| LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES |
3. LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES
The following tables exclude LHFS. The Company’s LHFI are stated at their face amount, net of deferred fees and costs, and consisted of the following at September 30, 2023 and December 31, 2022 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
December 31, 2022 |
Construction and Land Development |
|
|
$ |
1,132,940 |
|
$ |
1,101,260 |
Commercial Real Estate – Owner Occupied |
|
|
|
1,975,281 |
|
|
1,982,608 |
Commercial Real Estate – Non-Owner Occupied |
|
|
|
4,148,218 |
|
|
3,996,130 |
Multifamily Real Estate |
|
|
|
947,153 |
|
|
802,923 |
Commercial & Industrial |
|
|
|
3,432,319 |
|
|
2,983,349 |
Residential 1-4 Family – Commercial |
|
|
|
517,034 |
|
|
538,063 |
Residential 1-4 Family – Consumer |
|
|
|
1,057,294 |
|
|
940,275 |
Residential 1-4 Family – Revolving |
|
|
|
599,282 |
|
|
585,184 |
Auto |
|
|
|
534,361 |
|
|
592,976 |
Consumer |
|
|
|
126,151 |
|
|
152,545 |
Other Commercial |
|
|
|
813,587 |
|
|
773,829 |
Total LHFI, net of deferred fees and costs(1) |
|
|
|
15,283,620 |
|
|
14,449,142 |
Allowance for loan and lease losses |
|
|
|
(125,627) |
|
|
(110,768) |
Total LHFI, net |
|
|
$ |
15,157,993 |
|
$ |
14,338,374 |
(1) Total loans included unamortized premiums and discounts, and unamortized deferred fees and costs totaling $58.4 million and $50.4 million as of September 30, 2023 and December 31, 2022, respectively.
The following table shows the aging of the Company’s LHFI portfolio, by class, at September 30, 2023 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than |
|
|
|
|
|
|
|
|
|
|
|
|
30-59 Days |
|
60-89 Days |
|
90 Days and |
|
|
|
|
|
|
|
|
|
Current |
|
Past Due |
|
Past Due |
|
still Accruing |
|
Nonaccrual |
|
Total Loans |
|
Construction and Land Development |
|
$ |
1,132,174 |
|
$ |
— |
|
$ |
386 |
|
$ |
25 |
|
$ |
355 |
|
$ |
1,132,940 |
|
Commercial Real Estate – Owner Occupied |
|
|
1,963,601 |
|
|
3,501 |
|
|
1,902 |
|
|
2,395 |
|
|
3,882 |
|
|
1,975,281 |
|
Commercial Real Estate – Non-Owner Occupied |
|
|
4,134,014 |
|
|
4,573 |
|
|
797 |
|
|
2,835 |
|
|
5,999 |
|
|
4,148,218 |
|
Multifamily Real Estate |
|
|
947,003 |
|
|
— |
|
|
150 |
|
|
— |
|
|
— |
|
|
947,153 |
|
Commercial & Industrial |
|
|
3,425,646 |
|
|
3,049 |
|
|
576 |
|
|
792 |
|
|
2,256 |
|
|
3,432,319 |
|
Residential 1-4 Family – Commercial |
|
|
513,573 |
|
|
744 |
|
|
67 |
|
|
817 |
|
|
1,833 |
|
|
517,034 |
|
Residential 1-4 Family – Consumer |
|
|
1,040,519 |
|
|
1,000 |
|
|
1,775 |
|
|
3,632 |
|
|
10,368 |
|
|
1,057,294 |
|
Residential 1-4 Family – Revolving |
|
|
591,748 |
|
|
2,326 |
|
|
602 |
|
|
1,034 |
|
|
3,572 |
|
|
599,282 |
|
Auto |
|
|
530,729 |
|
|
2,703 |
|
|
339 |
|
|
229 |
|
|
361 |
|
|
534,361 |
|
Consumer |
|
|
125,373 |
|
|
517 |
|
|
164 |
|
|
97 |
|
|
— |
|
|
126,151 |
|
Other Commercial |
|
|
810,027 |
|
|
3,545 |
|
|
— |
|
|
15 |
|
|
— |
|
|
813,587 |
|
Total LHFI, net of deferred fees and costs |
|
$ |
15,214,407 |
|
$ |
21,958 |
|
$ |
6,758 |
|
$ |
11,871 |
|
$ |
28,626 |
|
$ |
15,283,620 |
|
% of total loans |
|
|
99.55 |
% |
|
0.14 |
% |
|
0.04 |
% |
|
0.08 |
% |
|
0.19 |
% |
|
100.00 |
% |
The following table shows the aging of the Company’s LHFI portfolio, by class, at December 31, 2022 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than |
|
|
|
|
|
|
|
|
|
|
|
|
30-59 Days |
|
60-89 Days |
|
90 Days and |
|
|
|
|
|
|
|
|
|
Current |
|
Past Due |
|
Past Due |
|
still Accruing |
|
Nonaccrual |
|
Total Loans |
|
Construction and Land Development |
|
$ |
1,099,555 |
|
$ |
1,253 |
|
$ |
45 |
|
$ |
100 |
|
$ |
307 |
|
$ |
1,101,260 |
|
Commercial Real Estate – Owner Occupied |
|
|
1,970,323 |
|
|
2,305 |
|
|
635 |
|
|
2,167 |
|
|
7,178 |
|
|
1,982,608 |
|
Commercial Real Estate – Non-Owner Occupied |
|
|
3,993,091 |
|
|
1,121 |
|
|
48 |
|
|
607 |
|
|
1,263 |
|
|
3,996,130 |
|
Multifamily Real Estate |
|
|
801,694 |
|
|
1,229 |
|
|
— |
|
|
— |
|
|
— |
|
|
802,923 |
|
Commercial & Industrial |
|
|
2,980,008 |
|
|
824 |
|
|
174 |
|
|
459 |
|
|
1,884 |
|
|
2,983,349 |
|
Residential 1-4 Family – Commercial |
|
|
534,653 |
|
|
1,231 |
|
|
— |
|
|
275 |
|
|
1,904 |
|
|
538,063 |
|
Residential 1-4 Family – Consumer |
|
|
919,833 |
|
|
5,951 |
|
|
1,690 |
|
|
1,955 |
|
|
10,846 |
|
|
940,275 |
|
Residential 1-4 Family – Revolving |
|
|
577,993 |
|
|
1,843 |
|
|
511 |
|
|
1,384 |
|
|
3,453 |
|
|
585,184 |
|
Auto |
|
|
589,235 |
|
|
2,747 |
|
|
450 |
|
|
344 |
|
|
200 |
|
|
592,976 |
|
Consumer |
|
|
151,958 |
|
|
351 |
|
|
125 |
|
|
108 |
|
|
3 |
|
|
152,545 |
|
Other Commercial |
|
|
773,738 |
|
|
— |
|
|
— |
|
|
91 |
|
|
— |
|
|
773,829 |
|
Total LHFI, net of deferred fees and costs |
|
$ |
14,392,081 |
|
$ |
18,855 |
|
$ |
3,678 |
|
$ |
7,490 |
|
$ |
27,038 |
|
$ |
14,449,142 |
|
% of total loans |
|
|
99.60 |
% |
|
0.13 |
% |
|
0.03 |
% |
|
0.05 |
% |
|
0.19 |
% |
|
100.00 |
% |
The following table shows the Company’s amortized cost basis of loans on nonaccrual status, including those on nonaccrual status with no related ALLL, as of September 30, 2023 and December 31, 2022 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
December 31, 2022 |
|
|
Nonaccrual |
|
Nonaccrual With No ALLL |
