LOANS AND ALLOWANCE FOR CREDIT LOSSES

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

LOANS AND ALLOWANCE FOR CREDIT LOSSES

NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:

(dollars in thousands)	March 31, 2024		December 31, 2023
Commercial, financial and agricultural	$	2,758,716	$	2,688,929
Consumer	232,993		241,552
Indirect automobile	24,022		34,257
Mortgage warehouse	891,336		818,728
Municipal	477,567		492,668
Premium finance	998,726		946,562
Real estate – construction and development	2,264,346		2,129,187
Real estate – commercial and farmland	8,131,248		8,059,754
Real estate – residential	4,821,306		4,857,666
	$	20,600,260	$	20,269,303

Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets totaling $77.4 million and $79.2 million and at March 31, 2024 and December 31, 2023, respectively. The Company had no recorded allowance for credit losses related to accrued interest on loans at both March 31, 2024 and December 31, 2023.

Nonaccrual and Past-Due Loans

A loan is placed on nonaccrual status when, in management’s judgment, the collection of the interest income appears doubtful. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is charged to interest income. Interest on loans that are classified as nonaccrual is subsequently applied to principal until the loans are returned to accrual status. The Company’s loan policy states that a nonaccrual loan may be returned to accrual status when (i) none of its principal and interest is due and unpaid, and the Company expects repayment of the remaining contractual principal and interest, or (ii) it otherwise becomes well secured and in the process of collection. Restoration to accrual status on any given loan must be supported by a well-documented credit evaluation of the borrower’s financial condition and the prospects for full repayment, approved by the Company’s Chief Credit Officer. Past-due loans are loans whose principal or interest is past due 30 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms.

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

(dollars in thousands)	March 31, 2024		December 31, 2023
Commercial, financial and agricultural	$	16,760	$	8,059
Consumer	1,306		1,153
Indirect automobile	309		299
Real estate – construction and development	282		282
Real estate – commercial and farmland	10,777		11,295
Real estate – residential(1)	135,252		130,029
	$	164,686	$	151,117

(1) Included in real estate - residential were $84.2 million and $90.2 million of serviced GNMA-guaranteed nonaccrual loans at March 31, 2024 and December 31, 2023, respectively.

Interest income recognized on nonaccrual loans during the three months ended March 31, 2024 and 2023 was not material.

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

(dollars in thousands)	March 31, 2024		December 31, 2023
Commercial, financial and agricultural	$	4,874	$	2,049
Real estate – commercial and farmland	5,412		9,109
Real estate – residential	79,326		75,419
	$	89,612	$	86,577

The following table presents an analysis of past-due loans as of March 31, 2024 and December 31, 2023:

(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, 2024
Commercial, financial and agricultural	$	15,809	$	8,410	$	6,437	$	30,656	$	2,728,060	$	2,758,716	$	3,925
Consumer	2,341		1,548		362		4,251		228,742		232,993		—
Indirect automobile	82		60		118		260		23,762		24,022		—
Mortgage warehouse	—		—		—		—		891,336		891,336		—
Municipal	—		—		—		—		477,567		477,567		—
Premium finance	14,166		6,139		11,886		32,191		966,535		998,726		11,886
Real estate – construction and development	732		—		282		1,014		2,263,332		2,264,346		—
Real estate – commercial and farmland	1,858		429		7,138		9,425		8,121,823		8,131,248		—
Real estate – residential	45,648		14,427		132,284		192,359		4,628,947		4,821,306		—
Total	$	80,636	$	31,013	$	158,507	$	270,156	$	20,330,104	$	20,600,260	$	15,811
December 31, 2023
Commercial, financial and agricultural	$	11,023	$	5,439	$	9,733	$	26,195	$	2,662,734	$	2,688,929	$	5,310
Consumer	2,155		1,037		498		3,690		237,862		241,552		—
Indirect automobile	153		17		78		248		34,009		34,257		—
Mortgage warehouse	—		—		—		—		818,728		818,728		—
Municipal	—		—		—		—		492,668		492,668		—
Premium finance	12,379		6,832		11,678		30,889		915,673		946,562		11,678
Real estate – construction and development	2,094		—		282		2,376		2,126,811		2,129,187		—
Real estate – commercial and farmland	5,070		1,656		6,352		13,078		8,046,676		8,059,754		—
Real estate – residential	49,976		19,300		127,087		196,363		4,661,303		4,857,666		—
Total	$	82,850	$	34,281	$	155,708	$	272,839	$	19,996,464	$	20,269,303	$	16,988

Collateral-Dependent Loans

Collateral-dependent loans are loans where repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty. If the Company determines that foreclosure is probable, these loans are written down to the lower of cost or fair value of the collateral less estimated costs to sell. When repayment is expected to be from the operation of the collateral, the allowance for credit losses is calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral.

