XML 36 R24.htm IDEA: XBRL DOCUMENT v3.25.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025December 31, 2024
Commercial and industrial$3,075,971 $2,953,135 
Consumer213,902 221,735 
Mortgage warehouse891,412 965,053 
Municipal429,227 441,408 
Premium finance1,176,309 1,155,614 
Real estate – construction and development1,842,431 1,998,506 
Real estate – commercial and farmland8,574,626 8,445,958 
Real estate – residential4,502,766 4,558,497 
Loans, net of unearned income$20,706,644 $20,739,906 
Schedule of Financial Receivable Nonaccrual Basis
The following table presents an analysis of loans accounted for on a nonaccrual basis:

(dollars in thousands)March 31, 2025December 31, 2024
Commercial and industrial$10,267 $11,875 
Consumer 826 782 
Real estate – construction and development2,921 3,718 
Real estate – commercial and farmland9,976 11,960 
Real estate – residential(1)
75,680 73,883 
$99,670 $102,218 
(1) Included in real estate - residential were $13.4 million and $12.0 million of serviced GNMA-guaranteed nonaccrual loans at March 31, 2025 and December 31, 2024, respectively.
The following table presents an analysis of nonaccrual loans with no related allowance for credit losses:

(dollars in thousands)March 31, 2025December 31, 2024
Commercial and industrial$3,740 $3,866 
Real estate – construction and development1,513 2,624 
Real estate – commercial and farmland7,460 9,357 
Real estate – residential37,392 36,512 
$50,105 $52,359 
The following table presents an analysis of individually evaluated collateral-dependent financial assets and related allowance for credit losses:

March 31, 2025December 31, 2024
(dollars in thousands)BalanceAllowance for Credit LossesBalanceAllowance for Credit Losses
Commercial and industrial$7,948 $839 $9,451 $1,072 
Premium finance1,296 7 2,165 130 
Real estate – construction and development1,859 101 2,979 110 
Real estate – commercial and farmland8,855 60 10,882 149 
Real estate – residential25,039 2,210 23,983 2,302 
$44,997 $3,217 $49,460 $3,763 
Schedule of Past Due Financial Receivables
The following table presents an analysis of past-due loans as of March 31, 2025 and December 31, 2024:

(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, 2025       
Commercial and industrial$12,901 $6,429 $12,413 $31,743 $3,044,228 $3,075,971 $4,778 
Consumer 1,124 483 317 1,924 211,978 213,902 — 
Mortgage warehouse— — — — 891,412 891,412 — 
Municipal— — — — 429,227 429,227 — 
Premium finance12,085 6,286 10,152 28,523 1,147,786 1,176,309 10,152 
Real estate – construction and development5,803 1,076 2,645 9,524 1,832,907 1,842,431 — 
Real estate – commercial and farmland7,389 973 6,653 15,015 8,559,611 8,574,626 — 
Real estate – residential36,117 19,431 72,844 128,392 4,374,374 4,502,766 — 
Total$75,419 $34,678 $105,024 $215,121 $20,491,523 $20,706,644 $14,930 
December 31, 2024       
Commercial and industrial$12,300 $5,908 $12,849 $31,057 $2,922,078 $2,953,135 $5,159 
Consumer 2,672 557 319 3,548 218,187 221,735 — 
Mortgage warehouse— — — — 965,053 965,053 — 
Municipal— — — — 441,408 441,408 — 
Premium finance15,068 6,315 12,485 33,868 1,121,746 1,155,614 12,485 
Real estate – construction and development23,102 461 3,786 27,349 1,971,157 1,998,506 89 
Real estate – commercial and farmland6,787 2,435 5,980 15,202 8,430,756 8,445,958 — 
Real estate – residential47,020 15,864 71,070 133,954 4,424,543 4,558,497 — 
Total$106,949 $31,540 $106,489 $244,978 $20,494,928 $20,739,906 $17,733 
Schedule 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, 2025 and December 31, 2024. 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 doubtful or loss at March 31, 2025 or December 31, 2024.
As of March 31, 2025
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20252024202320222021PriorTotal
Commercial and Industrial
Risk Grade:
Pass$345,549 $806,864 $552,584 $498,712 $226,602 $100,128 $514,453 $3,044,892 
Special mention162 896 26 1,554 2,137 1,490 103 6,368 
Substandard— 795 1,697 3,917 6,499 5,469 6,334 24,711 
Total commercial and industrial$345,711 $808,555 $554,307 $504,183 $235,238 $107,087 $520,890 $3,075,971 
Current-period gross charge offs$118 $2,348 $3,523 $4,376 $1,303 $191 $— $11,859 
Consumer
Risk Grade:
Pass$45,757 $20,529 $16,044 $7,138 $1,875 $41,959 $79,059 $212,361 
Special mention— 8 — 12 — 63 — 83 
Substandard5 212 192 74 56 780 139 1,458 
Total consumer$45,762 $20,749 $16,236 $7,224 $1,931 $42,802 $79,198 $213,902 
Current-period gross charge offs$— $158 $154 $57 $22 $549 $— $940 
Mortgage Warehouse
Risk Grade:
Pass$— $— $— $— $— $— $890,508 $890,508 
Special mention— — — — — — 904 904 
Total mortgage warehouse$— $— $— $— $— $— $891,412 $891,412 
Current-period gross charge offs$— $— $— $— $— $— $— $— 
Municipal
Risk Grade:
Pass$1,508 $18,158 $9,039 $44,286 $36,341 $319,269 $626 $429,227 
Total municipal$1,508 $18,158 $9,039 $44,286 $36,341 $319,269 $626 $429,227 
Current-period gross charge offs$— $— $— $— $— $— $— $— 
Premium Finance
Risk Grade:
Pass$579,662 $585,673 $789 $— $34 $— $— $1,166,158 
Substandard10 10,100 41 — — — — 10,151 
Total premium finance$579,672 $595,773 $830 $— $34 $— $— $1,176,309 
Current-period gross charge offs$2 $2,145 $181 $1 $— $— $— $2,329 
As of March 31, 2025
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20252024202320222021PriorTotal
Real Estate – Construction and Development
Risk Grade:
Pass$113,966 $513,051 $209,360 $715,221 $177,903 $44,478 $65,127 $1,839,106 
Special mention— — — 157 — 265 — 422 
Substandard— — 419 1,648 336 500 — 2,903 
Total real estate – construction and development$113,966 $513,051 $209,779 $717,026 $178,239 $45,243 $65,127 $1,842,431 
Current-period gross charge offs$— $— $— $— $— $— $— $— 
Real Estate – Commercial and Farmland
Risk Grade:
Pass$119,012 $314,868 $442,501 $2,552,724 $2,172,750 $2,762,827 $103,233 $8,467,915 
Special mention— — 1,207 4,741 15,184 41,298 — 62,430 
Substandard— — 1,546 17,448 5,516 19,771 — 44,281 
Total real estate – commercial and farmland$119,012 $314,868 $445,254 $2,574,913 $2,193,450 $2,823,896 $103,233 $8,574,626 
Current-period gross charge offs$— $— $— $— $— $— $— $— 
Real Estate - Residential
Risk Grade:
Pass$56,998 $172,625 $601,770 $1,264,239 $1,027,564 $986,354 $308,779 $4,418,329 
Special mention— — 10 51 1,162 1,815 538 3,576 
