10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2022

OR

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

Commission File Number:  001-13901

AMERIS BANCORP

(Exact name of registrant as specified in its charter)

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

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

(404)	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
Common Stock, par value $1 per share	ABCB	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.    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).    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.

Large accelerated filer	ý	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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  ý

 There were 69,435,779 shares of Common Stock outstanding as of April 30, 2022.

AMERIS BANCORP

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements.
	Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021	1
	Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2022 and 2021 (unaudited)	2
	Consolidated Statements of Shareholders’ Equity for the Three Months Ended March 31, 2022 and 2021 (unaudited)	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (unaudited)	4
	Notes to Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	48
Item 4.	Controls and Procedures.	49
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings.	50
Item 1A.	Risk Factors.	50
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	50
Item 3.	Defaults Upon Senior Securities.	50
Item 4.	Mine Safety Disclosures.	50
Item 5.	Other Information.	50
Item 6.	Exhibits.	51
Signatures		52

Item 1. Financial Statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Balance Sheets

(dollars in thousands, except per share data)

	March 31, 2022 (unaudited)		December 31, 2021
Assets
Cash and due from banks	$	257,316	$	307,813
Federal funds sold and interest-bearing deposits in banks	3,541,144		3,756,844
Cash and cash equivalents	3,798,460		4,064,657
Debt securities available-for-sale, at fair value	579,204		592,621
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $82,489 and $78,206)	91,454		79,850
Other investments	49,395		47,552
Loans held for sale, at fair value	901,550		1,254,632
Loans, net of unearned income	16,143,801		15,874,258
Allowance for credit losses	(161,251)		(167,582)
Loans, net	15,982,550		15,706,676
Other real estate owned, net	1,910		3,810
Premises and equipment, net	224,293		225,400
Goodwill	1,022,345		1,012,620
Other intangible assets, net	120,757		125,938
Cash value of bank owned life insurance	332,914		331,146
Other assets	455,460		413,419
Total assets	$	23,560,292	$	23,858,321
Liabilities
Deposits:
Noninterest-bearing	$	7,870,207	$	7,774,823
Interest-bearing	11,718,234		11,890,730
Total deposits	19,588,441		19,665,553
Securities sold under agreements to repurchase	2,065		5,845
Other borrowings	425,520		739,879
Subordinated deferrable interest debentures	126,827		126,328
Other liabilities	410,280		354,265
Total liabilities	20,553,133		20,891,870
Commitments and Contingencies (Note 9)
Shareholders’ Equity
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding	—		—
Common stock, par value $1; 200,000,000 shares authorized; 72,212,322 and 72,017,126 shares issued	72,212		72,017
Capital surplus	1,928,702		1,924,813
Retained earnings	1,077,725		1,006,436
Accumulated other comprehensive income, net of tax	(1,841)		15,590
Treasury stock, at cost, 2,773,238 and 2,407,898 shares	(69,639)		(52,405)
Total shareholders’ equity	3,007,159		2,966,451
Total liabilities and shareholders’ equity	$	23,560,292	$	23,858,321

 See notes to unaudited consolidated financial statements.

1

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Income and Comprehensive Income (unaudited)

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

	Three Months Ended March 31,
	2022		2021
Interest income
Interest and fees on loans	$	177,566	$	171,157
Interest on taxable securities	4,239		6,118
Interest on nontaxable securities	186		141
Interest on deposits in other banks and federal funds sold	1,383		534
Total interest income	183,374		177,950
Interest expense
Interest on deposits	4,092		6,798
Interest on other borrowings	6,738		6,175
Total interest expense	10,830		12,973
Net interest income	172,544		164,977
Provision for loan losses	(2,734)		(16,579)
Provision for unfunded commitments	9,009		(11,839)
Provision for other credit losses	(44)		(173)
Provision for credit losses	6,231		(28,591)
Net interest income after provision for credit losses	166,313		193,568
Noninterest income
Service charges on deposit accounts	11,058		10,829
Mortgage banking activity	62,938		98,486
Other service charges, commissions and fees	939		1,016
Net loss on securities	(27)		(12)
Other noninterest income	12,003		7,654
Total noninterest income	86,911		117,973
Noninterest expense
Salaries and employee benefits	84,281		95,985
Occupancy and equipment	12,727		11,781
Data processing and communications expenses	12,572		11,884
Credit resolution-related expenses	(965)		547
Advertising and marketing	1,988		1,431
Amortization of intangible assets	5,181		4,126
Merger and conversion charges	977		—
Loan servicing expense	8,919		5,900
Other noninterest expenses	18,140		17,144
Total noninterest expense	143,820		148,798
Income before income tax expense	109,404		162,743
Income tax expense	27,706		37,781
Net income	81,698		124,962
Other comprehensive income (loss)
Net unrealized holding losses arising during period on investment securities available-for-sale, net of tax benefit of $(4,633) and $(1,972)	(17,431)		(7,415)
Total other comprehensive income (loss)	(17,431)		(7,415)
Comprehensive income	$	64,267	$	117,547
Basic earnings per common share	$	1.18	$	1.80
Diluted earnings per common share	$	1.17	$	1.79
Weighted average common shares outstanding
Basic	69,346		69,392
Diluted	69,661		69,741

See notes to unaudited consolidated financial statements.

2

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity (unaudited)

(dollars in thousands)

	Three Months Ended March 31, 2022
	Common Stock			Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Income (Loss), Net of Tax		Treasury Stock			Total Shareholders' Equity
	Shares	Amount								Shares	Amount
Balance, December 31, 2021	72,017,126	$	72,017	$	1,924,813	$	1,006,436	$	15,590	2,407,898	$	(52,405)	$	2,966,451
Issuance of restricted shares	145,393	145		1,196		—		—		—	—		1,341
Proceeds from exercise of stock options	49,803	50		1,395		—		—		—	—		1,445
Share-based compensation	—	—		1,298		—		—		—	—		1,298
Purchase of treasury shares	—	—		—		—		—		365,340	(17,234)		(17,234)
Net income	—	—		—		81,698		—		—	—		81,698
Dividends on common shares ($0.15 per share)	—	—		—		(10,409)		—		—	—		(10,409)
Other comprehensive loss during the period	—	—		—		—		(17,431)		—	—		(17,431)
Balance, March 31, 2022	72,212,322	$	72,212	$	1,928,702	$	1,077,725	$	(1,841)	2,773,238	$	(69,639)	$	3,007,159

	Three Months Ended March 31, 2021
	Common Stock			Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Income, Net of Tax		Treasury Stock			Total Shareholders' Equity
	Shares	Amount								Shares	Amount
Balance, December 31, 2020	71,753,705	$	71,754	$	1,913,285	$	671,510	$	33,505	2,212,224	$	(42,966)	$	2,647,088
Issuance of restricted shares	86,075	86		513		—		—		—	—		599
Proceeds from exercise of stock options	114,308	114		2,888		—		—		—	—		3,002
Share-based compensation	—	—		1,304		—		—		—	—		1,304
Purchase of treasury shares	—	—		—		—		—		28,438	(1,456)		(1,456)
Net income	—	—		—		124,962		—		—	—		124,962
Dividends on common shares ($0.15 per share)	—	—		—		(10,488)		—		—	—		(10,488)
Other comprehensive loss during the period	—	—		—		—		(7,415)		—	—		(7,415)
Balance, March 31, 2021	71,954,088	$	71,954	$	1,917,990	$	785,984	$	26,090	2,240,662	$	(44,422)	$	2,757,596

See notes to unaudited consolidated financial statements. 

3

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Cash Flows (unaudited)

(dollars in thousands)

	Three Months Ended March 31,
	2022		2021
Operating Activities
Net income	$	81,698	$	124,962
Adjustments reconciling net income to net cash provided by (used in) operating activities:
Depreciation	4,553		4,080
Net (gains) losses on sale or disposal of premises and equipment	37		139
Net write-downs on other assets	—		122
Provision for credit losses	6,231		(28,591)
Net write-downs and (gains) losses on sale of other real estate owned	(1,459)		(560)
Share-based compensation expense	1,499		1,753
Amortization of intangible assets	5,181		4,126
Amortization of operating lease right of use assets	2,904		2,979
Provision for deferred taxes	6,435		12,919
Net amortization of investment securities available-for-sale	392		1,121
Net amortization of investment securities held-to-maturity	26		—
Net amortization of other investments	252		—
Net loss on securities	27		12
Accretion of discount on purchased loans, net	(1,006)		(6,127)
Net amortization on other borrowings	108		112
Amortization of subordinated deferrable interest debentures	499		488
Loan servicing asset impairment (recovery)	(9,654)		(10,639)
Originations of mortgage loans held for sale	(1,220,771)		(2,340,847)
Payments received on mortgage loans held for sale	10,505		10,680
Proceeds from sales of mortgage loans held for sale	1,464,735		1,816,503
Net (gains) losses on sale of mortgage loans held for sale	22,792		(41,720)
Originations of SBA loans	(14,042)		(11,976)
Proceeds from sales of SBA loans	20,461		12,518
Net gains on sale of SBA loans	(2,325)		(1,192)
Increase in cash surrender value of bank owned life insurance	(1,768)		(814)
Gain on bank owned life insurance proceeds	—		(603)
Net gains on other loans held for sale	—		(457)
Change attributable to other operating activities	(16,887)		(13,597)
Net cash provided by (used in) operating activities	360,423		(464,609)
Investing Activities, net of effects of business combinations
Purchases of securities available-for-sale	(15,667)		—
Purchases of investment securities held-to-maturity	(12,036)		—
Proceeds from maturities and paydowns of securities available-for-sale	42,844		112,730
Proceeds from maturities and paydowns of securities held-to-maturity	406		—
Net (increase) decrease in other investments	(2,122)		570
Net increase in loans	(205,189)		(72,093)
Purchases of premises and equipment	(3,550)		(13,809)
Proceeds from sale of premises and equipment	—		930
Proceeds from sales of other real estate owned	3,524		4,048
Proceeds from bank owned life insurance	—		1,309
Payments received on other loans held for sale	—		9,136
Proceeds from sales of other loans held for sale	—		156,803
Net cash and cash equivalents paid in acquisitions	(13,237)		—
Net cash provided by (used in) investing activities	(205,027)		199,624
			(Continued)

4

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Cash Flows (unaudited)

(dollars in thousands)

	Three Months Ended March 31,
	2022		2021
Financing Activities, net of effects of business combinations
Net increase (decrease) in deposits	$	(77,112)	$	918,050
Net decrease in securities sold under agreements to repurchase	(3,780)		(2,321)
Repayment of other borrowings	(314,467)		(36)
Proceeds from exercise of stock options	1,445		3,002
Dividends paid - common stock	(10,445)		(10,432)
Purchase of treasury shares	(17,234)		(1,456)
Net cash provided by (used in) financing activities	(421,593)		906,807
Net increase (decrease) in cash, cash equivalents and restricted cash	(266,197)		641,822
Cash, cash equivalents and restricted cash at beginning of period	4,064,657		2,117,306
Cash, cash equivalents and restricted cash at end of period	$	3,798,460	$	2,759,128
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for:
Interest	$	9,022	$	11,335
Income taxes	204		(1)
Loans transferred to other real estate owned	165		449
Loans transferred from loans held for sale to loans held for investment	71,727		48,313
Right-of-use assets obtained in exchange for new operating lease liabilities	1,537		—
Assets acquired in business acquisitions	10,023		—
Liabilities assumed in business acquisitions	(3,214)		—
Change in unrealized gain (loss) on securities available-for-sale, net of tax	(17,431)		(7,415)
Security purchases settled in a subsequent period	(36,216)		—
			(Concluded)

See notes to unaudited consolidated financial statements.

5

AMERIS BANCORP AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

March 31, 2022

NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES

Nature of Business

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 March 31, 2022, the Bank operated 165 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 period ended March 31, 2022 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, 2021.

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.

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. Restricted cash held for securitization investors, which are reported on the Company's consolidated balance sheets in cash and due from banks, was $0 and $43.0 million at March 31, 2022 and December 31, 2021, respectively.

Reclassifications

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 Pending Adoption

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 writeoffs by year of origination. ASU 2022-02 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. The amendments of ASU 2022-02 should be adopted prospectively. The amendments related to the recognition and measurement of TDRs may optionally be adopted using a modified retrospective transition method.

6

Early adoption is permitted. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2022-02.

ASU No. 2021-01 – Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"). ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2021-01.

ASU No. 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments, which are elective, provide expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications apply consistently for all contracts or transactions within the relevant Codification Topic, Subtopic, or Industry Subtopic that contains the guidance that otherwise would be required to be applied, while those for hedging relationships can be elected on an individual hedging relationship basis. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company has established a working committee with representatives from relevant functional areas to inventory the contracts and accounts that are tied to LIBOR and develop a transition plan for the affected items. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2020-04.

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		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2022
U.S. government sponsored agencies	$	7,067	$	17	$	(12)	$	7,072
State, county and municipal securities	43,416		727		(299)		43,844
Corporate debt securities	27,897		431		(150)		28,178
SBA pool securities	37,863		15		(929)		36,949
Mortgage-backed securities	465,291		1,733		(3,863)		463,161
Total debt securities available-for-sale	$	581,534	$	2,923	$	(5,253)	$	579,204
December 31, 2021
U.S. government sponsored agencies	$	7,084	$	88	$	—	$	7,172
State, county and municipal securities	45,470		2,342		—		47,812
Corporate debt securities	27,897		719		(120)		28,496
SBA pool securities	44,312		958		(69)		45,201
Mortgage-backed securities	448,124		15,822		(6)		463,940
Total debt securities available-for-sale	$	572,887	$	19,929	$	(195)	$	592,621

7

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
March 31, 2022
State, county and municipal securities	$	13,905	$	—	$	(2,227)	$	11,678
Mortgage-backed securities	77,549		—		(6,738)		70,811
Total debt securities held-to-maturity	$	91,454	$	—	$	(8,965)	$	82,489
December 31, 2021
State, county and municipal securities	$	8,905	$	4	$	(198)	$	8,711
Mortgage-backed securities	70,945		—		(1,450)		69,495
Total debt securities held-to-maturity	$	79,850	$	4	$	(1,648)	$	78,206

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of March 31, 2022, 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	$	11,390	$	11,446	$	—	$	—
Due from one year to five years	26,183		26,201		—		—
Due from five to ten years	43,452		44,052		—		—
Due after ten years	35,218		34,344		13,905		11,678
Mortgage-backed securities	465,291		463,161		77,549		70,811
	$	581,534	$	579,204	$	91,454	$	82,489

Securities with a carrying value of approximately $314.2 million and $366.7 million at March 31, 2022 and December 31, 2021, respectively, serve as collateral to secure public deposits, securities sold under agreements to repurchase 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 March 31, 2022 and December 31, 2021:

	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
March 31, 2022
U.S. government sponsored agencies	$	1,033	$	(12)	$	—	$	—	$	1,033	$	(12)
State, county and municipal securities	10,209		(299)		—		—		10,209		(299)
Corporate debt securities	—		—		1,350		(150)		1,350		(150)
SBA pool securities	32,988		(871)		2,372		(58)		35,360		(929)
Mortgage-backed securities	242,704		(3,863)		1		—		242,705		(3,863)
Total debt securities available-for-sale	$	286,934	$	(5,045)	$	3,723	$	(208)	$	290,657	$	(5,253)
December 31, 2021
Corporate debt securities	$	—	$	—	$	1,380	$	(120)	$	1,380	$	(120)
SBA pool securities	1,312		(6)		2,572		(63)		3,884		(69)
Mortgage-backed securities	5,514		(6)		1		—		5,515		(6)
Total debt securities available-for-sale	$	6,826	$	(12)	$	3,953	$	(183)	$	10,779	$	(195)

As of March 31, 2022, the Company’s available-for-sale security portfolio consisted of 426 securities, 219 of which were in an unrealized loss position. At March 31, 2022, the Company held 180 mortgage-backed securities that were in an unrealized loss

8

position, all of which were issued by U.S. government-sponsored entities and agencies. At March 31, 2022, the Company held 30 U.S. Small Business Administration (“SBA”) pool securities, six state, county and municipal securities, two corporate securities and one U.S. government sponsored agency security 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 March 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
March 31, 2022
State, county and municipal securities	$	11,678	$	(2,227)	$	—	$	—	$	11,678	$	(2,227)
Mortgage-backed securities	63,775		(6,738)		—		—		63,775		(6,738)
Total debt securities held-to-maturity	$	75,453	$	(8,965)	$	—	$	—	$	75,453	$	(8,965)
December 31, 2021
State, county and municipal securities	$	3,707	$	(198)	$	—	$	—	$	3,707	$	(198)
Mortgage-backed securities	69,495		(1,450)		—		—		69,495		(1,450)
Total debt securities held-to-maturity	$	73,202	$	(1,648)	$	—	$	—	$	73,202	$	(1,648)

As of March 31, 2022, the Company’s held-to-maturity security portfolio consisted of 16 securities, 15 of which were in an unrealized loss position. At March 31, 2022, the Company held 11 mortgage-backed securities and four state, county and municipal securities that were in an unrealized loss position.

During 2022 and 2021, the Company received timely and current interest and principal payments on all of the securities classified as corporate debt securities. The Company’s investments in subordinated debt include investments in regional and super-regional banks on which the Company prepares regular analysis through review of financial information and credit ratings. Investments in preferred securities are also concentrated in the preferred obligations of regional and super-regional banks through non-pooled investment structures. The Company did not have investments in “pooled” trust preferred securities at March 31, 2022 or December 31, 2021.

At March 31, 2022 and December 31, 2021, 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 March 31, 2022, 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 March 31, 2022, management determined that none were attributable to credit impairment and no allowance for credit losses was recorded. The $5.3 million in unrealized loss was determined to be from factors other than credit.

(dollars in thousands)	Three Months Ended March 31,
Allowance for credit losses	2022		2021
Beginning balance	$	—	$	112
Provision for expected credit losses	—		(11)
Ending balance	$	—	$	101

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

9

Total net loss on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
(dollars in thousands)	2022		2021
Unrealized holding losses on equity securities	$	(27)	$	(12)
Net loss on securities	$	(27)	$	(12)

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)	March 31, 2022		December 31, 2021
Commercial, financial and agricultural	$	1,836,663	$	1,875,993
Consumer installment	173,642		191,298
Indirect automobile	214,120		265,779
Mortgage warehouse	732,375		787,837
Municipal	547,926		572,701
Premium finance	819,163		798,409
Real estate – construction and development	1,577,215		1,452,339
Real estate – commercial and farmland	6,924,475		6,834,917
Real estate – residential	3,318,222		3,094,985
	$	16,143,801	$	15,874,258

Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets totaling $50.6 million and $54.8 million at March 31, 2022 and December 31, 2021, respectively. The Company recorded an allowance for credit losses of $170,000 and $214,000 related to deferred interest on loans modified under its Disaster Relief Program at March 31, 2022 and December 31, 2021, respectively.

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)	March 31, 2022		December 31, 2021
Commercial, financial and agricultural	$	13,198	$	14,214
Consumer installment	561		476
Indirect automobile	706		947
Real estate – construction and development	847		492
Real estate – commercial and farmland	10,891		15,365
Real estate – residential	76,394		53,772
	$	102,597	$	85,266

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There was no interest income recognized on nonaccrual loans during the three months ended March 31, 2022 and 2021.

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

(dollars in thousands)	March 31, 2022		December 31, 2021
Commercial, financial and agricultural	$	—	$	164
Premium finance	289		—
Real estate – construction and development	304		209
Real estate – commercial and farmland	3,553		2,061
Real estate – residential	4,785		7,942
	$	8,931	$	10,376

The following table presents an analysis of past-due loans as of March 31, 2022 and December 31, 2021:

(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
March 31, 2022
Commercial, financial and agricultural	$	5,422	$	1,708	$	11,500	$	18,630	$	1,818,033	$	1,836,663	$	1,153
Consumer installment	1,555		555		791		2,901		170,741		173,642		412
Indirect automobile	502		137		462		1,101		213,019		214,120		—
Mortgage warehouse	—		—		—		—		732,375		732,375		—
Municipal	—		—		—		—		547,926		547,926		—
Premium finance	5,872		4,620		4,728		15,220		803,943		819,163		4,727
Real estate – construction and development	26,729		468		972		28,169		1,549,046		1,577,215		287
Real estate – commercial and farmland	5,772		3,080		3,383		12,235		6,912,240		6,924,475		4
Real estate – residential	26,603		8,045		66,709		101,357		3,216,865		3,318,222		—
Total	$	72,455	$	18,613	$	88,545	$	179,613	$	15,964,188	$	16,143,801	$	6,583
December 31, 2021
Commercial, financial and agricultural	$	3,431	$	2,005	$	12,017	$	17,453	$	1,858,540	$	1,875,993	$	1,165
Consumer installment	1,786		871		891		3,548		187,750		191,298		584
Indirect automobile	772		185		473		1,430		264,349		265,779		—
Mortgage warehouse	—		—		—		—		787,837		787,837		—
Municipal	—		—		—		—		572,701		572,701		—
Premium finance	6,992		4,340		9,134		20,466		777,943		798,409		9,134
Real estate – construction and development	16,601		1,398		2,190		20,189		1,432,150		1,452,339		1,758
Real estate – commercial and farmland	6,713		1,150		5,924		13,787		6,821,130		6,834,917		7
Real estate – residential	17,729		4,266		49,839		71,834		3,023,151		3,094,985		—
Total	$	54,024	$	14,215	$	80,468	$	148,707	$	15,725,551	$	15,874,258	$	12,648

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

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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:

	March 31, 2022				December 31, 2021
(dollars in thousands)	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial, financial and agricultural	$	2,261	$	852	$	2,613	$	723
Premium finance	289		—		2,989		30
Real estate – construction and development	304		—		1,432		45
Real estate – commercial and farmland	11,466		795		33,332		6,646
Real estate – residential	14,826		1,989		11,712		453
	$	29,146	$	3,636	$	52,078	$	7,897

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.

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 March 31, 2022 and December 31, 2021. 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 no loans risk graded 9 at March 31, 2022 or December 31, 2021.

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As of March 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	$	208,664	$	764,033	$	240,671	$	163,163	$	99,436	$	70,393	$	261,941	$	1,808,301
6	—		167		92		93		156		2,551		541		3,600
7	7,008		1,055		1,245		3,654		1,725		7,043		3,032		24,762
Total commercial, financial and agricultural	$	215,672	$	765,255	$	242,008	$	166,910	$	101,317	$	79,987	$	265,514	$	1,836,663
Consumer Installment
Risk Grade:
Pass	$	18,541	$	21,321	$	51,632	$	32,530	$	24,305	$	18,621	$	5,259	$	172,209
6	—		—		—		—		—		133		5		138
7	7		71		133		310		193		446		135		1,295
Total consumer installment	$	18,548	$	21,392	$	51,765	$	32,840	$	24,498	$	19,200	$	5,399	$	173,642
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	—	$	17,396	$	86,176	$	108,956	$	—	$	212,528
6	—		—		—		—		8		25		—		33
7	—		—		—		52		293		1,214		—		1,559
Total indirect automobile	$	—	$	—	$	—	$	17,448	$	86,477	$	110,195	$	—	$	214,120
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	732,375	$	732,375
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	732,375	$	732,375
Municipal
Risk Grade:
Pass	$	2,184	$	43,031	$	213,311	$	13,860	$	5,119	$	270,421	$	—	$	547,926
Total municipal	$	2,184	$	43,031	$	213,311	$	13,860	$	5,119	$	270,421	$	—	$	547,926
Premium Finance
Risk Grade:
Pass	$	411,397	$	402,635	$	214	$	—	$	—	$	189	$	—	$	814,435
7	—		4,728		—		—		—		—		—		4,728
Total premium finance	$	411,397	$	407,363	$	214	$	—	$	—	$	189	$	—	$	819,163
Real Estate – Construction and Development
Risk Grade:
Pass	$	167,646	$	863,262	$	261,650	$	147,418	$	16,040	$	65,629	$	22,118	$	1,543,763
6	1,221		9,210		484		—		6,798		1,276		—		18,989
7	—		378		211		7		12,872		995		—		14,463
Total real estate – construction and development	$	168,867	$	872,850	$	262,345	$	147,425	$	35,710	$	67,900	$	22,118	$	1,577,215

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As of March 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	$	439,047	$	2,079,527	$	1,203,580	$	1,074,253	$	514,681	$	1,464,276	$	66,390	$	6,841,754
6	—		—		—		—		676		22,416		—		23,092
7	—		4,798		2,595		5,587		9,610		37,020		19		59,629
Total real estate – commercial and farmland	$	439,047	$	2,084,325	$	1,206,175	$	1,079,840	$	524,967	$	1,523,712	$	66,409	$	6,924,475
Real Estate - Residential
Risk Grade:
Pass	$	284,325	$	1,205,153	$	606,135	$	308,373	$	136,724	$	474,015	$	211,941	$	3,226,666
6	64		143		65		1,092		495		3,909		48		5,816
7	33		6,629		18,465		24,112		12,197		22,538		1,766		85,740
Total real estate - residential	$	284,422	$	1,211,925	$	624,665	$	333,577	$	149,416	$	500,462	$	213,755	$	3,318,222
Total Loans
Risk Grade:
Pass	$	1,531,804	$	5,378,962	$	2,577,193	$	1,756,993	$	882,481	$	2,472,500	$	1,300,024	$	15,899,957
6	1,285		9,520		641		1,185		8,133		30,310		594		51,668
7	7,048		17,659		22,649		33,722		36,890		69,256		4,952		192,176
Total loans	$	1,540,137	$	5,406,141	$	2,600,483	$	1,791,900	$	927,504	$	2,572,066	$	1,305,570	$	16,143,801

As of December 31, 2021	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2021		2020		2019		2018		2017		Prior				Total
Commercial, Financial and Agricultural
Risk Grade:
Pass	$	903,630	$	279,037	$	188,810	$	118,613	$	50,737	$	40,376	$	262,951	$	1,844,154
6	190		—		393		427		368		1,832		1,961		5,171
7	9,216		1,268		4,098		1,472		2,566		6,019		2,029		26,668
Total commercial, financial and agricultural	$	913,036	$	280,305	$	193,301	$	120,512	$	53,671	$	48,227	$	266,941	$	1,875,993
Consumer Installment
Risk Grade:
Pass	$	35,781	$	59,221	$	37,195	$	27,266	$	9,787	$	11,021	$	9,437	$	189,708
6	—		—		—		—		—		135		5		140
7	59		283		290		216		103		405		94		1,450
Total consumer installment	$	35,840	$	59,504	$	37,485	$	27,482	$	9,890	$	11,561	$	9,536	$	191,298
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	20,276	$	101,969	$	90,294	$	51,468	$	—	$	264,007
6	—		—		—		24		10		19		—		53
7	—		—		55		234		384		1,046		—		1,719
Total indirect automobile	$	—	$	—	$	20,331	$	102,227	$	90,688	$	52,533	$	—	$	265,779

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As of December 31, 2021	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2021		2020		2019		2018		2017		Prior				Total
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	787,837	$	787,837
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	787,837	$	787,837
Municipal
Risk Grade:
Pass	$	44,727	$	219,385	$	14,831	$	5,494	$	109,040	$	179,224	$	—	$	572,701
Total municipal	$	44,727	$	219,385	$	14,831	$	5,494	$	109,040	$	179,224	$	—	$	572,701
Premium Finance
Risk Grade:
Pass	$	787,884	$	1,059	$	26	$	—	$	302	$	4	$	—	$	789,275
7	9,039		95		—		—		—		—		—		9,134
Total premium finance	$	796,923	$	1,154	$	26	$	—	$	302	$	4	$	—	$	798,409
Real Estate – Construction and Development
Risk Grade:
Pass	$	826,094	$	290,814	$	176,476	$	35,773	$	24,533	$	44,514	$	21,267	$	1,419,471
6	6,527		549		—		15,260		—		2,101		—		24,437
7	1,143		678		7		2,476		57		1,011		3,059		8,431
Total real estate – construction and development	$	833,764	$	292,041	$	176,483	$	53,509	$	24,590	$	47,626	$	24,326	$	1,452,339
Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	2,186,291	$	1,205,578	$	1,119,239	$	542,295	$	486,477	$	1,103,675	$	80,379	$	6,723,934
6	416		—		1,036		14,760		5,334		21,665		—		43,211
7	4,709		2,682		11,109		9,076		4,861		35,315		20		67,772
Total real estate – commercial and farmland	$	2,191,416	$	1,208,260	$	1,131,384	$	566,131	$	496,672	$	1,160,655	$	80,399	$	6,834,917
Real Estate - Residential
Risk Grade:
Pass	$	1,171,008	$	638,232	$	329,247	$	149,990	$	108,538	$	408,240	$	217,982	$	3,023,237
6	145		66		1,106		505		356		3,717		49		5,944
7	2,405		10,167		21,239		11,376		4,597		13,970		2,050		65,804
Total real estate - residential	$	1,173,558	$	648,465	$	351,592	$	161,871	$	113,491	$	425,927	$	220,081	$	3,094,985
Total Loans
Risk Grade:
Pass	$	5,955,415	$	2,693,326	$	1,886,100	$	981,400	$	879,708	$	1,838,522	$	1,379,853	$	15,614,324
6	7,278		615		2,535		30,976		6,068		29,469		2,015		78,956
7	26,571		15,173		36,798		24,850		12,568		57,766		7,252		180,978
Total loans	$	5,989,264	$	2,709,114	$	1,925,433	$	1,037,226	$	898,344	$	1,925,757	$	1,389,120	$	15,874,258

Troubled Debt Restructurings

The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the Company has granted a concession. Concessions may include interest rate reductions to below market

15

interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses.

The Company’s policy requires a restructure request to be supported by a current, well-documented credit evaluation of the borrower’s financial condition and a collateral evaluation that is no older than six months from the date of the restructure. Key factors of that evaluation include the documentation of current, recurring cash flows, support provided by the guarantor(s) and the current valuation of the collateral. If the appraisal in the file is older than six months, an evaluation must be made as to the continued reasonableness of the valuation. For certain income-producing properties, current rent rolls and/or other income information can be utilized to support the appraisal valuation, when coupled with documented cap rates within our markets and a physical inspection of the collateral to validate the current condition.

The Company’s policy states that in the event a loan has been identified as a troubled debt restructuring, it should be assigned a grade of substandard until such time the borrower has demonstrated the ability to service the loan payments based on the restructured terms – generally defined as six months of satisfactory payment history. Missed payments under the original loan terms are not considered under the new structure; however, subsequent missed payments are considered non-performance and are not considered toward the six month required term of satisfactory payment history.

