2023 Q2 Form 10-Q Financial Statement

#000155837023008207 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $478.1M $450.4M
YoY Change 46.8% 66.53%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.85M $15.02M
YoY Change -11.49% -7.19%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $116.3M $69.15M
YoY Change 922.06% 669.14%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $157.9M $179.0M
YoY Change 3.83% 40.51%
Income Tax $34.50M $39.10M
% Of Pretax Income 21.84% 21.84%
Net Earnings $123.4M $139.9M
YoY Change 3.58% 39.47%
Net Earnings / Revenue 25.82% 31.07%
Basic Earnings Per Share $1.62 $1.84
Diluted Earnings Per Share $1.62 $1.83
COMMON SHARES
Basic Shares Outstanding 75.92M 75.85M
Diluted Shares Outstanding 76.42M 76.39M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.514B $1.997B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $518.4M $517.1M
YoY Change -7.89% -9.01%
Goodwill $1.900B $1.900B
YoY Change 0.0% 0.0%
Intangibles $102.3M $109.6M
YoY Change -22.94% -21.92%
Long-Term Investments $3.563M $3.563M
YoY Change -10.93% -10.93%
Other Assets $177.9M $181.9M
YoY Change 8.72% 27.64%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $44.94B $44.92B
YoY Change -2.74% -2.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $114.6M $112.4M
YoY Change -7.51% -10.72%
Deferred Revenue
YoY Change
Short-Term Debt $581.4M $544.1M
YoY Change -13.22% -29.37%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $581.4M $656.5M
YoY Change 369.29% 421.45%
LONG-TERM LIABILITIES
Long-Term Debt $792.1M $392.2M
YoY Change 101.83% -3.3%
Other Long-Term Liabilities $1.472B $1.239B
YoY Change 37.24% 34.86%
Total Long-Term Liabilities $2.264B $1.632B
YoY Change 54.54% 23.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $581.4M $656.5M
Total Long-Term Liabilities $2.264B $1.632B
Total Liabilities $39.65B $39.67B
YoY Change -3.68% -3.3%
SHAREHOLDERS EQUITY
Retained Earnings $1.534B $1.449B
YoY Change 33.79% 36.14%
Common Stock $190.0M $189.6M
YoY Change 0.47% 0.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.290B $5.249B
YoY Change
Total Liabilities & Shareholders Equity $44.94B $44.92B
YoY Change -2.74% -2.77%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $123.4M $139.9M
YoY Change 3.58% 39.47%
Depreciation, Depletion And Amortization $14.85M $15.02M
YoY Change -11.49% -7.19%
Cash From Operating Activities $312.3M $59.38M
YoY Change 135.59% -65.51%
INVESTING ACTIVITIES
Capital Expenditures $7.392M $7.642M
YoY Change -279.46% 53.36%
Acquisitions
YoY Change
Other Investing Activities -$624.3M -$266.2M
YoY Change -54.12% -82.11%
Cash From Investing Activities -$631.7M -$273.8M
YoY Change -53.72% -81.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -163.5M 898.6M
YoY Change 109.01% 76.13%
NET CHANGE
Cash From Operating Activities 312.3M 59.38M
Cash From Investing Activities -631.7M -273.8M
Cash From Financing Activities -163.5M 898.6M
Net Change In Cash -482.9M 684.1M
YoY Change -63.15% -184.4%
FREE CASH FLOW
Cash From Operating Activities $312.3M $59.38M
Capital Expenditures $7.392M $7.642M
Free Cash Flow $304.9M $51.74M
YoY Change 123.08% -69.06%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reclassification and Correction</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/><span style="white-space:pre-wrap;">Certain amounts previously reported have been reclassified to conform to the current quarter’s presentation. Such reclassifications had no effect on net income and shareholders’ equity. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"/>During 2022, the Company determined the variation margin payments for its interest rate swaps centrally cleared through London Clearing House (“LCH”) and Chicago Mercantile Exchange (“CME”) meet the legal characteristics of daily settlements of the derivatives (settle-to-market) rather than collateral (collateralize-to-market).  As a result, the variation margin payment and the related derivative instruments centrally cleared through LCH and CME are considered a single unit of account for accounting and financial reporting purposes.  Depending on the net position, the fair value is reported in Derivative Assets or Derivative Liabilities on the Condensed Consolidated Balance Sheets, as opposed to interest-earning deposits (restricted cash) within Cash and Cash Equivalents or interest-bearing deposits within Total Deposits.  In addition, the expense or income attributable to the variation margin payments for the centrally cleared swaps is reported in Noninterest Income, specifically within Correspondent and Capital Markets Income, as opposed to Interest Income or Interest Expense.  The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument.  As a result of the correction from collateralize-to-market accounting treatment previously applied by the Company to settle-to-market accounting treatment, the prior periods presented herein have been corrected, for what management has concluded to be an immaterial correction.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/><span style="white-space:pre-wrap;">The table below discloses the net change (increase or (decrease)) included in all the Condensed Consolidated Statements of Net Income line items in this Form 10-Q, as a result of the change in accounting treatment. There was no impact to Net Income or Shareholders’ Equity as previously reported.</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:67.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">(Dollars in thousands)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:28.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Three Months Ended March 31, </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;">INCOME STATEMENT</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">    </p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:28.33%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;">Interest income:</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0pt 12pt;"><span style="white-space:pre-wrap;"> Effect to interest income on federal funds sold and interest-earning </span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">    </p></td></tr><tr><td style="vertical-align:bottom;width:67.