | 9,424,224 | 7,587,974 | |||||||||
Purchased loans | 1,660,514 | 2,101,664 | |||||||||
Total loans, net of unearned income | 11,084,738 | 9,689,638 | |||||||||
Allowance for credit losses | (168,098) | (52,162) | |||||||||
Loans, net | 10,916,640 | 9,637,476 | |||||||||
Premises and equipment, net | 300,400 | 309,697 | |||||||||
Other real estate owned: | |||||||||||
Non purchased | 3,576 | 2,762 | |||||||||
Purchased | 4,577 | 5,248 | |||||||||
Total other real estate owned, net | 8,153 | 8,010 | |||||||||
Goodwill | 939,683 | 939,683 | |||||||||
Other intangible assets, net | 31,798 | 37,260 | |||||||||
Bank-owned life insurance | 230,022 | 225,942 | |||||||||
Mortgage servicing rights | 57,600 | 53,208 | |||||||||
Other assets | 217,371 | 165,527 | |||||||||
Total assets | $ | 14,808,933 | $ | 13,400,618 | |||||||
Liabilities and shareholders’ equity | |||||||||||
Liabilities | |||||||||||
Deposits | |||||||||||
Noninterest-bearing | $ | 3,758,242 | $ | 2,551,770 | |||||||
Interest-bearing | 8,175,898 | 7,661,398 | |||||||||
Total deposits | 11,934,140 | 10,213,168 | |||||||||
Short-term borrowings | 42,624 | 489,091 | |||||||||
Long-term debt | 475,082 | 376,507 | |||||||||
Other liabilities | 252,787 | 196,163 | |||||||||
Total liabilities | 12,704,633 | 11,274,929 | |||||||||
Shareholders’ equity | |||||||||||
Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding
|
— | — | |||||||||
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,193,705 and 56,855,002 shares outstanding, respectively
|
296,483 | 296,483 | |||||||||
Treasury stock, at cost – 3,103,020 and 2,441,723 shares, respectively
|
(101,800) | (83,189) | |||||||||
Additional paid-in capital | 1,294,888 | 1,294,276 | |||||||||
Retained earnings | 596,779 | 617,355 | |||||||||
Accumulated other comprehensive income, net of taxes | 17,950 | 764 | |||||||||
Total shareholders’ equity | 2,104,300 | 2,125,689 | |||||||||
Total liabilities and shareholders’ equity | $ | 14,808,933 | $ | 13,400,618 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Loans | $ | 114,914 | $ | 124,476 | $ | 351,192 | $ | 377,788 | |||||||||||||||
Securities | |||||||||||||||||||||||
Taxable | 5,499 | 7,218 | 19,219 | 22,874 | |||||||||||||||||||
Tax-exempt | 1,573 | 1,292 | 4,697 | 3,992 | |||||||||||||||||||
Other | 92 | 1,490 | 1,098 | 4,778 | |||||||||||||||||||
Total interest income | 122,078 | 134,476 | 376,206 | 409,432 | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits | 11,810 | 21,514 | 44,175 | 62,277 | |||||||||||||||||||
Borrowings | 3,982 | 4,137 | 13,361 | 12,383 | |||||||||||||||||||
Total interest expense | 15,792 | 25,651 | 57,536 | 74,660 | |||||||||||||||||||
Net interest income | 106,286 | 108,825 | 318,670 | 334,772 | |||||||||||||||||||
Provision for credit losses on loans | 23,100 | 1,700 | 76,350 | 4,100 | |||||||||||||||||||
Net interest income after provision for credit losses on loans | 83,186 | 107,125 | 242,320 | 330,672 | |||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Service charges on deposit accounts | 7,486 | 8,992 | 23,388 | 26,699 | |||||||||||||||||||
Fees and commissions | 3,402 | 3,090 | 9,427 | 16,608 | |||||||||||||||||||
Insurance commissions | 2,681 | 2,508 | 6,797 | 6,814 | |||||||||||||||||||
Wealth management revenue | 4,364 | 3,588 | 12,190 | 10,513 | |||||||||||||||||||
Mortgage banking income | 49,714 | 15,710 | 110,739 | 42,731 | |||||||||||||||||||
Net gain on sales of securities | — | 343 | 31 | 348 | |||||||||||||||||||
BOLI income | 1,267 | 1,734 | 3,759 | 4,481 | |||||||||||||||||||
Other | 2,014 | 1,988 | 6,337 | 7,604 | |||||||||||||||||||
Total noninterest income | 70,928 | 37,953 | 172,668 | 115,798 | |||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Salaries and employee benefits | 75,406 | 65,425 | 227,956 | 183,100 | |||||||||||||||||||
Data processing | 5,259 | 4,980 | 15,312 | 14,584 | |||||||||||||||||||
Net occupancy and equipment | 13,296 | 12,943 | 40,927 | 36,322 | |||||||||||||||||||
Other real estate owned | 1,033 | 418 | 2,071 | 1,674 | |||||||||||||||||||
Professional fees | 3,197 | 2,976 | 8,355 | 7,861 | |||||||||||||||||||
Advertising and public relations | 2,240 | 3,318 | 8,560 | 8,833 | |||||||||||||||||||
Intangible amortization | 1,733 | 1,996 | 5,462 | 6,159 | |||||||||||||||||||
Communications | 2,319 | 2,310 | 6,698 | 6,553 | |||||||||||||||||||
Extinguishment of debt | 28 | 54 | 118 | 54 | |||||||||||||||||||
Merger and conversion related expenses | — | 24 | — | 203 | |||||||||||||||||||
Other | 11,999 | 2,056 | 34,377 | 13,279 | |||||||||||||||||||
Total noninterest expense | 116,510 | 96,500 | 349,836 | 278,622 | |||||||||||||||||||
Income before income taxes | 37,604 | 48,578 | 65,152 | 167,848 | |||||||||||||||||||
Income taxes | 7,612 | 11,132 | 13,022 | 38,667 | |||||||||||||||||||
Net income | $ | 29,992 | $ | 37,446 | $ | 52,130 | $ | 129,181 | |||||||||||||||
Basic earnings per share | $ | 0.53 | $ | 0.65 | $ | 0.93 | $ | 2.21 | |||||||||||||||
Diluted earnings per share | $ | 0.53 | $ | 0.64 | $ | 0.92 | $ | 2.21 | |||||||||||||||
Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.66 | $ | 0.65 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income | $ | 29,992 | $ | 37,446 | $ | 52,130 | $ | 129,181 | |||||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Unrealized holding gains (losses) on securities | 388 | (62) | 19,685 | 20,648 | |||||||||||||||||||
Reclassification adjustment for gains (losses) realized in net income | — | 1,876 | (23) | 1,872 | |||||||||||||||||||
Total securities available for sale | 388 | 1,814 | 19,662 | 22,520 | |||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Unrealized holding gains (losses) on derivative instruments | 1,175 | (708) | (2,621) | (3,164) | |||||||||||||||||||
Total derivative instruments | 1,175 | (708) | (2,621) | (3,164) | |||||||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 48 | 78 | 145 | 234 | |||||||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 48 | 78 | 145 | 234 | |||||||||||||||||||
Other comprehensive income, net of tax | 1,611 | 1,184 | 17,186 | 19,590 | |||||||||||||||||||
Comprehensive income | $ | 31,603 | $ | 38,630 | $ | 69,316 | $ | 148,771 |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 56,855,002 | $ | 296,483 | $ | (83,189) | $ | 1,294,276 | $ | 617,355 | $ | 764 | $ | 2,125,689 | ||||||||||||||||||||||||||||
Cumulative effect adjustment due to the adoption of ASU 2016-13
|
— | — | — | — | (35,099) | — | (35,099) | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 2,008 | — | 2,008 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 13,737 | 13,737 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 15,745 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share)
|
— | — | — | — | (12,555) | — | (12,555) | ||||||||||||||||||||||||||||||||||
Repurchase of shares in connection with stock repurchase program | (818,886) | — | (24,569) | — | — | — | (24,569) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 104,902 | — | 4,138 | (5,587) | — | — | (1,449) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 2,750 | — | — | 2,750 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 56,141,018 | $ | 296,483 | $ | (103,620) | $ | 1,291,439 | $ | 571,709 | $ | 14,501 | $ | 2,070,512 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 20,130 | — | 20,130 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 1,838 | 1,838 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 21,968 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share)
|
— | — | — | — | (12,525) | — | (12,525) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 40,944 | — | 1,397 | (1,404) | — | — | (7) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 2,998 | — | — | 2,998 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 56,181,962 | $ | 296,483 | $ | (102,223) | $ | 1,293,033 | $ | 579,314 | $ | 16,339 | $ | 2,082,946 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 29,992 | — | 29,992 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 1,611 | 1,611 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 31,603 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share)
|
— | — | — | — | (12,527) | — | (12,527) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 11,743 | — | 423 | (550) | — | — | (127) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 2,405 | — | — | 2,405 | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 56,193,705 | $ | 296,483 | $ | (101,800) | $ | 1,294,888 | $ | 596,779 | $ | 17,950 | $ | 2,104,300 |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | 58,546,480 | $ | 296,483 | $ | (24,245) | $ | 1,288,911 | $ | 500,660 | $ | (17,896) | $ | 2,043,913 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 45,110 | — | 45,110 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 10,446 | 10,446 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 55,556 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.21 per share)
|
— | — | — | — | (12,442) | — | (12,442) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 87,150 | — | 2,655 | (3,442) | — | — | (787) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 2,637 | — | — | 2,637 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | 58,633,630 | $ | 296,483 | $ | (21,590) | $ | 1,288,106 | $ | 533,328 | $ | (7,450) | $ | 2,088,877 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 46,625 | — | 46,625 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 7,960 | 7,960 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 54,585 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share)
|
— | — | — | — | (12,971) | — | (12,971) | ||||||||||||||||||||||||||||||||||
Repurchase of shares in connection with stock repurchase program | (363,704) | — | (12,938) | — | — | — | (12,938) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 27,744 | — | 893 | (832) | — | — | 61 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 2,082 | — | — | 2,082 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | 58,297,670 | $ | 296,483 | $ | (33,635) | $ | 1,289,356 | $ | 566,982 | $ | 510 | $ | 2,119,696 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | 37,446 | — | 37,446 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 1,184 | 1,184 | ||||||||||||||||||||||||||||||||||
Comprehensive income | 38,630 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.22 per share)
|
— | — | — | — | (12,829) | — | (12,829) | ||||||||||||||||||||||||||||||||||
Repurchase of shares in connection with stock repurchase program | (851,421) | — | (28,707) | — | — | — | (28,707) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation awards | 9,057 | — | 298 | (431) | — | — | (133) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,002 | — | — | 3,002 | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | 57,455,306 | $ | 296,483 | $ | (62,044) | $ | 1,291,927 | $ | 591,599 | $ | 1,694 | $ | 2,119,659 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 52,130 | $ | 129,181 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses on loans | 76,350 | 4,100 | |||||||||
Depreciation, amortization and accretion | 22,727 | 5,826 | |||||||||
Deferred income tax (benefit) expense | (8,494) | 13,911 | |||||||||
Funding of mortgage loans held for sale | (3,277,576) | (1,680,729) | |||||||||
Proceeds from sales of mortgage loans held for sale | 3,310,402 | 1,543,544 | |||||||||
Gains on sales of mortgage loans held for sale | (114,327) | (35,416) | |||||||||
Valuation adjustment to mortgage servicing rights | 13,694 | 3,132 | |||||||||
Gains on sales of securities | (31) | (348) | |||||||||
Penalty on prepayment of debt | 118 | 54 | |||||||||
Loss (gains) on sales of premises and equipment | 35 | (1,062) | |||||||||
Stock-based compensation expense | 8,153 | 7,721 | |||||||||
Net change in other loans held for sale | — | 59,885 | |||||||||
Increase in other assets | (87,405) | (12,397) | |||||||||
Increase (decrease) in other liabilities | 48,269 | (7,520) | |||||||||
Net cash provided by operating activities | 44,045 | 29,882 | |||||||||
Investing activities | |||||||||||
Purchases of securities available for sale | (304,955) | (366,265) | |||||||||
Proceeds from sales of securities available for sale | 8,773 | 212,485 | |||||||||
Proceeds from call/maturities of securities available for sale | 314,363 | 192,520 | |||||||||
Net increase in loans | (1,383,382) | (93,761) | |||||||||
Purchases of premises and equipment | (6,824) | (23,968) | |||||||||
Proceeds from sales of premises and equipment | — | 2,246 | |||||||||
Net change in FHLB stock | 10,607 | 6,389 | |||||||||
Proceeds from sales of other assets | 6,020 | 17,250 | |||||||||
Other, net | — | 917 | |||||||||
Net cash used in investing activities | (1,355,398) | (52,187) | |||||||||
Financing activities | |||||||||||
Net increase in noninterest-bearing deposits | 1,206,472 | 288,350 | |||||||||
Net increase (decrease) in interest-bearing deposits | 514,646 | (129,873) | |||||||||
Net decrease in short-term borrowings | (446,467) | (182,104) | |||||||||
Proceeds from the issuance of long-term debt, net of issuance costs | 98,299 | — | |||||||||
Repayment of long-term debt | (246) | (33,631) | |||||||||
Cash paid for dividends | (37,607) | (38,242) | |||||||||
Repurchase of shares in connection with stock repurchase program | (24,569) | (41,645) | |||||||||
Net cash provided by (used in) financing activities | 1,310,528 | (137,145) | |||||||||
Net decrease in cash and cash equivalents | (825) | (159,450) | |||||||||
Cash and cash equivalents at beginning of period | 414,930 | 569,111 | |||||||||
Cash and cash equivalents at end of period | $ | 414,105 | $ | 409,661 | |||||||
Supplemental disclosures | |||||||||||
Cash paid for interest | $ | 61,351 | $ | 75,720 | |||||||
Cash paid for income taxes | $ | 26,148 | $ | 25,892 | |||||||
Noncash transactions: | |||||||||||
Transfers of loans to other real estate owned | $ | 7,887 | $ | 3,613 | |||||||
Financed sales of other real estate owned | $ | 151 | $ | 254 | |||||||
Transfers of mortgage loans held for sale to loans held for investment | $ | — | $ | 189 | |||||||
Transfers of other loans held for sale to loans held for investment | $ | — | $ | 134,335 | |||||||
Recognition of operating right-of-use assets | $ | 4,151 | $ | 89,770 | |||||||
Recognition of operating lease liabilities | $ | 4,151 | $ | 93,289 |
December 31, 2019
(as reported) |
Impact of ASU 2016-13 Adoption |
January 1, 2020
(adjusted) |
|||||||||
Assets: | |||||||||||
Allowance for credit losses | $ | (52,162) | $ | (42,484) | $ | (94,646) | |||||
Deferred tax assets, net | $ | 27,282 | $ | 12,305 | $ | 39,587 | |||||
Remaining purchase discount on loans | $ | (50,958) | $ | 5,469 | $ | (45,489) | |||||
Liabilities: | |||||||||||
Reserve for unfunded commitments | $ | 946 | $ | 10,389 | $ | 11,335 | |||||
Shareholders’ equity: | |||||||||||
Retained earnings | $ | 617,355 | $ | (35,099) | $ | 582,256 |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Allowance for Credit Losses |
Fair
Value |
|||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 7,067 | $ | 45 | $ | — | $ | — | $ | 7,112 | |||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 1,505 | 10 | — | — | 1,515 | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 267,067 | 11,224 | (651) | — | 277,640 | ||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | 649,383 | 23,601 | (64) | — | 672,920 | ||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 133,993 | 2,181 | (29) | — | 136,145 | ||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | 29,198 | 1,316 | (1) | — | 30,513 | ||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 90,523 | 3,306 | (77) | — | 93,752 | ||||||||||||||||||||||||
Trust preferred securities | 12,042 | — | (3,550) | — | 8,492 | ||||||||||||||||||||||||