In the normal course of business, the Company renews loans with a modification of the interest rate or terms that are not deemed to be troubled debt restructurings because the borrower is not experiencing financial difficulty. The Company modified loans in the first three months of 2022 and 2021 totaling $132.0 million and $118.0 million, respectively, under such parameters.

As of March 31, 2022 and December 31, 2021, the Company had a balance of $50.0 million and $76.6 million, respectively, in troubled debt restructurings. The Company has recorded $654,000 in previous charge-offs on such loans at each of March 31, 2022 and December 31, 2021. The Company’s balance in the allowance for credit losses allocated to such troubled debt restructurings was $3.4 million and $10.5 million at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022, the Company did not have any commitments to lend additional funds to debtors whose terms have been modified in troubled restructurings.

The following table presents the loans by class modified as troubled debt restructurings which occurred during the three months ended March 31, 2022 and 2021. These modifications did not have a material impact on the Company’s allowance for credit losses.

	Three Months Ended March 31,
	2022			2021
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	—	$	—	4	$	463
Premium finance	5	162		—	—
Real estate – commercial and farmland	—	—		2	7,658
Real estate – residential	3	977		5	572
Total	8	$	1,139	11	$	8,693

The following table presents the outstanding balance of troubled debt restructurings by class that defaulted (defined as 30 days past due) during the three months ended March 31, 2022 and 2021. These defaults did not have a material impact on the Company's allowance for credit losses.

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	Three Months Ended March 31,
	2022			2021
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	—	$	—	3	$	56
Consumer installment	1	3		5	6
Indirect automobile	14	49		16	94
Real estate – construction and development	—	—		1	1
Real estate – commercial and farmland	2	1,569		2	5,193
Real estate – residential	18	2,793		11	809
Total	35	$	4,414	38	$	6,159

The following table presents the amount of troubled debt restructurings by loan class classified separately as accrual and nonaccrual at March 31, 2022 and December 31, 2021:

March 31, 2022	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	9	$	868	4	$	72
Consumer installment	6	13		16	31
Indirect automobile	215	893		46	221
Premium finance	5	162		—	—
Real estate – construction and development	3	725		1	11
Real estate – commercial and farmland	21	17,161		4	788
Real estate – residential	207	24,664		38	4,341
Total	466	$	44,486	109	$	5,464

December 31, 2021	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	12	$	1,286	6	$	83
Consumer installment	7	16		17	35
Indirect automobile	233	1,037		52	273
Real estate – construction and development	4	789		1	13
Real estate – commercial and farmland	25	35,575		5	5,924
Real estate – residential	213	26,879		39	4,678
Total	494	$	65,582	120	$	11,006

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 unless the Company reasonably expects to execute a troubled debt restructuring with a borrower. 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.

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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 when the Company can no longer develop reasonable and supportable forecasts.

During the three months ended March 31, 2022, the allowance for credit losses decreased due to improvement in forecasted macroeconomic factors. The allowance for credit losses was determined at March 31, 2022 using a weighting of four economic forecasts from Moody's. The Moody's baseline scenario was weighted at 15%, the downside 90th percentile S-3 scenario was weighted at 65%, the slower trend growth scenario was weighted at 10% and the stagflation scenario was weighted at 10%. The allowance for credit losses was determined at December 31, 2021 using a weighting of five economic forecasts from Moody's. The Moody's baseline scenario was weighted at 10%, the downside 75th percentile S-2 scenario was weighted at 10%, the downside 90th percentile S-3 scenario was weighted at 50%, the slower trend growth scenario was weighted at 20% and the stagflation scenario was weighted at 10%. The current forecast reflects, among other things, improvements in forecast levels of home prices, commercial real estate prices and unemployment compared with the forecast at December 31, 2021.

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 March 31, 2022
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2021	$	26,829	$	6,097	$	476	$	3,231	$	401	$	2,729
Provision for loan losses	215		789		(290)		(221)		(17)		(92)
Loans charged off	(4,414)		(1,425)		(88)		—		—		(1,369)
Recoveries of loans previously charged off	2,896		158		275		—		—		1,247
Balance, March 31, 2022	$	25,526	$	5,619	$	373	$	3,010	$	384	$	2,515
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2021	$	22,045	$	77,831	$	27,943	$	167,582
Provision for loan losses	4,568		(9,552)		1,866		(2,734)
Loans charged off	—		(1,283)		—		(8,579)
Recoveries of loans previously charged off	218		37		151		4,982
Balance, March 31, 2022	$	26,831	$	67,033	$	29,960	$	161,251

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Three Months Ended March 31, 2021
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2020	$	7,359	$	4,076	$	1,929	$	3,666	$	791	$	3,879
Provision for loan losses	2,575		5,806		(528)		(145)		(1)		442
Loans charged off	(2,370)		(1,448)		(829)		—		—		(1,343)
Recoveries of loans previously charged off	727		356		700		—		—		1,122
Balance, March 31, 2021	$	8,291	$	8,790	$	1,272	$	3,521	$	790	$	4,100
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2020	$	45,304	$	88,894	$	43,524	$	199,422
Provision for loan losses	(22,587)		3,671		(5,812)		(16,579)
Loans charged off	(26)		(1,395)		(163)		(7,574)
Recoveries of loans previously charged off	167		41		188		3,301
Balance, March 31, 2021	$	22,858	$	91,211	$	37,737	$	178,570

NOTE 4 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

The Company classifies the sales of securities under agreements to repurchase as short-term borrowings. The amounts received under these agreements are reflected as a liability in the Company’s consolidated balance sheets and the securities underlying these agreements are included in investment securities in the Company’s consolidated balance sheets. At March 31, 2022 and December 31, 2021, all securities sold under agreements to repurchase mature on a daily basis. The market value of the securities fluctuates on a daily basis due to market conditions. The Company monitors the market value of the securities underlying these agreements on a daily basis and is required to transfer additional securities if the market value falls below the repurchase agreement price. The Company maintains an unpledged securities portfolio that it believes is sufficient to protect against a decline in the market value of the securities sold under agreements to repurchase.

The following is a summary of the Company’s securities sold under agreements to repurchase at March 31, 2022 and December 31, 2021:

(dollars in thousands)	March 31, 2022		December 31, 2021
Securities sold under agreements to repurchase	$	2,065	$	5,845

At March 31, 2022 and December 31, 2021 the investment securities underlying these agreements included state, county and municipal securities and mortgage-backed securities.

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NOTE 5 – OTHER BORROWINGS

Other borrowings consist of the following:

(dollars in thousands)	March 31, 2022		December 31, 2021
FHLB borrowings:
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208%	$	15,000	$	15,000
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445%	15,000		15,000
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606%	15,000		15,000
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55%	1,397		1,400
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55%	967		969
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%	1,385		1,421
Subordinated notes payable:
Subordinated notes payable due June 1, 2026, net of unaccreted purchase accounting fair value adjustment of $— and $500, respectively; fixed interest rate of 5.50%	—		50,500
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $649 and $681, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616%	74,351		74,319
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,862 and $1,923, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94%	118,138		118,077
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $997 and $1,028, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63%	75,997		76,028
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,715 and $1,766, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753%	108,285		108,234
Securitzation Facilities:
Equipment contract backed notes, Series 2018-1 (BCC XIV) due on various dates through 2025 and bear a weighted-average interest rate of 5.11%	—		19,199
Equipment contract backed notes, Series 2019-1 (BCC XVI) due on various dates through 2027 and bear a weighted-average interest rate of 2.84%	—		139,329
Equipment contract backed notes, Series 2020-1 (BCC XVII) due on various dates through 2027 and bear a weighted-average interest rate of 1.48%	—		105,403
	$	425,520	$	739,879

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 March 31, 2022, $4.23 billion was available for borrowing on lines with the FHLB.

As of March 31, 2022, the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $127.0 million.

The Bank also participates in the Federal Reserve discount window borrowings program. At March 31, 2022, the Bank had $2.80 billion of loans pledged at the Federal Reserve discount window and had $2.18 billion available for borrowing.

NOTE 6 – ACCUMULATED OTHER COMPREHENSIVE INCOME

Accumulated other comprehensive income for the Company consists of changes in net unrealized gains and losses on investment 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.

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The following table presents a summary of the accumulated other comprehensive income balances as well as changes in each of the respective components, net of tax, for the periods indicated:

(dollars in thousands)	Unrealized Gain (Loss) on Securities		Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31, 2022
Balance, December 31, 2021	$	15,590	$	15,590
Current year changes, net of tax	(17,431)		(17,431)
Balance, March 31, 2022	$	(1,841)	$	(1,841)
Three Months Ended March 31, 2021
Balance, December 31, 2020	$	33,505	$	33,505
Current year changes, net of tax	(7,415)		(7,415)
Balance, March 31, 2021	$	26,090	$	26,090

NOTE 7 – WEIGHTED AVERAGE SHARES OUTSTANDING

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

	Three Months Ended March 31,
(share data in thousands)	2022	2021
Average common shares outstanding	69,346	69,392
Common share equivalents:
Stock options	31	81
Nonvested restricted share grants	167	172
Performance stock units	117	96
Average common shares outstanding, assuming dilution	69,661	69,741

For the three-month periods ended March 31, 2022 and 2021, there were no outstanding options exerciseable for common shares with strike prices that would cause the underlying shares to be anti-dilutive.

NOTE 8 – 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)	March 31, 2022		December 31, 2021
Mortgage loans held for sale	$	899,009	$	1,247,997
SBA loans held for sale	2,541		6,635
Total loans held for sale	$	901,550	$	1,254,632

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

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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.

A net loss of $43.9 million resulting from changes in fair value of these mortgage loans was recorded in income during the three months ended March 31, 2022. For the three months ended March 31, 2021, a net loss of $25.1 million resulting from changes in fair value of these mortgage loans was recorded in income. A net gain of $26.0 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 was recorded in income during the three months ended March 31, 2022. For the three months ended March 31, 2021, a net gain of $27.5 million resulting from changes in the fair value of the related derivative financial instruments was 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 March 31, 2022 and December 31, 2021:

(dollars in thousands)	March 31, 2022		December 31, 2021
Aggregate fair value of mortgage loans held for sale	$	899,009	$	1,247,997
Aggregate unpaid principal balance of mortgage loans held for sale	906,552		1,211,646
Past-due loans of 90 days or more	466		746
Nonaccrual loans	466		746
Unpaid principal balance of nonaccrual loans	475		718

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 March 31, 2022 and December 31, 2021:

(dollars in thousands)	March 31, 2022		December 31, 2021
Aggregate fair value of SBA loans held for sale	$	2,541	$	6,635
Aggregate unpaid principal balance of SBA loans held for sale	2,427		5,825
Past-due loans of 90 days or more	—		—
Nonaccrual loans	—		—

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.

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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 March 31, 2022 and December 31, 2021:

	Recurring Basis Fair Value Measurements
	March 31, 2022
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial assets:
Investment securities available-for-sale:
U.S. government sponsored agencies	$	7,072	$	—	$	7,072	$	—
State, county and municipal securities	43,844		—		43,844		—
Corporate debt securities	28,178		—		26,828		1,350
SBA pool securities	36,949		—		36,949		—
Mortgage-backed securities	463,161		—		463,161		—
Loans held for sale	901,550		—		901,550		—
Mortgage banking derivative instruments	37,182		—		37,182		—
Total recurring assets at fair value	$	1,517,936	$	—	$	1,516,586	$	1,350

	Recurring Basis Fair Value Measurements
	December 31, 2021
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial assets:
Investment securities available-for-sale:
U.S. government sponsored agencies	$	7,172	$	—	$	7,172	$	—
State, county and municipal securities	47,812		—		47,812		—
Corporate debt securities	28,496		—		27,116		1,380
SBA pool securities	45,201		—		45,201		—
Mortgage-backed securities	463,940		—		463,940		—
Loans held for sale	1,254,632		—		1,254,632		—
Mortgage banking derivative instruments	11,940		—		11,940		—
Total recurring assets at fair value	$	1,859,193	$	—	$	1,857,813	$	1,380
Financial liabilities:
Mortgage banking derivative instruments	$	710	$	—	$	710	$	—
Total recurring liabilities at fair value	$	710	$	—	$	710	$	—

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 March 31, 2022 and December 31, 2021:

	Nonrecurring Basis Fair Value Measurements
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
March 31, 2022
Collateral-dependent loans	$	25,510	$	—	$	—	$	25,510
Other real estate owned	399		—		—		399
Mortgage servicing rights	232,236		—		—		232,236
Total nonrecurring assets at fair value	$	258,145	$	—	$	—	$	258,145
December 31, 2021
Collateral-dependent loans	$	44,181	$	—	$	—	$	44,181
Mortgage servicing rights	206,944		—		—		206,944
Total nonrecurring assets at fair value	$	251,125	$	—	$	—	$	251,125

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

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For the three months ended March 31, 2022 and the year ended December 31, 2021, 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
March 31, 2022
Recurring:
Debt securities available-for-sale	$	1,350	Discounted par values	Discount rate	10.0%	10.0%
Nonrecurring:
Collateral-dependent loans	$	25,510	Third-party appraisals and discounted cash flows	Collateral discounts and discount rates	0% - 50%	34%
Other real estate owned	$	399	Third-party appraisals and sales contracts	Collateral discounts and estimated costs to sell	15% - 47%	21%
Mortgage servicing rights	$	232,236	Discounted cash flows	Discount rate	10% - 11%	10%
				Prepayment speed	5% - 23%	8%
December 31, 2021
Recurring:
Debt securities available-for-sale	$	1,380	Discounted par values	Discount Rate	8.0%	8.0%
Nonrecurring:
Collateral-dependent loans	$	44,181	Third-party appraisals and discounted cash flows	Collateral discounts and discount rates	0% - 50%	39%
Mortgage servicing rights	$	206,944	Discounted cash flows	Discount rate	9% - 10%	9%
				Prepayment speed	10% - 40%	13%

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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
			March 31, 2022
(dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	257,316	$	257,316	$	—	$	—	$	257,316
Federal funds sold and interest-bearing accounts	3,541,144		3,541,144		—		—		3,541,144
Debt securities held-to-maturity	91,454		—		82,489		—		82,489
Loans, net	15,957,040		—		—		15,927,461		15,927,461
Accrued interest receivable	53,036		—		2,598		50,438		53,036
Financial liabilities:
Deposits	19,588,441		—		19,590,158		—		19,590,158
Securities sold under agreements to repurchase	2,065		2,065		—		—		2,065
Other borrowings	425,520		—		431,131		—		431,131
Subordinated deferrable interest debentures	126,827		—		117,196		—		117,196
Accrued interest payable	6,121		—		6,121		—		6,121

			Fair Value Measurements
			December 31, 2021
(dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	307,813	$	307,813	$	—	$	—	$	307,813
Federal funds sold and interest-bearing accounts	3,756,844		3,756,844		—		—		3,756,844
Debt securities held-to-maturity	79,850		—		78,206		—		78,206
Loans, net	15,662,495		—		—		15,509,410		15,509,410
Accrued interest receivable	56,917		—		2,373		54,544		56,917
Financial liabilities:
Deposits	19,665,553		—		19,667,612		—		19,667,612
Securities sold under agreements to repurchase	5,845		5,845		—		—		5,845
Other borrowings	739,879		—		760,829		—		760,829
Subordinated deferrable interest debentures	126,328		—		117,764		—		117,764
Accrued interest payable	4,313		—		4,313		—		4,313

NOTE 9 – COMMITMENTS AND CONTINGENCIES

Loan Commitments

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. A summary of the Company’s commitments is as follows:

(dollars in thousands)	March 31, 2022		December 31, 2021
Commitments to extend credit	$	4,817,539	$	4,328,749
Unused home equity lines of credit	284,144		272,029
Financial standby letters of credit	31,440		36,184
Mortgage interest rate lock commitments	520,939		417,126

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

25

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 three months ended March 31, 2022 and the year ended December 31, 2021.

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

	Three Months Ended March 31,
(dollars in thousands)	2022		2021
Balance at beginning of period	$	33,185	$	32,854
Provision for unfunded commitments	9,009		(11,839)
Balance at end of period	$	42,194	$	21,015

Other Commitments

As of March 31, 2022, letters of credit issued by the FHLB totaling $420.0 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 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 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.

COVID-19

The COVID-19 pandemic has caused significant and unprecedented economic dislocation in the United States. As a result of the pandemic, many commercial customers experienced varying levels of disruptions or restrictions on their business activities, and many consumers experienced interrupted income or unemployment. We have outstanding loans to borrowers in certain industries that have been particularly susceptible to the effects of the pandemic, such as hotels, restaurants and other retail businesses. Given the ongoing and dynamic nature of the circumstances, it remains difficult to predict the full impact of the COVID-19 pandemic on our business. The United States government has taken steps to attempt to mitigate some of the more severe anticipated economic effects of the pandemic, including the passage of the CARES Act and subsequent legislation, but

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there can be no assurance that such steps will be sufficiently effective or achieve their desired results on a long-term basis. The extent of such impact from the COVID-19 pandemic and related mitigation efforts will depend on future developments, which remain uncertain, including, but not limited to, the potential for a resurgence or additional waves or variants of the coronavirus, actions to contain or treat the virus and how quickly normal economic and operating conditions resume in a sustainable manner. This could cause a material, adverse effect on the Company’s business, financial condition and results of operations, including increases in loan delinquencies, problem assets and foreclosures; decreases in the value of collateral securing our loans; increases in our allowance for credit losses; and decreases in the value of our intangible assets.

NOTE 10 – SEGMENT REPORTING

The Company has the following 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 months ended March 31, 2022 and 2021:

	Three Months Ended March 31, 2022
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	129,290	$	32,832	$	6,813	$	6,780	$	7,659	$	183,374
Interest expense	(4,455)		13,537		366		769		613		10,830
Net interest income	133,745		19,295		6,447		6,011		7,046		172,544
Provision for credit losses	5,226		1,587		(222)		(143)		(217)		6,231
Noninterest income	21,364		61,649		1,401		2,491		6		86,911
Noninterest expense
Salaries and employee benefits	49,195		31,614		283		1,271		1,918		84,281
Occupancy and equipment	11,074		1,471		1		99		82		12,727
Data processing and communications expenses	11,230		1,172		47		28		95		12,572
Other expenses	20,045		12,645		218		380		952		34,240
Total noninterest expense	91,544		46,902		549		1,778		3,047		143,820
Income before income tax expense	58,339		32,455		7,521		6,867		4,222		109,404
Income tax expense	16,996		6,815		1,579		1,442		874		27,706
Net income	$	41,343	$	25,640	$	5,942	$	5,425	$	3,348	$	81,698
Total assets	$	17,409,973	$	4,197,613	$	703,558	$	313,219	$	935,929	$	23,560,292
Goodwill	957,847		—		—		—		64,498		1,022,345
Other intangible assets, net	109,604		—		—		—		11,153		120,757

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	Three Months Ended March 31, 2021
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	112,379	$	30,199	$	10,327	$	18,034	$	7,011	$	177,950
Interest expense	(437)		11,215		421		1,399		375		12,973
Net interest income	112,816		18,984		9,906		16,635		6,636		164,977
Provision for credit losses	(23,904)		(4,553)		(145)		(547)		558		(28,591)
Noninterest income	16,738		97,640		980		2,611		4		117,973
Noninterest expense
Salaries and employee benefits	42,723		49,838		330		1,382		1,712		95,985
Occupancy and equipment	10,120		1,476		1		106		78		11,781
Data processing and communications expenses	10,201		1,546		49		1		87		11,884
Other expenses	19,710		8,189		33		295		921		29,148
Total noninterest expense	82,754		61,049		413		1,784		2,798		148,798
Income (loss) before income tax expense	70,704		60,128		10,618		18,009		3,284		162,743
Income tax expense (benefit)	18,456		12,627		2,230		3,782		686		37,781
Net income (loss)	$	52,248	$	47,501	$	8,388	$	14,227	$	2,598	$	124,962
Total assets	$	14,591,933	$	4,086,210	$	886,004	$	1,055,068	$	807,912	$	21,427,127
Goodwill	863,507		—		—		—		64,498		928,005
Other intangible assets, net	53,745		—		—		—		14,103		67,848

NOTE 11 – 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 portfolios of residential mortgage, SBA and indirect automobile loans serviced for others. 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)	March 31, 2022		December 31, 2021
Loan Servicing Rights
Residential mortgage	$	232,236	$	206,944
SBA	5,384		5,556
Total loan servicing rights	$	237,620	$	212,500

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-months ended March 31, 2022, the Company recorded servicing fee income of $17.1 million. During the three-months ended March 31, 2021, the Company recorded servicing fee income of $10.1 million. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

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

(dollars in thousands)	Three Months Ended March 31,
Residential mortgage servicing rights	2022		2021
Beginning carrying value, net	$	206,944	$	130,630
Additions	21,701		21,867
Amortization	(6,062)		(7,484)
Recoveries	9,653		9,733
Ending carrying value, net	$	232,236	$	154,746

(dollars in thousands)	Three Months Ended March 31,
Residential mortgage servicing valuation allowance	2022		2021
Beginning balance	$	25,782	$	39,407
Recoveries	(9,653)		(9,733)
Ending balance	$	16,129	$	29,674

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)	March 31, 2022			December 31, 2021
Residential mortgage servicing rights
Unpaid principal balance of loans serviced for others	$	17,534,847		$	16,786,442
Composition of residential loans serviced for others:
FHLMC	21.85		%	21.88		%
FNMA	60.44		%	60.26		%
GNMA	17.71		%	17.86		%
Total	100.00		%	100.00		%
Weighted average term (months)	342			341
Weighted average age (months)	21			20
Modeled prepayment speed	8.35		%	12.96		%
Decline in fair value due to a 10% adverse change	(8,521)			(8,368)
Decline in fair value due to a 20% adverse change	(16,149)			(16,157)
Weighted average discount rate	9.77		%	8.77		%
Decline in fair value due to a 10% adverse change	(10,222)			(6,984)
Decline in fair value due to a 20% adverse change	(19,270)			(13,504)

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.

SBA Loans

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.

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During the three-months ended March 31, 2022, the Company recorded servicing fee income of $876,000. During the three-months ended March 31, 2021, the Company recorded servicing fee income of $1.0 million. 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 SBA loan servicing rights and valuation allowance:

(dollars in thousands)	Three Months Ended March 31,
SBA servicing rights	2022		2021
Beginning carrying value, net	$	5,556	$	5,839
Additions	538		230
Amortization	(710)		(529)
Recoveries	—		905
Ending carrying value, net	$	5,384	$	6,445

(dollars in thousands)	Three Months Ended March 31,
SBA servicing valuation allowance	2022		2021
Beginning balance	$	—	$	905
Recoveries	—		(905)
Ending balance	$	—	$	—

(dollars in thousands)	March 31, 2022			December 31, 2021
SBA servicing rights
Unpaid principal balance of loans serviced for others	$	407,006		$	410,167
Weighted average life (in years)	3.67			3.65
Modeled prepayment speed	17.54		%	17.68		%
Decline in fair value due to a 10% adverse change	(316)			(291)
Decline in fair value due to a 20% adverse change	(602)			(557)
Weighted average discount rate	10.19		%	11.92		%
Decline in fair value due to a 100 basis point adverse change	(159)			(144)
Decline in fair value due to a 200 basis point adverse change	(310)			(282)

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 SBA 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.

Indirect Automobile Loans

The Company previously acquired a portfolio of indirect automobile loans serviced for others. These loans, or portions of loans, were sold on a servicing retained basis. 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. The Company is not actively originating or selling indirect automobile loans.

(dollars in thousands)	Three Months Ended March 31,
Indirect automobile servicing rights	2022		2021
Beginning carrying value, net	$	—	$	73
Amortization	—		(44)
Ending carrying value, net	$	—	$	29

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During the three-months ended March 31, 2022, the Company recorded servicing fee income of $83,000. During the three-months ended March 31, 2021, the Company recorded servicing fee income of $206,000. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

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

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements made in this report are “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, uncertainties and other factors, many of which may be beyond our control and which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “predict,” “could,” “intend,” “target,” “potential” and other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; competitive pressures on product pricing and services; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; additional competition in our markets; changes in state and federal banking laws and regulations to which we are subject; financial market conditions and the results of financing efforts; changes in commodity prices and interest rates; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; weather events, natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control; and other factors discussed in our filings with the Securities and Exchange Commission (the “SEC”) under the Exchange Act.

All written or oral forward-looking statements that are made by or are attributable to us are expressly qualified in their entirety by this cautionary notice. Our forward-looking statements apply only as of the date of this report or the respective date of the document from which they are incorporated herein by reference. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date of this report, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise.

Overview

The following is management’s discussion and analysis of certain significant factors which have affected the financial condition and results of operations of the Company as reflected in the unaudited consolidated balance sheet as of March 31, 2022, as compared with December 31, 2021, and operating results for the three-month periods ended March 31, 2022 and 2021. These comments should be read in conjunction with the Company’s unaudited consolidated financial statements and accompanying notes appearing elsewhere herein.

This discussion contains certain performance measures determined by methods other than in accordance with GAAP. Management of the Company uses these non-GAAP measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Non-GAAP measures include adjusted net income and adjusted net income per diluted share. The Company calculates the regulatory capital ratios using current regulatory report instructions. The Company’s management uses these measures to assess the quality of capital and believes that investors may find them useful in their evaluation of the Company. These capital measures may or may not be necessarily comparable to similar capital measures that may be presented by other companies.

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Critical Accounting Policies

There have been no significant changes to our critical accounting policies from those disclosed in our 2021 Annual Report on Form 10-K. The reader should refer to the notes to our consolidated financial statements in our 2021 Annual Report on Form 10-K for a full disclosure of all critical accounting policies.

Results of Operations for the Three Months Ended March 31, 2022 and 2021

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders of $81.7 million, or $1.17 per diluted share, for the quarter ended March 31, 2022, compared with $125.0 million, or $1.79 per diluted share, for the same period in 2021. The Company’s return on average assets and average shareholders’ equity were 1.42% and 11.06%, respectively, in the first quarter of 2022, compared with 2.44% and 18.80%, respectively, in the first quarter of 2021. During the first quarter of 2022, the Company recorded pre-tax merger and conversion charges of $977,000, pre-tax servicing right impairment recovery of $9.7 million and pre-tax gains on bank premises of $6,000. During the first quarter of 2021, the Company recorded pre-tax servicing right impairment recovery of $10.6 million, pre-tax gain on BOLI proceeds of $603,000 and pre-tax gains on bank premises of $264,000. Excluding these adjustment items, the Company’s net income would have been $75.0 million, or $1.08 per diluted share, for the first quarter of 2022 and $115.7 million, or $1.66 per diluted share, for the first quarter of 2021.

Below is a reconciliation of adjusted net income to net income, as discussed above.

	Three Months Ended March 31,
(in thousands, except share and per share data)	2022		2021
Net income	$	81,698	$	124,962
Adjustment items:
Merger and conversion charges	977		—
Servicing right impairment (recovery)	(9,654)		(10,639)
Gain on BOLI proceeds	—		(603)
Gain on bank premises	(6)		(264)
Tax effect of adjustment items (Note 1)	2,024		2,290
After tax adjustment items	(6,659)		(9,216)
Adjusted net income	$	75,039	$	115,746
Weighted average common shares outstanding - diluted	69,660,990		69,740,860
Net income per diluted share	$	1.17	$	1.79
Adjusted net income per diluted share	$	1.08	$	1.66
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 three months ended March 31, 2022 is nondeductible for tax purposes.

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Below is additional information regarding the retail banking activities, mortgage banking activities, warehouse lending activities, SBA activities and premium finance activities of the Company during the first quarter of 2022 and 2021, respectively:

	Three Months Ended March 31, 2022
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	129,290	$	32,832	$	6,813	$	6,780	$	7,659	$	183,374
Interest expense	(4,455)		13,537		366		769		613		10,830
Net interest income	133,745		19,295		6,447		6,011		7,046		172,544
Provision for credit losses	5,226		1,587		(222)		(143)		(217)		6,231
Noninterest income	21,364		61,649		1,401		2,491		6		86,911
Noninterest expense
Salaries and employee benefits	49,195		31,614		283		1,271		1,918		84,281
Occupancy and equipment	11,074		1,471		1		99		82		12,727
Data processing and communications expenses	11,230		1,172		47		28		95		12,572
Other expenses	20,045		12,645		218		380		952		34,240
Total noninterest expense	91,544		46,902		549		1,778		3,047		143,820
Income before income tax expense	58,339		32,455		7,521		6,867		4,222		109,404
Income tax expense	16,996		6,815		1,579		1,442		874		27,706
Net income	$	41,343	$	25,640	$	5,942	$	5,425	$	3,348	$	81,698

	Three Months Ended March 31, 2021
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium Finance Division		Total
Interest income	$	112,379	$	30,199	$	10,327	$	18,034	$	7,011	$	177,950
Interest expense	(437)		11,215		421		1,399		375		12,973
Net interest income	112,816		18,984		9,906		16,635		6,636		164,977
Provision for credit losses	(23,904)		(4,553)		(145)		(547)		558		(28,591)
Noninterest income	16,738		97,640		980		2,611		4		117,973
Noninterest expense
Salaries and employee benefits	42,723		49,838		330		1,382		1,712		95,985
Occupancy and equipment	10,120		1,476		1		106		78		11,781
Data processing and communications expenses	10,201		1,546		49		1		87		11,884
Other expenses	19,710		8,189		33		295		921		29,148
Total noninterest expense	82,754		61,049		413		1,784		2,798		148,798
Income before income tax expense	70,704		60,128		10,618		18,009		3,284		162,743
Income tax expense	18,456		12,627		2,230		3,782		686		37,781
Net income	$	52,248	$	47,501	$	8,388	$	14,227	$	2,598	$	124,962

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Net Interest Income and Margins

The following table sets forth the average balance, interest income or interest expense, and average interest rate for each category of interest-earning assets and interest-bearing liabilities, net interest spread, and net interest margin on average interest-earning assets for the three months ended March 31, 2022 and 2021. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

	Quarter Ended March 31,
	2022					2021
(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	$	3,413,238	$	1,383	0.16%	$	2,165,652	$	534	0.10%
Investment securities	700,975		4,474		2.59%	957,575		6,296		2.67%
Loans held for sale	1,097,098		8,132		3.01%	1,284,821		10,827		3.42%
Loans	15,821,397		170,398		4.37%	14,453,975		161,473		4.53%
Total interest-earning assets	21,032,708		184,387		3.56%	18,862,023		179,130		3.85%
Noninterest-earning assets	2,242,946					1,872,392
Total assets	$	23,275,654				$	20,734,415
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings and interest-bearing demand deposits	$	9,899,418	$	2,600	0.11%	$	8,766,563	$	3,048	0.14%
Time deposits	1,774,016		1,492		0.34%	2,067,410		3,750		0.74%
Federal funds purchased and securities sold under agreements to repurchase	4,020		3		0.30%	9,284		7		0.31%
FHLB advances	48,786		190		1.58%	48,951		192		1.59%
Other borrowings	443,657		5,164		4.72%	376,260		4,638		5.00%
Subordinated deferrable interest debentures	126,563		1,381		4.43%	124,574		1,338		4.36%
Total interest-bearing liabilities	12,296,460		10,830		0.36%	11,393,042		12,973		0.46%
Demand deposits	7,658,451					6,412,268
Other liabilities	326,091					234,100
Shareholders’ equity	2,994,652					2,695,005
Total liabilities and shareholders’ equity	$	23,275,654				$	20,734,415
Interest rate spread					3.20%					3.39%
Net interest income			$	173,557				$	166,157
Net interest margin					3.35%					3.57%

On a tax-equivalent basis, net interest income for the first quarter of 2022 was $173.6 million, an increase of $7.4 million, or 4.5%, compared with $166.2 million reported in the same quarter in 2021. The higher net interest income is a result of growth in interest earning assets complemented by disciplined deposit repricing and a reduction in borrowing costs. Average interest earning assets increased $2.17 billion, or 11.5%, from $18.86 billion in the first quarter of 2021 to $21.03 billion for the first quarter of 2022. This growth in interest earning assets resulted primarily from organic loan growth, loans acquired from Balboa Capital and excess liquidity from deposit growth. The Company’s net interest margin during the first quarter of 2022 was 3.35%, down 22 basis points from 3.57% reported in the first quarter of 2021. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to $4.7 billion during the first quarter of 2022, with weighted average yields of 3.63%, compared with $7.5 billion and 3.15%, respectively, during the first quarter of 2021. Loan production in the banking division amounted to $805.5 million during the first quarter of 2022, with weighted average yields of 5.17%, compared with $600.6 million and 3.80%, respectively, during the first quarter of 2021.

