LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 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.

	December 31,
(dollars in thousands)	2021		2020
Commercial, financial and agricultural	$	1,875,993	$	1,627,477
Consumer installment	191,298		306,995
Indirect automobile	265,779		580,083
Mortgage warehouse	787,837		916,353
Municipal	572,701		659,403
Premium finance	798,409		687,841
Real estate – construction and development	1,452,339		1,606,710
Real estate – commercial and farmland	6,834,917		5,300,006
Real estate – residential	3,094,985		2,796,057
	$	15,874,258	$	14,480,925

Summary of Financial Receivable Nonaccrual Basis

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

	December 31,
(dollars in thousands)	2021		2020
Commercial, financial and agricultural	$	14,214	$	9,836
Consumer installment	476		709
Indirect automobile	947		2,831
Real estate – construction and development	492		5,407
Real estate – commercial and farmland	15,365		18,517
Real estate – residential	53,772		39,157
	$	85,266	$	76,457

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

(dollars in thousands)	December 31, 2021		December 31, 2020
Commercial, financial and agricultural	$	164	$	764
Real estate – construction and development	209		416
Real estate – commercial and farmland	2,061		7,015
Real estate – residential	7,942		5,299
	$	10,376	$	13,494

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

(dollars in thousands)	December 31, 2021				December 31, 2020
	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial, financial and agricultural	$	2,613	$	723	$	5,490	$	2,252
Premium finance	2,989		30		3,523		—
Real estate – construction and development	1,432		45		4,173		512
Real estate – commercial and farmland	33,332		6,646		100,180		21,001
Real estate – residential	11,712		453		9,716		891
	$	52,078	$	7,897	$	123,082	$	24,656

Summary of Past Due Financial Receivables

The following tables present an analysis of past-due loans as of December 31, 2021 and 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
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

(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 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 9 at December 31, 2021 and 2020.

	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis		Total
As of December 31, 2021	2021		2020		2019		2018		2017		Prior
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
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

	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis		Total
As of December 31, 2021	2021		2020		2019		2018		2017		Prior
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

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

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

	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis		Total
As of December 31, 2020	2020		2019		2018		2017		2016		Prior
Total Loans
Risk Grade:
Pass	$	4,795,918	$	2,291,183	$	1,485,185	$	1,305,726	$	983,087	$	1,687,524	$	1,560,795	$	14,109,418
6	1,233		13,633		10,143		30,038		11,965		40,641		887		108,540
7	12,860		71,276		34,649		24,666		31,749		82,550		5,198		262,948
8	—		—		—		—		—		—		19		19
Total loans	$	4,810,011	$	2,376,092	$	1,529,977	$	1,360,430	$	1,026,801	$	1,810,715	$	1,566,899	$	14,480,925

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 year ending December 31, 2021 and 2020.

	December 31, 2021			December 31, 2020
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	4	$	401	7	$	855
Consumer installment	2	7		5	15
Indirect automobile	—	—		488	2,738
Real estate – construction and development	—	—		1	17
Real estate – commercial and farmland	5	16,197		14	31,630
Real estate – residential	23	3,056		55	14,126
Total	34	$	19,661	570	$	49,381

Troubled Debt Restructurings On Financing Receivables Payment Default

The following table presents the troubled debt restructurings by class that defaulted (defined as 30 days past due) during the year ending December 31, 2021 and 2020.

	December 31, 2021			December 31, 2020
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	4	$	35	1	$	2
Consumer installment	2	5		4	2
Indirect automobile	19	75		—	—
Real estate – construction and development	—	—		3	689
Real estate – commercial and farmland	—	—		4	929
Real estate – residential	21	2,177		22	2,756
Total	46	$	2,292	34	$	4,378

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

As of 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

As of 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.

