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Loans (Tables)
9 Months Ended
Sep. 30, 2021
Loans  
Summary of loans

The following is a summary of total loans:

September 30,

December 31,

(Dollars in thousands)

    

2021

    

2020

 

Loans:

    

    

Construction and land development (1)

$

2,032,731

$

1,890,846

Commercial non-owner occupied (3)

 

6,368,784

 

6,152,246

Commercial owner occupied real estate

 

4,988,490

 

4,832,697

Consumer owner occupied (2, 3)

 

3,569,791

 

3,682,667

Home equity loans

 

1,163,776

 

1,292,141

Commercial and industrial

 

3,959,726

 

5,046,310

Other income producing property (3)

 

762,408

 

854,900

Consumer

 

912,445

 

894,334

Other loans

 

30,798

 

17,993

Total loans

 

23,788,949

 

24,664,134

Less allowance for credit losses

 

(314,144)

 

(457,309)

Loans, net

$

23,474,805

$

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 property 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 which were reclassed from Consumer Owner Occupied to Other Income Producing Property, and some multi-family loans that 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 September 30, 2021

2021

2020

2019

2018

2017

Prior

Revolving

Total

Construction and land development

Risk rating:

Pass

$

377,008

$

438,470

$

292,017

$

56,751

$

25,850

$

57,896

$

81,085

$

1,329,077

Special mention

530

22,102

2,240

432

1,600

2,266

489

29,659

Substandard

1,056

1,597

2,340

414

557

2,658

378

9,000

Doubtful

7

7

Total Construction and land development

$

378,594

$

462,169

$

296,597

$

57,597

$

28,007

$

62,827

$

81,952

$

1,367,743

Commercial non-owner occupied

Risk rating:

Pass

$

1,167,694

$

789,696

$

966,437

$

700,812

$

527,155

$

1,525,049

$

105,413

$

5,782,256

Special mention

10,793

40,062

54,369

103,747

43,820

120,378

27

373,196

Substandard

599

170

86,001

17,570

31,237

77,614

95

213,286

Doubtful

46

46

Total Commercial non-owner occupied

$

1,179,086

$

829,928

$

1,106,807

$

822,129

$

602,212

$

1,723,087

$

105,535

$

6,368,784

Commercial Owner Occupied

Risk rating:

Pass

$

737,933

$

803,398

$

929,557

$

612,697

$

499,342

$

1,155,376

$

63,823

$

4,802,126

Special mention

4,621

4,426

5,696

11,969

19,016

58,656

81

104,465

Substandard

6,553

2,814

8,982

3,395

13,408

46,656

65

81,873

Doubtful

1

25

26

Total commercial owner occupied

$

749,107

$

810,639

$

944,235

$

628,061

$

531,766

$

1,260,713

$

63,969

$

4,988,490

Commercial and industrial

Risk rating:

Pass

$

1,160,453

$

730,547

$

404,385

$

296,118

$

195,771

$

241,506

$

874,108

$

3,902,888

Special mention

2,002

2,002

1,028

1,453

5,963

6,019

4,249

22,716

Substandard

654

6,306

8,609

2,776

2,782

4,742

8,214

34,083

Doubtful

1

2

3

32

1

39

Total commercial and industrial

$

1,163,109

$

738,855

$

414,023

$

300,349

$

204,519

$

252,299

$

886,572

$

3,959,726

Other income producing property

Risk rating:

Pass

$

82,700

$

84,674

$

80,744

$

89,206

$

71,845

$

169,621

$

63,534

$

642,324

Special mention

616

1,926

1,422

767

1,039

14,477

301

20,548

Substandard

1,200

520

306

240

633

12,636

47

15,582

Doubtful

6

6

Total other income producing property

$

84,516

$

87,120

$

82,472

$

90,213

$

73,517

$

196,740

$

63,882

$

678,460

Consumer owner occupied

Risk rating:

Pass

$

1,641

$

6,267

$

2,424

$

89

$

64

$

2,075

$

17,395

$

29,955

Special mention

1,233

109

2,432

83

5

100

3,962

Substandard

17

239

225

481

Doubtful

145

145

Total Consumer owner occupied

$

2,874

$

6,393

$

5,095

$

172

$

64

$

2,450

$

17,495

$

34,543

Other loans

Risk rating:

Pass

$

30,798

$

$

$

$

$

$

$

30,798

Special mention

Substandard

Doubtful

Total other loans

$

30,798

$

$

$

$

$

$

$

30,798

Total Commercial Loans

Risk rating:

Pass

$

3,558,227

$

2,853,052

$

2,675,564

$

1,755,673

$

1,320,027

$

3,151,523

$

1,205,358

$

16,519,424

Special mention

19,795

70,627

67,187

118,451

71,438

201,801

5,247

554,546

Substandard

10,062

11,424

106,477

24,395

48,617

144,531

8,799

354,305

Doubtful

1

1

2

3

261

1

269

Total Commercial Loans

$

3,588,084

$

2,935,104

$

2,849,229

$

1,898,521

$

1,440,085

$

3,498,116

$

1,219,405

$

17,428,544

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 tables present 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 September 30, 2021

2021

2020

2019

2018

2017

Prior

Revolving

Total

Consumer owner occupied

Days past due:

Current

$

847,923

$

744,512

$

465,003

$

286,721

$

269,570

$

906,571

$

$

3,520,300

30 days past due

818

259

281

441

2,439

4,238

60 days past due

804

61

1,281

2,146

90 days past due

235

968

533

447

6,381

8,564

Total Consumer owner occupied

$

848,158

$

746,134

$

466,230

$

287,596

$

270,458

$

916,672

$

$

3,535,248

Home equity loans

Days past due:

Current

$

6,014

$

5,948

$

5,831

$

3,254

$

1,261

$

27,762

$

1,107,937

$

1,158,007

30 days past due

56

74

95

243

485

1,231

2,184

60 days past due

75

16

1

80

164

662

998

90 days past due

40

74

182

53

2,068

170

2,587

Total Home equity loans

$

6,145

$

6,078

$

6,001

$

3,759

$

1,314

$

30,479

$

1,110,000

$

1,163,776

Consumer

Days past due:

Current

$

265,225

$

190,353

$

142,106

$

78,492

$

41,336

$

163,083

$

27,531

$

908,126

30 days past due

137

110

128

238

80

753

114

1,560

60 days past due

53

44

104

94

23

907

4

1,229

90 days past due

80

105

160

298

887

1,530

Total consumer

$

265,415

$

190,587

$

142,443

$

78,984

$

41,737

$

165,630

$

27,649

$

912,445

Construction and land development

Days past due:

Current

$

280,948

$

294,601

$

46,593

$

15,793

$

9,569

$

16,910

$

162

$

664,576

30 days past due

207

207

60 days past due

90 days past due

39

166

205

Total Construction and land development

$

280,948

$

294,601

$

46,632

$

15,793

$

9,569

$

17,283

$

162

$

664,988

Other income producing property

Days past due:

Current

$

17,482

$

5,675

$

5,218

$

5,626

$

6,031

$

41,419

$

1,452

$

82,903

30 days past due

17

17

60 days past due

109

109

90 days past due

673

246

919

Total other income producing property

$

17,482

$

5,675

$

5,218

$

5,626

$

6,813

$

41,682

$

1,452

$

83,948

Total Consumer Loans

Days past due:

Current

$

1,417,592

$

1,241,089

$

664,751

$

389,886

$

327,767

$

1,155,745

$

1,137,082

$

6,333,912

30 days past due

193

1,002

482

762

521

3,901

1,345

8,206

60 days past due

128

864

105

235

132

2,352

666

4,482

90 days past due

235

120

1,186

875

1,471

9,748

170

13,805

Total Consumer Loans

$

1,418,148

$

1,243,075

$

666,524

$

391,758

$

329,891

$

1,171,746

$

1,139,263

$

6,360,405

Term Loans

(Dollars in thousands)

Amortized Cost Basis by Origination Year

As of September 30, 2021

2021

2020

2019

2018

2017

Prior

Revolving

Total

Total Loans

$

5,006,232

$

4,178,179

$

3,515,753

$

2,290,279

$

1,769,976

$

4,669,655

$

2,358,875

$

23,788,949

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

$

3,114,426

$

2,432,488

$

2,027,571

$

4,529,180

$

1,710,416

$

24,664,134

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

The following table presents an aging analysis of past due accruing loans, segregated by class. As noted previously, prior period loan balances presented below reflect the loan reclassifications resulting from the system’s conversion completed during the second quarter of 2021.

