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Allowance for Credit Losses (Tables) | 12 Months Ended
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Dec. 31, 2020
Receivables [Abstract] |
Summary of loans | The following is a summary of non purchased loans and leases at December 31:
| 2020 |  | 2019
Commercial, financial, agricultural | $ | 2,360,471 |  |  | $ | 1,052,353 |
Lease financing | 80,022 |  |  | 85,700 |
Real estate – construction: |  |  |
Residential | 243,814 |  |  | 272,643 |
Commercial | 583,338 |  |  | 502,258 |
Total real estate – construction | 827,152 |  |  | 774,901 |
Real estate – 1-4 family mortgage: |  |  |
Primary | 1,536,181 |  |  | 1,449,219 |
Home equity | 432,768 |  |  | 456,265 |
Rental/investment | 264,436 |  |  | 291,931 |
Land development | 123,179 |  |  | 152,711 |
Total real estate – 1-4 family mortgage | 2,356,564 |  |  | 2,350,126 |
Real estate – commercial mortgage: |  |  |
Owner-occupied | 1,334,765 |  |  | 1,209,204 |
Non-owner occupied | 2,194,739 |  |  | 1,803,587 |
Land development | 120,125 |  |  | 116,085 |
Total real estate – commercial mortgage | 3,649,629 |  |  | 3,128,876 |
Installment loans to individuals | 149,862 |  |  | 199,843 |
Gross loans | 9,423,700 |  |  | 7,591,799 |
Unearned income | (4,160) |  |  | (3,825) |
Loans, net of unearned income | $ | 9,419,540 |  |  | $ | 7,587,974 |
The following is a summary of purchased loans at December 31:
| 2020 |  | 2019
Commercial, financial, agricultural | $ | 176,513 |  |  | $ | 315,619 |
Real estate – construction: |  |  |
Residential | 2,859 |  |  | 16,407 |
Commercial | 28,093 |  |  | 35,175 |
Total real estate – construction | 30,952 |  |  | 51,582 |
Real estate – 1-4 family mortgage: |  |  |
Primary | 214,770 |  |  | 332,729 |
Home equity | 80,392 |  |  | 117,275 |
Rental/investment | 31,928 |  |  | 43,169 |
Land development | 14,654 |  |  | 23,314 |
Total real estate – 1-4 family mortgage | 341,744 |  |  | 516,487 |
Real estate – commercial mortgage: |  |  |
Owner-occupied | 323,041 |  |  | 428,077 |
Non-owner occupied | 552,728 |  |  | 647,308 |
Land development | 29,454 |  |  | 40,004 |
Total real estate – commercial mortgage | 905,223 |  |  | 1,115,389 |
Installment loans to individuals | 59,675 |  |  | 102,587 |
Loans | $ | 1,514,107 |  |  | $ | 2,101,664 |
The following is a summary of non purchased and purchased loans and leases at December 31:
| 2020 |  | 2019
Commercial, financial, agricultural | $ | 2,536,984 |  |  | $ | 1,367,972 |
Lease financing | 80,022 |  |  | 85,700 |
Real estate – construction: |  |  |
Residential | 246,673 |  |  | 289,050 |
Commercial | 611,431 |  |  | 537,433 |
Total real estate – construction | 858,104 |  |  | 826,483 |
Real estate – 1-4 family mortgage: |  |  |
Primary | 1,750,951 |  |  | 1,781,948 |
Home equity | 513,160 |  |  | 573,540 |
Rental/investment | 296,364 |  |  | 335,100 |
Land development | 137,833 |  |  | 176,025 |
Total real estate – 1-4 family mortgage | 2,698,308 |  |  | 2,866,613 |
Real estate – commercial mortgage: |  |  |
Owner-occupied | 1,657,806 |  |  | 1,637,281 |
Non-owner occupied | 2,747,467 |  |  | 2,450,895 |
Land development | 149,579 |  |  | 156,089 |
Total real estate – commercial mortgage | 4,554,852 |  |  | 4,244,265 |
Installment loans to individuals | 209,537 |  |  | 302,430 |
Gross loans | 10,937,807 |  |  | 9,693,463 |
Unearned income | (4,160) |  |  | (3,825) |
Loans, net of unearned income | 10,933,647 |  |  | 9,689,638 |
Allowance for credit losses on loans | (176,144) |  |  | (52,162) |
Net loans | $ | 10,757,503 |  |  | $ | 9,637,476 |
Rollforward of the allowance for loan losses | The following table provides a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology for the periods presented:
| Commercial |  | Real Estate - Construction |  | Real Estate - 1-4 Family Mortgage |  | Real Estate - Commercial Mortgage |  | Lease Financing |  | Installment Loans to Individuals |  | Total
