LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022		December 31, 2021
Commercial, financial and agricultural	$	1,836,663	$	1,875,993
Consumer installment	173,642		191,298
Indirect automobile	214,120		265,779
Mortgage warehouse	732,375		787,837
Municipal	547,926		572,701
Premium finance	819,163		798,409
Real estate – construction and development	1,577,215		1,452,339
Real estate – commercial and farmland	6,924,475		6,834,917
Real estate – residential	3,318,222		3,094,985
	$	16,143,801	$	15,874,258

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, 2022		December 31, 2021
Commercial, financial and agricultural	$	13,198	$	14,214
Consumer installment	561		476
Indirect automobile	706		947
Real estate – construction and development	847		492
Real estate – commercial and farmland	10,891		15,365
Real estate – residential	76,394		53,772
	$	102,597	$	85,266

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

(dollars in thousands)	March 31, 2022		December 31, 2021
Commercial, financial and agricultural	$	—	$	164
Premium finance	289		—
Real estate – construction and development	304		209
Real estate – commercial and farmland	3,553		2,061
Real estate – residential	4,785		7,942
	$	8,931	$	10,376

Summary of Past Due Financial Receivables

The following table presents an analysis of past-due loans as of March 31, 2022 and December 31, 2021:

(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, 2022
Commercial, financial and agricultural	$	5,422	$	1,708	$	11,500	$	18,630	$	1,818,033	$	1,836,663	$	1,153
Consumer installment	1,555		555		791		2,901		170,741		173,642		412
Indirect automobile	502		137		462		1,101		213,019		214,120		—
Mortgage warehouse	—		—		—		—		732,375		732,375		—
Municipal	—		—		—		—		547,926		547,926		—
Premium finance	5,872		4,620		4,728		15,220		803,943		819,163		4,727
Real estate – construction and development	26,729		468		972		28,169		1,549,046		1,577,215		287
Real estate – commercial and farmland	5,772		3,080		3,383		12,235		6,912,240		6,924,475		4
Real estate – residential	26,603		8,045		66,709		101,357		3,216,865		3,318,222		—
Total	$	72,455	$	18,613	$	88,545	$	179,613	$	15,964,188	$	16,143,801	$	6,583
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

Summary of Impaired Financial Receivables

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

	March 31, 2022				December 31, 2021
(dollars in thousands)	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial, financial and agricultural	$	2,261	$	852	$	2,613	$	723
Premium finance	289		—		2,989		30
Real estate – construction and development	304		—		1,432		45
Real estate – commercial and farmland	11,466		795		33,332		6,646
Real estate – residential	14,826		1,989		11,712		453
	$	29,146	$	3,636	$	52,078	$	7,897

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, 2022 and December 31, 2021. 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 March 31, 2022 or December 31, 2021.

As of March 31, 2022	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2022		2021		2020		2019		2018		Prior				Total
Commercial, Financial and Agricultural
Risk Grade:
Pass	$	208,664	$	764,033	$	240,671	$	163,163	$	99,436	$	70,393	$	261,941	$	1,808,301
6	—		167		92		93		156		2,551		541		3,600
7	7,008		1,055		1,245		3,654		1,725		7,043		3,032		24,762
Total commercial, financial and agricultural	$	215,672	$	765,255	$	242,008	$	166,910	$	101,317	$	79,987	$	265,514	$	1,836,663
Consumer Installment
Risk Grade:
Pass	$	18,541	$	21,321	$	51,632	$	32,530	$	24,305	$	18,621	$	5,259	$	172,209
6	—		—		—		—		—		133		5		138
7	7		71		133		310		193		446		135		1,295
Total consumer installment	$	18,548	$	21,392	$	51,765	$	32,840	$	24,498	$	19,200	$	5,399	$	173,642
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	—	$	17,396	$	86,176	$	108,956	$	—	$	212,528
6	—		—		—		—		8		25		—		33
7	—		—		—		52		293		1,214		—		1,559
Total indirect automobile	$	—	$	—	$	—	$	17,448	$	86,477	$	110,195	$	—	$	214,120
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	732,375	$	732,375
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	732,375	$	732,375
Municipal
Risk Grade:
Pass	$	2,184	$	43,031	$	213,311	$	13,860	$	5,119	$	270,421	$	—	$	547,926
Total municipal	$	2,184	$	43,031	$	213,311	$	13,860	$	5,119	$	270,421	$	—	$	547,926
Premium Finance
Risk Grade:
Pass	$	411,397	$	402,635	$	214	$	—	$	—	$	189	$	—	$	814,435
7	—		4,728		—		—		—		—		—		4,728
Total premium finance	$	411,397	$	407,363	$	214	$	—	$	—	$	189	$	—	$	819,163
Real Estate – Construction and Development
Risk Grade:
Pass	$	167,646	$	863,262	$	261,650	$	147,418	$	16,040	$	65,629	$	22,118	$	1,543,763
6	1,221		9,210		484		—		6,798		1,276		—		18,989
7	—		378		211		7		12,872		995		—		14,463
Total real estate – construction and development	$	168,867	$	872,850	$	262,345	$	147,425	$	35,710	$	67,900	$	22,118	$	1,577,215