Other debt securities | 62,495 | 2,935 | (131) | — | 65,299 | ||||||||||||||||||||||||
$ | 1,253,273 | $ | 44,618 | $ | (4,503) | $ | — | $ | 1,293,388 |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair
Value |
||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 498 | $ | 1 | $ | — | $ | 499 | |||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 2,518 | 16 | (3) | 2,531 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 218,362 | 5,134 | (365) | 223,131 | |||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | 708,970 | 8,951 | (1,816) | 716,105 | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 172,178 | 1,322 | (262) | 173,238 | |||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | 30,372 | 659 | (24) | 31,007 | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 76,456 | 1,404 | (109) | 77,751 | |||||||||||||||||||||||||
Trust preferred securities | 12,153 | — | (2,167) | 9,986 | |||||||||||||||||||||||||
Other debt securities | 55,364 | 1,133 | (132) | 56,365 | |||||||||||||||||||||||||
$ | 1,276,871 | $ | 18,620 | $ | (4,878) | $ | 1,290,613 |
Carrying Value | Net Proceeds | Gain/(Loss) | |||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||
Obligations of states and political subdivisions | $ | 2,696 | $ | 2,561 | $ | (135) | |||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 6,046 | 6,212 | 166 | ||||||||||||||
$ | 8,742 | $ | 8,773 | $ | 31 |
Carrying Value | Net Proceeds | Gain/(Loss) | |||||||||||||||
Three months ended September 30, 2019 | |||||||||||||||||
Obligations of states and political subdivisions | $ | 1,112 | $ | 1,111 | $ | (1) | |||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 70,926 | 70,322 | (604) | ||||||||||||||
Government agency collateralized mortgage obligations | 122,404 | 120,606 | (1,798) | ||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 4,838 | 4,720 | (118) | ||||||||||||||
Other debt securities | 252 | 257 | 5 | ||||||||||||||
Other equity securities | — | 2,859 | 2,859 | ||||||||||||||
$ | 199,532 | $ | 199,875 | $ | 343 | ||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||
Obligations of states and political subdivisions | $ | 11,799 | $ | 11,813 | $ | 14 | |||||||||||
Residential mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 72,556 | 71,944 | (612) | ||||||||||||||
Government agency collateralized mortgage obligations | 122,692 | 120,892 | (1,800) | ||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||
Government agency mortgage backed securities | 4,838 | 4,720 | (118) | ||||||||||||||
Other debt securities | 252 | 257 | 5 | ||||||||||||||
Other equity securities | — | 2,859 | 2,859 | ||||||||||||||
$ | 212,137 | $ | 212,485 | $ | 348 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Gross gains on sales of securities available for sale | $ | — | $ | 2,933 | $ | 166 | $ | 2,979 | |||||||||||||||
Gross losses on sales of securities available for sale | — | (2,590) | (135) | (2,631) | |||||||||||||||||||
Gains on sales of securities available for sale, net | $ | — | $ | 343 | $ | 31 | $ | 348 |
Available for Sale | |||||||||||||||||||||||
Amortized
Cost |
Fair
Value |
||||||||||||||||||||||
Due within one year | $ | 9,258 | $ | 9,316 | |||||||||||||||||||
Due after one year through five years | 38,526 | 40,210 | |||||||||||||||||||||
Due after five years through ten years | 71,434 | 75,283 | |||||||||||||||||||||
Due after ten years | 194,270 | 196,052 | |||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||
Government agency mortgage backed securities | 649,383 | 672,920 | |||||||||||||||||||||
Government agency collateralized mortgage obligations | 133,993 | 136,145 | |||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||
Government agency mortgage backed securities | 29,198 | 30,513 | |||||||||||||||||||||
Government agency collateralized mortgage obligations | 90,523 | 93,752 | |||||||||||||||||||||
Other debt securities | 36,688 | 39,197 | |||||||||||||||||||||
$ | 1,253,273 | $ | 1,293,388 |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
# |
Fair
Value |
Unrealized
Losses |
# |
Fair
Value |
Unrealized
Losses |
# |
Fair
Value |
Unrealized
Losses |
|||||||||||||||||||||||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 28 | $ | 45,111 | $ | (651) | 0 | $ | — | $ | — | 28 | $ | 45,111 | $ | (651) | ||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 3 | 21,244 | (64) | 0 | — | — | 3 | 21,244 | (64) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 6 | 18,206 | (29) | 0 | — | — | 6 | 18,206 | (29) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 1 | 1,546 | (1) | 1 | 465 | — | 2 | 2,011 | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 3 | 12,846 | (77) | 0 | — | — | 3 | 12,846 | (77) | ||||||||||||||||||||||||||||||||||||||||||||
Trust preferred securities | 0 | — | — | 2 | 8,492 | (3,550) | 2 | 8,492 | (3,550) | ||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 12 | 14,833 | (128) | 1 | 575 | (3) | 13 | 15,408 | (131) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 53 | $ | 113,786 | $ | (950) | 4 | $ | 9,532 | $ | (3,553) | 57 | $ | 123,318 | $ | (4,503) | ||||||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 0 | $ | — | $ | — | 1 | $ | 1,008 | $ | (3) | 1 | $ | 1,008 | $ | (3) | ||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 26 | 33,902 | (365) | 0 | — | — | 26 | 33,902 | (365) | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 37 | 233,179 | (1,504) | 16 | 20,775 | (312) | 53 | 253,954 | (1,816) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 11 | 45,319 | (262) | 0 | — | — | 11 | 45,319 | (262) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency mortgage backed securities | 1 | 4,976 | (23) | 2 | 1,190 | (1) | 3 | 6,166 | (24) | ||||||||||||||||||||||||||||||||||||||||||||
Government agency collateralized mortgage obligations | 1 | 4,910 | (109) | 0 | — | — | 1 | 4,910 | (109) | ||||||||||||||||||||||||||||||||||||||||||||
Trust preferred securities | 0 | — | — | 2 | 9,986 | (2,167) | 2 | 9,986 | (2,167) | ||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 3 | 8,737 | (131) | 1 | 741 | (1) | 4 | 9,478 | (132) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 79 | $ | 331,023 | $ | (2,394) | 22 | $ | 33,700 | $ | (2,484) | 101 | $ | 364,723 | $ | (4,878) |
September 30,
2020 |
December 31, 2019 | ||||||||||
Commercial, financial, agricultural | $ | 2,445,294 | $ | 1,052,353 | |||||||
Lease financing | 87,257 | 85,700 | |||||||||
Real estate – construction: | |||||||||||
Residential | 261,432 | 272,643 | |||||||||
Commercial | 477,441 | 502,258 | |||||||||
Total real estate – construction | 738,873 | 774,901 | |||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 1,517,528 | 1,449,219 | |||||||||
Home equity | 442,380 | 456,265 | |||||||||
Rental/investment | 272,811 | 291,931 | |||||||||
Land development | 136,573 | 152,711 | |||||||||
Total real estate – 1-4 family mortgage | 2,369,292 | 2,350,126 | |||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 1,316,408 | 1,209,204 | |||||||||
Non-owner occupied | 2,176,562 | 1,803,587 | |||||||||
Land development | 117,672 | 116,085 | |||||||||
Total real estate – commercial mortgage | 3,610,642 | 3,128,876 | |||||||||
Installment loans to individuals | 177,195 | 199,843 | |||||||||
Gross loans | 9,428,553 | 7,591,799 | |||||||||
Unearned income | (4,329) | (3,825) | |||||||||
Loans, net of unearned income | $ | 9,424,224 | $ | 7,587,974 | |||||||
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days
Past Due |
90 Days
or More Past Due |
Current
Loans |
Total
Loans |
30-89 Days
Past Due |
90 Days
or More Past Due |
Current
Loans |
Total
Loans |
Total
Loans |
|||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 876 | $ | 288 | $ | 2,439,040 | $ | 2,440,204 | $ | 650 | $ | 2,666 | $ | 1,774 | $ | 5,090 | $ | 2,445,294 | |||||||||||||||||||||||||||||||||||
Lease financing | — | — | 87,257 | 87,257 | — | — | — | — | 87,257 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 988 | — | 260,444 | 261,432 | — | — | — | — | 261,432 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 477,441 | 477,441 | — | — | — | — | 477,441 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | 988 | — | 737,885 | 738,873 | — | — | — | — | 738,873 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | 1,795 | 1,098 | 1,505,737 | 1,508,630 | 347 | 3,031 | 5,520 | 8,898 | 1,517,528 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 1,001 | 16 | 440,820 | 441,837 | — | 92 | 451 | 543 | 442,380 | ||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | 1,334 | 207 | 270,995 | 272,536 | 7 | 178 | 90 | 275 | 272,811 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 60 | — | 136,468 | 136,528 | — | 12 | 33 | 45 | 136,573 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | 4,190 | 1,321 | 2,354,020 | 2,359,531 | 354 | 3,313 | 6,094 | 9,761 | 2,369,292 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 1,034 | 1 | 1,312,024 | 1,313,059 | 178 | 2,895 | 276 | 3,349 | 1,316,408 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 1,986 | — | 2,174,154 | 2,176,140 | 58 | 309 | 55 | 422 | 2,176,562 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 257 | 43 | 117,287 | 117,587 | — | 39 | 46 | 85 | 117,672 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | 3,277 | 44 | 3,603,465 | 3,606,786 | 236 | 3,243 | 377 | 3,856 | 3,610,642 | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 923 | 173 | 175,975 | 177,071 | 6 | 84 | 34 | 124 | 177,195 | ||||||||||||||||||||||||||||||||||||||||||||
Unearned income | — | — | (4,329) | (4,329) | — | — | — | — | (4,329) | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 10,254 | $ | 1,826 | $ | 9,393,313 | $ | 9,405,393 | $ | 1,246 | $ | 9,306 | $ | 8,279 | $ | 18,831 | $ | 9,424,224 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days
Past Due |
90 Days
or More Past Due |
Current
Loans |
Total
Loans |
30-89 Days
Past Due |
90 Days
or More Past Due |
Current
Loans |
Total
Loans |
Total
Loans |
|||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 605 | $ | 476 | $ | 1,045,802 | $ | 1,046,883 | $ | 387 | $ | 5,023 | $ | 60 | $ | 5,470 | $ | 1,052,353 | |||||||||||||||||||||||||||||||||||
Lease financing | — | — | 85,474 | 85,474 | — | 226 | — | 226 | 85,700 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction | 794 | — | 774,107 | 774,901 | — | — | — | — | 774,901 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 18,020 | 2,502 | 2,320,328 | 2,340,850 | 623 | 6,571 | 2,082 | 9,276 | 2,350,126 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 2,362 | 276 | 3,119,785 | 3,122,423 | 372 | 4,655 | 1,426 | 6,453 | 3,128,876 | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 1,000 | 204 | 198,555 | 199,759 | — | 17 | 67 | 84 | 199,843 | ||||||||||||||||||||||||||||||||||||||||||||
Unearned income | — | — | (3,825) | (3,825) | — | — | — | — | (3,825) | ||||||||||||||||||||||||||||||||||||||||||||
Total loans, net | $ | 22,781 | $ | 3,458 | $ | 7,540,226 | $ | 7,566,465 | $ | 1,382 | $ | 16,492 | $ | 3,635 | $ | 21,509 | $ | 7,587,974 |
Number of
Loans |
Pre-
Modification Outstanding Recorded Investment |
Post-
Modification Outstanding Recorded Investment |
|||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||
Commercial, financial, agricultural | 1 | $ | 31 | $ | 31 | ||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 2 | 201 | 200 | ||||||||||||||
Rental/investment | 1 | 33 | 32 | ||||||||||||||
Total real estate – 1-4 family mortgage | 3 | 234 | 232 | ||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | 2 | 357 | 357 | ||||||||||||||
Non-owner occupied | 2 | 210 | 210 | ||||||||||||||
Total real estate – commercial mortgage | 4 | 567 | 567 | ||||||||||||||
Total | 8 | $ | 832 | $ | 830 | ||||||||||||
Three months ended September 30, 2019 | |||||||||||||||||
Real estate – 1-4 family mortgage | 1 | $ | 16 | $ | 16 | ||||||||||||
Total | 1 | $ | 16 | $ | 16 |
Number of
Loans |
Pre-
Modification Outstanding Recorded Investment |
Post-
Modification Outstanding Recorded Investment |
|||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||
Commercial, financial, agricultural | 7 | $ | 1,862 | $ | 1,859 | ||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 17 | 2,356 | 2,363 | ||||||||||||||
Rental/investment | 2 | 142 | 142 | ||||||||||||||
Total real estate – 1-4 family mortgage | 19 | 2,498 | 2,505 | ||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | 3 | 3,019 | 2,970 | ||||||||||||||
Non-owner occupied | 2 | 210 | 210 | ||||||||||||||
Land development | 1 | 189 | 189 | ||||||||||||||
Total real estate – commercial mortgage | 6 | 3,418 | 3,369 | ||||||||||||||
Installment loans to individuals | 2 | 24 | 21 | ||||||||||||||
Total | 34 | $ | 7,802 | $ | 7,754 | ||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||
Commercial, financial, agricultural | 2 | $ | 187 | $ | 185 | ||||||||||||
Real estate – 1-4 family mortgage | 4 | 321 | 320 | ||||||||||||||
Total | 6 | $ | 508 | $ | 505 |
Number of
Loans |
Recorded
Investment |
||||||||||
Totals at January 1, 2020 | 46 | $ | 4,679 | ||||||||
Additional advances or loans with concessions | 34 | 7,787 | |||||||||
Reclassified as performing restructured loan | 3 | 354 | |||||||||
Reductions due to: | |||||||||||
Reclassified as nonperforming | (2) | (510) | |||||||||
Paid in full | (4) | (938) | |||||||||
Principal paydowns | — | (200) | |||||||||
Totals at September 30, 2020 | 77 | $ | 11,172 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | 1,496,869 | $ | 208,462 | $ | 82,029 | $ | 55,271 | $ | 21,981 | $ | 25,284 | $ | 249,974 | $ | 12,539 | $ | 2,152,409 | |||||||||||
Pass | 1,490,637 | 184,292 | 77,209 | 47,560 | 17,411 | 23,379 | 234,139 | 10,846 | 2,085,473 | ||||||||||||||||||||
Pass-Watch | 5,841 | 23,483 | 3,318 | 6,056 | 4,177 | 178 | 11,352 | 796 | 55,201 | ||||||||||||||||||||
Substandard | 391 | 687 | 1,502 | 1,655 | 393 | 1,727 | 4,483 | 897 | 11,735 | ||||||||||||||||||||
Real Estate - Construction | $ | 292,840 | $ | 277,380 | $ | 60,321 | $ | 27,528 | $ | — | $ | — | $ | 14,687 | $ | 145 | $ | 672,901 | |||||||||||
Residential | $ | 144,193 | $ | 37,303 | $ | 2,805 | $ | — | $ | — | $ | — | $ | 14,175 | $ | 145 | $ | 198,621 | |||||||||||
Pass | 143,398 | 37,239 | 2,805 | — | — | — | 14,175 | 145 | 197,762 | ||||||||||||||||||||
Pass-Watch | 795 | — | — | — | — | — | — | — | 795 | ||||||||||||||||||||
Substandard | — | 64 | — | — | — | — | — | — | 64 | ||||||||||||||||||||
Commercial | $ | 148,647 | $ | 240,077 | $ | 57,516 | $ | 27,528 | $ | — | $ | — | $ | 512 | $ | — | $ | 474,280 | |||||||||||
Pass | 143,920 | 222,291 | 57,516 | 27,528 | — | — | 512 | — | 451,767 | ||||||||||||||||||||
Pass-Watch | 4,727 | 17,786 | — | — | — | — | — | — | 22,513 | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | 93,050 | $ | 90,316 | $ | 54,193 | $ | 35,024 | $ | 15,897 | $ | 11,028 | $ | 16,565 | $ | 2,411 | $ | 318,484 | |||||||||||
Primary | $ | 7,847 | $ | 7,610 | $ | 7,659 | $ | 5,548 | $ | 427 | $ | 2,099 | $ | 416 | $ | — | $ | 31,606 | |||||||||||
Pass | 7,847 | 7,328 | 7,659 | 5,548 | 427 | 2,083 | 416 | — | 31,308 | ||||||||||||||||||||
Pass-Watch | — | 162 | — | — | — | — | — | — | 162 | ||||||||||||||||||||
Substandard | — | 120 | — | — | — | 16 | — | — | 136 | ||||||||||||||||||||
Home Equity | $ | 97 | $ | 565 | $ | — | $ | — | $ | — | $ | — | $ | 10,563 | $ | — | $ | 11,225 | |||||||||||
Pass | 97 | 565 | — | — | — | — | 10,438 | — | 11,100 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
Pass-Watch | — | — | — | — | — | — | 125 | — | 125 | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Rental/Investment | $ | 37,906 | $ | 38,376 | $ | 32,752 | $ | 29,097 | $ | 15,247 | $ | 8,516 | $ | 1,260 | $ | 570 | $ | 163,724 | |||||||||||
Pass | 35,900 | 36,978 | 31,584 | 27,640 | 15,142 | 7,714 | 1,169 | 570 | 156,697 | ||||||||||||||||||||
