SEC Info - Ameris Bancorp - ‘10-Q’ for 9/30/23

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		Alternative Formats (Word, et al.) Consolidated Balance Sheets as of Consolidated Financial Statements Consolidated Statements of Cash Flows for the Consolidated Statements of Income and Comprehensive Income for the Three and Consolidated Statements of Shareholders' Equity for the Three and Controls and Procedures Defaults Upon Senior Securities Ended Exhibits Financial Statements Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Mber Mine Safety Disclosures Months Months Ended Nine Notes to Other Information Part Ii -- Other Information Quantitative and Qualitative Disclosures About Market Risk Risk Factors Sept September Signatures Unaudited Unregistered Sales of Equity Securities and Use of Proceeds 30, 2023 and 2022 (Unaudited) 30, 2023 (unaudited) and December 31, 20
1	1st Page – Filing Submission
"	Financial Statements
"	Consolidated Balance Sheets as of
"	Sept
"	Mber
"	30, 2023 (unaudited) and December 31, 20
"	Consolidated Statements of Income and Comprehensive Income for the Three and
"	Nine
"	Months Ended
"	September
"	30, 2023 and 2022 (Unaudited)
"	Consolidated Statements of Shareholders' Equity for the Three and
"	Months
"	Consolidated Statements of Cash Flows for the
"	Ended
"	Notes to
"	Unaudited
"	Consolidated Financial Statements
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Quantitative and Qualitative Disclosures About Market Risk
"	Controls and Procedures
"	Part Ii -- Other Information
"	Legal Proceedings
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Defaults Upon Senior Securities
"	Mine Safety Disclosures
"	Exhibits
"	Signatures

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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

(Mark One)


			i ☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended i September 30, 2023


			i ☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Commission File Number:			i 001-13901


i AMERIS BANCORP
(Exact name of registrant as specified in its charter)


i Georgia			i 58-1456434
(State of incorporation)			(IRS Employer ID No.)


i 3490 Piedmont Rd N.E., Suite 1550
i Atlanta	i Georgia	i 30305
(Address of principal executive offices)


i (404)			i 639-6500
(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
i Common Stock, par value $1 per share	i ABCB	i Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. i Yes ý No ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). i Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


i Large accelerated filer	ý	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	i ☐

		Emerging growth company	i ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No i ý

There were i 69,052,061 shares of Common Stock outstanding as of November 3, 2023.

Item 1. Financial Statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Balance Sheets

(dollars in thousands, except per share data)


	September 30, 2023 (unaudited)		December 31, 2022
Assets
Cash and due from banks	$	i 241,137	$	i 284,567
Federal funds sold and interest-bearing deposits in banks	i 1,304,636		i 833,565
Cash and cash equivalents	i 1,545,773		i 1,118,132


Debt securities available-for-sale, at fair value, net of allowance for credit losses of $ i 80 and $ i 75	i 1,424,081		i 1,500,060
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ i — and $ i — (fair value of $ i 115,689 and $ i 114,538)	i 141,859		i 134,864
Other investments	i 104,957		i 110,992
Loans held for sale, at fair value	i 381,466		i 392,078

Loans, net of unearned income	i 20,201,079		i 19,855,253
Allowance for credit losses	( i 290,104)		( i 205,677)
Loans, net	i 19,910,975		i 19,649,576

Other real estate owned, net	i 3,397		i 843
Premises and equipment, net	i 217,564		i 220,283
Goodwill	i 1,015,646		i 1,015,646
Other intangible assets, net	i 92,375		i 106,194
Cash value of bank owned life insurance	i 393,769		i 388,405

Other assets	i 465,968		i 416,213
Total assets	$	i 25,697,830	$	i 25,053,286

Liabilities
Deposits:
Noninterest-bearing	$	i 6,589,610	$	i 7,929,579
Interest-bearing	i 14,000,735		i 11,533,159
Total deposits	i 20,590,345		i 19,462,738

Other borrowings	i 1,209,553		i 1,875,736
Subordinated deferrable interest debentures	i 129,817		i 128,322
Other liabilities	i 421,046		i 389,090
Total liabilities	i 22,350,761		i 21,855,886

Commitments and Contingencies (Note 8)	i		i

Shareholders’ Equity
Preferred stock, stated value $ i i 1,000 / ; i i 5,000,000 / shares authorized; i i i i 0 / / / shares issued and outstanding	i —		i —
Common stock, par value $ i i 1 / ; i i 200,000,000 / shares authorized; i 72,514,047 and i 72,263,727 shares issued	i 72,514		i 72,264
Capital surplus	i 1,942,852		i 1,935,211
Retained earnings	i 1,484,424		i 1,311,258
Accumulated other comprehensive loss, net of tax	( i 60,818)		( i 46,507)
Treasury stock, at cost, i 3,375,586 and i 2,894,677 shares	( i 91,903)		( i 74,826)
Total shareholders’ equity	i 3,347,069		i 3,197,400
Total liabilities and shareholders’ equity	$	i 25,697,830	$	i 25,053,286

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Income and Comprehensive Income (unaudited)

(dollars and shares in thousands, except per share data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2023

2022

2023

2022

Interest income

Interest and fees on loans

i 304,699

i 216,400

i 868,675

i 584,706

Interest on taxable securities

i 14,754

i 10,324

i 44,969

i 21,627

Interest on nontaxable securities

i 331

i 363

i 1,009

i 818

Interest on deposits in other banks and federal funds sold

i 10,769

i 7,215

i 33,568

i 13,093

Total interest income

i 330,553

i 234,302

i 948,221

i 620,244

Interest expense

Interest on deposits

i 102,999

i 14,034

i 244,268

i 23,034

Interest on other borrowings

i 19,803

i 7,287

i 75,010

i 20,321

Total interest expense

i 122,802

i 21,321

i 319,278

i 43,355

Net interest income

i 207,751

i 212,981

i 628,943

i 576,889

Provision for loan losses

i 30,095

i 17,469

i 123,114

i 27,962

Provision for unfunded commitments

( i 5,634)

i 192

( i 3,415)

i 10,980

Provision for other credit losses

( i 2)

( i 9)

i 5

( i 135)

Provision for credit losses

i 24,459

i 17,652

i 119,704

i 38,807

Net interest income after provision for credit losses

i 183,292

i 195,329

i 509,239

i 538,082

Noninterest income

Service charges on deposit accounts

i 12,092

i 11,168

i 34,323

i 33,374

Mortgage banking activity

i 36,290

i 40,350

i 108,424

i 162,049

Other service charges, commissions and fees

i 1,221

i 970

i 3,167

i 2,907

Net gain (loss) on securities

( i 16)

( i 21)

( i 16)

i 200

Other noninterest income

i 13,594

i 12,857

i 40,682

i 37,546

Total noninterest income

i 63,181

i 65,324

i 186,580

i 236,076

Noninterest expense

Salaries and employee benefits

i 81,898

i 78,697

i 244,144

i 244,523

Occupancy and equipment

i 12,745

i 12,983

i 38,253

i 38,456

Data processing and communications expenses

i 12,973

i 12,015

i 39,458

i 36,742

Credit resolution-related expenses

( i 1,360)

i 126

( i 77)

( i 343)

Advertising and marketing

i 2,723

i 3,553

i 8,882

i 8,663

Amortization of intangible assets

i 4,425

i 4,710

i 13,819

i 15,035

Merger and conversion charges

i —

i 977

Loan servicing expense

i 9,290

i 9,613

i 26,392

i 28,452

Other noninterest expenses

i 18,752

i 17,881

i 58,399

i 53,089

Total noninterest expense

i 141,446

i 139,578

i 429,270

i 425,594

Income before income tax expense

i 105,027

i 121,075

i 266,549

i 348,564

Income tax expense

i 24,912

i 28,520

i 63,378

i 84,245

Net income

i 80,115

i 92,555

i 203,171

i 264,319

Other comprehensive loss

Net unrealized holding losses arising during period on debt securities available-for-sale, net of tax benefit of $( i 3,472), $( i 10,128), $( i 4,871) and $( i 17,631)

( i 10,200)

( i 38,099)

( i 14,311)

( i 66,324)

Total other comprehensive loss

( i 10,200)

( i 38,099)

( i 14,311)

( i 66,324)

Comprehensive income

i 69,915

i 54,456

i 188,860

i 197,995

Basic earnings per common share

i 1.16

i 1.34

i 2.94

i 3.82

Diluted earnings per common share

i 1.16

i 1.34

i 2.94

i 3.81

Weighted average common shares outstanding

Basic

i 68,879

i 69,125

i 69,023

i 69,213

Diluted

i 68,994

i 69,327

i 69,130

i 69,428

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity (unaudited)

(dollars in thousands)

Three Months Ended September 30, 2023

Common Stock

Capital Surplus

Retained Earnings

Accumulated Other Comprehensive Income (Loss), Net of Tax

Treasury Stock

Total Shareholders' Equity

Amount

Balance, June 30, 2023

i 72,514,630

i 72,515

i 1,939,865

i 1,414,742

( i 50,618)

i 3,374,847

( i 91,874)

i 3,284,630

Issuance of restricted shares

i 1,500

i 2

( i 2)

—

i —

Forfeitures of restricted shares

( i 2,083)

( i 3)

( i 30)

—

( i 33)

Share-based compensation

—

i 3,019

—

i 3,019

Purchase of treasury shares

—

i 739

( i 29)

Net income

—

i 80,115

—

i 80,115

Dividends on common shares ($ i 0.15 per share)

—

( i 10,433)

—

( i 10,433)

Other comprehensive loss during the period

—

( i 10,200)

—

( i 10,200)

Balance, September 30, 2023

i 72,514,047

i 72,514

i 1,942,852

i 1,484,424

( i 60,818)

i 3,375,586

( i 91,903)

i 3,347,069

Nine Months Ended September 30, 2023

Common Stock

Capital Surplus

Retained Earnings

Accumulated Other Comprehensive Income (Loss), Net of Tax

Treasury Stock

Total Shareholders' Equity

Amount

Balance, December 31, 2022

i 72,263,727

i 72,264

i 1,935,211

i 1,311,258

( i 46,507)

i 2,894,677

( i 74,826)

i 3,197,400

Issuance of restricted shares

i 133,430

i 134

( i 134)

—

i —

Issuance of common shares pursuant to PSU agreements

i 102,973

i 103

( i 103)

—

i —

Forfeitures of restricted shares

( i 2,083)

( i 3)

( i 30)

—

( i 33)

Proceeds from exercise of stock options

i 16,000

i 16

i 460

—

i 476

Share-based compensation

—

i 7,448

—

i 7,448

Purchase of treasury shares

—

i 480,909

( i 17,077)

Net income

—

i 203,171

—

i 203,171

Dividends on common shares ($ i 0.45 per share)

—

( i 31,282)

—

( i 31,282)

Cumulative effect of change in accounting principle for ASU 2022-02

—

i 1,277

—

i 1,277

Other comprehensive loss during the period

—

( i 14,311)

—

( i 14,311)

Balance, September 30, 2023

i 72,514,047

i 72,514

i 1,942,852

i 1,484,424

( i 60,818)

i 3,375,586

( i 91,903)

i 3,347,069

Three Months Ended September 30, 2022

Common Stock

Capital Surplus

Retained Earnings

Accumulated Other Comprehensive Income (Loss), Net of Tax

Treasury Stock

Total Shareholders' Equity

Amount

Balance, June 30, 2022

i 72,251,856

i 72,251

i 1,931,088

i 1,157,359

( i 12,635)

i 2,891,395

( i 74,687)

i 3,073,376

Forfeitures of restricted shares

( i 4,470)

( i 4)

( i 38)

—

( i 42)

Share-based compensation

—

i 1,856

—

i 1,856

Purchase of treasury shares

—

i 3,282

( i 139)

Net income

—

i 92,555

—

i 92,555

Dividends on common shares ($ i 0.15 per share)

—

( i 10,437)

—

( i 10,437)

Other comprehensive loss during the period

—

( i 38,099)

—

( i 38,099)

