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Note 5 - Loans

3 Months Ended

Mar. 31, 2024

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 5 – LOANS

The loan portfolio is classified based on the underlying collateral utilized to secure each loan for financial reporting purposes. This classification is consistent with the Quarterly Report of Condition and Income filed by ServisFirst Bank with the Federal Deposit Insurance Corporation (FDIC).

Commercial, financial and agricultural - Includes loans to business enterprises issued for commercial, industrial, agricultural production and/or other professional purposes. These loans are generally secured by equipment, inventory, and accounts receivable of the borrower and repayment is primarily dependent on business cash flows.

Real estate – construction – Includes loans secured by real estate to finance land development or the construction of industrial, commercial or residential buildings. Repayment is dependent upon the completion and eventual sale, refinance or operation of the related real estate project.

Owner-occupied commercial real estate mortgage – Includes loans secured by nonfarm nonresidential properties for which the primary source of repayment is the cash flow from the ongoing operations conducted by the party that owns the property.

1-4 family real estate mortgage – Includes loans secured by residential properties, including home equity lines of credit. Repayment is primarily dependent on the personal cash flow of the borrower.

Other real estate mortgage – Includes loans secured by nonowner-occupied properties, including office buildings, industrial buildings, warehouses, retail buildings, multifamily residential properties and farmland. Repayment is primarily dependent on income generated from the underlying collateral.

Consumer – Includes loans to individuals not secured by real estate. Repayment is dependent upon the personal cash flow of the borrower.

The following table details the Company’s loans at March 31, 2024 and December 31, 2023:

	March 31,			December 31,
	2024			2023
	(Dollars In Thousands)
Commercial, financial and agricultural	$	2,834,102		$	2,823,986
Real estate - construction		1,546,716			1,519,619
Real estate - mortgage:
Owner-occupied commercial		2,377,042			2,257,163
1-4 family mortgage		1,284,888			1,249,938
Other mortgage		3,777,758			3,744,346
Subtotal: Real estate - mortgage		7,439,688			7,251,447
Consumer		60,190			63,777
Total Loans		11,880,696			11,658,829
Less: Allowance for credit losses		(155,892	)		(153,317	)
Net Loans	$	11,724,804		$	11,505,512


Commercial, financial and agricultural		23.85	%		24.22	%
Real estate - construction		13.02	%		13.03	%
Real estate - mortgage:
Owner-occupied commercial		20.01	%		19.36	%
1-4 family mortgage		10.81	%		10.72	%
Other mortgage		31.80	%		32.12	%
Subtotal: Real estate - mortgage		62.62	%		62.20	%
Consumer		0.51	%		0.55	%
Total Loans		100.00	%		100.00	%

The credit quality of the loan portfolio is summarized no less frequently than quarterly using categories similar to the standard asset classification system used by the federal banking agencies. The following table presents credit quality indicators for the credit loss portfolio segments and classes. These categories are utilized to develop the associated allowance for credit losses using historical losses adjusted for current economic conditions defined as follows:

●

Pass – loans which are well protected by the current net worth and paying capacity of the obligor (or obligors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral.

●

Special Mention – loans with potential weakness that may, if not reversed or corrected, weaken the credit or inadequately protect the Company’s position at some future date. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification.

●

Substandard – loans that exhibit well-defined weakness or weaknesses that presently jeopardize debt repayment. These loans are characterized by the distinct possibility that the institution will sustain some loss if the weaknesses are not corrected.

●

Doubtful – loans that have all the weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable.

The table below presents loan balances classified by credit quality indicator, loan type and based on year of origination as of March 31, 2024:

March 31, 2024	2024		2023		2022		2021		2020		Prior		Revolving		Revolving lines of credit converted to term loans		Total
	(In Thousands)
Commercial, financial and agricultural
Pass	$	107,544	$	316,897	$	437,779	$	344,676	$	149,733	$	234,363	$	1,141,682	$	430	$	2,733,104
Special Mention		737		403		1,769		4,277		4,692		6,419		26,880		2		45,179
Substandard - accruing		501		1,364		-		385		427		27,406		5,176		-		35,259
Substandard -Non-accrual		-		3,575		226		2,385		206		11,786		2,382		-		20,560
Total Commercial, financial and agricultural	$	108,782	$	322,239	$	439,774	$	351,723	$	155,058	$	279,974	$	1,176,120	$	432	$	2,834,102
Current-period gross write-offs	$	-	$	-	$	-	$	-	$	-	$	1,106	$	736	$	-	$	1,842

