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Loans, Allowance for Credit Losses, and Asset Quality Information (Tables) | 3 Months Ended
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Mar. 31, 2023
Receivables [Abstract] |
Summary of Major Categories of Total Loans Outstanding | The following is a summary of the major categories of total loans outstanding:
($ in thousands) | March 31, 2023 |  | December 31, 2022
| Amount |  | Percentage |  | Amount |  | Percentage
All loans: |  |  |  |  |  |  |
Commercial, financial, and agricultural | $ | 885,032 |  |  | 11 | % |  | $ | 641,941 |  |  | 9 | %
Real estate – construction, land development & other land loans | 1,092,026 |  |  | 14 | % |  | 934,176 |  |  | 14 | %
Real estate mortgage – residential (1-4 family) first mortgages | 1,386,580 |  |  | 18 | % |  | 1,195,785 |  |  | 18 | %
Real estate mortgage – home equity loans / lines of credit | 342,287 |  |  | 4 | % |  | 323,726 |  |  | 5 | %
Real estate mortgage – commercial and other | 4,026,258 |  |  | 52 | % |  | 3,510,261 |  |  | 53 | %
Consumer loans | 68,056 |  |  | 1 | % |  | 60,659 |  |  | 1 | %
Subtotal | 7,800,239 |  |  | 100 | % |  | 6,666,548 |  |  | 100 | %
Unamortized net deferred loan fees | (1,276) |  |  |  |  | (1,403) |  |  |
Total loans | $ | 7,798,963 |  |  |  |  | $ | 6,665,145 |  |  |
Also included in the table above are various SBA loans, generally originated under the SBA 7A program, with additional information on these loans presented in the table below.
($ in thousands) | March 31, 2023 |  | December 31, 2022
Guaranteed portions of SBA loans included in table above | $ | 36,035 |  |  | 31,893 |
Unguaranteed portions of SBA loans included in table above | 115,413 |  |  | 116,910 |
Total SBA loans included in the table above | $ | 151,448 |  |  | 148,803 |
Sold portions of SBA loans with servicing retained - not included in tables above | $ | 380,634 |  |  | 392,370 |
Schedule of Nonperforming Assets and Nonaccrual Loans | Nonperforming assets are defined as nonaccrual loans, modifications to borrowers in financial distress, loans past due 90 or more days and still accruing interest, foreclosed real estate, and prior to the adoption of ASU 2022-02 on January 1, 2023, TDRs. Nonperforming assets are summarized as follows.
($ in thousands) | March 31, 2023 |  | December 31, 2022
Nonaccrual loans | $ | 28,059 |  |  | 28,514 |
Modifications to borrowers in financial distress | 2,224 |  |  | — |
TDRs - accruing | — |  |  | 9,121 |
Total nonperforming loans | 30,283 |  |  | 37,635 |
Foreclosed real estate | 789 |  |  | 658 |
Total nonperforming assets | $ | 31,072 |  |  | 38,293 |
The following table is a summary of the Company’s nonaccrual loans by major categories as of March 31, 2023:
($ in thousands) |  | Nonaccrual Loans with No Allowance |  | Nonaccrual Loans with an Allowance |  | Total Nonaccrual Loans
Commercial, financial, and agricultural |  | $ | 36 |  |  | 10,752 |  |  | 10,788 |
Real estate – construction, land development & other land loans |  | — |  |  | 123 |  |  | 123 |
Real estate mortgage – residential (1-4 family) first mortgages |  | — |  |  | 3,026 |  |  | 3,026 |
Real estate mortgage – home equity loans / lines of credit |  | — |  |  | 1,781 |  |  | 1,781 |
Real estate mortgage – commercial and other |  | 4,059 |  |  | 8,096 |  |  | 12,155 |
Consumer loans |  | — |  |  | 186 |  |  | 186 |
Total |  | $ | 4,095 |  |  | 23,964 |  |  | 28,059 |
The following table is a summary of the Company’s nonaccrual loans by major categories as of December 31, 2022:
($ in thousands) |  | Nonaccrual Loans with No Allowance |  | Nonaccrual Loans with an Allowance |  | Total Nonaccrual Loans
Commercial, financial, and agricultural |  | $ | 3,855 |  |  | 6,374 |  |  | 10,229 |
Real estate – construction, land development & other land loans |  | — |  |  | 1,009 |  |  | 1,009 |