Balance, September 30, 2022

i 72,247,386

i 72,247

i 1,932,906

i 1,239,477

( i 50,734)

i 2,894,677

( i 74,826)

i 3,119,070

Nine Months Ended September 30, 2022

Common Stock

Capital Surplus

Retained Earnings

Accumulated Other Comprehensive Income (Loss), Net of Tax

Treasury Stock

Total Shareholders' Equity

Amount

Balance, December 31, 2021

i 72,017,126

i 72,017

i 1,924,813

i 1,006,436

i 15,590

i 2,407,898

( i 52,405)

i 2,966,451

Issuance of restricted shares

i 164,346

i 164

i 1,177

—

i 1,341

Forfeitures of restricted shares

( i 13,889)

( i 14)

( i 119)

—

( i 133)

Proceeds from exercise of stock options

i 79,803

i 80

i 2,244

—

i 2,324

Share-based compensation

—

i 4,791

—

i 4,791

Purchase of treasury shares

—

i 486,779

( i 22,421)

Net income

—

i 264,319

—

i 264,319

Dividends on common shares ($ i 0.45 per share)

—

( i 31,278)

—

( i 31,278)

Other comprehensive loss during the period

—

( i 66,324)

—

( i 66,324)

Balance, September 30, 2022

i 72,247,386

i 72,247

i 1,932,906

i 1,239,477

( i 50,734)

i 2,894,677

( i 74,826)

i 3,119,070

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Cash Flows (unaudited)

(dollars in thousands)

Nine Months Ended
September 30,

2023

2022

Operating Activities

Net income

i 203,171

i 264,319

Adjustments reconciling net income to net cash provided by (used in) operating activities:

Depreciation

i 14,260

i 13,808

Net losses on sale or disposal of premises and equipment

i 97

i 92

Provision for credit losses

i 119,704

i 38,807

Net write-downs and (gains) losses on sale of other real estate owned

( i 1,597)

( i 1,773)

Share-based compensation expense

i 7,415

i 4,859

Amortization of intangible assets

i 13,819

i 15,035

Amortization of operating lease right of use assets

i 8,440

i 8,783

Provision for deferred taxes

( i 13,382)

( i 21,699)

Net (accretion) amortization of debt securities available-for-sale

( i 4,316)

i 407

Net (accretion) amortization of debt securities held-to-maturity

( i 136)

i 71

Net amortization of other investments

i 1,108

i 556

Net (gain) loss on securities

i 16

( i 200)

Accretion of discount on purchased loans, net

( i 1,361)

( i 30)

Net amortization on other borrowings

i 774

i 324

Amortization of subordinated deferrable interest debentures

i 1,495

Loan servicing asset recovery

i —

( i 21,824)

Originations of mortgage loans held for sale

( i 2,818,898)

( i 3,265,190)

Payments received on mortgage loans held for sale

i 11,806

i 21,657

Proceeds from sales of mortgage loans held for sale

i 2,802,956

i 3,919,672

Net losses on sale of mortgage loans held for sale

i 4,447

i 83,975

Originations of SBA loans

( i 24,252)

( i 44,664)

Proceeds from sales of SBA loans

i 27,129

i 53,961

Net gains on sale of SBA loans

( i 1,382)

( i 5,191)

Increase in cash surrender value of bank owned life insurance

( i 6,768)

( i 5,433)

Gain on bank owned life insurance proceeds

( i 486)

( i 55)

Loss on sale of mortgage servicing rights

i —

i 316

Gain on debt redemption

( i 1,148)

i —

Change attributable to other operating activities

i 13,157

i 711

Net cash provided by operating activities

i 356,068

i 1,062,789

Investing Activities, net of effects of business combinations

Purchases of debt securities available-for-sale

( i 500)

( i 894,260)

Purchases of debt securities held-to-maturity

( i 8,543)

( i 52,111)

Proceeds from maturities and paydowns of debt securities available-for-sale

i 61,394

i 147,291

Proceeds from sales of debt securities available-for-sale

i 216

i —

Proceeds from maturities and paydowns of debt securities held-to-maturity

i 1,684

i 1,676

Net (increase) decrease in other investments

i 4,911

( i 13,364)

Net increase in loans

( i 400,486)

( i 2,764,936)

Purchases of premises and equipment

( i 11,680)

( i 11,307)

Proceeds from sale of premises and equipment

i 42

i 46

Proceeds from sales of other real estate owned

i 8,756

i 5,086

Proceeds from sale of mortgage servicing rights

i —

i 119,845

Purchases of bank owned life insurance

i —

( i 50,000)

Proceeds from bank owned life insurance

i 1,890

i 101

Net cash and cash equivalents paid in acquisitions

i —

( i 14,003)

Net cash used in investing activities

( i 342,316)

( i 3,525,936)

(Continued)

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Cash Flows (unaudited)

(dollars in thousands)

Nine Months Ended
September 30,

2023

2022

Financing Activities, net of effects of business combinations

Net increase (decrease) in deposits

i 1,127,607

( i 198,634)

Net decrease in securities sold under agreements to repurchase

i —

( i 5,845)

Proceeds from other borrowings

i 13,837,000

i 350,000

Repayment of other borrowings

( i 14,502,809)

( i 364,539)

Proceeds from exercise of stock options

i 476

i 2,324

Dividends paid - common stock

( i 31,308)

( i 31,227)

Purchase of treasury shares

( i 17,077)

( i 22,421)

Net cash provided by (used in) financing activities

i 413,889

( i 270,342)

Net increase (decrease) in cash, cash equivalents and restricted cash

i 427,641

( i 2,733,489)

Cash, cash equivalents and restricted cash at beginning of period

i 1,118,132

i 4,064,657

Cash, cash equivalents and restricted cash at end of period

i 1,545,773

i 1,331,168

Supplemental Disclosures of Cash Flow Information

Cash paid (received) during the period for:

Interest

i 290,972

i 42,040

Income taxes

i 88,353

i 82,551

Loans transferred to other real estate owned

i 9,713

i 346

Loans transferred from loans held for sale to loans held for investment

i 8,806

i 192,425

Loans provided for the sales of other real estate owned

i —

i 2,288

Right-of-use assets obtained in exchange for new operating lease liabilities

i 2,678

i 1,537

Assets acquired in business acquisitions

i —

i 10,641

Liabilities assumed in business acquisitions

i —

( i 3,362)

Change in unrealized loss on securities available-for-sale, net of tax

( i 14,311)

( i 66,324)

(Concluded)

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES

Ameris Bancorp (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia. Ameris conducts substantially all of its operations through its wholly owned banking subsidiary, Ameris Bank (the “Bank”). At September 30, 2023, the Bank operated i 164 branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. Our business model capitalizes on the efficiencies of a large financial services company, while still providing the community with the personalized banking service expected by our customers. We manage our Bank through a balance of decentralized management responsibilities and efficient centralized operating systems, products and loan underwriting standards. The Company’s Board of Directors and senior managers establish corporate policy, strategy and administrative policies. Within our established guidelines and policies, the banker closest to the customer responds to the differing needs and demands of his or her unique market.

Basis of Presentation

The accompanying unaudited consolidated financial statements for Ameris have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited but reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

i Cash and Cash Equivalents

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks, federal funds sold and restricted cash. There was i i no / restricted cash held at both September 30, 2023 and December 31, 2022.

Certain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported.

Accounting Standards Adopted in 2023

ASU No. 2022-02 – Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"). ASU 2022-02 eliminates the troubled debt restructuring ("TDR") measurement and recognition guidance and requires that entities evaluate whether the modification represents a new loan or a continuation of an existing loan consistent with the accounting for other loan modifications. Additional disclosures relating to modifications to borrowers experiencing financial difficulty are required under ASU 2022-02. ASU 2022-02 also requires disclosure of current-period gross write-offs by year of origination. The Company adopted this ASU effective January 1, 2023 on a prospective basis, except for the amendments related to recognition and measurement of TDRs, which were adopted using the modified retrospective method. The adoption was not material and resulted in a reduction to the allowance for credit losses of $ i 1.7 million and an increase to retained earnings of $ i 1.3 million.

ASU No. 2022-06 - Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU No. 2022-06 extends the temporary relief in Topic 848 from December 31, 2022 to December 31, 2024. Topic 848 provides optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The objective of this guidance is to provide temporary relief during the transition period away from LIBOR toward new interest rate benchmarks. This update was effective upon issuance. The Company adopted the guidance in Topic 848 effective January 1, 2023 and the adoption was not material to the consolidated financial statements.

NOTE 2 – INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities available-for-sale along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)

Securities available-for-sale

Amortized
Cost

Allowance for Credit Losses

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Estimated
Fair
Value

September 30, 2023

U.S. Treasuries

i 781,154

i —

( i 20,558)

i 760,596

U.S. government-sponsored agencies

i 1,026

i —

( i 57)

i 969

State, county and municipal securities

i 29,492

i —

( i 1,789)

i 27,703

Corporate debt securities

i 16,171

( i 80)

i —

( i 1,055)

i 15,036

SBA pool securities

i 23,834

i —

i 2

( i 2,085)

i 21,751

Mortgage-backed securities

i 650,535

i —

i 16

( i 52,525)

i 598,026

Total debt securities available-for-sale

i 1,502,212

( i 80)

i 18

( i 78,069)

i 1,424,081

December 31, 2022

U.S. Treasuries

i 775,784

i —

i 131

( i 16,381)

i 759,534

U.S. government-sponsored agencies

i 1,036

i —

( i 57)

i 979

State, county and municipal securities

i 35,358

i —

i 17

( i 1,180)

i 34,195

Corporate debt securities

i 16,397

( i 75)

i —

( i 396)

i 15,926

SBA pool securities

i 29,422

i —

i 3

( i 2,027)

i 27,398

Mortgage-backed securities

i 701,008

i —

i 113

( i 39,093)

i 662,028

Total debt securities available-for-sale

i 1,559,005

( i 75)

i 264

( i 59,134)

i 1,500,060

The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)

Securities held-to-maturity

Amortized
Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Estimated
Fair
Value

September 30, 2023

State, county and municipal securities

i 31,905

i —

( i 7,350)

i 24,555

Mortgage-backed securities

i 109,954

i —

( i 18,820)

i 91,134

Total debt securities held-to-maturity

i 141,859

i —

( i 26,170)

i 115,689

December 31, 2022

State, county and municipal securities

i 31,905

i —

( i 5,380)

i 26,525

Mortgage-backed securities

i 102,959

i —

( i 14,946)

i 88,013

Total debt securities held-to-maturity

i 134,864

i —

( i 20,326)

i 114,538

i The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of September 30, 2023, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities

because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary:

Available-for-Sale

Held-to-Maturity

(dollars in thousands)

Amortized
Cost

Estimated Fair Value

Amortized
Cost

Estimated Fair Value

Due in one year or less

i 380,435

i 375,844

i —

Due from one year to five years

i 439,956

i 422,385

i —

Due from five to ten years

i 10,753

i 9,897

i —

Due after ten years

i 20,533

i 17,929

i 31,905

i 24,555

Mortgage-backed securities

i 650,535

i 598,026

i 109,954

i 91,134

i 1,502,212

i 1,424,081

i 141,859

i 115,689

Securities with a carrying value of approximately $ i 827.9 million and $ i 861.6 million at September 30, 2023 and December 31, 2022, respectively, serve as collateral to secure public deposits and for other purposes required or permitted by law.