Real estate - construction
Pass	$	48,543	$	254,568	$	847,543	$	252,588	$	50,092	$	20,705	$	68,975	$	-	$	1,543,014
Special Mention		-		590		-		-		-		-		-		-		590
Substandard - accruing		-		-		1,997		-		-		973		-		-		2,970
Substandard -Non-accrual		-		-		34		-		-		-		-		108		142
Total Real estate - construction	$	48,543	$	255,158	$	849,574	$	252,588	$	50,092	$	21,678	$	68,975	$	108	$	1,546,716

Owner-occupied commercial
Pass	$	80,143	$	171,911	$	517,845	$	528,261	$	290,718	$	669,803	$	58,928	$	834	$	2,318,443
Special Mention		-		5,359		8,785		792		8,279		15,957		-		-		39,172
Substandard - accruing		-		1,333		-		6,847		-		2,506		-		-		10,686
Substandard -Non-accrual		-		-		-		-		-		8,741		-		-		8,741
Total Owner-occupied commercial	$	80,143	$	178,603	$	526,630	$	535,900	$	298,997	$	697,007	$	58,928	$	834	$	2,377,042

1-4 family mortgage
Pass	$	61,318	$	155,581	$	369,024	$	220,533	$	77,073	$	97,362	$	289,012	$	-	$	1,269,903
Special Mention		-		709		428		2,269		764		4,862		905		-		9,937
Substandard - accruing		-		-		-		-		-		424		117		-		541
Substandard -Non-accrual		-		156		433		1,000		643		1,475		800		-		4,507
Total 1-4 family mortgage	$	61,318	$	156,446	$	369,885	$	223,802	$	78,480	$	104,123	$	290,834	$	-	$	1,284,888
Current-period gross write-offs	$	-	$	-	$	-	$	62	$	-	$	-	$	5	$	-	$	67

Other mortgage
Pass	$	82,631	$	156,951	$	1,129,986	$	1,090,507	$	429,593	$	774,646	$	91,073	$	247	$	3,755,634
Special Mention		-		-		5,034		-		-		751		-		-		5,785
Substandard - accruing		-		-		4,958		660		-		10,215		-		-		15,833
Substandard -Non-accrual		-		-		-		-		-		506		-		-		506
Total Other mortgage	$	82,631	$	156,951	$	1,139,978	$	1,091,167	$	429,593	$	786,118	$	91,073	$	247	$	3,777,758

Consumer
Pass	$	1,102	$	21,705	$	3,467	$	4,377	$	1,662	$	3,849	$	24,028	$	-	$	60,190
Special Mention		-		-		-		-		-		-		-		-		-
Substandard - accruing		-		-		-		-		-		-		-		-		-
Total Consumer	$	1,102	$	21,705	$	3,467	$	4,377	$	1,662	$	3,849	$	24,028	$	-	$	60,190
Current-period gross write-offs	$	-	$	8	$	-	$	-	$	-	$	-	$	90	$	-	$	98

Total Loans
Pass	$	381,281	$	1,077,613	$	3,305,644	$	2,440,942	$	998,871	$	1,800,728	$	1,673,698	$	1,511	$	11,680,288
Special Mention		737		7,061		16,016		7,338		13,735		27,989		27,785		2		100,663
Substandard - accruing		501		2,697		6,955		7,892		427		41,524		5,293		-		65,289
Substandard -Non-accrual		-		3,731		693		3,385		849		22,508		3,182		108		34,456
Total Loans	$	382,519	$	1,091,102	$	3,329,308	$	2,459,557	$	1,013,882	$	1,892,749	$	1,709,958	$	1,621	$	11,880,696
Current-period gross write-offs	$	-	$	8	$	-	$	62	$	-	$	1,106	$	831	$	-	$	2,007

Loans by credit quality indicator, loan type and based on year of origination as of December 31, 2023 were as follows:

December 31, 2023	2023		2022		2021		2020		2019		Prior		Revolving		Revolving lines of credit converted to term loans		Total
	(In Thousands)
Commercial, financial and agricultural
Pass	$	341,335	$	455,281	$	354,034	$	162,543	$	100,032	$	151,527	$	1,161,324	$	491	$	2,726,567
Special Mention		4,275		1,982		5,105		5,765		1,320		3,549		21,769		7		43,772
Substandard - accruing		1,410		-		2,830		368		9,501		27,962		4,360		-		46,431
Substandard -Non-accrual		-		2		767		206		-		3,336		2,905		-		7,216
Total Commercial, financial and agricultural	$	347,020	$	457,265	$	362,736	$	168,882	$	110,853	$	186,374	$	1,190,358	$	498	$	2,823,986
Current-period gross write-offs	$	1,213	$	4,690	$	2,531	$	779	$	4	$	2,014	$	1,998	$	-	$	13,229