Total interest income, on a tax-equivalent basis, increased to $184.4 million during the first quarter of 2022, compared with $179.1 million in the same quarter of 2021.  Yields on earning assets decreased to 3.56% during the first quarter of 2022, compared with 3.85% reported in the first quarter of 2021. During the first quarter of 2022, loans comprised 80.4% of average earning assets, compared with 83.4% in the same quarter of 2021. Yields on loans decreased to 4.37% in the first quarter of 2022, compared with 4.53% in the same period of 2021. Accretion income for the first quarter of 2022 was $1.0 million, compared with $6.1 million in the first quarter of 2021.

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The yield on total interest-bearing liabilities decreased from 0.46% in the first quarter of 2021 to 0.36% in the first quarter of 2022. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 0.22% in the first quarter of 2022, compared with 0.30% during the first quarter of 2021. Deposit costs decreased from 0.16% in the first quarter of 2021 to 0.09% in the first quarter of 2022. Non-deposit funding costs decreased from 4.48% in the first quarter of 2021 to 4.39% in the first quarter of 2022. Average balances of interest bearing deposits and their respective costs for the first quarter of 2022 and 2021 are shown below:

	Three Months Ended March 31, 2022			Three Months Ended March 31, 2021
(dollars in thousands)	Average Balance		Average Cost	Average Balance		Average Cost
NOW	$	3,684,772	0.09%	$	3,182,245	0.12%
MMDA	5,240,922		0.13%	4,761,279		0.17%
Savings	973,724		0.06%	823,039		0.06%
Retail CDs	1,774,016		0.34%	2,066,410		0.73%
Brokered CDs	—		—%	1,000		2.43%
Interest-bearing deposits	$	11,673,434	0.14%	$	10,833,973	0.25%

Provision for Credit Losses

The Company’s provision for credit losses during the first quarter of 2022 amounted to $6.2 million, compared with a provision reversal of $28.6 million in the first quarter of 2021. This increase was attributable to primarily due to growth in unfunded commitments. The provision for credit losses for the first quarter of 2022 was comprised of negative $2.7 million related to loans, $9.0 million related to unfunded commitments and negative $44,000 related to other credit losses, compared with negative $16.6 million related to loans, negative $11.8 million related to unfunded commitments and negative $173,000 related to other credit losses for the first quarter of 2021. Non-performing assets as a percentage of total assets increased from 0.43% at December 31, 2021 to 0.47% at March 31, 2022. The increase in non-performing assets is attributable to an increase in nonaccruing loans as a result of rebooked GNMA loans which the Company has the right, but not the obligation, to repurchase, partially offset by a decrease in accruing loans past due 90 days or greater and continued success with OREO sales. The Company recognized net charge-offs on loans during the first quarter of 2022 of approximately $3.6 million, or 0.09% of average loans on an annualized basis, compared with net charge-offs of approximately $4.3 million, or 0.12%, in the first quarter of 2021. The Company’s total allowance for credit losses on loans at March 31, 2022 was $161.3 million, or 1.00% of total loans, compared with $167.6 million, or 1.06% of total loans, at December 31, 2021. This decrease is primarily attributable to the provision release noted above and year-to-date net charge-offs.

Noninterest Income

Total noninterest income for the first quarter of 2022 was $86.9 million, a decrease of $31.1 million, or 26.3%, from the $118.0 million reported in the first quarter of 2021.  Income from mortgage-related activities was $62.9 million in the first quarter of 2022, a decrease of $35.5 million, or 36.1%, from $98.5 million in the first quarter of 2021. Total production in the first quarter of 2022 amounted to $1.53 billion, compared with $2.64 billion in the same quarter of 2021, while spread (gain on sale) decreased to 2.94% in the current quarter, compared with 3.95% in the same quarter of 2021. The retail mortgage open pipeline finished the first quarter of 2022 at $1.41 billion, compared with $1.62 billion at December 31, 2021 and $2.33 billion at the end of the first quarter of 2021. Service charges on deposit accounts increased $229,000, or 2.1%, to $11.1 million in the first quarter of 2022, compared with $10.8 million in the first quarter of 2021. This increase in service charges on deposit accounts is due primarily to an increase in volume, particularly in business accounts.

Other noninterest income increased $4.3 million, or 56.8%, to $12.0 million for the first quarter of 2022, compared with $7.7 million during the first quarter of 2021. The increase in other noninterest income was primarily attributable to fee income from Balboa of $3.7 million and an increase in gains on sales of SBA loans of $1.1 million, partially offset by a decrease in gain on BOLI proceeds of $603,000.

Noninterest Expense

Total noninterest expense for the first quarter of 2022 decreased $5.0 million, or 3.3%, to $143.8 million, compared with $148.8 million in the same quarter 2021. Salaries and employee benefits decreased $11.7 million, or 12.2%, from $96.0 million in the first quarter of 2021 to $84.3 million in the first quarter of 2022, due primarily to decreases in variable compensation tied to mortgage production of $16.3 million, partially offset by salaries and employee benefits related to Balboa of $6.7 million. Occupancy and equipment expenses increased $946,000, or 8.0%, to $12.7 million for the first quarter of 2022, compared with

36

$11.8 million in the first quarter of 2021, due primarily to additional expenses related to Balboa. Data processing and communications expenses increased $688,000, or 5.8%, to $12.6 million in the first quarter of 2022, compared with $11.9 million in the first quarter of 2021. Advertising and marketing expense was $2.0 million in the first quarter of 2022, compared with $1.4 million in the first quarter of 2021. Amortization of intangible assets increased $1.1 million, or 25.6%, from $4.1 million in the first quarter of 2021 to $5.2 million in the first quarter of 2022. This increase was primarily related to intangibles from the acquisition of Balboa Capital Corporation in December 2021, partially offset by a reduction in core deposit intangible amortization. There were $977,000 of merger and conversion charges in the first quarter of 2022, compared with no such charges in the same quarter of 2021. Loan servicing expenses increased $3.0 million, or 51.2%, from $5.9 million in the first quarter of 2021 to $8.9 million in the first quarter of 2022, primarily attributable to additional mortgage loans serviced resulting from strong mortgage production over the previous year. Other noninterest expenses increased $1.0 million, or 5.8%, from $17.1 million in the first quarter of 2021 to $18.1 million in the first quarter of 2022, due primarily to an increase of $1.7 million in legal fees and an increase in insurance expense to the Federal Deposit Insurance Corporation (the "FDIC") of $935,000. These increases in other noninterest expenses were partially offset by a decrease in other losses of $752,000 and an increase in net gains on OREO of $798,000.

Income Taxes

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses.  For the first quarter of 2022, the Company reported income tax expense of $27.7 million, compared with $37.8 million in the same period of 2021. The Company’s effective tax rate for the three months ending March 31, 2022 and 2021 was 25.3% and 23.2%, respectively. The increase in the effective tax rate is primarily a result of a discrete charge to the Company's state tax liability and an increase in nondeductible merger expenses in the first quarter of 2022.

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Financial Condition as of March 31, 2022

Securities

Debt securities classified as available-for-sale are recorded at fair value with unrealized holding gains and losses excluded from earnings and reported in accumulated other comprehensive income, net of the related deferred tax effect. Securities available-for-sale may be bought and sold in response to changes in market conditions, including, but not limited to, fluctuations in interest rates, changes in securities' prepayment risk, increases in loan demand, general liquidity needs and positioning the portfolio to take advantage of market conditions that create more economically attractive returns. Debt securities are classified as held-to-maturity based on management's positive intent and ability to hold such securities to maturity and are carried at amortized cost. Restricted equity securities are classified as other investment securities and are carried at cost and are periodically evaluated for impairment based on the ultimate recovery of par value or cost basis.

The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the expected life of the securities. Realized gains and losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. 

Management and the Company’s 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. If credit-related impairment exists, the Company recognizes an allowance for credit losses, limited to the amount by which the fair value is less than the amortized cost basis. Any impairment not recognized through an allowance for credit losses is recognized in other comprehensive income, net of tax, as a non credit-related impairment. The Company does not intend to sell these available-for-sale investment securities at an unrealized loss position at March 31, 2022, 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 March 31, 2022, management determined that none was attributable to credit impairment and, accordingly, no allowance for credit losses was established.

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

The following table is a summary of our investment portfolio at the dates indicated:

	March 31, 2022				December 31, 2021
(dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Securities available-for-sale
U.S. government sponsored agencies	$	7,067	$	7,072	$	7,084	$	7,172
State, county and municipal securities	43,416		43,844		45,470		47,812
Corporate debt securities	27,897		28,178		27,897		28,496
SBA pool securities	37,863		36,949		44,312		45,201
Mortgage-backed securities	465,291		463,161		448,124		463,940
Total debt securities available-for-sale	$	581,534	$	579,204	$	572,887	$	592,621
Securities held-to-maturity
State, county and municipal securities	$	13,905	$	11,678	$	8,905	$	8,711
Mortgage-backed securities	77,549		70,811		70,945		69,495
Total debt securities held-to-maturity	$	91,454	$	82,489	$	79,850	$	78,206

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The amounts of securities available-for-sale and held-to-maturity in each category as of March 31, 2022 are shown in the following table according to contractual maturity classifications: (i) one year or less; (ii) after one year through five years; (iii) after five years through ten years; and (iv) after ten years:

	U.S. Government Sponsored Agencies				State, County and Municipal Securities				Corporate Debt Securities
(dollars in thousands) Securities available-for-sale (1)	Amount		Yield  (2)		Amount		Yield (2)(3)		Amount		Yield  (2)
One year or less	$	6,039	1.89	%	$	4,450	3.10	%	$	500	3.03	%
After one year through five years	1,033		2.16		14,815		3.99		500		3.88
After five years through ten years	—		—		16,010		4.00		25,371		5.26
After ten years	—		—		8,569		3.81		1,807		4.31
	$	7,072	1.93	%	$	43,844	3.87	%	$	28,178	5.13	%
	SBA Pool Securities				Mortgage-Backed Securities
(dollars in thousands) Securities available-for-sale (1)	Amount		Yield  (2)		Amount		Yield  (2)
One year or less	$	457	2.06	%	$	3,026	1.31	%
After one year through five years	9,853		2.10		91,083		2.77
After five years through ten years	2,671		3.04		152,532		2.85
After ten years	23,968		2.49		216,520		2.66
	$	36,949	2.42	%	$	463,161	2.74	%
	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	—		—		11,738		1.02
After five years through ten years	—		—		15,986		1.62
After ten years	13,905		2.73		49,825		1.78
	$	13,905	2.73	%	$	77,549	1.63	%

(1)The amortized cost and fair value of debt securities are presented based on contractual maturities. Actual cash flows may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties.

(2)Yields were computed using coupon interest, adding discount accretion or subtracting premium amortization, as appropriate, on a ratable basis over the life of each security. The weighted average yield for each maturity range was computed using the amortized cost of each security in that range.

(3)Yields on securities of state and political subdivisions are stated on a taxable-equivalent basis, using a tax rate of 21%.

Loans and Allowance for Credit Losses

At March 31, 2022, gross loans outstanding (including loans and loans held for sale) were $17.05 billion, down $83.5 million from $17.13 billion reported at December 31, 2021. Loans increased $269.5 million, or 1.70%, from $15.87 billion at December 31, 2021 to $16.14 billion at March 31, 2022, driven primarily by organic growth. Loans held for sale decreased from $1.25 billion at December 31, 2021 to $901.6 million at March 31, 2022 primarily in our mortgage division.

The Company regularly monitors the composition of the loan portfolio to evaluate the adequacy of the allowance for credit losses ("ACL") on loans in light of the impact that changes in the economic environment may have on the loan portfolio. The Company focuses on the following loan categories: (1) commercial, financial and agricultural; (2) consumer installment; (3) indirect automobile; (4) mortgage warehouse; (5) municipal; (6) premium finance; (7) construction and development related real estate; (8) commercial and farmland real estate; and (9) residential real estate. The Company’s management has strategically located its branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina to take advantage of the growth in these areas.

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The Company’s risk management processes include a loan review program designed to evaluate the credit risk in the loan portfolio and ensure credit grade accuracy. Through the loan review process, the Company conducts (1) a loan portfolio summary analysis, (2) charge-off and recovery analysis, (3) trends in accruing problem loan analysis, and (4) problem and past-due loan analysis. This analysis process serves as a tool to assist management in assessing the overall quality of the loan portfolio and the adequacy of the ACL. Loans classified as “substandard” are loans which are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses and/or questionable collateral values. Loans classified as “doubtful” are those loans that have characteristics similar to substandard loans but have an increased risk of loss. Loans classified as “loss” are those loans which are considered uncollectible and are in the process of being charged off.

The Company estimates the ACL on loans based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of ACL, except for loans modified under the Disaster Relief Program.

Expected credit losses are reflected in the ACL through a charge to credit loss expense. When the Company deems all or a portion of a financial asset to be uncollectible the appropriate amount is written off and the ACL is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no later than when all efforts at collection have been exhausted. Subsequent recoveries, if any, are credited to the ACL when received.

The Company measures expected credit losses of financial assets on a collective (pool) basis, when the financial assets share similar risk characteristics. Depending on the nature of the pool of financial assets with similar risk characteristics, the Company currently uses the DCF method or the PD×LGD method which may be adjusted for qualitative factors.

The Company’s methodologies for estimating the ACL 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 financial assets with similar risk characteristics for which the historical loss experience was observed. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters when the Company can no longer develop reasonable and supportable forecasts.

At the end of the first quarter of 2022, the ACL on loans totaled $161.3 million, or 1.00% of loans, compared with $167.6 million, or 1.06% of loans, at December 31, 2021. Our nonaccrual loans increased from $85.3 million at December 31, 2021 to $102.6 million at March 31, 2022. The increase in nonaccrual loans is attributable to rebooked GNMA loans which the Company has the right, but not the obligation, to repurchase. For the first three months of 2022, our net charge off ratio as a percentage of average loans decreased to 0.09%, compared with 0.12% for the first three months of 2021. The total provision for credit losses for the first three months of 2022 was $6.2 million, decreasing from a provision release of $28.6 million recorded for the first three months of 2021. Our ratio of total nonperforming assets to total assets increased from 0.43% at December 31, 2021 to 0.47% at March 31, 2022.

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The following table presents an analysis of the allowance for credit losses on loans, provision for credit losses on loans and net charge-offs as of and for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
(dollars in thousands)	2022		2021
Balance of allowance for credit losses on loans at beginning of period	$	167,582	$	199,422
Provision charged to operating expense	(2,734)		(16,579)
Charge-offs:
Commercial, financial and agricultural	4,414		2,370
Consumer installment	1,425		1,448
Indirect automobile	88		829
Premium finance	1,369		1,343
Real estate – construction and development	—		26
Real estate – commercial and farmland	1,283		1,395
Real estate – residential	—		163
Total charge-offs	8,579		7,574
Recoveries:
Commercial, financial and agricultural	2,896		727
Consumer installment	158		356
Indirect automobile	275		700
Premium finance	1,247		1,122
Real estate – construction and development	218		167
Real estate – commercial and farmland	37		41
Real estate – residential	151		188
Total recoveries	4,982		3,301
Net charge-offs	3,597		4,273
Balance of allowance for credit losses on loans at end of period	$	161,251	$	178,570

The following table presents an analysis of the allowance for credit losses on loans and net charge-offs for loans held for investment:

	As of and for the Three Months Ended
(dollars in thousands)	March 31, 2022			March 31, 2021
Allowance for credit losses on loans at end of period	$	161,251		$	178,570
Net charge-offs for the period	3,597			4,273
Loan balances:
End of period	16,143,801			14,599,805
Average for the period	15,821,397			14,453,975
Net charge-offs as a percentage of average loans (annualized)	0.09		%	0.12		%
Allowance for credit losses on loans as a percentage of end of period loans	1.00		%	1.22		%

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Loans

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

(dollars in thousands)	March 31, 2022		December 31, 2021
Commercial, financial and agricultural	$	1,836,663	$	1,875,993
Consumer installment	173,642		191,298
Indirect automobile	214,120		265,779
Mortgage warehouse	732,375		787,837
Municipal	547,926		572,701
Premium finance	819,163		798,409
Real estate – construction and development	1,577,215		1,452,339
Real estate – commercial and farmland	6,924,475		6,834,917
Real estate – residential	3,318,222		3,094,985
	$	16,143,801	$	15,874,258

Non-Performing Assets

Non-performing assets include nonaccrual loans, accruing loans contractually past due 90 days or more, repossessed personal property, and OREO. Loans are placed on nonaccrual status when management has concerns relating to the ability to collect the principal and interest and generally when such loans are 90 days or more past due. Management performs a detailed review and valuation assessment of non-performing loans over $250,000 on a quarterly basis. When a loan is placed on nonaccrual status, any interest previously accrued but not collected is reversed against current income.

Nonaccrual loans totaled $102.6 million at March 31, 2022, an increase of $17.3 million, or 20.3%, from $85.3 million at December 31, 2021. Accruing loans delinquent 90 days or more totaled $6.6 million at March 31, 2022, a decrease of $6.1 million, or 48.0%, compared with $12.6 million at December 31, 2021. At March 31, 2022, OREO totaled $1.9 million, a decrease of $1.9 million, or 49.9%, compared with $3.8 million at December 31, 2021. Management regularly assesses the valuation of OREO through periodic reappraisal and through inquiries received in the marketing process.  At the end of the first quarter of 2022, total non-performing assets as a percent of total assets increased to 0.47% compared with 0.43% at December 31, 2021.

Non-performing assets at March 31, 2022 and December 31, 2021 were as follows:

(dollars in thousands)	March 31, 2022		December 31, 2021
Nonaccrual loans	$	102,597	$	85,266
Accruing loans delinquent 90 days or more	6,583		12,648
Repossessed assets	139		84
Other real estate owned	1,910		3,810
Total non-performing assets	$	111,229	$	101,808

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Troubled Debt Restructurings

The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the Company has granted a concession.

As of March 31, 2022 and December 31, 2021, the Company had a balance of $50.0 million and $76.6 million, respectively, in troubled debt restructurings. These totals do not include COVID-19 loan modifications accounted for under Section 4013 of the CARES Act. The following table presents the amount of troubled debt restructurings by loan class classified separately as accrual and nonaccrual at March 31, 2022 and December 31, 2021:

March 31, 2022	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	9	$	868	4	$	72
Consumer installment	6	13		16	31
Indirect automobile	215	893		46	221
Premium finance	5	162		—	—
Real estate – construction and development	3	725		1	11
Real estate – commercial and farmland	21	17,161		4	788
Real estate – residential	207	24,664		38	4,341
Total	466	$	44,486	109	$	5,464

December 31, 2021	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	12	$	1,286	6	$	83
Consumer installment	7	16		17	35
Indirect automobile	233	1,037		52	273
Real estate – construction and development	4	789		1	13
Real estate – commercial and farmland	25	35,575		5	5,924
Real estate – residential	213	26,879		39	4,678
Total	494	$	65,582	120	$	11,006

The following table presents the amount of troubled debt restructurings by loan class classified separately as those currently paying under restructured terms and those that have defaulted (defined as 30 days past due) under restructured terms at March 31, 2022 and December 31, 2021:

March 31, 2022	Loans Currently Paying Under Restructured Terms			Loans that have Defaulted Under Restructured Terms
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	9	$	870	4	$	70
Consumer installment	9	12		13	32
Indirect automobile	205	845		56	269
Premium finance	5	162		—	—
Real estate – construction and development	3	725		1	11
Real estate – commercial and farmland	22	16,333		3	1,616
Real estate – residential	197	22,117		48	6,888
Total	450	$	41,064	125	$	8,886

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December 31, 2021	Loans Currently Paying Under Restructured Terms			Loans that have Defaulted Under Restructured Terms
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	11	$	1,269	7	$	100
Consumer installment	10	17		14	34
Indirect automobile	233	1,052		52	258
Real estate – construction and development	4	789		1	13
Real estate – commercial and farmland	29	41,452		1	47
Real estate – residential	215	26,956		37	4,601
Total	502	$	71,535	112	$	5,053

The following table presents the amount of troubled debt restructurings by types of concessions made, classified separately as accrual and nonaccrual at March 31, 2022 and December 31, 2021:

March 31, 2022	Accruing Loans			Non-Accruing Loans
Type of Concession	#	Balance (in thousands)		#	Balance (in thousands)
Forgiveness of interest	3	$	285	—	$	—
Forbearance of interest	15	1,138		2	61
Forbearance of principal	311	29,903		66	4,263
Rate reduction only	52	5,321		4	197
Rate reduction, forbearance of interest	31	2,209		6	314
Rate reduction, forbearance of principal	17	2,655		26	339
Rate reduction, forgiveness of interest	37	2,975		5	290
Total	466	$	44,486	109	$	5,464

December 31, 2021	Accruing Loans			Non-Accruing Loans
Type of Concession	#	Balance (in thousands)		#	Balance (in thousands)
Forgiveness of interest	3	$	287	—	$	—
Forbearance of interest	16	1,218		1	15
Forbearance of principal	332	49,778		73	9,783
Rate reduction only	55	6,321		4	200
Rate reduction, maturity extension	—	—		1	1
Rate reduction, forbearance of interest	33	2,296		6	319
Rate reduction, forbearance of principal	18	2,694		29	363
Rate reduction, forgiveness of interest	37	2,988		6	325
Total	494	$	65,582	120	$	11,006

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The following table presents the amount of troubled debt restructurings by collateral types, classified separately as accrual and nonaccrual at March 31, 2022 and December 31, 2021:

March 31, 2022	Accruing Loans			Non-Accruing Loans
Collateral Type	#	Balance (in thousands)		#	Balance (in thousands)
Warehouse	3	$	59	2	$	264
Raw land	3	1,781		2	58
Hotel and motel	2	5,534		—	—
Office	5	696		1	477
Retail, including strip centers	9	7,421		—	—
1-4 family residential	208	24,678		38	4,341
Church	2	2,391		—	—
Automobile/equipment/CD	229	1,764		66	324
Unsecured	5	162		—	—
Total	466	$	44,486	109	$	5,464

December 31, 2021	Accruing Loans			Non-Accruing Loans
Collateral Type	#	Balance (in thousands)		#	Balance (in thousands)
Warehouse	3	$	61	2	$	272
Raw land	6	3,776		1	13
Hotel and motel	4	22,069		1	4,798
Office	5	710		1	485
Retail, including strip centers	8	7,118		1	370
1-4 family residential	215	27,129		39	4,678
Church	2	2,393		—	—
Automobile/equipment/CD	251	2,326		75	390
Total	494	$	65,582	120	$	11,006

Commercial Lending Practices

The federal bank regulatory agencies previously issued interagency guidance on commercial real estate lending and prudent risk management practices. This guidance defines commercial real estate (“CRE”) loans as loans secured by raw land, land development and construction (including one-to-four family residential construction), multi-family property and non-farm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property, excluding owner-occupied properties (loans for which 50% or more of the source of repayment is derived from the ongoing operations and activities conducted by the party, or affiliate of the party, who owns the property) or the proceeds of the sale, refinancing or permanent financing of the property. Loans for owner-occupied CRE are generally excluded from the CRE guidance.

The CRE guidance is applicable when either:

(1)total loans for construction, land development, and other land, net of owner-occupied loans, represent 100% or more of a bank’s total risk-based capital; or

(2)total loans secured by multifamily and nonfarm nonresidential properties and loans for construction, land development, and other land, net of owner-occupied loans, represent 300% or more of a bank’s total risk-based capital.

Banks that are subject to the CRE guidance criteria are required to implement enhanced strategic planning, CRE underwriting policies, risk management and internal controls, portfolio stress testing, risk exposure limits, and other policies, including management compensation and incentives, to address the CRE risks. Higher allowances for loan losses and capital levels may also be appropriate.

As of March 31, 2022, the Company exhibited a concentration in the CRE loan category based on Federal Reserve Call codes. The primary risks of CRE lending are:

(1)within CRE loans, construction and development loans are somewhat dependent upon continued strength in demand for residential real estate, which is reliant on favorable real estate mortgage rates and changing population demographics;

45

(2)on average, CRE loan sizes are generally larger than non-CRE loan types; and

(3)certain construction and development loans may be less predictable and more difficult to evaluate and monitor.

The following table outlines CRE loan categories and CRE loans as a percentage of total loans as of March 31, 2022 and December 31, 2021. The loan categories and concentrations below are based on Federal Reserve Call codes:

	March 31, 2022			December 31, 2021
(dollars in thousands)	Balance		% of Total Loans	Balance		% of Total Loans
Construction and development loans	$	1,577,215	10%	$	1,452,339	9%
Multi-family loans	674,332		4%	596,000		4%
Nonfarm non-residential loans (excluding owner-occupied)	4,332,499		27%	4,341,436		27%
Total CRE Loans (excluding owner-occupied)	6,584,046		41%	6,389,775		40%
All other loan types	9,559,755		59%	9,484,483		60%
Total Loans	$	16,143,801	100%	$	15,874,258	100%

The following table outlines the percentage of construction and development loans and total CRE loans, net of owner-occupied loans, to the Bank’s total risk-based capital, and the Company’s internal concentration limits as of March 31, 2022 and December 31, 2021:

	Internal Limit	Actual
		March 31, 2022	December 31, 2021
Construction and development loans	100%	67%	64%
Total CRE loans (excluding owner-occupied)	300%	281%	283%

Short-Term Investments

The Company’s short-term investments are comprised of federal funds sold and interest-bearing deposits in banks. At March 31, 2022, the Company’s short-term investments were $3.54 billion, compared with $3.76 billion at December 31, 2021. At March 31, 2022, the Company had $20.0 million in federal funds sold and $3.52 billion was in interest-bearing deposit balances at correspondent banks and the Federal Reserve Bank of Atlanta.

Derivative Instruments and Hedging Activities

The Company has forward contracts and IRLCs to hedge changes in the value of the mortgage inventory due to changes in market interest rates. The fair value of these instruments amounted to an asset of $37.2 million and $11.9 million at March 31, 2022 and December 31, 2021, respectively, and a liability of $0 and $710,000 at March 31, 2022 and December 31, 2021, respectively.

Capital

Common Stock Repurchase Program

On September 19, 2019, the Company announced that its Board of Directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock through October 31, 2020. On October 22, 2020 and again on October 28, 2021, the Company announced that its Board of Directors had approved the extension of the share repurchase program for an additional year in each instance. As a result, the Company is currently authorized to engage in repurchases through October 31, 2022.  Repurchases of shares must be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. As of March 31, 2022, $36.7 million, or 834,753 shares of the Company's common stock, had been repurchased under the program.

Capital Management

Capital management consists of providing equity to support both current and anticipated future operations. The capital resources of the Company are monitored on a periodic basis by state and federal regulatory authorities.

46

Under the regulatory capital frameworks adopted by the Federal Reserve Board (the "FRB") and the FDIC, the Company and the Bank must each maintain a common equity Tier 1 capital to total risk-weighted assets ratio of at least 4.5%, a Tier 1 capital to total risk-weighted assets ratio of at least 6%, a total capital to total risk-weighted assets ratio of at least 8% and a leverage ratio of Tier 1 capital to average total consolidated assets of at least 4%. The Company and the Bank are also required to maintain a capital conservation buffer of common equity Tier 1 capital of at least 2.5% of risk-weighted assets in addition to the minimum risk-based capital ratios in order to avoid certain restrictions on capital distributions and discretionary bonus payments.

In March 2020, the Office of the Comptroller of the Currency, the FRB and the FDIC issued an interim final rule that delays the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule provides banking organizations that implement CECL in 2020 the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. As a result, the Company and Bank elected the five-year transition relief allowed under the interim final rule effective March 31, 2020.

As of March 31, 2022, under the regulatory capital standards, the Bank was considered “well capitalized” under all capital measurements. The following table sets forth the regulatory capital ratios of for the Company and the Bank at March 31, 2022 and December 31, 2021:

	March 31, 2022	December 31, 2021
Tier 1 Leverage Ratio (tier 1 capital to average assets)
Consolidated	8.71%	8.63%
Ameris Bank	9.69%	9.50%
CET1 Ratio (common equity tier 1 capital to risk weighted assets)
Consolidated	10.47%	10.46%
Ameris Bank	11.66%	11.50%
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets)
Consolidated	10.47%	10.46%
Ameris Bank	11.66%	11.50%
Total Capital Ratio (total capital to risk weighted assets)
Consolidated	13.81%	13.78%
Ameris Bank	12.73%	12.45%

Interest Rate Sensitivity and Liquidity

The Company’s primary market risk exposures are credit risk, interest rate risk, and to a lesser degree, liquidity risk. The Bank operates under an Asset Liability Management Policy approved by the Company’s Board of Directors and the ALCO Committee. The policy outlines limits on interest rate risk in terms of changes in net interest income and changes in the net market values of assets and liabilities over certain changes in interest rate environments. These measurements are made through a simulation model which projects the impact of changes in interest rates on the Bank’s assets and liabilities. The policy also outlines responsibility for monitoring interest rate risk, and the process for the approval, implementation and monitoring of interest rate risk strategies to achieve the Bank’s interest rate risk objectives.

