LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

9 Months Ended

Sep. 30, 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)	September 30, 2022		December 31, 2021
Commercial, financial and agricultural	$	2,245,287	$	1,875,993
Consumer installment	162,345		191,298
Indirect automobile	137,183		265,779
Mortgage warehouse	980,342		787,837
Municipal	516,797		572,701
Premium finance	1,062,724		798,409
Real estate – construction and development	2,009,726		1,452,339
Real estate – commercial and farmland	7,516,309		6,834,917
Real estate – residential	4,176,143		3,094,985
	$	18,806,856	$	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)	September 30, 2022		December 31, 2021
Commercial, financial and agricultural	$	10,344	$	14,214
Consumer installment	412		476
Indirect automobile	393		947
Real estate – construction and development	168		492
Real estate – commercial and farmland	14,172		15,365
Real estate – residential	93,187		53,772
	$	118,676	$	85,266

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

(dollars in thousands)	September 30, 2022		December 31, 2021
Commercial, financial and agricultural	$	—	$	164
Real estate – construction and development	—		209
Real estate – commercial and farmland	2,715		2,061
Real estate – residential	4,142		7,942
	$	6,857	$	10,376

Summary of Past Due Financial Receivables

The following table presents an analysis of past-due loans as of September 30, 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
September 30, 2022
Commercial, financial and agricultural	$	7,515	$	2,494	$	10,382	$	20,391	$	2,224,896	$	2,245,287	$	2,075
Consumer installment	1,379		763		706		2,848		159,497		162,345		519
Indirect automobile	422		169		230		821		136,362		137,183
Mortgage warehouse	—		—		—		—		980,342		980,342		—
Municipal	—		—		—		—		516,797		516,797		—
Premium finance	12,432		7,499		9,340		29,271		1,033,453		1,062,724		9,340
Real estate – construction and development	20,430		2,003		492		22,925		1,986,801		2,009,726		444
Real estate – commercial and farmland	2,465		372		11,441		14,278		7,502,031		7,516,309		—
Real estate – residential	26,599		8,256		90,488		125,343		4,050,800		4,176,143		—
Total	$	71,242	$	21,556	$	123,079	$	215,877	$	18,590,979	$	18,806,856	$	12,378
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

Analysis of Individually Evaluated Collateral-Dependent Financial Assets and Related Allowance for Credit Losses

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

	September 30, 2022				December 31, 2021
(dollars in thousands)	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial, financial and agricultural	$	7,365	$	6,646	$	2,613	$	723
Premium finance	—		—		2,989		30
Real estate – construction and development	280		—		1,432		45
Real estate – commercial and farmland	16,186		1,207		33,332		6,646
Real estate – residential	16,146		2,110		11,712		453
	$	39,977	$	9,963	$	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 September 30, 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 8 or 9 at September 30, 2022 or December 31, 2021.

As of September 30, 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	$	818,365	$	585,385	$	193,526	$	122,965	$	69,367	$	50,153	$	382,953	$	2,222,714
6	—		—		105		576		55		2,895		760		4,391
7	6,407		1,026		714		3,480		1,308		3,079		2,168		18,182
Total commercial, financial and agricultural	$	824,772	$	586,411	$	194,345	$	127,021	$	70,730	$	56,127	$	385,881	$	2,245,287
Consumer Installment
Risk Grade:
Pass	$	34,089	$	15,217	$	41,532	$	25,909	$	19,219	$	15,083	$	9,875	$	160,924
6	38		—		—		—		—		128		5		171
7	72		148		290		114		189		399		38		1,250
Total consumer installment	$	34,199	$	15,365	$	41,822	$	26,023	$	19,408	$	15,610	$	9,918	$	162,345
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	—	$	13,565	$	60,812	$	61,749	$	—	$	136,126
6	—		—		—		—		—		15		—		15
7	—		—		—		43		194		805		—		1,042
Total indirect automobile	$	—	$	—	$	—	$	13,608	$	61,006	$	62,569	$	—	$	137,183
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	942,279	$	942,279
6	—		—		—		—		—		—		18,895		18,895
7	—		—		—		—		—		—		19,168		19,168
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	980,342	$	980,342
Municipal
Risk Grade:
Pass	$	17,385	$	46,009	$	188,438	$	9,820	$	4,605	$	250,540	$	—	$	516,797
Total municipal	$	17,385	$	46,009	$	188,438	$	9,820	$	4,605	$	250,540	$	—	$	516,797
Premium Finance
Risk Grade:
Pass	$	1,028,078	$	25,252	$	54	$	—	$	—	$	—	$	—	$	1,053,384
7	7,692		1,647		1		—		—		—		—		9,340
Total premium finance	$	1,035,770	$	26,899	$	55	$	—	$	—	$	—	$	—	$	1,062,724
Real Estate – Construction and Development
Risk Grade:
Pass	$	666,198	$	798,554	$	307,586	$	128,258	$	8,973	$	26,111	$	30,577	$	1,966,257
6	8,341		19,987		432		—		174		189		—		29,123
7	20		286		164		5		13,236		635		—		14,346
Total real estate – construction and development	$	674,559	$	818,827	$	308,182	$	128,263	$	22,383	$	26,935	$	30,577	$	2,009,726

