LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

9 Months Ended

Sep. 30, 2021

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)	September 30, 2021		December 31, 2020
Commercial, financial and agricultural	$	1,217,575	$	1,627,477
Consumer installment	207,111		306,995
Indirect automobile	325,057		580,083
Mortgage warehouse	768,577		916,353
Municipal	624,430		659,403
Premium finance	840,737		687,841
Real estate – construction and development	1,454,824		1,606,710
Real estate – commercial and farmland	6,409,704		5,300,006
Real estate – residential	2,976,524		2,796,057
	$	14,824,539	$	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)	September 30, 2021		December 31, 2020
Commercial, financial and agricultural	$	5,709	$	9,836
Consumer installment	462		709
Indirect automobile	1,002		2,831
Real estate – construction and development	1,564		5,407
Real estate – commercial and farmland	17,459		18,517
Real estate – residential	32,736		39,157
	$	58,932	$	76,457

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

(dollars in thousands)	September 30, 2021		December 31, 2020
Commercial, financial and agricultural	$	221	$	764
Real estate – construction and development	323		416
Real estate – commercial and farmland	2,815		7,015
Real estate – residential	3,765		5,299
	$	7,124	$	13,494

Summary of Past Due Financial Receivables

The following table presents an analysis of past-due loans as of September 30, 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
September 30, 2021
Commercial, financial and agricultural	$	2,271	$	1,569	$	2,060	$	5,900	$	1,211,675	$	1,217,575	$	2
Consumer installment	1,549		804		910		3,263		203,848		207,111		569
Indirect automobile	699		284		515		1,498		323,559		325,057		—
Mortgage warehouse	—		—		—		—		768,577		768,577		—
Municipal	—		—		—		—		624,430		624,430		—
Premium finance	7,264		4,967		5,881		18,112		822,625		840,737		5,881
Real estate – construction and development	22,290		3,181		1,899		27,370		1,427,454		1,454,824		1,020
Real estate – commercial and farmland	9,373		1,166		6,410		16,949		6,392,755		6,409,704		—
Real estate – residential	3,357		5,209		28,394		36,960		2,939,564		2,976,524		—
Total	$	46,803	$	17,180	$	46,069	$	110,052	$	14,714,487	$	14,824,539	$	7,472
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

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

	September 30, 2021				December 31, 2020
(dollars in thousands)	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial, financial and agricultural	$	2,870	$	704	$	5,490	$	2,252
Premium finance	2,315		97		3,523		—
Real estate – construction and development	1,316		212		4,173		512
Real estate – commercial and farmland	50,744		10,161		100,180		21,001
Real estate – residential	14,633		2,124		9,716		891
	$	71,878	$	13,298	$	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 September 30, 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 September 30, 2021 or December 31, 2020.

As of September 30, 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	$	527,587	$	158,865	$	99,010	$	75,973	$	42,009	$	40,557	$	244,459	$	1,188,460
6	36		776		527		445		439		3,381		1,439		7,043
7	722		510		3,851		2,151		2,644		5,051		7,143		22,072
Total commercial, financial and agricultural	$	528,345	$	160,151	$	103,388	$	78,569	$	45,092	$	48,989	$	253,041	$	1,217,575
Consumer Installment
Risk Grade:
Pass	$	32,105	$	69,866	$	42,133	$	30,626	$	11,439	$	11,851	$	7,532	$	205,552
6	—		—		—		—		—		138		6		144
7	5		253		329		219		53		473		83		1,415
Total consumer installment	$	32,110	$	70,119	$	42,462	$	30,845	$	11,492	$	12,462	$	7,621	$	207,111
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	23,803	$	118,811	$	110,168	$	70,808	$	—	$	323,590
6	—		—		—		27		28		66		—		121
7	—		—		36		159		264		887		—		1,346
Total indirect automobile	$	—	$	—	$	23,839	$	118,997	$	110,460	$	71,761	$	—	$	325,057
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	768,577	$	768,577
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	768,577	$	768,577
Municipal
Risk Grade:
Pass	$	42,565	$	227,256	$	14,911	$	5,753	$	141,822	$	192,123	$	—	$	624,430
Total municipal	$	42,565	$	227,256	$	14,911	$	5,753	$	141,822	$	192,123	$	—	$	624,430
Premium Finance
Risk Grade:
Pass	$	820,843	$	13,411	$	175	$	—	$	414	$	13	$	—	$	834,856
7	3,582		2,298		1		—		—		—		—		5,881
Total premium finance	$	824,425	$	15,709	$	176	$	—	$	414	$	13	$	—	$	840,737
Real Estate – Construction and Development
Risk Grade:
Pass	$	629,733	$	411,682	$	234,740	$	55,995	$	39,464	$	49,180	$	27,024	$	1,447,818
6	—		—		—		—		—		1,853		—		1,853
7	774		142		169		2,203		631		1,234		—		5,153
Total real estate – construction and development	$	630,507	$	411,824	$	234,909	$	58,198	$	40,095	$	52,267	$	27,024	$	1,454,824

