| 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 December 31, (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
Construction and Land Development |
|
|
$ |
1,107,850 |
|
$ |
1,101,260 |
Commercial Real Estate – Owner Occupied |
|
|
|
1,998,787 |
|
|
1,982,608 |
Commercial Real Estate – Non-Owner Occupied |
|
|
|
4,172,401 |
|
|
3,996,130 |
Multifamily Real Estate |
|
|
|
1,061,997 |
|
|
802,923 |
Commercial & Industrial |
|
|
|
3,589,347 |
|
|
2,983,349 |
Residential 1-4 Family – Commercial |
|
|
|
522,580 |
|
|
538,063 |
Residential 1-4 Family – Consumer |
|
|
|
1,078,173 |
|
|
940,275 |
Residential 1-4 Family – Revolving |
|
|
|
619,433 |
|
|
585,184 |
Auto |
|
|
|
486,926 |
|
|
592,976 |
Consumer |
|
|
|
120,641 |
|
|
152,545 |
Other Commercial |
|
|
|
876,908 |
|
|
773,829 |
Total LHFI, net of deferred fees and costs(1) |
|
|
|
15,635,043 |
|
|
14,449,142 |
Allowance for loan and lease losses |
|
|
|
(132,182) |
|
|
(110,768) |
Total LHFI, net |
|
|
$ |
15,502,861 |
|
$ |
14,338,374 |
(1) Total loans included unamortized premiums and discounts, and unamortized deferred fees and costs totaling $79.7 million and $50.4 million as of December 31, 2023 and December 31, 2022, respectively.
Accrued interest receivable on LHFI totaled $72.5 million and $58.9 million at December 31, 2023 and 2022, respectively. For the years ended December 31, 2023, 2022, and 2021, accrued interest receivable write-offs were not material to the Company’s consolidated financial statements.
The following table shows the aging of the Company’s LHFI portfolio, by class, at December 31, 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 |
|
$ |
1,107,183 |
|
$ |
270 |
|
$ |
24 |
|
$ |
25 |
|
$ |
348 |
|
$ |
1,107,850 |
|
Commercial Real Estate – Owner Occupied |
|
|
1,991,632 |
|
|
1,575 |
|
|
— |
|
|
2,579 |
|
|
3,001 |
|
|
1,998,787 |
|
Commercial Real Estate – Non-Owner Occupied |
|
|
4,156,089 |
|
|
545 |
|
|
184 |
|
|
2,967 |
|
|
12,616 |
|
|
4,172,401 |
|
Multifamily Real Estate |
|
|
1,061,851 |
|
|
— |
|
|
146 |
|
|
— |
|
|
— |
|
|
1,061,997 |
|
Commercial & Industrial |
|
|
3,579,657 |
|
|
4,303 |
|
|
49 |
|
|
782 |
|
|
4,556 |
|
|
3,589,347 |
|
Residential 1-4 Family – Commercial |
|
|
518,150 |
|
|
567 |
|
|
676 |
|
|
1,383 |
|
|
1,804 |
|
|
522,580 |
|
Residential 1-4 Family – Consumer |
|
|
1,053,255 |
|
|
7,546 |
|
|
1,804 |
|
|
4,470 |
|
|
11,098 |
|
|
1,078,173 |
|
Residential 1-4 Family – Revolving |
|
|
611,584 |
|
|
2,238 |
|
|
1,429 |
|
|
1,095 |
|
|
3,087 |
|
|
619,433 |
|
Auto |
|
|
480,557 |
|
|
4,737 |
|
|
872 |
|
|
410 |
|
|
350 |
|
|
486,926 |
|
Consumer |
|
|
119,487 |
|
|
770 |
|
|
232 |
|
|
152 |
|
|
— |
|
|
120,641 |
|
Other Commercial |
|
|
870,339 |
|
|
6,569 |
|
|
— |
|
|
— |
|
|
— |
|
|
876,908 |
|
Total LHFI, net of deferred fees and costs |
|
$ |
15,549,784 |
|
$ |
29,120 |
|
$ |
5,416 |
|
$ |
13,863 |
|
$ |
36,860 |
|
$ |
15,635,043 |
|
% of total loans |
|
|
99.45 |
% |
|
0.19 |
% |
|
0.03 |
% |
|
0.09 |
% |
|
0.24 |
% |
|
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 with no related ALLL, as of December 31, (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
Commercial Real Estate – Owner Occupied |
|
|
|
— |
|
|
908 |
Commercial Real Estate – Non-Owner Occupied |
|
|
|
4,835 |
|
|
— |
Commercial & Industrial |
|
|
|
— |
|
|
1 |
Total LHFI |
|
|
$ |
4,835 |
|
$ |
909 |
There was no interest income recognized on nonaccrual loans during the years ended December 31, 2023 and 2022. See Note 1 “Summary of Significant Accounting Policies” in this 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” in this Form 10-K for information on the Company’s accounting policy for loan modifications to borrowers experiencing financial difficulty and how the Company defines TLMs.