Real estate - construction
Pass	$	216,745	$	874,903	$	283,012	$	49,668	$	4,866	$	16,558	$	72,156	$	-	$	1,517,908
Special Mention		589		-		-		-		-		-		-		-		589
Substandard - accruing		-		33		-		-		-		978		-		-		1,011
Substandard -Non-accrual		-		-		-		-		-		-		-		111		111
Total Real estate - construction	$	217,334	$	874,936	$	283,012	$	49,668	$	4,866	$	17,536	$	72,156	$	111	$	1,519,619
Current-period gross write-offs	$	-	$	-	$	19	$	-	$	-	$	-	$	-	$	89	$	108

Owner-occupied commercial
Pass	$	148,915	$	478,364	$	517,667	$	300,978	$	181,864	$	512,752	$	64,170	$	844	$	2,205,554
Special Mention		5,369		1,411		7,705		8,317		8,530		7,539		-		-		38,871
Substandard - accruing		1,358		-		-		-		-		4,292		-		-		5,650
Substandard -Non-accrual		-		-		-		-		2,329		4,759		-		-		7,088
Total Owner-occupied commercial	$	155,642	$	479,775	$	525,372	$	309,295	$	192,723	$	529,342	$	64,170	$	844	$	2,257,163
Current-period gross write-offs	$	-	$	-	$	-	$	-	$	117	$	-	$	-	$	-	$	117

1-4 family mortgage
Pass	$	166,927	$	376,964	$	228,183	$	75,104	$	40,697	$	61,046	$	286,066	$	-	$	1,234,987
Special Mention		574		721		2,504		1,009		3,865		439		727		-		9,839
Substandard - accruing		-		-		-		-		-		425		261		-		686
Substandard -Non-accrual		155		380		741		572		877		901		800		-		4,426
Total 1-4 family mortgage	$	167,656	$	378,065	$	231,428	$	76,685	$	45,439	$	62,811	$	287,854	$	-	$	1,249,938
Current-period gross write-offs	$	-	$	40	$	-	$	-	$	-	$	14	$	-	$	-	$	54

Other mortgage
Pass	$	162,418	$	1,119,609	$	1,106,055	$	448,781	$	249,059	$	540,325	$	100,516	$	247	$	3,727,010
Special Mention		-		-		-		-		-		-		850		-		850
Substandard - accruing		-		4,975		-		-		-		11,005		-		-		15,980
Substandard -Non-accrual		-		-		-		-		130		376		-		-		506
Total Other mortgage	$	162,418	$	1,124,584	$	1,106,055	$	448,781	$	249,189	$	551,706	$	101,366	$	247	$	3,744,346
Current-period gross write-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Consumer
Pass	$	22,227	$	3,890	$	4,542	$	1,794	$	1,295	$	2,687	$	27,342	$	-	$	63,777
Special Mention		-		-		-		-		-		-		-		-		-
Substandard - accruing		-		-		-		-		-		-		-		-		-
Substandard -Non-accrual		-		-		-		-		-		-		-		-		-
Total Consumer	$	22,227	$	3,890	$	4,542	$	1,794	$	1,295	$	2,687	$	27,342	$	-	$	63,777
Current-period gross write-offs	$	-	$	-	$	-	$	-	$	4	$	49	$	1,020	$	-	$	1,073

Total Loans
Pass	$	1,058,567	$	3,309,011	$	2,493,493	$	1,038,868	$	577,813	$	1,284,895	$	1,711,574	$	1,582	$	11,475,803
Special Mention		10,807		4,114		15,314		15,091		13,715		11,527		23,346		7		93,921
Substandard - accruing		2,768		5,008		2,830		368		9,501		44,662		4,621		-		69,758
Substandard -Non-accrual		155		382		1,508		778		3,336		9,372		3,705		111		19,347
Total Loans	$	1,072,297	$	3,318,515	$	2,513,145	$	1,055,105	$	604,365	$	1,350,456	$	1,743,246	$	1,700	$	11,658,829
Current-period gross write-offs	$	1,213	$	4,730	$	2,550	$	779	$	125	$	2,077	$	3,018	$	89	$	14,581