|
Nonaccrual |
|
Nonaccrual With No ALLL |
Construction and Land Development |
|
$ |
355 |
|
$ |
— |
|
$ |
307 |
|
$ |
— |
Commercial Real Estate – Owner Occupied |
|
|
3,882 |
|
|
— |
|
|
7,178 |
|
|
908 |
Commercial Real Estate – Non-Owner Occupied |
|
|
5,999 |
|
|
4,935 |
|
|
1,263 |
|
|
— |
Commercial & Industrial |
|
|
2,256 |
|
|
1 |
|
|
1,884 |
|
|
1 |
Residential 1-4 Family – Commercial |
|
|
1,833 |
|
|
— |
|
|
1,904 |
|
|
— |
Residential 1-4 Family – Consumer |
|
|
10,368 |
|
|
— |
|
|
10,846 |
|
|
— |
Residential 1-4 Family – Revolving |
|
|
3,572 |
|
|
— |
|
|
3,453 |
|
|
— |
Auto |
|
|
361 |
|
|
— |
|
|
200 |
|
|
— |
Consumer |
|
|
— |
|
|
— |
|
|
3 |
|
|
— |
Other Commercial |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total LHFI |
|
$ |
28,626 |
|
$ |
4,936 |
|
$ |
27,038 |
|
$ |
909 |
There was no interest income recognized on nonaccrual loans during the three and nine months ended September 30, 2023 and 2022. See Note 1 “Summary of Significant Accounting Policies” in the “Notes to the Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” in the Company’s 2022 Form 10-K for additional information on the Company’s policies for nonaccrual loans.
Troubled Loan Modifications
The Company adopted ASU 2022-02 effective January 1, 2023 on a prospective basis. See Note 1 “Summary of Significant Accounting Policies” within this Item 1 of this Quarterly Report for information on the Company’s accounting policy for loan modifications to borrowers experiencing financial difficulty and how the Company defines TLMs.
As of September 30, 2023, the Company had TLMs with an amortized cost basis of $29.4 million with an estimated $155,000 in allowance for those loans. As of September 30, 2023, there was $1.5 million of unfunded commitments on loans modified and designated as TLMs since January 1, 2023.
The following tables present the amortized cost basis as of September 30, 2023 of TLMs modified during the three and nine months ended September 30, 2023 since January 1, 2023 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2023 |
|
|
|
Amortized Cost |
|
% of Total Class of Financing Receivable |
|
|
Amortized Cost |
|
% of Total Class of Financing Receivable |
|
Term Extension |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and Industrial |
|
$ |
97 |
|
NM |
|
|
$ |
2,008 |
|
0.06 |
% |
Commercial Real Estate – Non-Owner Occupied |
|
|
— |
|
0.00 |
% |
|
|
20,133 |
|
0.49 |
% |
Commercial Real Estate – Owner Occupied |
|
|
766 |
|
0.04 |
% |
|
|
766 |
|
0.04 |
% |
Residential 1-4 Family – Consumer |
|
|
29 |
|
NM |
|
|
|
603 |
|
0.06 |
% |
Total Term Extension |
|
$ |
892 |
|
|
|
|
$ |
23,510 |
|
|
|
Combination - Term Extension and Interest Rate Reduction |
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 Family – Consumer |
|
$ |
127 |
|
0.01 |
% |
|
$ |
959 |
|
0.09 |
% |
Residential 1-4 Family – Revolving |
|
|
— |
|
0.00 |
% |
|
|
15 |
|
NM |
|
Total Combination - Term Extension and Interest Rate Reduction |
|
$ |
127 |
|
|
|
|
$ |
974 |
|
|
|
Principal Forgiveness |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate – Non-Owner Occupied |
|
|
— |
|
0.00 |
% |
|
|
4,935 |
|
0.12 |
% |
Total Principal Forgiveness |
|
$ |
— |
|
|
|
|
$ |
4,935 |
|
|
|
Total |
|
$ |
1,019 |
|
|
|
|
$ |
29,419 |
|
|
|
NM= Not Meaningful
The following table describes the financial effects of TLMs on a weighted average basis for TLMs within that loan type for the three and nine months ended September 30, 2023:
|
|
|
Three Months Ended September 30, 2023 |
Term Extension |
Loan Type |
|
Financial Effect |
Commercial Real Estate – Owner Occupied |
|
Added a weighted-average 0.2 years to the life of loans. |
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2023 |
Term Extension |
Loan Type |
|
Financial Effect |
Commercial and Industrial |
|
Added a weighted-average 0.2 years to the life of loans. |
Commercial Real Estate – Owner Occupied |
|
Added a weighted-average 0.2 years to the life of loans. |
Commercial Real Estate – Non-Owner Occupied |
|
Added a weighted-average 0.5 years to the life of loans. |
Residential 1-4 Family – Consumer |
|
Added a weighted-average 10.7 years to the life of loans. |
|
|
|
|
|
|
|
|
|
Combination - Term Extension and Interest Rate Reduction |
Loan Type |
|
Financial Effect |
Residential 1-4 Family – Consumer |
|
Added a weighted-average 20.3 years to the life of loans and reduced the weighted average contractual interest rate from 8.2% to 7.6%. |
Residential 1-4 Family – Revolving |
|
Added a weighted-average 19.1 years to the life of loans and reduced the weighted average contractual interest rate from 10.5% to 7.3%. |
|
|
|
|
|
|
|
|
|
Principal Forgiveness |
Loan Type |
|
Financial Effect |
Commercial Real Estate – Non-Owner Occupied |
|
Reduced the amortized cost basis of loans by $3.5 million. |
The Company considers a default of a TLM to occur when the borrower is 90 days past due following the modification or a foreclosure and repossession of the applicable collateral occurs. During the three and nine months ended September 30, 2023, the Company did not have any significant loans either individually or in the aggregate that went into default that have been modified and designated as TLMs.