The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at September 30, 2023 and December 31, 2022:

Less Than 12 Months

12 Months or More

Total

(dollars in thousands)

Securities available-for-sale

Estimated
Fair
Value

Unrealized
Losses

Estimated
Fair
Value

Unrealized
Losses

Estimated
Fair
Value

Unrealized
Losses

September 30, 2023

U.S. Treasuries

i 230,519

( i 2,956)

i 530,077

( i 17,602)

i 760,596

( i 20,558)

U.S. government-sponsored agencies

i —

i 969

( i 57)

i 969

( i 57)

State, county and municipal securities

i 6,739

( i 135)

i 19,549

( i 1,654)

i 26,288

( i 1,789)

Corporate debt securities

i 491

( i 9)

i 13,045

( i 1,046)

i 13,536

( i 1,055)

SBA pool securities

i 43

i —

i 21,547

( i 2,085)

i 21,590

( i 2,085)

Mortgage-backed securities

i 22,744

( i 834)

i 573,996

( i 51,691)

i 596,740

( i 52,525)

Total debt securities available-for-sale

i 260,536

( i 3,934)

i 1,159,183

( i 74,135)

i 1,419,719

( i 78,069)

December 31, 2022

U.S. Treasuries

i 725,250

( i 16,381)

i —

i 725,250

( i 16,381)

U.S. government sponsored agencies

i 979

( i 57)

i —

i 979

( i 57)

State, county and municipal securities

i 27,438

( i 1,180)

i —

i 27,438

( i 1,180)

Corporate debt securities

i 13,271

( i 126)

i 1,155

( i 270)

i 14,426

( i 396)

SBA pool securities

i 17,806

( i 1,298)

i 9,329

( i 729)

i 27,135

( i 2,027)

Mortgage-backed securities

i 620,544

( i 37,774)

i 16,847

( i 1,319)

i 637,391

( i 39,093)

Total debt securities available-for-sale

i 1,405,288

( i 56,816)

i 27,331

( i 2,318)

i 1,432,619

( i 59,134)

As of September 30, 2023, the Company’s available-for-sale security portfolio consisted of i 419 securities, i 412 of which were in an unrealized loss position. At September 30, 2023, the Company held i 320 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At September 30, 2023, the Company held i 30 U.S. Small Business Administration (“SBA”) pool securities, i 27 state, county and municipal securities, i six corporate securities, i one U.S. government-sponsored agency security, and i 28 U.S. Treasury securities that were in an unrealized loss position.

The following table shows the gross unrealized losses and estimated fair value of held-to-maturity securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at September 30, 2023 and December 31, 2022:

Less Than 12 Months

12 Months or More

Total

(dollars in thousands)

Securities held-to-maturity

Estimated
Fair
Value

Unrealized
Losses

Estimated
Fair
Value

Unrealized
Losses

Estimated
Fair
Value

Unrealized
Losses

September 30, 2023

State, county and municipal securities

i —

i 24,555

( i 7,350)

i 24,555

( i 7,350)

Mortgage-backed securities

i 12,794

( i 1,046)

i 78,340

( i 17,774)

i 91,134

( i 18,820)

Total debt securities held-to-maturity

i 12,794

( i 1,046)

i 102,895

( i 25,124)

i 115,689

( i 26,170)

December 31, 2022

State, county and municipal securities

i 16,512

( i 1,488)

i 10,013

( i 3,892)

i 26,525

( i 5,380)

Mortgage-backed securities

i 32,471

( i 1,925)

i 55,542

( i 13,021)

i 88,013

( i 14,946)

Total debt securities held-to-maturity

i 48,983

( i 3,413)

i 65,555

( i 16,913)

i 114,538

( i 20,326)

As of September 30, 2023, the Company’s held-to-maturity security portfolio consisted of i 27 securities, all of which were in an unrealized loss position. At September 30, 2023, the Company held i 21 mortgage-backed securities and i six state, county and municipal securities that were in an unrealized loss position.

At September 30, 2023 and December 31, 2022, all of the Company’s mortgage-backed securities were obligations of government-sponsored agencies.

Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate available-for-sale securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these available-for-sale investment securities at an unrealized loss position at September 30, 2023, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at September 30, 2023, management determined that $ i 80,000 was attributable to credit impairment and an allowance for credit losses was recorded. i The remaining $ i 78.1 million in unrealized loss was determined to be from factors other than credit. /

(dollars in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

Allowance for credit losses

2023

2022

2023

2022

Beginning balance

i 82

i 88

i 75

i —

Provision for other credit losses

( i 2)

( i 9)

i 5

i 79

Ending balance

i 80

i 79

i 80

i 79

The Company's held-to-maturity securities have i no expected credit losses, and i no related allowance for credit losses has been established.

The following table is a summary of sales activities in the Company's debt securities available for sale for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2023		2022		2023		2022
Gross gains on sales of securities	$	i —	$	i —	$	i —	$	i —
Gross losses on sales of securities	i —		i —		i —		i —
Net realized gains (losses) on sales of debt securities available for sale	$	i —	$	i —	$	i —	$	i —

Sales proceeds	$	i 216	$	i —	$	i 216	$	i —

Total net gain (loss) on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2023		2022		2023		2022

Unrealized holding gains (losses) on equity securities	$	( i 16)	$	( i 21)	$	( i 16)	$	( i 70)
Net realized gains on sales of other investments	i —		i —		i —		i 270
Net gain (loss) on securities	$	( i 16)	$	( i 21)	$	( i 16)	$	i 200

NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:


(dollars in thousands)	September 30, 2023		December 31, 2022
Commercial, financial and agricultural	$	i 2,632,836	$	i 2,679,403
Consumer	i 259,797		i 384,037
Indirect automobile	i 47,108		i 108,648
Mortgage warehouse	i 852,823		i 1,038,924
Municipal	i 497,093		i 509,151
Premium finance	i 1,007,334		i 1,023,479
Real estate – construction and development	i 2,236,686		i 2,086,438
Real estate – commercial and farmland	i 7,865,389		i 7,604,867
Real estate – residential	i 4,802,013		i 4,420,306
	$	i 20,201,079	$	i 19,855,253

Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets totaling $ i 74.3 million and $ i 69.3 million at September 30, 2023 and December 31, 2022, respectively. The Company had no recorded allowance for credit related to accrued interest on loans at both September 30, 2023 and December 31, 2022.

Nonaccrual and Past-Due Loans

A loan is placed on nonaccrual status when, in management’s judgment, the collection of the interest income appears doubtful. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is charged to interest income. Interest on loans that are classified as nonaccrual is subsequently applied to principal until the loans are returned to accrual status. The Company’s loan policy states that a nonaccrual loan may be returned to accrual status when (i) none of its principal and interest is due and unpaid, and the Company expects repayment of the remaining contractual principal and interest, or (ii) it otherwise becomes well secured and in the process of collection. Restoration to accrual status on any given loan must be supported by a well-documented credit evaluation of the borrower’s financial condition and the prospects for full repayment, approved by the Company’s Chief Credit Officer. Past-due loans are loans whose principal or interest is past due 30 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms.

The following table presents an analysis of loans accounted for on a nonaccrual basis:


(dollars in thousands)	September 30, 2023		December 31, 2022
Commercial, financial and agricultural	$	i 7,558	$	i 11,094
Consumer	i 888		i 420
Indirect automobile	i 290		i 346



Real estate – construction and development	i 282		i 523
Real estate – commercial and farmland	i 8,063		i 13,203
Real estate – residential(1)	i 117,477		i 109,222
	$	i 134,558	$	i 134,808

(1) Included in real estate - residential were $ i 80.8 million and $ i 69.6 million of serviced GNMA-guaranteed nonaccrual loans at September 30, 2023 and December 31, 2022, respectively.

Interest income recognized on nonaccrual loans during the nine months ended September 30, 2023 and 2022 was i i not / material.

The following table presents an analysis of nonaccrual loans with no related allowance for credit losses:


(dollars in thousands)	September 30, 2023		December 31, 2022
Commercial, financial and agricultural	$	i 677	$	i 33
Consumer	i 285		i —





Real estate – commercial and farmland	i 4,133		i 1,464
Real estate – residential	i 69,178		i 58,734
	$	i 74,273	$	i 60,231

The following table presents an analysis of past-due loans as of September 30, 2023 and December 31, 2022:

(dollars in thousands)

Loans
30-59
Days Past
Due

Loans
60-89
Days
Past Due

Loans 90
or More
Days Past
Due

Total
Loans
Past Due

Current
Loans

Total
Loans

Loans 90
Days or
More Past
Due and
Still
Accruing

September 30, 2023

Commercial, financial and agricultural

i 12,774

i 5,438

i 7,064

i 25,276

i 2,607,560

i 2,632,836

i 4,765

Consumer

i 2,290

i 804

i 625

i 3,719

i 256,078

i 259,797

i —

Indirect automobile

i 131

i 41

i 97

i 269

i 46,839

i 47,108

i —

Mortgage warehouse

i —

i 852,823

i —

Municipal

i —

i 497,093

i —

Premium finance

i 9,648

i 5,260

i 7,126

i 22,034

i 985,300

i 1,007,334

i 7,126

Real estate – construction and development

i 892

i 370

i 280

i 1,542

i 2,235,144

i 2,236,686

i —

Real estate – commercial and farmland

i 5,358

i 7,128

i 931

i 13,417

i 7,851,972

i 7,865,389

i —

Real estate – residential

i 39,413

i 16,926

i 114,039

i 170,378

i 4,631,635

i 4,802,013

i —

Total

i 70,506

i 35,967

i 130,162

i 236,635

i 19,964,444

i 20,201,079

i 11,891

December 31, 2022

Commercial, financial and agricultural

i 16,219

i 5,451

i 11,632

i 33,302

i 2,646,101

i 2,679,403

i 3,267

Consumer

i 2,539

i 3,163

i 741

i 6,443

i 377,594

i 384,037

i 472

Indirect automobile

i 466

i 77

i 267

i 810

i 107,838

i 108,648

i —

Mortgage warehouse

i —

i 1,038,924

i —

Municipal

i —

i 509,151

i —

Premium finance

i 13,859

i 10,620

i 13,626

i 38,105

i 985,374

i 1,023,479

i 13,626

Real estate – construction and development

i 25,367

i 3,829

i 966

i 30,162

i 2,056,276

i 2,086,438

i 500

Real estate – commercial and farmland

i 1,738

i 168

i 10,223

i 12,129

i 7,592,738

i 7,604,867

i —

Real estate – residential

i 35,015

i 11,329

i 106,170

i 152,514

i 4,267,792

i 4,420,306

i —

Total

i 95,203

i 34,637

i 143,625

i 273,465

i 19,581,788

i 19,855,253

i 17,865

Collateral-Dependent Loans

Collateral-dependent loans are loans where repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty. If the Company determines that foreclosure is probable, these loans are written down to the lower of cost or fair value of the collateral less estimated costs to sell. When repayment is expected to be from the operation of the collateral, the allowance for credit losses is calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. The Company may, in the alternative, measure the allowance for credit loss as the amount by which the amortized cost basis of the financial asset exceeds the estimated fair value of the collateral.

The following table presents an analysis of individually evaluated collateral-dependent financial assets and related allowance for credit losses:

September 30, 2023

December 31, 2022

(dollars in thousands)

Balance

Allowance for Credit Losses

Balance

Allowance for Credit Losses

Commercial, financial and agricultural

i 7,398

i 2,160

i 7,128

i 6,294

Premium finance

i —

i 3,233

i —

Real estate – construction and development

i 559

i 122

i 780

i 13

Real estate – commercial and farmland

i 7,894

i 876

i 15,168

i 1,428

Real estate – residential

i 15,963

i 2,000

i 15,464

i 2,066

i 31,814

i 5,158

i 41,773

i 9,801

Credit Quality Indicators

The Company uses a nine category risk grading system to assign a risk grade to each loan in the portfolio. The following is a description of the general characteristics of the grades:

Pass (Grades 1 - 5) – These grades represent acceptable credit risk to the Company based on factors including creditworthiness of the borrower, current performance and nature of the collateral.

Other Assets Especially Mentioned (Grade 6) – This grade includes loans that exhibit potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date.

Substandard (Grade 7) – This grade represents loans which are inadequately protected by the current credit worthiness and paying capacity of the borrower or of the collateral pledged, if any. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses or questionable collateral values.

Doubtful (Grade 8) – This grade includes loans which exhibit all of the characteristics of a substandard loan with the added provision that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable or improbable.