As of September 30, 2021	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2021		2020		2019		2018		2017		Prior				Total
Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	1,471,281	$	1,254,639	$	1,118,208	$	592,121	$	522,226	$	1,208,209	$	85,462	$	6,252,146
6	462		—		6,317		14,835		21,200		26,354		1,640		70,808
7	1,977		2,679		10,915		18,769		5,540		46,847		23		86,750
Total real estate – commercial and farmland	$	1,473,720	$	1,257,318	$	1,135,440	$	625,725	$	548,966	$	1,281,410	$	87,125	$	6,409,704
Real Estate - Residential
Risk Grade:
Pass	$	891,155	$	691,763	$	367,862	$	169,881	$	121,410	$	456,393	$	218,163	$	2,916,627
6	806		67		1,156		586		445		4,590		139		7,789
7	791		7,313		14,296		8,787		4,089		14,742		2,090		52,108
Total real estate - residential	$	892,752	$	699,143	$	383,314	$	179,254	$	125,944	$	475,725	$	220,392	$	2,976,524

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:
Pass	$	1,031,173	$	134,604	$	97,815	$	64,573	$	23,852	$	38,744	$	209,214	$	1,599,975
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:
Pass	$	142,803	$	63,681	$	57,644	$	17,831	$	4,674	$	10,344	$	8,662	$	305,639
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:
Pass	$	—	$	35,432	$	187,737	$	188,333	$	108,926	$	55,835	$	—	$	576,263
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:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	916,353	$	916,353
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	916,353	$	916,353

As of December 31, 2020	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2020		2019		2018		2017		2016		Prior				Total
Municipal
Risk Grade:
Pass	$	236,076	$	13,398	$	8,944	$	149,194	$	141,543	$	110,248	$	—	$	659,403
Total municipal	$	236,076	$	13,398	$	8,944	$	149,194	$	141,543	$	110,248	$	—	$	659,403
Premium Finance
Risk Grade:
Pass	$	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:
Pass	$	666,193	$	479,251	$	221,926	$	71,488	$	35,799	$	43,958	$	69,974	$	1,588,589
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:
Pass	$	1,275,225	$	995,273	$	636,687	$	611,823	$	497,221	$	925,534	$	103,805	$	5,045,568
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:
Pass	$	782,834	$	551,308	$	273,917	$	201,738	$	170,951	$	502,823	$	252,787	$	2,736,358
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 and nine months ended September 30, 2021 and 2020. These modifications did not have a material impact on the Company’s allowance for credit losses.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)		#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	—	$	—	1	$	9	6	$	532	2	$	725
Consumer installment	—	—		—	—		2	7		4	15
Indirect automobile	—	—		530	3,171		—	—		530	3,170
Real estate – construction and development	—	—		—	—		—	—		1	19
Real estate – commercial and farmland	—	—		20	86,773		5	16,257		21	86,788
Real estate – residential	9	1,818		14	2,609		21	3,270		91	12,692
Total	9	$	1,818	565	$	92,562	34	$	20,066	649	$	103,409

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 and nine months ended September 30, 2021 and 2020. These defaults did not have a material impact on the Company's allowance for credit losses.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)		#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	1	$	1	—	$	—	1	$	1	1	$	198
Consumer installment	1	1		—	—		1	1		4	3
Indirect automobile	4	23		—	—		16	76		—	—
Real estate – construction and development	—	—		1	403		—	—		3	689
Real estate – commercial and farmland	—	—		1	50		—	—		3	726
Real estate – residential	4	489		12	957		15	1,111		16	1,142
Total	10	$	514	14	$	1,410	33	$	1,189	27	$	2,758

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 September 30, 2021 and December 31, 2020:

September 30, 2021	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	14	$	1,683	7	$	112
Consumer installment	8	22		19	38
Indirect automobile	282	1,284		52	297
Real estate – construction and development	5	887		3	271
Real estate – commercial and farmland	27	43,895		7	6,715
Real estate – residential	227	29,521		30	2,687
Total	563	$	77,292	118	$	10,120

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.