As of December 31, 2023, the Company had TLMs with an amortized cost basis of $51.2 million and approximately $289,000 in allowance for those loans. As of December 31, 2023, there was $1.6 million of unfunded commitments on loans modified and designated as TLMs since January 1, 2023.
The following table presents the amortized cost basis as of December 31, 2023 of TLMs modified during the year ended December 31, 2023 (dollars in thousands):
|
|
|
|
|
|
|
|
|
Amortized Cost |
|
% of Total Class of Financing Receivable |
|
Other-Than-Insignificant Payment Delay and Term Extension |
|
|
|
|
|
|
Commercial Real Estate - Non-Owner Occupied |
|
$ |
20,766 |
|
0.50 |
% |
Total Other-Than-Insignificant Payment Delay and Term Extension |
|
$ |
20,766 |
|
|
|
Term Extension |
|
|
|
|
|
|
Construction and Land Development |
|
$ |
18,999 |
|
1.71 |
% |
Commercial and Industrial |
|
|
3,542 |
|
0.10 |
% |
Commercial Real Estate – Owner Occupied |
|
|
766 |
|
0.04 |
% |
Residential 1-4 Family – Consumer |
|
|
1,137 |
|
0.11 |
% |
Total Term Extension |
|
$ |
24,444 |
|
|
|
Combination - Term Extension and Interest Rate Reduction |
|
|
|
|
|
|
Residential 1-4 Family – Consumer |
|
$ |
1,177 |
|
0.11 |
% |
Residential 1-4 Family – Revolving |
|
|
15 |
|
NM |
|
Total Combination - Term Extension and Interest Rate Reduction |
|
$ |
1,192 |
|
|
|
Principal Forgiveness |
|
|
|
|
|
|
Commercial Real Estate – Non-Owner Occupied |
|
|
4,835 |
|
0.12 |
% |
Total Principal Forgiveness |
|
$ |
4,835 |
|
|
|
Total |
|
$ |
51,237 |
|
|
|
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 year ended December 31, 2023:
|
|
|
|
|
|
|
|
|
Other-Than-Insignificant Payment Delay and Term Extension |
Loan Type |
|
Financial Effect |
Commercial Real Estate – Non-Owner Occupied |
|
Added a weighted-average 1.0 years to the life of loans. |
|
|
|
|
|
|
|
|
|
Term Extension |
Loan Type |
|
Financial Effect |
Construction and Land Development |
|
Added a weighted-average 1.3 years to the life of loans. |
Commercial and Industrial |
|
Added a weighted-average 0.2 years to the life of loans. |
Commercial Real Estate – Owner Occupied |
|
Added a weighted-average 0.5 years to the life of loans. |
Residential 1-4 Family – Consumer |
|
Added a weighted-average 10.8 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 7.5%. |
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 year ended December 31, 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 December 31, 2023, the Company had TLMs with an amortized cost basis of $426,000 that were past due.