The Company monitors the performance of TLMs in order to determine the effectiveness of the modifications. As of September 30, 2023, no loans that have been modified and designated as TLMs are past due.
Allowance for Loan and Lease Losses
ALLL on the loan portfolio is a material estimate for the Company. The Company estimates its ALLL on its loan portfolio on a quarterly basis. The Company models the ALLL using two primary segments, Commercial and Consumer. Each loan segment is further disaggregated into classes based on similar risk characteristics. The Company has identified the following classes within each loan segment:
|
● |
Commercial: Construction and Land Development, Commercial Real Estate – Owner Occupied, Commercial Real Estate – Non-Owner Occupied, Multifamily Real Estate, Commercial & Industrial, Residential 1-4 Family – Commercial, and Other Commercial
|
|
● |
Consumer: Residential 1-4 Family – Consumer, Residential 1-4 Family – Revolving, Auto, and Consumer
|
The following tables show the ALLL activity by loan segment for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2023 |
|
Nine Months Ended September 30, 2023 |
|
|
|
Commercial |
|
Consumer |
|
Total |
|
Commercial |
|
Consumer |
|
Total |
Balance at beginning of period |
|
|
$ |
92,970 |
|
$ |
27,713 |
|
$ |
120,683 |
|
$ |
82,753 |
|
$ |
28,015 |
|
$ |
110,768 |
Loans charged-off |
|
|
|
(788) |
|
|
(841) |
|
|
(1,629) |
|
|
(7,589) |
|
|
(2,368) |
|
|
(9,957) |
Recoveries credited to allowance |
|
|
|
878 |
|
|
457 |
|
|
1,335 |
|
|
1,911 |
|
|
1,626 |
|
|
3,537 |
Provision charged to operations |
|
|
|
5,880 |
|
|
(642) |
|
|
5,238 |
|
|
21,865 |
|
|
(586) |
|
|
21,279 |
Balance at end of period |
|
|
$ |
98,940 |
|
$ |
26,687 |
|
$ |
125,627 |
|
$ |
98,940 |
|
$ |
26,687 |
|
$ |
125,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2022 |
|
Nine Months Ended September 30, 2022 |
|
|
Commercial |
|
Consumer |
|
Total |
|
Commercial |
|
Consumer |
|
Total |
Balance at beginning of period |
|
$ |
77,413 |
|
$ |
26,771 |
|
$ |
104,184 |
|
$ |
77,902 |
|
$ |
21,885 |
|
$ |
99,787 |
Loans charged-off |
|
|
(1,086) |
|
|
(715) |
|
|
(1,801) |
|
|
(2,852) |
|
|
(2,415) |
|
|
(5,267) |
Recoveries credited to allowance |
|
|
605 |
|
|
609 |
|
|
1,214 |
|
|
1,723 |
|
|
2,022 |
|
|
3,745 |
Provision charged to operations |
|
|
6,969 |
|
|
(2,557) |
|
|
4,412 |
|
|
7,128 |
|
|
2,616 |
|
|
9,744 |
Balance at end of period |
|
$ |
83,901 |
|
$ |
24,108 |
|
$ |
108,009 |
|
$ |
83,901 |
|
$ |
24,108 |
|
$ |
108,009 |
The increase in net charge offs for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 is primarily due to charge-offs associated with two commercial loans.
Credit Quality Indicators
The Company’s primary credit quality indicator for the Commercial segment is risk rating categories of Pass, Watch, Special Mention, Substandard, and Doubtful. The primary credit quality indicator for the Consumer segment is delinquency bands of Current, 30-59, 60-89, 90+, and Nonaccrual. See Note 3 “Loans and Allowance for Loan and Lease Losses” in the “Notes to the Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” in the Company’s 2022 Form 10-K for additional information on the Company’s policies and for further information on the Company’s credit quality indicators.
Commercial Loans
The table below details the amortized cost and gross write-offs of the classes of loans within the Commercial segment by risk level and year of origination as of September 30, 2023 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
|
Term Loans Amortized Cost Basis by Origination Year |
|
Revolving |
|
|
|
|
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Prior |
|
Loans |
|
Total |
Construction and Land Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
168,844 |
|
$ |
459,943 |
|
$ |
329,757 |
|
$ |
22,020 |
|
$ |
12,638 |
|
$ |
42,963 |
|
$ |
45,247 |
|
$ |
1,081,412 |
Watch |
|
|
106 |
|
|
4,432 |
|
|
16,493 |
|
|
— |
|
|
— |
|
|
836 |
|
|
— |
|
|
21,867 |
Special Mention |
|
|
168 |
|
|
— |
|
|
4,514 |
|
|
— |
|
|
— |
|
|
350 |
|
|
— |
|
|
5,032 |
Substandard |
|
|
23 |
|
|
1,244 |
|
|
1,824 |
|
|
21,208 |
|
|
205 |
|
|
125 |
|
|
— |
|
|
24,629 |
Total Construction and Land Development |
|
$ |
169,141 |
|
$ |
465,619 |
|
$ |
352,588 |
|
$ |
43,228 |
|
$ |
12,843 |
|
$ |
44,274 |
|
$ |
45,247 |
|
$ |
1,132,940 |
Current period gross writeoff |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(11) |
|
$ |
— |
|