The ALCO Committee is comprised of senior officers of Ameris. The ALCO Committee makes all strategic decisions with respect to the sources and uses of funds that may affect net interest income, including net interest spread and net interest margin. The objective of the ALCO Committee is to identify the interest rate, liquidity and market value risks of the Company’s balance sheet and use reasonable methods approved by the Company’s Board of Directors and executive management to minimize those identified risks.

The normal course of business activity exposes the Company to interest rate risk. Interest rate risk is managed within an overall asset and liability framework for the Company. The principal objectives of asset and liability management are to predict the sensitivity of net interest spreads to potential changes in interest rates, control risk and enhance profitability. Funding positions are kept within predetermined limits designed to properly manage risk and liquidity. The Company employs sensitivity analysis in the form of a net interest income simulation to help characterize the market risk arising from changes in interest rates. In addition, fluctuations in interest rates usually result in changes in the fair market value of the Company’s financial instruments, cash flows and net interest income. The Company’s interest rate risk position is managed by the ALCO Committee.

47

The Company uses a simulation modeling process to measure interest rate risk and evaluate potential strategies. Interest rate scenario models are prepared using software created and licensed from an outside vendor. The Company’s simulation includes all financial assets and liabilities. Simulation results quantify interest rate risk under various interest rate scenarios. Management then develops and implements appropriate strategies. The ALCO Committee has determined that an acceptable level of interest rate risk would be for net interest income to increase/decrease no more than 20% given a change in selected interest rates of 200 basis points over any 24-month period.

Liquidity management involves the matching of the cash flow requirements of customers, who may be either depositors desiring to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs, and the ability of Ameris to manage those requirements. The Company strives to maintain an adequate liquidity position by managing the balances and maturities of interest-earning assets and interest-bearing liabilities so that the balance it has in short-term assets at any given time will adequately cover any reasonably anticipated immediate need for funds. Additionally, the Bank maintains relationships with correspondent banks, which could provide funds on short notice, if needed. The Company has invested in FHLB stock for the purpose of establishing credit lines with the FHLB. The credit availability to the Bank is equal to 30% of the Bank’s total assets as reported on the most recent quarterly financial information submitted to the regulators subject to the pledging of sufficient collateral. At March 31, 2022 and December 31, 2021, the net carrying value of the Company’s other borrowings was $425.5 million and $739.9 million, respectively.

The following liquidity ratios compare certain assets and liabilities to total deposits or total assets:

	March 31, 2022	December 31, 2021	September 30, 2021	June 30, 2021	March 31, 2021
Investment securities available-for-sale to total deposits	2.96%	3.01%	3.63%	4.26%	4.81%
Loans (net of unearned income) to total deposits	82.41%	80.72%	78.71%	80.96%	81.67%
Interest-earning assets to total assets	90.43%	90.56%	91.20%	90.79%	91.15%
Interest-bearing deposits to total deposits	59.82%	60.46%	59.56%	61.75%	61.93%

The liquidity resources of the Company are monitored continuously by the ALCO Committee and on a periodic basis by state and federal regulatory authorities. As determined under guidelines established by these regulatory authorities, the Company’s and the Bank’s liquidity ratios at March 31, 2022 were considered satisfactory. The Company is aware of no events or trends likely to result in a material change in liquidity.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The Company is exposed only to U.S. dollar interest rate changes, and, accordingly, the Company manages exposure by considering the possible changes in the net interest margin. The Company does not have any trading instruments nor does it classify any portion of the investment portfolio as held for trading. The Company’s hedging activities are limited to cash flow hedges and are part of the Company’s program to manage interest rate sensitivity.

The Company also had forward contracts and IRLCs to hedge changes in the value of the mortgage inventory due to changes in market interest rates. The fair value of these instruments amounted to an asset of approximately $37.2 million and $11.9 million at March 31, 2022 and December 31, 2021, respectively, and a liability of $0 and $710,000 at March 31, 2022 and December 31, 2021, respectively.

The Company has no exposure to foreign currency exchange rate risk, commodity price risk and other market risks.

Interest rates play a major part in the net interest income of a financial institution. The sensitivity to rate changes is known as “interest rate risk.” The repricing of interest-earning assets and interest-bearing liabilities can influence the changes in net interest income. As part of the Company’s asset/liability management program, the timing of repriced assets and liabilities is referred to as “gap management.”

The Company uses simulation analysis to monitor changes in net interest income due to changes in market interest rates. The simulation of rising, declining and flat interest rate scenarios allows management to monitor and adjust interest rate sensitivity to minimize the impact of market interest rate swings. The analysis of the impact on net interest income over a 12-month and 24-month period is subjected to gradual and parallel shocks of 100, 200, 300 and 400 basis point increases and decreases in market rates and is monitored on a quarterly basis.

Additional information required by Item 305 of Regulation S-K is set forth under Part I, Item 2 of this report.

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Item 4. Controls and Procedures.

The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of the end of the period covered by this report, as required by paragraph (b) of Rules 13a-15 or 15d-15 of the Exchange Act. Based on such evaluation, such officers have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective.

During the quarter ended March 31, 2022, there was no change in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 of the Exchange Act that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

49

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

Disclosure concerning legal proceedings can be found in Part I - "Financial Information, Item 1. Financial Statements, Notes to Unaudited Consolidated Financial Statements, Note 9 – Commitments and Contingencies" under the caption, "Litigation and Regulatory Contingencies," which is incorporated herein by reference.

Item 1A. Risk Factors.

There have been no material changes to the risk factors disclosed in Item 1A. of Part I of our Annual Report on Form 10-K for the year ended December 31, 2021.

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

c) Issuer Purchases of Equity Securities.

The table below sets forth information regarding the Company’s repurchase of shares of its outstanding common stock during the three-month period ended March 31, 2022. 

Period	Total Number of Shares Purchased(2)	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(1)
January 1, 2022 through January 31, 2022	18,273	$	48.16	18,273	$	77,056,853
February 1, 2022 through February 28, 2022	42,847	$	50.09	—	$	77,056,853
March 1, 2022 through March 31, 2022	304,220	$	46.70	294,587	$	63,310,664
Total	365,340	$	47.17	312,860	$	63,310,664

(1)On September 19, 2019, the Company announced that its Board of Directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock through October 31, 2020.  On October 22, 2020 and again on October 28, 2021, the Company announced that its Board of Directors had approved the extension of the share repurchase program for an additional year in each instance. As a result, the Company is currently authorized to engage in repurchases through October 31, 2022. Repurchases of shares must be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. As of March 31, 2022, $36.7 million, or 834,753 shares of the Company's common stock, had been repurchased under the new program.

(2)The shares purchased from February 1, 2022 through February 28, 2022 and March 1, 2022 through March 31, 2022 include 42,847 and 9,633 shares of common stock, respectively, surrendered to the Company in payment of the income tax withholding obligations relating to the vesting of shares of restricted stock.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits.

Exhibit Number	Description
3.1	Articles of Incorporation of Ameris Bancorp, as amended (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Regulation A Offering Statement on Form 1-A filed with the SEC on August 14, 1987).
3.2	Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.7 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 26, 1999).
3.3	Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.9 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 31, 2003).
3.4	Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 1, 2005).
3.5	Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on November 21, 2008).
3.6	Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on June 1, 2011).
3.7	Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.7 to Ameris Bancorp's Quarterly Report on Form 10-Q filed with the SEC on August 10, 2020).
3.8	Bylaws of Ameris Bancorp, as amended and restated through June 11, 2020 (incorporated by reference to Exhibit 3.8 to Ameris Bancorp's Quarterly Report on Form 10-Q filed with the SEC on August 10, 2020).
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.

51

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Dated: May 6, 2022	AMERIS BANCORP
	/s/ Nicole S. Stokes
	Nicole S. Stokes
	Chief Financial Officer (duly authorized signatory and principal accounting and financial officer)

52

EX-31.1

Exhibit 31.1

CERTIFICATION

I, H. Palmer Proctor, Jr., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2022, of Ameris Bancorp;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 6, 2022	/s/ H. Palmer Proctor, Jr.
	H. Palmer Proctor, Jr.
	Chief Executive Officer
	(principal executive officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Nicole S. Stokes, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2022, of Ameris Bancorp;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 6, 2022	/s/ Nicole S. Stokes
	Nicole S. Stokes, Chief Financial Officer
	(principal accounting and financial officer)

EX-32.1

Exhibit 32.1

SECTION 1350 CERTIFICATION

I, H. Palmer Proctor, Jr., Chief Executive Officer of Ameris Bancorp (the “Company”), do hereby certify, in accordance with 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Quarterly Report on Form 10-Q of the Company for the period ending March 31, 2022 (the “Periodic Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 6, 2022	/s/ H. Palmer Proctor, Jr.
	H. Palmer Proctor, Jr., Chief Executive Officer
	(principal executive officer)

EX-32.2

Exhibit 32.2

SECTION 1350 CERTIFICATION

I, Nicole S. Stokes, Executive Vice President and Chief Financial Officer of Ameris Bancorp (the “Company”), do hereby certify, in accordance with 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Quarterly Report on Form 10-Q of the Company for the period ending March 31, 2022 (the “Periodic Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 6, 2022	/s/ Nicole S. Stokes
	Nicole S. Stokes,
	Chief Financial Officer
	(principal accounting and financial officer)

XML

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-13901
Entity Registrant Name	AMERIS BANCORP
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-1456434
Entity Address, Address Line One	3490 Piedmont Rd N.E., Suite 1550
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30305
City Area Code	(404)
Local Phone Number	639-6500
Title of 12(b) Security	Common Stock, par value $1 per share
Trading Symbol	ABCB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,435,779
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000351569
Current Fiscal Year End Date	--12-31

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Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and due from banks	$ 257,316	$ 307,813
Federal funds sold and interest-bearing deposits in banks	3,541,144	3,756,844
Cash and cash equivalents	3,798,460	4,064,657
Debt securities available-for-sale, at fair value	579,204	592,621
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $82,489 and $78,206)	91,454	79,850
Other investments	49,395	47,552
Loans held for sale, at fair value	901,550	1,254,632
Loans, net of unearned income	16,143,801	15,874,258
Allowance for credit losses	(161,251)	(167,582)
Loans, net	15,982,550	15,706,676
Other real estate owned, net	1,910	3,810
Premises and equipment, net	224,293	225,400
Goodwill	1,022,345	1,012,620
Other intangible assets, net	120,757	125,938
Cash value of bank owned life insurance	332,914	331,146
Other assets	455,460	413,419
Total assets	23,560,292	23,858,321
Deposits:
Noninterest-bearing	7,870,207	7,774,823
Interest-bearing	11,718,234	11,890,730
Total deposits	19,588,441	19,665,553
Securities sold under agreements to repurchase	2,065	5,845
Other borrowings	425,520	739,879
Subordinated deferrable interest debentures	126,827	126,328
Other liabilities	410,280	354,265
Total liabilities	20,553,133	20,891,870
Commitments and Contingencies
Shareholders’ Equity
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding	0	0
Common stock, par value $1; 200,000,000 shares authorized; 72,212,322 and 72,017,126 shares issued	72,212	72,017
Capital surplus	1,928,702	1,924,813
Retained earnings	1,077,725	1,006,436
Accumulated other comprehensive income, net of tax	(1,841)	15,590
Treasury stock, at cost, 2,773,238 and 2,407,898 shares	(69,639)	(52,405)
Total shareholders’ equity	3,007,159	2,966,451
Total liabilities and shareholders’ equity	$ 23,560,292	$ 23,858,321

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Debt securities, held-to-maturity, allowance for credit loss	$ 0	$ 0
Debt securities held-to-maturity	$ 82,489	$ 78,206
Preferred stock, stated value (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares Issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	72,212,322	72,017,126
Treasury stock, shares (in shares)	2,773,238	2,407,898

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Consolidated Statements of Income and Comprehensive Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest income
Interest and fees on loans	$ 177,566	$ 171,157
Interest on taxable securities	4,239	6,118
Interest on nontaxable securities	186	141
Interest on deposits in other banks and federal funds sold	1,383	534
Total interest income	183,374	177,950
Interest expense
Interest on deposits	4,092	6,798
Interest on other borrowings	6,738	6,175
Total interest expense	10,830	12,973
Net interest income	172,544	164,977
Provision for loan losses	(2,734)	(16,579)
Provision for unfunded commitments	9,009	(11,839)
Provision for other credit losses	(44)	(173)
Provision for credit losses	6,231	(28,591)
Net interest income after provision for credit losses	166,313	193,568
Noninterest income
Service charges on deposit accounts	11,058	10,829
Mortgage banking activity	62,938	98,486
Other service charges, commissions and fees	939	1,016
Net loss on securities	(27)	(12)
Other noninterest income	12,003	7,654
Total noninterest income	86,911	117,973
Noninterest expense
Salaries and employee benefits	84,281	95,985
Occupancy and equipment	12,727	11,781
Data processing and communications expenses	12,572	11,884
Credit resolution-related expenses	(965)	547
Advertising and marketing	1,988	1,431
Amortization of intangible assets	5,181	4,126
Merger and conversion charges	977	0
Loan servicing expense	8,919	5,900
Other noninterest expenses	18,140	17,144
Total noninterest expense	143,820	148,798
Income (loss) before income tax expense	109,404	162,743
Income tax expense	27,706	37,781
Net income	81,698	124,962
Other comprehensive income (loss)
Net unrealized holding losses arising during period on investment securities available-for-sale, net of tax benefit of $(4,633) and $(1,972)	(17,431)	(7,415)
Total other comprehensive income (loss)	(17,431)	(7,415)
Comprehensive income	$ 64,267	$ 117,547
Basic earnings per common share (in dollars per share)	$ 1.18	$ 1.80
Diluted earnings per common share (in dollars per share)	$ 1.17	$ 1.79
Weighted average common shares outstanding
Basic (in shares)	69,346	69,392
Diluted (in shares)	69,661	69,741

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Consolidated Statements of Income and Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Tax expense (benefit) from unrealized holding gain (loss) on securities arising during period	$ (4,633)	$ (1,972)

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Consolidated Statements of Shareholders’ Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Income (Loss), Net of Tax	Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2020		71,753,705				2,212,224
Balance at beginning of period at Dec. 31, 2020	$ 2,647,088	$ 71,754	$ 1,913,285	$ 671,510	$ 33,505	$ (42,966)
Issuance of restricted shares (in shares)		86,075
Issuance of restricted shares	599	$ 86	513
Proceeds from exercise of stock options (in shares)		114,308
Proceeds from exercise of stock options	3,002	$ 114	2,888
Share-based compensation	1,304		1,304
Purchase of treasury shares (in shares)						28,438
Purchase of treasury shares	(1,456)					$ (1,456)
Net income	124,962			124,962
Dividends on common stock shares	(10,488)			(10,488)
Other comprehensive income (loss) during the period	(7,415)				(7,415)
Balance at end of period (in shares) at Mar. 31, 2021		71,954,088				2,240,662
Balance at end of period at Mar. 31, 2021	2,757,596	$ 71,954	1,917,990	785,984	26,090	$ (44,422)
Balance at beginning of period (in shares) at Dec. 31, 2021		72,017,126				(2,407,898)
Balance at beginning of period at Dec. 31, 2021	2,966,451	$ 72,017	1,924,813	1,006,436	15,590	$ (52,405)
Issuance of restricted shares (in shares)		145,393
Issuance of restricted shares	1,341	$ 145	1,196
Proceeds from exercise of stock options (in shares)		49,803
Proceeds from exercise of stock options	1,445	$ 50	1,395
Share-based compensation	1,298		1,298
Purchase of treasury shares (in shares)						365,340
Purchase of treasury shares	(17,234)					$ (17,234)
Net income	81,698			81,698
Dividends on common stock shares	(10,409)			(10,409)
Other comprehensive income (loss) during the period	(17,431)				(17,431)
Balance at end of period (in shares) at Mar. 31, 2022		72,212,322				(2,773,238)
Balance at end of period at Mar. 31, 2022	$ 3,007,159	$ 72,212	$ 1,928,702	$ 1,077,725	$ (1,841)	$ (69,639)

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Consolidated Statements of Shareholders’ Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on common share (in dollars per share)	$ 0.15	$ 0.15

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Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net income	$ 81,698	$ 124,962
Adjustments reconciling net income to net cash provided by (used in) operating activities:
Depreciation	4,553	4,080
Net (gains) losses on sale or disposal of premises and equipment	37	139
Net write-downs on other assets	0	122
Provision for credit losses	6,231	(28,591)
Net write-downs and (gains) losses on sale of other real estate owned	(1,459)	(560)
Share-based compensation expense	1,499	1,753
Amortization of intangible assets	5,181	4,126
Amortization of operating lease right of use assets	2,904	2,979
Provision for deferred taxes	6,435	12,919
Net amortization of investment securities available-for-sale	392	1,121
Net amortization of investment securities held-to-maturity	26	0
Net amortization of other investments	252	0
Net loss on securities	27	12
Accretion of discount on purchased loans, net	(1,006)	(6,127)
Net amortization on other borrowings	108	112
Amortization of subordinated deferrable interest debentures	499	488
Loan servicing asset impairment (recovery)	(9,654)	(10,639)
Originations of mortgage loans held for sale	(1,220,771)	(2,340,847)
Payments received on mortgage loans held for sale	10,505	10,680
Proceeds from sales of mortgage loans held for sale	1,464,735	1,816,503
Net (gains) losses on sale of mortgage loans held for sale	22,792	(41,720)
Originations of SBA loans	(14,042)	(11,976)
Proceeds from sales of SBA loans	20,461	12,518
Net gains on sale of SBA loans	(2,325)	(1,192)
Increase in cash surrender value of bank owned life insurance	(1,768)	(814)
Gain on bank owned life insurance proceeds	0	(603)
Net gains on other loans held for sale	0	(457)
Change attributable to other operating activities	(16,887)	(13,597)
Net cash provided by (used in) operating activities	360,423	(464,609)
Investing Activities, net of effects of business combinations
Purchases of securities available-for-sale	(15,667)	0
Purchases of investment securities held-to-maturity	(12,036)	0
Proceeds from maturities and paydowns of securities available-for-sale	42,844	112,730
Proceeds from maturities and paydowns of securities held-to-maturity	406	0
Net (increase) decrease in other investments	(2,122)	570
Net increase in loans	(205,189)	(72,093)
Purchases of premises and equipment	(3,550)	(13,809)
Proceeds from sale of premises and equipment	0	930
Proceeds from sales of other real estate owned	3,524	4,048
Proceeds from bank owned life insurance	0	1,309
Payments received on other loans held for sale	0	9,136
Proceeds from sales of other loans held for sale	0	156,803
Net cash and cash equivalents paid in acquisitions	(13,237)	0
Net cash provided by (used in) investing activities	(205,027)	199,624
Financing Activities, net of effects of business combinations
Net increase (decrease) in deposits	(77,112)	918,050
Net decrease in securities sold under agreements to repurchase	(3,780)	(2,321)
Repayment of other borrowings	(314,467)	(36)
Proceeds from exercise of stock options	1,445	3,002
Dividends paid - common stock	(10,445)	(10,432)
Purchase of treasury shares	(17,234)	(1,456)
Net cash provided by (used in) financing activities	(421,593)	906,807
Net increase (decrease) in cash, cash equivalents and restricted cash	(266,197)	641,822
Cash, cash equivalents and restricted cash at beginning of period	4,064,657	2,117,306
Cash, cash equivalents and restricted cash at end of period	3,798,460	2,759,128
Cash paid during the period for:
Interest	9,022	11,335
Income taxes	204	(1)
Loans transferred to other real estate owned	165	449
Loans transferred from loans held for sale to loans held for investment	71,727	48,313
Right-of-use assets obtained in exchange for new operating lease liabilities	1,537	0
Assets acquired in business acquisitions	10,023	0
Liabilities assumed in business acquisitions	(3,214)	0
Change in unrealized gain (loss) on securities available-for-sale, net of tax	(17,431)	(7,415)
Security purchases settled in a subsequent period	$ (36,216)	$ 0

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BASIS OF PRESENTATION AND ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION AND ACCOUNTING POLICIES

NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES

Nature of Business

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 March 31, 2022, the Bank operated 165 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 period ended March 31, 2022 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, 2021.

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.

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. Restricted cash held for securitization investors, which are reported on the Company's consolidated balance sheets in cash and due from banks, was $0 and $43.0 million at March 31, 2022 and December 31, 2021, respectively.

Reclassifications

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 Pending Adoption

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 writeoffs by year of origination. ASU 2022-02 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. The amendments of ASU 2022-02 should be adopted prospectively. The amendments related to the recognition and measurement of TDRs may optionally be adopted using a modified retrospective transition method.

Early adoption is permitted. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2022-02.

ASU No. 2021-01 – Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"). ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2021-01.

ASU No. 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments, which are elective, provide expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications apply consistently for all contracts or transactions within the relevant Codification Topic, Subtopic, or Industry Subtopic that contains the guidance that otherwise would be required to be applied, while those for hedging relationships can be elected on an individual hedging relationship basis. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company has established a working committee with representatives from relevant functional areas to inventory the contracts and accounts that are tied to LIBOR and develop a transition plan for the affected items. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2020-04.

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INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

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		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2022
U.S. government sponsored agencies	$	7,067	$	17	$	(12)	$	7,072
State, county and municipal securities	43,416		727		(299)		43,844
Corporate debt securities	27,897		431		(150)		28,178
SBA pool securities	37,863		15		(929)		36,949
Mortgage-backed securities	465,291		1,733		(3,863)		463,161
Total debt securities available-for-sale	$	581,534	$	2,923	$	(5,253)	$	579,204
December 31, 2021
U.S. government sponsored agencies	$	7,084	$	88	$	—	$	7,172
State, county and municipal securities	45,470		2,342		—		47,812
Corporate debt securities	27,897		719		(120)		28,496
SBA pool securities	44,312		958		(69)		45,201
Mortgage-backed securities	448,124		15,822		(6)		463,940
Total debt securities available-for-sale	$	572,887	$	19,929	$	(195)	$	592,621

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
March 31, 2022
State, county and municipal securities	$	13,905	$	—	$	(2,227)	$	11,678
Mortgage-backed securities	77,549		—		(6,738)		70,811
Total debt securities held-to-maturity	$	91,454	$	—	$	(8,965)	$	82,489
December 31, 2021
State, county and municipal securities	$	8,905	$	4	$	(198)	$	8,711
Mortgage-backed securities	70,945		—		(1,450)		69,495
Total debt securities held-to-maturity	$	79,850	$	4	$	(1,648)	$	78,206

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of March 31, 2022, 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	$	11,390	$	11,446	$	—	$	—
Due from one year to five years	26,183		26,201		—		—
Due from five to ten years	43,452		44,052		—		—
Due after ten years	35,218		34,344		13,905		11,678
Mortgage-backed securities	465,291		463,161		77,549		70,811
	$	581,534	$	579,204	$	91,454	$	82,489

Securities with a carrying value of approximately $314.2 million and $366.7 million at March 31, 2022 and December 31, 2021, respectively, serve as collateral to secure public deposits, securities sold under agreements to repurchase 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 March 31, 2022 and December 31, 2021:

	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
March 31, 2022
U.S. government sponsored agencies	$	1,033	$	(12)	$	—	$	—	$	1,033	$	(12)
State, county and municipal securities	10,209		(299)		—		—		10,209		(299)
Corporate debt securities	—		—		1,350		(150)		1,350		(150)
SBA pool securities	32,988		(871)		2,372		(58)		35,360		(929)
Mortgage-backed securities	242,704		(3,863)		1		—		242,705		(3,863)
Total debt securities available-for-sale	$	286,934	$	(5,045)	$	3,723	$	(208)	$	290,657	$	(5,253)
December 31, 2021
Corporate debt securities	$	—	$	—	$	1,380	$	(120)	$	1,380	$	(120)
SBA pool securities	1,312		(6)		2,572		(63)		3,884		(69)
Mortgage-backed securities	5,514		(6)		1		—		5,515		(6)
Total debt securities available-for-sale	$	6,826	$	(12)	$	3,953	$	(183)	$	10,779	$	(195)

As of March 31, 2022, the Company’s available-for-sale security portfolio consisted of 426 securities, 219 of which were in an unrealized loss position. At March 31, 2022, the Company held 180 mortgage-backed securities that were in an unrealized loss

position, all of which were issued by U.S. government-sponsored entities and agencies. At March 31, 2022, the Company held 30 U.S. Small Business Administration (“SBA”) pool securities, six state, county and municipal securities, two corporate securities and one U.S. government sponsored agency security 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 March 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
March 31, 2022
State, county and municipal securities	$	11,678	$	(2,227)	$	—	$	—	$	11,678	$	(2,227)
Mortgage-backed securities	63,775		(6,738)		—		—		63,775		(6,738)
Total debt securities held-to-maturity	$	75,453	$	(8,965)	$	—	$	—	$	75,453	$	(8,965)
December 31, 2021
State, county and municipal securities	$	3,707	$	(198)	$	—	$	—	$	3,707	$	(198)
Mortgage-backed securities	69,495		(1,450)		—		—		69,495		(1,450)
Total debt securities held-to-maturity	$	73,202	$	(1,648)	$	—	$	—	$	73,202	$	(1,648)

As of March 31, 2022, the Company’s held-to-maturity security portfolio consisted of 16 securities, 15 of which were in an unrealized loss position. At March 31, 2022, the Company held 11 mortgage-backed securities and four state, county and municipal securities that were in an unrealized loss position.

During 2022 and 2021, the Company received timely and current interest and principal payments on all of the securities classified as corporate debt securities. The Company’s investments in subordinated debt include investments in regional and super-regional banks on which the Company prepares regular analysis through review of financial information and credit ratings. Investments in preferred securities are also concentrated in the preferred obligations of regional and super-regional banks through non-pooled investment structures. The Company did not have investments in “pooled” trust preferred securities at March 31, 2022 or December 31, 2021.

At March 31, 2022 and December 31, 2021, 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 March 31, 2022, 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 March 31, 2022, management determined that none were attributable to credit impairment and no allowance for credit losses was recorded. The $5.3 million in unrealized loss was determined to be from factors other than credit.

(dollars in thousands)	Three Months Ended March 31,
Allowance for credit losses	2022		2021
Beginning balance	$	—	$	112
Provision for expected credit losses	—		(11)
Ending balance	$	—	$	101

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

Total net loss on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
(dollars in thousands)	2022		2021
Unrealized holding losses on equity securities	$	(27)	$	(12)
Net loss on securities	$	(27)	$	(12)

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LOANS AND ALLOWANCE FOR CREDIT LOSSES

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

LOANS AND ALLOWANCE FOR CREDIT LOSSES

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)	March 31, 2022		December 31, 2021
Commercial, financial and agricultural	$	1,836,663	$	1,875,993
Consumer installment	173,642		191,298
Indirect automobile	214,120		265,779
Mortgage warehouse	732,375		787,837
Municipal	547,926		572,701
Premium finance	819,163		798,409
Real estate – construction and development	1,577,215		1,452,339
Real estate – commercial and farmland	6,924,475		6,834,917
Real estate – residential	3,318,222		3,094,985
	$	16,143,801	$	15,874,258

Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets totaling $50.6 million and $54.8 million at March 31, 2022 and December 31, 2021, respectively. The Company recorded an allowance for credit losses of $170,000 and $214,000 related to deferred interest on loans modified under its Disaster Relief Program at March 31, 2022 and December 31, 2021, respectively.

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)	March 31, 2022		December 31, 2021
Commercial, financial and agricultural	$	13,198	$	14,214
Consumer installment	561		476
Indirect automobile	706		947
Real estate – construction and development	847		492
Real estate – commercial and farmland	10,891		15,365
Real estate – residential	76,394		53,772
	$	102,597	$	85,266

There was no interest income recognized on nonaccrual loans during the three months ended March 31, 2022 and 2021.

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

(dollars in thousands)	March 31, 2022		December 31, 2021
Commercial, financial and agricultural	$	—	$	164
Premium finance	289		—
Real estate – construction and development	304		209
Real estate – commercial and farmland	3,553		2,061
Real estate – residential	4,785		7,942
	$	8,931	$	10,376

The following table presents an analysis of past-due loans as of March 31, 2022 and December 31, 2021:

(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
March 31, 2022
Commercial, financial and agricultural	$	5,422	$	1,708	$	11,500	$	18,630	$	1,818,033	$	1,836,663	$	1,153
Consumer installment	1,555		555		791		2,901		170,741		173,642		412
Indirect automobile	502		137		462		1,101		213,019		214,120		—
Mortgage warehouse	—		—		—		—		732,375		732,375		—
Municipal	—		—		—		—		547,926		547,926		—
Premium finance	5,872		4,620		4,728		15,220		803,943		819,163		4,727
Real estate – construction and development	26,729		468		972		28,169		1,549,046		1,577,215		287
Real estate – commercial and farmland	5,772		3,080		3,383		12,235		6,912,240		6,924,475		4
Real estate – residential	26,603		8,045		66,709		101,357		3,216,865		3,318,222		—
Total	$	72,455	$	18,613	$	88,545	$	179,613	$	15,964,188	$	16,143,801	$	6,583
December 31, 2021
Commercial, financial and agricultural	$	3,431	$	2,005	$	12,017	$	17,453	$	1,858,540	$	1,875,993	$	1,165
Consumer installment	1,786		871		891		3,548		187,750		191,298		584
Indirect automobile	772		185		473		1,430		264,349		265,779		—
Mortgage warehouse	—		—		—		—		787,837		787,837		—
Municipal	—		—		—		—		572,701		572,701		—
Premium finance	6,992		4,340		9,134		20,466		777,943		798,409		9,134
Real estate – construction and development	16,601		1,398		2,190		20,189		1,432,150		1,452,339		1,758
Real estate – commercial and farmland	6,713		1,150		5,924		13,787		6,821,130		6,834,917		7
Real estate – residential	17,729		4,266		49,839		71,834		3,023,151		3,094,985		—
Total	$	54,024	$	14,215	$	80,468	$	148,707	$	15,725,551	$	15,874,258	$	12,648

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:

	March 31, 2022				December 31, 2021
(dollars in thousands)	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial, financial and agricultural	$	2,261	$	852	$	2,613	$	723
Premium finance	289		—		2,989		30
Real estate – construction and development	304		—		1,432		45
Real estate – commercial and farmland	11,466		795		33,332		6,646
Real estate – residential	14,826		1,989		11,712		453
	$	29,146	$	3,636	$	52,078	$	7,897

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.