Allowance for Loan and Lease Losses
The following tables show the ALLL activity by loan segment for the years ended December 31, (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
|
Commercial |
|
Consumer |
|
Total |
|
Commercial |
|
Consumer |
|
Total |
Balance at beginning of period |
|
$ |
82,753 |
|
$ |
28,015 |
|
$ |
110,768 |
|
$ |
77,902 |
|
$ |
21,885 |
|
$ |
99,787 |
Loans charged-off |
|
|
(8,727) |
|
|
(3,268) |
|
|
(11,995) |
|
|
(4,137) |
|
|
(3,272) |
|
|
(7,409) |
Recoveries credited to allowance |
|
|
2,455 |
|
|
1,935 |
|
|
4,390 |
|
|
2,426 |
|
|
2,650 |
|
|
5,076 |
Provision charged to operations |
|
|
29,415 |
|
|
(396) |
|
|
29,019 |
|
|
6,562 |
|
|
6,752 |
|
|
13,314 |
Balance at end of period |
|
$ |
105,896 |
|
$ |
26,286 |
|
$ |
132,182 |
|
$ |
82,753 |
|
$ |
28,015 |
|
$ |
110,768 |
The increase in net charge-offs for the year ended December 31, 2023 compared to the year ended December 31, 2022 is primarily due to charge-offs associated with two commercial loans.
Credit Quality Indicators
Credit quality indicators are utilized to help estimate the collectability of each loan class within the Commercial and Consumer loan segments. For classes of loans within the Commercial segment, the primary credit quality indicator used for evaluating credit quality and estimating the ALLL is risk rating categories of Pass, Watch, Special Mention, Substandard, and Doubtful. For classes of loans within the Consumer segment, the primary credit quality indicator used for evaluating credit quality and estimating the ALLL is delinquency bands of Current, 30-59, 60-89, 90+, and Nonaccrual. While other credit quality indicators are evaluated and analyzed as part of the Company’s credit risk management activities, these indicators are primarily used in estimating the ALLL. The Company evaluates the credit risk of its loan portfolio on at least a quarterly basis.
The Company presents loan and lease portfolio segments and classes by credit quality indicator and vintage year. The Company defines the vintage date for the purpose of this disclosure as the date of the most recent credit decision. Renewals are categorized as new credit decisions and reflect the renewal date as the vintage date, except for renewals of loans modified for borrowers experiencing financial difficulty, or TLMs, which are presented in the original vintage.
Commercial Loans
The Company uses a risk rating system as the primary credit quality indicator for classes of loans within the Commercial segment. The risk rating system on a scale of 0 through 9 is used to determine risk level as used in the calculation of the ACL. The risk levels, as described below, do not necessarily follow the regulatory definitions of risk levels with the same name. A general description of the characteristics of the risk levels follows:
Pass is determined by the following criteria:
|
● |
Risk rated 0 loans have little or no risk and are with General Obligation Municipal Borrowers; |
|
● |
Risk rated 1 loans have little or no risk and are generally secured by cash or cash equivalents; |
|
● |
Risk rated 2 loans have minimal risk to well qualified borrowers and no significant questions as to safety; |
|
● |
Risk rated 3 loans are satisfactory loans with strong borrowers and secondary sources of repayment; |