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0pt 12pt;"><span style="white-space:pre-wrap;"> deposits with banks</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 7</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0pt 6pt;"><b style="font-weight:bold;white-space:pre-wrap;"> Net effect to interest income</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 7</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0pt 12pt;"><span style="white-space:pre-wrap;"> Effect to interest expense on deposits</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (37)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0pt 6pt;"><b style="font-weight:bold;white-space:pre-wrap;"> Net effect to interest expense</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (37)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0pt 6pt;"><b style="font-weight:bold;">Net effect to net interest income</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 44</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">    </p></td></tr><tr><td style="vertical-align:bottom;width:67.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;">Noninterest Income:</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0pt 6pt;"><span style="white-space:pre-wrap;"> Effect to correspondent banking and capital market income</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (44)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> Net effect to noninterest income</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (44)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:67.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;">Net effect to net income</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> —</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2022Q4 us-gaap Other Investments
OtherInvestments
179717000
CY2023Q1 us-gaap Financing Receivable Originated Three Years Before Latest Fiscal Year
FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear
3010610000
CY2023Q1 us-gaap Financing Receivable Originated Four Years Before Latest Fiscal Year
FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear
2398611000
CY2023Q1 us-gaap Financing Receivable Originated Five Or More Years Before Latest Fiscal Year
FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear
5396828000
CY2023Q1 us-gaap Financing Receivable Revolving
FinancingReceivableRevolving
3265129000
CY2023Q1 us-gaap Notes Receivable Gross
NotesReceivableGross
30696142000
CY2022Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
371196000
CY2022Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
281577000
CY2022Q1 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
113903000
CY2022Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
1.49
CY2022Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
1.48
CY2023Q1 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
2636673000
CY2023Q1 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
409061000
CY2023Q1 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
2227612000
CY2022Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
2683241000
CY2022Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
433073000
CY2022Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
2250168000
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
5976501000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
206000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
816708000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
5159999000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
6216141000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4054000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
893373000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
5326822000
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
1300000
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
-1300000
CY2023Q1 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
45000
CY2023Q1 us-gaap Other Investments
OtherInvestments
217991000
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
254326000
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
250191000
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CY2023Q1 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Fair Value
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CY2023Q1 ssb Debt Securities Held To Maturity Continuous Unrealized Loss Position12 Months Or Longer Gross Unrealized Loss
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CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2022Q4 ssb Debt Securities Held To Maturity Continuous Unrealized Loss Position Less Than12 Months Fair Value Disclosure
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CY2022Q4 ssb Debt Securities Held To Maturity Continuous Unrealized Loss Position12 Months Or Longer Gross Unrealized Loss
DebtSecuritiesHeldToMaturityContinuousUnrealizedLossPosition12MonthsOrLongerGrossUnrealizedLoss
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CY2022Q4 ssb Debt Securities Held To Maturity Continuous Unrealized Loss Position12 Months Or Longer Fair Value Disclosure
DebtSecuritiesHeldToMaturityContinuousUnrealizedLossPosition12MonthsOrLongerFairValueDisclosure
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2022Q4 us-gaap Trading Securities Debt
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CY2021Q1 ssb Debt Securities Trading Gain Loss On Sale Of Securities
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CY2023Q1 ssb Debt Securities Trading Gain Loss On Mark To Market Securities
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CY2021Q1 ssb Debt Securities Trading Gain Loss On Mark To Market Securities
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CY2023Q1 us-gaap Debt Securities Trading Realized Gain Loss
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CY2021Q1 us-gaap Debt Securities Trading Realized Gain Loss