Loss (Grade 9) – This grade is assigned to loans which are considered uncollectible and of such little value that their continuance as active assets of the Bank is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing it off.

i The following tables present the loan portfolio's amortized cost by class of financing receivable, risk grade and year of origination (in thousands) as of September 30, 2023 and December 31, 2022. Generally, current period renewals of credit are underwritten again at the point of renewal and considered current period originations for purposes of the tables below. The Company had an immaterial amount of revolving loans which converted to term loans and the amortized cost basis of those loans is included in the applicable origination year. There were i i no / loans risk graded 8 or 9 at September 30, 2023 or December 31, 2022. /

As of September 30, 2023

Term Loans by Origination Year

Revolving Loans Amortized Cost Basis

2023

2022

2021

2020

2019

Prior

Total

Commercial, Financial and Agricultural

Risk Grade:

Pass

i 668,738

i 817,646

i 417,329

i 112,503

i 67,547

i 51,702

i 475,435

i 2,610,900

i 17

i 315

i 53

i 113

i 153

i 426

i 1,171

i 2,248

i 2,387

i 2,661

i 3,536

i 1,448

i 2,912

i 3,368

i 3,376

i 19,688

Total commercial, financial and agricultural

i 671,142

i 820,622

i 420,918

i 114,064

i 70,612

i 55,496

i 479,982

i 2,632,836

Current-period gross charge offs

i 2,920

i 20,026

i 13,793

i 1,316

i 1,228

i 2,760

i 25

i 42,068

Consumer

Risk Grade:

Pass

i 42,436

i 20,734

i 7,289

i 28,346

i 17,662

i 25,477

i 116,578

i 258,522

i —

i 6

i —

i 26

i 4

i 36

i 52

i 83

i 47

i 183

i 195

i 519

i 160

i 1,239

Total consumer

i 42,488

i 20,823

i 7,336

i 28,529

i 17,857

i 26,022

i 116,742

i 259,797

Current-period gross charge offs

i 50

i 311

i 74

i 1,359

i 892

i 1,203

i 251

i 4,140

Indirect Automobile

Risk Grade:

Pass

i —

i 7,341

i 39,182

i —

i 46,523

i —

i 1

i —

i 1

i —

i 33

i 551

i —

i 584

Total indirect automobile

i —

i 7,374

i 39,734

i —

i 47,108

Current-period gross charge offs

i —

i 135

i —

i 135

Mortgage Warehouse

Risk Grade:

Pass

i —

i 817,919

i —

i 34,904

i —

Total mortgage warehouse

i —

i 852,823

Current-period gross charge offs

i —

Municipal

Risk Grade:

Pass

i 7,630

i 22,886

i 54,558

i 178,659

i 14,961

i 218,399

i —

i 497,093

Total municipal

i 7,630

i 22,886

i 54,558

i 178,659

i 14,961

i 218,399

i —

i 497,093

Current-period gross charge offs

i —

Premium Finance

Risk Grade:

Pass

i 970,328

i 27,170

i 2,710

i —

i 1,000,208

i 4,361

i 2,765

i —

i 7,126

Total premium finance

i 974,689

i 29,935

i 2,710

i —

i 1,007,334

Current-period gross charge offs

i 310

i 4,600

i 310

i —

i 5,220

As of September 30, 2023

Term Loans by Origination Year

Revolving Loans Amortized Cost Basis

2023

2022

2021

2020

2019

Prior

Total

Real Estate – Construction and Development

Risk Grade:

Pass

i 381,311

i 861,269

i 696,969

i 131,329

i 53,581

i 31,230

i 68,218

i 2,223,907

i —

i 507

i —

i 507

i —

i 269

i 303

i —

i 11,700

i —

i 12,272

Total real estate – construction and development

i 381,311

i 861,538

i 697,272

i 131,329

i 53,581

i 43,437

i 68,218

i 2,236,686

Current-period gross charge offs

i —

Real Estate – Commercial and Farmland

Risk Grade:

Pass

i 363,104

i 1,820,072

i 1,975,533

i 1,134,332

i 798,673

i 1,488,013

i 106,312

i 7,686,039

i 427

i 344

i 60,040

i —

i 38,259

i 44,074

i 40

i 143,184

i —

i 305

i 449

i 3,604

i 1,490

i 30,318

i —

i 36,166

Total real estate – commercial and farmland

i 363,531

i 1,820,721

i 2,036,022

i 1,137,936

i 838,422

i 1,562,405

i 106,352

i 7,865,389

Current-period gross charge offs

i —

i 3,151

i 169

i —

i 3,320

Real Estate - Residential

Risk Grade:

Pass

i 628,618

i 1,429,936

i 1,157,750

i 515,637

i 246,347

i 444,992

i 248,504

i 4,671,784

i —

i 187

i 1,115

i 173

i 622

i 2,980

i 1,492

i 6,569

i 2,201

i 23,423

i 24,660

i 24,254

i 21,471

i 25,558

i 2,093

i 123,660

Total real estate - residential

i 630,819

i 1,453,546

i 1,183,525

i 540,064

i 268,440

i 473,530

i 252,089

i 4,802,013

Current-period gross charge offs

i 24

i —

i 9

i —

i 109

i 89

i 231

Total Loans

Risk Grade:

Pass

i 3,062,165

i 4,999,713

i 4,312,138

i 2,100,806

i 1,206,112

i 2,298,995

i 1,832,966

i 19,812,895

i 444

i 852

i 61,208

i 286

i 39,034

i 48,014

i 37,611

i 187,449

i 9,001

i 29,506

i 28,995

i 29,489

i 26,101

i 72,014

i 5,629

i 200,735

Total loans

i 3,071,610

i 5,030,071

i 4,402,341

i 2,130,581

i 1,271,247

i 2,419,023

i 1,876,206

i 20,201,079

Total current-period gross charge offs

i 3,304

i 24,937

i 14,186

i 2,675

i 5,271

i 4,376

i 365

i 55,114

As of December 31, 2022

Term Loans by Origination Year

Revolving Loans Amortized Cost Basis

2022

2021

2020

2019

2018

Prior

Total

Commercial, Financial and Agricultural

Risk Grade:

Pass

i 1,127,120

i 526,043

i 174,120

i 109,091

i 56,657

i 41,612

i 621,784

i 2,656,427

i —

i 13

i 94

i 183

i 895

i 1,774

i 317

i 3,276

i 8,565

i 1,214

i 1,182

i 3,314

i 545

i 2,759

i 2,121

i 19,700

Total commercial, financial and agricultural

i 1,135,685

i 527,270

i 175,396

i 112,588

i 58,097

i 46,145

i 624,222

i 2,679,403

Consumer

Risk Grade:

Pass

i 41,487

i 12,692

i 37,906

i 23,454

i 17,144

i 13,825

i 236,113

i 382,621

i 38

i —

i 98

i 196

i 332

i 68

i 62

i 216

i 106

i 118

i 431

i 83

i 1,084

Total consumer

i 41,593

i 12,754

i 38,122

i 23,560

i 17,262

i 14,354

i 236,392

i 384,037

Indirect Automobile

Risk Grade:

Pass

i —

i 11,900

i 50,749

i 45,120

i —

i 107,769

i —

i 11

i —

i 11

i —

i 41

i 149

i 678

i —

i 868

Total indirect automobile

i —

i 11,941

i 50,898

i 45,809

i —

i 108,648

Mortgage Warehouse

Risk Grade:

Pass

i —

i 990,106

i —

i 22,831

i —

i 25,987

Total mortgage warehouse

i —

i 1,038,924

Municipal

Risk Grade:

Pass

i 18,074

i 46,809

i 188,507

i 9,752

i 4,358

i 241,651

i —

i 509,151

Total municipal

i 18,074

i 46,809

i 188,507

i 9,752

i 4,358

i 241,651

i —

i 509,151

Premium Finance

Risk Grade:

Pass

i 1,000,214

i 9,667

i 12

i —

i 1,009,893

i 13,051

i 535

i —

i 13,586

Total premium finance

i 1,013,265

i 10,202

i 12

i —

i 1,023,479

Real Estate – Construction and Development

Risk Grade:

Pass

i 834,831

i 793,723

i 306,084

i 69,596

i 7,934

i 31,490

i 27,474

i 2,071,132

i 277

i —

i 173

i 165

i —

i 615

i —

i 783

i 164

i 5

i 13,159

i 580

i —

i 14,691

Total real estate – construction and development

i 835,108

i 794,506

i 306,248

i 69,601

i 21,266

i 32,235

i 27,474

i 2,086,438

As of December 31, 2022

Term Loans by Origination Year

Revolving Loans Amortized Cost Basis

2022

2021

2020

2019

2018

Prior

Total

Real Estate – Commercial and Farmland

Risk Grade:

Pass

i 1,739,021

i 1,975,003

i 1,085,086

i 869,116

i 447,311

i 1,259,763

i 110,848

i 7,486,148

i 607

i 17,974

i —

i 30,841

i 4,801

i 18,289

i —

i 72,512

i 387

i 2,810

i 3,078

i 12,007

i 6,527

i 21,398

i —

i 46,207

Total real estate – commercial and farmland

i 1,740,015

i 1,995,787

i 1,088,164

i 911,964

i 458,639

i 1,299,450

i 110,848

i 7,604,867

Real Estate - Residential

Risk Grade:

Pass

i 1,524,021

i 1,214,724

i 548,968

i 268,821

i 115,693

i 393,570

i 234,684

i 4,300,481

i 236

i 145

i 94

i 688

i 364

i 2,910

i 600

i 5,037

i 6,735

i 21,283

i 25,860

i 27,173

i 14,396

i 17,665

i 1,676

i 114,788

Total real estate - residential

i 1,530,992

i 1,236,152

i 574,922

i 296,682

i 130,453

i 414,145

i 236,960

i 4,420,306

Total Loans

Risk Grade:

Pass

i 6,284,768

i 4,578,661

i 2,340,683

i 1,361,730

i 699,846

i 2,027,031

i 2,221,009

i 19,513,728

i 1,158

i 18,132

i 188

i 31,712

i 6,233

i 23,247

i 23,944

i 104,614

i 28,806

i 26,687

i 30,500

i 42,646

i 34,894

i 43,511

i 29,867

i 236,911

Total loans

i 6,314,732

i 4,623,480

i 2,371,371

i 1,436,088

i 740,973

i 2,093,789

i 2,274,820

i 19,855,253

Allowance for Credit Losses on Loans

The allowance for credit losses represents an allowance for expected losses over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio.

Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged off in accordance with the Federal Financial Institutions Examination Council’s (the “FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to an Asset Quality Rating of 9 (Loss per the regulatory guidance), the uncollectible portion is charged off.

The Company’s methodologies for estimating the allowance for credit losses consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of loans with similar risk characteristics for which the historical loss experience was observed. The Company utilizes a one year reasonable and supportable forecast period. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters after the reasonable and supportable forecast period.

During the nine months ended September 30, 2023, the allowance for credit losses increased due to a decline in forecasted macroeconomic factors, particularly residential and commercial real estate price indices and organic loan growth during the period. The allowance for credit losses was determined at both September 30, 2023 and December 31, 2022 using the Moody's baseline scenario economic forecast. The current forecast reflects, among other things, declines in forecast levels of home prices and commercial real estate prices compared with the forecast at December 31, 2022.