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 March 31, 2022 and December 31, 2021. 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 no loans risk graded 9 at March 31, 2022 or December 31, 2021.

As of March 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	$	208,664	$	764,033	$	240,671	$	163,163	$	99,436	$	70,393	$	261,941	$	1,808,301
6	—		167		92		93		156		2,551		541		3,600
7	7,008		1,055		1,245		3,654		1,725		7,043		3,032		24,762
Total commercial, financial and agricultural	$	215,672	$	765,255	$	242,008	$	166,910	$	101,317	$	79,987	$	265,514	$	1,836,663
Consumer Installment
Risk Grade:
Pass	$	18,541	$	21,321	$	51,632	$	32,530	$	24,305	$	18,621	$	5,259	$	172,209
6	—		—		—		—		—		133		5		138
7	7		71		133		310		193		446		135		1,295
Total consumer installment	$	18,548	$	21,392	$	51,765	$	32,840	$	24,498	$	19,200	$	5,399	$	173,642
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	—	$	17,396	$	86,176	$	108,956	$	—	$	212,528
6	—		—		—		—		8		25		—		33
7	—		—		—		52		293		1,214		—		1,559
Total indirect automobile	$	—	$	—	$	—	$	17,448	$	86,477	$	110,195	$	—	$	214,120
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	732,375	$	732,375
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	732,375	$	732,375
Municipal
Risk Grade:
Pass	$	2,184	$	43,031	$	213,311	$	13,860	$	5,119	$	270,421	$	—	$	547,926
Total municipal	$	2,184	$	43,031	$	213,311	$	13,860	$	5,119	$	270,421	$	—	$	547,926
Premium Finance
Risk Grade:
Pass	$	411,397	$	402,635	$	214	$	—	$	—	$	189	$	—	$	814,435
7	—		4,728		—		—		—		—		—		4,728
Total premium finance	$	411,397	$	407,363	$	214	$	—	$	—	$	189	$	—	$	819,163
Real Estate – Construction and Development
Risk Grade:
Pass	$	167,646	$	863,262	$	261,650	$	147,418	$	16,040	$	65,629	$	22,118	$	1,543,763
6	1,221		9,210		484		—		6,798		1,276		—		18,989
7	—		378		211		7		12,872		995		—		14,463
Total real estate – construction and development	$	168,867	$	872,850	$	262,345	$	147,425	$	35,710	$	67,900	$	22,118	$	1,577,215

As of March 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	$	439,047	$	2,079,527	$	1,203,580	$	1,074,253	$	514,681	$	1,464,276	$	66,390	$	6,841,754
6	—		—		—		—		676		22,416		—		23,092
7	—		4,798		2,595		5,587		9,610		37,020		19		59,629
Total real estate – commercial and farmland	$	439,047	$	2,084,325	$	1,206,175	$	1,079,840	$	524,967	$	1,523,712	$	66,409	$	6,924,475
Real Estate - Residential
Risk Grade:
Pass	$	284,325	$	1,205,153	$	606,135	$	308,373	$	136,724	$	474,015	$	211,941	$	3,226,666
6	64		143		65		1,092		495		3,909		48		5,816
7	33		6,629		18,465		24,112		12,197		22,538		1,766		85,740
Total real estate - residential	$	284,422	$	1,211,925	$	624,665	$	333,577	$	149,416	$	500,462	$	213,755	$	3,318,222
Total Loans
Risk Grade:
Pass	$	1,531,804	$	5,378,962	$	2,577,193	$	1,756,993	$	882,481	$	2,472,500	$	1,300,024	$	15,899,957
6	1,285		9,520		641		1,185		8,133		30,310		594		51,668
7	7,048		17,659		22,649		33,722		36,890		69,256		4,952		192,176
Total loans	$	1,540,137	$	5,406,141	$	2,600,483	$	1,791,900	$	927,504	$	2,572,066	$	1,305,570	$	16,143,801

As of December 31, 2021	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2021		2020		2019		2018		2017		Prior				Total
Commercial, Financial and Agricultural
Risk Grade:
Pass	$	903,630	$	279,037	$	188,810	$	118,613	$	50,737	$	40,376	$	262,951	$	1,844,154
6	190		—		393		427		368		1,832		1,961		5,171
7	9,216		1,268		4,098		1,472		2,566		6,019		2,029		26,668
Total commercial, financial and agricultural	$	913,036	$	280,305	$	193,301	$	120,512	$	53,671	$	48,227	$	266,941	$	1,875,993
Consumer Installment
Risk Grade:
Pass	$	35,781	$	59,221	$	37,195	$	27,266	$	9,787	$	11,021	$	9,437	$	189,708
6	—		—		—		—		—		135		5		140
7	59		283		290		216		103		405		94		1,450
Total consumer installment	$	35,840	$	59,504	$	37,485	$	27,482	$	9,890	$	11,561	$	9,536	$	191,298
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	20,276	$	101,969	$	90,294	$	51,468	$	—	$	264,007
6	—		—		—		24		10		19		—		53
7	—		—		55		234		384		1,046		—		1,719
Total indirect automobile	$	—	$	—	$	20,331	$	102,227	$	90,688	$	52,533	$	—	$	265,779

As of December 31, 2021	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2021		2020		2019		2018		2017		Prior				Total
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	787,837	$	787,837
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	787,837	$	787,837
Municipal
Risk Grade:
Pass	$	44,727	$	219,385	$	14,831	$	5,494	$	109,040	$	179,224	$	—	$	572,701
Total municipal	$	44,727	$	219,385	$	14,831	$	5,494	$	109,040	$	179,224	$	—	$	572,701
Premium Finance
Risk Grade:
Pass	$	787,884	$	1,059	$	26	$	—	$	302	$	4	$	—	$	789,275
7	9,039		95		—		—		—		—		—		9,134
Total premium finance	$	796,923	$	1,154	$	26	$	—	$	302	$	4	$	—	$	798,409
Real Estate – Construction and Development
Risk Grade:
Pass	$	826,094	$	290,814	$	176,476	$	35,773	$	24,533	$	44,514	$	21,267	$	1,419,471
6	6,527		549		—		15,260		—		2,101		—		24,437
7	1,143		678		7		2,476		57		1,011		3,059		8,431
Total real estate – construction and development	$	833,764	$	292,041	$	176,483	$	53,509	$	24,590	$	47,626	$	24,326	$	1,452,339
Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	2,186,291	$	1,205,578	$	1,119,239	$	542,295	$	486,477	$	1,103,675	$	80,379	$	6,723,934
6	416		—		1,036		14,760		5,334		21,665		—		43,211
7	4,709		2,682		11,109		9,076		4,861		35,315		20		67,772
Total real estate – commercial and farmland	$	2,191,416	$	1,208,260	$	1,131,384	$	566,131	$	496,672	$	1,160,655	$	80,399	$	6,834,917
Real Estate - Residential
Risk Grade:
Pass	$	1,171,008	$	638,232	$	329,247	$	149,990	$	108,538	$	408,240	$	217,982	$	3,023,237
6	145		66		1,106		505		356		3,717		49		5,944
7	2,405		10,167		21,239		11,376		4,597		13,970		2,050		65,804
Total real estate - residential	$	1,173,558	$	648,465	$	351,592	$	161,871	$	113,491	$	425,927	$	220,081	$	3,094,985
Total Loans
Risk Grade:
Pass	$	5,955,415	$	2,693,326	$	1,886,100	$	981,400	$	879,708	$	1,838,522	$	1,379,853	$	15,614,324
6	7,278		615		2,535		30,976		6,068		29,469		2,015		78,956
7	26,571		15,173		36,798		24,850		12,568		57,766		7,252		180,978
Total loans	$	5,989,264	$	2,709,114	$	1,925,433	$	1,037,226	$	898,344	$	1,925,757	$	1,389,120	$	15,874,258

Troubled Debt Restructurings

The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the Company has granted a concession. Concessions may include interest rate reductions to below market

interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses.

The Company’s policy requires a restructure request to be supported by a current, well-documented credit evaluation of the borrower’s financial condition and a collateral evaluation that is no older than six months from the date of the restructure. Key factors of that evaluation include the documentation of current, recurring cash flows, support provided by the guarantor(s) and the current valuation of the collateral. If the appraisal in the file is older than six months, an evaluation must be made as to the continued reasonableness of the valuation. For certain income-producing properties, current rent rolls and/or other income information can be utilized to support the appraisal valuation, when coupled with documented cap rates within our markets and a physical inspection of the collateral to validate the current condition.

The Company’s policy states that in the event a loan has been identified as a troubled debt restructuring, it should be assigned a grade of substandard until such time the borrower has demonstrated the ability to service the loan payments based on the restructured terms – generally defined as six months of satisfactory payment history. Missed payments under the original loan terms are not considered under the new structure; however, subsequent missed payments are considered non-performance and are not considered toward the six month required term of satisfactory payment history.

In the normal course of business, the Company renews loans with a modification of the interest rate or terms that are not deemed to be troubled debt restructurings because the borrower is not experiencing financial difficulty. The Company modified loans in the first three months of 2022 and 2021 totaling $132.0 million and $118.0 million, respectively, under such parameters.

As of March 31, 2022 and December 31, 2021, the Company had a balance of $50.0 million and $76.6 million, respectively, in troubled debt restructurings. The Company has recorded $654,000 in previous charge-offs on such loans at each of March 31, 2022 and December 31, 2021. The Company’s balance in the allowance for credit losses allocated to such troubled debt restructurings was $3.4 million and $10.5 million at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022, the Company did not have any commitments to lend additional funds to debtors whose terms have been modified in troubled restructurings.

The following table presents the loans by class modified as troubled debt restructurings which occurred during the three months ended March 31, 2022 and 2021. These modifications did not have a material impact on the Company’s allowance for credit losses.

	Three Months Ended March 31,
	2022			2021
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	—	$	—	4	$	463
Premium finance	5	162		—	—
Real estate – commercial and farmland	—	—		2	7,658
Real estate – residential	3	977		5	572
Total	8	$	1,139	11	$	8,693

The following table presents the outstanding balance of troubled debt restructurings by class that defaulted (defined as 30 days past due) during the three months ended March 31, 2022 and 2021. These defaults did not have a material impact on the Company's allowance for credit losses.

	Three Months Ended March 31,
	2022			2021
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	—	$	—	3	$	56
Consumer installment	1	3		5	6
Indirect automobile	14	49		16	94
Real estate – construction and development	—	—		1	1
Real estate – commercial and farmland	2	1,569		2	5,193
Real estate – residential	18	2,793		11	809
Total	35	$	4,414	38	$	6,159

The following table presents the amount of troubled debt restructurings by loan class classified separately as accrual and nonaccrual at March 31, 2022 and December 31, 2021:

March 31, 2022	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	9	$	868	4	$	72
Consumer installment	6	13		16	31
Indirect automobile	215	893		46	221
Premium finance	5	162		—	—
Real estate – construction and development	3	725		1	11
Real estate – commercial and farmland	21	17,161		4	788
Real estate – residential	207	24,664		38	4,341
Total	466	$	44,486	109	$	5,464

December 31, 2021	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	12	$	1,286	6	$	83
Consumer installment	7	16		17	35
Indirect automobile	233	1,037		52	273
Real estate – construction and development	4	789		1	13
Real estate – commercial and farmland	25	35,575		5	5,924
Real estate – residential	213	26,879		39	4,678
Total	494	$	65,582	120	$	11,006

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 unless the Company reasonably expects to execute a troubled debt restructuring with a borrower. 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 when the Company can no longer develop reasonable and supportable forecasts.

During the three months ended March 31, 2022, the allowance for credit losses decreased due to improvement in forecasted macroeconomic factors. The allowance for credit losses was determined at March 31, 2022 using a weighting of four economic forecasts from Moody's. The Moody's baseline scenario was weighted at 15%, the downside 90th percentile S-3 scenario was weighted at 65%, the slower trend growth scenario was weighted at 10% and the stagflation scenario was weighted at 10%. The allowance for credit losses was determined at December 31, 2021 using a weighting of five economic forecasts from Moody's. The Moody's baseline scenario was weighted at 10%, the downside 75th percentile S-2 scenario was weighted at 10%, the downside 90th percentile S-3 scenario was weighted at 50%, the slower trend growth scenario was weighted at 20% and the stagflation scenario was weighted at 10%. The current forecast reflects, among other things, improvements in forecast levels of home prices, commercial real estate prices and unemployment compared with the forecast at December 31, 2021.

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 March 31, 2022
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2021	$	26,829	$	6,097	$	476	$	3,231	$	401	$	2,729
Provision for loan losses	215		789		(290)		(221)		(17)		(92)
Loans charged off	(4,414)		(1,425)		(88)		—		—		(1,369)
Recoveries of loans previously charged off	2,896		158		275		—		—		1,247
Balance, March 31, 2022	$	25,526	$	5,619	$	373	$	3,010	$	384	$	2,515
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2021	$	22,045	$	77,831	$	27,943	$	167,582
Provision for loan losses	4,568		(9,552)		1,866		(2,734)
Loans charged off	—		(1,283)		—		(8,579)
Recoveries of loans previously charged off	218		37		151		4,982
Balance, March 31, 2022	$	26,831	$	67,033	$	29,960	$	161,251

Three Months Ended March 31, 2021
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2020	$	7,359	$	4,076	$	1,929	$	3,666	$	791	$	3,879
Provision for loan losses	2,575		5,806		(528)		(145)		(1)		442
Loans charged off	(2,370)		(1,448)		(829)		—		—		(1,343)
Recoveries of loans previously charged off	727		356		700		—		—		1,122
Balance, March 31, 2021	$	8,291	$	8,790	$	1,272	$	3,521	$	790	$	4,100
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2020	$	45,304	$	88,894	$	43,524	$	199,422
Provision for loan losses	(22,587)		3,671		(5,812)		(16,579)
Loans charged off	(26)		(1,395)		(163)		(7,574)
Recoveries of loans previously charged off	167		41		188		3,301
Balance, March 31, 2021	$	22,858	$	91,211	$	37,737	$	178,570

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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

NOTE 4 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

The Company classifies the sales of securities under agreements to repurchase as short-term borrowings. The amounts received under these agreements are reflected as a liability in the Company’s consolidated balance sheets and the securities underlying these agreements are included in investment securities in the Company’s consolidated balance sheets. At March 31, 2022 and December 31, 2021, all securities sold under agreements to repurchase mature on a daily basis. The market value of the securities fluctuates on a daily basis due to market conditions. The Company monitors the market value of the securities underlying these agreements on a daily basis and is required to transfer additional securities if the market value falls below the repurchase agreement price. The Company maintains an unpledged securities portfolio that it believes is sufficient to protect against a decline in the market value of the securities sold under agreements to repurchase.

The following is a summary of the Company’s securities sold under agreements to repurchase at March 31, 2022 and December 31, 2021:

(dollars in thousands)	March 31, 2022		December 31, 2021
Securities sold under agreements to repurchase	$	2,065	$	5,845

At March 31, 2022 and December 31, 2021 the investment securities underlying these agreements included state, county and municipal securities and mortgage-backed securities.

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OTHER BORROWINGS

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

OTHER BORROWINGS

NOTE 5 – OTHER BORROWINGS

Other borrowings consist of the following:

(dollars in thousands)	March 31, 2022		December 31, 2021
FHLB borrowings:
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208%	$	15,000	$	15,000
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445%	15,000		15,000
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606%	15,000		15,000
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55%	1,397		1,400
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55%	967		969
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%	1,385		1,421
Subordinated notes payable:
Subordinated notes payable due June 1, 2026, net of unaccreted purchase accounting fair value adjustment of $— and $500, respectively; fixed interest rate of 5.50%	—		50,500
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $649 and $681, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616%	74,351		74,319
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,862 and $1,923, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94%	118,138		118,077
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $997 and $1,028, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63%	75,997		76,028
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,715 and $1,766, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753%	108,285		108,234
Securitzation Facilities:
Equipment contract backed notes, Series 2018-1 (BCC XIV) due on various dates through 2025 and bear a weighted-average interest rate of 5.11%	—		19,199
Equipment contract backed notes, Series 2019-1 (BCC XVI) due on various dates through 2027 and bear a weighted-average interest rate of 2.84%	—		139,329
Equipment contract backed notes, Series 2020-1 (BCC XVII) due on various dates through 2027 and bear a weighted-average interest rate of 1.48%	—		105,403
	$	425,520	$	739,879

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 March 31, 2022, $4.23 billion was available for borrowing on lines with the FHLB.

As of March 31, 2022, the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $127.0 million.

The Bank also participates in the Federal Reserve discount window borrowings program. At March 31, 2022, the Bank had $2.80 billion of loans pledged at the Federal Reserve discount window and had $2.18 billion available for borrowing.

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ACCUMULATED OTHER COMPREHENSIVE INCOME

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME

NOTE 6 – ACCUMULATED OTHER COMPREHENSIVE INCOME

Accumulated other comprehensive income for the Company consists of changes in net unrealized gains and losses on investment 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 balances as well as changes in each of the respective components, net of tax, for the periods indicated:

(dollars in thousands)	Unrealized Gain (Loss) on Securities		Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31, 2022
Balance, December 31, 2021	$	15,590	$	15,590
Current year changes, net of tax	(17,431)		(17,431)
Balance, March 31, 2022	$	(1,841)	$	(1,841)
Three Months Ended March 31, 2021
Balance, December 31, 2020	$	33,505	$	33,505
Current year changes, net of tax	(7,415)		(7,415)
Balance, March 31, 2021	$	26,090	$	26,090

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WEIGHTED AVERAGE SHARES OUTSTANDING

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

WEIGHTED AVERAGE SHARES OUTSTANDING

NOTE 7 – WEIGHTED AVERAGE SHARES OUTSTANDING

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

	Three Months Ended March 31,
(share data in thousands)	2022	2021
Average common shares outstanding	69,346	69,392
Common share equivalents:
Stock options	31	81
Nonvested restricted share grants	167	172
Performance stock units	117	96
Average common shares outstanding, assuming dilution	69,661	69,741

For the three-month periods ended March 31, 2022 and 2021, there were no outstanding options exerciseable for common shares with strike prices that would cause the underlying shares to be anti-dilutive.

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FAIR VALUE MEASURES

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASURES

NOTE 8 – 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)	March 31, 2022		December 31, 2021
Mortgage loans held for sale	$	899,009	$	1,247,997
SBA loans held for sale	2,541		6,635
Total loans held for sale	$	901,550	$	1,254,632

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.

A net loss of $43.9 million resulting from changes in fair value of these mortgage loans was recorded in income during the three months ended March 31, 2022. For the three months ended March 31, 2021, a net loss of $25.1 million resulting from changes in fair value of these mortgage loans was recorded in income. A net gain of $26.0 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 was recorded in income during the three months ended March 31, 2022. For the three months ended March 31, 2021, a net gain of $27.5 million resulting from changes in the fair value of the related derivative financial instruments was 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 March 31, 2022 and December 31, 2021:

(dollars in thousands)	March 31, 2022		December 31, 2021
Aggregate fair value of mortgage loans held for sale	$	899,009	$	1,247,997
Aggregate unpaid principal balance of mortgage loans held for sale	906,552		1,211,646
Past-due loans of 90 days or more	466		746
Nonaccrual loans	466		746
Unpaid principal balance of nonaccrual loans	475		718

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 March 31, 2022 and December 31, 2021:

(dollars in thousands)	March 31, 2022		December 31, 2021
Aggregate fair value of SBA loans held for sale	$	2,541	$	6,635
Aggregate unpaid principal balance of SBA loans held for sale	2,427		5,825
Past-due loans of 90 days or more	—		—
Nonaccrual loans	—		—

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 March 31, 2022 and December 31, 2021:

	Recurring Basis Fair Value Measurements
	March 31, 2022
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial assets:
Investment securities available-for-sale:
U.S. government sponsored agencies	$	7,072	$	—	$	7,072	$	—
State, county and municipal securities	43,844		—		43,844		—
Corporate debt securities	28,178		—		26,828		1,350
SBA pool securities	36,949		—		36,949		—
Mortgage-backed securities	463,161		—		463,161		—
Loans held for sale	901,550		—		901,550		—
Mortgage banking derivative instruments	37,182		—		37,182		—
Total recurring assets at fair value	$	1,517,936	$	—	$	1,516,586	$	1,350

	Recurring Basis Fair Value Measurements
	December 31, 2021
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial assets:
Investment securities available-for-sale:
U.S. government sponsored agencies	$	7,172	$	—	$	7,172	$	—
State, county and municipal securities	47,812		—		47,812		—
Corporate debt securities	28,496		—		27,116		1,380
SBA pool securities	45,201		—		45,201		—
Mortgage-backed securities	463,940		—		463,940		—
Loans held for sale	1,254,632		—		1,254,632		—
Mortgage banking derivative instruments	11,940		—		11,940		—
Total recurring assets at fair value	$	1,859,193	$	—	$	1,857,813	$	1,380
Financial liabilities:
Mortgage banking derivative instruments	$	710	$	—	$	710	$	—
Total recurring liabilities at fair value	$	710	$	—	$	710	$	—

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 March 31, 2022 and December 31, 2021:

	Nonrecurring Basis Fair Value Measurements
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
March 31, 2022
Collateral-dependent loans	$	25,510	$	—	$	—	$	25,510
Other real estate owned	399		—		—		399
Mortgage servicing rights	232,236		—		—		232,236
Total nonrecurring assets at fair value	$	258,145	$	—	$	—	$	258,145
December 31, 2021
Collateral-dependent loans	$	44,181	$	—	$	—	$	44,181
Mortgage servicing rights	206,944		—		—		206,944
Total nonrecurring assets at fair value	$	251,125	$	—	$	—	$	251,125

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

For the three months ended March 31, 2022 and the year ended December 31, 2021, 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
March 31, 2022
Recurring:
Debt securities available-for-sale	$	1,350	Discounted par values	Discount rate	10.0%	10.0%
Nonrecurring:
Collateral-dependent loans	$	25,510	Third-party appraisals and discounted cash flows	Collateral discounts and discount rates	0% - 50%	34%
Other real estate owned	$	399	Third-party appraisals and sales contracts	Collateral discounts and estimated costs to sell	15% - 47%	21%
Mortgage servicing rights	$	232,236	Discounted cash flows	Discount rate	10% - 11%	10%
				Prepayment speed	5% - 23%	8%
December 31, 2021
Recurring:
Debt securities available-for-sale	$	1,380	Discounted par values	Discount Rate	8.0%	8.0%
Nonrecurring:
Collateral-dependent loans	$	44,181	Third-party appraisals and discounted cash flows	Collateral discounts and discount rates	0% - 50%	39%
Mortgage servicing rights	$	206,944	Discounted cash flows	Discount rate	9% - 10%	9%
				Prepayment speed	10% - 40%	13%

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
			March 31, 2022
(dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	257,316	$	257,316	$	—	$	—	$	257,316
Federal funds sold and interest-bearing accounts	3,541,144		3,541,144		—		—		3,541,144
Debt securities held-to-maturity	91,454		—		82,489		—		82,489
Loans, net	15,957,040		—		—		15,927,461		15,927,461
Accrued interest receivable	53,036		—		2,598		50,438		53,036
Financial liabilities:
Deposits	19,588,441		—		19,590,158		—		19,590,158
Securities sold under agreements to repurchase	2,065		2,065		—		—		2,065
Other borrowings	425,520		—		431,131		—		431,131
Subordinated deferrable interest debentures	126,827		—		117,196		—		117,196
Accrued interest payable	6,121		—		6,121		—		6,121

			Fair Value Measurements
			December 31, 2021
(dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	307,813	$	307,813	$	—	$	—	$	307,813
Federal funds sold and interest-bearing accounts	3,756,844		3,756,844		—		—		3,756,844
Debt securities held-to-maturity	79,850		—		78,206		—		78,206
Loans, net	15,662,495		—		—		15,509,410		15,509,410
Accrued interest receivable	56,917		—		2,373		54,544		56,917
Financial liabilities:
Deposits	19,665,553		—		19,667,612		—		19,667,612
Securities sold under agreements to repurchase	5,845		5,845		—		—		5,845
Other borrowings	739,879		—		760,829		—		760,829
Subordinated deferrable interest debentures	126,328		—		117,764		—		117,764
Accrued interest payable	4,313		—		4,313		—		4,313

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 9 – COMMITMENTS AND CONTINGENCIES

Loan Commitments

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. A summary of the Company’s commitments is as follows:

(dollars in thousands)	March 31, 2022		December 31, 2021
Commitments to extend credit	$	4,817,539	$	4,328,749
Unused home equity lines of credit	284,144		272,029
Financial standby letters of credit	31,440		36,184
Mortgage interest rate lock commitments	520,939		417,126

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 three months ended March 31, 2022 and the year ended December 31, 2021.

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

	Three Months Ended March 31,
(dollars in thousands)	2022		2021
Balance at beginning of period	$	33,185	$	32,854
Provision for unfunded commitments	9,009		(11,839)
Balance at end of period	$	42,194	$	21,015

Other Commitments

As of March 31, 2022, letters of credit issued by the FHLB totaling $420.0 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 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 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.

COVID-19

The COVID-19 pandemic has caused significant and unprecedented economic dislocation in the United States. As a result of the pandemic, many commercial customers experienced varying levels of disruptions or restrictions on their business activities, and many consumers experienced interrupted income or unemployment. We have outstanding loans to borrowers in certain industries that have been particularly susceptible to the effects of the pandemic, such as hotels, restaurants and other retail businesses. Given the ongoing and dynamic nature of the circumstances, it remains difficult to predict the full impact of the COVID-19 pandemic on our business. The United States government has taken steps to attempt to mitigate some of the more severe anticipated economic effects of the pandemic, including the passage of the CARES Act and subsequent legislation, but

there can be no assurance that such steps will be sufficiently effective or achieve their desired results on a long-term basis. The extent of such impact from the COVID-19 pandemic and related mitigation efforts will depend on future developments, which remain uncertain, including, but not limited to, the potential for a resurgence or additional waves or variants of the coronavirus, actions to contain or treat the virus and how quickly normal economic and operating conditions resume in a sustainable manner. This could cause a material, adverse effect on the Company’s business, financial condition and results of operations, including increases in loan delinquencies, problem assets and foreclosures; decreases in the value of collateral securing our loans; increases in our allowance for credit losses; and decreases in the value of our intangible assets.

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SEGMENT REPORTING

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 10 – SEGMENT REPORTING

The Company has the following 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 months ended March 31, 2022 and 2021:

	Three Months Ended March 31, 2022
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	129,290	$	32,832	$	6,813	$	6,780	$	7,659	$	183,374
Interest expense	(4,455)		13,537		366		769		613		10,830
Net interest income	133,745		19,295		6,447		6,011		7,046		172,544
Provision for credit losses	5,226		1,587		(222)		(143)		(217)		6,231
Noninterest income	21,364		61,649		1,401		2,491		6		86,911
Noninterest expense
Salaries and employee benefits	49,195		31,614		283		1,271		1,918		84,281
Occupancy and equipment	11,074		1,471		1		99		82		12,727
Data processing and communications expenses	11,230		1,172		47		28		95		12,572
Other expenses	20,045		12,645		218		380		952		34,240
Total noninterest expense	91,544		46,902		549		1,778		3,047		143,820
Income before income tax expense	58,339		32,455		7,521		6,867		4,222		109,404
Income tax expense	16,996		6,815		1,579		1,442		874		27,706
Net income	$	41,343	$	25,640	$	5,942	$	5,425	$	3,348	$	81,698
Total assets	$	17,409,973	$	4,197,613	$	703,558	$	313,219	$	935,929	$	23,560,292
Goodwill	957,847		—		—		—		64,498		1,022,345
Other intangible assets, net	109,604		—		—		—		11,153		120,757

	Three Months Ended March 31, 2021
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	112,379	$	30,199	$	10,327	$	18,034	$	7,011	$	177,950
Interest expense	(437)		11,215		421		1,399		375		12,973
Net interest income	112,816		18,984		9,906		16,635		6,636		164,977
Provision for credit losses	(23,904)		(4,553)		(145)		(547)		558		(28,591)
Noninterest income	16,738		97,640		980		2,611		4		117,973
Noninterest expense
Salaries and employee benefits	42,723		49,838		330		1,382		1,712		95,985
Occupancy and equipment	10,120		1,476		1		106		78		11,781
Data processing and communications expenses	10,201		1,546		49		1		87		11,884
Other expenses	19,710		8,189		33		295		921		29,148
Total noninterest expense	82,754		61,049		413		1,784		2,798		148,798
Income (loss) before income tax expense	70,704		60,128		10,618		18,009		3,284		162,743
Income tax expense (benefit)	18,456		12,627		2,230		3,782		686		37,781
Net income (loss)	$	52,248	$	47,501	$	8,388	$	14,227	$	2,598	$	124,962
Total assets	$	14,591,933	$	4,086,210	$	886,004	$	1,055,068	$	807,912	$	21,427,127
Goodwill	863,507		—		—		—		64,498		928,005
Other intangible assets, net	53,745		—		—		—		14,103		67,848

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LOAN SERVICING RIGHTS

3 Months Ended

Mar. 31, 2022

Transfers and Servicing [Abstract]

LOAN SERVICING RIGHTS

NOTE 11 – 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 portfolios of residential mortgage, SBA and indirect automobile loans serviced for others. 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)	March 31, 2022		December 31, 2021
Loan Servicing Rights
Residential mortgage	$	232,236	$	206,944
SBA	5,384		5,556
Total loan servicing rights	$	237,620	$	212,500

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-months ended March 31, 2022, the Company recorded servicing fee income of $17.1 million. During the three-months ended March 31, 2021, the Company recorded servicing fee income of $10.1 million. 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 March 31,
Residential mortgage servicing rights	2022		2021
Beginning carrying value, net	$	206,944	$	130,630
Additions	21,701		21,867
Amortization	(6,062)		(7,484)
Recoveries	9,653		9,733
Ending carrying value, net	$	232,236	$	154,746

(dollars in thousands)	Three Months Ended March 31,
Residential mortgage servicing valuation allowance	2022		2021
Beginning balance	$	25,782	$	39,407
Recoveries	(9,653)		(9,733)
Ending balance	$	16,129	$	29,674

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)	March 31, 2022			December 31, 2021
Residential mortgage servicing rights
Unpaid principal balance of loans serviced for others	$	17,534,847		$	16,786,442
Composition of residential loans serviced for others:
FHLMC	21.85		%	21.88		%
FNMA	60.44		%	60.26		%
GNMA	17.71		%	17.86		%
Total	100.00		%	100.00		%
Weighted average term (months)	342			341
Weighted average age (months)	21			20
Modeled prepayment speed	8.35		%	12.96		%
Decline in fair value due to a 10% adverse change	(8,521)			(8,368)
Decline in fair value due to a 20% adverse change	(16,149)			(16,157)
Weighted average discount rate	9.77		%	8.77		%
Decline in fair value due to a 10% adverse change	(10,222)			(6,984)
Decline in fair value due to a 20% adverse change	(19,270)			(13,504)

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.

