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Loans (Tables)

12 Months Ended

Dec. 31, 2021

The following is a summary of total loans:


	December 31,		December 31,
(Dollars in thousands)	2021		2020
Loans:
Construction and land development ⁽¹⁾	$	2,029,216	$	1,890,846
Commercial non-owner occupied⁽³⁾		6,735,699		6,152,246
Commercial owner occupied real estate		4,970,116		4,832,697
Consumer owner occupied ^{(2, 3)}		3,638,364		3,682,667
Home equity loans		1,168,594		1,292,141
Commercial and industrial		3,761,133		5,046,310
Other income producing property⁽³⁾		696,804		854,900
Consumer		904,657		894,334
Other loans		23,583		17,993
Total loans		23,928,166		24,664,134
Less allowance for credit losses		(301,807)		(457,309)
Loans, net	$	23,626,359	$	24,206,825

(1)

Construction and land development includes loans for both commercial construction and development, as well as loans for 1-4 family construction and lot loans.

(2)

Consumer owner occupied real estate includes loans on both 1-4 family owner occupied property, as well as loans collateralized by 1-4 family owner occupied properties with a business intent.

(3)

As a result of the conversion of legacy CenterState’s core system to the Company’s core system completed during the second quarter of 2021, several loans were reclassified to conform with the Company’s current loan segmentation, most notably residential investment loans were reclassified from Consumer Owner Occupied to Other Income Producing Property, and some multi-family loans were reclassified from Other Income Producing Property to Commercial Non-Owner Occupied. Prior period loan balances presented above were revised to conform with the current loan segmentation.

Schedule of credit risk profile by risk grade of loans

The following table presents the credit risk profile by risk grade of commercial loans by origination year:


		Term Loans
(Dollars in thousands)		Amortized Cost Basis by Origination Year
As of December 31, 2021	2021		2020		2019		2018		2017		Prior		Revolving		Total
Construction and land development
Risk rating:
Pass	$	570,166	$	360,488	$	206,586	$	38,866	$	24,728	$	49,321	$	76,680	$	1,326,835
Special mention		2,347		3,067		186		—		1,557		1,715		487		9,359
Substandard		960		210		2,304		326		543		2,209		—		6,552
Doubtful		1		—		—		—		—		8		—		9
Total Construction and land development	$	573,474	$	363,765	$	209,076	$	39,192	$	26,828	$	53,253	$	77,167	$	1,342,755

Commercial non-owner occupied
Risk rating:
Pass	$	1,812,512	$	798,171	$	1,061,021	$	676,803	$	494,618	$	1,371,729	$	102,763	$	6,317,617
Special mention		16,683		12,985		14,138		36,875		25,729		110,109		—		216,519
Substandard		23,035		160		64,408		23,346		31,952		56,477		2,139		201,517
Doubtful		—		—		—		—		—		46		—		46
Total Commercial non-owner occupied	$	1,852,230	$	811,316	$	1,139,567	$	737,024	$	552,299	$	1,538,361	$	104,902	$	6,735,699

Commercial Owner Occupied
Risk rating:
Pass	$	1,182,722	$	780,339	$	801,162	$	549,642	$	428,163	$	980,701	$	69,739	$	4,792,468
Special mention		9,152		4,257		7,331		10,860		22,792		49,083		115		103,590
Substandard		7,375		2,907		8,587		2,053		18,600		34,431		80		74,033
Doubtful		—		1		—		—		—		24		—		25
Total commercial owner occupied	$	1,199,249	$	787,504	$	817,080	$	562,555	$	469,555	$	1,064,239	$	69,934	$	4,970,116

Commercial and industrial
Risk rating:
Pass	$	1,198,849	$	618,676	$	360,551	$	267,772	$	178,538	$	219,339	$	860,134	$	3,703,859
Special mention		2,759		1,519		2,434		1,268		3,224		3,871		3,281		18,356
Substandard		738		5,965		8,212		2,653		3,438		5,183		12,701		38,890
Doubtful		—		—		5		3		2		16		2		28
Total commercial and industrial	$	1,202,346	$	626,160	$	371,202	$	271,696	$	185,202	$	228,409	$	876,118	$	3,761,133

Other income producing property
Risk rating:
Pass	$	105,533	$	73,583	$	67,173	$	76,971	$	56,343	$	142,183	$	56,190	$	577,976
Special mention		1,580		1,851		1,063		232		1,381		13,526		424		20,057
Substandard		1,304		482		298		166		787		12,531		46		15,614
Doubtful		—		—		—		—		—		6		—		6
Total other income producing property	$	108,417	$	75,916	$	68,534	$	77,369	$	58,511	$	168,246	$	56,660	$	613,653

