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LOANS AND ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table.
| December 31,
(dollars in thousands) | 2024 |  | 2023
Commercial and industrial | $ | 2,953,135 |  |  | $ | 2,688,929 |
Consumer | 221,735 |  |  | 275,809 |
Mortgage warehouse | 965,053 |  |  | 818,728 |
Municipal | 441,408 |  |  | 492,668 |
Premium finance | 1,155,614 |  |  | 946,562 |
Real estate – construction and development | 1,998,506 |  |  | 2,129,187 |
Real estate – commercial and farmland | 8,445,958 |  |  | 8,059,754 |
Real estate – residential | 4,558,497 |  |  | 4,857,666 |
| $ | 20,739,906 |  |  | $ | 20,269,303 |
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. 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 modified to provide terms significantly different from the original contractual terms. The following table presents an analysis of loans accounted for on a nonaccrual basis:
| December 31,
(dollars in thousands) | 2024 |  | 2023
Commercial and industrial | $ | 11,875 |  |  | $ | 8,059 |
Consumer | 782 |  |  | 1,452 |
Real estate – construction and development | 3,718 |  |  | 282 |
Real estate – commercial and farmland | 11,960 |  |  | 11,295 |
Real estate – residential (1) | 73,883 |  |  | 130,029 |
| $ | 102,218 |  |  | $ | 151,117 |
(1) Included in real estate - residential were $12.0 million and $90.2 million of serviced GNMA-guaranteed nonaccrual loans at December 31, 2024 and 2023, respectively. Interest income recognized on nonaccrual loans during the years ended December 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) | December 31, 2024 |  | December 31, 2023
Commercial and industrial | $ | 3,866 |  |  | $ | 2,049 |
Real estate – construction and development | 2,624 |  |  | — |
Real estate – commercial and farmland | 9,357 |  |  | 9,109 |
Real estate – residential | 36,512 |  |  | 75,419 |
| $ | 52,359 |  |  | $ | 86,577 |
The following tables present an analysis of past-due loans as of December 31, 2024 and 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
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 finance | 15,068 |  |  | 6,315 |  |  | 12,485 |  |  | 33,868 |  |  | 1,121,746 |  |  | 1,155,614 |  |  | 12,485 |
Real estate – construction and development | 23,102 |  |  | 461 |  |  | 3,786 |  |  | 27,349 |  |  | 1,971,157 |  |  | 1,998,506 |  |  | 89 |
Real estate – commercial and farmland | 6,787 |  |  | 2,435 |  |  | 5,980 |  |  | 15,202 |  |  | 8,430,756 |  |  | 8,445,958 |  |  | — |
Real estate – residential | 47,020 |  |  | 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 |
(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, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 11,023 |  |  | $ | 5,439 |  |  | $ | 9,733 |  |  | $ | 26,195 |  |  | $ | 2,662,734 |  |  | $ | 2,688,929 |  |  | $ | 5,310 |
Consumer | 2,308 |  |  | 1,054 |  |  | 576 |  |  | 3,938 |  |  | 271,871 |  |  | 275,809 |  |  | — |
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 collateral value 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 exceeded the estimated fair value of the collateral. As of December 31, 2024 and 2023, there were $49.5 million and $40.4 million, respectively, of collateral-dependent loans which are primarily secured by real estate, equipment and receivables. The following table presents an analysis of collateral-dependent financial assets and related allowance for credit losses:
(dollars in thousands) | December 31, 2024 |  | December 31, 2023
| Balance |  | Allowance for Credit Losses |  | Balance |  | Allowance for Credit Losses
Commercial and industrial | $ | 9,451 |  |  | $ | 1,072 |  |  | $ | 5,889 |  |  | $ | 567 |
Premium finance | 2,165 |  |  | 130 |  |  | 1,990 |  |  | 45 |
Real estate – construction and development | 2,979 |  |  | 110 |  |  | 280 |  |  | 23 |
Real estate – commercial and farmland | 10,882 |  |  | 149 |  |  | 11,114 |  |  | 108 |
Real estate – residential | 23,983 |  |  | 2,302 |  |  | 21,102 |  |  | 2,654 |
| $ | 49,460 |  |  | $ | 3,763 |  |  | $ | 40,375 |  |  | $ | 3,397 |
Credit Quality Indicators The Company uses a five 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 – 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 ("Special Mention") – 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 – 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 – 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 – 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 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 doubtful or loss at December 31, 2024 and 2023.