Pass-Watch | 1,816 | 456 | 434 | 1,390 | — | 603 | 91 | — | 4,790 | ||||||||||||||||||||
Substandard | 190 | 942 | 734 | 67 | 105 | 199 | — | — | 2,237 | ||||||||||||||||||||
Land Development | $ | 47,200 | $ | 43,765 | $ | 13,782 | $ | 379 | $ | 223 | $ | 413 | $ | 4,326 | $ | 1,841 | $ | 111,929 | |||||||||||
Pass | 47,200 | 43,125 | 13,782 | 379 | 217 | 375 | 4,322 | 1,841 | 111,241 | ||||||||||||||||||||
Pass-Watch | — | — | — | — | — | 38 | 4 | — | 42 | ||||||||||||||||||||
Substandard | — | 640 | — | — | 6 | — | — | — | 646 | ||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | 674,040 | $ | 853,569 | $ | 495,652 | $ | 448,059 | $ | 387,416 | $ | 329,400 | $ | 79,338 | $ | 18,350 | $ | 3,285,824 | |||||||||||
Owner-Occupied | $ | 187,846 | $ | 272,468 | $ | 208,303 | $ | 186,479 | $ | 125,496 | $ | 101,549 | $ | 23,588 | $ | 5,804 | $ | 1,111,533 | |||||||||||
Pass | 174,500 | 261,499 | 175,671 | 159,656 | 99,871 | 86,635 | 18,854 | 5,804 | 982,490 | ||||||||||||||||||||
Pass-Watch | 13,311 | 10,202 | 27,468 | 22,250 | 22,470 | 13,178 | 3,126 | — | 112,005 | ||||||||||||||||||||
Substandard | 35 | 767 | 5,164 | 4,573 | 3,155 | 1,736 | 1,608 | — | 17,038 | ||||||||||||||||||||
Non-Owner Occupied | $ | 462,691 | $ | 555,163 | $ | 273,430 | $ | 256,342 | $ | 256,794 | $ | 223,031 | $ | 52,887 | $ | 12,546 | $ | 2,092,884 | |||||||||||
Pass | 428,272 | 502,778 | 235,155 | 171,441 | 190,683 | 164,334 | 46,252 | 12,427 | 1,751,342 | ||||||||||||||||||||
Pass-Watch | 32,584 | 50,069 | 38,275 | 83,315 | 52,461 | 57,785 | 6,635 | 119 | 321,243 | ||||||||||||||||||||
Substandard | 1,835 | 2,316 | — | 1,586 | 13,650 | 912 | — | — | 20,299 | ||||||||||||||||||||
Land Development | $ | 23,503 | $ | 25,938 | $ | 13,919 | $ | 5,238 | $ | 5,126 | $ | 4,820 | $ | 2,863 | $ | — | $ | 81,407 | |||||||||||
Pass | 21,084 | 25,070 | 12,617 | 5,165 | 3,539 | 4,820 | 2,863 | — | 75,158 | ||||||||||||||||||||
Pass-Watch | 263 | 868 | 1,302 | 73 | — | — | — | — | 2,506 | ||||||||||||||||||||
Substandard | 2,156 | — | — | — | 1,587 | — | — | — | 3,743 | ||||||||||||||||||||
Installment loans to individuals | $ | 25 | $ | 5 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 20 | $ | 50 | |||||||||||
Pass | 25 | 5 | — | — | — | — | — | 20 | 50 | ||||||||||||||||||||
Pass-Watch | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total loans subject to risk rating | $ | 2,556,824 | $ | 1,429,732 | $ | 692,195 | $ | 565,882 | $ | 425,294 | $ | 365,712 | $ | 360,564 | $ | 33,465 | $ | 6,429,668 | |||||||||||
Pass | 2,492,880 | 1,321,170 | 613,998 | 444,917 | 327,290 | 289,340 | 333,140 | 31,653 | 5,854,388 | ||||||||||||||||||||
Pass-Watch | 59,337 | 103,026 | 70,797 | 113,084 | 79,108 | 71,782 | 21,333 | 915 | 519,382 | ||||||||||||||||||||
Substandard | 4,607 | 5,536 | 7,400 | 7,881 | 18,896 | 4,590 | 6,091 | 897 | 55,898 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | 26,726 | $ | 19,164 | $ | 12,105 | $ | 7,487 | $ | 3,440 | $ | 12,258 | $ | 211,383 | $ | 322 | $ | 292,885 | |||||||||||
Performing Loans | 26,726 | 19,052 | 12,049 | 7,107 | 3,291 | 12,235 | 210,916 | 322 | 291,698 | ||||||||||||||||||||
Non-Performing Loans | — | 112 | 56 | 380 | 149 | 23 | 467 | — | 1,187 | ||||||||||||||||||||
Lease Financing Receivables | $ | 27,278 | $ | 27,274 | $ | 18,993 | $ | 5,056 | $ | 1,836 | $ | 2,491 | $ | — | $ | — | $ | 82,928 | |||||||||||
Performing Loans | 27,278 | 27,274 | 18,993 | 5,056 | 1,836 | 2,491 | — | — | 82,928 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - Construction | $ | 37,614 | $ | 27,562 | $ | 295 | $ | 155 | $ | — | $ | — | $ | 346 | $ | — | $ | 65,972 | |||||||||||
Residential | $ | 36,288 | $ | 25,727 | $ | 295 | $ | 155 | $ | — | $ | — | $ | 346 | $ | — | $ | 62,811 | |||||||||||
Performing Loans | 36,288 | 25,727 | 295 | 155 | — | — | 346 | — | 62,811 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Commercial | $ | 1,326 | $ | 1,835 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,161 | |||||||||||
Performing Loans | 1,326 | 1,835 | — | — | — | — | — | — | 3,161 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | 378,741 | $ | 381,768 | $ | 298,572 | $ | 223,228 | $ | 116,088 | $ | 218,792 | $ | 430,273 | $ | 3,346 | $ | 2,050,808 | |||||||||||
Primary | $ | 342,912 | $ | 353,445 | $ | 274,097 | $ | 200,836 | $ | 101,959 | $ | 211,184 | $ | 1,443 | $ | 46 | $ | 1,485,922 | |||||||||||
Performing Loans | 342,912 | 351,059 | 271,076 | 199,061 | 101,238 | 209,090 | 1,443 | 46 | 1,475,925 | ||||||||||||||||||||
Non-Performing Loans | — | 2,386 | 3,021 | 1,775 | 721 | 2,094 | — | — | 9,997 | ||||||||||||||||||||
Home Equity | $ | — | $ | 205 | $ | 377 | $ | 179 | $ | 45 | $ | 965 | $ | 426,583 | $ | 2,801 | $ | 431,155 | |||||||||||
Performing Loans | — | 205 | 377 | 179 | 45 | 848 | 426,434 | 2,507 | 430,595 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | 117 | 149 | 294 | 560 | ||||||||||||||||||||
Rental/Investment | $ | 24,840 | $ | 22,936 | $ | 20,378 | $ | 19,980 | $ | 12,950 | $ | 6,007 | $ | 1,497 | $ | 499 | $ | 109,087 | |||||||||||
Performing Loans | 24,840 | 22,830 | 20,378 | 19,859 | 12,943 | 5,759 | 1,497 | 499 | 108,605 | ||||||||||||||||||||
Non-Performing Loans | — | 106 | — | 121 | 7 | 248 | — | — | 482 | ||||||||||||||||||||
Land Development | $ | 10,989 | $ | 5,182 | $ | 3,720 | $ | 2,233 | $ | 1,134 | $ | 636 | $ | 750 | $ | — | $ | 24,644 | |||||||||||
Performing Loans | 10,989 | 5,182 | 3,708 | 2,200 | 1,134 | 636 | 750 | — | 24,599 | ||||||||||||||||||||
Non-Performing Loans | — | — | 12 | 33 | — | — | — | — | 45 | ||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | 62,694 | $ | 76,274 | $ | 61,617 | $ | 50,869 | $ | 39,150 | $ | 22,001 | $ | 11,674 | $ | 539 | $ | 324,818 | |||||||||||
Owner-Occupied | $ | 36,389 | $ | 47,042 | $ | 39,417 | $ | 33,561 | $ | 26,849 | $ | 15,425 | $ | 5,876 | $ | 316 | $ | 204,875 | |||||||||||
Performing Loans | 36,389 | 47,042 | 39,203 | 33,382 | 26,758 | 14,956 | 5,876 | 316 | 203,922 | ||||||||||||||||||||
Non-Performing Loans | — | — | 214 | 179 | 91 | 469 | — | — | 953 | ||||||||||||||||||||
Non-Owner Occupied | $ | 16,848 | $ | 19,873 | $ | 16,290 | $ | 14,117 | $ | 8,288 | $ | 5,011 | $ | 3,103 | $ | 148 | $ | 83,678 | |||||||||||
Performing Loans | 16,848 | 19,873 | 16,232 | 14,117 | 8,288 | 4,956 | 3,103 | 148 | 83,565 | ||||||||||||||||||||
Non-Performing Loans | — | — | 58 | — | — | 55 | — | — | 113 | ||||||||||||||||||||
Land Development | $ | 9,457 | $ | 9,359 | $ | 5,910 | $ | 3,191 | $ | 4,013 | $ | 1,565 | $ | 2,695 | $ | 75 | $ | 36,265 | |||||||||||
Performing Loans | 9,457 | 9,359 | 5,910 | 3,181 | 4,013 | 1,522 | 2,695 | 75 | 36,212 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | 10 | — | 43 | — | — | 53 | ||||||||||||||||||||
Installment loans to individuals | $ | 59,631 | $ | 81,611 | $ | 15,836 | $ | 4,842 | $ | 2,856 | $ | 1,915 | $ | 10,363 | $ | 91 | $ | 177,145 | |||||||||||
Performing Loans | 59,621 | 81,507 | 15,730 | 4,821 | 2,804 | 1,914 | 10,360 | 91 | 176,848 | ||||||||||||||||||||
Non-Performing Loans | 10 | 104 | 106 | 21 | 52 | 1 | 3 | — | 297 | ||||||||||||||||||||
Total loans not subject to risk rating | $ | 592,684 | $ | 613,653 | $ | 407,418 | $ | 291,637 | $ | 163,370 | $ | 257,457 | $ | 664,039 | $ | 4,298 | $ | 2,994,556 | |||||||||||
Performing Loans | 592,674 | 610,945 | 403,951 | 289,118 | 162,350 | 254,407 | 663,420 | 4,004 | 2,980,869 | ||||||||||||||||||||
Non-Performing Loans | 10 | 2,708 | 3,467 | 2,519 | 1,020 | 3,050 | 619 | 294 | 13,687 |
Pass | Pass-Watch | Substandard | Total | ||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Commercial, financial, agricultural | $ | 779,798 | $ | 11,949 | $ | 11,715 | $ | 803,462 | |||||||||||||||
Real estate – construction | 698,950 | 501 | 9,209 | 708,660 | |||||||||||||||||||
Real estate – 1-4 family mortgage | 339,079 | 3,856 | 3,572 | 346,507 | |||||||||||||||||||
Real estate – commercial mortgage | 2,737,629 | 31,867 | 26,711 | 2,796,207 | |||||||||||||||||||
Installment loans to individuals | 6 | — | — | 6 | |||||||||||||||||||
Total | $ | 4,555,462 | $ | 48,173 | $ | 51,207 | $ | 4,654,842 |
Performing |
Non-
Performing |
Total | |||||||||||||||
December 31, 2019 | |||||||||||||||||
Commercial, financial, agricultural | $ | 247,575 | $ | 1,316 | $ | 248,891 | |||||||||||
Lease financing | 81,649 | 226 | 81,875 | ||||||||||||||
Real estate – construction | 66,241 | — | 66,241 | ||||||||||||||
Real estate – 1-4 family mortgage | 1,992,331 | 11,288 | 2,003,619 | ||||||||||||||
Real estate – commercial mortgage | 330,714 | 1,955 | 332,669 | ||||||||||||||
Installment loans to individuals | 199,549 | 288 | 199,837 | ||||||||||||||
Total | $ | 2,918,059 | $ | 15,073 | $ | 2,933,132 |
Unpaid
Contractual Principal Balance |
Recorded
Investment With Allowance |
Recorded
Investment With No Allowance |
Total
Recorded Investment |
Related
Allowance |
|||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 6,623 | $ | 5,722 | $ | — | $ | 5,722 | $ | 1,222 | |||||||||||||||||||
Lease financing | 226 | 226 | — | 226 | 3 | ||||||||||||||||||||||||
Real estate – construction | 9,145 | — | 9,145 | 9,145 | — | ||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 14,018 | 13,689 | — | 13,689 | 143 | ||||||||||||||||||||||||
Real estate – commercial mortgage | 11,067 | 7,361 | 1,080 | 8,441 | 390 | ||||||||||||||||||||||||
Installment loans to individuals | 91 | 84 | — | 84 | 1 | ||||||||||||||||||||||||
Totals | $ | 41,170 | $ | 27,082 | $ | 10,225 | $ | 37,307 | $ | 1,759 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2019 | |||||||||||||||||||||||||||||||
Average
Recorded Investment |
Interest
Income Recognized |
Average
Recorded Investment |
Interest
Income Recognized |
|||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 5,705 | $ | 5 | $ | 5,656 | $ | 23 | ||||||||||||||||||||||||
Lease financing | — | — | — | — | ||||||||||||||||||||||||||||
Real estate – construction | 12,128 | 111 | 11,756 | 321 | ||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 12,203 | 50 | 12,323 | 153 | ||||||||||||||||||||||||||||
Real estate – commercial mortgage | 10,692 | 41 | 10,652 | 122 | ||||||||||||||||||||||||||||
Installment loans to individuals | 130 | — | 130 | 1 | ||||||||||||||||||||||||||||
Total | $ | 40,858 | $ | 207 | $ | 40,517 | $ | 620 |
September 30,
2020 |
December 31, 2019 | ||||||||||
Commercial, financial, agricultural | $ | 202,768 | $ | 315,619 | |||||||
Real estate – construction: | |||||||||||
Residential | 3,093 | 16,407 | |||||||||
Commercial | 31,153 | 35,175 | |||||||||
Total real estate – construction | 34,246 | 51,582 | |||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 245,369 | 332,729 | |||||||||
Home equity | 95,235 | 117,275 | |||||||||
Rental/investment | 33,567 | 43,169 | |||||||||
Land development | 16,931 | 23,314 | |||||||||
Total real estate – 1-4 family mortgage | 391,102 | 516,487 | |||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 355,994 | 428,077 | |||||||||
Non-owner occupied | 577,679 | 647,308 | |||||||||
Land development | 32,694 | 40,004 | |||||||||
Total real estate – commercial mortgage | 966,367 | 1,115,389 | |||||||||
Installment loans to individuals | 66,031 | 102,587 | |||||||||
Loans | $ | 1,660,514 | $ | 2,101,664 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days
Past Due |
90 Days
or More Past Due |
Current
Loans |
Total
Loans |
30-89 Days
Past Due |
90 Days
or More Past Due |
Current
Loans |
Total
Loans |
Total
Loans |
|||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,056 | $ | 36 | $ | 189,668 | $ | 190,760 | $ | 1,655 | $ | 6,233 | $ | 4,120 | $ | 12,008 | $ | 202,768 | |||||||||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | — | — | 3,093 | 3,093 | — | — | — | — | 3,093 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 31,153 | 31,153 | — | — | — | — | 31,153 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction | — | — | 34,246 | 34,246 | — | — | — | — | 34,246 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary | 845 | 64 | 238,937 | 239,846 | 329 | 2,794 | 2,400 | 5,523 | 245,369 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 839 | 114 | 93,006 | 93,959 | — | 629 | 647 | 1,276 | 95,235 | ||||||||||||||||||||||||||||||||||||||||||||
Rental/investment | 356 | — | 32,409 | 32,765 | — | 708 | 94 | 802 | 33,567 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | — | — | 16,581 | 16,581 | — | 29 | 321 | 350 | 16,931 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – 1-4 family mortgage | 2,040 | 178 | 380,933 | 383,151 | 329 | 4,160 | 3,462 | 7,951 | 391,102 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 851 | — | 351,688 | 352,539 | 505 | 891 | 2,059 | 3,455 | 355,994 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 438 | 54 | 576,462 | 576,954 | 144 | 571 | 10 | 725 | 577,679 | ||||||||||||||||||||||||||||||||||||||||||||
Land development | 161 | — | 32,142 | 32,303 | — | 164 | 227 | 391 | 32,694 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial mortgage | 1,450 | 54 | 960,292 | 961,796 | 649 | 1,626 | 2,296 | 4,571 | 966,367 | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 1,844 | 50 | 63,846 | 65,740 | 9 | 123 | 159 | 291 | 66,031 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 6,390 | $ | 318 | $ | 1,628,985 | $ | 1,635,693 | $ | 2,642 | $ | 12,142 | $ | 10,037 | $ | 24,821 | $ | 1,660,514 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days
Past Due |
90 Days
or More Past Due |
Current
Loans |
Total
Loans |
30-89 Days
Past Due |
90 Days
or More Past Due |
Current
Loans |
Total
Loans |
Total
Loans |
|||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,889 | $ | 998 | $ | 311,218 | $ | 314,105 | $ | — | $ | 1,246 | $ | 268 | $ | 1,514 | $ | 315,619 | |||||||||||||||||||||||||||||||||||
Real estate – construction | 319 | — | 51,263 | 51,582 | — | — | — | — | 51,582 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 5,516 | 2,244 | 503,826 | 511,586 | 605 | 2,762 | 1,534 | 4,901 | 516,487 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | 3,454 | 922 | 1,110,570 | 1,114,946 | — | 123 | 320 | 443 | 1,115,389 | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 3,709 | 153 | 98,545 | 102,407 | 1 | 51 | 128 | 180 | 102,587 | ||||||||||||||||||||||||||||||||||||||||||||
Total Loans, net | $ | 14,887 | $ | 4,317 | $ | 2,075,422 | $ | 2,094,626 | $ | 606 | $ | 4,182 | $ | 2,250 | $ | 7,038 | $ | 2,101,664 |
Number of
Loans |
Pre-
Modification Outstanding Recorded Investment |
Post-
Modification Outstanding Recorded Investment |
|||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 2 | 44 | 44 | ||||||||||||||
Total real estate – 1-4 family mortgage | 2 | 44 | 44 | ||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | 4 | 3,104 | 2,844 | ||||||||||||||
Total real estate – commercial mortgage | 4 | 3,104 | 2,844 | ||||||||||||||
Total | 6 | $ | 3,148 | $ | 2,888 | ||||||||||||
Three months ended September 30, 2019 | |||||||||||||||||
Commercial, financial, agricultural | 1 | $ | 258 | $ | 258 | ||||||||||||
Real estate – 1-4 family mortgage | 1 | 34 | 34 | ||||||||||||||
Total | 2 | $ | 292 | $ | 292 |
Number of
Loans |
Pre-
Modification Outstanding Recorded Investment |
Post-
Modification Outstanding Recorded Investment |
|||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||
Commercial, financial, agricultural | 1 | $ | 1,029 | $ | 1,031 | ||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 4 | 334 | 227 | ||||||||||||||
Home equity | 1 | 159 | 162 | ||||||||||||||
Total real estate – 1-4 family mortgage | 5 | 493 | 389 | ||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | 5 | 3,173 | 2,913 | ||||||||||||||
Non-owner occupied | 1 | 542 | 544 | ||||||||||||||