Consumer owner occupied
Risk rating:
Pass	$	3,513	$	2,874	$	1,099	$	85	$	139	$	820	$	16,977	$	25,507
Special mention		1,219		180		2,430		81		—		3		—		3,913
Substandard		—		16		238		—		—		223		—		477
Doubtful		—		—		—		1		—		145		—		146
Total Consumer owner occupied	$	4,732	$	3,070	$	3,767	$	167	$	139	$	1,191	$	16,977	$	30,043

Other loans
Risk rating:
Pass	$	23,583	$	—	$	—	$	—	$	—	$	—	$	—	$	23,583
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total other loans	$	23,583	$	—	$	—	$	—	$	—	$	—	$	—	$	23,583

Total Commercial Loans
Risk rating:
Pass	$	4,896,878	$	2,634,131	$	2,497,592	$	1,610,139	$	1,182,529	$	2,764,093	$	1,182,483	$	16,767,845
Special mention		33,740		23,859		27,582		49,316		54,683		178,307		4,307		371,794
Substandard		33,412		9,740		84,047		28,544		55,320		111,054		14,966		337,083
Doubtful		1		1		5		4		2		245		2		260
Total Commercial Loans	$	4,964,031	$	2,667,731	$	2,609,226	$	1,688,003	$	1,292,534	$	3,053,699	$	1,201,758	$	17,476,982


		Term Loans
(Dollars in thousands)		Amortized Cost Basis by Origination Year
As of December 31, 2020	2020		2019		2018		2017		2016		Prior		Revolving		Total
Construction and land development
Risk rating:
Pass	$	457,425	$	410,075	$	127,187	$	79,345	$	41,018	$	52,889	$	15,502	$	1,183,441
Special mention		20,912		5,668		707		1,757		1,815		7,293		—		38,152
Substandard		389		2,800		763		2,087		201		3,669		—		9,909
Doubtful		—		—		—		—		—		8		—		8
Total Construction and land development	$	478,726	$	418,543	$	128,657	$	83,189	$	43,034	$	63,859	$	15,502	$	1,231,510

Commercial non-owner occupied
Risk rating:
Pass	$	838,646	$	1,108,164	$	878,172	$	677,803	$	723,745	$	1,253,710	$	58,021	$	5,538,261
Special mention		42,492		76,890		111,466		44,790		38,983		131,015		—		445,636
Substandard		1,351		49,662		7,497		27,224		39,424		43,187		—		168,345
Doubtful		—		—		—		—		—		4		—		4
Total Commercial non-owner occupied	$	882,489	$	1,234,716	$	997,135	$	749,817	$	802,152	$	1,427,916	$	58,021	$	6,152,246

Commercial Owner Occupied
Risk rating:
Pass	$	804,895	$	957,412	$	719,111	$	601,471	$	455,065	$	1,041,668	$	42,239	$	4,621,861
Special mention		6,993		15,984		13,021		14,457		13,597		48,775		21		112,848
Substandard		5,729		4,185		4,690		20,122		15,093		48,127		36		97,982
Doubtful		1		—		—		—		—		5		—		6
Total commercial owner occupied	$	817,618	$	977,581	$	736,822	$	636,050	$	483,755	$	1,138,575	$	42,296	$	4,832,697

Commercial and industrial
Risk rating:
Pass	$	2,723,320	$	595,310	$	450,238	$	308,442	$	223,532	$	419,555	$	247,169	$	4,967,566
Special mention		1,566		3,273		3,031		7,165		2,496		25,727		9,368		52,626
Substandard		347		1,070		6,202		7,718		2,808		5,723		2,240		26,108
Doubtful		—		2		1		3		3		1		—		10
Total commercial and industrial	$	2,725,233	$	599,655	$	459,472	$	323,328	$	228,839	$	451,006	$	258,777	$	5,046,310

Other income producing property
Risk rating:
Pass	$	100,126	$	117,860	$	116,570	$	95,506	$	57,654	$	171,572	$	48,116	$	707,404
Special mention		3,531		2,645		1,901		1,655		1,738		17,188		292		28,950
Substandard		1,071		1,281		997		539		488		19,382		65		23,823
Doubtful		—		—		—		—		—		6		—		6
Total other income producing property	$	104,728	$	121,786	$	119,468	$	97,700	$	59,880	$	208,148	$	48,473	$	760,183

Consumer owner occupied
Risk rating:
Pass	$	7,590	$	3,527	$	356	$	339	$	1,076	$	1,290	$	15,502	$	29,680
Special mention		130		3,581		249		62		—		124		338		4,484
Substandard		113		387		142		—		5		326		—		973
Doubtful		—		—		—		—		—		—		—		—
Total Consumer owner occupied	$	7,833	$	7,495	$	747	$	401	$	1,081	$	1,740	$	15,840	$	35,137

