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LOANS (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021		December 31, 2020
Commercial, financial and agricultural	$	1,611,029	$	1,627,477
Consumer installment	257,097		306,995
Indirect automobile	482,637		580,083
Mortgage warehouse	880,216		916,353
Municipal	659,228		659,403
Premium finance	706,379		687,841
Real estate – construction and development	1,533,234		1,606,710
Real estate – commercial and farmland	5,616,826		5,300,006
Real estate – residential	2,853,159		2,796,057
	$	14,599,805	$	14,480,925

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, 2021		December 31, 2020
Commercial, financial and agricultural	$	9,686	$	9,836
Consumer installment	646		709
Indirect automobile	1,530		2,831



Real estate – construction and development	5,421		5,407
Real estate – commercial and farmland	14,046		18,517
Real estate – residential	39,860		39,157
	$	71,189	$	76,457

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


(dollars in thousands)	March 31, 2021		December 31, 2020
Commercial, financial and agricultural	$	966	$	764





Real estate – construction and development	66		416
Real estate – commercial and farmland	3,621		7,015
Real estate – residential	6,842		5,299
	$	11,495	$	13,494

Summary of Past Due Financial Receivables

The following table presents an analysis of past-due loans as of March 31, 2021 and December 31, 2020:


(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, 2021
Commercial, financial and agricultural	$	5,729	$	1,094	$	4,922	$	11,745	$	1,599,284	$	1,611,029	$	—
Consumer installment	1,774		1,017		1,128		3,919		253,178		257,097		749
Indirect automobile	1,036		318		971		2,325		480,312		482,637		—
Mortgage warehouse	—		—		—		—		880,216		880,216		—
Municipal	—		—		—		—		659,228		659,228		—
Premium finance	4,693		2,833		4,057		11,583		694,796		706,379		4,057
Real estate – construction and development	28,769		1,898		2,621		33,288		1,499,946		1,533,234		291
Real estate – commercial and farmland	9,796		527		8,114		18,437		5,598,389		5,616,826		—
Real estate – residential	13,307		4,199		35,904		53,410		2,799,749		2,853,159		—
Total	$	65,104	$	11,886	$	57,717	$	134,707	$	14,465,098	$	14,599,805	$	5,097


(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, 2020
Commercial, financial and agricultural	$	4,576	$	2,018	$	5,652	$	12,246	$	1,615,231	$	1,627,477	$	—
Consumer installment	2,189		1,114		2,318		5,621		301,374		306,995		1,755
Indirect automobile	3,293		1,006		2,171		6,470		573,613		580,083		—
Mortgage warehouse	—		—		—		—		916,353		916,353		—
Municipal	—		—		—		—		659,403		659,403		—
Premium finance	7,188		3,895		6,571		17,654		670,187		687,841		6,571
Real estate – construction and development	13,348		723		5,150		19,221		1,587,489		1,606,710		—
Real estate – commercial and farmland	5,370		1,701		8,651		15,722		5,284,284		5,300,006		—
Real estate – residential	20,519		3,125		34,081		57,725		2,738,332		2,796,057		—
Total	$	56,483	$	13,582	$	64,594	$	134,659	$	14,346,266	$	14,480,925	$	8,326

Summary of Impaired Financial Receivables


	March 31, 2021				December 31, 2020
(dollars in thousands)	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial, financial and agricultural	$	5,375	$	1,777	$	5,490	$	2,252




Premium finance	1,577		11		3,523		—
Real estate – construction and development	4,109		619		4,173		512
Real estate – commercial and farmland	93,689		20,378		100,180		21,001
Real estate – residential	12,672		1,579		9,716		891
	$	117,422	$	24,364	$	123,082	$	24,656

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, 2021 and December 31, 2020. 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 December 31, 2020.


As of March 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:
1	$	329,750	$	483,062	$	2,631	$	983	$	295	$	5,290	$	63,365		$	885,376
2	7,799		449		8,991		638		810		976		10,771			30,434
3	30,638		69,131		43,563		14,490		17,168		9,080		61,094			245,164
4	38,031		74,263		59,189		77,684		30,449		35,375		75,733			390,724
5	76		4,191		4,543		4,374		6,345		4,493		6,431			30,453
6	3		12		1,673		470		576		3,847		397			6,978
7	343		3,080		3,790		2,686		4,072		6,361		1,568			21,900