The following tables detail activity and end of period balances in the allowance for credit losses by portfolio segment for the periods indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

Three Months Ended September 30, 2023

(dollars in thousands)

Commercial,
Financial and
Agricultural

Consumer

Indirect Automobile

Mortgage Warehouse

Municipal

Premium Finance

Balance, June 30, 2023

i 50,789

i 4,548

i 98

i 2,335

i 357

i 776

Provision for loan losses

i 14,650

i 310

( i 149)

( i 589)

( i 9)

i 183

Loans charged off

( i 16,519)

( i 948)

( i 36)

i —

( i 1,951)

Recoveries of loans previously charged off

i 4,745

i 203

i 158

i —

i 1,639

Balance, September 30, 2023

i 53,665

i 4,113

i 71

i 1,746

i 348

i 647

Real Estate – Construction and Development

Real Estate –
Commercial and
Farmland

Real Estate –
Residential

Total

Balance, June 30, 2023

i 54,589

i 96,140

i 62,439

i 272,071

Provision for loan losses

i 8,525

i 5,453

i 1,721

i 30,095

Loans charged off

i —

( i 34)

( i 19,488)

Recoveries of loans previously charged off

i 74

i 371

i 236

i 7,426

Balance, September 30, 2023

i 63,188

i 101,964

i 64,362

i 290,104

Nine Months Ended September 30, 2023

(dollars in thousands)

Commercial,
Financial and
Agricultural

Consumer
Installment

Indirect Automobile

Mortgage Warehouse

Municipal

Premium Finance

Balance, December 31, 2022

i 39,455

i 5,413

i 174

i 2,118

i 357

i 1,025

Adjustment to allowance for adoption of ASU 2022-02

( i 105)

i —

Provision for loan losses

i 46,050

i 2,146

( i 567)

( i 372)

( i 9)

i 141

Loans charged off

( i 42,068)

( i 4,140)

( i 135)

i —

( i 5,220)

Recoveries of loans previously charged off

i 10,333

i 694

i 599

i —

i 4,701

Balance, September 30, 2023

i 53,665

i 4,113

i 71

i 1,746

i 348

i 647

Real Estate – Construction and Development

Real Estate –
Commercial and
Farmland

Real Estate –
Residential

Total

Balance, December 31, 2022

i 32,659

i 67,433

i 57,043

i 205,677

Adjustment to allowance for adoption of ASU 2022-02

( i 37)

( i 722)

( i 847)

( i 1,711)

Provision for loan losses

i 29,920

i 38,097

i 7,708

i 123,114

Loans charged off

i —

( i 3,320)

( i 231)

( i 55,114)

Recoveries of loans previously charged off

i 646

i 476

i 689

i 18,138

Balance, September 30, 2023

i 63,188

i 101,964

i 64,362

i 290,104

Three Months Ended September 30, 2022

(dollars in thousands)

Commercial,
Financial and
Agricultural

Consumer

Indirect Automobile

Mortgage Warehouse

Municipal

Premium Finance

Balance, June 30, 2022

i 25,658

i 5,269

i 291

i 3,885

i 371

i 2,762

Provision for loan losses

i 9,568

( i 244)

( i 288)

( i 1,884)

( i 9)

( i 638)

Loans charged off

( i 4,722)

( i 1,228)

( i 50)

i —

( i 1,205)

Recoveries of loans previously charged off

i 2,201

i 277

i 276

i —

i 1,023

Balance, September 30, 2022

i 32,705

i 4,074

i 229

i 2,001

i 362

i 1,942

Real Estate – Construction and Development

Real Estate –
Commercial and
Farmland

Real Estate –
Residential

Total

Balance, June 30, 2022

i 23,232

i 59,349

i 51,825

i 172,642

Provision for loan losses

i 3,227

( i 1,200)

i 8,937

i 17,469

Loans charged off

i —

( i 2,014)

( i 53)

( i 9,272)

Recoveries of loans previously charged off

i 96

i 83

i 4,052

Balance, September 30, 2022

i 26,555

i 56,231

i 60,792

i 184,891

Nine Months Ended September 30, 2022

(dollars in thousands)

Commercial,
Financial and
Agricultural

Consumer
Installment

Indirect Automobile

Mortgage Warehouse

Municipal

Premium Finance

Balance, December 31, 2021

i 26,829

i 6,097

i 476

i 3,231

i 401

i 2,729

Provision for loan losses

i 11,521

i 1,102

( i 884)

( i 1,230)

( i 39)

( i 530)

Loans charged off

( i 13,527)

( i 3,790)

( i 179)

i —

( i 3,640)

Recoveries of loans previously charged off

i 7,882

i 665

i 816

i —

i 3,383

Balance, September 30, 2022

i 32,705

i 4,074

i 229

i 2,001

i 362

i 1,942

Real Estate – Construction and Development

Real Estate –
Commercial and
Farmland

Real Estate –
Residential

Total

Balance, December 31, 2021

i 22,045

i 77,831

i 27,943

i 167,582

Provision for loan losses

i 3,841

( i 18,399)

i 32,580

i 27,962

Loans charged off

i —

( i 3,378)

( i 190)

( i 24,704)

Recoveries of loans previously charged off

i 669

i 177

i 459

i 14,051

Balance, September 30, 2022

i 26,555

i 56,231

i 60,792

i 184,891

Modifications to Borrowers Experiencing Financial Difficulty

The Company periodically provides modifications to borrowers experiencing financial difficulty. These modifications include either payment deferrals, term extensions, interest rate reductions, principal forgiveness or combinations of modification types. The determination of whether the borrower is experiencing financial difficulty is made on the date of the modification. When principal forgiveness is provided, the amount of principal forgiveness is charged off against the allowance for credit losses with a corresponding reduction in the amortized cost basis of the loan.

i The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted as of September 30, 2023:

(dollars in thousands)

Payment Deferral

Term Extension

Interest Rate Reduction

Combination of Term Extension and Rate Reduction

Total

Percentage of Total Class of Financial Receivable

Commercial, financial and agricultural

i 1,180

i 2,502

i —

i 3,682

i 0.1

Real estate – construction and development

i —

i 278

i —

i 278

i —

Real estate – commercial and farmland

i —

i 1,197

i 832

i —

i 2,029

i —

Real estate – residential

i 1,033

i 3,165

i —

i 348

i 4,546

i 0.1

Total

i 2,213

i 7,142

i 832

i 348

i 10,535

i 0.1

The Company has unfunded commitments of $ i 480,000 to borrowers experiencing financial difficulty for which the Company has modified their loans.

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the nine months ended September 30, 2023:


Payment Deferral
Loan Type						Financial Effect
Commercial, financial and agricultural						Payments were reduced approximately i 32% for three months before returning to a fully amortizing payment structure thereafter.
Commercial, financial and agricultural						Payments were reduced approximately i 73% for four months before requiring full repayment.







Real estate – residential						Payments were deferred for a weighted average of four months


Term Extension
Loan Type						Financial Effect
Commercial, financial and agricultural						Maturity dates were extended for a weighted average of i 10 months.
Real estate – construction and development						Maturity date was extended for i 11 months.
Real estate – commercial and farmland						Maturity dates were extended for an average of i 12 months.
Real estate - residential						Maturity dates were extended for a weighted average of i 92 months


Interest Rate Reduction
Loan Type						Financial Effect
Real estate – commercial and farmland						Interest rate was reduced by i 4.75%


Combination of Term Extension and Rate Reduction
Loan Type						Financial Effect
Real estate - residential						Maturity date was extended i 58 months and rate was reduced by i 1.375%

The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months:

(dollars in thousands)

Current

30-59
Days Past Due

60-89
Days Past Due

90 or More Days Past Due

Total

Commercial, financial and agricultural

i 2,385

i —

i 815

i 482

i 3,682

Real estate – construction and development

i —

i 278

i —

i 278

Real estate – commercial and farmland

i 1,529

i —

i 500

i 2,029

Real estate – residential

i 3,262

i 1,284

i —

i 4,546

Total

i 7,176

i 1,562

i 815

i 982

i 10,535

The following table provides the amortized cost basis of financing receivables that had a payment default during both the three and nine months ended September 30, 2023 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

(dollars in thousands)

Term Extension

Payment Deferral

Commercial, financial and agricultural

i 482

i 815

Real estate – construction and development

i 278

i —

Real estate – commercial and farmland

i 500

i —

Real estate – residential

i 1,090

i 194

Total

i 2,350

i 1,009

NOTE 4 – OTHER BORROWINGS

Other borrowings consist of the following:


(dollars in thousands)	September 30, 2023		December 31, 2022
FHLB borrowings:
Fixed Rate Advance due January 9, 2023; fixed interest rate of i 4.150%	$	i —	$	i 300,000
Fixed Rate Advance due January 9, 2023; fixed interest rate of i 4.110%	i —		i 50,000
Fixed Rate Advance due January 12, 2023; fixed interest rate of i 4.140%	i —		i 50,000
Fixed Rate Advance due January 13, 2023; fixed interest rate of i 4.150%	i —		i 50,000
Fixed Rate Advance due January 17, 2023; fixed interest rate of i 4.170%	i —		i 350,000
Fixed Rate Advance due January 17, 2023; fixed interest rate of i 4.250%	i —		i 150,000
Fixed Rate Advance due January 18, 2023; fixed interest rate of i 4.260%	i —		i 200,000
Fixed Rate Advance due January 19, 2023; fixed interest rate of i 4.230%	i —		i 50,000
Fixed Rate Advance due January 20, 2023; fixed interest rate of i 4.220%	i —		i 150,000
Fixed Rate Advance due January 27, 2023; fixed interest rate of i 4.230%	i —		i 100,000
Fixed Rate Advance due October 16, 2023; fixed interest rate of i 5.460%	i 75,000		i —
Fixed Rate Advance due October 16, 2023; fixed interest rate of i 5.470%	i 200,000		i —
Fixed Rate Advance due October 18, 2023; fixed interest rate of i 5.470%	i 150,000		i —
Fixed Rate Advance due October 18, 2023; fixed interest rate of i 5.470%	i 100,000		i —
Fixed Rate Advance due October 19, 2023; fixed interest rate of i 5.470%	i 75,000		i —
Fixed Rate Advance due October 20, 2023; fixed interest rate of i 5.460%	i 250,000		i —
Fixed Rate Advance due March 3, 2025; fixed interest rate of i 1.208%	i 15,000		i 15,000
Fixed Rate Advance due March 2, 2027; fixed interest rate of i 1.445%	i 15,000		i 15,000
Fixed Rate Advance due March 4, 2030; fixed interest rate of i 1.606%	i 15,000		i 15,000
Fixed Rate Advance due December 9, 2030; fixed interest rate of i 4.55%	i 1,380		i 1,389
Fixed Rate Advance due December 9, 2030; fixed interest rate of i 4.55%	i 956		i 961
Principal Reducing Advance due September 29, 2031; fixed interest rate of i 3.095%	i 1,166		i 1,275

Subordinated notes payable:

Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $ i 0 and $ i 551, respectively; fixed interest rate of i 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus i 3.616%	i —		i 74,449
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $ i 1,350 and $ i 1,680, respectively; fixed interest rate of i 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus i 2.94%	i 106,650		i 118,320
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $ i 814 and $ i 906, respectively; fixed interest rate of i 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus i 3.63%	i 75,814		i 75,906
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $ i 1,413 and $ i 1,564, respectively; fixed interest rate of i 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus i 3.753%	i 108,587		i 108,436





Other Debt:
Advance from correspondent bank due November 28, 2024; secured by a loan receivable; variable interest rate at one-month SOFR plus i 2.50%	i 10,000		i —
Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus i 2.65%	i 10,000		i —
	$	i 1,209,553	$	i 1,875,736

The advances from the FHLB are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At September 30, 2023, $ i 3.62 billion was available for borrowing on lines with the FHLB.

As of September 30, 2023, the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $ i 127.0 million.

The Bank also participates in the Federal Reserve discount window borrowings program. At September 30, 2023, the Bank had $ i 3.60 billion of loans pledged at the Federal Reserve discount window and had $ i 2.63 billion available for borrowing.

NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE INCOME

Accumulated other comprehensive income (loss) for the Company consists of changes in net unrealized gains and losses on debt securities available-for-sale. The reclassification for gains included in net income is recorded in net gain (loss) on securities in the consolidated statement of income and comprehensive income.