|  | Term Loans by Origination Year |  | Revolving Loans Amortized Cost Basis |  |  |  | Total
As of December 31, 2024 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |  |
Commercial and Industrial
Risk Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 919,301 |  |  | $ | 594,485 |  |  | $ | 523,513 |  |  | $ | 246,036 |  |  | $ | 72,397 |  |  | $ | 46,358 |  |  | $ | 512,778 |  |  |  |  | $ | 2,914,868 |
Special Mention |  | 892 |  |  | 28 |  |  | 1,938 |  |  | 1,311 |  |  | 777 |  |  | 2,960 |  |  | 3,319 |  |  |  |  | 11,225 |
Substandard |  | 885 |  |  | 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 |
Current-period gross charge offs |  | $ | 1,374 |  |  | $ | 21,045 |  |  | $ | 19,333 |  |  | $ | 9,887 |  |  | $ | 1,350 |  |  | $ | 886 |  |  | $ | — |  |  |  |  | $ | 53,875 |
Consumer
Risk Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 58,113 |  |  | $ | 18,575 |  |  | $ | 8,684 |  |  | $ | 2,371 |  |  | $ | 17,405 |  |  | $ | 31,962 |  |  | $ | 83,143 |  |  |  |  | $ | 220,253 |
Special Mention |  | 8 |  |  | — |  |  | 14 |  |  | — |  |  | 9 |  |  | 61 |  |  | — |  |  |  |  | 92 |
Substandard |  | 113 |  |  | 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 |
Current-period gross charge offs |  | $ | 438 |  |  | $ | 683 |  |  | $ | 288 |  |  | $ | 74 |  |  | $ | 847 |  |  | $ | 1,484 |  |  | $ | 198 |  |  |  |  | $ | 4,012 |
Mortgage Warehouse
Risk Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 965,053 |  |  |  |  | $ | 965,053 |
Total mortgage warehouse |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 965,053 |  |  |  |  | $ | 965,053 |
Current-period gross charge offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
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 |
Current-period gross charge offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
Premium Finance
Risk Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,141,370 |  |  | $ | 1,648 |  |  | $ | 28 |  |  | $ | 83 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 1,143,129 |
Substandard |  | 12,001 |  |  | 483 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 12,485 |
Total premium finance |  | $ | 1,153,371 |  |  | $ | 2,131 |  |  | $ | 29 |  |  | $ | 83 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 1,155,614 |
Current-period gross charge offs |  | $ | 2,439 |  |  | $ | 6,870 |  |  | $ | 245 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 9,554 |
|  | Term Loans by Origination Year |  | Revolving Loans Amortized Cost Basis |  |  |  | Total
As of December 31, 2024 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |  |
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 |
Current-period gross charge offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
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 |
Current-period gross charge offs |  | $ | — |  |  | $ | 513 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 58 |  |  | $ | — |  |  |  |  | $ | 571 |
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 |
Substandard |  | 2,718 |  |  | 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 |
Current-period gross charge offs |  | $ | — |  |  | $ | 24 |  |  | $ | 55 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |  |  |  |  | $ | 102 |
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 Mention |  | 900 |  |  | 38 |  |  | 5,233 |  |  | 16,236 |  |  | 15,649 |  |  | 68,388 |  |  | 4,492 |  |  |  |  | 110,936 |
Substandard |  | 15,717 |  |  | 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 |
Current-period gross charge offs |  | $ | 4,251 |  |  | $ | 29,135 |  |  | $ | 19,921 |  |  | $ | 9,975 |  |  | $ | 2,197 |  |  | $ | 2,437 |  |  | $ | 198 |  |  |  |  | $ | 68,114 |
|  | Term Loans by Origination Year |  | Revolving Loans Amortized Cost Basis |  |  |  | Total