$ |
(11) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate – Owner Occupied |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
123,946 |
|
$ |
261,768 |
|
$ |
196,135 |
|
$ |
246,359 |
|
$ |
264,095 |
|
$ |
763,587 |
|
$ |
23,835 |
|
$ |
1,879,725 |
Watch |
|
|
— |
|
|
1,325 |
|
|
4,021 |
|
|
2,815 |
|
|
9,671 |
|
|
26,719 |
|
|
847 |
|
|
45,398 |
Special Mention |
|
|
788 |
|
|
859 |
|
|
251 |
|
|
— |
|
|
992 |
|
|
10,312 |
|
|
464 |
|
|
13,666 |
Substandard |
|
|
370 |
|
|
— |
|
|
— |
|
|
337 |
|
|
4,196 |
|
|
31,589 |
|
|
— |
|
|
36,492 |
Total Commercial Real Estate – Owner Occupied |
|
$ |
125,104 |
|
$ |
263,952 |
|
$ |
200,407 |
|
$ |
249,511 |
|
$ |
278,954 |
|
$ |
832,207 |
|
$ |
25,146 |
|
$ |
1,975,281 |
Current period gross writeoff |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate – Non-Owner Occupied |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
310,417 |
|
$ |
526,072 |
|
$ |
714,965 |
|
$ |
342,131 |
|
$ |
483,006 |
|
$ |
1,494,449 |
|
$ |
23,728 |
|
$ |
3,894,768 |
Watch |
|
|
— |
|
|
— |
|
|
1,691 |
|
|
7,754 |
|
|
27,825 |
|
|
76,136 |
|
|
4 |
|
|
113,410 |
Special Mention |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
18,980 |
|
|
57,063 |
|
|
11,855 |
|
|
87,898 |
Substandard |
|
|
4,936 |
|
|
— |
|
|
2,139 |
|
|
11,298 |
|
|
5,939 |
|
|
27,830 |
|
|
— |
|
|
52,142 |
Total Commercial Real Estate – Non-Owner Occupied |
|
$ |
315,353 |
|
$ |
526,072 |
|
$ |
718,795 |
|
$ |
361,183 |
|
$ |
535,750 |
|
$ |
1,655,478 |
|
$ |
35,587 |
|
$ |
4,148,218 |
Current period gross writeoff |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(3,528) |
|
$ |
— |
|
$ |
(3,528) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial & Industrial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
730,110 |
|
$ |
677,320 |
|
$ |
449,135 |
|
$ |
213,937 |
|
$ |
131,347 |
|
$ |
160,071 |
|
$ |
887,127 |
|
$ |
3,249,047 |
Watch |
|
|
596 |
|
|
23,517 |
|
|
186 |
|
|
1,346 |
|
|
18,017 |
|
|
4,814 |
|
|
25,128 |
|
|
73,604 |
Special Mention |
|
|
1,809 |
|
|
21,723 |
|
|
1,094 |
|
|
6,890 |
|
|
2,753 |
|
|
1,848 |
|
|
23,984 |
|
|
60,101 |
Substandard |
|
|
— |
|
|
150 |
|
|
468 |
|
|
2,109 |
|
|
3,853 |
|
|
3,438 |
|
|
39,549 |
|
|
49,567 |
Total Commercial & Industrial |
|
$ |
732,515 |
|
$ |
722,710 |
|
$ |
450,883 |
|
$ |
224,282 |
|
$ |
155,970 |
|
$ |
170,171 |
|
$ |
975,788 |
|
$ |
3,432,319 |
Current period gross writeoff |
|
$ |
— |
|
$ |
— |
|
$ |
(6) |
|
$ |
— |
|
$ |
— |
|
$ |
(18) |
|
$ |
(1,813) |
|
$ |
(1,837) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
14,082 |
|
$ |
117,935 |
|
$ |
244,089 |
|
$ |
223,382 |
|
$ |
46,431 |
|
$ |
254,568 |
|
$ |
28,521 |
|
$ |
929,008 |
Watch |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
395 |
|
|
— |
|
|
395 |
Special Mention |
|
|
— |
|
|
— |
|
|
— |
|
|
250 |
|
|
3,734 |
|
|
232 |
|
|
— |
|
|
4,216 |
Substandard |
|
|
— |
|
|
— |
|
|
— |
|
|
13,534 |
|
|
— |
|
|
— |
|
|
— |
|
|
13,534 |
Total Multifamily Real Estate |
|
$ |
14,082 |
|
$ |
117,935 |
|
$ |
244,089 |
|
$ |
237,166 |
|
$ |
50,165 |
|
$ |
255,195 |
|
$ |
28,521 |
|
$ |
947,153 |
Current period gross writeoff |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 Family – Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
29,169 |
|
$ |
63,380 |
|
$ |
78,926 |
|
$ |
71,358 |
|
$ |
46,347 |
|
$ |
212,109 |
|
$ |
1,070 |
|
$ |
502,359 |
Watch |
|
|
49 |
|
|
390 |
|
|
586 |
|
|
223 |
|
|
765 |
|
|
6,124 |
|
|
109 |
|
|
8,246 |
Special Mention |
|
|
48 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,323 |
|
|
— |
|
|
1,371 |
Substandard |
|
|
— |
|
|
— |
|
|
618 |
|
|
182 |
|
|
604 |
|
|
3,401 |
|
|
253 |
|
|
5,058 |
Total Residential 1-4 Family – Commercial |
|
$ |
29,266 |
|
$ |
63,770 |
|
$ |
80,130 |
|
$ |
71,763 |
|
$ |
47,716 |
|
$ |
222,957 |
|
$ |
1,432 |
|
$ |
517,034 |
Current period gross writeoff |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
235,254 |
|
$ |
126,200 |
|
$ |
149,863 |
|
$ |
84,078 |
|
$ |
123,799 |
|
$ |
65,234 |
|
$ |
24,947 |
|
$ |
809,375 |
Watch |
|
|
— |
|
|
— |
|
|
— |
|
|
32 |
|
|
8 |
|
|
3,410 |
|
|
— |
|
|
3,450 |
Special Mention |
|
|
98 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
649 |
|
|
— |
|
|
747 |
Substandard |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
15 |
|
|
15 |
Total Other Commercial |
|
$ |
235,352 |
|
$ |
126,200 |
|
$ |
149,863 |
|
$ |
84,110 |
|
$ |
123,807 |
|
$ |
69,293 |
|
$ |
24,962 |
|
$ |
813,587 |