Total real estate – commercial mortgage | 6 | 3,715 | 3,457 | ||||||||||||||
Installment loans to individuals | 1 | 25 | 19 | ||||||||||||||
Total | 13 | $ | 5,262 | $ | 4,896 | ||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||
Commercial, financial, agricultural | 2 | $ | 2,778 | $ | 2,778 | ||||||||||||
Real estate – 1-4 family mortgage | 1 | 34 | 34 | ||||||||||||||
Real estate – commercial mortgage | 1 | 80 | 76 | ||||||||||||||
Total | 4 | $ | 2,892 | $ | 2,888 |
Number of
Loans |
Recorded
Investment |
||||||||||
Totals at January 1, 2020 | 54 | $ | 7,275 | ||||||||
Additional advances or loans with concessions | 13 | 5,159 | |||||||||
Reclassified as performing restructured loan | 1 | 74 | |||||||||
Reductions due to: | |||||||||||
Reclassified to nonperforming loans | (13) | (2,489) | |||||||||
Paid in full | (2) | (422) | |||||||||
Charge-offs | (1) | (3) | |||||||||
Principal paydowns | — | (444) | |||||||||
Totals at September 30, 2020 | 52 | $ | 9,150 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | — | $ | 727 | $ | 36,120 | $ | 33,922 | $ | 29,041 | $ | 25,136 | $ | 65,214 | $ | 1,712 | $ | 191,872 | |||||||||||
Pass | — | 727 | 23,006 | 25,516 | 22,081 | 20,778 | 55,670 | 628 | 148,406 | ||||||||||||||||||||
Pass-Watch | — | — | 10 | 1,270 | 1,499 | 584 | 676 | — | 4,039 | ||||||||||||||||||||
Substandard | — | — | 13,104 | 7,136 | 5,461 | 3,774 | 8,868 | 1,084 | 39,427 | ||||||||||||||||||||
Real Estate - Construction | $ | — | $ | — | $ | 10,887 | $ | 9,268 | $ | 14,091 | $ | — | $ | — | $ | — | $ | 34,246 | |||||||||||
Residential | $ | — | $ | — | $ | 2,203 | $ | 207 | $ | 683 | $ | — | $ | — | $ | — | $ | 3,093 | |||||||||||
Pass | — | — | 2,203 | 207 | 683 | — | — | — | 3,093 | ||||||||||||||||||||
Pass-Watch | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Commercial | $ | — | $ | — | $ | 8,684 | $ | 9,061 | $ | 13,408 | $ | — | $ | — | $ | — | $ | 31,153 | |||||||||||
Pass | — | — | 8,684 | 9,061 | 13,408 | — | — | — | 31,153 | ||||||||||||||||||||
Pass-Watch | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | — | $ | — | $ | 14,029 | $ | 9,639 | $ | 2,012 | $ | 40,034 | $ | 2,653 | $ | 253 | $ | 68,620 | |||||||||||
Primary | $ | — | $ | — | $ | 7,734 | $ | 5,163 | $ | 611 | $ | 17,809 | $ | 249 | $ | — | $ | 31,566 | |||||||||||
Pass | — | — | 6,438 | 5,163 | 604 | 12,904 | 249 | — | 25,358 | ||||||||||||||||||||
Pass-Watch | — | — | — | — | — | 314 | — | — | 314 | ||||||||||||||||||||
Substandard | — | — | 1,296 | — | 7 | 4,591 | — | — | 5,894 | ||||||||||||||||||||
Home Equity | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 943 | $ | 253 | $ | 1,196 | |||||||||||
Pass | — | — | — | — | — | — | 221 | — | 221 | ||||||||||||||||||||
Pass-Watch | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | 722 | 253 | 975 | ||||||||||||||||||||
Rental/Investment | $ | — | $ | — | $ | — | $ | 1,904 | $ | 316 | $ | 19,013 | $ | — | $ | — | $ | 21,233 | |||||||||||
Pass | — | — | — | 1,904 | 316 | 16,511 | — | — | 18,731 | ||||||||||||||||||||
Pass-Watch | — | — | — | — | — | 201 | — | — | 201 | ||||||||||||||||||||
Substandard | — | — | — | — | — | 2,301 | — | — | 2,301 | ||||||||||||||||||||
Land Development | $ | — | $ | — | $ | 6,295 | $ | 2,572 | $ | 1,085 | $ | 3,212 | $ | 1,461 | $ | — | $ | 14,625 | |||||||||||
Pass | — | — | 6,295 | 2,549 | 1,085 | 1,842 | 1,461 | — | 13,232 | ||||||||||||||||||||
Pass-Watch | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | 23 | — | 1,370 | — | — | 1,393 | ||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | — | $ | — | $ | 77,627 | $ | 158,074 | $ | 180,313 | $ | 482,175 | $ | 21,918 | $ | 4,684 | $ | 924,791 | |||||||||||
Owner-Occupied | $ | — | $ | — | $ | 14,819 | $ | 34,515 | $ | 63,851 | $ | 204,177 | $ | 15,144 | $ | 2 | $ | 332,508 | |||||||||||
Pass | — | — | 12,732 | 31,558 | 44,681 | 157,159 | 4,987 | — | 251,117 | ||||||||||||||||||||
Pass-Watch | — | — | 2,087 | 1,615 | 11,202 | 24,427 | — | — | 39,331 | ||||||||||||||||||||
Substandard | — | — | — | 1,342 | 7,968 | 22,591 | 10,157 | 2 | 42,060 | ||||||||||||||||||||
Non-Owner Occupied | $ | — | $ | — | $ | 56,269 | $ | 119,256 | $ | 113,496 | $ | 264,440 | $ | 6,596 | $ | 4,682 | $ | 564,739 | |||||||||||
Pass | — | — | 31,398 | 87,363 | 69,930 | 219,100 | 6,596 | — | 414,387 | ||||||||||||||||||||
Pass-Watch | — | — | 8,504 | 24,215 | 30,691 | 33,749 | — | 4,682 | 101,841 | ||||||||||||||||||||
Substandard | — | — | 16,367 | 7,678 | 12,875 | 11,591 | — | — | 48,511 | ||||||||||||||||||||
Land Development | $ | — | $ | — | $ | 6,539 | $ | 4,303 | $ | 2,966 | $ | 13,558 | $ | 178 | $ | — | $ | 27,544 | |||||||||||
Pass | — | — | 5,665 | 4,249 | 2,785 | 6,000 | 66 | — | 18,765 | ||||||||||||||||||||
Pass-Watch | — | — | 874 | 54 | 44 | 6,141 | 112 | — | 7,225 | ||||||||||||||||||||
Substandard | — | — | — | — | 137 | 1,417 | — | — | 1,554 | ||||||||||||||||||||
Total loans subject to risk rating | $ | — | $ | 727 | $ | 138,663 | $ | 210,903 | $ | 225,457 | $ | 547,346 | $ | 89,785 | $ | 6,649 | $ | 1,219,530 | |||||||||||
Pass | — | 727 | 96,421 | 167,570 | 155,573 | 434,295 | 69,250 | 628 | 924,464 | ||||||||||||||||||||
Pass-Watch | — | — | 11,475 | 27,154 | 43,436 | 65,416 | 788 | 4,682 | 152,951 | ||||||||||||||||||||
Substandard | — | — | 30,767 | 16,179 | 26,448 | 47,635 | 19,747 | 1,339 | 142,115 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | $ | — | $ | — | $ | 491 | $ | 355 | $ | 330 | $ | 2,846 | $ | 6,825 | $ | 49 | $ | 10,896 | |||||||||||
Performing Loans | — | — | 491 | 355 | 330 | 2,846 | 6,825 | 49 | 10,896 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Real Estate - 1-4 Family Mortgage | $ | — | $ | 375 | $ | 3,264 | $ | 43,061 | $ | 32,608 | $ | 156,497 | $ | 84,500 | $ | 2,177 | $ | 322,482 | |||||||||||
Primary | $ | — | $ | 250 | $ | 2,029 | $ | 38,366 | $ | 30,249 | $ | 142,336 | $ | 461 | $ | 112 | $ | 213,803 | |||||||||||
Performing Loans | — | 250 | 1,918 | 37,605 | 30,227 | 137,837 | 461 | 26 | 208,324 | ||||||||||||||||||||
Non-Performing Loans | — | — | 111 | 761 | 22 | 4,499 | — | 86 | 5,479 | ||||||||||||||||||||
Home Equity | $ | — | $ | — | $ | 744 | $ | 4,472 | $ | 1,799 | $ | 1,040 | $ | 83,919 | $ | 2,065 | $ | 94,039 | |||||||||||
Performing Loans | — | — | 744 | 4,472 | 1,799 | 973 | 83,274 | 1,640 | 92,902 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | 67 | 645 | 425 | 1,137 | ||||||||||||||||||||
Rental/Investment | $ | — | $ | 125 | $ | — | $ | 150 | $ | 203 | $ | 11,736 | $ | 120 | $ | — | $ | 12,334 | |||||||||||
Performing Loans | — | 125 | — | 150 | 203 | 11,632 | 120 | — | 12,230 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | 104 | — | — | 104 | ||||||||||||||||||||
Land Development | $ | — | $ | — | $ | 491 | $ | 73 | $ | 357 | $ | 1,385 | $ | — | $ | — | $ | 2,306 | |||||||||||
Performing Loans | — | — | 491 | 30 | 118 | 1,385 | — | — | 2,024 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
Non-Performing Loans | — | — | — | 43 | 239 | — | — | — | 282 | ||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | — | $ | 339 | $ | 620 | $ | 1,339 | $ | 998 | $ | 36,416 | $ | 1,864 | $ | — | $ | 41,576 | |||||||||||
Owner-Occupied | $ | — | $ | — | $ | — | $ | 955 | $ | 670 | $ | 20,457 | $ | 1,404 | $ | — | $ | 23,486 | |||||||||||
Performing Loans | — | — | — | 955 | 670 | 20,175 | 1,404 | — | 23,204 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | 282 | — | — | 282 | ||||||||||||||||||||
Non-Owner Occupied | $ | — | $ | 339 | $ | 463 | $ | 50 | $ | 67 | $ | 11,854 | $ | 167 | $ | — | $ | 12,940 | |||||||||||
Performing Loans | — | 339 | 463 | 50 | 67 | 11,656 | 167 | — | 12,742 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | 198 | — | — | 198 | ||||||||||||||||||||
Land Development | $ | — | $ | — | $ | 157 | $ | 334 | $ | 261 | $ | 4,105 | $ | 293 | $ | — | $ | 5,150 | |||||||||||
Performing Loans | — | — | 157 | 334 | 261 | 4,044 | 293 | — | 5,089 | ||||||||||||||||||||
Non-Performing Loans | — | — | — | — | — | 61 | — | — | 61 | ||||||||||||||||||||
Installment loans to individuals | $ | — | $ | — | $ | 39,966 | $ | 17,061 | $ | 1,265 | $ | 4,497 | $ | 3,206 | $ | 35 | $ | 66,030 | |||||||||||
Performing Loans | — | — | 39,901 | 16,985 | 1,187 | 4,375 | 3,206 | 35 | 65,689 | ||||||||||||||||||||
Non-Performing Loans | — | — | 65 | 76 | 78 | 122 | — | — | 341 | ||||||||||||||||||||
Total loans not subject to risk rating | $ | — | $ | 714 | $ | 44,341 | $ | 61,816 | $ | 35,201 | $ | 200,256 | $ | 96,395 | $ | 2,261 | $ | 440,984 | |||||||||||
Performing Loans | — | 714 | 44,165 | 60,936 | 34,862 | 194,923 | 95,750 | 1,750 | 433,100 | ||||||||||||||||||||
Non-Performing Loans | — | — | 176 | 880 | 339 | 5,333 | 645 | 511 | 7,884 |
Pass | Pass-Watch | Substandard | Total | ||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Commercial, financial, agricultural | $ | 259,760 | $ | 7,166 | $ | 5,220 | $ | 272,146 | |||||||||||||||
Real estate – construction | 48,994 | — | — | 48,994 | |||||||||||||||||||
Real estate – 1-4 family mortgage | 78,105 | 791 | 3,935 | 82,831 | |||||||||||||||||||
Real estate – commercial mortgage | 909,513 | 56,334 | 15,835 | 981,682 | |||||||||||||||||||
Installment loans to individuals | — | — | — | — | |||||||||||||||||||
Total | $ | 1,296,372 | $ | 64,291 | $ | 24,990 | $ | 1,385,653 |
Performing |
Non-
Performing |
Total | |||||||||||||||
December 31, 2019 | |||||||||||||||||
Commercial, financial, agricultural | $ | 13,935 | $ | — | $ | 13,935 | |||||||||||
Real estate – construction | 1,725 | — | 1,725 | ||||||||||||||
Real estate – 1-4 family mortgage | 394,476 | 3,638 | 398,114 | ||||||||||||||
Real estate – commercial mortgage | 30,472 | 101 | 30,573 | ||||||||||||||
Installment loans to individuals | 99,139 | 261 | 99,400 | ||||||||||||||
Total | $ | 539,747 | $ | 4,000 | $ | 543,747 |
Unpaid
Contractual Principal Balance |
Recorded
Investment With Allowance |
Recorded
Investment With No Allowance |
Total
Recorded Investment |
Related
Allowance |
|||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 2,979 | $ | 1,837 | $ | 901 | $ | 2,738 | $ | 212 | |||||||||||||||||||
Real estate – construction | 3,269 | 2,499 | 772 | 3,271 | 16 | ||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 7,464 | 2,801 | 3,772 | 6,573 | 17 | ||||||||||||||||||||||||
Real estate – commercial mortgage | 1,148 | 981 | 128 | 1,109 | 6 | ||||||||||||||||||||||||
Installment loans to individuals | 202 | 110 | 71 | 181 | 2 | ||||||||||||||||||||||||
Totals | $ | 15,062 | $ | 8,228 | $ | 5,644 | $ | 13,872 | $ | 253 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2019 | September 30, 2019 | ||||||||||||||||||||||
Average
Recorded Investment |
Interest
Income Recognized |
Average
Recorded Investment |
Interest
Income Recognized |
||||||||||||||||||||
Commercial, financial, agricultural | $ | 2,533 | $ | 2 | $ | 2,312 | $ | 6 | |||||||||||||||
Real estate – construction | 256 | — | 256 | 3 | |||||||||||||||||||
Real estate – 1-4 family mortgage | 5,364 | 30 | 5,468 | 96 | |||||||||||||||||||
Real estate – commercial mortgage | 1,150 | 11 | 1,185 | 36 | |||||||||||||||||||
Installment loans to individuals | 333 | — | 340 | — | |||||||||||||||||||
Total | $ | 9,636 | $ | 43 | $ | 9,561 | $ | 141 |
Unpaid
Contractual Principal Balance |
Recorded
Investment With Allowance |
Recorded
Investment With No Allowance |
Total
Recorded Investment |
Related
Allowance |
|||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 49,162 | $ | 3,695 | $ | 25,843 | $ | 29,538 | $ | 292 | |||||||||||||||||||
Real estate – construction | 882 | — | 863 | 863 | — | ||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 42,969 | 10,061 | 25,482 | 35,543 | 291 | ||||||||||||||||||||||||
Real estate – commercial mortgage | 119,929 | 52,501 | 50,632 | 103,133 | 1,386 | ||||||||||||||||||||||||
Installment loans to individuals | 5,411 | 640 | 2,547 | 3,187 | 2 | ||||||||||||||||||||||||
Totals | $ | 218,353 | $ | 66,897 | $ | 105,367 | $ | 172,264 | $ | 1,971 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2019 | September 30, 2019 | ||||||||||||||||||||||
Average
Recorded Investment |
Interest
Income Recognized |
Average
Recorded Investment |
Interest
Income Recognized |
||||||||||||||||||||
Commercial, financial, agricultural | $ | 32,150 | $ | 283 | $ | 35,304 | $ | 1,145 | |||||||||||||||
Real estate – construction | 558 | 8 | 560 | 8 | |||||||||||||||||||
Real estate – 1-4 family mortgage | 38,031 | 538 | 38,682 | 1,699 | |||||||||||||||||||
Real estate – commercial mortgage | 117,179 | 1,541 | 119,327 | 5,015 | |||||||||||||||||||
Installment loans to individuals | 3,192 | 86 | 3,576 | 287 | |||||||||||||||||||
Total | $ | 191,110 | $ | 2,456 | $ | 197,449 | $ | 8,154 |
Total Purchased Credit Deteriorated Loans | |||||
December 31, 2019 | |||||
Commercial, financial, agricultural | $ | 29,538 | |||
Real estate – construction | 863 | ||||
Real estate – 1-4 family mortgage | 35,543 | ||||
Real estate – commercial mortgage | 103,133 | ||||
Installment loans to individuals | 3,187 | ||||
Total | $ | 172,264 |
September 30,
2020 |
December 31, 2019 | ||||||||||
Commercial, financial, agricultural | $ | 2,648,062 | $ | 1,367,972 | |||||||
Lease financing | 87,257 | 85,700 | |||||||||
Real estate – construction: | |||||||||||
Residential | 264,525 | 289,050 | |||||||||
Commercial | 508,594 | 537,433 | |||||||||
Total real estate – construction | 773,119 | 826,483 | |||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 1,762,897 | 1,781,948 | |||||||||
Home equity | 537,615 | 573,540 | |||||||||
Rental/investment | 306,378 | 335,100 | |||||||||
Land development | 153,504 | 176,025 | |||||||||
Total real estate – 1-4 family mortgage | 2,760,394 | 2,866,613 | |||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 1,672,402 | 1,637,281 | |||||||||
Non-owner occupied | 2,754,241 | 2,450,895 | |||||||||
Land development | 150,366 | 156,089 | |||||||||
Total real estate – commercial mortgage | 4,577,009 | 4,244,265 | |||||||||
Installment loans to individuals | 243,226 | 302,430 | |||||||||
Gross loans | 11,089,067 | 9,693,463 | |||||||||
Unearned income | (4,329) | (3,825) | |||||||||
Loans, net of unearned income | 11,084,738 | 9,689,638 | |||||||||
Allowance for credit losses on loans | (168,098) | (52,162) | |||||||||
Net loans | $ | 10,916,640 | $ | 9,637,476 |
Commercial |
Real Estate -
Construction |
Real Estate -
1-4 Family Mortgage |
Real Estate -
Commercial Mortgage |
Lease Financing |
Installment
Loans to Individuals |
Total | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 30,685 | $ | 12,538 | $ | 29,401 | $ | 60,061 | $ | 1,812 | $ | 10,890 | $ | 145,387 | |||||||||||||||||||||||||||
Charge-offs | (420) | (136) | (720) | (553) | (168) | (1,579) | (3,576) | ||||||||||||||||||||||||||||||||||
Recoveries | 698 | 31 | 152 | 711 | 1 | 1,594 | 3,187 | ||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | 278 | (105) | (568) | 158 | (167) | 15 | (389) | ||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | 7,232 | 1,386 | 3,872 | 10,363 | 187 | 60 | 23,100 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 38,195 | $ | 13,819 | $ | 32,705 | $ | 70,582 | $ | 1,832 | $ | 10,965 | $ | 168,098 | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 10,658 | $ | 5,029 | $ | 9,814 | $ | 24,990 | $ | 910 | $ | 761 | $ | 52,162 | |||||||||||||||||||||||||||
Impact of the adoption of ASC 326
|
11,351 | 3,505 | 14,314 | 4,293 | 521 | 8,500 | 42,484 | ||||||||||||||||||||||||||||||||||
Charge-offs | (1,969) | (668) | (1,083) | (2,600) | (168) | (6,003) | (12,491) | ||||||||||||||||||||||||||||||||||
