LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Commercial, financial and agricultural	$	2,758,716	$	2,688,929
Consumer	232,993		241,552
Indirect automobile	24,022		34,257
Mortgage warehouse	891,336		818,728
Municipal	477,567		492,668
Premium finance	998,726		946,562
Real estate – construction and development	2,264,346		2,129,187
Real estate – commercial and farmland	8,131,248		8,059,754
Real estate – residential	4,821,306		4,857,666
	$	20,600,260	$	20,269,303

Schedule of Financial Receivable Nonaccrual Basis

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

(dollars in thousands)	March 31, 2024		December 31, 2023
Commercial, financial and agricultural	$	16,760	$	8,059
Consumer	1,306		1,153
Indirect automobile	309		299
Real estate – construction and development	282		282
Real estate – commercial and farmland	10,777		11,295
Real estate – residential(1)	135,252		130,029
	$	164,686	$	151,117

(1) Included in real estate - residential were $84.2 million and $90.2 million of serviced GNMA-guaranteed nonaccrual loans at March 31, 2024 and December 31, 2023, respectively.

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

(dollars in thousands)	March 31, 2024		December 31, 2023
Commercial, financial and agricultural	$	4,874	$	2,049
Real estate – commercial and farmland	5,412		9,109
Real estate – residential	79,326		75,419
	$	89,612	$	86,577

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

	March 31, 2024				December 31, 2023
(dollars in thousands)	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial, financial and agricultural	$	13,864	$	3,061	$	5,889	$	567
Consumer	380		343		—		—
Premium finance	2,140		77		1,990		45
Real estate – construction and development	280		23		280		23
Real estate – commercial and farmland	9,867		67		11,114		108
Real estate – residential	26,936		2,749		21,102		2,654
	$	53,467	$	6,320	$	40,375	$	3,397

Schedule of Past Due Financial Receivables

The following table presents an analysis of past-due loans as of March 31, 2024 and December 31, 2023:

(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, 2024
Commercial, financial and agricultural	$	15,809	$	8,410	$	6,437	$	30,656	$	2,728,060	$	2,758,716	$	3,925
Consumer	2,341		1,548		362		4,251		228,742		232,993		—
Indirect automobile	82		60		118		260		23,762		24,022		—
Mortgage warehouse	—		—		—		—		891,336		891,336		—
Municipal	—		—		—		—		477,567		477,567		—
Premium finance	14,166		6,139		11,886		32,191		966,535		998,726		11,886
Real estate – construction and development	732		—		282		1,014		2,263,332		2,264,346		—
Real estate – commercial and farmland	1,858		429		7,138		9,425		8,121,823		8,131,248		—
Real estate – residential	45,648		14,427		132,284		192,359		4,628,947		4,821,306		—
Total	$	80,636	$	31,013	$	158,507	$	270,156	$	20,330,104	$	20,600,260	$	15,811
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

Schedule 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, 2024 and December 31, 2023. 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 8 or 9 at March 31, 2024 or December 31, 2023.

As of March 31, 2024	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2024		2023		2022		2021		2020		Prior				Total
Commercial, Financial and Agricultural
Risk Grade:
Pass	$	297,252	$	779,128	$	705,529	$	344,701	$	80,504	$	78,229	$	433,576	$	2,718,919
6	—		216		1,274		1,656		986		982		10,266		15,380
7	—		1,087		3,976		8,470		726		8,649		1,509		24,417
Total commercial, financial and agricultural	$	297,252	$	780,431	$	710,779	$	354,827	$	82,216	$	87,860	$	445,351	$	2,758,716
Current-period gross charge offs	—		6,172		5,557		2,662		428		476		—		15,295
Consumer
Risk Grade:
Pass	$	19,721	$	28,572	$	15,117	$	4,738	$	23,350	$	33,590	$	106,128	$	231,216
6	—		—		5		—		—		23		—		28
7	—		230		185		40		252		557		485		1,749
Total consumer	$	19,721	$	28,802	$	15,307	$	4,778	$	23,602	$	34,170	$	106,613	$	232,993
Current-period gross charge offs	1		146		71		2		290		383		198		1,091
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	23,584	$	—	$	23,584
7	—		—		—		—		—		438		—		438
Total indirect automobile	$	—	$	—	$	—	$	—	$	—	$	24,022	$	—	$	24,022
Current-period gross charge offs	—		—		—		—		—		65		—		65
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	863,383	$	863,383
6	—		—		—		—		—		—		27,953		27,953
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	891,336	$	891,336
Current-period gross charge offs	—		—		—		—		—		—		—		—
Municipal
Risk Grade:
Pass	$	12,903	$	9,407	$	29,637	$	37,933	$	170,942	$	214,285	$	2,460	$	477,567
Total municipal	$	12,903	$	9,407	$	29,637	$	37,933	$	170,942	$	214,285	$	2,460	$	477,567
Current-period gross charge offs	—		—		—		—		—		—		—		—
Premium Finance
Risk Grade:
Pass	$	511,184	$	473,140	$	1,358	$	1,158	$	—	$	—	$	—	$	986,840
7	30		11,712		144		—		—		—		—		11,886
Total premium finance	$	511,214	$	484,852	$	1,502	$	1,158	$	—	$	—	$	—	$	998,726
Current-period gross charge offs	7		1,831		168		—		—		—		—		2,006