Other loans
Risk rating:
Pass	$	17,993	$	—	$	—	$	—	$	—	$	—	$	—	$	17,993
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total other loans	$	17,993	$	—	$	—	$	—	$	—	$	—	$	—	$	17,993

Total Commercial Loans
Risk rating:
Pass	$	4,949,995	$	3,192,348	$	2,291,634	$	1,762,906	$	1,502,090	$	2,940,684	$	426,549	$	17,066,206
Special mention		75,624		108,041		130,375		69,886		58,629		230,122		10,019		682,696
Substandard		9,000		59,385		20,291		57,690		58,019		120,414		2,341		327,140
Doubtful		1		2		1		3		3		24		—		34
Total Commercial Loans	$	5,034,620	$	3,359,776	$	2,442,301	$	1,890,485	$	1,618,741	$	3,291,244	$	438,909	$	18,076,076

For the consumer segment, delinquency of a loan is determined by past due status. Consumer loans are automatically placed on nonaccrual status once the loan is 90 days past due. Construction and land development loans are on 1-4 properties and lots. The following table presents the credit risk profile by past due status of consumer loans by origination year:


	Term Loans
(Dollars in thousands)	Amortized Cost Basis by Origination Year
As of December 31, 2021	2021		2020		2019		2018		2017		Prior		Revolving		Total
Consumer owner occupied
Days past due:
Current	$	1,192,449	$	710,828	$	405,138	$	246,487	$	228,876	$	810,605	$	4	$	3,594,387
30 days past due		354		666		234		472		1,068		2,230		—		5,024
60 days past due		—		330		218		254		111		928		—		1,841
90 days past due		235		574		691		549		274		4,746		—		7,069
Total Consumer owner occupied	$	1,193,038	$	712,398	$	406,281	$	247,762	$	230,329	$	818,509	$	4	$	3,608,321

Home equity loans
Days past due:
Current	$	7,128	$	5,648	$	4,745	$	2,180	$	993	$	24,716	$	1,116,621	$	1,162,031
30 days past due		6		49		68		71		24		491		2,200		2,909
60 days past due		—		—		—		—		—		603		339		942
90 days past due		75		65		172		180		22		1,548		650		2,712
Total Home equity loans	$	7,209	$	5,762	$	4,985	$	2,431	$	1,039	$	27,358	$	1,119,810	$	1,168,594

Consumer
Days past due:
Current	$	314,475	$	169,443	$	127,757	$	69,892	$	36,304	$	151,948	$	29,168	$	898,987
30 days past due		229		364		208		191		132		1,570		137		2,831
60 days past due		145		82		90		124		90		658		17		1,206
90 days past due		74		121		181		109		29		1,119		—		1,633
Total consumer	$	314,923	$	170,010	$	128,236	$	70,316	$	36,555	$	155,295	$	29,322	$	904,657

Construction and land development
Days past due:
Current	$	411,728	$	204,368	$	33,965	$	13,429	$	8,484	$	14,185	$	162	$	686,321
30 days past due		—		24		—		—		—		—		—		24
60 days past due		—		—		—		—		—		12		—		12
90 days past due		—		—		—		—		—		104		—		104
Total Construction and land development	$	411,728	$	204,392	$	33,965	$	13,429	$	8,484	$	14,301	$	162	$	686,461

Other income producing property
Days past due:
Current	$	22,131	$	5,620	$	4,906	$	4,977	$	6,303	$	37,575	$	1,379	$	82,891
30 days past due		—		—		—		—		—		90		—		90
60 days past due		—		—		—		—		—		156		—		156
90 days past due		—		—		—		—		—		14		—		14
Total other income producing property	$	22,131	$	5,620	$	4,906	$	4,977	$	6,303	$	37,835	$	1,379	$	83,151

Total Consumer Loans
Days past due:
Current	$	1,947,911	$	1,095,907	$	576,511	$	336,965	$	280,960	$	1,039,029	$	1,147,334	$	6,424,617
30 days past due		589		1,103		510		734		1,224		4,381		2,337		10,878
60 days past due		145		412		308		378		201		2,357		356		4,157
90 days past due		384		760		1,044		838		325		7,531		650		11,532
Total Consumer Loans	$	1,949,029	$	1,098,182	$	578,373	$	338,915	$	282,710	$	1,053,298	$	1,150,677	$	6,451,184

Term Loans

(Dollars in thousands)