SBA Loans

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.

During the three-months ended March 31, 2022, the Company recorded servicing fee income of $876,000. During the three-months ended March 31, 2021, the Company recorded servicing fee income of $1.0 million. 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 SBA loan servicing rights and valuation allowance:

(dollars in thousands)	Three Months Ended March 31,
SBA servicing rights	2022		2021
Beginning carrying value, net	$	5,556	$	5,839
Additions	538		230
Amortization	(710)		(529)
Recoveries	—		905
Ending carrying value, net	$	5,384	$	6,445

(dollars in thousands)	Three Months Ended March 31,
SBA servicing valuation allowance	2022		2021
Beginning balance	$	—	$	905
Recoveries	—		(905)
Ending balance	$	—	$	—

(dollars in thousands)	March 31, 2022			December 31, 2021
SBA servicing rights
Unpaid principal balance of loans serviced for others	$	407,006		$	410,167
Weighted average life (in years)	3.67			3.65
Modeled prepayment speed	17.54		%	17.68		%
Decline in fair value due to a 10% adverse change	(316)			(291)
Decline in fair value due to a 20% adverse change	(602)			(557)
Weighted average discount rate	10.19		%	11.92		%
Decline in fair value due to a 100 basis point adverse change	(159)			(144)
Decline in fair value due to a 200 basis point adverse change	(310)			(282)

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 SBA 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.

Indirect Automobile Loans

The Company previously acquired a portfolio of indirect automobile loans serviced for others. These loans, or portions of loans, were sold on a servicing retained basis. 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. The Company is not actively originating or selling indirect automobile loans.

(dollars in thousands)	Three Months Ended March 31,
Indirect automobile servicing rights	2022		2021
Beginning carrying value, net	$	—	$	73
Amortization	—		(44)
Ending carrying value, net	$	—	$	29

During the three-months ended March 31, 2022, the Company recorded servicing fee income of $83,000. During the three-months ended March 31, 2021, the Company recorded servicing fee income of $206,000. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

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BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

Nature of Business

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 March 31, 2022, the Bank operated 165 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

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 period ended March 31, 2022 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, 2021.

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.

Cash and Cash Equivalents

Cash and Cash EquivalentsFor 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. Restricted cash held for securitization investors, which are reported on the Company's consolidated balance sheets in cash and due from banks, was $0 and $43.0 million at March 31, 2022 and December 31, 2021, respectively.

Reclassifications

ReclassificationsCertain 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 2021 and Accounting Standards Pending Adoption

Accounting Standards Pending Adoption

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 writeoffs by year of origination. ASU 2022-02 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. The amendments of ASU 2022-02 should be adopted prospectively. The amendments related to the recognition and measurement of TDRs may optionally be adopted using a modified retrospective transition method.

Early adoption is permitted. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2022-02.

ASU No. 2021-01 – Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"). ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2021-01.

ASU No. 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments, which are elective, provide expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications apply consistently for all contracts or transactions within the relevant Codification Topic, Subtopic, or Industry Subtopic that contains the guidance that otherwise would be required to be applied, while those for hedging relationships can be elected on an individual hedging relationship basis. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company has established a working committee with representatives from relevant functional areas to inventory the contracts and accounts that are tied to LIBOR and develop a transition plan for the affected items. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2020-04.

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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale

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		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2022
U.S. government sponsored agencies	$	7,067	$	17	$	(12)	$	7,072
State, county and municipal securities	43,416		727		(299)		43,844
Corporate debt securities	27,897		431		(150)		28,178
SBA pool securities	37,863		15		(929)		36,949
Mortgage-backed securities	465,291		1,733		(3,863)		463,161
Total debt securities available-for-sale	$	581,534	$	2,923	$	(5,253)	$	579,204
December 31, 2021
U.S. government sponsored agencies	$	7,084	$	88	$	—	$	7,172
State, county and municipal securities	45,470		2,342		—		47,812
Corporate debt securities	27,897		719		(120)		28,496
SBA pool securities	44,312		958		(69)		45,201
Mortgage-backed securities	448,124		15,822		(6)		463,940
Total debt securities available-for-sale	$	572,887	$	19,929	$	(195)	$	592,621

Amortized Cost and Estimated Fair Value of Debt Securities Held-to-Maturity

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
March 31, 2022
State, county and municipal securities	$	13,905	$	—	$	(2,227)	$	11,678
Mortgage-backed securities	77,549		—		(6,738)		70,811
Total debt securities held-to-maturity	$	91,454	$	—	$	(8,965)	$	82,489
December 31, 2021
State, county and municipal securities	$	8,905	$	4	$	(198)	$	8,711
Mortgage-backed securities	70,945		—		(1,450)		69,495
Total debt securities held-to-maturity	$	79,850	$	4	$	(1,648)	$	78,206

Amortized Cost and Estimated Fair Value of Debt Securities, Classified by Contractual Maturity Date

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of March 31, 2022, 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	$	11,390	$	11,446	$	—	$	—
Due from one year to five years	26,183		26,201		—		—
Due from five to ten years	43,452		44,052		—		—
Due after ten years	35,218		34,344		13,905		11,678
Mortgage-backed securities	465,291		463,161		77,549		70,811
	$	581,534	$	579,204	$	91,454	$	82,489

Schedule of Available-for-Sale Securities with Unrealized Losses

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 March 31, 2022 and December 31, 2021:

	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
March 31, 2022
U.S. government sponsored agencies	$	1,033	$	(12)	$	—	$	—	$	1,033	$	(12)
State, county and municipal securities	10,209		(299)		—		—		10,209		(299)
Corporate debt securities	—		—		1,350		(150)		1,350		(150)
SBA pool securities	32,988		(871)		2,372		(58)		35,360		(929)
Mortgage-backed securities	242,704		(3,863)		1		—		242,705		(3,863)
Total debt securities available-for-sale	$	286,934	$	(5,045)	$	3,723	$	(208)	$	290,657	$	(5,253)
December 31, 2021
Corporate debt securities	$	—	$	—	$	1,380	$	(120)	$	1,380	$	(120)
SBA pool securities	1,312		(6)		2,572		(63)		3,884		(69)
Mortgage-backed securities	5,514		(6)		1		—		5,515		(6)
Total debt securities available-for-sale	$	6,826	$	(12)	$	3,953	$	(183)	$	10,779	$	(195)

Schedule of Held-to-Maturity Securities with Unrealized Losses

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 March 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
March 31, 2022
State, county and municipal securities	$	11,678	$	(2,227)	$	—	$	—	$	11,678	$	(2,227)
Mortgage-backed securities	63,775		(6,738)		—		—		63,775		(6,738)
Total debt securities held-to-maturity	$	75,453	$	(8,965)	$	—	$	—	$	75,453	$	(8,965)
December 31, 2021
State, county and municipal securities	$	3,707	$	(198)	$	—	$	—	$	3,707	$	(198)
Mortgage-backed securities	69,495		(1,450)		—		—		69,495		(1,450)
Total debt securities held-to-maturity	$	73,202	$	(1,648)	$	—	$	—	$	73,202	$	(1,648)

Schedule of Investments Available-for-sale, Allowance for Credit Loss

The $5.3 million in unrealized loss was determined to be from factors other than credit.

(dollars in thousands)	Three Months Ended March 31,
Allowance for credit losses	2022		2021
Beginning balance	$	—	$	112
Provision for expected credit losses	—		(11)
Ending balance	$	—	$	101

Schedule of Gain (Loss) on Investments

Total net loss on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
(dollars in thousands)	2022		2021
Unrealized holding losses on equity securities	$	(27)	$	(12)
Net loss on securities	$	(27)	$	(12)

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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Schedule of Accounts Notes Loans and Financial Receivables

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

(dollars in thousands)	March 31, 2022		December 31, 2021
Commercial, financial and agricultural	$	1,836,663	$	1,875,993
Consumer installment	173,642		191,298
Indirect automobile	214,120		265,779
Mortgage warehouse	732,375		787,837
Municipal	547,926		572,701
Premium finance	819,163		798,409
Real estate – construction and development	1,577,215		1,452,339
Real estate – commercial and farmland	6,924,475		6,834,917
Real estate – residential	3,318,222		3,094,985
	$	16,143,801	$	15,874,258

Summary of Financial Receivable Nonaccrual Basis

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

(dollars in thousands)	March 31, 2022		December 31, 2021
Commercial, financial and agricultural	$	13,198	$	14,214
Consumer installment	561		476
Indirect automobile	706		947
Real estate – construction and development	847		492
Real estate – commercial and farmland	10,891		15,365
Real estate – residential	76,394		53,772
	$	102,597	$	85,266

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

(dollars in thousands)	March 31, 2022		December 31, 2021
Commercial, financial and agricultural	$	—	$	164
Premium finance	289		—
Real estate – construction and development	304		209
Real estate – commercial and farmland	3,553		2,061
Real estate – residential	4,785		7,942
	$	8,931	$	10,376

Summary of Past Due Financial Receivables

The following table presents an analysis of past-due loans as of March 31, 2022 and December 31, 2021:

(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
March 31, 2022
Commercial, financial and agricultural	$	5,422	$	1,708	$	11,500	$	18,630	$	1,818,033	$	1,836,663	$	1,153
Consumer installment	1,555		555		791		2,901		170,741		173,642		412
Indirect automobile	502		137		462		1,101		213,019		214,120		—
Mortgage warehouse	—		—		—		—		732,375		732,375		—
Municipal	—		—		—		—		547,926		547,926		—
Premium finance	5,872		4,620		4,728		15,220		803,943		819,163		4,727
Real estate – construction and development	26,729		468		972		28,169		1,549,046		1,577,215		287
Real estate – commercial and farmland	5,772		3,080		3,383		12,235		6,912,240		6,924,475		4
Real estate – residential	26,603		8,045		66,709		101,357		3,216,865		3,318,222		—
Total	$	72,455	$	18,613	$	88,545	$	179,613	$	15,964,188	$	16,143,801	$	6,583
December 31, 2021
Commercial, financial and agricultural	$	3,431	$	2,005	$	12,017	$	17,453	$	1,858,540	$	1,875,993	$	1,165
Consumer installment	1,786		871		891		3,548		187,750		191,298		584
Indirect automobile	772		185		473		1,430		264,349		265,779		—
Mortgage warehouse	—		—		—		—		787,837		787,837		—
Municipal	—		—		—		—		572,701		572,701		—
Premium finance	6,992		4,340		9,134		20,466		777,943		798,409		9,134
Real estate – construction and development	16,601		1,398		2,190		20,189		1,432,150		1,452,339		1,758
Real estate – commercial and farmland	6,713		1,150		5,924		13,787		6,821,130		6,834,917		7
Real estate – residential	17,729		4,266		49,839		71,834		3,023,151		3,094,985		—
Total	$	54,024	$	14,215	$	80,468	$	148,707	$	15,725,551	$	15,874,258	$	12,648

Summary of Impaired Financial Receivables

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

	March 31, 2022				December 31, 2021
(dollars in thousands)	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial, financial and agricultural	$	2,261	$	852	$	2,613	$	723
Premium finance	289		—		2,989		30
Real estate – construction and development	304		—		1,432		45
Real estate – commercial and farmland	11,466		795		33,332		6,646
Real estate – residential	14,826		1,989		11,712		453
	$	29,146	$	3,636	$	52,078	$	7,897

Summary of Credit Quality Indicate Financial Receivable

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 March 31, 2022 and December 31, 2021. 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 no loans risk graded 9 at March 31, 2022 or December 31, 2021.

As of March 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	$	208,664	$	764,033	$	240,671	$	163,163	$	99,436	$	70,393	$	261,941	$	1,808,301
6	—		167		92		93		156		2,551		541		3,600
7	7,008		1,055		1,245		3,654		1,725		7,043		3,032		24,762
Total commercial, financial and agricultural	$	215,672	$	765,255	$	242,008	$	166,910	$	101,317	$	79,987	$	265,514	$	1,836,663
Consumer Installment
Risk Grade:
Pass	$	18,541	$	21,321	$	51,632	$	32,530	$	24,305	$	18,621	$	5,259	$	172,209
6	—		—		—		—		—		133		5		138
7	7		71		133		310		193		446		135		1,295
Total consumer installment	$	18,548	$	21,392	$	51,765	$	32,840	$	24,498	$	19,200	$	5,399	$	173,642
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	—	$	17,396	$	86,176	$	108,956	$	—	$	212,528
6	—		—		—		—		8		25		—		33
7	—		—		—		52		293		1,214		—		1,559
Total indirect automobile	$	—	$	—	$	—	$	17,448	$	86,477	$	110,195	$	—	$	214,120
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	732,375	$	732,375
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	732,375	$	732,375
Municipal
Risk Grade:
Pass	$	2,184	$	43,031	$	213,311	$	13,860	$	5,119	$	270,421	$	—	$	547,926
Total municipal	$	2,184	$	43,031	$	213,311	$	13,860	$	5,119	$	270,421	$	—	$	547,926
Premium Finance
Risk Grade:
Pass	$	411,397	$	402,635	$	214	$	—	$	—	$	189	$	—	$	814,435
7	—		4,728		—		—		—		—		—		4,728
Total premium finance	$	411,397	$	407,363	$	214	$	—	$	—	$	189	$	—	$	819,163
Real Estate – Construction and Development
Risk Grade:
Pass	$	167,646	$	863,262	$	261,650	$	147,418	$	16,040	$	65,629	$	22,118	$	1,543,763
6	1,221		9,210		484		—		6,798		1,276		—		18,989
7	—		378		211		7		12,872		995		—		14,463
Total real estate – construction and development	$	168,867	$	872,850	$	262,345	$	147,425	$	35,710	$	67,900	$	22,118	$	1,577,215

As of March 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	$	439,047	$	2,079,527	$	1,203,580	$	1,074,253	$	514,681	$	1,464,276	$	66,390	$	6,841,754
6	—		—		—		—		676		22,416		—		23,092
7	—		4,798		2,595		5,587		9,610		37,020		19		59,629
Total real estate – commercial and farmland	$	439,047	$	2,084,325	$	1,206,175	$	1,079,840	$	524,967	$	1,523,712	$	66,409	$	6,924,475
Real Estate - Residential
Risk Grade:
Pass	$	284,325	$	1,205,153	$	606,135	$	308,373	$	136,724	$	474,015	$	211,941	$	3,226,666
6	64		143		65		1,092		495		3,909		48		5,816
7	33		6,629		18,465		24,112		12,197		22,538		1,766		85,740
Total real estate - residential	$	284,422	$	1,211,925	$	624,665	$	333,577	$	149,416	$	500,462	$	213,755	$	3,318,222
Total Loans
Risk Grade:
Pass	$	1,531,804	$	5,378,962	$	2,577,193	$	1,756,993	$	882,481	$	2,472,500	$	1,300,024	$	15,899,957
6	1,285		9,520		641		1,185		8,133		30,310		594		51,668
7	7,048		17,659		22,649		33,722		36,890		69,256		4,952		192,176
Total loans	$	1,540,137	$	5,406,141	$	2,600,483	$	1,791,900	$	927,504	$	2,572,066	$	1,305,570	$	16,143,801

As of December 31, 2021	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2021		2020		2019		2018		2017		Prior				Total
Commercial, Financial and Agricultural
Risk Grade:
Pass	$	903,630	$	279,037	$	188,810	$	118,613	$	50,737	$	40,376	$	262,951	$	1,844,154
6	190		—		393		427		368		1,832		1,961		5,171
7	9,216		1,268		4,098		1,472		2,566		6,019		2,029		26,668
Total commercial, financial and agricultural	$	913,036	$	280,305	$	193,301	$	120,512	$	53,671	$	48,227	$	266,941	$	1,875,993
Consumer Installment
Risk Grade:
Pass	$	35,781	$	59,221	$	37,195	$	27,266	$	9,787	$	11,021	$	9,437	$	189,708
6	—		—		—		—		—		135		5		140
7	59		283		290		216		103		405		94		1,450
Total consumer installment	$	35,840	$	59,504	$	37,485	$	27,482	$	9,890	$	11,561	$	9,536	$	191,298
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	20,276	$	101,969	$	90,294	$	51,468	$	—	$	264,007
6	—		—		—		24		10		19		—		53
7	—		—		55		234		384		1,046		—		1,719
Total indirect automobile	$	—	$	—	$	20,331	$	102,227	$	90,688	$	52,533	$	—	$	265,779

As of December 31, 2021	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2021		2020		2019		2018		2017		Prior				Total
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	787,837	$	787,837
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	787,837	$	787,837
Municipal
Risk Grade:
Pass	$	44,727	$	219,385	$	14,831	$	5,494	$	109,040	$	179,224	$	—	$	572,701
Total municipal	$	44,727	$	219,385	$	14,831	$	5,494	$	109,040	$	179,224	$	—	$	572,701
Premium Finance
Risk Grade:
Pass	$	787,884	$	1,059	$	26	$	—	$	302	$	4	$	—	$	789,275
7	9,039		95		—		—		—		—		—		9,134
Total premium finance	$	796,923	$	1,154	$	26	$	—	$	302	$	4	$	—	$	798,409
Real Estate – Construction and Development
Risk Grade:
Pass	$	826,094	$	290,814	$	176,476	$	35,773	$	24,533	$	44,514	$	21,267	$	1,419,471
6	6,527		549		—		15,260		—		2,101		—		24,437
7	1,143		678		7		2,476		57		1,011		3,059		8,431
Total real estate – construction and development	$	833,764	$	292,041	$	176,483	$	53,509	$	24,590	$	47,626	$	24,326	$	1,452,339
Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	2,186,291	$	1,205,578	$	1,119,239	$	542,295	$	486,477	$	1,103,675	$	80,379	$	6,723,934
6	416		—		1,036		14,760		5,334		21,665		—		43,211
7	4,709		2,682		11,109		9,076		4,861		35,315		20		67,772
Total real estate – commercial and farmland	$	2,191,416	$	1,208,260	$	1,131,384	$	566,131	$	496,672	$	1,160,655	$	80,399	$	6,834,917
Real Estate - Residential
Risk Grade:
Pass	$	1,171,008	$	638,232	$	329,247	$	149,990	$	108,538	$	408,240	$	217,982	$	3,023,237
6	145		66		1,106		505		356		3,717		49		5,944
7	2,405		10,167		21,239		11,376		4,597		13,970		2,050		65,804
Total real estate - residential	$	1,173,558	$	648,465	$	351,592	$	161,871	$	113,491	$	425,927	$	220,081	$	3,094,985
Total Loans
Risk Grade:
Pass	$	5,955,415	$	2,693,326	$	1,886,100	$	981,400	$	879,708	$	1,838,522	$	1,379,853	$	15,614,324
6	7,278		615		2,535		30,976		6,068		29,469		2,015		78,956
7	26,571		15,173		36,798		24,850		12,568		57,766		7,252		180,978
Total loans	$	5,989,264	$	2,709,114	$	1,925,433	$	1,037,226	$	898,344	$	1,925,757	$	1,389,120	$	15,874,258

Summary of Troubled Debt Restructurings by Loan Class

The following table presents the loans by class modified as troubled debt restructurings which occurred during the three months ended March 31, 2022 and 2021. These modifications did not have a material impact on the Company’s allowance for credit losses.

	Three Months Ended March 31,
	2022			2021
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	—	$	—	4	$	463
Premium finance	5	162		—	—
Real estate – commercial and farmland	—	—		2	7,658
Real estate – residential	3	977		5	572
Total	8	$	1,139	11	$	8,693

Troubled Debt Restructurings on Financing Receivable Payment Default

The following table presents the outstanding balance of troubled debt restructurings by class that defaulted (defined as 30 days past due) during the three months ended March 31, 2022 and 2021. These defaults did not have a material impact on the Company's allowance for credit losses.

	Three Months Ended March 31,
	2022			2021
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	—	$	—	3	$	56
Consumer installment	1	3		5	6
Indirect automobile	14	49		16	94
Real estate – construction and development	—	—		1	1
Real estate – commercial and farmland	2	1,569		2	5,193
Real estate – residential	18	2,793		11	809
Total	35	$	4,414	38	$	6,159

Summary of Troubled Debt Restructuring by Loan Class, Classified Separately under Restructured Terms

The following table presents the amount of troubled debt restructurings by loan class classified separately as accrual and nonaccrual at March 31, 2022 and December 31, 2021:

March 31, 2022	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	9	$	868	4	$	72
Consumer installment	6	13		16	31
Indirect automobile	215	893		46	221
Premium finance	5	162		—	—
Real estate – construction and development	3	725		1	11
Real estate – commercial and farmland	21	17,161		4	788
Real estate – residential	207	24,664		38	4,341
Total	466	$	44,486	109	$	5,464

December 31, 2021	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	12	$	1,286	6	$	83
Consumer installment	7	16		17	35
Indirect automobile	233	1,037		52	273
Real estate – construction and development	4	789		1	13
Real estate – commercial and farmland	25	35,575		5	5,924
Real estate – residential	213	26,879		39	4,678
Total	494	$	65,582	120	$	11,006

Schedule of Allowances for Loan Losses by Portfolio Segment

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 March 31, 2022
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2021	$	26,829	$	6,097	$	476	$	3,231	$	401	$	2,729
Provision for loan losses	215		789		(290)		(221)		(17)		(92)
Loans charged off	(4,414)		(1,425)		(88)		—		—		(1,369)
Recoveries of loans previously charged off	2,896		158		275		—		—		1,247
Balance, March 31, 2022	$	25,526	$	5,619	$	373	$	3,010	$	384	$	2,515
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2021	$	22,045	$	77,831	$	27,943	$	167,582
Provision for loan losses	4,568		(9,552)		1,866		(2,734)
Loans charged off	—		(1,283)		—		(8,579)
Recoveries of loans previously charged off	218		37		151		4,982
Balance, March 31, 2022	$	26,831	$	67,033	$	29,960	$	161,251

Three Months Ended March 31, 2021
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2020	$	7,359	$	4,076	$	1,929	$	3,666	$	791	$	3,879
Provision for loan losses	2,575		5,806		(528)		(145)		(1)		442
Loans charged off	(2,370)		(1,448)		(829)		—		—		(1,343)
Recoveries of loans previously charged off	727		356		700		—		—		1,122
Balance, March 31, 2021	$	8,291	$	8,790	$	1,272	$	3,521	$	790	$	4,100
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2020	$	45,304	$	88,894	$	43,524	$	199,422
Provision for loan losses	(22,587)		3,671		(5,812)		(16,579)
Loans charged off	(26)		(1,395)		(163)		(7,574)
Recoveries of loans previously charged off	167		41		188		3,301
Balance, March 31, 2021	$	22,858	$	91,211	$	37,737	$	178,570

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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Securities Sold Under Repurchase Agreements

The following is a summary of the Company’s securities sold under agreements to repurchase at March 31, 2022 and December 31, 2021:

(dollars in thousands)	March 31, 2022		December 31, 2021
Securities sold under agreements to repurchase	$	2,065	$	5,845

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OTHER BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Other Borrowings

Other borrowings consist of the following:

(dollars in thousands)	March 31, 2022		December 31, 2021
FHLB borrowings:
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208%	$	15,000	$	15,000
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445%	15,000		15,000
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606%	15,000		15,000
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55%	1,397		1,400
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55%	967		969
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%	1,385		1,421
Subordinated notes payable:
Subordinated notes payable due June 1, 2026, net of unaccreted purchase accounting fair value adjustment of $— and $500, respectively; fixed interest rate of 5.50%	—		50,500
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $649 and $681, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616%	74,351		74,319
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,862 and $1,923, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94%	118,138		118,077
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $997 and $1,028, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63%	75,997		76,028
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,715 and $1,766, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753%	108,285		108,234
Securitzation Facilities:
Equipment contract backed notes, Series 2018-1 (BCC XIV) due on various dates through 2025 and bear a weighted-average interest rate of 5.11%	—		19,199
Equipment contract backed notes, Series 2019-1 (BCC XVI) due on various dates through 2027 and bear a weighted-average interest rate of 2.84%	—		139,329
Equipment contract backed notes, Series 2020-1 (BCC XVII) due on various dates through 2027 and bear a weighted-average interest rate of 1.48%	—		105,403
	$	425,520	$	739,879

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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Summary of Accumulated Other Comprehensive Income (Loss)

The following table presents a summary of the accumulated other comprehensive income balances as well as changes in each of the respective components, net of tax, for the periods indicated:

(dollars in thousands)	Unrealized Gain (Loss) on Securities		Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31, 2022
Balance, December 31, 2021	$	15,590	$	15,590
Current year changes, net of tax	(17,431)		(17,431)
Balance, March 31, 2022	$	(1,841)	$	(1,841)
Three Months Ended March 31, 2021
Balance, December 31, 2020	$	33,505	$	33,505
Current year changes, net of tax	(7,415)		(7,415)
Balance, March 31, 2021	$	26,090	$	26,090

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WEIGHTED AVERAGE SHARES OUTSTANDING (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Summary of Weighted Average Number of Shares

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

	Three Months Ended March 31,
(share data in thousands)	2022	2021
Average common shares outstanding	69,346	69,392
Common share equivalents:
Stock options	31	81
Nonvested restricted share grants	167	172
Performance stock units	117	96
Average common shares outstanding, assuming dilution	69,661	69,741

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FAIR VALUE MEASURES (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Loans Held For Sale Fair Value

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

(dollars in thousands)	March 31, 2022		December 31, 2021
Mortgage loans held for sale	$	899,009	$	1,247,997
SBA loans held for sale	2,541		6,635
Total loans held for sale	$	901,550	$	1,254,632

Difference Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measured at Fair Value

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 March 31, 2022 and December 31, 2021:

(dollars in thousands)	March 31, 2022		December 31, 2021
Aggregate fair value of mortgage loans held for sale	$	899,009	$	1,247,997
Aggregate unpaid principal balance of mortgage loans held for sale	906,552		1,211,646
Past-due loans of 90 days or more	466		746
Nonaccrual loans	466		746
Unpaid principal balance of nonaccrual loans	475		718

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 March 31, 2022 and December 31, 2021:

(dollars in thousands)	March 31, 2022		December 31, 2021
Aggregate fair value of SBA loans held for sale	$	2,541	$	6,635
Aggregate unpaid principal balance of SBA loans held for sale	2,427		5,825
Past-due loans of 90 days or more	—		—
Nonaccrual loans	—		—

Fair Value Measurements of Assets and Liabilities Measured on Recurring Basis

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 March 31, 2022 and December 31, 2021:

	Recurring Basis Fair Value Measurements
	March 31, 2022
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial assets:
Investment securities available-for-sale:
U.S. government sponsored agencies	$	7,072	$	—	$	7,072	$	—
State, county and municipal securities	43,844		—		43,844		—
Corporate debt securities	28,178		—		26,828		1,350
SBA pool securities	36,949		—		36,949		—
Mortgage-backed securities	463,161		—		463,161		—
Loans held for sale	901,550		—		901,550		—
Mortgage banking derivative instruments	37,182		—		37,182		—
Total recurring assets at fair value	$	1,517,936	$	—	$	1,516,586	$	1,350

	Recurring Basis Fair Value Measurements
	December 31, 2021
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial assets:
Investment securities available-for-sale:
U.S. government sponsored agencies	$	7,172	$	—	$	7,172	$	—
State, county and municipal securities	47,812		—		47,812		—
Corporate debt securities	28,496		—		27,116		1,380
SBA pool securities	45,201		—		45,201		—
Mortgage-backed securities	463,940		—		463,940		—
Loans held for sale	1,254,632		—		1,254,632		—
Mortgage banking derivative instruments	11,940		—		11,940		—
Total recurring assets at fair value	$	1,859,193	$	—	$	1,857,813	$	1,380
Financial liabilities:
Mortgage banking derivative instruments	$	710	$	—	$	710	$	—
Total recurring liabilities at fair value	$	710	$	—	$	710	$	—

Summary of Fair Value Measurements of Assets Measured at Fair Value on Non-Recurring Basis

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 March 31, 2022 and December 31, 2021:

	Nonrecurring Basis Fair Value Measurements
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
March 31, 2022
Collateral-dependent loans	$	25,510	$	—	$	—	$	25,510
Other real estate owned	399		—		—		399
Mortgage servicing rights	232,236		—		—		232,236
Total nonrecurring assets at fair value	$	258,145	$	—	$	—	$	258,145
December 31, 2021
Collateral-dependent loans	$	44,181	$	—	$	—	$	44,181
Mortgage servicing rights	206,944		—		—		206,944
Total nonrecurring assets at fair value	$	251,125	$	—	$	—	$	251,125

Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities

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
March 31, 2022
Recurring:
Debt securities available-for-sale	$	1,350	Discounted par values	Discount rate	10.0%	10.0%
Nonrecurring:
Collateral-dependent loans	$	25,510	Third-party appraisals and discounted cash flows	Collateral discounts and discount rates	0% - 50%	34%
Other real estate owned	$	399	Third-party appraisals and sales contracts	Collateral discounts and estimated costs to sell	15% - 47%	21%
Mortgage servicing rights	$	232,236	Discounted cash flows	Discount rate	10% - 11%	10%
				Prepayment speed	5% - 23%	8%
December 31, 2021
Recurring:
Debt securities available-for-sale	$	1,380	Discounted par values	Discount Rate	8.0%	8.0%
Nonrecurring:
Collateral-dependent loans	$	44,181	Third-party appraisals and discounted cash flows	Collateral discounts and discount rates	0% - 50%	39%
Mortgage servicing rights	$	206,944	Discounted cash flows	Discount rate	9% - 10%	9%
				Prepayment speed	10% - 40%	13%