	December 31,
	2021				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	$	1,430	0.1	%	$	12,471	0.8	%
Consumer installment	—		—	%	1,418		0.5	%
Indirect automobile	—		—	%	8,936		1.5	%
Real estate – construction and development	—		—	%	11,049		0.7	%
Real estate – commercial and farmland	1,899		—	%	179,183		3.4	%
Real estate – residential	38,396		1.2	%	119,722		4.3	%
	$	41,725	0.3	%	$	332,779	2.3	%

Summary of Changes in Related Party Loans

Changes in related party loans are summarized as follows:

	December 31,
(dollars in thousands)	2021		2020
Balance, January 1	$	69,395	$	36,468
Advances	15,212		34,132
Repayments	(25,393)		(1,205)
Ending balance	$	59,214	$	69,395

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 Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2020	$	7,359	$	4,076	$	1,929	$	3,666	$	791	$	3,879
Initial allowance for PCD assets	9,432		—		—		—		—		—
Provision for loan losses	12,071		7,330		(1,944)		(435)		(390)		(2,352)
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
Balance, December 31, 2020	$	45,304	$	88,894	$	43,524	$	199,422
Initial allowance for PCD assets	—		—		—		9,432
Provision for loan losses	(23,532)		(9,784)		(16,045)		(35,081)
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

(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Twelve months ended December 31, 2020
Balance, January 1, 2020	$	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	8,963		(3,831)		(235)		2,563		399		(198)
Loans charged off	(10,647)		(5,642)		(3,602)		—		—		(6,133)
Recoveries of loans previously charged off	1,889		1,753		1,657		—		—		3,189
Balance, December 31, 2020	$	7,359	$	4,076	$	1,929	$	3,666	$	791	$	3,879
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Twelve months ended December 31, 2020
Balance, January 1, 2020	$	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	26,327		78,210		13,290		125,488
Loans charged off	(83)		(27,504)		(853)		(54,464)
Recoveries of loans previously charged off	817		1,449		794		11,548
Balance, December 31, 2020	$	45,304	$	88,894	$	43,524	$	199,422

Prior to the adoption of ASC 326 on January 1, 2020, the Company calculated the allowance for loan losses under the incurred loss methodology. The following tables are disclosures related to the allowance for loan losses in prior periods.

(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Twelve months ended December 31, 2019
Balance, January 1, 2019	$	2,352	$	3,795	$	—	$	640	$	509	$	1,426
Provision for loan losses	3,837		4,268		1,459		—		(25)		2,721
Loans charged off	(3,460)		(5,899)		(1,904)		—		—		(4,351)
Recoveries of loans previously charged off	1,838		1,620		445		—		—		2,754
Balance, December 31, 2019	$	4,567	$	3,784	$	—	$	640	$	484	$	2,550
Period-end allocation:
Loans individually evaluated for impairment (1)	$	1,543	$	—	$	—	$	—	$	—	$	758
Loans collectively evaluated for impairment	3,024		3,784		—		640		484		1,792
Ending balance	$	4,567	$	3,784	$	—	$	640	$	484	$	2,550
Loans:
Individually evaluated for impairment (1)	$	8,032	$	—	$	—	$	—	$	—	$	6,768
Collectively evaluated for impairment	789,252		498,363		1,056,811		526,369		564,304		647,901
Acquired with deteriorated credit quality	4,887		214		5,013		—		—		—
Ending balance	$	802,171	$	498,577	$	1,061,824	$	526,369	$	564,304	$	654,669
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Twelve months ended December 31, 2019
Balance, January 1, 2019	$	4,210	$	9,659	$	6,228	$	28,819
Provision for loan losses	454		3,017		4,027		19,758
Loans charged off	(414)		(3,342)		(491)		(19,861)
Recoveries of loans previously charged off	1,745		332		739		9,473
Balance, December 31, 2019	$	5,995	$	9,666	$	10,503	$	38,189
Period-end allocation:
Loans individually evaluated for impairment (1)	$	204	$	953	$	3,704	$	7,162
Loans collectively evaluated for impairment	5,791		8,713		6,799		31,027
Ending balance	$	5,995	$	9,666	$	10,503	$	38,189
Loans:
Individually evaluated for impairment (1)	$	1,605	$	19,759	$	46,311	$	82,475
Collectively evaluated for impairment	1,532,786		4,256,397		2,737,095		12,609,278
Acquired with deteriorated credit quality	14,671		76,883		25,055		126,723
Ending balance	$	1,549,062	$	4,353,039	$	2,808,461	$	12,818,476

(1)At December 31, 2019, loans individually evaluated for impairment includes all nonaccrual loans greater than $100,000 and all troubled debt restructurings greater than $100,000, including all troubled debt restructurings and not only those currently classified as troubled debt restructurings.

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