|
● |
Risk rated 4 loans are satisfactory loans with borrowers not as strong as risk rated 3 loans and may exhibit a greater degree of financial risk based on the type of business supporting the loan. |
Watch is determined by the following criteria:
|
● |
Risk rated 5 loans are watch loans that warrant more than the normal level of supervision and have the possibility of an event occurring that may weaken the borrower’s ability to repay; |
Special Mention is determined by the following criteria:
|
● |
Risk rated 6 loans have increasing potential weaknesses beyond those at which the loan originally was granted and if not addressed could lead to inadequately protecting the Company’s credit position. |
Substandard is determined by the following criteria:
|
● |
Risk rated 7 loans are substandard loans and are inadequately protected by the current sound worth or paying capacity of the obligor or the collateral pledged; these have well defined weaknesses that jeopardize the liquidation of the debt with the distinct possibility the Company will sustain some loss if the deficiencies are not corrected. |
Doubtful is determined by the following criteria:
|
● |
Risk rated 8 loans are doubtful of collection and the possibility of loss is high but pending specific borrower plans for recovery, its classification as a loss is deferred until its more exact status is determined; |
|
● |
Risk rated 9 loans are loss loans which are considered uncollectable and of such little value that their continuance as bankable assets is not warranted. |
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, (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
Term Loans Amortized Cost Basis by Origination Year |
|
Revolving |
|
|
|
|
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Prior |
|
Loans |
|
Total |
Construction and Land Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
289,786 |
|
$ |
440,473 |
|
$ |
192,148 |
|
$ |
19,536 |
|
$ |
10,934 |
|
$ |
38,841 |
|
$ |
64,137 |
|
$ |
1,055,855 |
Watch |
|
|
84 |
|
|
3,611 |
|
|
16,249 |
|
|
— |
|
|
— |
|
|
2,127 |
|
|
— |
|
|
22,071 |
Special Mention |
|
|
— |
|
|
— |
|
|
4,444 |
|
|
1,332 |
|
|
— |
|
|
367 |
|
|
— |
|
|
6,143 |
Substandard |
|
|
114 |
|
|
1,244 |
|
|
1,248 |
|
|
20,705 |
|
|
205 |
|
|
265 |
|
|
— |
|
|
23,781 |
Total Construction and Land Development |
|
$ |
289,984 |
|
$ |
445,328 |
|
$ |
214,089 |
|
$ |
41,573 |
|
$ |
11,139 |
|
$ |
41,600 |
|
$ |
64,137 |
|
$ |
1,107,850 |
Current period gross write-off |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(11) |
|
$ |
— |
|
$ |
(11) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate – Owner Occupied |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
175,627 |
|
$ |
257,889 |
|
$ |
194,030 |
|
$ |
239,549 |
|
$ |
259,502 |
|
$ |
750,180 |
|
$ |
23,689 |
|
$ |
1,900,466 |
Watch |
|
|
5,919 |
|
|
1,311 |
|
|
4,768 |
|
|
4,422 |
|
|
9,146 |
|
|
27,829 |
|
|
399 |
|
|
53,794 |
Special Mention |
|
|
786 |
|
|
849 |
|
|
249 |
|
|
— |
|
|
5,150 |
|
|
9,549 |
|
|
611 |
|
|
17,194 |
Substandard |
|
|
362 |
|
|
— |
|
|
— |
|
|
326 |
|
|
— |
|
|
26,645 |
|
|
— |
|
|
27,333 |
Total Commercial Real Estate – Owner Occupied |
|
$ |
182,694 |
|
$ |
260,049 |
|
$ |
199,047 |
|
$ |
244,297 |
|
$ |
273,798 |
|
$ |
814,203 |
|
$ |
24,699 |
|
$ |
1,998,787 |