	September 30, 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	$	755	0.1	%	$	12,471	0.8	%
Consumer installment	—		—	%	1,418		0.5	%
Indirect automobile	1,302		0.4	%	8,936		1.5	%
Real estate – construction and development	—		—	%	11,049		0.7	%
Real estate – commercial and farmland	26,128		0.4	%	179,183		3.4	%
Real estate – residential	48,340		1.6	%	119,722		4.3	%
	$	76,525	0.5	%	$	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 September 30, 2021
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, June 30, 2021	$	6,889	$	7,824	$	1,080	$	3,365	$	777	$	4,539
Provision for loan losses	(1,471)		3,063		(268)		(287)		(27)		(456)
Loans charged off	(858)		(1,647)		(178)		—		—		(605)
Recoveries of loans previously charged off	1,986		199		278		—		—		649
Balance, September 30, 2021	$	6,546	$	9,439	$	912	$	3,078	$	750	$	4,127
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, June 30, 2021	$	18,999	$	88,338	$	43,259	$	175,070
Provision for loan losses	(6,423)		87		1,798		(3,984)
Loans charged off	—		(210)		(39)		(3,537)
Recoveries of loans previously charged off	45		266		241		3,664
Balance, September 30, 2021	$	12,621	$	88,481	$	45,259	$	171,213
Nine Months Ended September 30, 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	2,606		9,360		(1,219)		(588)		(41)		(847)
Loans charged off	(6,757)		(4,764)		(1,148)		—		—		(3,142)
Recoveries of loans previously charged off	3,338		767		1,350		—		—		4,237
Balance, September 30, 2021	$	6,546	$	9,439	$	912	$	3,078	$	750	$	4,127
	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	(32,767)		727		1,307		(21,462)
Loans charged off	(212)		(1,632)		(594)		(18,249)
Recoveries of loans previously charged off	296		492		1,022		11,502
Balance, September 30, 2021	$	12,621	$	88,481	$	45,259	$	171,213

Three Months Ended September 30, 2020
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, June 30, 2020	$	7,938	$	20,085	$	3,381	$	1,498	$	507	$	8,198
Provision for loan losses	5,533		(3,693)		322		498		365		(2,316)
Loans charged off	(1,715)		(677)		(697)		—		—		(1,159)
Recoveries of loans previously charged off	470		516		317		—		—		1,224
Balance, September 30, 2020	$	12,226	$	16,231	$	3,323	$	1,996	$	872	$	5,947
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, June 30, 2020	$	54,266	$	83,593	$	29,327	$	208,793
Provision for loan losses	(10,208)		18,419		17,772		26,692
Loans charged off	(9)		(2,977)		(137)		(7,371)
Recoveries of loans previously charged off	182		904		197		3,810
Balance, September 30, 2020	$	44,231	$	99,939	$	47,159	$	231,924
Nine Months Ended September 30, 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 ASC 326	2,587		8,012		4,109		463		(92)		4,471
Provision for loan losses	8,624		5,943		1,138		893		480		235
Loans charged off	(4,687)		(2,781)		(2,944)		—		—		(3,893)
Recoveries of loans previously charged off	1,135		1,273		1,020		—		—		2,584
Balance, September 30, 2020	$	12,226	$	16,231	$	3,323	$	1,996	$	872	$	5,947
	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 ASC 326	12,248		27,073		19,790		78,661
Provision for loan losses	25,379		72,410		17,086		132,188
Loans charged off	(83)		(10,220)		(762)		(25,370)
Recoveries of loans previously charged off	692		1,010		542		8,256
Balance, September 30, 2020	$	44,231	$	99,939	$	47,159	$	231,924