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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 2023

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.


	December 31,
(dollars in thousands)	2023		2022
Commercial, financial and agricultural	$	2,688,929	$	2,679,403
Consumer	241,552		384,037
Indirect automobile	34,257		108,648
Mortgage warehouse	818,728		1,038,924
Municipal	492,668		509,151
Premium finance	946,562		1,023,479
Real estate – construction and development	2,129,187		2,086,438
Real estate – commercial and farmland	8,059,754		7,604,867
Real estate – residential	4,857,666		4,420,306
	$	20,269,303	$	19,855,253

Schedule of Financial Receivable Nonaccrual Basis

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


	December 31,
(dollars in thousands)	2023		2022
Commercial, financial and agricultural	$	8,059	$	11,094
Consumer	1,153		420
Indirect automobile	299		346



Real estate – construction and development	282		523
Real estate – commercial and farmland	11,295		13,203
Real estate – residential (1)	130,029		109,222
	$	151,117	$	134,808

(1) Included in real estate - residential were $90.2 million and $69.6 million of serviced GNMA-guaranteed nonaccrual loans at December 31, 2023 and 2022, respectively.

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


(dollars in thousands)	December 31, 2023		December 31, 2022
Commercial, financial and agricultural	$	2,049	$	33






Real estate – commercial and farmland	9,109		1,464
Real estate – residential	75,419		58,734
	$	86,577	$	60,231

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


(dollars in thousands)	December 31, 2023				December 31, 2022
	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial, financial and agricultural	$	5,889	$	567	$	7,128	$	6,294




Premium finance	1,990		45		3,233		—
Real estate – construction and development	280		23		780		13
Real estate – commercial and farmland	11,114		108		15,168		1,428
Real estate – residential	21,102		2,654		15,464		2,066
	$	40,375	$	3,397	$	41,773	$	9,801

Schedule of Past Due Financial Receivables

The following tables present an analysis of past-due loans as of December 31, 2023 and 2022:


(dollars in thousands)	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Loans Past Due		Current Loans		Total Loans		Loans 90 Days or More Past Due and Still Accruing
December 31, 2023
Commercial, financial and agricultural	$	11,023	$	5,439	$	9,733	$	26,195	$	2,662,734	$	2,688,929	$	5,310
Consumer	2,155		1,037		498		3,690		237,862		241,552		—
Indirect automobile	153		17		78		248		34,009		34,257		—
Mortgage warehouse	—		—		—		—		818,728		818,728		—
Municipal	—		—		—		—		492,668		492,668		—
Premium finance	12,379		6,832		11,678		30,889		915,673		946,562		11,678
Real estate – construction and development	2,094		—		282		2,376		2,126,811		2,129,187		—
Real estate – commercial and farmland	5,070		1,656		6,352		13,078		8,046,676		8,059,754		—
Real estate – residential	49,976		19,300		127,087		196,363		4,661,303		4,857,666		—
Total	$	82,850	$	34,281	$	155,708	$	272,839	$	19,996,464	$	20,269,303	$	16,988


(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
December 31, 2022
Commercial, financial and agricultural	$	16,219	$	5,451	$	11,632	$	33,302	$	2,646,101	$	2,679,403	$	3,267
Consumer	2,539		3,163		741		6,443		377,594		384,037		472
Indirect automobile	466		77		267		810		107,838		108,648		—
Mortgage warehouse	—		—		—		—		1,038,924		1,038,924		—
Municipal	—		—		—		—		509,151		509,151		—
Premium finance	13,859		10,620		13,626		38,105		985,374		1,023,479		13,626
Real estate – construction and development	25,367		3,829		966		30,162		2,056,276		2,086,438		500
Real estate – commercial and farmland	1,738		168		10,223		12,129		7,592,738		7,604,867		—
Real estate – residential	35,015		11,329		106,170		152,514		4,267,792		4,420,306		—
Total	$	95,203	$	34,637	$	143,625	$	273,465	$	19,581,788	$	19,855,253	$	17,865

Schedule of Credit Quality Indicate Financial Receivable

The following table presents the loan portfolio's amortized cost by class of financing receivable, risk grade and year of origination (in thousands). Generally, current period renewals of credit are underwritten again at the point of renewal and considered current period originations for purposes of the table 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 8 or 9 at December 31, 2023 and 2022.