The following table presents a summary of the accumulated other comprehensive income (loss) balances, net of tax, for the periods indicated:

(dollars in thousands)

Accumulated

Other Comprehensive

Income (Loss)

Three Months Ended September 30, 2023

Balance, June 30, 2023

( i 50,618)

Unrealized loss on debt securities available-for-sales, net of tax

( i 10,200)

Balance, September 30, 2023

( i 60,818)

Three Months Ended September 30, 2022

Balance, June 30, 2022

( i 12,635)

Unrealized loss on debt securities available-for-sales, net of tax

( i 38,099)

Balance, September 30, 2022

( i 50,734)

Nine Months Ended September 30, 2023

Balance, December 31, 2022

( i 46,507)

Unrealized loss on debt securities available-for-sales, net of tax

( i 14,311)

Balance, September 30, 2023

( i 60,818)

Nine Months Ended September 30, 2022

Balance, December 31, 2021

i 15,590

Unrealized loss on debt securities available-for-sales, net of tax

( i 66,324)

Balance, September 30, 2022

( i 50,734)

NOTE 6 – WEIGHTED AVERAGE SHARES OUTSTANDING

Earnings per share have been computed based on the following weighted average number of common shares outstanding:

Three Months Ended
September 30,

Nine Months Ended
September 30,

(share data in thousands)

2023

2022

2023

2022

Average common shares outstanding

i 68,879

i 69,125

i 69,023

i 69,213

Common share equivalents:

Stock options

i —

i 11

i —

i 20

Nonvested restricted share grants

i 47

i 59

i 52

i 73

Performance stock units

i 68

i 132

i 55

i 122

Average common shares outstanding, assuming dilution

i 68,994

i 69,327

i 69,130

i 69,428

There were i 84.487 anti-dilutive securities excluded from the computation of earnings per share for the nine months ended September 30, 2023. There were i i i no / / anti-dilutive securities excluded from the computation of earnings per share for the three months ended September 30, 2023, and for the three and nine months ended September 30, 2022.

NOTE 7 – FAIR VALUE MEASURES

The fair value of an asset or liability is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no

quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair value is based on discounted cash flows or other valuation techniques. These techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. The accounting standard for disclosures about the fair value measures excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.

The Company's loans held for sale under the fair value option are comprised of the following:


(dollars in thousands)	September 30, 2023		December 31, 2022
Mortgage loans held for sale	$	i 381,466	$	i 390,583
SBA loans held for sale	i —		i 1,495
Total loans held for sale	$	i 381,466	$	i 392,078

The Company has elected to record mortgage loans held for sale at fair value in order to eliminate the complexities and inherent difficulties of achieving hedge accounting and to better align reported results with the underlying economic changes in value of the loans and related hedge instruments. This election impacts the timing and recognition of origination fees and costs, as well as servicing value, which are now recognized in earnings at the time of origination. Interest income on mortgage loans held for sale is recorded on an accrual basis in the consolidated statements of income and comprehensive income under the heading interest income – interest and fees on loans. The servicing value is included in the fair value of the interest rate lock commitments (“IRLCs”) with borrowers. The mark to market adjustments related to mortgage loans held for sale and the associated economic hedges are captured in mortgage banking activities.

Net losses of $ i 3.2 million and $ i 857,000 resulting from changes in fair value of these mortgage loans were recorded in income during the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2022, net losses of $ i 11.9 million and $ i 44.7 million, respectively, resulting from changes in fair value of these mortgage loans were recorded in income. A net loss of $ i 207,000 and a net gain of $ i 4.9 million resulting from changes in the fair value of the related derivative financial instruments used to hedge exposure to the market-related risks associated with these mortgage loans were recorded in income during the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2022, net gains of $ i 11.7 million and $ i 10.5 million, respectively, resulting from changes in the fair value of the related derivative financial instruments were recorded in income. The changes in fair value of both mortgage loans held for sale and the related derivative financial instruments are recorded in mortgage banking activity in the consolidated statements of income and comprehensive income. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal.

The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of September 30, 2023 and December 31, 2022:


(dollars in thousands)	September 30, 2023		December 31, 2022
Aggregate fair value of mortgage loans held for sale	$	i 381,466	$	i 390,583
Aggregate unpaid principal balance of mortgage loans held for sale	i 381,350		i 389,610
Past-due loans of 90 days or more	i 475		i —
Nonaccrual loans	i 475		i —
Unpaid principal balance of nonaccrual loans	i 470		i —

The following table summarizes the difference between the fair value and the principal balance for SBA loans held for sale measured at fair value as of September 30, 2023 and December 31, 2022:


(dollars in thousands)	September 30, 2023		December 31, 2022
Aggregate fair value of SBA loans held for sale	$	i —	$	i 1,495
Aggregate unpaid principal balance of SBA loans held for sale	i —		i 1,350
Past-due loans of 90 days or more	i —		i —
Nonaccrual loans	i —		i —

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale, loans held for sale under the fair value option and derivative financial instruments are recorded at fair value on a recurring basis. From time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral-dependent loans, loan servicing rights and OREO. Additionally, the Company is required to disclose, but not record, the fair value of other financial instruments.

The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of September 30, 2023 and December 31, 2022:

Recurring Basis
Fair Value Measurements

September 30, 2023

(dollars in thousands)

Fair Value

Level 1

Level 2

Level 3

Financial assets:

Investment securities available-for-sale:

U.S. Treasuries

i 760,596

i —

U.S. government sponsored agencies

i 969

i —

i 969

i —

State, county and municipal securities

i 27,703

i —

i 27,703

i —

Corporate debt securities

i 15,036

i —

i 14,061

i 975

SBA pool securities

i 21,751

i —

i 21,751

i —

Mortgage-backed securities

i 598,026

i —

i 598,026

i —

Loans held for sale

i 381,466

i —

i 381,466

i —

Derivative financial instruments

i 13,199

i —

i 13,199

i —

Mortgage banking derivative instruments

i 8,809

i —

i 8,809

i —

Total recurring assets at fair value

i 1,827,555

i 760,596

i 1,065,984

i 975

Financial liabilities:

Derivative financial instruments

i 12,988

i —

i 12,988

i —

Total recurring liabilities at fair value

i 12,988

i —

i 12,988

i —

Recurring Basis
Fair Value Measurements

December 31, 2022

(dollars in thousands)

Fair Value

Level 1

Level 2

Level 3

Financial assets:

Investment securities available-for-sale:

U.S. Treasuries

i 759,534

i —

U.S. government sponsored agencies

i 979

i —

i 979

i —

State, county and municipal securities

i 34,195

i —

i 34,195

i —

Corporate debt securities

i 15,926

i —

i 14,771

i 1,155

SBA pool securities

i 27,398

i —

i 27,398

i —

Mortgage-backed securities

i 662,028

i —

i 662,028

i —

Loans held for sale

i 392,078

i —

i 392,078

i —

Derivative financial instruments

i 4,580

i —

i 4,580

i —

Mortgage banking derivative instruments

i 3,933

i —

i 3,933

i —

Total recurring assets at fair value

i 1,900,651

i 759,534

i 1,139,962

i 1,155

Financial liabilities:

Derivative financial instruments

i 4,574

i —

i 4,574

i —

Total recurring liabilities at fair value

i 4,574

i —

i 4,574

i —

The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of September 30, 2023 and December 31, 2022:

Nonrecurring Basis
Fair Value Measurements

(dollars in thousands)

Fair Value

Level 1

Level 2

Level 3

September 30, 2023

Collateral-dependent loans

i 26,656

i —

i 26,656

Other real estate owned

i 1,606

i —

i 1,606

Total nonrecurring assets at fair value

i 28,262

i —

i 28,262

December 31, 2022

Collateral-dependent loans

i 31,972

i —

i 31,972

Total nonrecurring assets at fair value

i 31,972

i —

i 31,972

The inputs used to determine estimated fair value of collateral-dependent loans include market conditions, loan term, underlying collateral characteristics and discount rates.

For the nine months ended September 30, 2023 and the year ended December 31, 2022, there was not a change in the methods and significant assumptions used to estimate fair value.

The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets:

(dollars in thousands)

Fair Value

Valuation
Technique

Unobservable Inputs

Range of
Discounts

Weighted
Average
Discount

September 30, 2023

Recurring:

Debt securities available-for-sale

i 975

Discounted cash flows

Probability of Default

i 12.2%

Loss Given Default

i 44%

Nonrecurring:

Collateral-dependent loans

i 26,656

Third-party appraisals and discounted cash flows

Collateral discounts and
discount rates

i 5% - i 50%

i 30%

Other real estate owned

i 1,606

Third-party appraisals and sales contracts

Collateral discounts and estimated
costs to sell

i 15% - i 46%

i 26%

December 31, 2022

Recurring:

Debt securities available-for-sale

i 1,155

Discounted cash flows

Probability of Default

i 12.1%

Loss Given Default

i 41%

Nonrecurring:

Collateral-dependent loans

i 31,972

Third-party appraisals and discounted cash flows

Collateral discounts and
discount rates

i 0% - i 48%

i 27%

The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows:

Fair Value Measurements

September 30, 2023

(dollars in thousands)

Carrying
Amount

Level 1

Level 2

Level 3

Total

Financial assets:

Cash and due from banks

i 241,137

i —

i 241,137

Federal funds sold and interest-bearing accounts

i 1,304,636

i —

i 1,304,636

Debt securities held-to-maturity

i 141,859

i —

i 115,689

i —

i 115,689

Loans, net

i 19,884,319

i —

i 19,247,521

Accrued interest receivable

i 83,574

i —

i 9,264

i 74,311

i 83,575

Financial liabilities:

Deposits

i 20,590,345

i —

i 20,579,194

i —

i 20,579,194

Other borrowings

i 1,209,553

i —

i 1,189,399

i —

i 1,189,399

Subordinated deferrable interest debentures

i 129,817

i —

i 141,206

i —

i 141,206

Accrued interest payable

i 38,836

i —

i 38,836

i —

i 38,836

Fair Value Measurements

December 31, 2022

(dollars in thousands)

Carrying
Amount

Level 1

Level 2

Level 3

Total

Financial assets:

Cash and due from banks

i 284,567

i —

i 284,567

Federal funds sold and interest-bearing accounts

i 833,565

i —

i 833,565

Debt securities held-to-maturity

i 134,864

i —

i 114,538

Loans, net

i 19,617,604

i —

i 19,067,612

Accrued interest receivable

i 77,042

i —

i 7,694

i 69,348

i 77,042

Financial liabilities:

Deposits

i 19,462,738

i —

i 19,455,187

i —

i 19,455,187

Other borrowings

i 1,875,736

i —

i 1,861,850

i —

i 1,861,850

Subordinated deferrable interest debentures

i 128,322

i —

i 125,988

i —

i 125,988

Accrued interest payable

i 10,530

i —

i 10,530

i —

i 10,530

NOTE 8 – COMMITMENTS AND CONTINGENCIES

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. They involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amount recognized in the Company’s balance sheets.

The Company’s exposure to credit loss is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. i A summary of the Company’s commitments is as follows:


(dollars in thousands)	September 30, 2023		December 31, 2022
Commitments to extend credit	$	i 4,915,246	$	i 6,318,039
Unused home equity lines of credit	i 388,405		i 345,001
Financial standby letters of credit	i 41,034		i 33,557
Mortgage interest rate lock commitments	i 275,759		i 148,148

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These commitments, predominantly at variable interest rates, generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral

obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Collateral is required in instances which the Company deems necessary. The Company has not been required to perform on any material financial standby letters of credit and the Company has not incurred any losses on financial standby letters of credit for the nine months ended September 30, 2023 and the year ended December 31, 2022.

The Company maintains an allowance for credit losses on unfunded commitments which is recorded in other liabilities on the consolidated balance sheets. i The following table presents activity in the allowance for unfunded commitments for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	i 54,630	$	i 43,973	$	i 52,411	$	i 33,185


Provision for unfunded commitments	( i 5,634)		i 192		( i 3,415)		i 10,980
Balance at end of period	$	i 48,996	$	i 44,165	$	i 48,996	$	i 44,165

As of September 30, 2023, letters of credit issued by the FHLB totaling $ i 900.0 million were used to guarantee the Bank’s performance related to a portion of its public fund deposit balances.

Litigation and Regulatory Contingencies

From time to time, the Company and the Bank are subject to various legal proceedings, claims and disputes that arise in the ordinary course of business. The Company and the Bank are also subject to regulatory examinations, information gathering requests, inquiries and investigations in the ordinary course of business. Based on the Company’s current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal and regulatory matters will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal and regulatory matters could have a material adverse effect on the Company’s results of operations and financial condition for any particular period.