Total commercial, financial and agricultural	$	406,640	$	634,188	$	124,380	$	101,325	$	59,715	$	65,422	$	219,359		$	1,611,029


As of March 31, 2021	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2021		2020		2019		2018		2017		Prior				Total
Consumer Installment
Risk Grade:
1	$	1,597	$	5,577	$	2,625	$	1,308	$	510	$	33	$	155		$	11,805
2	—		—		—		33		1		58		41			133
3	5,983		11,263		5,382		2,045		647		1,921		4,991			32,232
4	11,275		87,762		46,500		35,996		14,116		11,715		3,308			210,672
5	—		46		86		12		25		163		—			332
6	—		—		—		9		—		143		6			158
7	—		287		525		188		94		581		86			1,761

9	—		—		2		—		—		—		2			4
Total consumer installment	$	18,855	$	104,935	$	55,120	$	39,591	$	15,393	$	14,614	$	8,589		$	257,097
Indirect Automobile
Risk Grade:

2	$	—	$	—	$	—	$	75	$	29	$	6,512	$	—		$	6,616
3	—		—		31,573		162,594		159,571		119,905		—			473,643


6	—		—		—		30		33		101		—			164
7	—		—		38		288		354		1,534		—			2,214


Total indirect automobile	$	—	$	—	$	31,611	$	162,987	$	159,987	$	128,052	$	—		$	482,637
Mortgage Warehouse
Risk Grade:


3	$	—	$	—	$	—	$	—	$	—	$	—	$	880,216		$	880,216






Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	880,216		$	880,216
Municipal
Risk Grade:
1	$	25,045	$	91,812	$	11,565	$	8,540	$	141,216	$	205,673	$	—		$	483,851
2	—		72,903		—		—		—		13,012		—			85,915
3	—		61,551		682		—		5,452		12,648		—			80,333
4	—		6,285		—		—		—		2,844		—			9,129





Total municipal	$	25,045	$	232,551	$	12,247	$	8,540	$	146,668	$	234,177	$	—		$	659,228
Premium Finance
Risk Grade:

2	$	351,490	$	340,097	$	9,738	$	257	$	638	$	100	$	—		$	702,320




7	—		3,980		79		—		—		—		—			4,059


Total premium finance	$	351,490	$	344,077	$	9,817	$	257	$	638	$	100	$	—		$	706,379


As of March 31, 2021	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2021		2020		2019		2018		2017		Prior				Total
Real Estate – Construction and Development
Risk Grade:

2	$	—	$	62	$	—	$	—	$	—	$	—	$	—		$	62
3	14,018		42,007		6,565		4,269		3,444		11,263		873			82,439
4	168,849		545,742		362,783		132,341		49,482		35,491		37,990			1,332,678
5	387		2,136		17,825		38,407		13,755		29,389		106			102,005
6	—		120		892		5,991		598		1,194		—			8,795
7	—		143		3,019		482		629		2,982		—			7,255


Total real estate – construction and development	$	183,254	$	590,210	$	391,084	$	181,490	$	67,908	$	80,319	$	38,969		$	1,533,234
Real Estate – Commercial and Farmland
Risk Grade:
1	$	—	$	—	$	—	$	156	$	—	$	—	$	—		$	156
2	—		7,352		380		448		2,094		13,262		17			23,553
3	186,578		928,268		414,458		181,807		248,378		515,131		52,651			2,527,271
4	87,859		366,846		563,285		396,659		255,335		671,363		43,474			2,384,821
5	1,323		17,020		96,085		71,810		63,286		142,589		4,223			396,336
6	—		—		10,313		15,984		47,716		38,807		3			112,823
7	—		7,714		55,005		18,532		13,038		76,935		642			171,866


Total real estate – commercial and farmland	$	275,760	$	1,327,200	$	1,139,526	$	685,396	$	629,847	$	1,458,087	$	101,010		$	5,616,826
Real Estate - Residential
Risk Grade:
1	$	—	$	—	$	—	$	—	$	—	$	17	$	—		$	17
2	—		36		388		11		99		42,503		1,313			44,350
3	296,261		731,149		434,948		202,552		154,099		467,379		197,899			2,484,287
4	5,768		29,740		17,636		14,464		10,104		61,238		40,174			179,124
5	481		8,581		28,055		9,476		9,202		28,452		3,523			87,770
6	49		418		951		881		367		3,520		107			6,293
7	789		3,385		10,435		13,031		4,406		16,630		2,642			51,318