Substandard— 2,060 13,441 15,629 9,180 32,537 8,014 80,861 
Total real estate - residential$56,998 $174,685 $615,221 $1,279,919 $1,037,906 $1,020,706 $317,331 $4,502,766 
Current-period gross charge offs$— $— $110 $— $— $146 $— $256 
Total Loans
Risk Grade:
Pass$1,262,452 $2,431,768 $1,832,087 $5,082,320 $3,643,069 $4,255,015 $1,961,785 $20,468,496 
Special mention162 904 1,243 6,515 18,483 44,931 1,545 73,783 
Substandard15 13,167 17,336 38,716 21,587 59,057 14,487 164,365 
Total loans$1,262,629 $2,445,839 $1,850,666 $5,127,551 $3,683,139 $4,359,003 $1,977,817 $20,706,644 
Total current-period gross charge offs$120 $4,651 $3,968 $4,434 $1,325 $886 $— $15,384 
As of December 31, 2024
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20242023202220212020PriorTotal
Commercial and Industrial
Risk Grade:
Pass$919,301 $594,485 $523,513 $246,036 $72,397 $46,358 $512,778 $2,914,868 
Special mention892 28 1,938 1,311 777 2,960 3,319 11,225 
Substandard885 2,214 4,384 7,222 655 4,555 7,127 27,042 
Total commercial and industrial$921,078 $596,727 $529,835 $254,569 $73,829 $53,873 $523,224 $2,953,135 
Consumer
Risk Grade:
Pass$58,113 $18,575 $8,684 $2,371 $17,405 $31,962 $83,143 $220,253 
Special mention8 — 14 — 9 61 — 92 
Substandard113 206 81 48 179 648 115 1,390 
Total consumer$58,234 $18,781 $8,779 $2,419 $17,593 $32,671 $83,258 $221,735 
Mortgage Warehouse
Risk Grade:
Pass$— $— $— $— $— $— $965,053 $965,053 
Total mortgage warehouse$— $— $— $— $— $— $965,053 $965,053 
Municipal
Risk Grade:
Pass$20,133 $9,094 $44,482 $36,468 $139,046 $191,559 $626 $441,408 
Total municipal$20,133 $9,094 $44,482 $36,468 $139,046 $191,559 $626 $441,408 
Premium Finance
Risk Grade:
Pass$1,141,370 $1,648 $28 $83 $— $— $— $1,143,129 
Substandard12,001 483 1 — — — — 12,485 
Total premium finance$1,153,371 $2,131 $29 $83 $— $— $— $1,155,614 
Real Estate – Construction and Development
Risk Grade:
Pass$523,704 $245,526 $835,742 $245,091 $3,619 $73,816 $66,449 $1,993,947 
Special mention— — 160 65 — 275 — 500 
Substandard— 151 3,020 337 — 551 — 4,059 
Total real estate – construction and development$523,704 $245,677 $838,922 $245,493 $3,619 $74,642 $66,449 $1,998,506 
Real Estate – Commercial and Farmland
Risk Grade:
Pass$330,472 $456,486 $2,373,426 $2,173,060 $990,712 $1,866,277 $113,916 $8,304,349 
Special mention— — 3,069 14,844 14,706 63,717 — 96,336 
Substandard— 1,551 16,979 3,855 12,730 10,158 — 45,273 
Total real estate – commercial and farmland$330,472 $458,037 $2,393,474 $2,191,759 $1,018,148 $1,940,152 $113,916 $8,445,958 
As of December 31, 2024
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20242023202220212020PriorTotal
Real Estate - Residential
Risk Grade:
Pass$193,939 $628,098 $1,291,666 $1,046,164 $460,887 $561,386 $292,193 $4,474,333 
Special mention— 10 52 16 157 1,375 1,173 2,783 
Substandard2,718 9,880 14,040 9,885 10,603 26,236 8,019 81,381 
Total real estate - residential$196,657 $637,988 $1,305,758 $1,056,065 $471,647 $588,997 $301,385 $4,558,497 
Total Loans
Risk Grade:
Pass$3,187,032 $1,953,912 $5,077,541 $3,749,273 $1,684,066 $2,771,358 $2,034,158 $20,457,340 
Special mention900 38 5,233 16,236 15,649 68,388 4,492 110,936 
Substandard15,717 14,485 38,505 21,347 24,167 42,148 15,261 171,630 
Total loans$3,203,649 $1,968,435 $5,121,279 $3,786,856 $1,723,882 $2,881,894 $2,053,911 $20,739,906 
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, 2025
(dollars in thousands)Commercial and IndustrialConsumerMortgage WarehouseMunicipalPremium FinanceReal Estate – Construction and Development
Balance, December 31, 2024$87,242 $7,327 $2,262 $58 $736 $60,421 
Provision for loan losses3,388 (537)(438)(1)195 8,661 
Loans charged off(11,859)(940)— — (2,329)— 
Recoveries of loans previously charged off3,850 295 — — 2,080 4 
Balance, March 31, 2025$82,621 $6,145 $1,824 $57 $682 $69,086 
Real Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, December 31, 2024$118,377 $61,661 $338,084 
Provision for loan losses(20)5,271 16,519 
Loans charged off— (256)(15,384)
Recoveries of loans previously charged off35 72 6,336 
Balance, March 31, 2025$118,392 $66,748 $345,555 