The Company may, in the alternative, measure the allowance for credit loss as the amount by which the amortized cost basis of the financial asset exceeds the estimated fair value of the collateral.

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

	March 31, 2024				December 31, 2023
(dollars in thousands)	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial, financial and agricultural	$	13,864	$	3,061	$	5,889	$	567
Consumer	380		343		—		—
Premium finance	2,140		77		1,990		45
Real estate – construction and development	280		23		280		23
Real estate – commercial and farmland	9,867		67		11,114		108
Real estate – residential	26,936		2,749		21,102		2,654
	$	53,467	$	6,320	$	40,375	$	3,397

Credit Quality Indicators

The Company uses a nine category risk grading system to assign a risk grade to each loan in the portfolio. The following is a description of the general characteristics of the grades:

Pass (Grades 1 - 5) – These grades represent acceptable credit risk to the Company based on factors including creditworthiness of the borrower, current performance and nature of the collateral.

Other Assets Especially Mentioned (Grade 6) – This grade includes loans that exhibit potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date.

Substandard (Grade 7) – This grade represents loans which are inadequately protected by the current credit worthiness and paying capacity of the borrower or of the collateral pledged, if any. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses or questionable collateral values.

Doubtful (Grade 8) – This grade includes loans which exhibit all of the characteristics of a substandard loan with the added provision that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable or improbable.

Loss (Grade 9) – This grade is assigned to loans which are considered uncollectible and of such little value that their continuance as active assets of the Bank is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing it off.

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, 2024 and December 31, 2023. 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 March 31, 2024 or December 31, 2023.

As of March 31, 2024	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2024		2023		2022		2021		2020		Prior				Total
Commercial, Financial and Agricultural
Risk Grade:
Pass	$	297,252	$	779,128	$	705,529	$	344,701	$	80,504	$	78,229	$	433,576	$	2,718,919
6	—		216		1,274		1,656		986		982		10,266		15,380
7	—		1,087		3,976		8,470		726		8,649		1,509		24,417
Total commercial, financial and agricultural	$	297,252	$	780,431	$	710,779	$	354,827	$	82,216	$	87,860	$	445,351	$	2,758,716
Current-period gross charge offs	—		6,172		5,557		2,662		428		476		—		15,295
Consumer
Risk Grade:
Pass	$	19,721	$	28,572	$	15,117	$	4,738	$	23,350	$	33,590	$	106,128	$	231,216
6	—		—		5		—		—		23		—		28
7	—		230		185		40		252		557		485		1,749
Total consumer	$	19,721	$	28,802	$	15,307	$	4,778	$	23,602	$	34,170	$	106,613	$	232,993
Current-period gross charge offs	1		146		71		2		290		383		198		1,091
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	23,584	$	—	$	23,584
7	—		—		—		—		—		438		—		438
Total indirect automobile	$	—	$	—	$	—	$	—	$	—	$	24,022	$	—	$	24,022
Current-period gross charge offs	—		—		—		—		—		65		—		65
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	863,383	$	863,383
6	—		—		—		—		—		—		27,953		27,953
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	891,336	$	891,336
Current-period gross charge offs	—		—		—		—		—		—		—		—
Municipal
Risk Grade:
Pass	$	12,903	$	9,407	$	29,637	$	37,933	$	170,942	$	214,285	$	2,460	$	477,567
Total municipal	$	12,903	$	9,407	$	29,637	$	37,933	$	170,942	$	214,285	$	2,460	$	477,567
Current-period gross charge offs	—		—		—		—		—		—		—		—
Premium Finance
Risk Grade:
Pass	$	511,184	$	473,140	$	1,358	$	1,158	$	—	$	—	$	—	$	986,840
7	30		11,712		144		—		—		—		—		11,886
Total premium finance	$	511,214	$	484,852	$	1,502	$	1,158	$	—	$	—	$	—	$	998,726
Current-period gross charge offs	7		1,831		168		—		—		—		—		2,006