As of December 31, 2023 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  |
Commercial and Industrial
Risk Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 892,951 |  |  | $ | 758,471 |  |  | $ | 384,830 |  |  | $ | 95,055 |  |  | $ | 56,447 |  |  | $ | 41,095 |  |  | $ | 432,472 |  |  |  |  | $ | 2,661,321 |
Special Mention |  | — |  |  | 335 |  |  | 5,722 |  |  | 92 |  |  | 109 |  |  | 451 |  |  | 803 |  |  |  |  | 7,512 |
Substandard |  | 1,512 |  |  | 3,595 |  |  | 3,222 |  |  | 1,140 |  |  | 3,533 |  |  | 5,748 |  |  | 1,346 |  |  |  |  | 20,096 |
Total commercial and industrial |  | $ | 894,463 |  |  | $ | 762,401 |  |  | $ | 393,774 |  |  | $ | 96,287 |  |  | $ | 60,089 |  |  | $ | 47,294 |  |  | $ | 434,621 |  |  |  |  | $ | 2,688,929 |
|  | Term Loans by Origination Year |  | Revolving Loans Amortized Cost Basis |  |  |  | Total
As of December 31, 2023 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  |
Consumer
Risk Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 44,736 |  |  | $ | 17,661 |  |  | $ | 5,878 |  |  | $ | 25,654 |  |  | $ | 21,924 |  |  | $ | 48,583 |  |  | $ | 109,214 |  |  |  |  | $ | 273,650 |
Special Mention |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  |  |  | 31 |
Substandard |  | 154 |  |  | 181 |  |  | 41 |  |  | 334 |  |  | 252 |  |  | 1,001 |  |  | 165 |  |  |  |  | 2,128 |
Total consumer |  | $ | 44,890 |  |  | $ | 17,847 |  |  | $ | 5,919 |  |  | $ | 25,988 |  |  | $ | 22,176 |  |  | $ | 49,610 |  |  | $ | 109,379 |  |  |  |  | $ | 275,809 |
Mortgage Warehouse
Risk Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 772,366 |  |  |  |  | $ | 772,366 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 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 |
Substandard |  | 10,777 |  |  | 901 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 11,678 |
Total premium finance |  | $ | 939,707 |  |  | $ | 4,939 |  |  | $ | 1,916 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 946,562 |
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 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 479 |  |  | — |  |  |  |  | 479 |
Substandard |  | — |  |  | 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 |
Special Mention |  | — |  |  | 17,131 |  |  | 53,329 |  |  | — |  |  | 30,200 |  |  | 46,370 |  |  | — |  |  |  |  | 147,030 |
Substandard |  | 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 |
Special Mention |  | 13 |  |  | — |  |  | 72 |  |  | 201 |  |  | 234 |  |  | 1,411 |  |  | 380 |  |  |  |  | 2,311 |
Substandard |  | 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 |
|  | Term Loans by Origination Year |  | Revolving Loans Amortized Cost Basis |  |  |  | Total
As of December 31, 2023 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  |
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 |
Special Mention |  | 13 |  |  | 17,471 |  |  | 59,123 |  |  | 293 |  |  | 30,543 |  |  | 48,737 |  |  | 47,545 |  |  |  |  | 203,725 |
Substandard |  | 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 |
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 tables show 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 years ended December 31, 2024 and 2023:
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Payment Deferral |  | Term Extension |  | Interest Rate Reduction |  |  |  | Combination of Term Extension and Rate Reduction |  | Total |  | Percentage of Total Class of Financial Receivable
Commercial and industrial |  | $ | 586 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 586 |  |  | — | %
Real estate – commercial and farmland |  | — |  |  | 603 |  |  | — |  |  |  |  | — |  |  | 603 |  |  | — | %
Real estate – residential |  | — |  |  | 10,567 |  |  | 1,331 |  |  |  |  | 5,058 |  |  | 16,956 |  |  | 0.4 | %