Carrying Amount and Estimated Fair Value of Financial Instruments

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
			March 31, 2022
(dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	257,316	$	257,316	$	—	$	—	$	257,316
Federal funds sold and interest-bearing accounts	3,541,144		3,541,144		—		—		3,541,144
Debt securities held-to-maturity	91,454		—		82,489		—		82,489
Loans, net	15,957,040		—		—		15,927,461		15,927,461
Accrued interest receivable	53,036		—		2,598		50,438		53,036
Financial liabilities:
Deposits	19,588,441		—		19,590,158		—		19,590,158
Securities sold under agreements to repurchase	2,065		2,065		—		—		2,065
Other borrowings	425,520		—		431,131		—		431,131
Subordinated deferrable interest debentures	126,827		—		117,196		—		117,196
Accrued interest payable	6,121		—		6,121		—		6,121

			Fair Value Measurements
			December 31, 2021
(dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	307,813	$	307,813	$	—	$	—	$	307,813
Federal funds sold and interest-bearing accounts	3,756,844		3,756,844		—		—		3,756,844
Debt securities held-to-maturity	79,850		—		78,206		—		78,206
Loans, net	15,662,495		—		—		15,509,410		15,509,410
Accrued interest receivable	56,917		—		2,373		54,544		56,917
Financial liabilities:
Deposits	19,665,553		—		19,667,612		—		19,667,612
Securities sold under agreements to repurchase	5,845		5,845		—		—		5,845
Other borrowings	739,879		—		760,829		—		760,829
Subordinated deferrable interest debentures	126,328		—		117,764		—		117,764
Accrued interest payable	4,313		—		4,313		—		4,313

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COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Guarantor Obligations

A summary of the Company’s commitments is as follows:

(dollars in thousands)	March 31, 2022		December 31, 2021
Commitments to extend credit	$	4,817,539	$	4,328,749
Unused home equity lines of credit	284,144		272,029
Financial standby letters of credit	31,440		36,184
Mortgage interest rate lock commitments	520,939		417,126

Schedule of Allowance for Credit Loss for Unfunded Commitments

The following table presents activity in the allowance for unfunded commitments for the periods presented:

	Three Months Ended March 31,
(dollars in thousands)	2022		2021
Balance at beginning of period	$	33,185	$	32,854
Provision for unfunded commitments	9,009		(11,839)
Balance at end of period	$	42,194	$	21,015

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SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting, by Reportable Business Segments

The following tables present selected financial information with respect to the Company’s reportable business segments for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31, 2022
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	129,290	$	32,832	$	6,813	$	6,780	$	7,659	$	183,374
Interest expense	(4,455)		13,537		366		769		613		10,830
Net interest income	133,745		19,295		6,447		6,011		7,046		172,544
Provision for credit losses	5,226		1,587		(222)		(143)		(217)		6,231
Noninterest income	21,364		61,649		1,401		2,491		6		86,911
Noninterest expense
Salaries and employee benefits	49,195		31,614		283		1,271		1,918		84,281
Occupancy and equipment	11,074		1,471		1		99		82		12,727
Data processing and communications expenses	11,230		1,172		47		28		95		12,572
Other expenses	20,045		12,645		218		380		952		34,240
Total noninterest expense	91,544		46,902		549		1,778		3,047		143,820
Income before income tax expense	58,339		32,455		7,521		6,867		4,222		109,404
Income tax expense	16,996		6,815		1,579		1,442		874		27,706
Net income	$	41,343	$	25,640	$	5,942	$	5,425	$	3,348	$	81,698
Total assets	$	17,409,973	$	4,197,613	$	703,558	$	313,219	$	935,929	$	23,560,292
Goodwill	957,847		—		—		—		64,498		1,022,345
Other intangible assets, net	109,604		—		—		—		11,153		120,757

	Three Months Ended March 31, 2021
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	112,379	$	30,199	$	10,327	$	18,034	$	7,011	$	177,950
Interest expense	(437)		11,215		421		1,399		375		12,973
Net interest income	112,816		18,984		9,906		16,635		6,636		164,977
Provision for credit losses	(23,904)		(4,553)		(145)		(547)		558		(28,591)
Noninterest income	16,738		97,640		980		2,611		4		117,973
Noninterest expense
Salaries and employee benefits	42,723		49,838		330		1,382		1,712		95,985
Occupancy and equipment	10,120		1,476		1		106		78		11,781
Data processing and communications expenses	10,201		1,546		49		1		87		11,884
Other expenses	19,710		8,189		33		295		921		29,148
Total noninterest expense	82,754		61,049		413		1,784		2,798		148,798
Income (loss) before income tax expense	70,704		60,128		10,618		18,009		3,284		162,743
Income tax expense (benefit)	18,456		12,627		2,230		3,782		686		37,781
Net income (loss)	$	52,248	$	47,501	$	8,388	$	14,227	$	2,598	$	124,962
Total assets	$	14,591,933	$	4,086,210	$	886,004	$	1,055,068	$	807,912	$	21,427,127
Goodwill	863,507		—		—		—		64,498		928,005
Other intangible assets, net	53,745		—		—		—		14,103		67,848

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LOAN SERVICING RIGHTS (Tables)

3 Months Ended

Mar. 31, 2022

Transfers and Servicing [Abstract]

Schedule of Carrying Value of Loan Servicing Rights Assets

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

(dollars in thousands)	March 31, 2022		December 31, 2021
Loan Servicing Rights
Residential mortgage	$	232,236	$	206,944
SBA	5,384		5,556
Total loan servicing rights	$	237,620	$	212,500

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

(dollars in thousands)	Three Months Ended March 31,
Residential mortgage servicing rights	2022		2021
Beginning carrying value, net	$	206,944	$	130,630
Additions	21,701		21,867
Amortization	(6,062)		(7,484)
Recoveries	9,653		9,733
Ending carrying value, net	$	232,236	$	154,746

(dollars in thousands)	Three Months Ended March 31,
Residential mortgage servicing valuation allowance	2022		2021
Beginning balance	$	25,782	$	39,407
Recoveries	(9,653)		(9,733)
Ending balance	$	16,129	$	29,674

The table below is an analysis of the activity in the Company’s SBA loan servicing rights and valuation allowance:

(dollars in thousands)	Three Months Ended March 31,
SBA servicing rights	2022		2021
Beginning carrying value, net	$	5,556	$	5,839
Additions	538		230
Amortization	(710)		(529)
Recoveries	—		905
Ending carrying value, net	$	5,384	$	6,445

(dollars in thousands)	Three Months Ended March 31,
SBA servicing valuation allowance	2022		2021
Beginning balance	$	—	$	905
Recoveries	—		(905)
Ending balance	$	—	$	—

The Company is not actively originating or selling indirect automobile loans.

(dollars in thousands)	Three Months Ended March 31,
Indirect automobile servicing rights	2022		2021
Beginning carrying value, net	$	—	$	73
Amortization	—		(44)
Ending carrying value, net	$	—	$	29

Schedule of Sensitivity of Fair Value to Adverse Changes in Model Inputs and/or Assumptions

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)	March 31, 2022			December 31, 2021
Residential mortgage servicing rights
Unpaid principal balance of loans serviced for others	$	17,534,847		$	16,786,442
Composition of residential loans serviced for others:
FHLMC	21.85		%	21.88		%
FNMA	60.44		%	60.26		%
GNMA	17.71		%	17.86		%
Total	100.00		%	100.00		%
Weighted average term (months)	342			341
Weighted average age (months)	21			20
Modeled prepayment speed	8.35		%	12.96		%
Decline in fair value due to a 10% adverse change	(8,521)			(8,368)
Decline in fair value due to a 20% adverse change	(16,149)			(16,157)
Weighted average discount rate	9.77		%	8.77		%
Decline in fair value due to a 10% adverse change	(10,222)			(6,984)
Decline in fair value due to a 20% adverse change	(19,270)			(13,504)

(dollars in thousands)	March 31, 2022			December 31, 2021
SBA servicing rights
Unpaid principal balance of loans serviced for others	$	407,006		$	410,167
Weighted average life (in years)	3.67			3.65
Modeled prepayment speed	17.54		%	17.68		%
Decline in fair value due to a 10% adverse change	(316)			(291)
Decline in fair value due to a 20% adverse change	(602)			(557)
Weighted average discount rate	10.19		%	11.92		%
Decline in fair value due to a 100 basis point adverse change	(159)			(144)
Decline in fair value due to a 200 basis point adverse change	(310)			(282)

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BASIS OF PRESENTATION AND ACCOUNTING POLICIES - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($) branch	Dec. 31, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of branches operated | branch	165
Restricted Cash | $	$ 0.0	$ 43.0

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INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 581,534	$ 572,887
Gross Unrealized Gains	2,923	19,929
Gross Unrealized Losses	(5,253)	(195)
Estimated Fair Value	579,204	592,621
U.S. government sponsored agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,067	7,084
Gross Unrealized Gains	17	88
Gross Unrealized Losses	(12)	0
Estimated Fair Value	7,072	7,172
State, county and municipal securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	43,416	45,470
Gross Unrealized Gains	727	2,342
Gross Unrealized Losses	(299)	0
Estimated Fair Value	43,844	47,812
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27,897	27,897
Gross Unrealized Gains	431	719
Gross Unrealized Losses	(150)	(120)
Estimated Fair Value	28,178	28,496
SBA pool securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	37,863	44,312
Gross Unrealized Gains	15	958
Gross Unrealized Losses	(929)	(69)
Estimated Fair Value	36,949	45,201
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	465,291	448,124
Gross Unrealized Gains	1,733	15,822
Gross Unrealized Losses	(3,863)	(6)
Estimated Fair Value	$ 463,161	$ 463,940

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INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Securities Held-to-Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 91,454	$ 79,850
Gross Unrealized Gains	0	4
Gross Unrealized Losses	(8,965)	(1,648)
Estimated Fair Value	82,489	78,206
State, county and municipal securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	13,905	8,905
Gross Unrealized Gains	0	4
Gross Unrealized Losses	(2,227)	(198)
Estimated Fair Value	11,678	8,711
Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	77,549	70,945
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(6,738)	(1,450)
Estimated Fair Value	$ 70,811	$ 69,495

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INVESTMENT SECURITIES - Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 11,390
Due from one year to five years	26,183
Due from five to ten years	43,452
Due after ten years	35,218
Mortgage-backed securities	465,291
Amortized Cost	581,534	$ 572,887
Estimated Fair Value
Due in one year or less	11,446
Due from one year to five years	26,201
Due from five to ten years	44,052
Due after ten years	34,344
Mortgage-backed securities	463,161
Estimated Fair Value	579,204	592,621
Amortized Cost
Due in one year or less	0
Due from one year to five years	0
Due from five to ten years	0
Due after ten years	13,905
Mortgage-backed securities	77,549
Amortized Cost	91,454	79,850
Estimated Fair Value
Due in one year or less	0
Due from one year to five years	0
Due from five to ten years	0
Due after ten years	11,678
Mortgage-backed securities	70,811
Estimated Fair Value	$ 82,489	$ 78,206

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INVESTMENT SECURITIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Securities, Available-for-sale [Line Items]
Allowance for credit loss | $	$ 0	$ 0	$ 101	$ 112
Unrealized losses | $	5,253	195
Expected credit losses | $	0
Debt securities, held-to-maturity, allowance for credit loss | $	$ 0	0
Debt Securities | Available-for-sale Debt Securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in security portfolio	426
Number of securities in unrealized loss position	219
Debt Securities | Held-to-maturity Securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in security portfolio	16
Number of securities in unrealized loss position	15
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Available-for-sale Debt Securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in unrealized loss position	180
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Held-to-maturity Securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in unrealized loss position	11
SBA pool securities
Debt Securities, Available-for-sale [Line Items]
Unrealized losses | $	$ 929	69
SBA pool securities | Available-for-sale Debt Securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in unrealized loss position	30
State, County And Municipal Securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in unrealized loss position	6
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Unrealized losses | $	$ 150	120
Corporate debt securities | Available-for-sale Debt Securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in unrealized loss position	2
U.S. government sponsored agency security | Available-for-sale Debt Securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in unrealized loss position	1
State, county and municipal securities
Debt Securities, Available-for-sale [Line Items]
Unrealized losses | $	$ 299	0
State, county and municipal securities | Held-to-maturity Securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in unrealized loss position	4
Collateral Pledged
Debt Securities, Available-for-sale [Line Items]
Pledged securities, carrying value | $	$ 314,200	$ 366,700

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INVESTMENT SECURITIES - Schedule of Gross Unrealized Losses and Fair Value of Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Estimated Fair Value
Less than 12 months, estimated fair value	$ 286,934	$ 6,826
12 months or more, estimated fair value	3,723	3,953
Total estimated fair value	290,657	10,779
Unrealized Losses
Less than 12 months, unrealized losses	(5,045)	(12)
12 months or more, unrealized losses	(208)	(183)
Total unrealized losses	(5,253)	(195)
U.S. government sponsored agencies
Estimated Fair Value
Less than 12 months, estimated fair value	1,033
12 months or more, estimated fair value	0
Total estimated fair value	1,033
Unrealized Losses
Less than 12 months, unrealized losses	(12)
12 months or more, unrealized losses	0
Total unrealized losses	(12)
State, county and municipal securities
Estimated Fair Value
Less than 12 months, estimated fair value	10,209
12 months or more, estimated fair value	0
Total estimated fair value	10,209
Unrealized Losses
Less than 12 months, unrealized losses	(299)
12 months or more, unrealized losses	0
Total unrealized losses	(299)
Corporate debt securities
Estimated Fair Value
Less than 12 months, estimated fair value	0	0
12 months or more, estimated fair value	1,350	1,380
Total estimated fair value	1,350	1,380
Unrealized Losses
Less than 12 months, unrealized losses	0	0
12 months or more, unrealized losses	(150)	(120)
Total unrealized losses	(150)	(120)
SBA pool securities
Estimated Fair Value
Less than 12 months, estimated fair value	32,988	1,312
12 months or more, estimated fair value	2,372	2,572
Total estimated fair value	35,360	3,884
Unrealized Losses
Less than 12 months, unrealized losses	(871)	(6)
12 months or more, unrealized losses	(58)	(63)
Total unrealized losses	(929)	(69)
Mortgage-backed securities
Estimated Fair Value
Less than 12 months, estimated fair value	242,704	5,514
12 months or more, estimated fair value	1	1
Total estimated fair value	242,705	5,515
Unrealized Losses
Less than 12 months, unrealized losses	(3,863)	(6)
12 months or more, unrealized losses	0	0
Total unrealized losses	$ (3,863)	$ (6)

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INVESTMENT SECURITIES - Schedule of Held-to-Maturity Securities with Unrealized Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Estimated Fair Value
Less than 12 months, estimated fair value	$ 75,453	$ 73,202
12 months or more, estimated fair value	0	0
Total estimated fair value	75,453	73,202
Unrealized Losses
Less than 12 months, unrealized losses	(8,965)	(1,648)
12 months or more, unrealized losses	0	0
Total unrealized losses	(8,965)	(1,648)
State, county and municipal securities
Estimated Fair Value
Less than 12 months, estimated fair value	11,678	3,707
12 months or more, estimated fair value	0	0
Total estimated fair value	11,678	3,707
Unrealized Losses
Less than 12 months, unrealized losses	(2,227)	(198)
12 months or more, unrealized losses	0	0
Total unrealized losses	(2,227)	(198)
Mortgage-backed securities
Estimated Fair Value
Less than 12 months, estimated fair value	63,775	69,495
12 months or more, estimated fair value	0	0
Total estimated fair value	63,775	69,495
Unrealized Losses
Less than 12 months, unrealized losses	(6,738)	(1,450)
12 months or more, unrealized losses	0	0
Total unrealized losses	$ (6,738)	$ (1,450)

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INVESTMENT SECURITIES - Schedule of Investments Available-for-sale, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0	$ 112
Provision for expected credit losses	0	(11)
Ending balance	$ 0	$ 101

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INVESTMENT SECURITIES - Schedule of Gain on Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Unrealized holding losses on equity securities	$ (27)	$ (12)
Net loss on securities	$ (27)	$ (12)

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LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	$ 16,143,801	$ 15,874,258
Commercial, financial and agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,836,663	1,875,993
Consumer installment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	173,642	191,298
Indirect automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	214,120	265,779
Mortgage warehouse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	732,375	787,837
Municipal
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	547,926	572,701
Premium finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	819,163	798,409
Real estate – construction and development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,577,215	1,452,339
Real estate – commercial and farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	6,924,475	6,834,917
Real estate – residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	$ 3,318,222	$ 3,094,985

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LOANS AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred interest on loans, allowance for credit losses	$ 170		$ 214
Interest income on nonaccrual loans	0	$ 0
Loans modified that are not troubled debt restructurings	132,000	$ 118,000
Loan Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	50,600		54,800
Loans Excluding Purchased Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructuring	50,000		76,600
Troubled debt restructurings, previous charge-offs, excluding purchased loans	654		654
Allowance for loan losses allocated to troubled debt restructuring	$ 3,400		$ 10,500

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LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans Accounted for on a Nonaccrual Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	$ 102,597	$ 85,266
Financing receivable, nonaccrual, no allowance	8,931	10,376
Commercial, financial and agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	13,198	14,214
Financing receivable, nonaccrual, no allowance	0	164
Consumer installment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	561	476
Indirect automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	706	947
Premium finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual, no allowance	289	0
Real estate – construction and development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	847	492
Financing receivable, nonaccrual, no allowance	304	209
Real estate – commercial and farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	10,891	15,365
Financing receivable, nonaccrual, no allowance	3,553	2,061
Real estate – residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	76,394	53,772
Financing receivable, nonaccrual, no allowance	$ 4,785	$ 7,942

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LOANS AND ALLOWANCE FOR CREDIT LOSSES - Analysis of Past-Due Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total Loans	$ 16,143,801	$ 15,874,258
Loans 90 Days or More Past Due and Still Accruing	6,583	12,648
Total Loans Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	179,613	148,707
Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	72,455	54,024
Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	18,613	14,215
Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	88,545	80,468
Current Loans
Financing Receivable, Past Due [Line Items]
Total Loans	15,964,188	15,725,551
Commercial, financial and agricultural
Financing Receivable, Past Due [Line Items]
Total Loans	1,836,663	1,875,993
Loans 90 Days or More Past Due and Still Accruing	1,153	1,165
Commercial, financial and agricultural | Total Loans Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	18,630	17,453
Commercial, financial and agricultural | Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	5,422	3,431
Commercial, financial and agricultural | Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	1,708	2,005
Commercial, financial and agricultural | Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	11,500	12,017
Commercial, financial and agricultural | Current Loans
Financing Receivable, Past Due [Line Items]
Total Loans	1,818,033	1,858,540
Consumer installment
Financing Receivable, Past Due [Line Items]
Total Loans	173,642	191,298
Loans 90 Days or More Past Due and Still Accruing	412	584
Consumer installment | Total Loans Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	2,901	3,548
Consumer installment | Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	1,555	1,786
Consumer installment | Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	555	871
Consumer installment | Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	791	891
Consumer installment | Current Loans
Financing Receivable, Past Due [Line Items]
Total Loans	170,741	187,750
Indirect automobile
Financing Receivable, Past Due [Line Items]
Total Loans	214,120	265,779
Loans 90 Days or More Past Due and Still Accruing	0	0
Indirect automobile | Total Loans Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	1,101	1,430
Indirect automobile | Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	502	772
Indirect automobile | Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	137	185
Indirect automobile | Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	462	473
Indirect automobile | Current Loans
Financing Receivable, Past Due [Line Items]
Total Loans	213,019	264,349
Mortgage warehouse
Financing Receivable, Past Due [Line Items]
Total Loans	732,375	787,837
Loans 90 Days or More Past Due and Still Accruing	0	0
Mortgage warehouse | Total Loans Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Mortgage warehouse | Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Mortgage warehouse | Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Mortgage warehouse | Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Mortgage warehouse | Current Loans
Financing Receivable, Past Due [Line Items]
Total Loans	732,375	787,837
Municipal
Financing Receivable, Past Due [Line Items]
Total Loans	547,926	572,701
Loans 90 Days or More Past Due and Still Accruing	0	0
Municipal | Total Loans Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Municipal | Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Municipal | Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Municipal | Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Municipal | Current Loans
Financing Receivable, Past Due [Line Items]
Total Loans	547,926	572,701
Premium finance
Financing Receivable, Past Due [Line Items]
Total Loans	819,163	798,409
Loans 90 Days or More Past Due and Still Accruing	4,727	9,134
Premium finance | Total Loans Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	15,220	20,466
Premium finance | Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	5,872	6,992
Premium finance | Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	4,620	4,340
Premium finance | Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	4,728	9,134
Premium finance | Current Loans
Financing Receivable, Past Due [Line Items]
Total Loans	803,943	777,943
Real estate – construction and development
Financing Receivable, Past Due [Line Items]
Total Loans	1,577,215	1,452,339
Loans 90 Days or More Past Due and Still Accruing	287	1,758
Real estate – construction and development | Total Loans Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	28,169	20,189
Real estate – construction and development | Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	26,729	16,601
Real estate – construction and development | Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	468	1,398
Real estate – construction and development | Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	972	2,190
Real estate – construction and development | Current Loans
Financing Receivable, Past Due [Line Items]
Total Loans	1,549,046	1,432,150
Real estate – commercial and farmland
Financing Receivable, Past Due [Line Items]
Total Loans	6,924,475	6,834,917
Loans 90 Days or More Past Due and Still Accruing	4	7
Real estate – commercial and farmland | Total Loans Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	12,235	13,787
Real estate – commercial and farmland | Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	5,772	6,713
Real estate – commercial and farmland | Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	3,080	1,150
Real estate – commercial and farmland | Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	3,383	5,924
Real estate – commercial and farmland | Current Loans
Financing Receivable, Past Due [Line Items]
Total Loans	6,912,240	6,821,130
Real estate – residential
Financing Receivable, Past Due [Line Items]
Total Loans	3,318,222	3,094,985
Loans 90 Days or More Past Due and Still Accruing	0	0
Real estate – residential | Total Loans Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	101,357	71,834
Real estate – residential | Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	26,603	17,729
Real estate – residential | Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	8,045	4,266
Real estate – residential | Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	66,709	49,839
Real estate – residential | Current Loans
Financing Receivable, Past Due [Line Items]
Total Loans	$ 3,216,865	$ 3,023,151

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LOANS AND ALLOWANCE FOR CREDIT LOSSES - Summary of Information Pertaining to Impaired Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance	$ 29,146	$ 52,078
Allowance for Credit Losses	3,636	7,897
Commercial, financial and agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance	2,261	2,613
Allowance for Credit Losses	852	723
Premium finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance	289	2,989
Allowance for Credit Losses	0	30
Real estate – construction and development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance	304	1,432
Allowance for Credit Losses	0	45
Real estate – commercial and farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance	11,466	33,332
Allowance for Credit Losses	795	6,646
Real estate – residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance	14,826	11,712
Allowance for Credit Losses	$ 1,989	$ 453

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LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans by Risk Grade (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	$ 1,540,137	$ 5,989,264
Year two	5,406,141	2,709,114
Year three	2,600,483	1,925,433
Year four	1,791,900	1,037,226
Year five	927,504	898,344
Prior	2,572,066	1,925,757
Revolving Loans Amortized Cost Basis	1,305,570	1,389,120
Loans, net of unearned income	16,143,801	15,874,258
9
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Commercial, financial and agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	215,672	913,036
Year two	765,255	280,305
Year three	242,008	193,301
Year four	166,910	120,512
Year five	101,317	53,671
Prior	79,987	48,227
Revolving Loans Amortized Cost Basis	265,514	266,941
Loans, net of unearned income	1,836,663	1,875,993
Commercial, financial and agricultural | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	208,664	903,630
Year two	764,033	279,037
Year three	240,671	188,810
Year four	163,163	118,613
Year five	99,436	50,737
Prior	70,393	40,376
Revolving Loans Amortized Cost Basis	261,941	262,951
Loans, net of unearned income	1,808,301	1,844,154
Commercial, financial and agricultural | 6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	190
Year two	167	0
Year three	92	393
Year four	93	427
Year five	156	368
Prior	2,551	1,832
Revolving Loans Amortized Cost Basis	541	1,961
Loans, net of unearned income	3,600	5,171
Commercial, financial and agricultural | 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	7,008	9,216
Year two	1,055	1,268
Year three	1,245	4,098
Year four	3,654	1,472
Year five	1,725	2,566
Prior	7,043	6,019
Revolving Loans Amortized Cost Basis	3,032	2,029
Loans, net of unearned income	24,762	26,668
Consumer installment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	18,548	35,840
Year two	21,392	59,504
Year three	51,765	37,485
Year four	32,840	27,482
Year five	24,498	9,890
Prior	19,200	11,561
Revolving Loans Amortized Cost Basis	5,399	9,536
Loans, net of unearned income	173,642	191,298
Consumer installment | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	18,541	35,781
Year two	21,321	59,221
Year three	51,632	37,195
Year four	32,530	27,266
Year five	24,305	9,787
Prior	18,621	11,021
Revolving Loans Amortized Cost Basis	5,259	9,437
Loans, net of unearned income	172,209	189,708
Consumer installment | 6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	133	135
Revolving Loans Amortized Cost Basis	5	5
Loans, net of unearned income	138	140
Consumer installment | 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	7	59
Year two	71	283
Year three	133	290
Year four	310	216
Year five	193	103
Prior	446	405
Revolving Loans Amortized Cost Basis	135	94
Loans, net of unearned income	1,295	1,450
Indirect automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	20,331
Year four	17,448	102,227
Year five	86,477	90,688
Prior	110,195	52,533
Revolving Loans Amortized Cost Basis	0	0
Loans, net of unearned income	214,120	265,779
Indirect automobile | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	20,276
Year four	17,396	101,969
Year five	86,176	90,294
Prior	108,956	51,468
Revolving Loans Amortized Cost Basis	0	0
Loans, net of unearned income	212,528	264,007
Indirect automobile | 6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	24
Year five	8	10
Prior	25	19
Revolving Loans Amortized Cost Basis	0	0
Loans, net of unearned income	33	53
Indirect automobile | 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	55
Year four	52	234
Year five	293	384
Prior	1,214	1,046
Revolving Loans Amortized Cost Basis	0	0
Loans, net of unearned income	1,559	1,719
Mortgage warehouse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	732,375	787,837
Loans, net of unearned income	732,375	787,837
Mortgage warehouse | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	732,375	787,837
Loans, net of unearned income	732,375	787,837
Municipal
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	2,184	44,727
Year two	43,031	219,385
Year three	213,311	14,831
Year four	13,860	5,494
Year five	5,119	109,040
Prior	270,421	179,224
Revolving Loans Amortized Cost Basis	0	0
Loans, net of unearned income	547,926	572,701
Municipal | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	2,184	44,727
Year two	43,031	219,385
Year three	213,311	14,831
Year four	13,860	5,494
Year five	5,119	109,040
Prior	270,421	179,224
Revolving Loans Amortized Cost Basis	0	0
Loans, net of unearned income	547,926	572,701
Premium finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	411,397	796,923
Year two	407,363	1,154
Year three	214	26
Year four	0	0
Year five	0	302
Prior	189	4
Revolving Loans Amortized Cost Basis	0	0
Loans, net of unearned income	819,163	798,409
Premium finance | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	411,397	787,884
Year two	402,635	1,059
Year three	214	26
Year four	0	0
Year five	0	302
Prior	189	4
Revolving Loans Amortized Cost Basis	0	0
Loans, net of unearned income	814,435	789,275
Premium finance | 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	9,039
Year two	4,728	95
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	0
Loans, net of unearned income	4,728	9,134
Real estate – construction and development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	168,867	833,764
Year two	872,850	292,041
Year three	262,345	176,483
Year four	147,425	53,509
Year five	35,710	24,590
Prior	67,900	47,626
Revolving Loans Amortized Cost Basis	22,118	24,326
Loans, net of unearned income	1,577,215	1,452,339
Real estate – construction and development | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	167,646	826,094
Year two	863,262	290,814
Year three	261,650	176,476
Year four	147,418	35,773
Year five	16,040	24,533
Prior	65,629	44,514
Revolving Loans Amortized Cost Basis	22,118	21,267
Loans, net of unearned income	1,543,763	1,419,471
Real estate – construction and development | 6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	1,221	6,527
Year two	9,210	549
Year three	484	0
Year four	0	15,260
Year five	6,798	0
Prior	1,276	2,101
Revolving Loans Amortized Cost Basis	0	0
Loans, net of unearned income	18,989	24,437
Real estate – construction and development | 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	1,143
Year two	378	678
Year three	211	7
Year four	7	2,476
Year five	12,872	57
Prior	995	1,011
Revolving Loans Amortized Cost Basis	0	3,059
Loans, net of unearned income	14,463	8,431
Real estate – commercial and farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	439,047	2,191,416
Year two	2,084,325	1,208,260
Year three	1,206,175	1,131,384
Year four	1,079,840	566,131
Year five	524,967	496,672
Prior	1,523,712	1,160,655
Revolving Loans Amortized Cost Basis	66,409	80,399
Loans, net of unearned income	6,924,475	6,834,917
Real estate – commercial and farmland | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	439,047	2,186,291
Year two	2,079,527	1,205,578
Year three	1,203,580	1,119,239
Year four	1,074,253	542,295
Year five	514,681	486,477
Prior	1,464,276	1,103,675
Revolving Loans Amortized Cost Basis	66,390	80,379
Loans, net of unearned income	6,841,754	6,723,934
Real estate – commercial and farmland | 6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	416
Year two	0	0
Year three	0	1,036
Year four	0	14,760
Year five	676	5,334
Prior	22,416	21,665
Revolving Loans Amortized Cost Basis	0	0
Loans, net of unearned income	23,092	43,211
Real estate – commercial and farmland | 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	4,709
Year two	4,798	2,682
Year three	2,595	11,109
Year four	5,587	9,076
Year five	9,610	4,861
Prior	37,020	35,315
Revolving Loans Amortized Cost Basis	19	20
Loans, net of unearned income	59,629	67,772
Real estate – residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	284,422	1,173,558
Year two	1,211,925	648,465
Year three	624,665	351,592
Year four	333,577	161,871
Year five	149,416	113,491
Prior	500,462	425,927
Revolving Loans Amortized Cost Basis	213,755	220,081
Loans, net of unearned income	3,318,222	3,094,985
Real estate – residential | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	284,325	1,171,008
Year two	1,205,153	638,232
Year three	606,135	329,247
Year four	308,373	149,990
Year five	136,724	108,538
Prior	474,015	408,240
Revolving Loans Amortized Cost Basis	211,941	217,982
Loans, net of unearned income	3,226,666	3,023,237
Real estate – residential | 6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	64	145
Year two	143	66
Year three	65	1,106
Year four	1,092	505
Year five	495	356
Prior	3,909	3,717
Revolving Loans Amortized Cost Basis	48	49
Loans, net of unearned income	5,816	5,944
Real estate – residential | 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	33	2,405
Year two	6,629	10,167
Year three	18,465	21,239
Year four	24,112	11,376
Year five	12,197	4,597
Prior	22,538	13,970
Revolving Loans Amortized Cost Basis	1,766	2,050
Loans, net of unearned income	85,740	65,804
Total Loans | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	1,531,804	5,955,415
Year two	5,378,962	2,693,326
Year three	2,577,193	1,886,100
Year four	1,756,993	981,400
Year five	882,481	879,708
Prior	2,472,500	1,838,522
Revolving Loans Amortized Cost Basis	1,300,024	1,379,853
Loans, net of unearned income	15,899,957	15,614,324
Total Loans | 6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	1,285	7,278
Year two	9,520	615
Year three	641	2,535
Year four	1,185	30,976
Year five	8,133	6,068
Prior	30,310	29,469
Revolving Loans Amortized Cost Basis	594	2,015
Loans, net of unearned income	51,668	78,956
Total Loans | 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	7,048	26,571
Year two	17,659	15,173
Year three	22,649	36,798
Year four	33,722	24,850
Year five	36,890	12,568
Prior	69,256	57,766
Revolving Loans Amortized Cost Basis	4,952	7,252
Loans, net of unearned income	$ 192,176	$ 180,978