Current period gross writeoff |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(2,213) |
|
$ |
— |
|
$ |
(2,213) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
1,611,822 |
|
$ |
2,232,618 |
|
$ |
2,162,870 |
|
$ |
1,203,265 |
|
$ |
1,107,663 |
|
$ |
2,992,981 |
|
$ |
1,034,475 |
|
$ |
12,345,694 |
Watch |
|
|
751 |
|
|
29,664 |
|
|
22,977 |
|
|
12,170 |
|
|
56,286 |
|
|
118,434 |
|
|
26,088 |
|
|
266,370 |
Special Mention |
|
|
2,911 |
|
|
22,582 |
|
|
5,859 |
|
|
7,140 |
|
|
26,459 |
|
|
71,777 |
|
|
36,303 |
|
|
173,031 |
Substandard |
|
|
5,329 |
|
|
1,394 |
|
|
5,049 |
|
|
48,668 |
|
|
14,797 |
|
|
66,383 |
|
|
39,817 |
|
|
181,437 |
Total Commercial |
|
$ |
1,620,813 |
|
$ |
2,286,258 |
|
$ |
2,196,755 |
|
$ |
1,271,243 |
|
$ |
1,205,205 |
|
$ |
3,249,575 |
|
$ |
1,136,683 |
|
$ |
12,966,532 |
Total current period gross writeoff |
|
$ |
— |
|
$ |
— |
|
$ |
(6) |
|
$ |
— |
|
$ |
— |
|
$ |
(5,770) |
|
$ |
(1,813) |
|
$ |
(7,589) |
The table below details the amortized cost of the classes of loans within the Commercial segment by risk level and year of origination as of December 31, 2022 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
Term Loans Amortized Cost Basis by Origination Year |
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
2018 |
|
Prior |
|
Revolving Loans |
|
Total |
Construction and Land Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
357,688 |
|
$ |
499,738 |
|
$ |
107,559 |
|
$ |
17,191 |
|
$ |
33,801 |
|
$ |
36,335 |
|
$ |
34,345 |
|
$ |
1,086,657 |
Watch |
|
|
242 |
|
|
1,637 |
|
|
— |
|
|
— |
|
|
115 |
|
|
1,669 |
|
|
— |
|
|
3,663 |
Special Mention |
|
|
2,843 |
|
|
411 |
|
|
— |
|
|
— |
|
|
— |
|
|
93 |
|
|
— |
|
|
3,347 |
Substandard |
|
|
1,254 |
|
|
3,148 |
|
|
40 |
|
|
211 |
|
|
1,345 |
|
|
1,595 |
|
|
— |
|
|
7,593 |
Total Construction and Land Development |
|
$ |
362,027 |
|
$ |
504,934 |
|
$ |
107,599 |
|
$ |
17,402 |
|
$ |
35,261 |
|
$ |
39,692 |
|
$ |
34,345 |
|
$ |
1,101,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate – Owner Occupied |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
258,953 |
|
$ |
215,414 |
|
$ |
257,740 |
|
$ |
282,110 |
|
$ |
228,410 |
|
$ |
624,238 |
|
$ |
17,190 |
|
$ |
1,884,055 |
Watch |
|
|
1,060 |
|
|
176 |
|
|
2,437 |
|
|
9,567 |
|
|
9,736 |
|
|
31,331 |
|
|
916 |
|
|
55,223 |
Special Mention |
|
|
— |
|
|
256 |
|
|
— |
|
|
93 |
|
|
1,332 |
|
|
18,766 |
|
|
132 |
|
|
20,579 |
Substandard |
|
|
— |
|
|
2,565 |
|
|
474 |
|
|
4,728 |
|
|
1,591 |
|
|
12,979 |
|
|
414 |
|
|
22,751 |
Total Commercial Real Estate – Owner Occupied |
|
$ |
260,013 |
|
$ |
218,411 |
|
$ |
260,651 |
|
$ |
296,498 |
|
$ |
241,069 |
|
$ |
687,314 |
|
$ |
18,652 |
|
$ |
1,982,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate – Non-Owner Occupied |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
496,079 |
|
$ |
661,977 |
|
$ |
385,084 |
|
$ |
517,834 |
|
$ |
373,126 |
|
$ |
1,389,507 |
|
$ |
34,804 |
|
$ |
3,858,411 |
Watch |
|
|
— |
|
|
2,151 |
|
|
2,091 |
|
|
11,915 |
|
|
19,550 |
|
|
20,683 |
|
|
2 |
|
|
56,392 |
Special Mention |
|
|
232 |
|
|
— |
|
|
— |
|
|
25,578 |
|
|
702 |
|
|
7,381 |
|
|
— |
|
|
33,893 |
Substandard |
|
|
— |
|
|
— |
|
|
10,460 |
|
|
3,083 |
|
|
29,012 |
|
|
4,879 |
|
|
— |
|
|
47,434 |
Total Commercial Real Estate – Non-Owner Occupied |
|
$ |
496,311 |
|
$ |
664,128 |
|
$ |
397,635 |
|
$ |
558,410 |
|
$ |
422,390 |
|
$ |
1,422,450 |
|
$ |
34,806 |
|
$ |
3,996,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial & Industrial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
849,547 |
|
$ |
536,982 |
|
$ |
262,093 |
|
$ |
182,263 |
|
$ |
67,648 |
|
$ |
120,326 |
|
$ |
846,059 |
|
$ |
2,864,918 |
Watch |
|
|
1,399 |
|
|
1,305 |
|
|
18,682 |
|
|
5,039 |
|
|
12,843 |
|
|
1,984 |
|
|
41,836 |
|
|
83,088 |
Special Mention |
|
|
— |
|
|
222 |
|
|
393 |
|
|
2,145 |
|
|
354 |
|
|
1,773 |
|
|
12,380 |
|
|
17,267 |
Substandard |
|
|
94 |
|
|
513 |
|
|
112 |
|
|
2,911 |
|
|
1,449 |
|
|
1,339 |
|
|
11,658 |
|
|
18,076 |
Total Commercial & Industrial |
|
$ |
851,040 |
|
$ |
539,022 |
|
$ |
281,280 |
|
$ |
192,358 |
|
$ |
82,294 |
|
$ |
125,422 |
|
$ |
911,933 |
|
$ |
2,983,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
111,798 |
|
$ |
90,952 |
|
$ |
204,159 |
|
$ |
47,240 |
|
$ |
59,883 |
|
$ |
231,745 |
|
$ |
52,025 |
|
$ |
797,802 |
Watch |
|
|
— |
|
|
— |
|
|
— |
|
|
350 |
|
|
442 |
|
|
416 |
|
|
— |
|
|
1,208 |
Special Mention |
|
|
— |
|
|
— |
|
|
— |
|
|
3,826 |
|
|
— |
|
|
87 |