As of March 31, 2024	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2024		2023		2022		2021		2020		Prior				Total
Real Estate – Construction and Development
Risk Grade:
Pass	$	108,222	$	408,184	$	1,089,607	$	467,028	$	36,444	$	77,819	$	75,518	$	2,262,822
6	—		—		281		68		—		301		—		650
7	—		80		—		301		—		493		—		874
Total real estate – construction and development	$	108,222	$	408,264	$	1,089,888	$	467,397	$	36,444	$	78,613	$	75,518	$	2,264,346
Current-period gross charge offs	—		—		—		—		—		—		—		—
Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	75,366	$	460,496	$	1,930,487	$	2,191,428	$	1,085,100	$	2,143,332	$	96,186	$	7,982,395
6	—		1,359		—		3,527		16,579		69,058		—		90,523
7	—		426		17,369		15,895		2,620		22,020		—		58,330
Total real estate – commercial and farmland	$	75,366	$	462,281	$	1,947,856	$	2,210,850	$	1,104,299	$	2,234,410	$	96,186	$	8,131,248
Current-period gross charge offs	—		—		—		—		—		—		—		—
Real Estate - Residential
Risk Grade:
Pass	$	60,319	$	694,668	$	1,388,718	$	1,125,575	$	497,316	$	628,555	$	279,425	$	4,674,576
6	—		12		37		71		231		1,355		985		2,691
7	—		9,665		27,429		32,144		26,626		44,994		3,181		144,039
Total real estate - residential	$	60,319	$	704,345	$	1,416,184	$	1,157,790	$	524,173	$	674,904	$	283,591	$	4,821,306
Current-period gross charge offs	—		—		—		—		—		—		—		—
Total Loans
Risk Grade:
Pass	$	1,084,967	$	2,853,595	$	5,160,453	$	4,172,561	$	1,893,656	$	3,199,394	$	1,856,676	$	20,221,302
6	—		1,587		1,597		5,322		17,796		71,719		39,204		137,225
7	30		23,200		49,103		56,850		30,224		77,151		5,175		241,733
Total loans	$	1,084,997	$	2,878,382	$	5,211,153	$	4,234,733	$	1,941,676	$	3,348,264	$	1,901,055	$	20,600,260
Total current-period gross charge offs	8		8,149		5,796		2,664		718		924		198		18,457

As of December 31, 2023	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2023		2022		2021		2020		2019		Prior				Total
Commercial, Financial and Agricultural
Risk Grade:
Pass	$	892,951	$	758,471	$	384,830	$	95,055	$	56,447	$	41,095	$	432,472	$	2,661,321
6	—		335		5,722		92		109		451		803		7,512
7	1,512		3,595		3,222		1,140		3,533		5,748		1,346		20,096
Total commercial, financial and agricultural	$	894,463	$	762,401	$	393,774	$	96,287	$	60,089	$	47,294	$	434,621	$	2,688,929
Consumer
Risk Grade:
Pass	$	44,736	$	17,661	$	5,878	$	25,654	$	15,838	$	20,937	$	109,214	$	239,918
6	—		5		—		—		—		26		—		31
7	154		181		41		334		197		531		165		1,603
Total consumer	$	44,890	$	17,847	$	5,919	$	25,988	$	16,035	$	21,494	$	109,379	$	241,552
Indirect Automobile
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	6,086	$	27,646	$	—	$	33,732
7	—		—		—		—		55		470		—		525
Total indirect automobile	$	—	$	—	$	—	$	—	$	6,141	$	28,116	$	—	$	34,257
Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	772,366	$	772,366
6	—		—		—		—		—		—		46,362		46,362
Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	818,728	$	818,728
Municipal
Risk Grade:
Pass	$	14,216	$	27,346	$	48,941	$	177,156	$	14,655	$	208,236	$	2,118	$	492,668
Total municipal	$	14,216	$	27,346	$	48,941	$	177,156	$	14,655	$	208,236	$	2,118	$	492,668
Premium Finance
Risk Grade:
Pass	$	928,930	$	4,038	$	1,916	$	—	$	—	$	—	$	—	$	934,884
7	10,777		901		—		—		—		—		—		11,678
Total premium finance	$	939,707	$	4,939	$	1,916	$	—	$	—	$	—	$	—	$	946,562