	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis		Total
As of December 31, 2023	2023		2022		2021		2020		2019		Prior
Commercial, Financial and Agricultural
Risk Grade:
Pass	$	892,951	$	758,471	$	384,830	$	95,055	$	56,447	$	41,095	$	432,472	$	2,661,321
6	—		335		5,722		92		109		451		803		7,512
7	1,512		3,595		3,222		1,140		3,533		5,748		1,346		20,096


Total commercial, financial and agricultural	$	894,463	$	762,401	$	393,774	$	96,287	$	60,089	$	47,294	$	434,621	$	2,688,929
Current-period gross charge offs	$	7,485	$	26,331	$	18,263	$	1,746	$	1,568	$	2,851	$	368	$	58,612
Consumer
Risk Grade:
Pass	$	44,736	$	17,661	$	5,878	$	25,654	$	15,838	$	20,937	$	109,214	$	239,918
6	—		5		—		—		—		26		—		31
7	154		181		41		334		197		531		165		1,603


Total consumer	$	44,890	$	17,847	$	5,919	$	25,988	$	16,035	$	21,494	$	109,379	$	241,552
Current-period gross charge offs	$	115	$	388	$	97	$	1,649	$	1,205	$	1,474	$	370	$	5,298
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	6,086	$	27,646	$	—	$	33,732

7	—		—		—		—		55		470		—		525


Total indirect automobile	$	—	$	—	$	—	$	—	$	6,141	$	28,116	$	—	$	34,257
Current-period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	155	$	—	$	155
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	772,366	$	772,366
6	—		—		—		—		—		—		46,362		46,362



Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	818,728	$	818,728
Current-period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Municipal
Risk Grade:
Pass	$	14,216	$	27,346	$	48,941	$	177,156	$	14,655	$	208,236	$	2,118	$	492,668




Total municipal	$	14,216	$	27,346	$	48,941	$	177,156	$	14,655	$	208,236	$	2,118	$	492,668
Current-period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Premium Finance
Risk Grade:
Pass	$	928,930	$	4,038	$	1,916	$	—	$	—	$	—	$	—	$	934,884

7	10,777		901		—		—		—		—		—		11,678


Total premium finance	$	939,707	$	4,939	$	1,916	$	—	$	—	$	—	$	—	$	946,562
Current-period gross charge offs	$	942	$	5,316	$	309	$	—	$	—	$	—	$	—	$	6,567


	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis		Total
As of December 31, 2023	2023		2022		2021		2020		2019		Prior
Real Estate – Construction and Development
Risk Grade:
Pass	$	457,077	$	938,909	$	505,254	$	58,840	$	54,646	$	30,042	$	81,662	$	2,126,430
6	—		—		—		—		—		479		—		479
7	—		266		1,512		—		—		500		—		2,278


Total real estate – construction and development	$	457,077	$	939,175	$	506,766	$	58,840	$	54,646	$	31,021	$	81,662	$	2,129,187
Current-period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	450,315	$	1,890,498	$	2,133,833	$	1,090,735	$	765,640	$	1,437,323	$	100,206	$	7,868,550
6	—		17,131		53,329		—		30,200		46,370		—		147,030
7	428		418		15,578		2,660		6,106		18,984		—		44,174