Amortized Cost Basis by Origination Year

As of December 31, 2021

2021

2020

2019

2018

2017

Prior

Revolving

Total

Total Loans

6,913,060

3,765,913

3,187,599

2,026,918

1,575,244

4,106,997

2,352,435

23,928,166


	Term Loans
(Dollars in thousands)	Amortized Cost Basis by Origination Year
As of December 31, 2020	2020		2019		2018		2017		2016		Prior		Revolving		Total
Consumer owner occupied
Days past due:
Current	$	759,525	$	615,142	$	471,224	$	446,996	$	351,859	$	960,330	$	—	$	3,605,076
30 days past due		4,933		7,744		2,776		2,070		3,203		9,294		—		30,020
60 days past due		—		350		1,222		486		103		2,710		—		4,871
90 days past due		—		176		264		994		875		5,254		—		7,563
Total Consumer owner occupied	$	764,458	$	623,412	$	475,486	$	450,546	$	356,040	$	977,588	$	—	$	3,647,530

Home equity loans
Days past due:
Current	$	7,654	$	6,694	$	7,670	$	658	$	398	$	30,039	$	1,231,510	$	1,284,623
30 days past due		134		52		—		79		—		272		2,324		2,861
60 days past due		—		—		—		—		—		116		418		534
90 days past due		155		93		—		157		330		1,886		1,502		4,123
Total Home equity loans	$	7,943	$	6,839	$	7,670	$	894	$	728	$	32,313	$	1,235,754	$	1,292,141

Consumer
Days past due:
Current	$	291,305	$	201,330	$	115,203	$	62,485	$	38,272	$	147,101	$	32,874	$	888,570
30 days past due		105		473		454		224		29		1,043		23		2,351
60 days past due		68		143		93		61		37		376		47		825
90 days past due		73		195		272		185		100		1,663		100		2,588
Total consumer	$	291,551	$	202,141	$	116,022	$	62,955	$	38,438	$	150,183	$	33,044	$	894,334

Construction and land development
Days past due:
Current	$	370,457	$	163,728	$	63,521	$	18,530	$	4,497	$	25,399	$	—	$	646,132
30 days past due		6,172		3,660		161		—		2,255		184		—		12,432
60 days past due		282		—		438		—		—		—		—		720
90 days past due		—		—		—		—		—		52		—		52
Total Construction and land development	$	376,911	$	167,388	$	64,120	$	18,530	$	6,752	$	25,635	$	—	$	659,336

Other income producing property
Days past due:
Current	$	7,941	$	7,073	$	8,828	$	8,946	$	6,872	$	51,554	$	2,709	$	93,923
30 days past due		—		—		—		—		—		240		—		240
60 days past due		—		—		—		135		—		196		—		331
90 days past due		—		—		—		—		—		223		—		223
Total other income producing property	$	7,941	$	7,073	$	8,828	$	9,081	$	6,872	$	52,213	$	2,709	$	94,717

Total Consumer Loans
Days past due:
Current	$	1,436,882	$	993,967	$	666,446	$	537,615	$	401,898	$	1,214,423	$	1,267,093	$	6,518,324
30 days past due		11,344		11,929		3,391		2,373		5,487		11,033		2,347		47,904
60 days past due		350		493		1,753		682		140		3,398		465		7,281
90 days past due		228		464		536		1,336		1,305		9,078		1,602		14,549
Total Consumer Loans	$	1,448,804	$	1,006,853	$	672,126	$	542,006	$	408,830	$	1,237,932	$	1,271,507	$	6,588,058


	Term Loans
(Dollars in thousands)	Amortized Cost Basis by Origination Year
As of December 31, 2020	2020		2019		2018		2017		2016		Prior		Revolving		Total
Total Loans	$	6,483,424	$	4,366,629	$	3,114,427	$	2,432,491	$	2,027,571	$	4,529,176	$	1,710,416	$	24,664,134

Aging analysis of past due loans (includes nonaccrual loans), segregated by class of loans