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 10,658 |  |  | $ | 5,029 |  |  | $ | 9,814 |  |  | $ | 24,990 |  |  | $ | 910 |  |  | $ | 761 |  |  | $ | 52,162 |
Impact of the adoption of ASC 326 | 11,351 |  |  | 3,505 |  |  | 14,314 |  |  | 4,293 |  |  | 521 |  |  | 8,500 |  |  | 42,484 |
Charge-offs | (3,577) |  |  | (716) |  |  | (1,167) |  |  | (2,642) |  |  | (168) |  |  | (7,835) |  |  | (16,105) |
Recoveries | 1,263 |  |  | 31 |  |  | 838 |  |  | 2,478 |  |  | 11 |  |  | 7,632 |  |  | 12,253 |
Net charge-offs | (2,314) |  |  | (685) |  |  | (329) |  |  | (164) |  |  | (157) |  |  | (203) |  |  | (3,852) |
Provision for credit losses on loans | 19,336 |  |  | 8,198 |  |  | 8,366 |  |  | 47,008 |  |  | 350 |  |  | 2,092 |  |  | 85,350 |
Ending balance | $ | 39,031 |  |  | $ | 16,047 |  |  | $ | 32,165 |  |  | $ | 76,127 |  |  | $ | 1,624 |  |  | $ | 11,150 |  |  | $ | 176,144 |
Period-End Amount Allocated to: |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated | $ | 10,345 |  |  | $ | 497 |  |  | $ | 300 |  |  | $ | 2,444 |  |  | $ | — |  |  | $ | 604 |  |  | $ | 14,190 |
Collectively evaluated | 28,686 |  |  | 15,550 |  |  | 31,865 |  |  | 73,683 |  |  | 1,624 |  |  | 10,546 |  |  | 161,954 |
Ending balance | $ | 39,031 |  |  | $ | 16,047 |  |  | $ | 32,165 |  |  | $ | 76,127 |  |  | $ | 1,624 |  |  | $ | 11,150 |  |  | $ | 176,144 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated | $ | 16,091 |  |  | $ | 497 |  |  | $ | 5,379 |  |  | $ | 21,764 |  |  | $ | — |  |  | $ | 619 |  |  | $ | 44,350 |
Collectively evaluated | 2,520,893 |  |  | 857,607 |  |  | 2,692,929 |  |  | 4,533,088 |  |  | 75,862 |  |  | 208,918 |  |  | 10,889,297 |
Ending balance | $ | 2,536,984 |  |  | $ | 858,104 |  |  | $ | 2,698,308 |  |  | $ | 4,554,852 |  |  | $ | 75,862 |  |  | $ | 209,537 |  |  | $ | 10,933,647 |
Nonaccruing loans with no allowance for credit losses | $ | 541 |  |  | $ | — |  |  | $ | 4,054 |  |  | $ | 4,382 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,977 |
Upon adoption of ASC 326 on January 1, 2020, the allowance for credit losses on loans was increased by $42,484. The Company recorded $85,350 in total provision for credit losses on loans during 2020. The provision recorded during the year was primarily driven by the current and future economic uncertainty caused by the COVID-19 pandemic, including the current projections of an improving, but continued elevated national unemployment rate into 2021 and 2022 and nominal GDP growth relative to pre-pandemic levels. The Company also factored into its estimate the potential benefit and risk of participation in the government programs implemented through the CARES Act and the internal loan deferral program offered to qualified customers. The Company utilized a two year reasonable and supportable forecast range during the current period. The Company continues its heightened monitoring efforts with respect to loans in certain industries the Company currently believes pose a greater risk in the current environment (i.e., hospitality and healthcare). In addition, the Company will continue to monitor the performance of all portfolios, the severity and duration of the pandemic and potential subsequent recovery of the economic environment. Although the Company made an accounting policy election to exclude accrued interest from the amortized cost of loans and therefore the allowance calculation, the Company recorded $1,500 in provision for credit losses to establish an allowance for the interest deferred as part of the loan deferral program. The following table provides a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology prior to the adoption of ASC 326 for the periods presented:
| Commercial |  | Real Estate - Construction |  | Real Estate - 1-4 Family Mortgage |  | Real Estate - Commercial Mortgage |  | Installment and Other(1) |  | Total
Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 8,269 |  |  | $ | 4,755 |  |  | $ | 10,139 |  |  | $ | 24,492 |  |  | $ | 1,371 |  |  | $ | 49,026 |
Charge-offs | (2,681) |  |  | — |  |  | (1,602) |  |  | (1,490) |  |  | (7,705) |  |  | (13,478) |
Recoveries | 1,428 |  |  | 21 |  |  | 712 |  |  | 689 |  |  | 6,714 |  |  | 9,564 |
Net charge-offs | (1,253) |  |  | 21 |  |  | (890) |  |  | (801) |  |  | (991) |  |  | (3,914) |
Provision for loan losses | 3,642 |  |  | 253 |  |  | 565 |  |  | 1,299 |  |  | 1,291 |  |  | 7,050 |
Ending balance | $ | 10,658 |  |  | $ | 5,029 |  |  | $ | 9,814 |  |  | $ | 24,990 |  |  | $ | 1,671 |  |  | $ | 52,162 |
Period-End Amount Allocated to: |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 1,434 |  |  | $ | 16 |  |  | $ | 160 |  |  | $ | 396 |  |  | $ | 6 |  |  | $ | 2,012 |
Collectively evaluated for impairment | 8,932 |  |  | 5,013 |  |  | 9,363 |  |  | 23,208 |  |  | 1,663 |  |  | 48,179 |
Purchased with deteriorated credit quality | 292 |  |  | — |  |  | 291 |  |  | 1,386 |  |  | 2 |  |  | 1,971 |
Ending balance | $ | 10,658 |  |  | $ | 5,029 |  |  | $ | 9,814 |  |  | $ | 24,990 |  |  | $ | 1,671 |  |  | $ | 52,162 |
Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 5,542 |  |  | $ | 3,428 |  |  | $ | 12,009 |  |  | $ | 23,384 |  |  | $ | 1,848 |  |  | $ | 46,211 |
Charge-offs | (2,415) |  |  | (51) |  |  | (2,023) |  |  | (1,197) |  |  | (742) |  |  | (6,428) |
Recoveries | 618 |  |  | 13 |  |  | 573 |  |  | 1,108 |  |  | 121 |  |  | 2,433 |
Net charge-offs | (1,797) |  |  | (38) |  |  | (1,450) |  |  | (89) |  |  | (621) |  |  | (3,995) |
Provision for loan losses | 4,524 |  |  | 1,365 |  |  | (420) |  |  | 1,197 |  |  | 144 |  |  | 6,810 |
Ending balance | $ | 8,269 |  |  | $ | 4,755 |  |  | $ | 10,139 |  |  | $ | 24,492 |  |  | $ | 1,371 |  |  | $ | 49,026 |
Period-End Amount Allocated to: |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 336 |  |  | $ | 68 |  |  | $ | 79 |  |  | $ | 1,027 |  |  | $ | 4 |  |  | $ | 1,514 |
Collectively evaluated for impairment | 7,772 |  |  | 4,687 |  |  | 9,572 |  |  | 21,564 |  |  | 1,365 |  |  | 44,960 |
Purchased with deteriorated credit quality | 161 |  |  | — |  |  | 488 |  |  | 1,901 |  |  | 2 |  |  | 2,552 |
Ending balance | $ | 8,269 |  |  | $ | 4,755 |  |  | $ | 10,139 |  |  | $ | 24,492 |  |  | $ | 1,371 |  |  | $ | 49,026 |
(1) Includes lease financing receivables.
Investment in loans, net of unearned income on impairment methodology | The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:
| Commercial |  | Real Estate - Construction |  | Real Estate - 1-4 Family Mortgage |  | Real Estate - Commercial Mortgage |  | Installment and Other(1) |  | Total
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 8,460 |  |  | $ | 12,416 |  |  | $ | 20,262 |  |  | $ | 9,550 |  |  | $ | 491 |  |  | $ | 51,179 |
Collectively evaluated for impairment | 1,329,974 |  |  | 813,204 |  |  | 2,810,808 |  |  | 4,131,582 |  |  | 380,627 |  |  | 9,466,195 |
Acquired with deteriorated credit quality | 29,538 |  |  | 863 |  |  | 35,543 |  |  | 103,133 |  |  | 3,187 |  |  | 172,264 |
Ending balance | $ | 1,367,972 |  |  | $ | 826,483 |  |  | $ | 2,866,613 |  |  | $ | 4,244,265 |  |  | $ | 384,305 |  |  | $ | 9,689,638 |
(1)Includes lease financing receivables.
Off-balance sheet, credit loss, liability, allowance for credit losses | The following table provides a roll-forward of the allowance for credit losses on unfunded loan commitments for the period presented.
Year Ended December 31, 2020 |
Allowance for credit losses on unfunded loan commitments: |
Beginning balance | $ | 946 |
Impact of the adoption of ASC 326 | 10,389 |
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) | 9,200 |
Ending balance | $ | 20,535 |

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