Loans by performance status as of March 31, 2024 and December 31, 2023 were as follows:

March 31, 2024	Performing		Nonperforming		Total
	(In Thousands)
Commercial, financial and agricultural	$	2,813,190	$	20,912	$	2,834,102
Real estate - construction		1,546,574		142		1,546,716
Real estate - mortgage:
Owner-occupied commercial		2,368,301		8,741		2,377,042
1-4 family mortgage		1,280,381		4,507		1,284,888
Other mortgage		3,777,252		506		3,777,758
Total real estate - mortgage		7,425,934		13,754		7,439,688
Consumer		60,161		29		60,190
Total	$	11,845,859	$	34,837	$	11,880,696

December 31, 2023	Performing		Nonperforming		Total
	(In Thousands)
Commercial, financial and agricultural	$	2,816,599	$	7,387	$	2,823,986
Real estate - construction		1,519,508		111		1,519,619
Real estate - mortgage:
Owner-occupied commercial		2,250,074		7,089		2,257,163
1-4 family mortgage		1,243,603		6,335		1,249,938
Other mortgage		3,743,840		506		3,744,346
Total real estate - mortgage		7,237,517		13,930		7,251,447
Consumer		63,672		105		63,777
Total	$	11,637,296	$	21,533	$	11,658,829

Loans by past due status as of March 31, 2024 and December 31, 2023 were as follows:

March 31, 2024	Past Due Status (Accruing Loans)
							Total Past		Total						Nonaccrual
	30-59 Days		60-89 Days		90+ Days		Due		Nonaccrual		Current		Total Loans		With No ACL
	(In Thousands)
Commercial, financial and agricultural	$	9,962	$	444	$	351	$	10,757	$	20,561	$	2,802,784	$	2,834,102	$	4,479
Real estate - construction		-		-		-		-		142		1,546,574		1,546,716		142
Real estate - mortgage:
Owner-occupied commercial		1,241		103		-		1,344		8,741		2,366,957		2,377,042		6,939
1-4 family mortgage		3,623		951		-		4,574		4,507		1,275,807		1,284,888		1,199
Other mortgage		-		-		-		-		506		3,777,252		3,777,758		506
Total real estate - mortgage		4,864		1,054		-		5,918		13,754		7,420,016		7,439,688		8,644
Consumer		115		74		29		218		-		59,972		60,190		-
Total	$	14,941	$	1,572	$	380	$	16,893	$	34,457	$	11,829,346	$	11,880,696	$	13,265

December 31, 2023	Past Due Status (Accruing Loans)
							Total Past		Total						Nonaccrual
	30-59 Days		60-89 Days		90+ Days		Due		Nonaccrual		Current		Total Loans		With No ACL
	(In Thousands)
Commercial, financial and agricultural	$	3,418	$	3,718	$	170	$	7,306	$	7,217	$	2,809,463		2,823,986	$	5,028
Real estate - construction		-		34		-		34		111		1,519,474		1,519,619		-
Real estate - mortgage:
Owner-occupied commercial		-		-		-		-		7,089		2,250,074		2,257,163		7,089
1-4 family mortgage		540		4,920		1,909		7,369		4,426		1,238,143		1,249,938		1,224
Other mortgage		676		10,703		-		11,379		506		3,732,461		3,744,346		506
Total real estate - mortgage		1,216		15,623		1,909		18,748		12,021		7,220,678		7,251,447		8,819
Consumer		58		31		105		194		-		63,583		63,777		-
Total	$	4,692	$	19,406	$	2,184	$	26,282	$	19,349	$	11,613,198		11,658,829	$	13,847

Under the current expected credit losses (“CECL”) methodology, the ACL is measured on a collective basis for pools of loans with similar risk characteristics. For loans that do not share similar risk characteristics with the collectively evaluated pools, evaluations are performed on an individual basis. For all loan segments collectively evaluated, losses are predicted over a period of time determined to be reasonable and supportable, and at the end of the reasonable and supportable forecast period losses are reverted to long-term historical averages. The estimated loan losses for all loan segments are adjusted for changes in qualitative factors not inherently considered in the quantitative analyses.

The Company uses the discounted cash flow (“DCF”) method to estimate ACL for all loan pools except for commercial revolving lines of credit and credit cards. For all loan pools utilizing the DCF method, the Company utilizes and forecasts national unemployment rate as a loss driver. The Company also utilizes and forecasts GDP growth as a second loss driver for its agricultural and consumer loan pools. Consistent forecasts of the loss drivers are used across the loan segments. At March 31, 2024 and December 31, 2023, the Company utilized a reasonable and supportable forecast period of twelve months followed by a six-month straight-line reversion to long term averages. The Company leveraged economic projections from reputable and independent sources to inform its loss driver forecasts. The Company expects national unemployment to rise and national GDP growth rate to decline compared to the December 31, 2023 forecast.