Recoveries | 996 | 31 | 288 | 2,451 | 11 | 5,816 | 9,593 | ||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (973) | (637) | (795) | (149) | (157) | (187) | (2,898) | ||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | 17,159 | 5,922 | 9,372 | 41,448 | 558 | 1,891 | 76,350 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 38,195 | $ | 13,819 | $ | 32,705 | $ | 70,582 | $ | 1,832 | $ | 10,965 | $ | 168,098 | |||||||||||||||||||||||||||
Period-End Amount Allocated to: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated | $ | 10,211 | $ | — | $ | 275 | $ | 380 | $ | — | $ | 270 | $ | 11,136 | |||||||||||||||||||||||||||
Collectively evaluated | 27,984 | 13,819 | 32,430 | 70,202 | 1,832 | 10,695 | 156,962 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 38,195 | $ | 13,819 | $ | 32,705 | $ | 70,582 | $ | 1,832 | $ | 10,965 | $ | 168,098 | |||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated | $ | 17,670 | $ | — | $ | 4,718 | $ | 6,596 | $ | — | $ | 618 | $ | 29,602 | |||||||||||||||||||||||||||
Collectively evaluated | 2,630,392 | 773,119 | 2,755,676 | 4,570,413 | 82,928 | 242,608 | 11,055,136 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,648,062 | $ | 773,119 | $ | 2,760,394 | $ | 4,577,009 | $ | 82,928 | $ | 243,226 | $ | 11,084,738 | |||||||||||||||||||||||||||
Nonaccruing loans with no allowance for credit losses | $ | 589 | $ | — | $ | 4,147 | $ | 3,644 | $ | — | $ | — | $ | 8,380 | |||||||||||||||||||||||||||
Commercial |
Real Estate -
Construction |
Real Estate -
1-4 Family Mortgage |
Real Estate -
Commercial Mortgage |
Installment
and Other(1)
|
Total | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 9,534 | $ | 5,302 | $ | 9,616 | $ | 24,302 | $ | 1,305 | $ | 50,059 | |||||||||||||||||||||||
Charge-offs | (757) | — | (268) | (677) | (3,263) | (4,965) | |||||||||||||||||||||||||||||
Recoveries | 761 | — | 219 | 33 | 3,007 | 4,020 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries | 4 | — | (49) | (644) | (256) | (945) | |||||||||||||||||||||||||||||
Provision for credit losses on loans | 750 | (175) | 282 | 381 | 462 | 1,700 | |||||||||||||||||||||||||||||
Ending balance | $ | 10,288 | $ | 5,127 | $ | 9,849 | $ | 24,039 | $ | 1,511 | $ | 50,814 | |||||||||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 8,269 | $ | 4,755 | $ | 10,139 | $ | 24,492 | $ | 1,371 | $ | 49,026 | |||||||||||||||||||||||
Charge-offs | (1,709) | — | (1,143) | (1,406) | (3,695) | (7,953) | |||||||||||||||||||||||||||||
Recoveries | 1,376 | 7 | 531 | 644 | 3,083 | 5,641 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (333) | 7 | (612) | (762) | (612) | (2,312) | |||||||||||||||||||||||||||||
Provision for credit losses on loans | 2,352 | 365 | 322 | 309 | 752 | 4,100 | |||||||||||||||||||||||||||||
Ending balance | $ | 10,288 | $ | 5,127 | $ | 9,849 | $ | 24,039 | $ | 1,511 | $ | 50,814 | |||||||||||||||||||||||
Period-End Amount Allocated to: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,382 | $ | 24 | $ | 186 | $ | 450 | $ | 3 | $ | 2,045 | |||||||||||||||||||||||
Collectively evaluated for impairment | 8,778 | 5,103 | 9,313 | 21,521 | 1,506 | 46,221 | |||||||||||||||||||||||||||||
Purchased with deteriorated credit quality | 128 | — | 350 | 2,068 | 2 | 2,548 | |||||||||||||||||||||||||||||
Ending balance | $ | 10,288 | $ | 5,127 | $ | 9,849 | $ | 24,039 | $ | 1,511 | $ | 50,814 |
Commercial |
Real Estate -
Construction |
Real Estate -
1-4 Family Mortgage |
Real Estate -
Commercial Mortgage |
Installment
and Other(1)
|
Total | ||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 8,460 | $ | 12,416 | $ | 20,262 | $ | 9,550 | $ | 491 | $ | 51,179 | |||||||||||||||||||||||
Collectively evaluated for impairment | 1,329,974 | 813,204 | 2,810,808 | 4,131,582 | 380,627 | 9,466,195 | |||||||||||||||||||||||||||||
Purchased with deteriorated credit quality | 29,538 | 863 | 35,543 | 103,133 | 3,187 | 172,264 | |||||||||||||||||||||||||||||
Ending balance | $ | 1,367,972 | $ | 826,483 | $ | 2,866,613 | $ | 4,244,265 | $ | 384,305 | $ | 9,689,638 |
Three Months Ended September 30, 2020 | |||||
Allowance for credit losses on unfunded loan commitments: | |||||
Beginning balance | $ | 17,335 | |||
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) | 2,700 | ||||
Ending balance | $ | 20,035 | |||
Nine Months Ended September 30, 2020 | |||||
Allowance for credit losses on unfunded loan commitments: | |||||
Beginning balance | $ | 946 | |||
Impact of the adoption of ASC 326
|
10,389 | ||||
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) | 8,700 | ||||
Ending balance | $ | 20,035 |
Purchased OREO | Non Purchased OREO |
Total
OREO |
|||||||||||||||
September 30, 2020 | |||||||||||||||||
Residential real estate | $ | 754 | $ | 1,116 | $ | 1,870 | |||||||||||
Commercial real estate | 1,605 | 798 | 2,403 | ||||||||||||||
Residential land development | 345 | 1,324 | 1,669 | ||||||||||||||
Commercial land development | 1,873 | 338 | 2,211 | ||||||||||||||
Total | $ | 4,577 | $ | 3,576 | $ | 8,153 | |||||||||||
December 31, 2019 | |||||||||||||||||
Residential real estate | $ | 890 | $ | 415 | $ | 1,305 | |||||||||||
Commercial real estate | 2,106 | 1,548 | 3,654 | ||||||||||||||
Residential land development | 530 | 369 | 899 | ||||||||||||||
Commercial land development | 1,722 | 430 | 2,152 | ||||||||||||||
Total | $ | 5,248 | $ | 2,762 | $ | 8,010 |
Purchased
OREO |
Non Purchased OREO |
Total
OREO |
|||||||||||||||
Balance at January 1, 2020 | $ | 5,248 | $ | 2,762 | $ | 8,010 | |||||||||||
Transfers of loans | 3,486 | 4,401 | 7,887 | ||||||||||||||
Impairments | (1,232) | (415) | (1,647) | ||||||||||||||
Dispositions | (2,875) | (3,172) | (6,047) | ||||||||||||||
Other | (50) | — | (50) | ||||||||||||||
Balance at September 30, 2020 | $ | 4,577 | $ | 3,576 | $ | 8,153 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Repairs and maintenance | $ | 64 | $ | 94 | $ | 234 | $ | 306 | |||||||||||||||
Property taxes and insurance | 35 | 43 | 186 | 169 | |||||||||||||||||||
Impairments | 820 | 253 | 1,647 | 1,121 | |||||||||||||||||||
Net losses on OREO sales | 117 | 31 | 27 | 91 | |||||||||||||||||||
Rental income | (3) | (3) | (23) | (13) | |||||||||||||||||||
Total | $ | 1,033 | $ | 418 | $ | 2,071 | $ | 1,674 |
Community Banks | Insurance | Total | |||||||||||||||
Balance at January 1, 2020 | $ | 936,916 | $ | 2,767 | $ | 939,683 | |||||||||||
Addition to goodwill from acquisition | — | — | — | ||||||||||||||
Balance at September 30, 2020 | $ | 936,916 | $ | 2,767 | $ | 939,683 |
Gross Carrying
Amount |
Accumulated
Amortization |
Net Carrying
Amount |
|||||||||||||||
September 30, 2020 | |||||||||||||||||
Core deposit intangibles | $ | 82,492 | $ | (51,925) | $ | 30,567 | |||||||||||
Customer relationship intangible | 2,470 | (1,239) | 1,231 | ||||||||||||||
Total finite-lived intangible assets | $ | 84,962 | $ | (53,164) | $ | 31,798 | |||||||||||
December 31, 2019 | |||||||||||||||||
Core deposit intangibles | $ | 82,492 | $ | (46,599) | $ | 35,893 | |||||||||||
Customer relationship intangible | 2,470 | (1,103) | 1,367 | ||||||||||||||
Total finite-lived intangible assets | $ | 84,962 | $ | (47,702) | $ | 37,260 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Amortization expense for: | |||||||||||||||||||||||
Core deposit intangibles | $ | 1,688 | $ | 1,963 | $ | 5,326 | $ | 6,060 | |||||||||||||||
Customer relationship intangible | 45 | 33 | 136 | 99 | |||||||||||||||||||
Total intangible amortization | $ | 1,733 | $ | 1,996 | $ | 5,462 | $ | 6,159 |
Core Deposit Intangibles | Customer Relationship Intangible | Total | |||||||||||||||
2020 | $ | 6,939 | $ | 181 | $ | 7,120 | |||||||||||
2021 | 5,860 | 181 | 6,041 | ||||||||||||||
2022 | 4,940 | 181 | 5,121 | ||||||||||||||
2023 | 4,044 | 181 | 4,225 | ||||||||||||||
2024 | 3,498 | 181 | 3,679 | ||||||||||||||
Balance at January 1, 2020 | $ | 53,208 | |||
Capitalization | 30,589 | ||||
Amortization | (12,503) | ||||
Valuation adjustment | (13,694) | ||||
Balance at September 30, 2020 | $ | 57,600 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||
Unpaid principal balance | $ | 6,680,256 | $ | 4,871,155 | |||||||||||||
Weighted-average prepayment speed (CPR) | 15.09 | % | 11.48 | % | |||||||||||||
Estimated impact of a 10% increase | $ | (3,606) | $ | (2,469) | |||||||||||||
Estimated impact of a 20% increase | (6,921) | (4,774) | |||||||||||||||
Discount rate | 9.88 | % | 9.69 | % | |||||||||||||
Estimated impact of a 10% increase | $ | (1,957) | $ | (2,027) | |||||||||||||
Estimated impact of a 20% increase | (3,784) | (3,908) | |||||||||||||||
Weighted-average coupon interest rate | 3.71 | % | 4.04 | % | |||||||||||||
Weighted-average servicing fee (basis points) | 29.94 | 29.20 | |||||||||||||||
Weighted-average remaining maturity (in years) | 5.16 | 6.35 |
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 2 | $ | 2 | |||||||||||||||||||||||||||
Interest cost | 246 | 294 | 3 | 7 | |||||||||||||||||||||||||||||||
Expected return on plan assets | (412) | (362) | — | — | |||||||||||||||||||||||||||||||
Recognized actuarial loss (gain) | 87 | 110 | (23) | (6) | |||||||||||||||||||||||||||||||
Net periodic (return) benefit cost | $ | (79) | $ | 42 | $ | (18) | $ | 3 |
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 5 | $ | 5 | |||||||||||||||||||||||||||
Interest cost | 738 | 882 | 10 | 23 | |||||||||||||||||||||||||||||||
Expected return on plan assets | (1,238) | (1,087) | — | — | |||||||||||||||||||||||||||||||
Recognized actuarial loss (gain) | 262 | 331 | (68) | (17) | |||||||||||||||||||||||||||||||
Net periodic (return) benefit cost | $ | (238) | $ | 126 | $ | (53) | $ | 11 |
Shares | Weighted Average Exercise Price | |||||||||||||
Options outstanding at beginning of period | 29,250 | $ | 15.86 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | — | — | ||||||||||||
Forfeited | — | — | ||||||||||||
Options outstanding at end of period | 29,250 | $ | 15.86 |
Performance-Based Restricted Stock | Weighted Average Grant-Date Fair Value | Time-Based Restricted Stock | Weighted Average Grant-Date Fair Value | |||||||||||||||||||||||
Nonvested at beginning of period | 115,725 | $ | 34.00 | 500,932 | $ | 36.34 | ||||||||||||||||||||
Awarded | 81,423 | 35.42 | 270,579 | 32.90 | ||||||||||||||||||||||
Vested | — | — | (140,853) | 38.67 | ||||||||||||||||||||||
Cancelled | (15,076) | 33.29 | (47,488) | 35.73 | ||||||||||||||||||||||
Nonvested at end of period | 182,072 | $ | 34.70 | 583,170 | $ | 34.23 |
Fair Value | |||||||||||||||||
Balance Sheet
Location |
September 30,
2020 |
December 31, 2019 | |||||||||||||||
Derivative assets: | |||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Interest rate swap | Other Assets | $ | 468 | $ | — | ||||||||||||
Totals | $ | 468 | $ | — | |||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Other Assets | $ | 11,566 | $ | 3,880 | ||||||||||||
Interest rate lock commitments | Other Assets | 28,185 | 4,579 | ||||||||||||||
Forward commitments | Other Assets | 59 | 39 | ||||||||||||||
Totals | $ | 39,810 | $ | 8,498 | |||||||||||||
Derivative liabilities: | |||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Interest rate swaps | Other Liabilities | $ | 9,004 | $ | 5,021 | ||||||||||||
Totals | $ | 9,004 | $ | 5,021 | |||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Other Liabilities | $ | 11,566 | $ | 3,880 | ||||||||||||
Interest rate lock commitments | Other Liabilities | — | 3 | ||||||||||||||
Forward commitments | Other Liabilities | 2,511 | 1,096 | ||||||||||||||
Totals | $ | 14,077 | $ | 4,979 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Included in interest income on loans | $ | 451 | $ | 950 | $ | 1,710 | $ | 2,985 | |||||||||||||||
Interest rate lock commitments: | |||||||||||||||||||||||
Included in mortgage banking income | (1,135) | (444) | 23,610 | 2,954 | |||||||||||||||||||
Forward commitments | |||||||||||||||||||||||
Included in mortgage banking income | 2,754 | 3,526 | (1,395) | 3,006 | |||||||||||||||||||
Total | $ | 2,070 | $ | 4,032 | $ | 23,925 | $ | 8,945 |
Offsetting Derivative Assets | Offsetting Derivative Liabilities | ||||||||||||||||||||||
September 30,
2020 |
December 31, 2019 |
September 30,
2020 |
December 31, 2019 | ||||||||||||||||||||
Gross amounts recognized | $ | 527 | $ | 61 | $ | 23,198 | $ | 9,974 | |||||||||||||||
Gross amounts offset in the Consolidated Balance Sheets | — | — | — | — | |||||||||||||||||||
Net amounts presented in the Consolidated Balance Sheets | 527 | 61 | 23,198 | 9,974 | |||||||||||||||||||
Gross amounts not offset in the Consolidated Balance Sheets | |||||||||||||||||||||||
Financial instruments | 527 | 61 | 527 | 61 | |||||||||||||||||||
Financial collateral pledged | — | — | 18,400 | 8,698 | |||||||||||||||||||
Net amounts | $ | — | $ | — | $ | 4,271 | $ | 1,215 |
September 30, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Deferred tax assets | |||||||||||
Allowance for credit losses | $ | 45,891 | $ | 14,304 | |||||||
Loans | 11,579 | 10,284 | |||||||||
Deferred compensation | 11,605 | 12,050 | |||||||||
Impairment of assets | 1,631 | 1,108 | |||||||||
Net operating loss carryforwards | 2,607 | 9,387 | |||||||||
Lease liabilities under operating leases | 22,271 | 22,686 | |||||||||
Other | 208 | 934 | |||||||||
Total deferred tax assets | 95,792 | 70,753 | |||||||||
Deferred tax liabilities | |||||||||||
Net unrealized gains on securities | 6,057 | 190 | |||||||||
Investment in partnerships | 982 | 967 | |||||||||
Fixed assets | 7,688 | 2,952 | |||||||||
Mortgage servicing rights | 14,121 | 13,472 | |||||||||
Junior subordinated debt | 2,237 | 2,304 | |||||||||
Lease right-of-use asset | 21,203 | 21,727 | |||||||||
Other | 1,457 | 1,859 | |||||||||
Total deferred tax liabilities | 53,745 | 43,471 | |||||||||
Net deferred tax assets | $ | 42,047 | $ | 27,282 |
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Trust preferred securities | $ | — | $ | — | $ | 8,492 | $ | 8,492 | |||||||||||||||
Other available for sale securities | — | 1,284,896 | — | 1,284,896 | |||||||||||||||||||
Total securities available for sale | — | 1,284,896 | 8,492 | 1,293,388 | |||||||||||||||||||
Derivative instruments | — | 40,278 | — | 40,278 | |||||||||||||||||||
Mortgage loans held for sale in loans held for sale | — | 399,773 | — | 399,773 | |||||||||||||||||||
Total financial assets | $ | — | $ | 1,724,947 | $ | 8,492 | $ | 1,733,439 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivative instruments: | $ | — | $ | 23,081 | $ | — | $ | 23,081 |
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Trust preferred securities | $ | — | $ | — | $ | 9,986 | $ | 9,986 | |||||||||||||||
Other available for sale securities | — | 1,280,627 | — | 1,280,627 | |||||||||||||||||||
Total securities available for sale | — | 1,280,627 | 9,986 | 1,290,613 | |||||||||||||||||||
Derivative instruments | — | 8,498 | — | 8,498 | |||||||||||||||||||
Mortgage loans held for sale in loans held for sale | — | 318,272 | — | 318,272 | |||||||||||||||||||
Total financial assets | $ | — | $ | 1,607,397 | $ | 9,986 | $ | 1,617,383 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivative instruments | $ | — | $ | 10,000 | $ | — | $ | 10,000 |
2020 | 2019 | ||||||||||||||||||||||
Three Months Ended September 30, 2020 |
Trust preferred
securities |
Trust preferred
securities |
|||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||
Balance at beginning of period | $ | 7,679 | $ | 10,386 | |||||||||||||||||||
Accretion included in net income | 8 | 9 | |||||||||||||||||||||
Unrealized gains (losses) included in other comprehensive income | 840 | (439) | |||||||||||||||||||||
Settlements | (35) | (94) | |||||||||||||||||||||
Balance at end of period | $ | 8,492 | $ | 9,862 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
Balance at beginning of period | $ | 9,986 | $ | 10,633 | |||||||||||||||||||
Accretion included in net income | 26 | 26 | |||||||||||||||||||||