	30 - 59 Days		60 - 89 Days		90+ Days		Total				Non-		Total
(Dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Accruing		Loans
December 31, 2021
Construction and land development	$	1,176	$	59	$	43	$	1,278	$	2,026,371	$	1,567	$	2,029,216
Commercial non-owner occupied		3,591		2,110		96		5,797		6,709,993		19,909		6,735,699
Commercial owner occupied		2,756		1,732		626		5,114		4,950,470		14,532		4,970,116
Consumer owner occupied		4,046		533		—		4,579		3,615,602		18,183		3,638,364
Home equity loans		2,565		913		—		3,478		1,158,861		6,255		1,168,594
Commercial and industrial		50,451		26,639		3,991		81,081		3,672,611		7,441		3,761,133
Other income producing property		879		424		106		1,409		691,320		4,075		696,804
Consumer		2,672		840		1		3,513		897,688		3,456		904,657
Other loans		—		—		—		—		23,583		—		23,583
	$	68,136	$	33,250	$	4,863	$	106,249	$	23,746,499	$	75,418	$	23,928,166
December 31, 2020
Construction and land development	$	520	$	1,142	$	—	$	1,662	$	1,886,763	$	2,421	$	1,890,846
Commercial non-owner occupied		188		372		471		1,031		6,145,745		5,470		6,152,246
Commercial owner occupied		2,900		840		—		3,740		4,802,898		26,059		4,832,697
Consumer owner occupied		1,165		3,294		34		4,493		3,649,697		28,477		3,682,667
Home equity loans		1,805		481		—		2,286		1,279,929		9,926		1,292,141
Commercial and industrial		10,979		22,089		10,864		43,932		4,993,160		9,218		5,046,310
Other income producing property		897		338		278		1,513		845,844		7,543		854,900
Consumer		1,718		818		4		2,540		885,720		6,074		894,334
Other loans		13		6		—		19		17,974		—		17,993
	$	20,185	$	29,380	$	11,651	$	61,216	$	24,507,730	$	95,188	$	24,664,134

Summary of information pertaining to nonaccrual loans by class


	December 31,		Greater than		Non-accrual		December 31,
(Dollars in thousands)	2021		90 Days Accruing⁽¹⁾		with no allowance⁽¹⁾		2020
Construction and land development	$	1,567	$	43	$	81	$	2,421
Commercial non-owner occupied		19,909		96		8,771		5,470
Commercial owner occupied real estate		14,532		626		6,609		26,059
Consumer owner occupied		18,183		—		—		28,477
Home equity loans		6,255		—		49		9,926
Commercial and industrial		7,441		3,991		177		9,218
Other income producing property		4,075		106		220		7,543
Consumer		3,456		1		—		6,074
Total loans on nonaccrual status	$	75,418	$	4,863	$	15,907	$	95,188

(1)

Greater than 90 days accruing and non-accrual with no allowance loans at December 31, 2021.

Summary of collateral dependent loans, by type of collateral


	December 31,		Collateral			December 31,		Collateral
(Dollars in thousands)	2021		Coverage		%	2020		Coverage		%
Commercial owner occupied real estate
Church	$	1,953	$	2,308	118%	$	—		—
Office		—		—			1,076	$	1,485	138%
Retail		—		—			4,849		5,490	113%
Other		4,656		12,200	262%		1,010		1,075	106%
Commercial non-owner occupied real estate
Hotel		1,822		4,100	225%		—		—
Other		6,949		9,630	139%		—		—
Total collateral dependent loans	$	15,380	$	28,238		$	6,935	$	8,050

Schedule of restructured loans segregated by class and type of concession


	Year Ended December 31,
	2021					2020
		Pre-Modification		Post-Modification			Pre-Modification		Post-Modification
	Number	Amortized		Amortized		Number	Amortized		Amortized
(Dollars in thousands)	of loans	Cost		Cost		of loans	Cost		Cost
Interest rate modification
Construction and land development	—	$	—	$	—	2	$	96	$	96
Commercial owner occupied	1		276		276	4		6,905		6,905
Consumer owner occupied	—		—		—	1		28		28
Home equity loans	—		—		—	1		52		52
Commercial and industrial	1		33		33	3		372		372
Other income producing property	1		206		206	2		71		71
Total interest rate modifications	3	$	515	$	515	13	$	7,524	$	7,524
Term modification
Commercial non-owner occupied	1	$	316	$	316	—	$	—	$	—
Commercial owner occupied	—		—		—	1		180		180
Consumer owner occupied	—		—		—	5		579		579
Home equity loans	—		—		—	1		50		50
Commercial and industrial	1		38		38	2		284		284
Other income producing property	—		—		—	1		338		338
Consumer	—		—		—	3		120		120
Total term modifications	2	$	354	$	354	13	$	1,551	$	1,551
	5	$	869	$	869	26	$	9,075	$	9,075

Schedule of changes in status of loans restructured within the previous 12 months


	Paying Under
	Restructured Terms			Converted to Nonaccrual			Foreclosures and Defaults
	Number	Amortized		Number	Amortized		Number	Amortized
(Dollars in thousands)	of Loans	Cost		of Loans	Cost		of Loans	Cost
Interest rate modification	3	$	515	—	$	—	—	$	—
Term modification	1		316	1		38	—		—
	4	$	831	1	$	38	—	$	—