As of December 31, 2023	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2023		2022		2021		2020		2019		Prior				Total
Real Estate – Construction and Development
Risk Grade:
Pass	$	457,077	$	938,909	$	505,254	$	58,840	$	54,646	$	30,042	$	81,662	$	2,126,430
6	—		—		—		—		—		479		—		479
7	—		266		1,512		—		—		500		—		2,278
Total real estate – construction and development	$	457,077	$	939,175	$	506,766	$	58,840	$	54,646	$	31,021	$	81,662	$	2,129,187
Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	450,315	$	1,890,498	$	2,133,833	$	1,090,735	$	765,640	$	1,437,323	$	100,206	$	7,868,550
6	—		17,131		53,329		—		30,200		46,370		—		147,030
7	428		418		15,578		2,660		6,106		18,984		—		44,174
Total real estate – commercial and farmland	$	450,743	$	1,908,047	$	2,202,740	$	1,093,395	$	801,946	$	1,502,677	$	100,206	$	8,059,754
Real Estate - Residential
Risk Grade:
Pass	$	714,684	$	1,425,186	$	1,148,092	$	506,137	$	236,147	$	423,648	$	262,968	$	4,716,862
6	13		—		72		201		234		1,411		380		2,311
7	5,057		26,171		28,459		30,566		19,357		25,263		3,620		138,493
Total real estate - residential	$	719,754	$	1,451,357	$	1,176,623	$	536,904	$	255,738	$	450,322	$	266,968	$	4,857,666
Total Loans
Risk Grade:
Pass	$	3,502,909	$	5,062,109	$	4,228,744	$	1,953,577	$	1,149,459	$	2,188,927	$	1,761,006	$	19,846,731
6	13		17,471		59,123		293		30,543		48,737		47,545		203,725
7	17,928		31,532		48,812		34,700		29,248		51,496		5,131		218,847
Total loans	$	3,520,850	$	5,111,112	$	4,336,679	$	1,988,570	$	1,209,250	$	2,289,160	$	1,813,682	$	20,269,303

Allowance for Credit Losses on Loans

The allowance for credit losses represents an allowance for expected losses over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio.

Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged off in accordance with the Federal Financial Institutions Examination Council’s (the “FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to an Asset Quality Rating of 9 (Loss per the regulatory guidance), the uncollectible portion is charged off.

The Company’s methodologies for estimating the allowance for credit losses consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of loans with similar risk characteristics for which

the historical loss experience was observed. The Company utilizes a one year reasonable and supportable forecast period. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters after the reasonable and supportable forecast period.

During the three months ended March 31, 2024, the allowance for credit losses increased due to the current economic forecast and organic loan growth during the period. The allowance for credit losses was determined at both March 31, 2024 and December 31, 2023 using the Moody's baseline scenario economic forecast. The current forecast reflects, among other things, an increase in forecast levels of rental vacancies compared with the forecast at December 31, 2023.

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, 2024
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2023	$	64,053	$	3,902	$	50	$	1,678	$	345	$	602
Provision for loan losses	12,147		900		(134)		145		(282)		(431)
Loans charged off	(15,295)		(1,091)		(65)		—		—		(2,006)
Recoveries of loans previously charged off	2,899		192		185		—		—		2,451
Balance, March 31, 2024	$	63,804	$	3,903	$	36	$	1,823	$	63	$	616
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2023	$	61,017	$	110,097	$	65,356	$	307,100
Provision for loan losses	11,148		474		1,556		25,523
Loans charged off	—		—		—		(18,457)
Recoveries of loans previously charged off	3		85		42		5,857
Balance, March 31, 2024	$	72,168	$	110,656	$	66,954	$	320,023