Total real estate - residential	$	303,348	$	773,309	$	492,413	$	240,415	$	178,277	$	619,739	$	245,658		$	2,853,159


As of December 31, 2020	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2020		2019		2018		2017		2016		Prior				Total
Commercial, Financial and Agricultural
Risk Grade:
1	$	829,710	$	2,912	$	1,055	$	387	$	490	$	4,961	$	36,373		$	875,888
2	1,213		1,512		668		996		172		967		14,317			19,845
3	109,352		54,266		16,932		17,968		7,027		3,905		68,806			278,256
4	86,837		71,645		74,388		37,779		15,359		23,069		85,366			394,443
5	4,061		4,269		4,772		7,443		804		5,842		4,352			31,543
6	21		72		506		193		3,509		1,232		632			6,165
7	3,312		3,460		2,579		3,573		1,294		5,214		1,886			21,318
8	—		—		—		—		—		—		19			19

Total commercial, financial and agricultural	$	1,034,506	$	138,136	$	100,900	$	68,339	$	28,655	$	45,190	$	211,751		$	1,627,477
Consumer Installment
Risk Grade:
1	$	6,782	$	3,001	$	1,550	$	583	$	95	$	1	$	667		$	12,679
2	—		—		46		2		—		63		42			153
3	15,172		6,960		2,838		887		1,455		601		4,389			32,302
4	120,800		53,593		53,182		16,329		3,121		9,437		3,556			260,018
5	49		127		28		30		3		242		8			487
6	—		2		9		—		—		145		—			156
7	30		209		72		105		134		553		97			1,200


Total consumer installment	$	142,833	$	63,892	$	57,725	$	17,936	$	4,808	$	11,042	$	8,759		$	306,995
Indirect Automobile
Risk Grade:

2	$	—	$	—	$	81	$	31	$	5,356	$	3,054	$	—		$	8,522
3	—		35,432		187,656		188,302		103,570		52,781		—			567,741


6	—		—		57		70		62		85		—			274
7	—		163		519		561		1,078		1,225		—			3,546


Total indirect automobile	$	—	$	35,595	$	188,313	$	188,964	$	110,066	$	57,145	$	—		$	580,083
Mortgage Warehouse
Risk Grade:


3	$	—	$	—	$	—	$	—	$	—	$	—	$	916,353		$	916,353






Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	916,353		$	916,353
Municipal
Risk Grade:
1	$	91,692	$	12,685	$	8,944	$	143,741	$	124,929	$	97,923	$	—		$	479,914
2	73,000		—		—		—		9,410		—		—			82,410
3	39,990		713		—		5,453		7,204		5,489		—			58,849
4	31,394		—		—		—		—		6,836		—			38,230





Total municipal	$	236,076	$	13,398	$	8,944	$	149,194	$	141,543	$	110,248	$	—		$	659,403


As of December 31, 2020	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2020		2019		2018		2017		2016		Prior				Total
Premium Finance
Risk Grade:

2	$	661,614	$	18,236	$	515	$	746	$	121	$	38	$	—		$	681,270




7	5,811		760		—		—		—		—		—			6,571


Total premium finance	$	667,425	$	18,996	$	515	$	746	$	121	$	38	$	—		$	687,841
Real Estate – Construction and Development
Risk Grade:


3	$	59,325	$	7,035	$	6,870	$	8,046	$	3,415	$	6,916	$	1,293		$	92,900
4	605,254		445,496		205,444		50,181		14,672		26,915		68,574			1,416,536
5	1,614		26,720		9,612		13,261		17,712		10,127		107			79,153
6	685		1,036		3,646		1,302		—		4,564		—			11,233
7	15		2,858		566		271		42		3,136		—			6,888


Total real estate – construction and development	$	666,893	$	483,145	$	226,138	$	73,061	$	35,841	$	51,658	$	69,974		$	1,606,710
Real Estate – Commercial and Farmland
Risk Grade:
1	$	—	$	—	$	161	$	—	$	—	$	—	$	—		$	161
2	7,482		540		521		2,131		4,375		10,663		1,138			26,850
3	918,939		370,703		143,591		197,942		224,712		274,665		67,067			2,197,619
4	344,777		584,814		423,241		331,024		242,573		545,745		34,326			2,506,500
5	4,027		39,216		69,173		80,726		25,561		94,461		1,274			314,438
6	—		10,680		4,895		28,139		7,670		31,224		—			82,608
7	250		54,439		18,574		15,489		27,044		55,763		271			171,830