Total real estate – commercial and farmland	$	450,743	$	1,908,047	$	2,202,740	$	1,093,395	$	801,946	$	1,502,677	$	100,206	$	8,059,754
Current-period gross charge offs	$	—	$	—	$	—	$	—	$	3,151	$	1,136	$	40	$	4,327
Real Estate - Residential
Risk Grade:
Pass	$	714,684	$	1,425,186	$	1,148,092	$	506,137	$	236,147	$	423,648	$	262,968	$	4,716,862
6	13		—		72		201		234		1,411		380		2,311
7	5,057		26,171		28,459		30,566		19,357		25,263		3,620		138,493


Total real estate - residential	$	719,754	$	1,451,357	$	1,176,623	$	536,904	$	255,738	$	450,322	$	266,968	$	4,857,666
Current-period gross charge offs	$	24	$	8	$	27	$	—	$	—	$	111	$	89	$	259
Total Loans
Risk Grade:
Pass	$	3,502,909	$	5,062,109	$	4,228,744	$	1,953,577	$	1,149,459	$	2,188,927	$	1,761,006	$	19,846,731
6	13		17,471		59,123		293		30,543		48,737		47,545		203,725
7	17,928		31,532		48,812		34,700		29,248		51,496		5,131		218,847


Total loans	$	3,520,850	$	5,111,112	$	4,336,679	$	1,988,570	$	1,209,250	$	2,289,160	$	1,813,682	$	20,269,303
Current-period gross charge offs	$	8,566	$	32,043	$	18,696	$	3,395	$	5,924	$	5,727	$	867	$	75,218


	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis		Total
As of December 31, 2022	2022		2021		2020		2019		2018		Prior
Commercial, Financial and Agricultural
Risk Grade:
Pass	$	1,127,120	$	526,043	$	174,120	$	109,091	$	56,657	$	41,612	$	621,784	$	2,656,427
6	—		13		94		183		895		1,774		317		3,276
7	8,565		1,214		1,182		3,314		545		2,759		2,121		19,700


Total commercial, financial and agricultural	$	1,135,685	$	527,270	$	175,396	$	112,588	$	58,097	$	46,145	$	624,222	$	2,679,403


	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis		Total
As of December 31, 2022	2022		2021		2020		2019		2018		Prior
Consumer
Risk Grade:
Pass	$	41,487	$	12,692	$	37,906	$	23,454	$	17,144	$	13,825	$	236,113	$	382,621
6	38		—		—		—		—		98		196		332
7	68		62		216		106		118		431		83		1,084


Total consumer	$	41,593	$	12,754	$	38,122	$	23,560	$	17,262	$	14,354	$	236,392	$	384,037
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	—	$	11,900	$	50,749	$	45,120	$	—	$	107,769
6	—		—		—		—		—		11		—		11
7	—		—		—		41		149		678		—		868


Total indirect automobile	$	—	$	—	$	—	$	11,941	$	50,898	$	45,809	$	—	$	108,648
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	990,106	$	990,106
6	—		—		—		—		—		—		22,831		22,831
7	—		—		—		—		—		—		25,987		25,987


Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	1,038,924	$	1,038,924
Municipal
Risk Grade:
Pass	$	18,074	$	46,809	$	188,507	$	9,752	$	4,358	$	241,651	$	—	$	509,151




Total municipal	$	18,074	$	46,809	$	188,507	$	9,752	$	4,358	$	241,651	$	—	$	509,151
Premium Finance
Risk Grade:
Pass	$	1,000,214	$	9,667	$	12	$	—	$	—	$	—	$	—	$	1,009,893

7	13,051		535		—		—		—		—		—		13,586


Total premium finance	$	1,013,265	$	10,202	$	12	$	—	$	—	$	—	$	—	$	1,023,479
Real Estate – Construction and Development
Risk Grade:
Pass	$	834,831	$	793,723	$	306,084	$	69,596	$	7,934	$	31,490	$	27,474	$	2,071,132
6	277		—		—		—		173		165		—		615
7	—		783		164		5		13,159		580		—		14,691