Current period gross write-off |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(141) |
|
$ |
— |
|
$ |
(141) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate – Non-Owner Occupied |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
374,221 |
|
$ |
548,262 |
|
$ |
710,122 |
|
$ |
334,449 |
|
$ |
492,782 |
|
$ |
1,419,882 |
|
$ |
35,276 |
|
$ |
3,914,994 |
Watch |
|
|
— |
|
|
1,520 |
|
|
1,690 |
|
|
— |
|
|
32,326 |
|
|
82,930 |
|
|
— |
|
|
118,466 |
Special Mention |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
67,001 |
|
|
12,155 |
|
|
79,156 |
Substandard |
|
|
4,837 |
|
|
— |
|
|
2,121 |
|
|
17,956 |
|
|
5,899 |
|
|
28,972 |
|
|
— |
|
|
59,785 |
Total Commercial Real Estate – Non-Owner Occupied |
|
$ |
379,058 |
|
$ |
549,782 |
|
$ |
713,933 |
|
$ |
352,405 |
|
$ |
531,007 |
|
$ |
1,598,785 |
|
$ |
47,431 |
|
$ |
4,172,401 |
Current period gross write-off |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(3,528) |
|
$ |
— |
|
$ |
(3,528) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial & Industrial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
981,290 |
|
$ |
617,805 |
|
$ |
409,973 |
|
$ |
178,578 |
|
$ |
122,160 |
|
$ |
168,368 |
|
$ |
923,359 |
|
$ |
3,401,533 |
Watch |
|
|
2,708 |
|
|
38,711 |
|
|
512 |
|
|
1,379 |
|
|
18,065 |
|
|
4,943 |
|
|
22,832 |
|
|
89,150 |
Special Mention |
|
|
108 |
|
|
32,714 |
|
|
981 |
|
|
3,310 |
|
|
1,722 |
|
|
1,513 |
|
|
19,865 |
|
|
60,213 |
Substandard |
|
|
— |
|
|
146 |
|
|
343 |
|
|
2,000 |
|
|
925 |
|
|
3,181 |
|
|
31,856 |
|
|
38,451 |
Total Commercial & Industrial |
|
$ |
984,106 |
|
$ |
689,376 |
|
$ |
411,809 |
|
$ |
185,267 |
|
$ |
142,872 |
|
$ |
178,005 |
|
$ |
997,912 |
|
$ |
3,589,347 |
Current period gross write-off |
|
$ |
— |
|
$ |
— |
|
$ |
(101) |
|
$ |
— |
|
$ |
— |
|
$ |
(17) |
|
$ |
(1,812) |
|
$ |
(1,930) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
21,911 |
|
$ |
129,854 |
|
$ |
321,918 |
|
$ |
222,172 |
|
$ |
45,879 |
|
$ |
250,887 |
|
$ |
50,060 |
|
$ |
1,042,681 |
Watch |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
914 |
|
|
— |
|
|
914 |
Special Mention |
|
|
— |
|
|
— |
|
|
— |
|
|
250 |
|
|
— |
|
|
81 |
|
|
— |
|
|
331 |
Substandard |
|
|
14,222 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,703 |
|
|
146 |
|
|
— |
|
|
18,071 |
Total Multifamily Real Estate |
|
$ |
36,133 |
|
$ |
129,854 |
|
$ |
321,918 |
|
$ |
222,422 |
|
$ |
49,582 |
|
$ |
252,028 |
|
$ |
50,060 |
|
$ |
1,061,997 |
Current period gross write-off |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 Family – Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
41,631 |
|
$ |
67,495 |
|
$ |
77,321 |
|
$ |
69,779 |
|
$ |
44,498 |
|
$ |
203,125 |
|
$ |
604 |
|
$ |
504,453 |
Watch |
|
|
49 |
|
|
387 |
|
|
580 |
|
|
220 |
|
|
757 |
|
|
8,854 |
|
|
107 |
|
|
10,954 |
Special Mention |
|
|
47 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,302 |
|
|
— |
|
|
1,349 |
Substandard |
|
|
57 |
|
|
— |
|
|
614 |
|
|
279 |
|
|
624 |
|
|
3,997 |
|
|
253 |
|
|
5,824 |
Total Residential 1-4 Family – Commercial |
|
$ |
41,784 |
|
$ |
67,882 |
|
$ |
78,515 |
|
$ |
70,278 |
|
$ |
45,879 |
|
$ |
217,278 |
|
$ |
964 |
|
$ |
522,580 |
Current period gross write-off |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
201,252 |
|
$ |
180,346 |
|
$ |
165,732 |
|
$ |
114,838 |
|
$ |