Unrealized losses included in other comprehensive income | (1,382) | (572) | |||||||||||||||||||||
Settlements | (138) | (225) | |||||||||||||||||||||
Balance at end of period | $ | 8,492 | $ | 9,862 |
Financial instrument |
Fair
Value |
Valuation Technique |
Significant
Unobservable Inputs |
Range of Inputs | |||||||||||||||||||
Trust preferred securities | $ | 8,492 | Discounted cash flows | Default rate |
0-100%
|
September 30, 2020 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 11,050 | $ | 11,050 | |||||||||||||||
OREO | — | — | 1,788 | 1,788 | |||||||||||||||||||
Mortgage servicing rights | — | — | 57,600 | 57,600 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 70,438 | $ | 70,438 |
December 31, 2019 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 27,348 | $ | 27,348 | |||||||||||||||
OREO | — | — | 2,820 | 2,820 | |||||||||||||||||||
Mortgage servicing rights | — | — | 53,208 | 53,208 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 83,376 | $ | 83,376 |
September 30,
2020 |
December 31, 2019 | ||||||||||
Carrying amount prior to remeasurement | $ | 2,750 | $ | 3,726 | |||||||
Impairment recognized in results of operations | (962) | (906) | |||||||||
Fair value | $ | 1,788 | $ | 2,820 |
Financial instrument |
Fair
Value |
Valuation Technique |
Significant
Unobservable Inputs |
Range of Inputs | |||||||||||||||||||
Impaired loans | $ | 11,050 | Appraised value of collateral less estimated costs to sell | Estimated costs to sell |
4-10%
|
||||||||||||||||||
OREO | $ | 1,788 | Appraised value of property less estimated costs to sell | Estimated costs to sell |
4-10%
|
Aggregate
Fair Value |
Aggregate
Unpaid Principal Balance |
Difference | |||||||||||||||
September 30, 2020 | |||||||||||||||||
Mortgage loans held for sale measured at fair value | $ | 399,773 | $ | 378,785 | $ | 20,988 | |||||||||||
December 31, 2019 | |||||||||||||||||
Mortgage loans held for sale measured at fair value | $ | 318,272 | $ | 308,160 | $ | 10,112 | |||||||||||
Fair Value | |||||||||||||||||||||||||||||
As of September 30, 2020 |
Carrying
Value |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 414,105 | $ | 414,105 | $ | — | $ | — | $ | 414,105 | |||||||||||||||||||
Securities available for sale | 1,293,388 | — | 1,284,896 | 8,492 | 1,293,388 | ||||||||||||||||||||||||
Loans held for sale | 399,773 | — | 399,773 | — | 399,773 | ||||||||||||||||||||||||
Loans, net | 10,916,640 | — | — | 10,847,520 | 10,847,520 | ||||||||||||||||||||||||
Mortgage servicing rights | 57,600 | — | — | 57,600 | 57,600 | ||||||||||||||||||||||||
Derivative instruments | 40,278 | — | 40,278 | — | 40,278 | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits | $ | 11,934,140 | $ | 10,100,060 | $ | 1,852,653 | $ | — | $ | 11,952,713 | |||||||||||||||||||
Short-term borrowings | 42,624 | 42,624 | — | — | 42,624 | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 152,210 | — | 158,952 | — | 158,952 | ||||||||||||||||||||||||
Junior subordinated debentures | 110,649 | — | 89,591 | — | 89,591 | ||||||||||||||||||||||||
Subordinated notes | 212,223 | — | 212,550 | — | 212,550 | ||||||||||||||||||||||||
Derivative instruments | 23,081 | — | 23,081 | — | 23,081 |
Fair Value | |||||||||||||||||||||||||||||
As of December 31, 2019 |
Carrying
Value |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 414,930 | $ | 414,930 | $ | — | $ | — | $ | 414,930 | |||||||||||||||||||
Securities available for sale | 1,290,613 | — | 1,280,627 | 9,986 | 1,290,613 | ||||||||||||||||||||||||
Loans held for sale | 318,272 | — | 318,272 | — | 318,272 | ||||||||||||||||||||||||
Loans, net | 9,637,476 | — | — | 9,321,039 | 9,321,039 | ||||||||||||||||||||||||
Mortgage servicing rights | 53,208 | — | — | 53,208 | 53,208 | ||||||||||||||||||||||||
Derivative instruments | 8,498 | — | 8,498 | — | 8,498 | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits | $ | 10,213,168 | $ | 8,052,536 | $ | 2,158,431 | $ | — | $ | 10,210,967 | |||||||||||||||||||
Short-term borrowings | 489,091 | 489,091 | — | — | 489,091 | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 152,337 | — | 152,321 | — | 152,321 | ||||||||||||||||||||||||
Junior subordinated debentures | 110,215 | — | 104,480 | — | 104,480 | ||||||||||||||||||||||||
Subordinated notes | 113,955 | — | 117,963 | — | 117,963 | ||||||||||||||||||||||||
Derivative instruments | 10,000 | — | 10,000 | — | 10,000 |
Pre-Tax |
Tax Expense
(Benefit) |
Net of Tax | |||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding gains on securities | $ | 519 | $ | 131 | $ | 388 | |||||||||||
Total securities available for sale | 519 | 131 | 388 | ||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding gains on derivative instruments | 1,576 | 401 | 1,175 | ||||||||||||||
Total derivative instruments | 1,576 | 401 | 1,175 | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 65 | 17 | 48 | ||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 65 | 17 | 48 | ||||||||||||||
Total other comprehensive income | $ | 2,160 | $ | 549 | $ | 1,611 | |||||||||||
Three months ended September 30, 2019 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding losses on securities | $ | (84) | $ | (22) | $ | (62) | |||||||||||
Reclassification adjustment for losses realized in net income | 2,516 | 640 | 1,876 | ||||||||||||||
Total securities available for sale | 2,432 | 618 | 1,814 | ||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding losses on derivative instruments | (949) | (241) | (708) | ||||||||||||||
Total derivative instruments | (949) | (241) | (708) | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 104 | 26 | 78 | ||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 104 | 26 | 78 | ||||||||||||||
Total other comprehensive income | $ | 1,587 | $ | 403 | $ | 1,184 |
Pre-Tax |
Tax Expense
(Benefit) |
Net of Tax | |||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding gains on securities | $ | 26,404 | $ | 6,719 | $ | 19,685 | |||||||||||
Reclassification adjustment for gains realized in net income | (31) | (8) | (23) | ||||||||||||||
Total securities available for sale | 26,373 | 6,711 | 19,662 | ||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding losses on derivative instruments | (3,516) | (895) | (2,621) | ||||||||||||||
Total derivative instruments | (3,516) | (895) | (2,621) | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 195 | 50 | 145 | ||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 195 | 50 | 145 | ||||||||||||||
Total other comprehensive income | $ | 23,052 | $ | 5,866 | $ | 17,186 | |||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized holding gains on securities | $ | 27,695 | $ | 7,047 | $ | 20,648 | |||||||||||
Reclassification adjustment for losses realized in net income | 2,511 | 639 | 1,872 | ||||||||||||||
Total securities available for sale | 30,206 | 7,686 | 22,520 | ||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized holding losses on derivative instruments | (4,244) | (1,080) | (3,164) | ||||||||||||||
Total derivative instruments | (4,244) | (1,080) | (3,164) | ||||||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 314 | 80 | 234 | ||||||||||||||
Total defined benefit pension and post-retirement benefit plans | 314 | 80 | 234 | ||||||||||||||
Total other comprehensive income | $ | 26,276 | $ | 6,686 | $ | 19,590 |
September 30,
2020 |
December 31, 2019 | ||||||||||
Unrealized gains on securities | $ | 41,225 | $ | 21,563 | |||||||
Non-credit related portion of previously recorded other-than-temporary impairment on securities | (11,319) | (11,319) | |||||||||
Unrealized losses on derivative instruments | (5,468) | (2,847) | |||||||||
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (6,488) | (6,633) | |||||||||
Total accumulated other comprehensive income | $ | 17,950 | $ | 764 |
Three Months Ended | |||||||||||
September 30, | |||||||||||
2020 | 2019 | ||||||||||
Basic | |||||||||||
Net income applicable to common stock | $ | 29,992 | $ | 37,446 | |||||||
Average common shares outstanding | 56,185,884 | 58,003,215 | |||||||||
Net income per common share - basic | $ | 0.53 | $ | 0.65 | |||||||
Diluted | |||||||||||
Net income applicable to common stock | $ | 29,992 | $ | 37,446 | |||||||
Average common shares outstanding | 56,185,884 | 58,003,215 | |||||||||
Effect of dilutive stock-based compensation | 200,269 | 189,204 | |||||||||
Average common shares outstanding - diluted | 56,386,153 | 58,192,419 | |||||||||
Net income per common share - diluted | $ | 0.53 | $ | 0.64 |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2020 | 2019 | ||||||||||
Basic | |||||||||||
Net income applicable to common stock | $ | 52,130 | $ | 129,181 | |||||||
Average common shares outstanding | 56,294,984 | 58,347,840 | |||||||||
Net income per common share - basic | $ | 0.93 | $ | 2.21 | |||||||
Diluted | |||||||||||
Net income applicable to common stock | $ | 52,130 | $ | 129,181 | |||||||
Average common shares outstanding | 56,294,984 | 58,347,840 | |||||||||
Effect of dilutive stock-based compensation | 173,593 | 160,742 | |||||||||
Average common shares outstanding - diluted | 56,468,577 | 58,508,582 | |||||||||
Net income per common share - diluted | $ | 0.92 | $ | 2.21 |
Three Months Ended | |||||||||||
September 30, | |||||||||||
2020 | 2019 | ||||||||||
Number of shares | 237,212 | 691 | |||||||||
Exercise prices (for stock option awards) | — | — |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2020 | 2019 | ||||||||||
Number of shares | 255,448 | 1,334 | |||||||||
Exercise prices (for stock option awards) | — | — |
Capital Tiers |
Tier 1 Capital to
Average Assets (Leverage) |
Common Equity Tier 1 to
Risk - Weighted Assets |
Tier 1 Capital to
Risk - Weighted Assets |
Total Capital to
Risk - Weighted Assets |
|||||||||||||||||||
Well capitalized |
5% or above
|
6.5% or above
|
8% or above
|
10% or above
|
|||||||||||||||||||
Adequately capitalized |
4% or above
|
4.5% or above
|
6% or above
|
8% or above
|
|||||||||||||||||||
Undercapitalized |
Less than 4%
|
Less than 4.5%
|
Less than 6%
|
Less than 8%
|
|||||||||||||||||||
Significantly undercapitalized |
Less than 3%
|
Less than 3%
|
Less than 4%
|
Less than 6%
|
|||||||||||||||||||
Critically undercapitalized |
Tangible Equity / Total Assets less than 2%
|
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Renasant Corporation | |||||||||||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | $ | 1,281,318 | 9.17 | % | $ | 1,262,588 | 10.37 | % | |||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,174,260 | 10.80 | % | 1,156,828 | 11.12 | % | |||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | 1,281,318 | 11.79 | % | 1,262,588 | 12.14 | % | |||||||||||||||||
Total Capital to Risk-Weighted Assets | 1,618,837 | 14.89 | % | 1,432,949 | 13.78 | % | |||||||||||||||||
Renasant Bank | |||||||||||||||||||||||
Tier 1 Capital to Average Assets (Leverage) | $ | 1,344,938 | 9.64 | % | $ | 1,331,809 | 10.95 | % | |||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,344,938 | 12.38 | % | 1,331,809 | 12.81 | % | |||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | 1,344,938 | 12.38 | % | 1,331,809 | 12.81 | % | |||||||||||||||||
Total Capital to Risk-Weighted Assets | 1,470,402 | 13.53 | % | 1,388,553 | 13.36 | % |
Community
Banks |
Insurance |
Wealth
Management |
Other | Consolidated | |||||||||||||||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 108,909 | $ | 126 | $ | 403 | $ | (3,152) | $ | 106,286 | |||||||||||||||||||||||||
Provision for loan losses | 22,408 | — | 692 | — | 23,100 | ||||||||||||||||||||||||||||||
Noninterest income | 63,918 | 2,694 | 4,714 | (398) | 70,928 | ||||||||||||||||||||||||||||||
Noninterest expense | 110,430 | 1,974 | 3,818 | 288 | 116,510 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 39,989 | 846 | 607 | (3,838) | 37,604 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 8,383 | 217 | — | (988) | 7,612 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 31,606 | $ | 629 | $ | 607 | $ | (2,850) | $ | 29,992 | |||||||||||||||||||||||||
Total assets | $ | 14,694,683 | $ | 30,138 | $ | 68,261 | $ | 15,851 | $ | 14,808,933 | |||||||||||||||||||||||||
Goodwill | $ | 936,916 | $ | 2,767 | — | — | $ | 939,683 | |||||||||||||||||||||||||||
Three months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 111,696 | $ | 177 | $ | 485 | $ | (3,533) | $ | 108,825 | |||||||||||||||||||||||||
Provision for loan losses | 1,700 | — | — | — | 1,700 | ||||||||||||||||||||||||||||||
Noninterest income | 31,911 | 2,533 | 3,859 | (350) | 37,953 | ||||||||||||||||||||||||||||||
Noninterest expense | 90,996 | 1,948 | 3,287 | 269 | 96,500 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 50,911 | 762 | 1,057 | (4,152) | 48,578 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 12,009 | 200 | — | (1,077) | 11,132 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 38,902 | $ | 562 | $ | 1,057 | $ | (3,075) | $ | 37,446 | |||||||||||||||||||||||||
Total assets | $ | 12,922,205 | $ | 27,448 | $ | 70,973 | $ | 19,048 | $ | 13,039,674 | |||||||||||||||||||||||||
Goodwill | $ | 936,916 | $ | 2,767 | — | — | $ | 939,683 |
Community
Banks |
Insurance |
Wealth
Management |
Other | Consolidated | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 325,879 | $ | 424 | $ | 1,250 | $ | (8,883) | $ | 318,670 | |||||||||||||||||||||||||
Provision for credit losses on loans | 75,481 | — | 869 | — | 76,350 | ||||||||||||||||||||||||||||||
Noninterest income (loss) | 152,716 | 7,787 | 13,370 | (1,205) | 172,668 | ||||||||||||||||||||||||||||||
Noninterest expense (benefit) | 332,490 | 5,708 | 11,215 | 423 | 349,836 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 70,624 | 2,503 | 2,536 | (10,511) | 65,152 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 15,088 | 658 | — | (2,724) | 13,022 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 55,536 | $ | 1,845 | $ | 2,536 | $ | (7,787) | $ | 52,130 | |||||||||||||||||||||||||
Total assets | $ | 14,694,683 | $ | 30,138 | $ | 68,261 | $ | 15,851 | $ | 14,808,933 | |||||||||||||||||||||||||
Goodwill | $ | 936,916 | $ | 2,767 | $ | — | $ | — | $ | 939,683 | |||||||||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 343,418 | $ | 516 | $ | 1,244 | $ | (10,406) | $ | 334,772 | |||||||||||||||||||||||||
Provision for credit losses on loans | 4,100 | — | — | — | 4,100 | ||||||||||||||||||||||||||||||
Noninterest income | 97,789 | 7,634 | 11,408 | (1,033) | 115,798 | ||||||||||||||||||||||||||||||
Noninterest expense | 261,905 | 5,661 | 10,199 | 857 | 278,622 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 175,202 | 2,489 | 2,453 | (12,296) | 167,848 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 41,205 | 648 | — | (3,186) | 38,667 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 133,997 | $ | 1,841 | $ | 2,453 | $ | (9,110) | $ | 129,181 | |||||||||||||||||||||||||
Total assets | $ | 12,922,205 | $ | 27,448 | $ | 70,973 | $ | 19,048 | $ | 13,039,674 | |||||||||||||||||||||||||
Goodwill | $ | 936,916 | $ | 2,767 | $ | — | $ | — | $ | 939,683 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Balance |
Percentage of
Portfolio |
Balance |
Percentage of
Portfolio |
||||||||||||||||||||
U.S. Treasury securities | $ | 7,112 | 0.55 | % | $ | 499 | 0.04 | % | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | 1,515 | 0.12 | 2,531 | 0.20 | |||||||||||||||||||
Obligations of states and political subdivisions | 277,640 | 21.47 | 223,131 | 17.29 | |||||||||||||||||||
Mortgage-backed securities | 933,330 | 72.15 | 998,101 | 77.33 | |||||||||||||||||||
Trust preferred securities | 8,492 | 0.66 | 9,986 | 0.77 | |||||||||||||||||||
Other debt securities | 65,299 | 5.05 | 56,365 | 4.37 | |||||||||||||||||||
$ | 1,293,388 | 100.00 | % | $ | 1,290,613 | 100.00 | % |
September 30, 2020 | |||||||||||||||||||||||
Non Purchased | Purchased |