Total |  | $ | 586 |  |  | $ | 11,170 |  |  | $ | 1,331 |  |  |  |  | $ | 5,058 |  |  | $ | 18,145 |  |  | 0.1 | %
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Payment Deferral |  | Term Extension |  | Interest Rate Reduction |  |  |  | Combination of Term Extension and Rate Reduction |  | Total |  | Percentage of Total Class of Financial Receivable
Commercial and industrial |  | $ | 2,212 |  |  | $ | 2,960 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 5,172 |  |  | 0.2 | %
Real estate – commercial and farmland |  | 3,905 |  |  | 3,101 |  |  | 815 |  |  |  |  | — |  |  | 7,821 |  |  | 0.1 | %
Real estate – residential |  | 1,029 |  |  | 5,539 |  |  | — |  |  |  |  | 804 |  |  | 7,372 |  |  | 0.2 | %
Total |  | $ | 7,146 |  |  | $ | 11,600 |  |  | $ | 815 |  |  |  |  | $ | 804 |  |  | $ | 20,365 |  |  | 0.1 | %
As of December 31, 2024, the Company has unfunded commitments of $179,000 to borrowers experiencing financial difficulty for which the Company has modified their loans. The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty during the twelve months ended December 31, 2024 and 2023: Year Ended December 31, 2024
Payment Deferral
Loan Type |  | Financial Effect
Commercial and industrial |  | Payments were deferred for a weighted average of 22 months
Term Extension
Loan Type |  | Financial Effect
Real estate – commercial and farmland |  | Maturity dates were extended for an average of 15 months.
Real estate - residential |  | Maturity dates were extended for a weighted average of 83 months
Interest Rate Reduction
Loan Type |  | Financial Effect
Real estate - residential |  | Interest rate was reduced by 2.87%
Combination of Term Extension and Rate Reduction
Loan Type |  | Financial Effect
Real estate - residential |  | Maturity date was extended for a weighted average of 90 months and rate was reduced by a weighted average 2.87%
Year Ended December 31, 2023
Payment Deferral
Loan Type |  | Financial Effect
Commercial and industrial |  | Payments were deferred for a weighted average of five months.
Real estate – commercial and farmland |  | Payments were deferred for a weighted average of six months.
Real estate – residential |  | Payments were deferred for a weighted average of four months.
Term Extension
Loan Type |  | Financial Effect
Commercial and industrial |  | Maturity dates were extended for a weighted average of nine months.
Real estate – commercial and farmland |  | Maturity dates were extended for an average of 13 months.
Real estate - residential |  | Maturity dates were extended for a weighted average of 103 months.
Interest Rate Reduction
Loan Type |  | Financial Effect
Real estate – commercial and farmland |  | Interest rate was reduced by 4.75%.
Combination of Term Extension and Rate Reduction
Loan Type |  | Financial Effect
Real estate - residential |  | Maturity date was extended for a weighted average of 120 months and rate was reduced by a weighted average 0.95%.
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 December 31, 2024 |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 or More Days Past Due |  | Total
Commercial and industrial |  | $ | 586 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 586 |
Real estate – commercial and farmland |  | — |  |  | 603 |  |  | — |  |  | — |  |  | 603 |
Real estate – residential |  | 8,916 |  |  | 3,992 |  |  | — |  |  | 4,048 |  |  | 16,956 |
Total |  | $ | 9,502 |  |  | $ | 4,595 |  |  | $ | — |  |  | $ | 4,048 |  |  | $ | 18,145 |
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 and industrial |  | $ | 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 tables provide the amortized cost basis of financing receivables at December 31, 2024 and 2023 that had a payment default and were modified in the 12 months before default to borrowers experiencing financial difficulty.