As of September 30, 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	$	1,535,883	$	2,039,201	$	1,091,901	$	868,208	$	469,560	$	1,312,867	$	96,329	$	7,413,949
6	607		119		—		31,118		1,125		19,252		—		52,221
7	361		5,235		2,905		11,859		6,734		23,028		17		50,139
Total real estate – commercial and farmland	$	1,536,851	$	2,044,555	$	1,094,806	$	911,185	$	477,419	$	1,355,147	$	96,346	$	7,516,309
Real Estate - Residential
Risk Grade:
Pass	$	1,249,401	$	1,226,383	$	559,613	$	277,910	$	120,863	$	407,922	$	228,525	$	4,070,617
6	447		147		94		693		369		3,419		422		5,591
7	1,824		15,915		20,652		26,903		11,772		20,911		1,958		99,935
Total real estate - residential	$	1,251,672	$	1,242,445	$	580,359	$	305,506	$	133,004	$	432,252	$	230,905	$	4,176,143
Total Loans
Risk Grade:
Pass	$	5,349,399	$	4,736,001	$	2,382,650	$	1,446,635	$	753,399	$	2,124,425	$	1,690,538	$	18,483,047
6	9,433		20,253		631		32,387		1,723		25,898		20,082		110,407
7	16,376		24,257		24,726		42,404		33,433		48,857		23,349		213,402
Total loans	$	5,375,208	$	4,780,511	$	2,408,007	$	1,521,426	$	788,555	$	2,199,180	$	1,733,969	$	18,806,856

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 and nine months ended September 30, 2022 and 2021. 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,
	2022			2021			2022			2021
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)		#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	1	$	450	—	$	—	3	$	916	6	$	532
Consumer installment	—	—		—	—		—	—		2	7
Premium finance	—	—		—	—		5	456		—	—
Real estate – construction and development	1	24		—	—		1	24		—	—
Real estate – commercial and farmland	1	17		—	—		2	99		5	16,257
Real estate – residential	2	268		9	1,818		6	1,335		21	3,270
Total	5	$	759	9	$	1,818	17	$	2,830	34	$	20,066

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, 2022 and 2021. 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,
	2022			2021			2022			2021
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)		#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	—	$	—	1	$	1	1	$	348	1	$	1
Consumer installment	—	—		1	1		2	2		1	1
Indirect automobile	3	20		4	23		9	27		16	76
Real estate – construction and development	1	24		—	—		1	24		—	—
Real estate – commercial and farmland	—	—		—	—		1	8		—	—
Real estate – residential	14	1,398		4	489		23	2,801		15	1,111
Total	18	$	1,442	10	$	514	37	$	3,210	33	$	1,189

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, 2022 and December 31, 2021:

September 30, 2022	Accruing Loans			Non-Accruing Loans
Loan Class	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial and agricultural	8	$	1,342	3	$	353
Consumer installment	4	6		10	12
Indirect automobile	170	595		25	101
Premium finance	5	456		—	—
Real estate – construction and development	2	698		1	24
Real estate – commercial and farmland	17	8,091		3	66
Real estate – residential	206	24,515		29	3,494
Total	412	$	35,703	71	$	4,050

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 September 30, 2022
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer Installment		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, June 30, 2022	$	25,658	$	5,269	$	291	$	3,885	$	371	$	2,762
Provision for loan losses	9,568		(244)		(288)		(1,884)		(9)		(638)
Loans charged off	(4,722)		(1,228)		(50)		—		—		(1,205)
Recoveries of loans previously charged off	2,201		277		276		—		—		1,023
Balance, September 30, 2022	$	32,705	$	4,074	$	229	$	2,001	$	362	$	1,942
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, June 30, 2022	$	23,232	$	59,349	$	51,825	$	172,642
Provision for loan losses	3,227		(1,200)		8,937		17,469
Loans charged off	—		(2,014)		(53)		(9,272)
Recoveries of loans previously charged off	96		96		83		4,052
Balance, September 30, 2022	$	26,555	$	56,231	$	60,792	$	184,891
Nine Months Ended September 30, 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	11,521		1,102		(884)		(1,230)		(39)		(530)
Loans charged off	(13,527)		(3,790)		(179)		—		—		(3,640)
Recoveries of loans previously charged off	7,882		665		816		—		—		3,383
Balance, September 30, 2022	$	32,705	$	4,074	$	229	$	2,001	$	362	$	1,942
	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	3,841		(18,399)		32,580		27,962
Loans charged off	—		(3,378)		(190)		(24,704)
Recoveries of loans previously charged off	669		177		459		14,051
Balance, September 30, 2022	$	26,555	$	56,231	$	60,792	$	184,891

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