As of March 31, 2024	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2024		2023		2022		2021		2020		Prior				Total
Real Estate – Construction and Development
Risk Grade:
Pass	$	108,222	$	408,184	$	1,089,607	$	467,028	$	36,444	$	77,819	$	75,518	$	2,262,822
6	—		—		281		68		—		301		—		650
7	—		80		—		301		—		493		—		874
Total real estate – construction and development	$	108,222	$	408,264	$	1,089,888	$	467,397	$	36,444	$	78,613	$	75,518	$	2,264,346
Current-period gross charge offs	—		—		—		—		—		—		—		—
Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	75,366	$	460,496	$	1,930,487	$	2,191,428	$	1,085,100	$	2,143,332	$	96,186	$	7,982,395
6	—		1,359		—		3,527		16,579		69,058		—		90,523
7	—		426		17,369		15,895		2,620		22,020		—		58,330
Total real estate – commercial and farmland	$	75,366	$	462,281	$	1,947,856	$	2,210,850	$	1,104,299	$	2,234,410	$	96,186	$	8,131,248
Current-period gross charge offs	—		—		—		—		—		—		—		—
Real Estate - Residential
Risk Grade:
Pass	$	60,319	$	694,668	$	1,388,718	$	1,125,575	$	497,316	$	628,555	$	279,425	$	4,674,576
6	—		12		37		71		231		1,355		985		2,691
7	—		9,665		27,429		32,144		26,626		44,994		3,181		144,039
Total real estate - residential	$	60,319	$	704,345	$	1,416,184	$	1,157,790	$	524,173	$	674,904	$	283,591	$	4,821,306
Current-period gross charge offs	—		—		—		—		—		—		—		—
Total Loans
Risk Grade:
Pass	$	1,084,967	$	2,853,595	$	5,160,453	$	4,172,561	$	1,893,656	$	3,199,394	$	1,856,676	$	20,221,302
6	—		1,587		1,597		5,322		17,796		71,719		39,204		137,225
7	30		23,200		49,103		56,850		30,224		77,151		5,175		241,733
Total loans	$	1,084,997	$	2,878,382	$	5,211,153	$	4,234,733	$	1,941,676	$	3,348,264	$	1,901,055	$	20,600,260
Total current-period gross charge offs	8		8,149		5,796		2,664		718		924		198		18,457

As of December 31, 2023	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2023		2022		2021		2020		2019		Prior				Total
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
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
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	6,086	$	27,646	$	—	$	33,732
7	—		—		—		—		55		470		—		525
Total indirect automobile	$	—	$	—	$	—	$	—	$	6,141	$	28,116	$	—	$	34,257
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	772,366	$	772,366
6	—		—		—		—		—		—		46,362		46,362
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	818,728	$	818,728
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
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

As of December 31, 2023	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2023		2022		2021		2020		2019		Prior				Total
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
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
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
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

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, 2024
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2023	$	64,053	$	3,902	$	50	$	1,678	$	345	$	602
Provision for loan losses	12,147		900		(134)		145		(282)		(431)
Loans charged off	(15,295)		(1,091)		(65)		—		—		(2,006)
Recoveries of loans previously charged off	2,899		192		185		—		—		2,451
Balance, March 31, 2024	$	63,804	$	3,903	$	36	$	1,823	$	63	$	616
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2023	$	61,017	$	110,097	$	65,356	$	307,100
Provision for loan losses	11,148		474		1,556		25,523
Loans charged off	—		—		—		(18,457)
Recoveries of loans previously charged off	3		85		42		5,857
Balance, March 31, 2024	$	72,168	$	110,656	$	66,954	$	320,023

Three Months Ended March 31, 2023
(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	16,078		323		(219)		(194)		(3)		(93)
Loans charged off	(12,233)		(1,140)		(34)		—		—		(1,421)
Recoveries of loans previously charged off	2,043		297		216		—		—		1,382
Balance, March 31, 2023	$	45,238	$	4,893	$	137	$	1,924	$	354	$	893
	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	10,119		20,369		2,996		49,376
Loans charged off	—		—		(128)		(14,956)
Recoveries of loans previously charged off	100		44		190		4,272
Balance, March 31, 2023	$	42,841	$	87,124	$	59,254	$	242,658

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 during the three months ended of March 31, 2024, and 2023:

Three Months Ended March 31, 2024
(dollars in thousands)	Term Extension		Combination of Term Extension and Rate Reduction		Total		Percentage of Total Class of Financial Receivable
Real estate – residential	$	3,519	$	534	$	4,053	0.1	%
Total	$	3,519	$	534	$	4,053	—	%

Three Months Ended March 31, 2023
(dollars in thousands)	Payment Deferral		Total		Percentage of Total Class of Financial Receivable
Commercial, financial and agricultural	$	843	$	843	—	%
Total	$	843	$	843	—	%

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024, and 2023:

Three Months Ended March 31, 2024

Term Extension
Loan Type	Financial Effect
Real estate - residential	Maturity dates were extended for a weighted average of 76 months

Interest Rate Reduction

Combination of Term Extension and Rate Reduction
Loan Type	Financial Effect
Real estate - residential	Maturity date was extended 134 months and rate was reduced by 1.50%

Three Months Ended March 31, 2023
Payment Deferral
Loan Type	Financial Effect
Commercial, financial and agricultural	Payments were reduced approximately 32% for three months before returning to a fully amortizing payment structure thereafter.

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:

As of March 31, 2024
(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	$	5,029	$	—	$	—	$	—	$	5,029
Real estate – commercial and farmland	5,875		—		—		1,115		6,990
Real estate – residential	$	8,547	$	648	$	235	$	1,980	$	11,410
Total	$	19,451	$	648	$	235	$	3,095	$	23,429

As of December 31, 2023
(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 that had a payment default during the three months ended March 31, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty. There were no payment defaults during the three months ended March 31, 2023.

(dollars in thousands)	Term Extension		Payment Deferral		Combination of Term Extension and Rate Reduction		Total
Real estate – commercial and farmland	$	—	$	1,115	$	—	$	1,115
Real estate – residential	2,215		191		456		2,862
Total	$	2,215	$	1,306	$	456	$	3,977