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

September 30, 2021

Construction and land development

$

1,696

$

426

$

$

2,122

$

2,028,752

$

1,857

$

2,032,731

Commercial non-owner occupied

 

4,418

 

1,197

 

 

5,615

 

6,343,071

 

20,098

 

6,368,784

Commercial owner occupied

 

11,261

1,380

 

894

 

13,535

 

4,955,348

 

19,607

 

4,988,490

Consumer owner occupied

 

2,097

 

610

 

 

2,707

 

3,542,758

 

24,326

 

3,569,791

Home equity loans

 

1,509

 

837

 

 

2,346

 

1,152,838

 

8,592

 

1,163,776

Commercial and industrial

 

38,439

 

10,234

 

876

 

49,549

 

3,904,489

 

5,688

 

3,959,726

Other income producing property

 

2,333

 

386

 

48

 

2,767

 

755,696

 

3,945

 

762,408

Consumer

 

1,368

 

785

 

 

2,153

 

906,022

 

4,270

 

912,445

Other loans

 

 

 

 

 

30,798

 

 

30,798

$

63,121

$

15,855

$

1,818

$

80,794

$

23,619,772

$

88,383

$

23,788,949

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

The following table is a summary of information pertaining to nonaccrual loans by class, including restructured loans. Prior period loan balances presented below reflect the loan reclassifications resulting from the system’s conversion completed during the second quarter of 2021.

December 31,

September 30,

Greater than

Non-accrual

(Dollars in thousands)

2020

    

2021

90 Days Accruing(1)

    

with no allowance(1)

 

    

Construction and land development

$

2,421

$

1,857

$

$

522

Commercial non-owner occupied

 

5,470

 

20,098

 

9,334

Commercial owner occupied real estate

 

26,059

 

19,607

894

 

10,142

Consumer owner occupied

 

28,477

 

24,326

 

91

Home equity loans

 

9,926

 

8,592

 

50

Commercial and industrial

 

9,218

 

5,688

876

 

190

Other income producing property

 

7,543

 

3,945

48

 

219

Consumer

 

6,074

 

4,270

 

Total loans on nonaccrual status

$

95,188

$

88,383

$

1,818

$

20,548

(1)– Greater than 90 days accruing and non-accrual with no allowance loans at September 30, 2021.
Summary of collateral dependent loans, by type of collateral

The following is a summary of collateral dependent loans, by type of collateral, and the extent to which they are collateralized during the period:

December 31,

Collateral

September 30,

Collateral

(Dollars in thousands)

2020

    

Coverage

%

2021

    

Coverage

%

Commercial owner occupied real estate

 

 

 

Office

$

1,076

$

1,485

138%

$

$

Retail

4,849

5,490

113%

4,490

5,760

128%

Other

1,010

1,075

106%

4,716

5,490

116%

Commercial non-owner occupied real estate

 

 

Hotel

2,296

3,690

161%

Other

7,037

9,630

137%

Total collateral dependent loans

$

6,935

$

8,050

$

18,539

$

24,570

Schedule of restructured loans segregated by class and type of concession

The following table presents loans designated as TDRs segregated by class and type of concession that were restructured during the three and nine month periods ending September 30, 2021 and 2020.

Three Months Ended September 30,

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

Commercial owner occupied

$

$

1

$

4,637

$

4,637

Commercial and industrial

2

336

336

Other income producing property

1

61

61

Total interest rate modifications

$

$

4

$

5,034

$

5,034

Term modification

Commercial owner occupied

1

185

185

Consumer owner occupied

1

72

72

Commercial and industrial

2

295

295

Consumer

3

120

120

Total term modifications

$

$

7

$

672

$

672

$

$

11

$

5,706

$

5,706

Nine Months Ended September 30,

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

$

99

$

99

Commercial owner occupied

2

5,842

5,842

Consumer owner occupied

1

29

29

Commercial and industrial

8

859

859

Other income producing property

1

212

212

1

61

61

Total interest rate modifications

1

$

212

$

212

14

$

6,890

$

6,890

Term modification

Commercial owner occupied

$

$

1

$

185

$

185

Consumer owner occupied

5

591

591

Home equity loans

1

51

51

Commercial and industrial

1

38

38

3

563

563

Consumer

3

120

120

Total term modifications

1

$

38

$

38

13

$

1,510

$

1,510

2

$

250

$

250

27

$

8,400

$

8,400

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

The following table presents the changes in status of loans restructured within the previous 12 months as of September 30, 2021 by type of concession. The subsequent default noted below resulted in no change to reserves on the individually evaluated loan .

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

$

1,223

$

1

$

50

Term modification

2

257

5

$

1,480

$

1

$

50