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LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans by Class Modified as Troubled Debt Restructurings (Details) - Loans Excluding Purchased Loan $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) contract branch	Mar. 31, 2021 USD ($) contract branch	Dec. 31, 2021 USD ($) contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	8	11
Troubled debt restructurings principal balances	$ 1,139	$ 8,693
Financing Receivables, 30 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	35	38
Troubled debt restructurings principal balances	$ 4,414	$ 6,159
Financing Receivables, 30 Days Past Due | Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	466		494
Troubled debt restructurings principal balances	$ 44,486		$ 65,582
Financing Receivables, 30 Days Past Due | Non-Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	109		120
Troubled debt restructurings principal balances	$ 5,464		$ 11,006
Commercial, financial and agricultural
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	0	4
Troubled debt restructurings principal balances	$ 0	$ 463
Commercial, financial and agricultural | Financing Receivables, 30 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	0	3
Troubled debt restructurings principal balances	$ 0	$ 56
Commercial, financial and agricultural | Financing Receivables, 30 Days Past Due | Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	9		12
Troubled debt restructurings principal balances	$ 868		$ 1,286
Commercial, financial and agricultural | Financing Receivables, 30 Days Past Due | Non-Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	4		6
Troubled debt restructurings principal balances	$ 72		$ 83
Premium finance
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	5	0
Troubled debt restructurings principal balances	$ 162	$ 0
Premium finance | Financing Receivables, 30 Days Past Due | Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	5
Troubled debt restructurings principal balances	$ 162
Premium finance | Financing Receivables, 30 Days Past Due | Non-Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	0
Troubled debt restructurings principal balances	$ 0
Consumer installment | Financing Receivables, 30 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	1	5
Troubled debt restructurings principal balances	$ 3	$ 6
Consumer installment | Financing Receivables, 30 Days Past Due | Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	6		7
Troubled debt restructurings principal balances	$ 13		$ 16
Consumer installment | Financing Receivables, 30 Days Past Due | Non-Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	16		17
Troubled debt restructurings principal balances	$ 31		$ 35
Indirect automobile | Financing Receivables, 30 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | branch	14	16
Troubled debt restructurings principal balances	$ 49	$ 94
Indirect automobile | Financing Receivables, 30 Days Past Due | Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	215		233
Troubled debt restructurings principal balances	$ 893		$ 1,037
Indirect automobile | Financing Receivables, 30 Days Past Due | Non-Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	46		52
Troubled debt restructurings principal balances	$ 221		$ 273
Real estate – construction and development | Financing Receivables, 30 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	0	1
Troubled debt restructurings principal balances	$ 0	$ 1
Real estate – construction and development | Financing Receivables, 30 Days Past Due | Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	3		4
Troubled debt restructurings principal balances	$ 725		$ 789
Real estate – construction and development | Financing Receivables, 30 Days Past Due | Non-Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	1		1
Troubled debt restructurings principal balances	$ 11		$ 13
Real estate – commercial and farmland
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	0	2
Troubled debt restructurings principal balances	$ 0	$ 7,658
Real estate – commercial and farmland | Financing Receivables, 30 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	2	2
Troubled debt restructurings principal balances	$ 1,569	$ 5,193
Real estate – commercial and farmland | Financing Receivables, 30 Days Past Due | Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	21		25
Troubled debt restructurings principal balances	$ 17,161		$ 35,575
Real estate – commercial and farmland | Financing Receivables, 30 Days Past Due | Non-Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	4		5
Troubled debt restructurings principal balances	$ 788		$ 5,924
Real estate – residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	3	5
Troubled debt restructurings principal balances	$ 977	$ 572
Real estate – residential | Financing Receivables, 30 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	18	11
Troubled debt restructurings principal balances	$ 2,793	$ 809
Real estate – residential | Financing Receivables, 30 Days Past Due | Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	207		213
Troubled debt restructurings principal balances	$ 24,664		$ 26,879
Real estate – residential | Financing Receivables, 30 Days Past Due | Non-Accruing Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	38		39
Troubled debt restructurings principal balances	$ 4,341		$ 4,678

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LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, Allowance	$ 167,582	$ 199,422
Provision for loan losses	(2,734)	(16,579)
Loans charged off	(8,579)	(7,574)
Recoveries of loans previously charged off	4,982	3,301
Ending balance, Allowance	161,251	178,570
Commercial, financial and agricultural
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, Allowance	26,829	7,359
Provision for loan losses	215	2,575
Loans charged off	(4,414)	(2,370)
Recoveries of loans previously charged off	2,896	727
Ending balance, Allowance	25,526	8,291
Consumer installment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, Allowance	6,097	4,076
Provision for loan losses	789	5,806
Loans charged off	(1,425)	(1,448)
Recoveries of loans previously charged off	158	356
Ending balance, Allowance	5,619	8,790
Indirect automobile
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, Allowance	476	1,929
Provision for loan losses	(290)	(528)
Loans charged off	(88)	(829)
Recoveries of loans previously charged off	275	700
Ending balance, Allowance	373	1,272
Mortgage warehouse
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, Allowance	3,231	3,666
Provision for loan losses	(221)	(145)
Loans charged off	0	0
Recoveries of loans previously charged off	0	0
Ending balance, Allowance	3,010	3,521
Municipal
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, Allowance	401	791
Provision for loan losses	(17)	(1)
Loans charged off	0	0
Recoveries of loans previously charged off	0	0
Ending balance, Allowance	384	790
Premium finance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, Allowance	2,729	3,879
Provision for loan losses	(92)	442
Loans charged off	(1,369)	(1,343)
Recoveries of loans previously charged off	1,247	1,122
Ending balance, Allowance	2,515	4,100
Real estate – construction and development
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, Allowance	22,045	45,304
Provision for loan losses	4,568	(22,587)
Loans charged off	0	(26)
Recoveries of loans previously charged off	218	167
Ending balance, Allowance	26,831	22,858
Real estate – commercial and farmland
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, Allowance	77,831	88,894
Provision for loan losses	(9,552)	3,671
Loans charged off	(1,283)	(1,395)
Recoveries of loans previously charged off	37	41
Ending balance, Allowance	67,033	91,211
Real estate – residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, Allowance	27,943	43,524
Provision for loan losses	1,866	(5,812)
Loans charged off	0	(163)
Recoveries of loans previously charged off	151	188
Ending balance, Allowance	$ 29,960	$ 37,737

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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Securities sold under agreements to repurchase	$ 2,065	$ 5,845

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OTHER BORROWINGS - Schedule of Other Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Other Borrowings [Line Items]
Subordinated deferrable interest debentures	$ 126,827	$ 126,328
Other borrowings	425,520	739,879
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208%
Other Borrowings [Line Items]
Advance from correspondent bank	$ 15,000	15,000
Debt instrument, interest rate, effective percentage	1.208%
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445%
Other Borrowings [Line Items]
Advance from correspondent bank	$ 15,000	15,000
Debt instrument, interest rate, effective percentage	1.445%
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606%
Other Borrowings [Line Items]
Advance from correspondent bank	$ 15,000	15,000
Debt instrument, interest rate, effective percentage	1.606%
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55%
Other Borrowings [Line Items]
Advance from correspondent bank	$ 1,397	1,400
Debt instrument, interest rate, effective percentage	4.55%
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55%
Other Borrowings [Line Items]
Advance from correspondent bank	$ 967	969
Debt instrument, interest rate, effective percentage	4.55%
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%
Other Borrowings [Line Items]
Advance from correspondent bank	$ 1,385	1,421
Debt instrument, interest rate, effective percentage	3.095%
Subordinated notes payable due June 1, 2026, net of unaccreted purchase accounting fair value adjustment of $— and $500, respectively; fixed interest rate of 5.50%
Other Borrowings [Line Items]
Subordinated deferrable interest debentures	$ 0	50,500
Debt instrument, interest rate, effective percentage	5.50%
Unaccreted purchase accounting fair value adjustment	$ 0	(500)
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $649 and $681, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616%
Other Borrowings [Line Items]
Subordinated deferrable interest debentures	$ 74,351	74,319
Debt instrument, interest rate, effective percentage	5.75%
Unamortized debt issuance expense	$ 649	681
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $649 and $681, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | London Interbank Offered Rate (LIBOR)
Other Borrowings [Line Items]
Basis spread on variable rate	3.616%
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,862 and $1,923, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94%
Other Borrowings [Line Items]
Subordinated deferrable interest debentures	$ 118,138	118,077
Debt instrument, interest rate, effective percentage	4.25%
Unamortized debt issuance expense	$ 1,862	1,923
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,862 and $1,923, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% | Secured Overnight Financing Rate (SOFR)
Other Borrowings [Line Items]
Basis spread on variable rate	2.94%
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $997 and $1,028, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63%
Other Borrowings [Line Items]
Subordinated deferrable interest debentures	$ 75,997	76,028
Debt instrument, interest rate, effective percentage	5.875%
Unaccreted purchase accounting fair value adjustment	$ (997)	(1,028)
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $997 and $1,028, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | London Interbank Offered Rate (LIBOR)
Other Borrowings [Line Items]
Basis spread on variable rate	3.63%
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,715 and $1,766, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753%
Other Borrowings [Line Items]
Subordinated deferrable interest debentures	$ 108,285	108,234
Debt instrument, interest rate, effective percentage	3.875%
Unamortized debt issuance expense	$ 1,715	1,766
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,715 and $1,766, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | Secured Overnight Financing Rate (SOFR)
Other Borrowings [Line Items]
Basis spread on variable rate	3.753%
Equipment contract backed notes, Series 2018-1 (BCC XIV) due on various dates through 2025 and bear a weighted-average interest rate of 5.11%
Other Borrowings [Line Items]
Securitization facilities	$ 0	19,199
Debt instrument, interest rate, effective percentage	5.11%
Equipment contract backed notes, Series 2019-1 (BCC XVI) due on various dates through 2027 and bear a weighted-average interest rate of 2.84%
Other Borrowings [Line Items]
Securitization facilities	$ 0	139,329
Debt instrument, interest rate, effective percentage	2.84%
Equipment contract backed notes, Series 2020-1 (BCC XVII) due on various dates through 2027 and bear a weighted-average interest rate of 1.48%
Other Borrowings [Line Items]
Securitization facilities	$ 0	$ 105,403
Debt instrument, interest rate, effective percentage	1.48%

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OTHER BORROWINGS - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Federal home loan bank, advances, general debt obligations, amount of available, unused funds	$ 4,230.0
Credit arrangements for federal funds purchase	127.0
Pledged assets separately reported, loans pledged for federal reserve bank, at fair value	2,800.0
Loans pledged at federal reserve discount window available for borrowing	$ 2,180.0

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ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 2,966,451	$ 2,647,088
Current year changes, net of tax	(17,431)	(7,415)
Balance at end of period	3,007,159	2,757,596
Unrealized Gain (Loss) on Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	15,590	33,505
Current year changes, net of tax	(17,431)	(7,415)
Balance at end of period	(1,841)	26,090
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	15,590	33,505
Balance at end of period	$ (1,841)	$ 26,090

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WEIGHTED AVERAGE SHARES OUTSTANDING (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Average common shares outstanding (in shares)	69,346,000	69,392,000
Common share equivalents:
Stock options (in shares)	31,000	81,000
Nonvested restricted share grants (in shares)	167,000	172,000
Performance share units (in shares)	117,000	96,000
Average common shares outstanding, assuming dilution (in shares)	69,661,000	69,741,000
Potential common shares with strike prices that would cause them to be anti-dilutive (in shares)	0

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FAIR VALUE MEASURES - Loans Held for Sale Under the Fair Value Option (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	$ 901,550	$ 1,254,632
Mortgage loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	899,009	1,247,997
SBA loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	$ 2,541	$ 6,635

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FAIR VALUE MEASURES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Net gains (losses) from change in fair value of mortgages loans held for sale	$ (43.9)	$ (25.1)
Net gains (losses) from change in fair value of derivative financial instruments	$ 26.0	$ 27.5

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FAIR VALUE MEASURES - Difference Between Fair Value and Principal Balance of Loans Held for Sale Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Mortgage loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value of loans held for sale	$ 899,009	$ 1,247,997
Aggregate unpaid principal balance of loans held for sale	906,552	1,211,646
Past-due loans of 90 days or more	466	746
Nonaccrual loans	466	746
Unpaid principal balance of nonaccrual loans	475	718
SBA loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value of loans held for sale	2,541	6,635
Aggregate unpaid principal balance of loans held for sale	2,427	5,825
Past-due loans of 90 days or more	0	0
Nonaccrual loans	$ 0	$ 0

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FAIR VALUE MEASURES - Fair Value Measurements of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	$ 579,204	$ 592,621
Loans held for sale	901,550	1,254,632
U.S. government sponsored agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	7,072	7,172
State, county and municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	43,844	47,812
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	28,178	28,496
SBA pool securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	36,949	45,201
Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	463,161	463,940
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	901,550	1,254,632
Total recurring assets at fair value	1,517,936	1,859,193
Total recurring liabilities at fair value		710
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	0	0
Total recurring assets at fair value	0	0
Total recurring liabilities at fair value		0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	901,550	1,254,632
Total recurring assets at fair value	1,516,586	1,857,813
Total recurring liabilities at fair value		710
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	1,350	1,380
Loans held for sale	0	0
Total recurring assets at fair value	1,350	1,380
Total recurring liabilities at fair value		0
Fair Value, Measurements, Recurring | Mortgage banking derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage banking derivative instruments	37,182	11,940
Mortgage banking derivative instruments		710
Fair Value, Measurements, Recurring | Mortgage banking derivative instruments | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage banking derivative instruments	0	0
Mortgage banking derivative instruments		0
Fair Value, Measurements, Recurring | Mortgage banking derivative instruments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage banking derivative instruments	37,182	11,940
Mortgage banking derivative instruments		710
Fair Value, Measurements, Recurring | Mortgage banking derivative instruments | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage banking derivative instruments	0	0
Mortgage banking derivative instruments		0
Fair Value, Measurements, Recurring | U.S. government sponsored agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	7,072	7,172
Fair Value, Measurements, Recurring | U.S. government sponsored agencies | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	0	0
Fair Value, Measurements, Recurring | U.S. government sponsored agencies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	7,072	7,172
Fair Value, Measurements, Recurring | U.S. government sponsored agencies | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	0	0
Fair Value, Measurements, Recurring | State, county and municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	43,844	47,812
Fair Value, Measurements, Recurring | State, county and municipal securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	0	0
Fair Value, Measurements, Recurring | State, county and municipal securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	43,844	47,812
Fair Value, Measurements, Recurring | State, county and municipal securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	0	0
Fair Value, Measurements, Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	28,178	28,496
Fair Value, Measurements, Recurring | Corporate debt securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	0	0
Fair Value, Measurements, Recurring | Corporate debt securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	26,828	27,116
Fair Value, Measurements, Recurring | Corporate debt securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	1,350	1,380
Fair Value, Measurements, Recurring | SBA pool securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	36,949	45,201
Fair Value, Measurements, Recurring | SBA pool securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	0	0
Fair Value, Measurements, Recurring | SBA pool securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	36,949	45,201
Fair Value, Measurements, Recurring | SBA pool securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	0	0
Fair Value, Measurements, Recurring | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	463,161	463,940
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	0	0
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	463,161	463,940
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale, at fair value	$ 0	$ 0

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FAIR VALUE MEASURES - Fair Value Measurements of Assets Measured at Fair Value on Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	$ 258,145	$ 251,125
Collateral-dependent loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	25,510	44,181
Other real estate owned
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	399
Mortgage servicing rights
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	232,236	206,944
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	0	0
Level 1 | Collateral-dependent loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	0	0
Level 1 | Other real estate owned
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	0
Level 1 | Mortgage servicing rights
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	0	0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	0	0
Level 2 | Collateral-dependent loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	0	0
Level 2 | Other real estate owned
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	0
Level 2 | Mortgage servicing rights
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	0	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	258,145	251,125
Level 3 | Collateral-dependent loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	25,510	44,181
Level 3 | Other real estate owned
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	399
Level 3 | Mortgage servicing rights
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets at fair value	$ 232,236	$ 206,944

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FAIR VALUE MEASURES - Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities (Details) $ in Thousands	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale, at fair value	$ 579,204	$ 592,621
Other real estate owned, at fair value	1,910	3,810
Fair Value, Measurements, Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale, at fair value	1,350	1,380
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Collateral-dependent loans, at fair value	25,510	44,181
Other real estate owned, at fair value	399
Mortgage servicing rights	$ 232,236	$ 206,944
Discounted par values | Discount rate | Fair Value, Measurements, Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale, measurement input	0.100	0.080
Discounted par values | Discount rate | Fair Value, Measurements, Recurring | Weighted Average Daily Balance | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale, measurement input	0.100	0.080
Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Minimum | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Collateral-dependent loans, measurement input	0.00%	0.00%
Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Maximum | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Collateral-dependent loans, measurement input	50.00%	50.00%
Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Weighted Average Daily Balance | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Collateral-dependent loans, measurement input	34.00%	39.00%
Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Minimum | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned, measurement input	0.15
Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Maximum | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned, measurement input	0.47
Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Weighted Average Daily Balance | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned, measurement input	0.21
Discounted cash flows | Discount rate | Fair Value, Measurements, Nonrecurring | Minimum | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights measurement input	0.10	0.09
Discounted cash flows | Discount rate | Fair Value, Measurements, Nonrecurring | Maximum | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights measurement input	0.11	0.10
Discounted cash flows | Discount rate | Fair Value, Measurements, Nonrecurring | Weighted Average Daily Balance | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights measurement input	0.10	0.09
Discounted cash flows | Prepayment speed | Fair Value, Measurements, Nonrecurring | Minimum | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights measurement input	0.05	0.10
Discounted cash flows | Prepayment speed | Fair Value, Measurements, Nonrecurring | Maximum | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights measurement input	0.23	0.40
Discounted cash flows | Prepayment speed | Fair Value, Measurements, Nonrecurring | Weighted Average Daily Balance | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights measurement input	0.08	13

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FAIR VALUE MEASURES - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial assets:
Cash and due from banks	$ 257,316	$ 307,813
Federal funds sold and interest-bearing accounts	3,541,144	3,756,844
Debt securities held-to-maturity	82,489	78,206
Financial liabilities:
Other borrowings	425,520	739,879
Subordinated deferrable interest debentures	126,827	126,328
Carrying Amount
Financial assets:
Cash and due from banks	257,316	307,813
Federal funds sold and interest-bearing accounts	3,541,144	3,756,844
Debt securities held-to-maturity	91,454	79,850
Loans, net	15,957,040	15,662,495
Accrued interest receivable	53,036	56,917
Financial liabilities:
Deposits	19,588,441	19,665,553
Securities sold under agreements to repurchase	2,065	5,845
Other borrowings	425,520	739,879
Subordinated deferrable interest debentures	126,827	126,328
Accrued interest payable	6,121	4,313
Fair Value
Financial assets:
Cash and due from banks	257,316	307,813
Federal funds sold and interest-bearing accounts	3,541,144	3,756,844
Debt securities held-to-maturity	82,489	78,206
Loans, net	15,927,461	15,509,410
Accrued interest receivable	53,036	56,917
Financial liabilities:
Deposits	19,590,158	19,667,612
Securities sold under agreements to repurchase	2,065	5,845
Other borrowings	431,131	760,829
Subordinated deferrable interest debentures	117,196	117,764
Accrued interest payable	6,121	4,313
Fair Value | Level 1
Financial assets:
Cash and due from banks	257,316	307,813
Federal funds sold and interest-bearing accounts	3,541,144	3,756,844
Debt securities held-to-maturity	0	0
Loans, net	0	0
Accrued interest receivable	0	0
Financial liabilities:
Deposits	0	0
Securities sold under agreements to repurchase	2,065	5,845
Other borrowings	0	0
Subordinated deferrable interest debentures	0	0
Accrued interest payable	0	0
Fair Value | Level 2
Financial assets:
Cash and due from banks	0	0
Federal funds sold and interest-bearing accounts	0	0
Debt securities held-to-maturity	82,489	78,206
Loans, net	0	0
Accrued interest receivable	2,598	2,373
Financial liabilities:
Deposits	19,590,158	19,667,612
Securities sold under agreements to repurchase	0	0
Other borrowings	431,131	760,829
Subordinated deferrable interest debentures	117,196	117,764
Accrued interest payable	6,121	4,313
Fair Value | Level 3
Financial assets:
Cash and due from banks	0	0
Federal funds sold and interest-bearing accounts	0	0
Debt securities held-to-maturity	0	0
Loans, net	15,927,461	15,509,410
Accrued interest receivable	50,438	54,544
Financial liabilities:
Deposits	0	0
Securities sold under agreements to repurchase	0	0
Other borrowings	0	0
Subordinated deferrable interest debentures	0	0
Accrued interest payable	$ 0	$ 0

XML

COMMITMENTS AND CONTINGENCIES - Schedule of Guarantor Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments to extend credit	$ 4,817,539	$ 4,328,749
Unused home equity lines of credit	284,144	272,029
Financial standby letters of credit	31,440	36,184
Mortgage interest rate lock commitments	$ 520,939	$ 417,126

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COMMITMENTS AND CONTINGENCIES - Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for unfunded commitments	$ (2,734)	$ (16,579)
Unfunded Loan Commitments
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, Allowance	33,185	32,854
Provision for unfunded commitments	9,009	(11,839)
Ending balance, Allowance	$ 42,194	$ 21,015

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COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($)
Federal Home Loan Bank | Letter of Credit
Loss Contingencies [Line Items]
Letter of credit	$ 420.0

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SEGMENT REPORTING - Narrative (Details)	3 Months Ended
	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Reportable segments	5

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SEGMENT REPORTING - Schedule of Segment Reporting, by Reportable Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Interest income	$ 183,374	$ 177,950
Interest expense	10,830	12,973
Net interest income	172,544	164,977
Provision for credit losses	6,231	(28,591)
Noninterest income	86,911	117,973
Noninterest expense
Salaries and employee benefits	84,281	95,985
Occupancy and equipment	12,727	11,781
Data processing and communications expenses	12,572	11,884
Other expenses	34,240	29,148
Total noninterest expense	143,820	148,798
Income (loss) before income tax expense	109,404	162,743
Income tax expense (benefit)	27,706	37,781
Net income (loss)	81,698	124,962
Total assets	23,560,292	21,427,127	$ 23,858,321
Goodwill	1,022,345	928,005	1,012,620
Other intangible assets, net	120,757	67,848	$ 125,938
Banking Division
Segment Reporting Information [Line Items]
Interest income	129,290	112,379
Interest expense	(4,455)	(437)
Net interest income	133,745	112,816
Provision for credit losses	5,226	(23,904)
Noninterest income	21,364	16,738
Noninterest expense
Salaries and employee benefits	49,195	42,723
Occupancy and equipment	11,074	10,120
Data processing and communications expenses	11,230	10,201
Other expenses	20,045	19,710
Total noninterest expense	91,544	82,754
Income (loss) before income tax expense	58,339	70,704
Income tax expense (benefit)	16,996	18,456
Net income (loss)	41,343	52,248
Total assets	17,409,973	14,591,933
Goodwill	957,847	863,507
Other intangible assets, net	109,604	53,745
Retail Mortgage Division
Segment Reporting Information [Line Items]
Interest income	32,832	30,199
Interest expense	13,537	11,215
Net interest income	19,295	18,984
Provision for credit losses	1,587	(4,553)
Noninterest income	61,649	97,640
Noninterest expense
Salaries and employee benefits	31,614	49,838
Occupancy and equipment	1,471	1,476
Data processing and communications expenses	1,172	1,546
Other expenses	12,645	8,189
Total noninterest expense	46,902	61,049
Income (loss) before income tax expense	32,455	60,128
Income tax expense (benefit)	6,815	12,627
Net income (loss)	25,640	47,501
Total assets	4,197,613	4,086,210
Goodwill	0	0
Other intangible assets, net	0	0
Warehouse Lending Division
Segment Reporting Information [Line Items]
Interest income	6,813	10,327
Interest expense	366	421
Net interest income	6,447	9,906
Provision for credit losses	(222)	(145)
Noninterest income	1,401	980
Noninterest expense
Salaries and employee benefits	283	330
Occupancy and equipment	1	1
Data processing and communications expenses	47	49
Other expenses	218	33
Total noninterest expense	549	413
Income (loss) before income tax expense	7,521	10,618
Income tax expense (benefit)	1,579	2,230
Net income (loss)	5,942	8,388
Total assets	703,558	886,004
Goodwill	0	0
Other intangible assets, net	0	0
SBA Division
Segment Reporting Information [Line Items]
Interest income	6,780	18,034
Interest expense	769	1,399
Net interest income	6,011	16,635
Provision for credit losses	(143)	(547)
Noninterest income	2,491	2,611
Noninterest expense
Salaries and employee benefits	1,271	1,382
Occupancy and equipment	99	106
Data processing and communications expenses	28	1
Other expenses	380	295
Total noninterest expense	1,778	1,784
Income (loss) before income tax expense	6,867	18,009
Income tax expense (benefit)	1,442	3,782
Net income (loss)	5,425	14,227
Total assets	313,219	1,055,068
Goodwill	0	0
Other intangible assets, net	0	0
Premium  Finance  Division
Segment Reporting Information [Line Items]
Interest income	7,659	7,011
Interest expense	613	375
Net interest income	7,046	6,636
Provision for credit losses	(217)	558
Noninterest income	6	4
Noninterest expense
Salaries and employee benefits	1,918	1,712
Occupancy and equipment	82	78
Data processing and communications expenses	95	87
Other expenses	952	921
Total noninterest expense	3,047	2,798
Income (loss) before income tax expense	4,222	3,284
Income tax expense (benefit)	874	686
Net income (loss)	3,348	2,598
Total assets	935,929	807,912
Goodwill	64,498	64,498
Other intangible assets, net	$ 11,153	$ 14,103

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LOAN SERVICING RIGHTS - Schedule of Carrying Value of Loan Servicing Rights Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Servicing Assets at Fair Value [Line Items]
Loan servicing rights	$ 237,620	$ 212,500
Residential mortgage
Servicing Assets at Fair Value [Line Items]
Loan servicing rights	232,236	206,944	$ 154,746	$ 130,630
SBA
Servicing Assets at Fair Value [Line Items]
Loan servicing rights	$ 5,384	$ 5,556	$ 6,445	$ 5,839

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LOAN SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Residential Mortgage Loans
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Servicing fee income	$ 17,100	$ 10,100
SBA servicing rights
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Servicing fee income	876	1,000
Indirect automobile
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Servicing fee income	$ 83	$ 206

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LOAN SERVICING RIGHTS - Schedule of Activity of Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	$ 212,500
Ending balance	237,620
Residential mortgage servicing rights
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	206,944	$ 130,630
Additions	21,701	21,867
Amortization	(6,062)	(7,484)
Recoveries	9,653	9,733
Ending balance	232,236	154,746
Residential mortgage servicing valuation allowance
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	25,782	39,407
Recoveries	(9,653)	(9,733)
Ending balance	16,129	29,674
SBA servicing rights
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	5,556	5,839
Additions	538	230
Amortization	(710)	(529)
Recoveries	0	905
Ending balance	5,384	6,445
SBA servicing valuation allowance
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	0	905
Recoveries	0	(905)
Ending balance	0	0
Indirect automobile
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	0	73
Amortization	0	(44)
Ending balance	$ 0	$ 29

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LOAN SERVICING RIGHTS - Schedule of Sensitivity of Fair Value to Adverse Changes in Model Inputs and/or Assumptions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Residential mortgage
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Unpaid principal balance of loans serviced for others	$ 17,534,847	$ 16,786,442
Loans serviced for others, percentage	100.00%	100.00%
Weighted average term/life	342 months	341 months
Weighted average age (months)	21 months	20 months
Modeled prepayment speed	8.35%	12.96%
Decline in fair value due to a 10% adverse change	$ (8,521)	$ (8,368)
Decline in fair value due to a 20% adverse change	$ (16,149)	$ (16,157)
Weighted average discount rate	9.77%	8.77%
Decline in fair value due to a 10% adverse change	$ (10,222)	$ (6,984)
Decline in fair value due to a 20% adverse change	$ (19,270)	$ (13,504)
Residential mortgage | FHLMC
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Loans serviced for others, percentage	21.85%	21.88%
Residential mortgage | FNMA
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Loans serviced for others, percentage	60.44%	60.26%
Residential mortgage | GNMA
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Loans serviced for others, percentage	17.71%	17.86%
SBA servicing rights
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Unpaid principal balance of loans serviced for others	$ 407,006	$ 410,167
Weighted average term/life	3 years 8 months 1 day	3 years 7 months 24 days
Modeled prepayment speed	17.54%	17.68%
Decline in fair value due to a 10% adverse change	$ (316)	$ (291)
Decline in fair value due to a 20% adverse change	$ (602)	$ (557)
Weighted average discount rate	10.19%	11.92%
Decline in fair value due to a 10% adverse change	$ (159)	$ (144)
Decline in fair value due to a 20% adverse change	$ (310)	$ (282)