123,515 |
|
$ |
62,284 |
|
$ |
9,850 |
|
$ |
857,817 |
Watch |
|
|
14,355 |
|
|
— |
|
|
— |
|
|
32 |
|
|
4 |
|
|
3,977 |
|
|
— |
|
|
18,368 |
Special Mention |
|
|
93 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
630 |
|
|
— |
|
|
723 |
Total Other Commercial |
|
$ |
215,700 |
|
$ |
180,346 |
|
$ |
165,732 |
|
$ |
114,870 |
|
$ |
123,519 |
|
$ |
66,891 |
|
$ |
9,850 |
|
$ |
876,908 |
Current period gross write-off |
|
$ |
— |
|
$ |
(101) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(3,016) |
|
$ |
— |
|
$ |
(3,117) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
$ |
2,085,718 |
|
$ |
2,242,124 |
|
$ |
2,071,244 |
|
$ |
1,178,901 |
|
$ |
1,099,270 |
|
$ |
2,893,567 |
|
$ |
1,106,975 |
|
$ |
12,677,799 |
Watch |
|
|
23,115 |
|
|
45,540 |
|
|
23,799 |
|
|
6,053 |
|
|
60,298 |
|
|
131,574 |
|
|
23,338 |
|
|
313,717 |
Special Mention |
|
|
1,034 |
|
|
33,563 |
|
|
5,674 |
|
|
4,892 |
|
|
6,872 |
|
|
80,443 |
|
|
32,631 |
|
|
165,109 |
Substandard |
|
|
19,592 |
|
|
1,390 |
|
|
4,326 |
|
|
41,266 |
|
|
11,356 |
|
|
63,206 |
|
|
32,109 |
|
|
173,245 |
Total Commercial |
|
$ |
2,129,459 |
|
$ |
2,322,617 |
|
$ |
2,105,043 |
|
$ |
1,231,112 |
|
$ |
1,177,796 |
|
$ |
3,168,790 |
|
$ |
1,195,053 |
|
$ |
13,329,870 |
Total current period gross write-off |
|
$ |
— |
|
$ |
(101) |
|
$ |
(101) |
|
$ |
— |
|
$ |
— |
|
$ |
(6,713) |
|
$ |
(1,812) |
|
$ |
(8,727) |
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, (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
For Consumer loans, the Company evaluates credit quality based on the delinquency status of the loan. 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, (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
Term Loans Amortized Cost Basis by Origination Year |
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Prior |
|
Revolving Loans |
|
Total |
Residential 1-4 Family – Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
120,480 |
|
$ |
266,261 |
|
$ |
265,255 |
|
$ |
154,440 |
|
$ |
32,591 |
|
$ |
214,214 |
|
$ |
14 |
|
$ |
1,053,255 |
30-59 Days Past Due |
|
|
273 |
|
|
2,195 |
|
|
705 |
|
|
249 |
|
|
181 |
|
|
3,943 |
|
|
— |
|
|
7,546 |
60-89 Days Past Due |
|
|
208 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,596 |
|
|
— |
|
|
1,804 |
90+ Days Past Due |
|
|
— |
|
|
— |
|
|
1,713 |
|
|
— |
|
|
— |
|
|
2,757 |
|
|
— |
|
|
4,470 |
Nonaccrual |
|
|
205 |
|
|
875 |
|
|
870 |
|
|
— |
|
|
38 |
|
|
9,110 |
|
|
— |
|
|
11,098 |
Total Residential 1-4 Family – Consumer |
|
$ |
121,166 |
|
$ |
269,331 |
|
$ |
268,543 |
|
$ |
154,689 |
|
$ |
32,810 |
|
$ |
231,620 |
|
$ |
14 |
|
$ |
1,078,173 |
Current period gross write-off |
|
$ |
— |
|
$ |
(16) |
|
$ |
(21) |
|
$ |
— |
|
$ |
(69) |
|
$ |
(95) |
|
$ |
— |
|
$ |
(201) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 Family – Revolving |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
42,593 |
|
$ |
54,560 |
|
$ |
11,756 |
|
$ |
4,348 |
|
$ |
937 |
|
$ |
1,115 |
|
$ |
496,275 |
|
$ |
611,584 |
30-59 Days Past Due |
|
|
— |
|
|
14 |
|
|
— |
|
|
— |
|
|
39 |
|
|
— |
|
|
2,185 |
|
|
2,238 |
60-89 Days Past Due |
|
|
181 |
|
|
148 |
|
|
— |
|
|
— |
|
|
— |
|
|
26 |
|
|
1,074 |
|
|
1,429 |
90+ Days Past Due |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,095 |
|
|
1,095 |
Nonaccrual |
|
|
— |
|
|
154 |
|
|
27 |
|
|