Total real estate – construction and development	$	835,108	$	794,506	$	306,248	$	69,601	$	21,266	$	32,235	$	27,474	$	2,086,438
Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	1,739,021	$	1,975,003	$	1,085,086	$	869,116	$	447,311	$	1,259,763	$	110,848	$	7,486,148
6	607		17,974		—		30,841		4,801		18,289		—		72,512
7	387		2,810		3,078		12,007		6,527		21,398		—		46,207


Total real estate – commercial and farmland	$	1,740,015	$	1,995,787	$	1,088,164	$	911,964	$	458,639	$	1,299,450	$	110,848	$	7,604,867


	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis		Total
As of December 31, 2022	2022		2021		2020		2019		2018		Prior
Real Estate - Residential
Risk Grade:
Pass	$	1,524,021	$	1,214,724	$	548,968	$	268,821	$	115,693	$	393,570	$	234,684	$	4,300,481
6	236		145		94		688		364		2,910		600		5,037
7	6,735		21,283		25,860		27,173		14,396		17,665		1,676		114,788


Total real estate - residential	$	1,530,992	$	1,236,152	$	574,922	$	296,682	$	130,453	$	414,145	$	236,960	$	4,420,306
Total Loans
Risk Grade:
Pass	$	6,284,768	$	4,578,661	$	2,340,683	$	1,361,730	$	699,846	$	2,027,031	$	2,221,009	$	19,513,728
6	1,158		18,132		188		31,712		6,233		23,247		23,944		104,614
7	28,806		26,687		30,500		42,646		34,894		43,511		29,867		236,911


Total loans	$	6,314,732	$	4,623,480	$	2,371,371	$	1,436,088	$	740,973	$	2,093,789	$	2,274,820	$	19,855,253

Schedule of Troubled Debt Restructurings by Loan Class

The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted as of December 31, 2023:


(dollars in thousands)	Payment Deferral		Term Extension		Interest Rate Reduction		Combination of Term Extension and Rate Reduction		Total		Percentage of Total Class of Financial Receivable
Commercial, financial and agricultural	$	2,212	$	2,960	$	—	$	—	$	5,172	0.2	%






Real estate – commercial and farmland	3,905		3,101		815		—		7,821		0.1	%
Real estate – residential	1,029		5,539		—		804		7,372		0.2	%
Total	$	7,146	$	11,600	$	815	$	804	$	20,365	0.1	%

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the twelve months ended December 31, 2023:


Payment Deferral
Loan Type						Financial Effect
Commercial, financial and agricultural						Payments were deferred for a weighted average of five months






Real estate – commercial and farmland						Payments were deferred for a weighted average of six months
Real estate – residential						Payments were deferred for a weighted average of four months


Term Extension
Loan Type						Financial Effect
Commercial, financial and agricultural						Maturity dates were extended for a weighted average of nine months.

Real estate – commercial and farmland						Maturity dates were extended for an average of 13 months.
Real estate - residential						Maturity dates were extended for a weighted average of 103 months


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


Combination of Term Extension and Rate Reduction
Loan Type						Financial Effect
Real estate - residential						Maturity date was extended for a weighted average of 120 months and rate was reduced by a weighted average 0.95%

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


(dollars in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total
Commercial, financial and agricultural	$	4,018	$	355	$	—	$	799	$	5,172






Real estate – commercial and farmland	6,692		1,129		—		—		7,821
Real estate – residential	5,113		711		442		1,106		7,372
Total	$	15,823	$	2,195	$	442	$	1,905	$	20,365

The following table provides the amortized cost basis of financing receivables at December 31, 2023 that had a payment default and were modified in the 12 months before default to borrowers experiencing financial difficulty.


(dollars in thousands)	Term Extension		Payment Deferral
Commercial, financial and agricultural	$	—	$	1,154






Real estate – commercial and farmland	—		1,129
Real estate – residential	2,067		192
Total	$	2,067	$	2,475

Schedule of Changes in Related Party Loans

Changes in related party loans are summarized as follows:


	December 31,
(dollars in thousands)	2023		2022
Balance, January 1	$	80,746	$	59,214
Advances	61,764		36,234
Repayments	(2,453)		(14,702)

Ending balance	$	140,057	$	80,746

Schedule of Allowances for Loan Losses by Portfolio Segment

The following table details activity 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.