The Company uses a loss-rate method to estimate expected credit losses for its commercial revolving lines of credit and credit card pools. The commercial revolving lines of credit pool incorporates a probability of default (“PD”) and loss given default (“LGD”) modeling approach. This approach involves estimating the pool average life and then using historical correlations of default and loss experience over time to calculate the lifetime PD and LGD. These two inputs are then applied to the outstanding pool balance. The credit card pool incorporates a remaining life modeling approach, which utilizes an attrition-based method to estimate the remaining life of the pool. A quarterly average loss rate is then calculated using the Company’s historical loss data. The model reduces the pool balance quarterly on a straight-line basis over the estimated life of the pool. The quarterly loss rate is multiplied by the outstanding balance at each period-end resulting in an estimated loss for each quarter. The sum of estimated loss for all quarters is the total calculated reserve for the pool. Management has also applied the loss-rate method to commercial and industrial (“C&I”) lines of credit and to credit cards due to their generally short-term nature. An expected loss ratio is applied based on internal and peer historical losses.

Each loan pool is adjusted for qualitative factors not inherently considered in the quantitative analyses. The qualitative adjustments either increase or decrease the quantitative model estimation. The Company considers factors that are relevant within the qualitative framework, which include the following: lending policy, changes in nature and volume of loans, staff experience, changes in volume and trends of problem loans, concentration risk, trends in underlying collateral values, external factors, quality of loan review system and other economic conditions.

Inherent risks in the loan portfolio will differ based on type of loan. Specific risk characteristics by loan portfolio segment are listed below:

Commercial and industrial loans include risks associated with borrower’s cash flow, debt service coverage and management’s expertise. These loans are subject to the risk that the Company may have difficulty converting collateral to a liquid asset if necessary, as well as risks associated with degree of specialization, mobility and general collectability in a default situation. These commercial loans may be subject to many different types of risks, including fraud, bankruptcy, economic downturn, deteriorated or non-existent collateral, and changes in interest rates.

Real estate construction loans include risks associated with the borrower’s credit-worthiness, contractor’s qualifications, borrower and contractor performance, and the overall risk and complexity of the proposed project. Construction lending is also subject to risks associated with sub-market dynamics, including population, employment trends and household income. During times of economic stress, this type of loan has typically had a greater degree of risk than other loan types.

Real estate mortgage loans consist of loans secured by commercial and residential real estate. Commercial real estate lending is dependent upon successful management, marketing and expense supervision necessary to maintain the property. Repayment of these loans may be adversely affected by conditions in the real estate market or the general economy. Also, commercial real estate loans typically involve relatively large loan balances to a single borrower. Residential real estate lending risks are generally less significant than those of other loans. Real estate lending risks include fluctuations in the value of real estate, bankruptcies, economic downturns and customer financial problems.

Consumer loans carry a moderate degree of risk compared to other loans. They are generally more risky than traditional residential real estate loans but less risky than commercial loans. Risk of default is usually determined by the well-being of the local economies. During times of economic stress, there is usually some level of job loss both nationally and locally, which directly affects the ability of the consumer to repay debt.

The following table presents changes in the ACL, segregated by loan type, for the three months ended March 31, 2024 and March 31, 2023.

	Commercial,
	financial and			Real estate -			Real estate -
	agricultural			construction			mortgage			Consumer			Total
	(In Thousands)
	Three Months Ended March 31, 2024
Allowance for credit losses:
Balance at December 31, 2023	$	52,121		$	44,658		$	55,126		$	1,412		$	153,317
Charge-offs		(1,842	)		-			(67	)		(98	)		(2,007	)
Recoveries		199			-			6			9			214
Provision		544			1,031			2,575			218			4,368
Balance at March 31, 2024	$	51,022		$	45,689		$	57,640		$	1,541		$	155,892

	Three Months Ended March 31, 2023
Allowance for credit losses:
Balance at December 31, 2022	$	42,830		$	42,889		$	58,652		$	1,926		$	146,297
Charge-offs		(1,257	)		-			(26	)		(390	)		(1,673	)
Recoveries		128			3			1			11			143
Provision		1,193			(2,409	)		4,530			883			4,197
Balance at March 31, 2023	$	42,894		$	40,483		$	63,157		$	2,430		$	148,964