As of March 31, 2022	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2022		2021		2020		2019		2018		Prior				Total
Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	439,047	$	2,079,527	$	1,203,580	$	1,074,253	$	514,681	$	1,464,276	$	66,390	$	6,841,754
6	—		—		—		—		676		22,416		—		23,092
7	—		4,798		2,595		5,587		9,610		37,020		19		59,629
Total real estate – commercial and farmland	$	439,047	$	2,084,325	$	1,206,175	$	1,079,840	$	524,967	$	1,523,712	$	66,409	$	6,924,475
Real Estate - Residential
Risk Grade:
Pass	$	284,325	$	1,205,153	$	606,135	$	308,373	$	136,724	$	474,015	$	211,941	$	3,226,666
6	64		143		65		1,092		495		3,909		48		5,816
7	33		6,629		18,465		24,112		12,197		22,538		1,766		85,740
Total real estate - residential	$	284,422	$	1,211,925	$	624,665	$	333,577	$	149,416	$	500,462	$	213,755	$	3,318,222
Total Loans
Risk Grade:
Pass	$	1,531,804	$	5,378,962	$	2,577,193	$	1,756,993	$	882,481	$	2,472,500	$	1,300,024	$	15,899,957
6	1,285		9,520		641		1,185		8,133		30,310		594		51,668
7	7,048		17,659		22,649		33,722		36,890		69,256		4,952		192,176
Total loans	$	1,540,137	$	5,406,141	$	2,600,483	$	1,791,900	$	927,504	$	2,572,066	$	1,305,570	$	16,143,801

As of December 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:
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

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

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, 2022 and 2021. These modifications did not have a material impact on the Company’s allowance for credit losses.

	Three Months Ended March 31,
	2022			2021
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	—	$	—	4	$	463
Premium finance	5	162		—	—
Real estate – commercial and farmland	—	—		2	7,658
Real estate – residential	3	977		5	572
Total	8	$	1,139	11	$	8,693

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 months ended March 31, 2022 and 2021. These defaults did not have a material impact on the Company's allowance for credit losses.

	Three Months Ended March 31,
	2022			2021
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	—	$	—	3	$	56
Consumer installment	1	3		5	6
Indirect automobile	14	49		16	94
Real estate – construction and development	—	—		1	1
Real estate – commercial and farmland	2	1,569		2	5,193
Real estate – residential	18	2,793		11	809
Total	35	$	4,414	38	$	6,159

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, 2022 and December 31, 2021:

March 31, 2022	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	9	$	868	4	$	72
Consumer installment	6	13		16	31
Indirect automobile	215	893		46	221
Premium finance	5	162		—	—
Real estate – construction and development	3	725		1	11
Real estate – commercial and farmland	21	17,161		4	788
Real estate – residential	207	24,664		38	4,341
Total	466	$	44,486	109	$	5,464

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

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, 2022
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2021	$	26,829	$	6,097	$	476	$	3,231	$	401	$	2,729
Provision for loan losses	215		789		(290)		(221)		(17)		(92)
Loans charged off	(4,414)		(1,425)		(88)		—		—		(1,369)
Recoveries of loans previously charged off	2,896		158		275		—		—		1,247
Balance, March 31, 2022	$	25,526	$	5,619	$	373	$	3,010	$	384	$	2,515
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2021	$	22,045	$	77,831	$	27,943	$	167,582
Provision for loan losses	4,568		(9,552)		1,866		(2,734)
Loans charged off	—		(1,283)		—		(8,579)
Recoveries of loans previously charged off	218		37		151		4,982
Balance, March 31, 2022	$	26,831	$	67,033	$	29,960	$	161,251

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