Three Months Ended March 31, 2024
(dollars in thousands)Commercial and IndustrialConsumerMortgage WarehouseMunicipalPremium FinanceReal Estate – Construction and Development
Balance, December 31, 2023$64,053 $3,952 $1,678 $345 $602 $61,017 
Provision for loan losses12,147 766 145 (282)(431)11,148 
Loans charged off(15,295)(1,156)— — (2,006)— 
Recoveries of loans previously charged off2,899 377 — — 2,451 3 
Balance, March 31, 2024$63,804 $3,939 $1,823 $63 $616 $72,168 
Real Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, December 31, 2023$110,097 $65,356 $307,100 
Provision for loan losses474 1,556 25,523 
Loans charged off— — (18,457)
Recoveries of loans previously charged off85 42 5,857 
Balance, March 31, 2024$110,656 $66,954 $320,023 
Schedule of Troubled Debt Restructurings by Loan Class
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 March 31, 2025, and 2024:

Three Months Ended March 31, 2025
(dollars in thousands)Payment DeferralTerm ExtensionCombination Payment Deferral and Term ExtensionCombination of Term Extension and Rate ReductionTotalPercentage of Total Class of Financial Receivable
Real estate – commercial and farmland$2,420 $2,764 $9,361 $— $14,545 0.2 %
Real estate – residential563 1,336 — 683 2,582 0.1 %
Total$2,983 $4,100 $9,361 $683 $17,127 0.1 %

Three Months Ended March 31, 2024
(dollars in thousands)Term ExtensionCombination of Term Extension and Rate ReductionTotalPercentage of Total Class of Financial Receivable
Real estate – residential$3,519 $534 $4,053 0.1 %
Total$3,519 $534 $4,053 — %
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025, and 2024, respectively:

Three Months Ended March 31, 2025
Term Extension
Loan TypeFinancial Effect
Real estate – commercial and farmland
Maturity dates were extended for a weighted average of 15 months
Real estate - residential
Maturity dates were extended for a weighted average of 109 months
Payment Deferral
Loan TypeFinancial Effect
Real estate – commercial and farmland
Payments were moved to interest only for 9 months
Real estate - residential
Payments were deferred for 10 months
Combination Payment Deferral and Term Extension
Loan TypeFinancial Effect
Real estate – commercial and farmland
Maturity date was extended 3 months and moved to interest only payments for 12 months
Combination of Term Extension and Rate Reduction
Loan TypeFinancial Effect
Real estate - residential
Maturity date was extended for a weighted average 61 months and rate was reduced by a weighted average 0.91%
Three Months Ended March 31, 2024
Term Extension
Loan TypeFinancial Effect
Real estate - residential
Maturity dates were extended for 76 months.
Combination of Term Extension and Rate Reduction
Loan TypeFinancial Effect
Real estate – residential
Maturity date was extended by 134 months and rate was reduced by 1.50%.

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, 2025

(dollars in thousands)
Current30-59
Days Past Due		60-89
Days Past Due		90 or More Days Past DueTotal
Commercial and industrial$572 $— $— $— $572 
Real estate – commercial and farmland13,404 1,739 — — 15,143 
Real estate – residential12,656 1,246 1,565 3,293 18,760 
Total$26,632 $2,985 $1,565 $3,293 $34,475 

As of March 31, 2024

(dollars in thousands)
Current30-59
Days Past Due		60-89
Days Past Due		90 or More Days Past DueTotal
Commercial and industrial$5,029 $— $— $— $5,029 
Real estate – commercial and farmland5,875 — — 1,115 6,990 
Real estate – residential8,547 648 235 1,980 11,410 
Total$19,451 $648 $235 $3,095 $23,429 

The following table provides the amortized cost basis of financing receivables that had a payment default during the three months ended March 31, 2025 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

(dollars in thousands)Interest Rate ReductionTerm ExtensionPayment DeferralCombination of Term Extension and Rate ReductionTotal
Real estate – commercial and farmland$— $1,738 $— $— $1,738 
Real estate – residential499 3,185 563 1,857 6,104 
Total$499 $4,923 $563 $1,857 $7,842 

The following table provides the amortized cost basis of financing receivables that had a payment default during three months ended March 31, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.
(dollars in thousands)Term ExtensionPayment DeferralCombination of Term Extension and Rate ReductionTotal
Real estate – commercial and farmland$— $1,115 $— $1,115 
Real estate – residential2,215 191 456 2,862 
Total$2,215 $1,306 $456 $3,977