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CY2022Q4 ssb Financing Receivable Year Three Originated Two Years Before Current Fiscal Year Current Period Gross Written Off Amount
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CY2022Q4 ssb Financing Receivable Year Four Originated Three Years Before Current Fiscal Year Current Period Gross Written Off Amount
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FinancingReceivableYearFiveOriginatedFourYearsBeforeCurrentFiscalYearCurrentPeriodGrossWrittenOffAmount
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CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q1 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
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CY2022Q1 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
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CY2022Q1 ssb Financing Receivable Troubled Debt Restructuring Amount In Remaining Availability Under Commitments To Lend Additional Funds
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CY2022Q1 ssb Allowance For Credit Losses Loans That Subsequently Defaulted
AllowanceForCreditLossesLoansThatSubsequentlyDefaulted
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CY2022Q1 ssb Financing Receivable Modifications Number Of Contracts Under Restructured Terms
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18
CY2022Q1 ssb Financing Receivable Troubled Debt Restructuring Post Modification Amortized Cost Under Restructured Terms
FinancingReceivableTroubledDebtRestructuringPostModificationAmortizedCostUnderRestructuredTerms
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FinancingReceivableAllowanceForCreditLosses
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CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
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CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
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CY2023Q1 ssb Financing Receivable Allowance For Credit Losses Recovery Net Write Offs
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CY2023Q1 us-gaap Provision For Loan Lease And Other Losses
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CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2023Q1 ssb Financing Receivable Allowance For Credit Losses Collective Quantitative Allowance
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CY2023Q1 ssb Financing Receivable Allowance For Credit Losses Individual Quantitative Allowance
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16782000
CY2023Q1 ssb Financing Receivable Allowance For Credit Losses Total Quantitative Allowance
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CY2023Q1 ssb Financing Receivable Qualitative Allowance For Credit Loss
FinancingReceivableQualitativeAllowanceForCreditLoss
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CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
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CY2022Q1 ssb Financing Receivable Allowance For Credit Losses Recovery Net Write Offs
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CY2022Q1 us-gaap Provision For Loan Lease And Other Losses
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CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2022Q1 ssb Financing Receivable Allowance For Credit Losses Collective Quantitative Allowance
FinancingReceivableAllowanceForCreditLossesCollectiveQuantitativeAllowance
288316000
CY2022Q1 ssb Financing Receivable Allowance For Credit Losses Individual Quantitative Allowance
FinancingReceivableAllowanceForCreditLossesIndividualQuantitativeAllowance
8431000
CY2022Q1 ssb Financing Receivable Allowance For Credit Losses Total Quantitative Allowance
FinancingReceivableAllowanceForCreditLossesTotalQuantitativeAllowance
296747000
CY2022Q1 ssb Financing Receivable Qualitative Allowance For Credit Loss
FinancingReceivableQualitativeAllowanceForCreditLoss
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CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
300396000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
12226000
CY2022Q4 us-gaap Other Real Estate Non Covered
OtherRealEstateNonCovered
18777000
CY2023Q1 us-gaap Other Real Estate Non Covered Additions
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CY2023Q1 us-gaap Other Real Estate Non Covered Valuation Adjustments
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CY2023Q1 us-gaap Other Real Estate Non Covered Disposals
OtherRealEstateNonCoveredDisposals
997000
CY2023Q1 us-gaap Other Real Estate Non Covered
OtherRealEstateNonCovered
20197000
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CY2022Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
6
CY2023Q1 ssb Number Of Real Estate Properties Premises Held For Sale
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16
CY2022Q4 ssb Number Of Real Estate Properties Premises Held For Sale
NumberOfRealEstatePropertiesPremisesHeldForSale
17
CY2023Q1 us-gaap Mortgage Loans In Process Of Foreclosure Amount
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CY2023Q1 us-gaap Mortgage Loans In Process Of Foreclosure Amount
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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112400000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
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CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
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CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
13000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4240000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4333000
CY2023Q1 us-gaap Short Term Lease Cost
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109000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
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CY2023Q1 us-gaap Variable Lease Cost
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CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