|
|
— |
|
|
3,913 |
Total Multifamily Real Estate |
|
$ |
111,798 |
|
$ |
90,952 |
|
$ |
204,159 |
|
$ |
51,416 |
|
$ |
60,325 |
|
$ |
232,248 |
|
$ |
52,025 |
|
$ |
802,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 Family – Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
58,534 |
|
$ |
86,881 |
|
$ |
77,110 |
|
$ |
50,721 |
|
$ |
38,090 |
|
$ |
199,783 |
|
$ |
803 |
|
$ |
511,922 |
Watch |
|
|
500 |
|
|
— |
|
|
539 |
|
|
852 |
|
|
1,532 |
|
|
5,378 |
|
|
113 |
|
|
8,914 |
Special Mention |
|
|
— |
|
|
— |
|
|
94 |
|
|
7,771 |
|
|
582 |
|
|
2,630 |
|
|
— |
|
|
11,077 |
Substandard |
|
|
— |
|
|
632 |
|
|
1,400 |
|
|
463 |
|
|
473 |
|
|
2,883 |
|
|
299 |
|
|
6,150 |
Total Residential 1-4 Family – Commercial |
|
$ |
59,034 |
|
$ |
87,513 |
|
$ |
79,143 |
|
$ |
59,807 |
|
$ |
40,677 |
|
$ |
210,674 |
|
$ |
1,215 |
|
$ |
538,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
197,454 |
|
$ |
211,438 |
|
$ |
149,567 |
|
$ |
119,795 |
|
$ |
3,522 |
|
$ |
69,243 |
|
$ |
14,177 |
|
$ |
765,196 |
Watch |
|
|
5,095 |
|
|
— |
|
|
— |
|
|
12 |
|
|
— |
|
|
3,435 |
|
|
— |
|
|
8,542 |
Substandard |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
91 |
|
|
91 |
Total Other Commercial |
|
$ |
202,549 |
|
$ |
211,438 |
|
$ |
149,567 |
|
$ |
119,807 |
|
$ |
3,522 |
|
$ |
72,678 |
|
$ |
14,268 |
|
$ |
773,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
2,330,053 |
|
$ |
2,303,382 |
|
$ |
1,443,312 |
|
$ |
1,217,154 |
|
$ |
804,480 |
|
$ |
2,671,177 |
|
$ |
999,403 |
|
$ |
11,768,961 |
Watch |
|
|
8,296 |
|
|
5,269 |
|
|
23,749 |
|
|
27,735 |
|
|
44,218 |
|
|
64,896 |
|
|
42,867 |
|
|
217,030 |
Special Mention |
|
|
3,075 |
|
|
889 |
|
|
487 |
|
|
39,413 |
|
|
2,970 |
|
|
30,730 |
|
|
12,512 |
|
|
90,076 |
Substandard |
|
|
1,348 |
|
|
6,858 |
|
|
12,486 |
|
|
11,396 |
|
|
33,870 |
|
|
23,675 |
|
|
12,462 |
|
|
102,095 |
Total Commercial |
|
$ |
2,342,772 |
|
$ |
2,316,398 |
|
$ |
1,480,034 |
|
$ |
1,295,698 |
|
$ |
885,538 |
|
$ |
2,790,478 |
|
$ |
1,067,244 |
|
$ |
12,178,162 |
Consumer Loans
The following table details the amortized cost of the classes of loans within the Consumer segment based on their delinquency status and year of origination as of September 30, 2023 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
|
Term Loans Amortized Cost Basis by Origination Year |
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Prior |
|
Revolving Loans |
|
Total |
Residential 1-4 Family – Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
101,653 |
|
$ |
255,179 |
|
$ |
270,580 |
|
$ |
155,239 |
|
$ |
33,221 |
|
$ |
224,635 |
|
$ |
12 |
|
$ |
1,040,519 |
30-59 Days Past Due |
|
|
47 |
|
|
97 |
|
|
33 |
|
|
173 |
|
|
— |
|
|
650 |
|
|
— |
|
|
1,000 |
60-89 Days Past Due |
|
|
— |
|
|
427 |
|
|
149 |
|
|
— |
|
|
— |
|
|
1,199 |
|
|
— |
|
|
1,775 |
90+ Days Past Due |
|
|
49 |
|
|
— |
|
|
1,719 |
|
|
— |
|
|
— |
|
|
1,864 |
|
|
— |
|
|
3,632 |
Nonaccrual |
|
|
— |
|
|
491 |
|
|
565 |
|
|
— |
|
|
106 |
|
|
9,206 |
|
|
— |
|
|
10,368 |
Total Residential 1-4 Family – Consumer |
|
$ |
101,749 |
|
$ |
256,194 |
|
$ |
273,046 |
|
$ |
155,412 |
|
$ |
33,327 |
|
$ |
237,554 |
|
$ |
12 |
|
$ |
1,057,294 |
Current period gross writeoff |
|
$ |
— |
|
$ |
(16) |
|
$ |
— |
|
$ |
— |
|
$ |
(69) |
|
$ |
(39) |
|
$ |
— |
|
$ |
(124) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 Family – Revolving |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
36,058 |
|
$ |
56,777 |
|
$ |
12,148 |
|
$ |
4,517 |
|
$ |
1,059 |
|
$ |
1,165 |
|
$ |
480,024 |
|
$ |
591,748 |
30-59 Days Past Due |
|
|
— |
|
|
135 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,191 |
|
|
2,326 |
60-89 Days Past Due |
|
|
183 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
419 |
|
|
602 |
90+ Days Past Due |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,034 |
|
|
1,034 |
Nonaccrual |
|
|
— |
|
|
157 |
|
|
27 |
|
|
53 |
|
|
— |
|
|
— |
|
|
3,335 |
|
|
3,572 |
Total Residential 1-4 Family – Revolving |
|
$ |
36,241 |
|
$ |
57,069 |
|
$ |
12,175 |
|
$ |
4,570 |
|
$ |
1,059 |
|
$ |
1,165 |
|
$ |
487,003 |
|
$ |
599,282 |
Current period gross writeoff |
|
$ |
— |
|
$ |
— |
|
$ |
(3) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(26) |
|
$ |
(29) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
84,225 |
|
$ |
229,046 |
|
$ |
118,931 |
|
$ |
59,340 |
|
$ |
28,926 |
|
$ |
10,261 |
|
$ |
— |
|
$ |
530,729 |
30-59 Days Past Due |
|
|
229 |
|
|
905 |
|
|
851 |
|
|
317 |
|
|
315 |
|
|
86 |