Total
Loans |
Percentage of Total Loans | ||||||||||||||||||||
Commercial, financial, agricultural (1)
|
$ | 2,445,294 | $ | 202,768 | $ | 2,648,062 | 23.89 | % | |||||||||||||||
Lease financing, net of unearned income | 82,928 | — | 82,928 | 0.75 | |||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||
Residential | 261,432 | 3,093 | 264,525 | 2.39 | |||||||||||||||||||
Commercial | 477,441 | 31,153 | 508,594 | 4.59 | |||||||||||||||||||
Total real estate – construction | 738,873 | 34,246 | 773,119 | 6.98 | |||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||
Primary | 1,517,528 | 245,369 | 1,762,897 | 15.90 | |||||||||||||||||||
Home equity | 442,380 | 95,235 | 537,615 | 4.85 | |||||||||||||||||||
Rental/investment | 272,811 | 33,567 | 306,378 | 2.76 | |||||||||||||||||||
Land development | 136,573 | 16,931 | 153,504 | 1.38 | |||||||||||||||||||
Total real estate – 1-4 family mortgage | 2,369,292 | 391,102 | 2,760,394 | 24.89 | |||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||
Owner-occupied | 1,316,408 | 355,994 | 1,672,402 | 15.09 | |||||||||||||||||||
Non-owner occupied | 2,176,562 | 577,679 | 2,754,241 | 24.85 | |||||||||||||||||||
Land development | 117,672 | 32,694 | 150,366 | 1.36 | |||||||||||||||||||
Total real estate – commercial mortgage | 3,610,642 | 966,367 | 4,577,009 | 41.30 | |||||||||||||||||||
Installment loans to individuals | 177,195 | 66,031 | 243,226 | 2.19 | |||||||||||||||||||
Total loans, net of unearned income | $ | 9,424,224 | $ | 1,660,514 | $ | 11,084,738 | 100.00 | % |
December 31, 2019 | |||||||||||||||||||||||
Non Purchased | Purchased |
Total
Loans |
Percentage of Total Loans | ||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,052,353 | $ | 315,619 | $ | 1,367,972 | 14.12 | % | |||||||||||||||
Lease financing, net of unearned income | 81,875 | — | 81,875 | 0.84 | |||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||
Residential | 272,643 | 16,407 | 289,050 | 2.98 | |||||||||||||||||||
Commercial | 502,258 | 35,175 | 537,433 | 5.55 | |||||||||||||||||||
Total real estate – construction | 774,901 | 51,582 | 826,483 | 8.53 | |||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||
Primary | 1,449,219 | 332,729 | 1,781,948 | 18.39 | |||||||||||||||||||
Home equity | 456,265 | 117,275 | 573,540 | 5.92 | |||||||||||||||||||
Rental/investment | 291,931 | 43,169 | 335,100 | 3.46 | |||||||||||||||||||
Land development | 152,711 | 23,314 | 176,025 | 1.82 | |||||||||||||||||||
Total real estate – 1-4 family mortgage | 2,350,126 | 516,487 | 2,866,613 | 29.59 | |||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||
Owner-occupied | 1,209,204 | 428,077 | 1,637,281 | 16.90 | |||||||||||||||||||
Non-owner occupied | 1,803,587 | 647,308 | 2,450,895 | 25.29 | |||||||||||||||||||
Land development | 116,085 | 40,004 | 156,089 | 1.61 | |||||||||||||||||||
Total real estate – commercial mortgage | 3,128,876 | 1,115,389 | 4,244,265 | 43.80 | |||||||||||||||||||
Installment loans to individuals | 199,843 | 102,587 | 302,430 | 3.12 | |||||||||||||||||||
Total loans, net of unearned income | $ | 7,587,974 | $ | 2,101,664 | $ | 9,689,638 | 100.00 | % |
September 30, 2020 | December 31, 2019 | ||||||||||
Balance | Balance | ||||||||||
Security repurchase agreements | $ | 12,624 | $ | 9,091 | |||||||
Short-term borrowings from the FHLB | 30,000 | 480,000 | |||||||||
$ | 42,624 | $ | 489,091 |
September 30, 2020 | December 31, 2019 | ||||||||||
Balance | Balance | ||||||||||
Long-term FHLB advances | $ | 152,210 | $ | 152,337 | |||||||
Junior subordinated debentures | 110,649 | 110,215 | |||||||||
Subordinated notes | 212,223 | 113,955 | |||||||||
$ | 475,082 | $ | 376,507 |
Three Months Ended | |||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | ||||||||||||||||||
MSR valuation adjustment | $ | (828) | $ | (650) | $ | (0.01) | $ | 3,132 | $ | 2,414 | $ | 0.04 | |||||||||||
COVID-19 related expenses | 570 | 448 | 0.01 | — | — | — | |||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | ||||||||||||||||||
MSR valuation adjustment | $ | 13,694 | $ | 10,916 | $ | 0.19 | $ | 3,132 | $ | 2,410 | $ | 0.04 | |||||||||||
COVID-19 related expenses | 9,730 | 7,758 | 0.14 | — | — | — | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Average
Balance |
Interest
Income/ Expense |
Yield/
Rate |
Average
Balance |
Interest
Income/ Expense |
Yield/
Rate |
||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||||||||||||||||
Non purchased | $ | 8,012,741 | $ | 81,281 | 4.04 | % | $ | 6,792,021 | $ | 85,084 | 4.97 | % | |||||||||||||||||||||||
Purchased | 1,723,714 | 24,034 | 5.55 | 2,317,231 | 36,330 | 6.22 | |||||||||||||||||||||||||||||
Paycheck Protection Program | 1,305,229 | 7,449 | 2.27 | — | — | — | |||||||||||||||||||||||||||||
Total loans held for investment | 11,041,684 | 112,764 | 4.06 | 9,109,252 | 121,414 | 5.29 | |||||||||||||||||||||||||||||
Loans held for sale | 378,225 | 3,144 | 3.31 | 385,437 | 3,977 | 4.09 | |||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Taxable(1)
|
1,003,886 | 5,473 | 2.17 | 1,040,302 | 7,200 | 2.75 | |||||||||||||||||||||||||||||
Tax-exempt | 265,679 | 2,205 | 3.30 | 187,376 | 1,846 | 3.91 | |||||||||||||||||||||||||||||
Interest-bearing balances with banks | 344,948 | 91 | 0.10 | 271,278 | 1,490 | 2.18 | |||||||||||||||||||||||||||||
Total interest-earning assets | 13,034,422 | 123,677 | 3.77 | 10,993,645 | 135,927 | 4.91 | |||||||||||||||||||||||||||||
Cash and due from banks | 210,278 | 173,156 | |||||||||||||||||||||||||||||||||
Intangible assets | 972,394 | 975,306 | |||||||||||||||||||||||||||||||||
Other assets | 711,065 | 704,024 | |||||||||||||||||||||||||||||||||
Total assets | $ | 14,928,159 | $ | 12,846,131 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand(2)
|
$ | 5,405,085 | $ | 4,839 | 0.36 | % | $ | 4,740,426 | $ | 10,769 | 0.90 | % | |||||||||||||||||||||||
Savings deposits | 796,841 | 167 | 0.08 | 652,121 | 355 | 0.22 | |||||||||||||||||||||||||||||
Time deposits | 1,907,918 | 6,804 | 1.42 | 2,326,963 | 10,390 | 1.77 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 8,109,844 | 11,810 | 0.58 | 7,719,510 | 21,514 | 1.11 | |||||||||||||||||||||||||||||
Borrowed funds | 719,800 | 3,982 | 2.20 | 308,931 | 4,137 | 5.31 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 8,829,644 | 15,792 | 0.71 | 8,028,441 | 25,651 | 1.27 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,723,059 | 2,500,810 | |||||||||||||||||||||||||||||||||
Other liabilities | 255,956 | 185,343 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 2,119,500 | 2,131,537 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 14,928,159 | $ | 12,846,131 | |||||||||||||||||||||||||||||||
Net interest income/net interest margin | $ | 107,885 | 3.29 | % | $ | 110,276 | 3.98 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Average
Balance |
Interest
Income/ Expense |
Yield/
Rate |
Average
Balance |
Interest
Income/ Expense |
Yield/
Rate |
||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||||||||||||||||
Non purchased | $ | 7,847,197 | $ | 251,671 | 4.28 | % | $ | 6,624,266 | $ | 250,190 | 5.05 | % | |||||||||||||||||||||||
Purchased | 1,877,449 | 80,226 | 5.71 | 2,446,863 | 115,298 | 6.30 | |||||||||||||||||||||||||||||
Paycheck Protection Program | 725,891 | 13,335 | 2.45 | — | — | — | |||||||||||||||||||||||||||||
Total loans held for investment | 10,450,537 | 345,232 | 4.41 | 9,071,129 | 365,488 | 5.39 | |||||||||||||||||||||||||||||
Loans held for sale | 351,975 | 9,108 | 3.46 | 361,415 | 15,004 | 5.55 | |||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Taxable(1)
|
1,034,189 | 19,148 | 2.47 | 1,062,261 | 22,792 | 2.87 | |||||||||||||||||||||||||||||
Tax-exempt | 251,744 | 6,609 | 3.51 | 185,370 | 5,728 | 4.13 | |||||||||||||||||||||||||||||
Interest-bearing balances with banks | 387,116 | 1,098 | 0.38 | 263,967 | 4,778 | 2.42 | |||||||||||||||||||||||||||||
Total interest-earning assets | 12,475,561 | 381,195 | 4.08 | 10,944,142 | 413,790 | 5.06 | |||||||||||||||||||||||||||||
Cash and due from banks | 203,582 | 181,140 | |||||||||||||||||||||||||||||||||
Intangible assets | 974,182 | 975,579 | |||||||||||||||||||||||||||||||||
Other assets | 717,628 | 680,140 | |||||||||||||||||||||||||||||||||
Total assets | $ | 14,370,953 | $ | 12,781,001 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand(2)
|
$ | 5,166,393 | $ | 19,616 | 0.51 | % | $ | 4,755,948 | $ | 31,338 | 0.88 | % | |||||||||||||||||||||||
Savings deposits | 741,933 | 592 | 0.11 | 642,523 | 976 | 0.20 | |||||||||||||||||||||||||||||
Time deposits | 2,019,173 | 23,967 | 1.59 | 2,358,031 | 29,963 | 1.70 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 7,927,499 | 44,175 | 0.74 | 7,756,502 | 62,277 | 1.07 | |||||||||||||||||||||||||||||
Borrowed funds | 849,494 | 13,361 | 2.10 | 341,903 | 12,383 | 4.84 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 8,776,993 | 57,536 | 0.88 | 8,098,405 | 74,660 | 1.23 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,251,612 | 2,413,619 | |||||||||||||||||||||||||||||||||
Other liabilities | 233,730 | 169,068 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 2,108,618 | 2,099,909 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 14,370,953 | $ | 12,781,001 | |||||||||||||||||||||||||||||||
Net interest income/net interest margin | $ | 323,659 | 3.47 | % | $ | 339,130 | 4.14 | % |
Three Months Ended September 30, 2020 Compared to the Three Months Ended September 30, 2019 | |||||||||||||||||
Volume | Rate | Net | |||||||||||||||
Interest income: | |||||||||||||||||
Loans held for investment: | |||||||||||||||||
Non purchased | $ | 13,736 | $ | (17,539) | $ | (3,803) | |||||||||||
Purchased | (8,643) | (3,653) | (12,296) | ||||||||||||||
Paycheck Protection Program | 7,449 | — | 7,449 | ||||||||||||||
Loans held for sale | (185) | (648) | (833) | ||||||||||||||
Securities: | |||||||||||||||||
Taxable | (247) | (1,480) | (1,727) | ||||||||||||||
Tax-exempt | 678 | (319) | 359 | ||||||||||||||
Interest-bearing balances with banks | 317 | (1,716) | (1,399) | ||||||||||||||
Total interest-earning assets | 13,105 | (25,355) | (12,250) | ||||||||||||||
Interest expense: | |||||||||||||||||
Interest-bearing demand deposits | 1,328 | (7,258) | (5,930) | ||||||||||||||
Savings deposits | 66 | (254) | (188) | ||||||||||||||
Time deposits | (1,702) | (1,884) | (3,586) | ||||||||||||||
Borrowed funds | 3,246 | (3,401) | (155) | ||||||||||||||
Total interest-bearing liabilities | 2,938 | (12,797) | (9,859) | ||||||||||||||
Change in net interest income | $ | 10,167 | $ | (12,558) | $ | (2,391) | |||||||||||
Nine months ended September 30, 2020 Compared to the Nine Months Ended September 30, 2019 | |||||||||||||||||
Volume | Rate | Net | |||||||||||||||
Interest income: | |||||||||||||||||
Loans held for investment: | |||||||||||||||||
Non purchased | $ | 42,312 | $ | (40,831) | $ | 1,481 | |||||||||||
Purchased | (24,981) | (10,091) | (35,072) | ||||||||||||||
Paycheck Protection Program | 13,335 | — | 13,335 | ||||||||||||||
Loans held for sale | (4,186) | (1,710) | (5,896) | ||||||||||||||
Securities: | |||||||||||||||||
Taxable | (586) | (3,058) | (3,644) | ||||||||||||||
Tax-exempt | 1,837 | (956) | 881 | ||||||||||||||
Interest-bearing balances with banks | 1,560 | (5,240) | (3,680) | ||||||||||||||
Total interest-earning assets | 29,291 | (61,886) | (32,595) | ||||||||||||||
Interest expense: | |||||||||||||||||
Interest-bearing demand deposits | 2,514 | (14,236) | (11,722) | ||||||||||||||
Savings deposits | 133 | (517) | (384) | ||||||||||||||
Time deposits | (4,095) | (1,901) | (5,996) | ||||||||||||||
Borrowed funds | 10,858 | (9,880) | 978 | ||||||||||||||
Total interest-bearing liabilities | 9,410 | (26,534) | (17,124) | ||||||||||||||
Change in net interest income | $ | 19,881 | $ | (35,352) | $ | (15,471) |
Percentage of Total Average Earning Assets | Yield | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Loans held for investment excl. PPP | 77.95 | % | 82.89 | % | 4.56 | % | 5.39 | % | |||||||||||||||
Paycheck Protection Program | 5.82 | — | 2.45 | — | |||||||||||||||||||
Loans held for sale | 2.82 | 3.30 | 3.46 | 5.55 | |||||||||||||||||||
Securities | 10.31 | 11.40 | 2.68 | 3.06 | |||||||||||||||||||
Interest-bearing balances with banks | 3.10 | 2.41 | 0.38 | 2.42 | |||||||||||||||||||
Total earning assets | 100.00 | % | 100.00 | % | 4.08 | % | 5.06 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Taxable equivalent interest income on loans | $ | 115,908 | $ | 125,391 | $ | 354,340 | $ | 380,492 | |||||||||||||||
Average loans, including loans held for sale | 11,419,909 | 9,494,689 | 10,802,512 | 9,432,544 | |||||||||||||||||||
Loan yield | 4.04 | % | 5.24 | % | 4.38 | % | 5.39 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net interest income collected on problem loans | $ | 282 | $ | 905 | $ | 884 | $ | 3,890 | |||||||||||||||
Accretable yield recognized on purchased loans(1)
|
4,949 | 5,510 | 15,118 | 20,566 | |||||||||||||||||||
Total impact to interest income on loans | $ | 5,231 | $ | 6,415 | $ | 16,002 | $ | 24,456 | |||||||||||||||
Impact to loan yield | 0.18 | % | 0.27 | % | 0.20 | % | 0.35 | % | |||||||||||||||
Impact to net interest margin | 0.16 | % | 0.23 | % | 0.17 | % | 0.30 | % |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Noninterest-bearing demand | 29.66 | % | 23.75 | % | — | % | — | % | |||||||||||||||
Interest-bearing demand | 43.06 | 45.02 | 0.36 | 0.90 | |||||||||||||||||||
Savings | 6.35 | 6.19 | 0.08 | 0.22 | |||||||||||||||||||
Time deposits | 15.20 | 22.10 | 1.42 | 1.77 | |||||||||||||||||||
Short term borrowings | 2.49 | 0.56 | 0.95 | 3.50 | |||||||||||||||||||
Long-term Federal Home Loan Bank advances | 1.21 | 0.06 | 0.16 | 3.47 | |||||||||||||||||||
Subordinated notes | 1.15 | 1.28 | 5.46 | 6.54 | |||||||||||||||||||
Other borrowed funds | 0.88 | 1.04 | 4.32 | 4.89 | |||||||||||||||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.50 | % | 0.97 | % |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Noninterest-bearing demand | 27.03 | % | 22.96 | % | — | % | — | % | |||||||||||||||
Interest-bearing demand | 42.95 | 45.25 | 0.51 | 0.88 | |||||||||||||||||||
Savings | 6.17 | 6.11 | 0.11 | 0.20 | |||||||||||||||||||
Time deposits | 16.79 | 22.43 | 1.59 | 1.70 | |||||||||||||||||||
Short-term borrowings | 3.85 | 0.79 | 1.02 | 2.76 | |||||||||||||||||||
Long-term Federal Home Loan Bank advances | 1.27 | 0.06 | 0.80 | 3.33 | |||||||||||||||||||
Subordinated notes | 1.03 | 1.36 | 5.54 | 6.24 | |||||||||||||||||||
Other long term borrowings | 0.91 | 1.04 | 4.56 | 4.69 | |||||||||||||||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.64 | % | 0.95 | % |
Noninterest Income to Average Assets | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
1.89% | 1.17% | 1.60% | 1.21% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Gain on sales of loans, net | $ | 45,985 | $ | 14,627 | $ | 114,327 | $ | 35,416 | |||||||||||||||
Fees, net | 5,367 | 3,725 | 13,597 | 8,363 | |||||||||||||||||||
Mortgage servicing (loss) income, net | (2,466) | 490 | (3,491) | 2,084 | |||||||||||||||||||
MSR valuation adjustment | 828 | (3,132) | (13,694) | (3,132) | |||||||||||||||||||
Mortgage banking income, net | $ | 49,714 | $ | 15,710 | $ | 110,739 | $ | 42,731 |
Noninterest Expense to Average Assets | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
3.10% | 2.98% | 3.25% | 2.91% |
Efficiency Ratio | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Efficiency ratio (GAAP) | 65.16 | % | 65.10 | % | 70.49 | % | 61.25 | % | |||||||||||||||
Adjusted efficiency ratio (Non-GAAP)(1)
|
62.63 | % | 62.53 | % | 63.89 | % | 59.47 | % |
September 30, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | Balance | % of Total | ||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 38,195 | 23.89 | % | $ | 10,658 | 14.12 | % | $ | 10,288 | 14.26 | % | |||||||||||||||||||||||