51 |
|
|
— |
|
|
— |
|
|
2,855 |
|
|
3,087 |
Total Residential 1-4 Family – Revolving |
|
$ |
42,774 |
|
$ |
54,876 |
|
$ |
11,783 |
|
$ |
4,399 |
|
$ |
976 |
|
$ |
1,141 |
|
$ |
503,484 |
|
$ |
619,433 |
Current period gross write-off |
|
$ |
— |
|
$ |
— |
|
$ |
(3) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(55) |
|
$ |
(58) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
77,293 |
|
$ |
210,692 |
|
$ |
107,568 |
|
$ |
52,742 |
|
$ |
24,877 |
|
$ |
7,385 |
|
$ |
— |
|
$ |
480,557 |
30-59 Days Past Due |
|
|
526 |
|
|
2,022 |
|
|
1,095 |
|
|
612 |
|
|
292 |
|
|
190 |
|
|
— |
|
|
4,737 |
60-89 Days Past Due |
|
|
61 |
|
|
326 |
|
|
298 |
|
|
58 |
|
|
96 |
|
|
33 |
|
|
— |
|
|
872 |
90+ Days Past Due |
|
|
36 |
|
|
210 |
|
|
24 |
|
|
112 |
|
|
23 |
|
|
5 |
|
|
— |
|
|
410 |
Nonaccrual |
|
|
39 |
|
|
120 |
|
|
63 |
|
|
69 |
|
|
59 |
|
|
— |
|
|
— |
|
|
350 |
Total Auto |
|
$ |
77,955 |
|
$ |
213,370 |
|
$ |
109,048 |
|
$ |
53,593 |
|
$ |
25,347 |
|
$ |
7,613 |
|
$ |
— |
|
$ |
486,926 |
Current period gross write-off |
|
$ |
(64) |
|
$ |
(487) |
|
$ |
(295) |
|
$ |
(145) |
|
$ |
(69) |
|
$ |
(80) |
|
$ |
— |
|
$ |
(1,140) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
12,453 |
|
$ |
23,303 |
|
$ |
10,442 |
|
$ |
7,999 |
|
$ |
15,176 |
|
$ |
24,056 |
|
$ |
26,058 |
|
$ |
119,487 |
30-59 Days Past Due |
|
|
21 |
|
|
156 |
|
|
28 |
|
|
32 |
|
|
129 |
|
|
366 |
|
|
38 |
|
|
770 |
60-89 Days Past Due |
|
|
11 |
|
|
82 |
|
|
40 |
|
|
14 |
|
|
47 |
|
|
21 |
|
|
17 |
|
|
232 |
90+ Days Past Due |
|
|
63 |
|
|
72 |
|
|
10 |
|
|
— |
|
|
— |
|
|
4 |
|
|
3 |
|
|
152 |
Total Consumer |
|
$ |
12,548 |
|
$ |
23,613 |
|
$ |
10,520 |
|
$ |
8,045 |
|
$ |
15,352 |
|
$ |
24,447 |
|
$ |
26,116 |
|
$ |
120,641 |
Current period gross write-off |
|
$ |
(43) |
|
$ |
(66) |
|
$ |
(124) |
|
$ |
(851) |
|
$ |
(23) |
|
$ |
(679) |
|
$ |
(83) |
|
$ |
(1,869) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
252,819 |
|
$ |
554,816 |
|
$ |
395,021 |
|
$ |
219,529 |
|
$ |
73,581 |
|
$ |
246,770 |
|
$ |
522,347 |
|
$ |
2,264,883 |
30-59 Days Past Due |
|
|
820 |
|
|
4,387 |
|
|
1,828 |
|
|
893 |
|
|
641 |
|
|
4,499 |
|
|
2,223 |
|
|
15,291 |
60-89 Days Past Due |
|
|
461 |
|
|
556 |
|
|
338 |
|
|
72 |
|
|
143 |
|
|
1,676 |
|
|
1,091 |
|
|
4,337 |
90+ Days Past Due |
|
|
99 |
|
|
282 |
|
|
1,747 |
|
|
112 |
|
|
23 |
|
|
2,766 |
|
|
1,098 |
|
|
6,127 |
Nonaccrual |
|
|
244 |
|
|
1,149 |
|
|
960 |
|
|
120 |
|
|
97 |
|
|
9,110 |
|
|
2,855 |
|
|
14,535 |
Total Consumer |
|
$ |
254,443 |
|
$ |
561,190 |
|
$ |
399,894 |
|
$ |
220,726 |
|
$ |
74,485 |
|
$ |
264,821 |
|
$ |
529,614 |
|
$ |
2,305,173 |
Total current period gross write-off |
|
$ |
(107) |
|
$ |
(569) |
|
$ |
(443) |
|
$ |
(996) |
|
$ |
(161) |
|
$ |
(854) |
|
$ |
(138) |
|
$ |
(3,268) |
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, (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 material revolving loans convert to term during the years ended December 31, 2023 and 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.
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 year ended
December 31, 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):
|
|
|
|
|
|
|
|
|
|
|
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 year ended December 31, 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.
|