Total real estate – commercial and farmland	$	1,275,475	$	1,060,392	$	660,156	$	655,451	$	531,935	$	1,012,521	$	104,076		$	5,300,006
Real Estate - Residential
Risk Grade:
1	$	—	$	—	$	—	$	—	$	—	$	19	$	—		$	19
2	37		398		12		121		1,275		47,286		1,402			50,531
3	763,101		529,268		254,632		186,531		154,285		388,825		203,491			2,480,133
4	19,296		19,874		15,784		11,607		14,240		53,869		44,276			178,946
5	400		1,768		3,489		3,479		1,151		12,824		3,618			26,729
6	527		1,843		1,030		334		724		3,391		255			8,104
7	3,442		9,387		12,339		4,667		2,157		16,659		2,944			51,595


Total real estate - residential	$	786,803	$	562,538	$	287,286	$	206,739	$	173,832	$	522,873	$	255,986		$	2,796,057

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, 2021 and 2020:


	March 31, 2021			March 31, 2020
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	4	$	463	—	$	—
Consumer installment	—	—		1	9





Real estate – commercial and farmland	2	7,658		1	64
Real estate – residential	5	572		8	903
Total	11	$	8,693	10	$	976

Troubled Debt Restructurings on Financing Receivable Payment Default

The following table presents for loans the troubled debt restructurings by class that defaulted (defined as 30 days past due) during the three months ended March 31, 2021 and 2020:


	March 31, 2021			March 31, 2020
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	3	$	56	1	$	200
Consumer installment	5	6		—	—
Indirect automobile	16	94		—	—



Real estate – construction and development	1	1		2	287
Real estate – commercial and farmland	2	5,193		2	681
Real estate – residential	11	809		19	1,800
Total	38	$	6,159	24	$	2,968

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, 2021 and December 31, 2020:


March 31, 2021	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	10	$	930	12	$	854
Consumer installment	8	27		22	53
Indirect automobile	385	1,931		47	321



Real estate – construction and development	4	501		5	706
Real estate – commercial and farmland	27	43,398		10	2,233
Real estate – residential	248	33,324		36	2,818
Total	682	$	80,111	132	$	6,985


December 31, 2020	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	9	$	521	11	$	849
Consumer installment	10	32		20	56
Indirect automobile	437	2,277		51	461



Real estate – construction and development	4	506		5	707
Real estate – commercial and farmland	28	36,707		7	1,401
Real estate – residential	264	38,800		34	2,671
Total	752	$	78,843	128	$	6,145

Financing Receivable, Schedule Of Short-Term Deferrals

The table below presents short-term deferrals related to the COVID-19 pandemic that were not considered TDRs.


	March 31, 2021				December 31, 2020
(dollars in thousands)	COVID-19 Deferrals		Deferrals as a % of total loans		COVID-19 Deferrals		Deferrals as a % of total loans
Commercial, financial and agricultural	$	4,460	0.3	%	$	12,471	0.8	%
Consumer installment	569		0.2	%	1,418		0.5	%
Indirect automobile	3,536		0.7	%	8,936		1.5	%



Real estate – construction and development	418		—	%	11,049		0.7	%
Real estate – commercial and farmland	152,337		2.7	%	179,183		3.4	%
Real estate – residential	74,101		2.6	%	119,722		4.3	%
	$	235,421	1.6	%	$	332,779	2.3	%

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, 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


Three Months Ended March 31, 2020
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2019	$	4,567	$	3,784	$	—	$	640	$	484	$	2,550
Adjustment to allowance for adoption of ASU 2016-13	2,587		8,012		4,109		463		(92)		4,471

Provision for loan losses	3,080		4,149		564		(1)		130		4,634
Loans charged off	(2,486)		(1,142)		(1,231)		—		—		(831)
Recoveries of loans previously charged off	362		321		344		—		—		684
Balance, March 31, 2020	$	8,110	$	15,124	$	3,786	$	1,102	$	522	$	11,508

	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2019	$	5,995	$	9,666	$	10,503	$	38,189
Adjustment to allowance for adoption of ASU 2016-13	12,248		27,073		19,790		78,661

Provision for loan losses	6,734		15,858		1,899		37,047
Loans charged off	—		(928)		(100)		(6,718)
Recoveries of loans previously charged off	342		85		207		2,345
Balance, March 31, 2020	$	25,319	$	51,754	$	32,299	$	149,524