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CY2023Q1 us-gaap Lease Cost
LeaseCost
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CY2022Q1 us-gaap Lease Cost
LeaseCost
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CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
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CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
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FinanceLeasePrincipalPayments
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CY2022Q1 us-gaap Finance Lease Principal Payments
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108000
CY2023Q1 us-gaap Operating Lease Payments
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4097000
CY2022Q1 us-gaap Operating Lease Payments
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4181000
CY2023Q1 ssb Increase Decrease In Operating Cash Flow Change In Asset And Liability
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CY2022Q1 ssb Increase Decrease In Operating Cash Flow Change In Asset And Liability
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CY2022Q1 ssb Right Of Use Asset Obtained During Period
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
15011000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
13135000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
12172000
CY2023Q1 ssb Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
66550000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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20233000
CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 ssb Lessee Operating Leases Liability Not Yet Commenced
LesseeOperatingLeasesLiabilityNotYetCommenced
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CY2023Q1 us-gaap Noninterest Bearing Domestic Deposit Demand
NoninterestBearingDomesticDepositDemand
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CY2022Q4 us-gaap Noninterest Bearing Domestic Deposit Demand
NoninterestBearingDomesticDepositDemand
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CY2023Q1 us-gaap Interest Bearing Domestic Deposit Demand
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CY2023Q1 us-gaap Schedule Of Repurchase Agreements
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:12pt 0pt 0pt 0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Note 21 — Short-Term Borrowings</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Securities Sold Under Agreements to Repurchase (“Repurchase agreements”)</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="white-space:pre-wrap;">Repurchase agreements represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. Repurchase agreements are subject to terms and conditions of the master repurchase agreements between the Company and the client and are accounted for as secured borrowings. Repurchase agreements are included in federal funds purchased and securities sold under agreements to repurchase on the condensed consolidated balance sheets. At March 31, 2023 and December 31, 2022, our repurchase agreements totaled </span>$310.8 million and $342.8<span style="white-space:pre-wrap;"> million, respectively. All of our repurchase agreements were overnight or continuous (until-further-notice) agreements at March 31, 2023 and December </span><span style="white-space:pre-wrap;">31, 2022. These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a carrying value of </span>$435.5 million and $443.2 million at March 31, 2023 and December <span style="white-space:pre-wrap;">31, 2022, respectively. Declines in the value of the collateral would require us to increase the amounts of securities pledged.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Federal Funds Purchased</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="white-space:pre-wrap;">Federal funds purchased are generally overnight daily borrowings with no defined maturity date. At March 31, 2023 and December 31, 2022, our federal funds purchased totaled </span>$233.4 million and $213.6<span style="white-space:pre-wrap;"> million, respectively. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) Borrowings</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company has from time-to-time entered into borrowing agreements with the FHLB and FRB. Borrowings under these agreements are collateralized by stock in the FHLB, qualifying first and second mortgage residential loans, investment securities, and commercial real estate loans under a blanket-floating lien.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">As of March 31, 2023, the Company had $900.0 million in outstanding FHLB borrowings with a weighted average interest rate of 5.07%<span style="white-space:pre-wrap;">. As of December 31, 2022, there were no outstanding FHLB borrowings. Net eligible loans of the Company pledged via a blanket lien to the FHLB for advances and letters of credit at March 31, 2023, were approximately </span>$6.5 billion in collateral value and investment securities and cash pledged were approximately $355.0<span style="white-space:pre-wrap;"> million in collateral value. This allows the Company a total borrowing capacity at the FHLB of approximately </span>$6.9<span style="white-space:pre-wrap;"> billion. After accounting for letters of credit totaling </span>$2.1 million and $900.0 million of FLHB advances, the Company had unused net credit available with the FHLB in the amount of approximately $6.0 billion at March 31, 2023. The Company also has a total borrowing capacity at the FRB of $2.5 billion at <span style="-sec-ix-hidden:Hidden_b9st-v5a0EKQDApzD7BNiA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">March 31, 2023</span></span> secured by a blanket lien on $2.5 billion in net eligible loans of the Company. The Company had no<span style="white-space:pre-wrap;"> outstanding borrowings with the FRB at March 31, 2023 or December 31, 2022. </span></p>
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