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Interest Rate Reduction |  | Term Extension |  | Payment Deferral |  | Combination of Term Extension and Rate Reduction |  | Total
Commercial and industrial |  | $ | — |  |  | $ | — |  |  | $ | 1,038 |  |  | $ | — |  |  | $ | 1,038 |
Real estate – commercial and farmland |  | — |  |  | 603 |  |  | — |  |  | — |  |  | 603 |
Real estate – residential |  | 499 |  |  | 6,746 |  |  | — |  |  | 2,233 |  |  | 9,478 |
Total |  | $ | 499 |  |  | $ | 7,349 |  |  | $ | 1,038 |  |  | $ | 2,233 |  |  | $ | 11,119 |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Interest Rate Reduction |  | Term Extension |  | Payment Deferral |  | Combination of Term Extension and Rate Reduction |  | Total
Commercial and industrial |  | $ | — |  |  | $ | — |  |  | $ | 1,154 |  |  | $ | — |  |  | $ | 1,154 |
Real estate – commercial and farmland |  | — |  |  | — |  |  | 1,129 |  |  | — |  |  | 1,129 |
Real estate – residential |  | — |  |  | 2,067 |  |  | 192 |  |  | — |  |  | 2,259 |
Total |  | $ | — |  |  | $ | 2,067 |  |  | $ | 2,475 |  |  | $ | — |  |  | $ | 4,542 |
Related Party Loans In the ordinary course of business, the Company has granted loans to certain executive officers, directors and their affiliates. These loans are made on substantially the same terms as those prevailing at the time for comparable transaction and do not involve more than normal credit risk. Changes in related party loans are summarized as follows:
| December 31,
(dollars in thousands) | 2024 |  | 2023
Balance, January 1 | $ | 140,057 |  |  | $ | 80,746 |
Advances | 49,158 |  |  | 61,764 |
Repayments | (4,354) |  |  | (2,453) |
Transactions due to changes in related parties | (570) |  |  | — |
Ending balance | $ | 184,291 |  |  | $ | 140,057 |
Allowance for Credit Losses The allowance for credit losses represents an allowance for expected losses over the remaining contractual life of the assets adjusted for prepayments and curtailments. 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. The allowance for credit losses was determined at December 31, 2024 using a weighting of two economic forecasts from Moody's in order to align with management's best estimate over the reasonable and supportable forecast period. The Moody's baseline scenario was weighted at 75% and the downside 75th percentile S-2 scenario was weighted at 25%. The allowance for credit losses was determined at December 31, 2023 solely using the Moody's baseline scenario economic forecast. During the year ended December 31, 2024, the allowance for credit losses increased primarily due to the updated economic forecast and organic loan growth during the period. The current forecast reflects, among other things, a negative trend in forecast levels of commercial real estate prices and increased unemployment, partially offset by improvements in forecast levels of home prices and gross domestic product compared with the forecast at December 31, 2023. 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 and Industrial |  | Consumer |  | Mortgage Warehouse |  | Municipal |  | Premium Finance |  | Real Estate – Construction and Development
Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2023 | $ | 64,053 |  |  | $ | 3,952 |  |  | $ | 1,678 |  |  | $ | 345 |  |  | $ | 602 |  |  | $ | 61,017 |
Provision for loan losses | 59,726 |  |  | 5,967 |  |  | 584 |  |  | (287) |  |  | 608 |  |  | (655) |
Loans charged off | (53,875) |  |  | (4,012) |  |  | — |  |  | — |  |  | (9,554) |  |  | — |
Recoveries of loans previously charged off | 17,338 |  |  | 1,420 |  |  | — |  |  | — |  |  | 9,080 |  |  | 59 |