|
|
— |
|
|
2,703 |
60-89 Days Past Due |
|
|
— |
|
|
68 |
|
|
95 |
|
|
69 |
|
|
73 |
|
|
34 |
|
|
— |
|
|
339 |
90+ Days Past Due |
|
|
29 |
|
|
88 |
|
|
65 |
|
|
21 |
|
|
1 |
|
|
25 |
|
|
— |
|
|
229 |
Nonaccrual |
|
|
10 |
|
|
171 |
|
|
68 |
|
|
73 |
|
|
39 |
|
|
— |
|
|
— |
|
|
361 |
Total Auto |
|
$ |
84,493 |
|
$ |
230,278 |
|
$ |
120,010 |
|
$ |
59,820 |
|
$ |
29,354 |
|
$ |
10,406 |
|
$ |
— |
|
$ |
534,361 |
Current period gross writeoff |
|
$ |
(23) |
|
$ |
(410) |
|
$ |
(171) |
|
$ |
(101) |
|
$ |
(60) |
|
$ |
(48) |
|
$ |
— |
|
$ |
(813) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
10,803 |
|
$ |
26,226 |
|
$ |
11,550 |
|
$ |
8,635 |
|
$ |
17,174 |
|
$ |
25,877 |
|
$ |
25,107 |
|
$ |
125,372 |
30-59 Days Past Due |
|
|
49 |
|
|
136 |
|
|
55 |
|
|
19 |
|
|
95 |
|
|
133 |
|
|
30 |
|
|
517 |
60-89 Days Past Due |
|
|
12 |
|
|
5 |
|
|
12 |
|
|
24 |
|
|
59 |
|
|
19 |
|
|
33 |
|
|
164 |
90+ Days Past Due |
|
|
10 |
|
|
40 |
|
|
37 |
|
|
4 |
|
|
— |
|
|
7 |
|
|
— |
|
|
98 |
Nonaccrual |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total Consumer |
|
$ |
10,874 |
|
$ |
26,407 |
|
$ |
11,654 |
|
$ |
8,682 |
|
$ |
17,328 |
|
$ |
26,036 |
|
$ |
25,170 |
|
$ |
126,151 |
Current period gross writeoff |
|
$ |
(15) |
|
$ |
(65) |
|
$ |
(90) |
|
$ |
(652) |
|
$ |
(14) |
|
$ |
(510) |
|
$ |
(56) |
|
$ |
(1,402) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
232,739 |
|
$ |
567,228 |
|
$ |
413,209 |
|
$ |
227,731 |
|
$ |
80,380 |
|
$ |
261,938 |
|
$ |
505,143 |
|
$ |
2,288,368 |
30-59 Days Past Due |
|
|
325 |
|
|
1,273 |
|
|
939 |
|
|
509 |
|
|
410 |
|
|
869 |
|
|
2,221 |
|
|
6,546 |
60-89 Days Past Due |
|
|
195 |
|
|
500 |
|
|
256 |
|
|
93 |
|
|
132 |
|
|
1,252 |
|
|
452 |
|
|
2,880 |
90+ Days Past Due |
|
|
88 |
|
|
128 |
|
|
1,821 |
|
|
25 |
|
|
1 |
|
|
1,896 |
|
|
1,034 |
|
|
4,993 |
Nonaccrual |
|
|
10 |
|
|
819 |
|
|
660 |
|
|
126 |
|
|
145 |
|
|
9,206 |
|
|
3,335 |
|
|
14,301 |
Total Consumer |
|
$ |
233,357 |
|
$ |
569,948 |
|
$ |
416,885 |
|
$ |
228,484 |
|
$ |
81,068 |
|
$ |
275,161 |
|
$ |
512,185 |
|
$ |
2,317,088 |
Total current period gross writeoff |
|
$ |
(38) |
|
$ |
(491) |
|
$ |
(264) |
|
$ |
(753) |
|
$ |
(143) |
|
$ |
(597) |
|
$ |
(82) |
|
$ |
(2,368) |
The following table details the amortized cost of the classes of loans within the Consumer segment based on their delinquency status and year of origination as of December 31, 2022 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
Term Loans Amortized Cost Basis by Origination Year |
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
2018 |
|
Prior |
|
Revolving Loans |
|
Total |
Residential 1-4 Family – Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
212,697 |
|
$ |
263,734 |
|
$ |
162,826 |
|
$ |
36,197 |
|
$ |
22,629 |
|
$ |
221,738 |
|
$ |
12 |
|
$ |
919,833 |
30-59 Days Past Due |
|
|
174 |
|
|
2,169 |
|
|
89 |
|
|
46 |
|
|
220 |
|
|
3,253 |
|
|
— |
|
|
5,951 |
60-89 Days Past Due |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
413 |
|
|
1,277 |
|
|
— |
|
|
1,690 |
90+ Days Past Due |
|
|
— |
|
|
— |
|
|
— |
|
|
64 |
|
|
— |
|
|
1,891 |
|
|
— |
|
|
1,955 |
Nonaccrual |
|
|
— |
|
|
423 |
|
|
— |
|
|
307 |
|
|
940 |
|
|
9,176 |
|
|
— |
|
|
10,846 |
Total Residential 1-4 Family – Consumer |
|
$ |
212,871 |
|
$ |
266,326 |
|
$ |
162,915 |
|
$ |
36,614 |
|
$ |
24,202 |
|
$ |
237,335 |
|
$ |
12 |
|
$ |
940,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 Family – Revolving |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
68,434 |
|
$ |
13,810 |
|
$ |
4,997 |
|
$ |
1,672 |
|
$ |
801 |
|
$ |
476 |
|
$ |
487,803 |
|
$ |
577,993 |
30-59 Days Past Due |
|
|
90 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,753 |
|
|
1,843 |
60-89 Days Past Due |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
511 |
|
|
511 |
90+ Days Past Due |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,384 |
|
|
1,384 |
Nonaccrual |
|
|
— |
|
|
149 |
|
|
57 |
|
|
— |
|
|
13 |
|
|
— |
|
|
3,234 |
|
|
3,453 |
Total Residential 1-4 Family – Revolving |
|
$ |
68,524 |
|
$ |
13,959 |
|
$ |
5,054 |
|
$ |
1,672 |
|
$ |
814 |
|
$ |
476 |
|
$ |
494,685 |
|
$ |
585,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
285,036 |
|
$ |
154,904 |
|
$ |
81,710 |
|
$ |
44,086 |
|
$ |
15,974 |
|
$ |
7,525 |
|
$ |
— |
|
$ |
589,235 |
30-59 Days Past Due |
|
|
808 |
|
|
772 |
|
|
451 |
|
|
456 |
|
|
134 |
|
|
126 |
|
|
— |
|
|
2,747 |
60-89 Days Past Due |
|
|
65 |
|
|
129 |
|
|
146 |
|
|