(dollars in thousands)	Commercial, Financial and Agricultural		Consumer		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2022	$	39,455	$	5,413	$	174	$	2,118	$	357	$	1,025
Adjustment to allowance for adoption of ASU 2022-02	(105)		—		—		—		—		—

Provision for loan losses	68,349		2,963		(745)		(440)		(12)		343
Loans charged off	(58,612)		(5,298)		(155)		—		—		(6,567)
Recoveries of loans previously charged off	14,966		824		776		—		—		5,801
Balance, December 31, 2023	$	64,053	$	3,902	$	50	$	1,678	$	345	$	602

	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2022	$	32,659	$	67,433	$	57,043	$	205,677
Adjustment to allowance for adoption of ASU 2022-02	(37)		(722)		(847)		(1,711)

Provision for loan losses	27,446		47,079		8,532		153,515
Loans charged off	—		(4,327)		(259)		(75,218)
Recoveries of loans previously charged off	949		634		887		24,837
Balance, December 31, 2023	$	61,017	$	110,097	$	65,356	$	307,100


(dollars in thousands)	Commercial, Financial and Agricultural		Consumer		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Year ended December 31, 2022
Balance, January 1, 2022	$	26,829	$	6,097	$	476	$	3,231	$	401	$	2,729


Provision for loan losses	21,307		3,360		(1,082)		(1,113)		(44)		(1,317)
Loans charged off	(18,635)		(4,926)		(265)		—		—		(5,452)
Recoveries of loans previously charged off	9,954		882		1,045		—		—		5,065
Balance, December 31, 2022	$	39,455	$	5,413	$	174	$	2,118	$	357	$	1,025

	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Year ended December 31, 2022
Balance, January 1, 2022	$	22,045	$	77,831	$	27,943	$	167,582


Provision for loan losses	9,749		(7,049)		28,799		52,610
Loans charged off	(27)		(3,574)		(196)		(33,075)
Recoveries of loans previously charged off	892		225		497		18,560
Balance, December 31, 2022	$	32,659	$	67,433	$	57,043	$	205,677


(dollars in thousands)	Commercial, Financial and Agricultural		Consumer		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Year ended December 31, 2021
Balance, January 1, 2021	$	7,359	$	4,076	$	1,929	$	3,666	$	791	$	3,879

Provision for loan losses	12,071		7,330		(1,944)		(435)		(390)		(2,352)
Initial allowance for PCD assets	9,432		—		—		—		—		—
Loans charged off	(7,760)		(6,248)		(1,188)		—		—		(3,668)
Recoveries of loans previously charged off	5,727		939		1,679		—		—		4,870
Balance, December 31, 2021	$	26,829	$	6,097	$	476	$	3,231	$	401	$	2,729


	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Year ended December 31, 2021
Balance, January 1, 2021	$	45,304	$	88,894	$	43,524	$	199,422

Provision for loan losses	(23,532)		(9,784)		(16,045)		(35,081)
Initial allowance for PCD assets	—		—		—		9,432
Loans charged off	(233)		(1,852)		(667)		(21,616)
Recoveries of loans previously charged off	506		573		1,131		15,425
Balance, December 31, 2021	$	22,045	$	77,831	$	27,943	$	167,582

Schedule of Securities Purchased under Agreements, Allowance for Credit Loss

The Company acquired $952,000 in PCD loans from Balboa during the year ended December 31, 2021. A reconciliation of the purchase price to the par value, or unpaid principal balance ("UPB"), of the assets is below.


(dollars in thousands)	Commercial, Financial and Agricultural
Par value (UPB)	$	10,505
Allowance for Credit Losses	(9,432)
Discount	(121)
Purchase Price	$	952