Balance, December 31, 2024 | $ | 87,242 |  |  | $ | 7,327 |  |  | $ | 2,262 |  |  | $ | 58 |  |  | $ | 736 |  |  | $ | 60,421 |
| Real Estate – Commercial and Farmland |  | Real Estate – Residential |  | Total |  |  |  |  |  |
Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2023 | $ | 110,097 |  |  | $ | 65,356 |  |  | $ | 307,100 |  |  |  |  |  |  |
Provision for loan losses | 7,677 |  |  | (3,779) |  |  | 69,841 |  |  |  |  |  |  |
Loans charged off | (571) |  |  | (102) |  |  | (68,114) |  |  |  |  |  |  |
Recoveries of loans previously charged off | 1,174 |  |  | 186 |  |  | 29,257 |  |  |  |  |  |  |
Balance, December 31, 2024 | $ | 118,377 |  |  | $ | 61,661 |  |  | $ | 338,084 |  |  |  |  |  |  |
(dollars in thousands) | Commercial and Industrial |  | Consumer |  | Mortgage Warehouse |  | Municipal |  | Premium Finance |  | Real Estate – Construction and Development
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2023 | $ | 39,455 |  |  | $ | 5,587 |  |  | $ | 2,118 |  |  | $ | 357 |  |  | $ | 1,025 |  |  | $ | 32,659 |
Adoption of ASU 2022-02 | (105) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (37) |
Provision for loan losses | 68,349 |  |  | 2,218 |  |  | (440) |  |  | (12) |  |  | 343 |  |  | 27,446 |
Loans charged off | (58,612) |  |  | (5,453) |  |  | — |  |  | — |  |  | (6,567) |  |  | — |
Recoveries of loans previously charged off | 14,966 |  |  | 1,600 |  |  | — |  |  | — |  |  | 5,801 |  |  | 949 |
Balance, December 31, 2023 | $ | 64,053 |  |  | $ | 3,952 |  |  | $ | 1,678 |  |  | $ | 345 |  |  | $ | 602 |  |  | $ | 61,017 |
| Real Estate – Commercial and Farmland |  | Real Estate – Residential |  | Total |  |  |  |  |  |
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2023 | $ | 67,433 |  |  | $ | 57,043 |  |  | $ | 205,677 |  |  |  |  |  |  |
Adoption of ASU 2022-02 | (722) |  |  | (847) |  |  | (1,711) |  |  |  |  |  |  |
Provision for loan losses | 47,079 |  |  | 8,532 |  |  | 153,515 |  |  |  |  |  |  |
Loans charged off | (4,327) |  |  | (259) |  |  | (75,218) |  |  |  |  |  |  |
Recoveries of loans previously charged off | 634 |  |  | 887 |  |  | 24,837 |  |  |  |  |  |  |
Balance, December 31, 2023 | $ | 110,097 |  |  | $ | 65,356 |  |  | $ | 307,100 |  |  |  |  |  |  |
(dollars in thousands) | Commercial and Industrial |  | Consumer |  | Mortgage Warehouse |  | Municipal |  | Premium Finance |  | Real Estate – Construction and Development
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2022 | $ | 26,829 |  |  | $ | 6,573 |  |  | $ | 3,231 |  |  | $ | 401 |  |  | $ | 2,729 |  |  | $ | 22,045 |
Provision for loan losses | 21,307 |  |  | 2,278 |  |  | (1,113) |  |  | (44) |  |  | (1,317) |  |  | 9,749 |
Loans charged off | (18,635) |  |  | (5,191) |  |  | — |  |  | — |  |  | (5,452) |  |  | (27) |
Recoveries of loans previously charged off | 9,954 |  |  | 1,927 |  |  | — |  |  | — |  |  | 5,065 |  |  | 892 |
Balance, December 31, 2022 | $ | 39,455 |  |  | $ | 5,587 |  |  | $ | 2,118 |  |  | $ | 357 |  |  | $ | 1,025 |  |  | $ | 32,659 |
| Real Estate – Commercial and Farmland |  | Real Estate – Residential |  | Total |  |  |  |  |  |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2022 | $ | 77,831 |  |  | $ | 27,943 |  |  | $ | 167,582 |  |  |  |  |  |  |
Provision for loan losses | (7,049) |  |  | 28,799 |  |  | 52,610 |  |  |  |  |  |  |
Loans charged off | (3,574) |  |  | (196) |  |  | (33,075) |  |  |  |  |  |  |
Recoveries of loans previously charged off | 225 |  |  | 497 |  |  | 18,560 |  |  |  |  |  |  |
Balance, December 31, 2022 | $ | 67,433 |  |  | $ | 57,043 |  |  | $ | 205,677 |  |  |  |  |  |  |

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