The Company’s management and its legal counsel periodically assess contingent liabilities, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

NOTE 9 – SEGMENT REPORTING

The Company has the following i five reportable segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division and Premium Finance Division. The Banking Division derives its revenues from the delivery of full-service financial services, including commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division derives its revenues from the origination, sales and servicing of one-to-four family residential mortgage loans. The Warehouse Lending Division derives its revenues from the origination and servicing of warehouse lines to other businesses that are secured by underlying one-to-four family residential mortgage loans. The SBA Division derives its revenues from the origination, sales and servicing of SBA loans. The Premium Finance Division derives its revenues from the origination and servicing of commercial insurance premium finance loans.

The Banking, Retail Mortgage, Warehouse Lending, SBA and Premium Finance Divisions are managed as separate business units because of the different products and services they provide. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material intersegment sales or transfers.

The following tables present selected financial information with respect to the Company’s reportable business segments for the three and nine months ended September 30, 2023 and 2022:

Three Months Ended
September 30, 2023

(dollars in thousands)

Banking
Division

Retail
Mortgage
Division

Warehouse
Lending
Division

SBA
Division

Premium
Finance
Division

Total

Interest income

i 228,448

i 54,532

i 19,357

i 4,766

i 23,450

i 330,553

Interest expense

i 60,853

i 31,727

i 13,349

i 2,804

i 14,069

i 122,802

Net interest income

i 167,595

i 22,805

i 6,008

i 1,962

i 9,381

i 207,751

Provision for credit losses

i 20,833

i 2,399

( i 589)

i 1,677

i 139

i 24,459

Noninterest income

i 26,245

i 35,691

i 662

i 579

i 4

i 63,181

Noninterest expense

Salaries and employee benefits

i 56,226

i 21,231

i 924

i 1,209

i 2,308

i 81,898

Occupancy and equipment

i 11,437

i 1,182

i 1

i 36

i 89

i 12,745

Data processing and communications expenses

i 11,786

i 1,052

i 30

i 32

i 73

i 12,973

Other expenses

i 20,274

i 12,153

i 219

i 157

i 1,027

i 33,830

Total noninterest expense

i 99,723

i 35,618

i 1,174

i 1,434

i 3,497

i 141,446

Income before income tax expense

i 73,284

i 20,479

i 6,085

( i 570)

i 5,749

i 105,027

Income tax expense

i 18,283

i 4,301

i 1,278

( i 120)

i 1,170

i 24,912

Net income

i 55,001

i 16,178

i 4,807

( i 450)

i 4,579

i 80,115

Total assets

i 18,369,102

i 4,980,246

i 859,517

i 264,953

i 1,224,012

i 25,697,830

Goodwill

i 951,148

i —

i 64,498

i 1,015,646

Other intangible assets, net

i 85,648

i —

i 6,727

i 92,375

Three Months Ended
September 30, 2022

(dollars in thousands)

Banking
Division

Retail
Mortgage
Division

Warehouse
Lending
Division

SBA
Division

Premium
Finance
Division

Total

Interest income

i 164,095

i 40,389

i 12,490

i 3,919

i 13,409

i 234,302

Interest expense

( i 10,412)

i 21,106

i 5,511

i 1,495

i 3,621

i 21,321

Net interest income

i 174,507

i 19,283

i 6,979

i 2,424

i 9,788

i 212,981

Provision for credit losses

i 10,551

i 9,043

( i 1,836)

i 52

( i 158)

i 17,652

Noninterest income

i 23,269

i 38,584

i 1,516

i 1,946

i 9

i 65,324

Noninterest expense

Salaries and employee benefits

i 48,599

i 25,813

i 1,055

i 1,412

i 1,818

i 78,697

Occupancy and equipment

i 11,357

i 1,460

i 1

i 82

i 83

i 12,983

Data processing and communications expenses

i 10,779

i 1,082

i 43

i 29

i 82

i 12,015

Other expenses

i 22,974

i 11,641

i 209

i 100

i 959

i 35,883

Total noninterest expense

i 93,709

i 39,996

i 1,308

i 1,623

i 2,942

i 139,578

Income before income tax expense

i 93,516

i 8,828

i 9,023

i 2,695

i 7,013

i 121,075

Income tax expense

i 22,706

i 1,854

i 1,895

i 566

i 1,499

i 28,520

Net income

i 70,810

i 6,974

i 7,128

i 2,129

i 5,514

i 92,555

Total assets

i 16,980,520

i 4,402,221

i 955,711

i 259,427

i 1,215,778

i 23,813,657

Goodwill

i 958,573

i —

i 64,498

i 1,023,071

Other intangible assets, net

i 101,225

i —

i 9,678

i 110,903

Nine Months Ended
September 30, 2023

(dollars in thousands)

Banking
Division

Retail
Mortgage
Division

Warehouse
Lending
Division

SBA
Division

Premium
Finance
Division

Total

Interest income

i 661,947

i 155,988

i 54,931

i 14,056

i 61,299

i 948,221

Interest expense

i 147,583

i 91,739

i 37,057

i 7,806

i 35,093

i 319,278

Net interest income

i 514,364

i 64,249

i 17,874

i 6,250

i 26,206

i 628,943

Provision for credit losses

i 108,804

i 8,530

( i 372)

i 1,997

i 745

i 119,704

Noninterest income

i 74,795

i 106,557

i 2,546

i 2,660

i 22

i 186,580

Noninterest expense

Salaries and employee benefits

i 167,864

i 63,321

i 2,498

i 3,834

i 6,627

i 244,144

Occupancy and equipment

i 34,218

i 3,689

i 2

i 113

i 231

i 38,253

Data processing and communications expenses

i 35,481

i 3,518

i 120

i 115

i 224

i 39,458

Other expenses

i 66,940

i 35,759

i 644

i 912

i 3,160

i 107,415

Total noninterest expense

i 304,503

i 106,287

i 3,264

i 4,974

i 10,242

i 429,270

Income before income tax expense

i 175,852

i 55,989

i 17,528

i 1,939

i 15,241

i 266,549

Income tax expense

i 44,443

i 11,758

i 3,681

i 407

i 3,089

i 63,378

Net income

i 131,409

i 44,231

i 13,847

i 1,532

i 12,152

i 203,171

Nine Months Ended
September 30, 2022

(dollars in thousands)

Banking
Division

Retail
Mortgage
Division

Warehouse
Lending
Division

SBA
Division

Premium
Finance
Division

Total

Interest income

i 435,229

i 111,276

i 27,779

i 15,456

i 30,504

i 620,244

Interest expense

( i 25,145)

i 51,919

i 7,653

i 3,223

i 5,705

i 43,355

Net interest income

i 460,374

i 59,357

i 20,126

i 12,233

i 24,799

i 576,889

Provision for credit losses

i 25,952

i 15,129

( i 1,191)

( i 614)

( i 469)

i 38,807

Noninterest income

i 68,102

i 158,028

i 3,958

i 5,963

i 25

i 236,076

Noninterest expense

Salaries and employee benefits

i 144,527

i 88,646

i 1,546

i 3,999

i 5,805

i 244,523

Occupancy and equipment

i 33,599

i 4,337

i 3

i 262

i 255

i 38,456

Data processing and communications expenses

i 32,872

i 3,377

i 138

i 86

i 269

i 36,742

Other expenses

i 64,142

i 37,098

i 639

i 1,019

i 2,975

i 105,873

Total noninterest expense

i 275,140

i 133,458

i 2,326

i 5,366

i 9,304

i 425,594

Income before income tax expense

i 227,384

i 68,798

i 22,949

i 13,444

i 15,989

i 348,564

Income tax expense

i 58,822

i 14,448

i 4,820

i 2,823

i 3,332

i 84,245

Net income

i 168,562

i 54,350

i 18,129

i 10,621

i 12,657

i 264,319

NOTE 10 – LOAN SERVICING RIGHTS

The Company sells certain residential mortgage loans and SBA loans to third parties. All such transfers are accounted for as sales and the continuing involvement in the loans sold is limited to certain servicing responsibilities. The Company has also acquired servicing portfolios of residential mortgage and SBA loans. Loan servicing rights are initially recorded at fair value and subsequently recorded at the lower of cost or fair value and are amortized over the remaining service life of the loans, with consideration given to prepayment assumptions. Loan servicing rights are recorded in other assets on the consolidated balance sheets.

The carrying value of the loan servicing rights assets is shown in the table below:


(dollars in thousands)	September 30, 2023		December 31, 2022
Loan Servicing Rights
Residential mortgage	$	i 168,379	$	i 147,014
SBA	i 2,822		i 3,443

Total loan servicing rights	$	i 171,201	$	i 150,457

Residential Mortgage Loans

The Company sells certain first-lien residential mortgage loans to third party investors, primarily the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”). The Company retains the related mortgage servicing rights (“MSRs”) and receives servicing fees on certain of these loans. The net gain on loan sales, MSRs amortization and recoveries/impairment, and ongoing servicing fees on the portfolio of loans serviced for others are recorded in the consolidated statements of income and comprehensive income as part of mortgage banking activity.

During the three- and nine-month periods ended September 30, 2023, the Company recorded servicing fee income of $ i 15.8 million and $ i 45.0 million, respectively. During the three- and nine-month periods ended September 30, 2022, the Company recorded servicing fee income of $ i 18.4 million and $ i 54.6 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

The table below is an analysis of the activity in the Company’s MSRs and valuation allowance:

(dollars in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

Residential mortgage servicing rights

2023

2022

2023

2022

Beginning carrying value, net

i 160,021

i 257,112

i 147,014

i 206,944

Additions

i 13,265

i 14,893

i 35,726

i 58,145

Amortization

( i 4,907)

( i 6,939)

( i 14,361)

( i 20,515)

Recoveries

i —

i 1,332

i —

i 21,824

Disposals

i —

( i 121,634)

i —

( i 121,634)

Ending carrying value, net

i 168,379

i 144,764

i 168,379

i 144,764

(dollars in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

Residential mortgage servicing valuation allowance

2023

2022

2023

2022

Beginning balance

i —

i 5,290

i —

i 25,782

Recoveries

i —

( i 1,332)

i —

( i 21,824)

Reduction due to disposal

i —

( i 3,958)

i —

( i 3,958)

Ending balance

i —

The key metrics and the sensitivity of the fair value to adverse changes in model inputs and/or assumptions are summarized below:


(dollars in thousands)	September 30, 2023			December 31, 2022
Residential mortgage servicing rights
Unpaid principal balance of loans serviced for others	$	i 12,013,844		$	i 10,046,052
Composition of residential loans serviced for others:
FHLMC	i 17.41		%	i 16.80		%
FNMA	i 50.44		%	i 50.09		%
GNMA	i 32.15		%	i 33.11		%
Total	i 100.00		%	i 100.00		%
Weighted average term (months)	i 354			i 353
Weighted average age (months)	i 26			i 22
Modeled prepayment speed	i 7.79		%	i 8.22		%
Decline in fair value due to a 10% adverse change	( i 2,900)			( i 5,800)
Decline in fair value due to a 20% adverse change	( i 6,483)			( i 11,184)
Weighted average discount rate	i 11.66		%	i 10.00		%
Decline in fair value due to a 10% adverse change	( i 3,843)			( i 6,413)
Decline in fair value due to a 20% adverse change	( i 8,989)			( i 12,330)

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of a change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the residential mortgage servicing rights is calculated without changing any other input or assumption. In reality, a change in another factor may magnify or counteract the effect of the change in the first.

All sales of SBA loans, consisting of the guaranteed portion, are executed on a servicing retained basis. These loans, which are partially guaranteed by the SBA, are generally secured by business property such as real estate, inventory, equipment and accounts receivable. The net gain on SBA loan sales, amortization and impairment/recoveries of servicing rights, and ongoing servicing fees are recorded in the consolidated statements of income and comprehensive income as part of other noninterest income.


		Page

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements.