Three Months Ended March 31, 2023
(dollars in thousands)	Commercial, Financial and Agricultural		Consumer		Indirect Automobile		Mortgage Warehouse		Municipal		Premium Finance
Balance, December 31, 2022	$	39,455	$	5,413	$	174	$	2,118	$	357	$	1,025
Adjustment to allowance for adoption of ASU 2022-02	(105)		—		—		—		—		—
Provision for loan losses	16,078		323		(219)		(194)		(3)		(93)
Loans charged off	(12,233)		(1,140)		(34)		—		—		(1,421)
Recoveries of loans previously charged off	2,043		297		216		—		—		1,382
Balance, March 31, 2023	$	45,238	$	4,893	$	137	$	1,924	$	354	$	893
	Real Estate – Construction and Development		Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2022	$	32,659	$	67,433	$	57,043	$	205,677
Adjustment to allowance for adoption of ASU 2022-02	(37)		(722)		(847)		(1,711)
Provision for loan losses	10,119		20,369		2,996		49,376
Loans charged off	—		—		(128)		(14,956)
Recoveries of loans previously charged off	100		44		190		4,272
Balance, March 31, 2023	$	42,841	$	87,124	$	59,254	$	242,658

Modifications to Borrowers Experiencing Financial Difficulty

The Company periodically provides modifications to borrowers experiencing financial difficulty. These modifications include either payment deferrals, term extensions, interest rate reductions, principal forgiveness or combinations of modification types. The determination of whether the borrower is experiencing financial difficulty is made on the date of the modification. When principal forgiveness is provided, the amount of principal forgiveness is charged off against the allowance for credit losses with a corresponding reduction in the amortized cost basis of the loan.

The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted during the three months ended of March 31, 2024, and 2023:

Three Months Ended March 31, 2024
(dollars in thousands)	Term Extension		Combination of Term Extension and Rate Reduction		Total		Percentage of Total Class of Financial Receivable
Real estate – residential	$	3,519	$	534	$	4,053	0.1	%
Total	$	3,519	$	534	$	4,053	—	%

Three Months Ended March 31, 2023
(dollars in thousands)	Payment Deferral		Total		Percentage of Total Class of Financial Receivable
Commercial, financial and agricultural	$	843	$	843	—	%
Total	$	843	$	843	—	%

The Company had unfunded commitments to borrowers experiencing financial difficulty for which the Company has modified their loans of $446,000 and $1.5 million at March 31, 2024 and December 31, 2023, respectively.

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024, and 2023:

Three Months Ended March 31, 2024

Term Extension
Loan Type	Financial Effect
Real estate - residential	Maturity dates were extended for a weighted average of 76 months

Interest Rate Reduction

Combination of Term Extension and Rate Reduction
Loan Type	Financial Effect
Real estate - residential	Maturity date was extended 134 months and rate was reduced by 1.50%

Three Months Ended March 31, 2023
Payment Deferral
Loan Type	Financial Effect
Commercial, financial and agricultural	Payments were reduced approximately 32% for three months before returning to a fully amortizing payment structure thereafter.

The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months:

As of March 31, 2024
(dollars in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total
Commercial, financial and agricultural	$	5,029	$	—	$	—	$	—	$	5,029
Real estate – commercial and farmland	5,875		—		—		1,115		6,990
Real estate – residential	$	8,547	$	648	$	235	$	1,980	$	11,410
Total	$	19,451	$	648	$	235	$	3,095	$	23,429

As of December 31, 2023
(dollars in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total
Commercial, financial and agricultural	$	4,018	$	355	$	—	$	799	$	5,172
Real estate – commercial and farmland	6,692		1,129		—		—		7,821
Real estate – residential	$	5,113	$	711	$	442	$	1,106	$	7,372
Total	$	15,823	$	2,195	$	442	$	1,905	$	20,365

The following table provides the amortized cost basis of financing receivables that had a payment default during the three months ended March 31, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty. There were no payment defaults during the three months ended March 31, 2023.

(dollars in thousands)	Term Extension		Payment Deferral		Combination of Term Extension and Rate Reduction		Total
Real estate – commercial and farmland	$	—	$	1,115	$	—	$	1,115
Real estate – residential	2,215		191		456		2,862
Total	$	2,215	$	1,306	$	456	$	3,977