Lease financing | 1,832 | 0.75 | % | 910 | 0.84 | % | 783 | 0.75 | % | ||||||||||||||||||||||||||
Real estate – construction | 13,819 | 6.98 | % | 5,029 | 8.53 | % | 5,127 | 8.77 | % | ||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 32,705 | 24.89 | % | 9,814 | 29.59 | % | 9,849 | 30.04 | % | ||||||||||||||||||||||||||
Real estate – commercial mortgage | 70,582 | 41.30 | % | 24,990 | 43.80 | % | 24,039 | 43.19 | % | ||||||||||||||||||||||||||
Installment loans to individuals | 10,965 | 2.19 | % | 761 | 3.12 | % | 728 | 2.99 | % | ||||||||||||||||||||||||||
Total | $ | 168,098 | 100.00 | % | $ | 52,162 | 100.00 | % | $ | 50,814 | 100.00 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Balance at beginning of period | $ | 145,387 | $ | 50,059 | $ | 52,162 | $ | 49,026 | |||||||||||||||
Impact of the adoption of ASC 326 | — | — | 42,484 | — | |||||||||||||||||||
Charge-offs | |||||||||||||||||||||||
Commercial, financial, agricultural | 420 | 757 | 1,969 | 1,709 | |||||||||||||||||||
Lease financing | 168 | 45 | 168 | 45 | |||||||||||||||||||
Real estate – construction | 136 | — | 668 | — | |||||||||||||||||||
Real estate – 1-4 family mortgage | 720 | 268 | 1,083 | 1,143 | |||||||||||||||||||
Real estate – commercial mortgage | 553 | 677 | 2,600 | 1,406 | |||||||||||||||||||
Installment loans to individuals | 1,579 | 3,218 | 6,003 | 3,650 | |||||||||||||||||||
Total charge-offs | 3,576 | 4,965 | 12,491 | 7,953 | |||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Commercial, financial, agricultural | 698 | 761 | 996 | 1,376 | |||||||||||||||||||
Lease financing | 1 | — | 11 | 2 | |||||||||||||||||||
Real estate – construction | 31 | — | 31 | 7 | |||||||||||||||||||
Real estate – 1-4 family mortgage | 152 | 219 | 288 | 531 | |||||||||||||||||||
Real estate – commercial mortgage | 711 | 33 | 2,451 | 644 | |||||||||||||||||||
Installment loans to individuals | 1,594 | 3,007 | 5,816 | 3,081 | |||||||||||||||||||
Total recoveries | 3,187 | 4,020 | 9,593 | 5,641 | |||||||||||||||||||
Net charge-offs | 389 | 945 | 2,898 | 2,312 | |||||||||||||||||||
Provision for credit losses on loans | 23,100 | 1,700 | 76,350 | 4,100 | |||||||||||||||||||
Balance at end of period | $ | 168,098 | $ | 50,814 | $ | 168,098 | $ | 50,814 | |||||||||||||||
Net charge-offs (annualized) to average loans | 0.01 | % | 0.04 | % | 0.04 | % | 0.03 | % | |||||||||||||||
Allowance for credit losses on loans to: | |||||||||||||||||||||||
Total loans | 1.52 | % | 0.55 | % | |||||||||||||||||||
Total loans excluding PPP loans | 1.72 | % | — | ||||||||||||||||||||
Nonperforming loans | 367.05 | % | 140.31 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||
Residential | $ | 105 | $ | — | $ | 637 | $ | (7) | |||||||||||||||
Total real estate – construction | 105 | — | 637 | (7) | |||||||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||||||||
Primary | 661 | 251 | 921 | 683 | |||||||||||||||||||
Home equity | (29) | — | (51) | 98 | |||||||||||||||||||
Rental/investment | (8) | (107) | 20 | 46 | |||||||||||||||||||
Land development | (56) | (95) | (95) | (215) | |||||||||||||||||||
Total real estate – 1-4 family mortgage | 568 | 49 | 795 | 612 | |||||||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||||||||
Owner-occupied | (190) | 383 | 1,224 | 427 | |||||||||||||||||||
Non-owner occupied | 33 | 263 | (1,097) | 386 | |||||||||||||||||||
Land development | (1) | (2) | 22 | (51) | |||||||||||||||||||
Total real estate – commercial mortgage | (158) | 644 | 149 | 762 | |||||||||||||||||||
Total net charge-offs of loans secured by real estate | $ | 515 | $ | 693 | $ | 1,581 | $ | 1,367 |
Three Months Ended September 30, 2020 | |||||
Allowance for credit losses on unfunded loan commitments: | |||||
Beginning balance | $ | 17,335 | |||
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) | $ | 2,700 | |||
Ending balance | $ | 20,035 | |||
Nine Months Ended September 30, 2020 | |||||
Allowance for credit losses on unfunded loan commitments: | |||||
Beginning balance | $ | 946 | |||
Impact of the adoption of ASC 326 | 10,389 | ||||
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) | 8,700 | ||||
Ending balance | $ | 20,035 |
Non Purchased | Purchased | Total | |||||||||||||||
September 30, 2020 | |||||||||||||||||
Nonaccruing loans | $ | 18,831 | $ | 24,821 | $ | 43,652 | |||||||||||
Accruing loans past due 90 days or more | 1,826 | 318 | 2,144 | ||||||||||||||
Total nonperforming loans | 20,657 | 25,139 | 45,796 | ||||||||||||||
Other real estate owned | 3,576 | 4,577 | 8,153 | ||||||||||||||
Total nonperforming assets | $ | 24,233 | $ | 29,716 | $ | 53,949 | |||||||||||
Nonperforming loans to total loans | 0.41 | % | |||||||||||||||
Nonperforming assets to total assets | 0.36 | % | |||||||||||||||
December 31, 2019 | |||||||||||||||||
Nonaccruing loans | $ | 21,509 | $ | 7,038 | $ | 28,547 | |||||||||||
Accruing loans past due 90 days or more | 3,458 | 4,317 | 7,775 | ||||||||||||||
Total nonperforming loans | 24,967 | 11,355 | 36,322 | ||||||||||||||
Other real estate owned | 2,762 | 5,248 | 8,010 | ||||||||||||||
Total nonperforming assets | $ | 27,729 | $ | 16,603 | $ | 44,332 | |||||||||||
Nonperforming loans to total loans | 0.37 | % | |||||||||||||||
Nonperforming assets to total assets | 0.33 | % |
September 30,
2020 |
December 31, 2019 |
September 30,
2019 |
|||||||||||||||
Commercial, financial, agricultural | $ | 17,422 | $ | 8,458 | $ | 9,551 | |||||||||||
Lease financing | — | 226 | 404 | ||||||||||||||
Real estate – construction: | |||||||||||||||||
Residential | — | — | 128 | ||||||||||||||
Commercial | — | — | 254 | ||||||||||||||
Total real estate – construction | — | — | 382 | ||||||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 15,583 | 14,270 | 12,119 | ||||||||||||||
Home equity | 1,949 | 2,328 | 2,083 | ||||||||||||||
Rental/investment | 1,284 | 1,958 | 1,454 | ||||||||||||||
Land development | 395 | 367 | 561 | ||||||||||||||
Total real estate – 1-4 family mortgage | 19,211 | 18,923 | 16,217 | ||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | 6,805 | 4,526 | 4,140 | ||||||||||||||
Non-owner occupied | 1,201 | 2,459 | 3,754 | ||||||||||||||
Land development | 519 | 1,109 | 1,192 | ||||||||||||||
Total real estate – commercial mortgage | 8,525 | 8,094 | 9,086 | ||||||||||||||
Installment loans to individuals | 638 | 621 | 575 | ||||||||||||||
Total nonperforming loans | $ | 45,796 | $ | 36,322 | $ | 36,215 |
September 30,
2020 |
December 31, 2019 |
September 30,
2019 |
|||||||||||||||
Commercial, financial, agricultural | $ | 2,417 | $ | 523 | $ | 533 | |||||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||||
Primary | 8,359 | 6,987 | 7,027 | ||||||||||||||
Home equity | 333 | 213 | 379 | ||||||||||||||
Rental/investment | 724 | 596 | 1,832 | ||||||||||||||
Total real estate – 1-4 family mortgage | 9,416 | 7,796 | 9,238 | ||||||||||||||
Real estate – commercial mortgage: | |||||||||||||||||
Owner-occupied | 6,854 | 3,096 | 3,098 | ||||||||||||||
Non-owner occupied | 1,355 | 503 | 519 | ||||||||||||||
Land development | 186 | 36 | 41 | ||||||||||||||
Total real estate – commercial mortgage | 8,395 | 3,635 | 3,658 | ||||||||||||||
Installment loans to individuals | 94 | — | — | ||||||||||||||
Total restructured loans in compliance with modified terms | $ | 20,322 | $ | 11,954 | $ | 13,429 |
2020 | 2019 | ||||||||||
Balance at January 1, | $ | 11,954 | $ | 12,820 | |||||||
Additional advances or loans with concessions | 12,946 | 3,650 | |||||||||
Reclassified as performing restructured loan | 428 | 1,866 | |||||||||
Reductions due to: | |||||||||||
Reclassified as nonperforming | (2,999) | (1,251) | |||||||||
Paid in full | (1,360) | (786) | |||||||||
Measurement period adjustment on recently acquired loans | — | (2,376) | |||||||||
Charge-offs | (3) | — | |||||||||
Paydowns | (644) | (494) | |||||||||
Balance at September 30, | $ | 20,322 | $ | 13,429 |
September 30,
2020 |
December 31, 2019 |
September 30,
2019 |
|||||||||||||||
Nonaccruing loans | $ | 43,652 | $ | 28,547 | $ | 21,856 | |||||||||||
Accruing loans past due 90 days or more | 2,144 | 7,775 | 14,359 | ||||||||||||||
Total nonperforming loans | 45,796 | 36,322 | 36,215 | ||||||||||||||
Restructured loans in compliance with modified terms | 20,322 | 11,954 | 13,429 | ||||||||||||||
Total nonperforming and restructured loans | $ | 66,118 | $ | 48,276 | $ | 49,644 | |||||||||||
September 30,
2020 |
December 31, 2019 |
September 30,
2019 |
|||||||||||||||
Residential real estate | $ | 1,870 | $ | 1,305 | $ | 1,004 | |||||||||||
Commercial real estate | 2,403 | 3,654 | 3,957 | ||||||||||||||
Residential land development | 1,669 | 899 | 899 | ||||||||||||||
Commercial land development | 2,211 | 2,152 | 2,331 | ||||||||||||||
Total other real estate owned | $ | 8,153 | $ | 8,010 | $ | 8,191 |
2020 | 2019 | ||||||||||
Balance at January 1, | $ | 8,010 | $ | 11,040 | |||||||
Transfers of loans | 7,887 | 3,613 | |||||||||
Impairments | (1,647) | (1,121) | |||||||||
Dispositions | (6,047) | (5,341) | |||||||||
Other | (50) | — | |||||||||
Balance at September 30, | $ | 8,153 | $ | 8,191 |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Noninterest-bearing demand | 27.03 | % | 22.96 | % | — | % | — | % | |||||||||||||||
Interest-bearing demand | 42.95 | 45.25 | 0.51 | 0.88 | |||||||||||||||||||
Savings | 6.17 | 6.11 | 0.11 | 0.20 | |||||||||||||||||||
Time deposits | 16.79 | 22.43 | 1.59 | 1.70 | |||||||||||||||||||
Short-term borrowings | 3.85 | 0.79 | 1.02 | 2.76 | |||||||||||||||||||
Long-term Federal Home Loan Bank advances | 1.27 | 0.06 | 0.80 | 3.33 | |||||||||||||||||||
Subordinated notes | 1.03 | 1.36 | 5.54 | 6.24 | |||||||||||||||||||
Other borrowed funds | 0.91 | 1.04 | 4.56 | 4.69 | |||||||||||||||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.64 | % | 0.95 | % |
September 30, 2020 | December 31, 2019 | ||||||||||
Loan commitments | $ | 2,650,843 | $ | 2,324,262 | |||||||
Standby letters of credit | 93,103 | 94,824 |
Actual |
Minimum Capital
Requirement to be Well Capitalized |
Minimum Capital
Requirement to be Adequately Capitalized (including the Capital Conservation Buffer) |
|||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Renasant Corporation: | |||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 1,174,260 | 10.80 | % | $ | 706,678 | 6.50 | % | $ | 761,037 | 7.00 | % | |||||||||||||||||||||||
Tier 1 risk-based capital ratio | 1,281,318 | 11.79 | % | 869,757 | 8.00 | % | 924,117 | 8.50 | % | ||||||||||||||||||||||||||
Total risk-based capital ratio | 1,618,837 | 14.89 | % | 1,087,196 | 10.00 | % | 1,141,556 | 10.50 | % | ||||||||||||||||||||||||||
Leverage capital ratios: | |||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 1,281,318 | 9.17 | % | 698,723 | 5.00 | % | 558,979 | 4.00 | % | ||||||||||||||||||||||||||
Renasant Bank: | |||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 1,344,938 | 12.38 | % | $ | 706,155 | 6.50 | % | $ | 760,474 | 7.00 | % | |||||||||||||||||||||||
Tier 1 risk-based capital ratio | 1,344,938 | 12.38 | % | 869,113 | 8.00 | % | 923,433 | 8.50 | % | ||||||||||||||||||||||||||
Total risk-based capital ratio | 1,470,402 | 13.53 | % | 1,086,392 | 10.00 | % | 1,140,711 | 10.50 | % | ||||||||||||||||||||||||||
Leverage capital ratios: | |||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 1,344,938 | 9.64 | % | 697,927 | 5.00 | % | 558,341 | 4.00 | % | ||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Renasant Corporation: | |||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 1,156,828 | 11.12 | % | $ | 676,106 | 6.50 | % | $ | 728,114 | 7.00 | % | |||||||||||||||||||||||
Tier 1 risk-based capital ratio | 1,262,588 | 12.14 | % | 832,131 | 8.00 | % | 884,139 | 8.50 | % | ||||||||||||||||||||||||||
Total risk-based capital ratio | 1,432,949 | 13.78 | % | 1,040,163 | 10.00 | % | 1,092,171 | 10.50 | % | ||||||||||||||||||||||||||
Leverage capital ratios: | |||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 1,262,588 | 10.37 | % | 608,668 | 5.00 | % | 486,934 | 4.00 | % | ||||||||||||||||||||||||||
Renasant Bank: | |||||||||||||||||||||||||||||||||||
Risk-based capital ratios: | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 1,331,809 | 12.81 | % | $ | 675,581 | 6.50 | % | $ | 727,548 | 7.00 | % | |||||||||||||||||||||||
Tier 1 risk-based capital ratio | 1,331,809 | 12.81 | % | 831,484 | 8.00 | % | 883,452 | 8.50 | % | ||||||||||||||||||||||||||
Total risk-based capital ratio | 1,388,553 | 13.36 | % | 1,039,355 | 10.00 | % | 1,091,323 | 10.50 | % | ||||||||||||||||||||||||||
Leverage capital ratios: | |||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 1,331,809 | 10.95 | % | 607,907 | 5.00 | % | 486,326 | 4.00 | % |
Efficiency Ratio | ||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Interest income (fully tax equivalent basis) | $ | 123,677 | $ | 135,927 | $ | 381,195 | $ | 413,790 | ||||||||||||||||||
Interest expense | 15,792 | 25,651 | 57,536 | 74,660 | ||||||||||||||||||||||
Net interest income (fully tax equivalent basis) | 107,885 | 110,276 | 323,659 | 339,130 | ||||||||||||||||||||||
Total noninterest income | 70,928 | 37,953 | 172,668 | 115,798 | ||||||||||||||||||||||
Net gains (losses) on sales of securities | — | 343 | 31 | 348 | ||||||||||||||||||||||
MSR valuation adjustment | 828 | (3,132) | (13,694) | (3,132) | ||||||||||||||||||||||
Adjusted noninterest income | 70,100 | 40,742 | 186,331 | 118,582 | ||||||||||||||||||||||
Total noninterest expense | 116,510 | 96,500 | 349,836 | 278,622 | ||||||||||||||||||||||
Intangible amortization | 1,733 | 1,996 | 5,462 | 6,159 | ||||||||||||||||||||||
Merger and conversion related expenses | — | 24 | — | 203 | ||||||||||||||||||||||
Extinguishment of debt | 28 | 54 | 118 | 54 | ||||||||||||||||||||||
COVID-19 related expenses | 570 | — | 9,730 | — | ||||||||||||||||||||||
Provision for unfunded commitments | 2,700 | — | 8,700 | — | ||||||||||||||||||||||
Adjusted noninterest expense | 111,479 | 94,426 | 325,826 | 272,206 | ||||||||||||||||||||||
Efficiency Ratio (GAAP) | 65.16 | % | 65.10 | % | 70.49 | % | 61.25 | % | ||||||||||||||||||
Adjusted Efficiency Ratio (non-GAAP) | 62.63 | % | 62.53 | % | 63.89 | % | 59.47 | % |
Total Number of Shares Purchased(1)
|
Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs(2)
|
|||||||||||||||||||||||
July 1, 2020 to July 31, 2020 | 158 | $ | 23.75 | — | $ | 5,464 | ||||||||||||||||||||
August 1, 2020 to August 31, 2020 | 106 | 23.53 | — | 5,464 | ||||||||||||||||||||||
September 1, 2020 to September 30, 2020 | 4,752 | 25.35 | — | 5,464 | ||||||||||||||||||||||
Total | 5,016 | $ | 25.27 | — |
Exhibit
Number |
Description | |||||||
(3)(i) | ||||||||
(3)(ii) | ||||||||
(4)(i) | ||||||||
(4)(ii) | ||||||||
(4)(iii) | ||||||||
(10)(i) | ||||||||
(31)(i) | ||||||||
(31)(ii) | ||||||||
(32)(i) | ||||||||
(32)(ii) | ||||||||
(101) | The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 were formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders’ Equity and (v) Consolidated Statements of Cash Flows and (v) Notes to Consolidated Financial Statements (Unaudited). | |||||||
(104) | The cover page of Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, formatted in Inline XBRL (included in Exhibit 101). |
RENASANT CORPORATION | ||||||||
(Registrant) | ||||||||
Date: | November 9, 2020 | /s/ C. Mitchell Waycaster | ||||||
C. Mitchell Waycaster | ||||||||
President and | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: | November 9, 2020 | /s/ James C. Mabry IV | ||||||
James C. Mabry IV | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
1 Year Renasant Chart |
1 Month Renasant Chart |
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