	Consolidated Balance Sheets as of Sept e mber 30, 2023 (unaudited) and December 31, 2022	1

	Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)	2

	Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)	3

	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (unaudited)	5

	Notes to Unaudited Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	35

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	54

Item 4.	Controls and Procedures.	55

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings.	56

Item 1A.	Risk Factors.	56

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	56

Item 3.	Defaults Upon Senior Securities.	56

Item 4.	Mine Safety Disclosures.	56

Item 5.	Other Information.	56

Item 6.	Exhibits.	57

Signatures		58


(dollars in thousands)	September 30, 2023			December 31, 2022
SBA servicing rights
Unpaid principal balance of loans serviced for others	$	i 299,910		$	i 326,418
Weighted average life (in years)	i 3.49			i 3.69
Modeled prepayment speed	i 19.68		%	i 18.24		%
Decline in fair value due to a 10% adverse change	( i 265)			( i 177)
Decline in fair value due to a 20% adverse change	( i 415)			( i 340)
Weighted average discount rate	i 16.97		%	i 19.57		%
Decline in fair value due to a 100 basis point adverse change	( i 170)			( i 83)
Decline in fair value due to a 200 basis point adverse change	( i 236)			( i 163)


	Quarter Ended September 30,
	2023					2022
(dollars in thousands)	Average Balance		Interest Income/ Expense		Average Yield/ Rate Paid	Average Balance		Interest Income/ Expense		Average Yield/ Rate Paid
Assets
Interest-earning assets:
Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks	$	864,028	$	10,769	4.94%	$	1,399,529	$	7,215	2.05%
Investment securities	1,691,060		15,172		3.56%	1,339,750		10,783		3.19%
Loans held for sale	464,452		7,460		6.37%	471,070		6,012		5.06%
Loans	20,371,689		298,102		5.81%	18,146,083		211,223		4.62%
Total interest-earning assets	23,391,229		331,503		5.62%	21,356,432		235,233		4.37%
Noninterest-earning assets	2,134,684					2,242,033
Total assets	$	25,525,913				$	23,598,465

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings and interest-bearing demand deposits	$	10,105,110	$	64,729	2.54%	$	9,758,158	$	12,706	0.52%
Time deposits	3,642,267		38,270		4.17%	1,506,761		1,328		0.35%
Securities sold under agreements to repurchase	—		—		—%	92		—		—%
FHLB advances	943,855		12,543		5.27%	94,357		527		2.22%
Other borrowings	312,572		3,821		4.85%	376,942		4,655		4.90%
Subordinated deferrable interest debentures	129,554		3,439		10.53%	127,560		2,105		6.55%
Total interest-bearing liabilities	15,133,358		122,802		3.22%	11,863,870		21,321		0.71%
Demand deposits	6,655,191					8,259,625
Other liabilities	412,404					351,252
Shareholders’ equity	3,324,960					3,123,718
Total liabilities and shareholders’ equity	$	25,525,913				$	23,598,465
Interest rate spread					2.40%					3.66%
Net interest income			$	208,701				$	213,912
Net interest margin					3.54%					3.97%


	Three Months Ended September 30, 2023			Three Months Ended September 30, 2022
(dollars in thousands)	Average Balance		Average Cost	Average Balance		Average Cost
NOW	$	3,661,701	1.87%	$	3,701,045	0.40%
MMDA	5,527,731		3.28%	5,026,815		0.68%
Savings	915,678		0.78%	1,030,298		0.14%
Retail CDs	2,200,413		3.43%	1,506,761		0.35%
Brokered CDs	1,441,854		5.30%	—		—%
Interest-bearing deposits	$	13,747,377	2.97%	$	11,264,919	0.49%


	Nine Months Ended September 30,
(in thousands, except share and per share data)	2023		2022
Net income available to common shareholders	$	203,171	$	264,319
Adjustment items:
Merger and conversion charges	—		977
Loss on sale of mortgage servicing rights	—		316

Servicing right recovery	—		(21,824)
Gain on BOLI proceeds	(486)		(55)

Natural disaster expenses	—		151
Gain on bank premises	—		(45)
Tax effect of adjustment items (Note 1)	—		4,490
After tax adjustment items	(486)		(15,990)
Adjusted net income	$	202,685	$	248,329

Weighted average common shares outstanding - diluted	69,129,921		69,427,522
Net income per diluted share	$	2.94	$	3.81
Adjusted net income per diluted share	$	2.93	$	3.58

Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for the nine months ended September 30, 2022 is nondeductible for tax purposes.

Ameris Bancorp – ‘10-Q’ for 9/30/23

On: Wednesday, 11/8/23, at 4:10pm ET · For: 9/30/23 · Accession #: 351569-23-28 · File #: 1-13901

Previous ‘10-Q’: ‘10-Q’ on 8/8/23 for 6/30/23 · Latest ‘10-Q’: This Filing · 2 References:

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Dates Referenced Herein and Documents Incorporated by Reference

2 Previous Filings that this Filing References


	U.S. Treasuries				U.S. Government-Sponsored Agencies				State, County and Municipal Securities
(dollars in thousands) Securities available-for-sale (1)	Amount		Yield (2)		Amount		Yield (2)		Amount		Yield (2)(3)
One year or less	$	373,910	3.91	%	$	—	—	%	$	1,934	3.97	%
After one year through five years	386,686		2.57		969		2.16		16,151		3.94
After five years through ten years	—		—		—		—		4,031		4.56
After ten years	—		—		—		—		5,587		3.63
	$	760,596	3.22	%	$	969	2.16	%	$	27,703	3.96	%

	Corporate Debt Securities				SBA Pool Securities				Mortgage-Backed Securities
(dollars in thousands) Securities available-for-sale (1)	Amount		Yield (2)		Amount		Yield (2)		Amount		Yield (2)
One year or less	$	—	—	%	$	—	—	%	$	15,255	1.93	%
After one year through five years	13,697		7.12		4,881		2.12		281,553		3.20
After five years through ten years	—		—		5,866		2.64		91,745		2.88
After ten years	1,339		8.63		11,004		3.21		209,473		3.29
	$	15,036	7.30	%	$	21,751	2.81	%	$	598,026	3.16	%

	State, County and Municipal Securities				Mortgage-Backed Securities
(dollars in thousands) Securities held-to-maturity (1)	Amount		Yield (2)(3)		Amount		Yield (2)
One year or less	$	—	—	%	$	—	—	%
After one year through five years	—		—		11,882		1.34
After five years through ten years	—		—		66,008		2.55
After ten years	31,905		3.93		32,064		2.61
	$	31,905	3.93	%	$	109,954	2.44	%


	As of and for the Nine Months Ended
(dollars in thousands)	September 30, 2023			September 30, 2022
Allowance for credit losses on loans at end of period	$	290,104		$	184,891
Net charge-offs for the period	36,976			10,653
Loan balances:
End of period	20,201,079			18,806,856
Average for the period	20,121,143			16,951,566
Net charge-offs as a percentage of average loans (annualized)	0.25		%	0.08		%
Allowance for credit losses on loans as a percentage of end of period loans	1.44		%	0.98		%


	Internal Limit	Actual
		September 30, 2023	December 31, 2022
Construction and development loans	100%	79%	79%
Total CRE loans (excluding owner-occupied)	300%	283%	292%


	September 30, 2023	December 31, 2022
Tier 1 Leverage Ratio (tier 1 capital to average assets)
Consolidated	9.62%	9.36%
Ameris Bank	10.51%	10.56%
CET1 Ratio (common equity tier 1 capital to risk weighted assets)
Consolidated	10.82%	9.86%
Ameris Bank	11.81%	11.12%
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets)
Consolidated	10.82%	9.86%
Ameris Bank	11.81%	11.12%
Total Capital Ratio (total capital to risk weighted assets)
Consolidated	14.01%	12.90%
Ameris Bank	13.41%	12.28%


	September 30, 2023	June 30, 2023	March 31, 2023	December 31, 2022	September 30, 2022
Investment securities available-for-sale to total deposits	6.92%	7.14%	7.52%	7.71%	6.45%
Loans (net of unearned income) to total deposits	98.11%	100.14%	100.50%	102.02%	96.61%
Interest-earning assets to total assets	91.67%	91.51%	91.71%	91.11%	90.76%
Interest-bearing deposits to total deposits	68.00%	67.19%	61.60%	59.26%	57.14%


Earnings Simulation Model Results
Change in	% Change in Projected Baseline
Interest Rates	Net Interest Income
(in bps)	12 Months	24 Months
400	(5.5)%	5.9%
300	(2.4)%	6.1%
200	(0.1)%	5.3%
100	0.2%	2.9%
(100)	(0.3)%	(2.3)%
(200)	(0.7)%	(5.1)%
(300)	(1.3)%	(8.4)%
(400)	(1.9)%	(11.7)%


Period	Total Number of Shares Purchased(1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs(2)
July 1, 2023 through July 31, 2023	495	$	37.02	—	$	86,496,795
August 1, 2023 through August 31, 2023	244	$	43.58	—	$	86,496,795
September 1, 2023 through September 30, 2023	—	$	—	—	$	86,496,795
Total	739	$	39.19	—	$	86,496,795


Exhibit Number						Description

3.1						Restated Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on February 28, 2023).

3.2						Bylaws of Ameris Bancorp, as amended and restated through February 23, 2023 (incorporated by reference to Exhibit 3.2 to Ameris Bancorp's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2023).

31.1						Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Executive Officer.

31.2						Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Financial Officer.

32.1						Section 1350 Certification by the Company’s Chief Executive Officer.

32.2						Section 1350 Certification by the Company’s Chief Financial Officer.

101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH						Inline XBRL Taxonomy Extension Schema Document.

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104						Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.


Dated: November 8, 2023			AMERIS BANCORP

			/s/ *Nicole S. Stokes*
			Nicole S. Stokes
			Chief Financial Officer (duly authorized signatory and principal accounting and financial officer)

This ‘10-Q’ Filing	Date	Other Filings

	9/29/31
	12/9/30
	10/1/30
	5/31/30
	3/4/30
	12/15/29
	3/15/27
	3/2/27
	12/1/25
	9/30/25
	5/31/25
	3/3/25
	12/31/24
	12/14/24
	11/28/24
	10/31/24
	12/31/23
Filed on:	11/8/23
	11/3/23
	10/26/23	8-K
	10/20/23
	10/19/23	8-K
	10/18/23
	10/16/23
	10/1/23
For Period end:	9/30/23
	9/1/23	8-K
	8/31/23
	8/1/23
	7/31/23
	7/1/23
	6/30/23	10-Q
	5/8/23	10-Q
	3/31/23	10-Q
	2/28/23	10-K
	2/23/23	4, 4/A
	1/27/23
	1/20/23	SC 13G/A
	1/19/23
	1/18/23
	1/17/23
	1/13/23
	1/12/23
	1/9/23
	1/1/23
	12/31/22	10-K, 11-K, 5, ARS
	10/27/22	4, 8-K
	9/30/22	10-Q
	6/30/22	10-Q
	3/14/22
	12/31/21	10-K, 11-K, 5
	10/31/20
	3/31/20	10-Q
	9/19/19
		List all Filings


FORM			i 10-Q

Ameris Bancorp – ‘10-Q’ for 9/30/23

On: Wednesday, 11/8/23, at 4:10pm ET · For: 9/30/23 · Accession #: 351569-23-28 · File #: 1-13901

Previous ‘10-Q’: ‘10-Q’ on 8/8/23 for 6/30/23 · Latest ‘10-Q’: This Filing · 2 References: To: Ameris Bancorp – ‘10-Q’ on 5/8/23 for 3/31/23 To: Ameris Bancorp – ‘10-K’ on 2/28/23 for 12/31/22

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Dates Referenced Herein and Documents Incorporated by Reference

2 Previous Filings that this Filing References

Previous ‘10-Q’: ‘10-Q’ on 8/8/23 for 6/30/23 · Latest ‘10-Q’: This Filing · 2 References:

Quarterly Report — Form 10-Q

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‘10-Q’ — Quarterly Report

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