76 |
|
|
30 |
|
|
4 |
|
|
— |
|
|
450 |
90+ Days Past Due |
|
|
169 |
|
|
— |
|
|
111 |
|
|
32 |
|
|
12 |
|
|
20 |
|
|
— |
|
|
344 |
Nonaccrual |
|
|
— |
|
|
113 |
|
|
18 |
|
|
62 |
|
|
2 |
|
|
5 |
|
|
— |
|
|
200 |
Total Auto |
|
$ |
286,078 |
|
$ |
155,918 |
|
$ |
82,436 |
|
$ |
44,712 |
|
$ |
16,152 |
|
$ |
7,680 |
|
$ |
— |
|
$ |
592,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
36,513 |
|
$ |
15,897 |
|
$ |
11,019 |
|
$ |
23,838 |
|
$ |
16,084 |
|
$ |
19,070 |
|
$ |
29,537 |
|
$ |
151,958 |
30-59 Days Past Due |
|
|
61 |
|
|
27 |
|
|
36 |
|
|
113 |
|
|
34 |
|
|
61 |
|
|
19 |
|
|
351 |
60-89 Days Past Due |
|
|
43 |
|
|
17 |
|
|
10 |
|
|
11 |
|
|
14 |
|
|
21 |
|
|
9 |
|
|
125 |
90+ Days Past Due |
|
|
22 |
|
|
— |
|
|
9 |
|
|
12 |
|
|
32 |
|
|
— |
|
|
33 |
|
|
108 |
Nonaccrual |
|
|
— |
|
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
Total Consumer |
|
$ |
36,639 |
|
$ |
15,944 |
|
$ |
11,074 |
|
$ |
23,974 |
|
$ |
16,164 |
|
$ |
19,152 |
|
$ |
29,598 |
|
$ |
152,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
602,680 |
|
$ |
448,345 |
|
$ |
260,552 |
|
$ |
105,793 |
|
$ |
55,488 |
|
$ |
248,809 |
|
$ |
517,352 |
|
$ |
2,239,019 |
30-59 Days Past Due |
|
|
1,133 |
|
|
2,968 |
|
|
576 |
|
|
615 |
|
|
388 |
|
|
3,440 |
|
|
1,772 |
|
|
10,892 |
60-89 Days Past Due |
|
|
108 |
|
|
146 |
|
|
156 |
|
|
87 |
|
|
457 |
|
|
1,302 |
|
|
520 |
|
|
2,776 |
90+ Days Past Due |
|
|
191 |
|
|
— |
|
|
120 |
|
|
108 |
|
|
44 |
|
|
1,911 |
|
|
1,417 |
|
|
3,791 |
Nonaccrual |
|
|
— |
|
|
688 |
|
|
75 |
|
|
369 |
|
|
955 |
|
|
9,181 |
|
|
3,234 |
|
|
14,502 |
Total Consumer |
|
$ |
604,112 |
|
$ |
452,147 |
|
$ |
261,479 |
|
$ |
106,972 |
|
$ |
57,332 |
|
$ |
264,643 |
|
$ |
524,295 |
|
$ |
2,270,980 |
The Company did not have any significant revolving loans convert to term during the nine months ended September 30, 2023 or the year ended December 31, 2022.
Prior to the adoption of ASU 2022-02
Troubled Debt Restructurings
As of December 31, 2022, the Company had TDRs totaling $14.2 million with an estimated $739,000 of allowance for those loans. TDRs that occurred during the three and nine months ended September 30, 2022 were not significant.
A TDR occurred when a lender, for economic or legal reasons, granted a concession to the borrower related to the borrower’s financial difficulties, that it would not have otherwise considered. All loans that were considered to be TDRs were evaluated for credit losses in accordance with the Company’s ALLL methodology. For the three and nine months ended September 30, 2022, the recorded investment in TDRs prior to modifications was not materially impacted by the modifications.
The following table provides a summary, by class, of TDRs that continued to accrue interest under the terms of the applicable restructuring agreement, which were considered to be performing, and TDRs that had been placed on nonaccrual status, which were considered to be nonperforming, as of December 31, 2022 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
No. of |
|
Recorded |
|
Outstanding |
|
|
Loans |
|
Investment |
|
Commitment |
Performing |
|
|
|
|
|
|
|
|
Construction and Land Development |
|
3 |
|
$ |
155 |
|
$ |
— |
Commercial Real Estate – Owner Occupied |
|
2 |
|
|
997 |
|
|
— |
Commercial & Industrial |
|
1 |
|
|
93 |
|
|
— |
Residential 1-4 Family – Consumer |
|
83 |
|
|
7,761 |
|
|
— |
Residential 1-4 Family – Revolving |
|
3 |
|
|
254 |
|
|
5 |
Consumer |
|
1 |
|
|
13 |
|
|
— |
Total performing |
|
93 |
|
$ |
9,273 |
|
$ |
5 |
Nonperforming |
|
|
|
|
|
|
|
|
Commercial Real Estate – Owner Occupied |
|
1 |
|
$ |
15 |
|
$ |
— |
Commercial Real Estate – Non-Owner Occupied |
|
2 |
|
|
233 |
|
|
— |
Commercial & Industrial |
|
2 |
|
|
375 |
|
|
— |
Residential 1-4 Family – Commercial |
|
3 |
|
|
332 |
|
|
— |
Residential 1-4 Family – Consumer |
|
23 |
|
|
3,869 |
|
|
— |
Residential 1-4 Family – Revolving |
|
3 |
|
|
93 |
|
|
— |
Total nonperforming |
|
34 |
|
$ |
4,917 |
|
$ |
— |
Total performing and nonperforming |
|
127 |
|
$ |
14,190 |
|
$ |
5 |
The Company considered a default of a TDR to occur when the borrower was 90 days past due following the restructure or a foreclosure and repossession of the applicable collateral occurred. During the three and nine months ended September 30, 2022, the Company did not have any material loans that went into default that had been restructured in the twelve-month period prior to the time of default.
|