We maintain an ACL on unfunded commercial lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The ACL is computed using a methodology similar to that used to determine the ACL for loans, modified to take into account the probability of a drawdown on the commitment. The ACL on unfunded loan commitments is classified as a liability account on the Consolidated Balance Sheets within other liabilities, while the corresponding provision for these credit losses is recorded as a component of other expense. The ACL on unfunded commitments was $742,000 at March 31, 2024 and $575,000 at December 31, 2023. The provision expense for unfunded commitments for the three months ended March 31, 2024 and 2023 was $167,000 and zero, respectively.

Loans that no longer share similar risk characteristics with collectively evaluated pools are estimated on an individual basis. A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table summarizes collateral-dependent gross loans held for investment by collateral type as follows:

			Accounts								ACL
March 31, 2024	Real Estate		Receivable		Equipment		Other		Total		Allocation
	(In Thousands)
Commercial, financial and agricultural	$	18,467	$	3,834	$	3,673	$	29,841	$	55,815	$	15,495
Real estate - construction		2,142		-		-		972		3,114		-
Real estate - mortgage:
Owner-occupied commercial		19,476		-		-		-		19,476		241
1-4 family mortgage		15,542		-		-		-		15,542		1,580
Other mortgage		5,808		-		-		-		5,808		568
Total real estate - mortgage		40,826		-		-		-		40,826		2,389
Consumer		-		-		-		-		-		-
Total	$	61,435	$	3,834	$	3,673	$	30,813	$	99,755	$	17,884

			Accounts								ACL
December 31, 2023	Real Estate		Receivable		Equipment		Other		Total		Allocation
	(In Thousands)
Commercial, financial and agricultural	$	20,266	$	7,240	$	2,126	$	24,016	$	53,648	$	16,189
Real estate - construction		145		-		-		978		1,123		1
Real estate - mortgage:
Owner-occupied commercial		12,038		-		-		698		12,736		475
1-4 family mortgage		15,694		-		-		-		15,694		1,058
Other mortgage		5,062		-		-		800		5,862		603
Total real estate - mortgage		32,794		-		-		1,498		34,292		2,136
Consumer		-		-		-		-		-		-
Total	$	53,205	$	7,240	$	2,126	$	26,492	$	89,063	$	18,326

The table below details the amortized cost basis at the end of the reporting period for loans made to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31, 2024
			Payment Deferral
	Term		and Term				Percentage of
	Extensions		Extensions		Total		Total Loans
	(In Thousands)

Commercial, financial and agricultural	$	5,568	$	-	$	5,568		0.05	%
Real estate - construction		973		-		973		0.01	%
Owner-occupied commercial		1,501		-		1,501		0.01	%
1-4 family mortgage		424		-		424		-	%
Other mortgage		9,913		-		9,913		0.08	%
Total	$	18,379	$	-	$	18,379		0.15	%

	Three Months Ended March 31, 2023
			Payment Deferral
	Term		and Term				Percentage of
	Extensions		Extensions		Total		Total Loans
	(In Thousands)

Commercial, financial and agricultural	$	28,335	$	-	$	28,335		0.24	%
Owner-occupied commercial		23		701		724		0.01	%
1-4 family mortgage		214		-		214		-	%
Other mortgage		11,254		359		11,613		0.10	%
Total	$	39,827	$	1,060	$	40,886		0.35	%

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

	Three Months Ended March 31, 2024
			Total Payment
	Term Extensions		Deferral
	(In months)		(In Thousands)
Commercial, financial and agricultural		1 to 6	$	-
Real estate - construction		12		-
Owner-occupied commercial		12		-
1-4 family mortgage		12		-
Other mortgage		11		-

	Three Months Ended March 31, 2023
			Total Payment
	Term Extensions		Deferral
	(In months)		(In Thousands)
Commercial, financial and agricultural		3 to 12	$	-
Real estate - construction		6		-
Owner-occupied commercial		3 to 18		49
1-4 family mortgage		3		-
Other mortgage		3 to 36		59

No loans modified on or after March 31, 2023, were past due greater than 30 days or on non-accrual as of March 31, 2024.

As of March 31, 2024, the Company did not have any loans made to borrowers experiencing financial difficulty that were modified during the first quarter of 2024 that subsequently defaulted. For purposes of this disclosure, default is defined as 90 days past due and still accruing or placement on nonaccrual status.