Real estate mortgage – residential (1-4 family) first mortgages |  | 157 |  |  | 3,132 |  |  | 3,289 |
Real estate mortgage – home equity loans / lines of credit |  | — |  |  | 1,397 |  |  | 1,397 |
Real estate mortgage – commercial and other |  | 5,010 |  |  | 7,495 |  |  | 12,505 |
Consumer loans |  | — |  |  | 85 |  |  | 85 |
Total |  | $ | 9,022 |  |  | 19,492 |  |  | 28,514 |
Summary of Accrued Interest Receivables Written Off | The following table represents the accrued interest receivables written off by reversing interest income during each period indicated:
($ in thousands) | Three Months Ended March 31, 2023 |  | For the Year Ended December 31, 2022 |  | Three Months Ended March 31, 2022
Commercial, financial, and agricultural | $ | 123 |  |  | 102 |  |  | 8 |
Real estate – construction, land development & other land loans | — |  |  | 16 |  |  | 12 |
Real estate mortgage – residential (1-4 family) first mortgages | 8 |  |  | 45 |  |  | 10 |
Real estate mortgage – home equity loans / lines of credit | 9 |  |  | 20 |  |  | 2 |
Real estate mortgage – commercial and other | 16 |  |  | 139 |  |  | 100 |
Consumer loans | — |  |  | 2 |  |  | — |
Total | $ | 156 |  |  | 324 |  |  | 132 |
Schedule of Analysis of Payment Status | The following table presents an analysis of the payment status of the Company’s loans as of March 31, 2023:
($ in thousands) | Accruing 30-59 Days Past Due |  | Accruing 60-89 Days Past Due |  | Accruing 90 Days or More Past Due |  | Nonaccrual Loans |  | Accruing Current |  | Total Loans Receivable
Commercial, financial, and agricultural | $ | 1,329 |  |  | 392 |  |  | — |  |  | 10,788 |  |  | 872,523 |  |  | 885,032 |
Real estate – construction, land development & other land loans | 233 |  |  | 52 |  |  | — |  |  | 123 |  |  | 1,091,618 |  |  | 1,092,026 |
Real estate mortgage – residential (1-4 family) first mortgages | 8,806 |  |  | 95 |  |  | — |  |  | 3,026 |  |  | 1,374,653 |  |  | 1,386,580 |
Real estate mortgage – home equity loans / lines of credit | 807 |  |  | 139 |  |  | — |  |  | 1,781 |  |  | 339,560 |  |  | 342,287 |
Real estate mortgage – commercial and other | 1,896 |  |  | 725 |  |  | — |  |  | 12,155 |  |  | 4,011,482 |  |  | 4,026,258 |
Consumer loans | 252 |  |  | 65 |  |  | — |  |  | 186 |  |  | 67,553 |  |  | 68,056 |
Total | $ | 13,323 |  |  | 1,468 |  |  | — |  |  | 28,059 |  |  | 7,757,389 |  |  | 7,800,239 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  | (1,276) |
Total loans |  |  |  |  |  |  |  |  |  |  | 7,798,963 |
The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2022:
($ in thousands) | Accruing 30-59 Days Past Due |  | Accruing 60-89 Days Past Due |  | Accruing 90 Days or More Past Due |  | Nonaccrual Loans |  | Accruing Current |  | Total Loans Receivable
Commercial, financial, and agricultural | $ | 438 |  |  | 565 |  |  | — |  |  | 10,229 |  |  | 630,709 |  |  | 641,941 |
Real estate – construction, land development & other land loans | 238 |  |  | 1,687 |  |  | — |  |  | 1,009 |  |  | 931,242 |  |  | 934,176 |
Real estate mortgage – residential (1-4 family) first mortgages | 3,415 |  |  | 25 |  |  | — |  |  | 3,289 |  |  | 1,189,056 |  |  | 1,195,785 |
Real estate mortgage – home equity loans / lines of credit | 457 |  |  | 371 |  |  | — |  |  | 1,397 |  |  | 321,501 |  |  | 323,726 |
Real estate mortgage – commercial and other | 620 |  |  | 97 |  |  | — |  |  | 12,505 |  |  | 3,497,039 |  |  | 3,510,261 |
Consumer loans | 249 |  |  | 66 |  |  | — |  |  | 85 |  |  | 60,259 |  |  | 60,659 |
Total | $ | 5,417 |  |  | 2,811 |  |  | — |  |  | 28,514 |  |  | 6,629,806 |  |  | 6,666,548 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  | (1,403) |
Total loans |  |  |  |  |  |  |  |  |  |  | $ | 6,665,145 |
Analysis of Collateral-Dependent Loans | The following table presents an analysis of collateral dependent loans of the Company as of March 31, 2023:
($ in thousands) | Residential Property |  | Business Assets |  | Land |  | Commercial Property |  |  |  | Total Collateral-Dependent Loans
Commercial, financial, and agricultural | $ | — |  |  | 3,085 |  |  | — |  |  | — |  |  |  |  | 3,085 |
Real estate mortgage – commercial and other | — |  |  | — |  |  | — |  |  | 4,718 |  |  |  |  | 4,718 |
Total | $ | — |  |  | 3,085 |  |  | — |  |  | 4,718 |  |  |  |  | 7,803 |
The following table presents an analysis of collateral dependent loans of the Company as of December 31, 2022:
($ in thousands) | Residential Property |  | Business Assets |  | Land |  | Commercial Property |  |  |  | Total Collateral-Dependent Loans
Commercial, financial, and agricultural | $ | — |  |  | 6,394 |  |  | — |  |  | — |  |  |  |  | 6,394 |
Real estate mortgage – residential (1-4 family) first mortgages | 157 |  |  | — |  |  | — |  |  | — |  |  |  |  | 157 |
Real estate mortgage – commercial and other | — |  |  | — |  |  | — |  |  | 6,723 |  |  |  |  | 6,723 |
Total | $ | 157 |  |  | 6,394 |  |  | — |  |  | 6,723 |  |  |  |  | 13,274 |
Schedule of Allowance for Loan Losses | The following tables presents the activity in the ACL on loans for each of the periods indicated. Fluctuations in the ACL each period are based on loan mix and growth, changes in the levels of nonperforming loans, economic forecasts impacting loss drivers, other assumptions and inputs to the CECL model, and as occurred in 2023, adjustments for acquired loan portfolios. Much of the change to the level of ACL during the three months ended March 31, 2023 is attributed to the acquisition of GrandSouth. In addition to the "Day 1" allowance recorded for PCD loans of $5.6 million, the Company recorded a "Day 2" initial provision of $12.2 million related to the non-PCD loans in the GrandSouth portfolio. The balance of the change was a result of updated economic forecast inputs to our CECL model driving lower loss rate assumptions, primarily due to slightly improved unemployment and GDP forecasts.
($ in thousands) | Commercial, financial, and agricultural |  | Real estate – construction, land development & other land loans |  | Real estate mortgage – residential (1-4 family) first mortgages |  | Real estate mortgage – home equity loans / lines of credit |  | Real estate mortgage – commercial and other |  | Consumer loans |  |  |  | Total
As of and for the three months ended March 31, 2023
Beginning balance | $ | 17,718 |  |  | 15,128 |  |  | 11,354 |  |  | 3,158 |  |  | 40,709 |  |  | 2,900 |  |  |  |  | 90,967 |
"Day 1" ACL for acquired PCD loans | 5,197 |  |  | 49 |  |  | 113 |  |  | 8 |  |  | 242 |  |  | 1 |  |  |  |  | 5,610 |
Charge-offs | (2,177) |  |  | — |  |  | — |  |  | (2) |  |  | (235) |  |  | (207) |  |  |  |  | (2,621) |
Recoveries | 274 |  |  | 65 |  |  | 146 |  |  | 34 |  |  | 434 |  |  | 36 |  |  |  |  | 989 |
Provisions / (Reversals) | 2,061 |  |  | 3,744 |  |  | 672 |  |  | 283 |  |  | 4,126 |  |  | 565 |  |  |  |  | 11,451 |
Ending balance | $ | 23,073 |  |  | 18,986 |  |  | 12,285 |  |  | 3,481 |  |  | 45,276 |  |  | 3,295 |  |  |  |  | 106,396 |
($ in thousands) | Commercial, financial, and agricultural |  | Real estate – construction, land development & other land loans |  | Real estate mortgage – residential (1-4 family) first mortgages |  | Real estate mortgage – home equity loans / lines of credit |  | Real estate mortgage – commercial and other |  | Consumer loans |  |  |  | Total
As of and for the year ended December 31, 2022
Beginning balance | $ | 16,249 |  |  | 16,519 |  |  | 8,686 |  |  | 4,337 |  |  | 30,342 |  |  | 2,656 |  |  |  |  | 78,789 |
Charge-offs | (2,519) |  |  | — |  |  | — |  |  | (43) |  |  | (1,063) |  |  | (840) |  |  |  |  | (4,465) |
Recoveries | 756 |  |  | 480 |  |  | 17 |  |  | 600 |  |  | 1,983 |  |  | 207 |  |  |  |  | 4,043 |
Provisions/(Reversals) | 3,232 |  |  | (1,871) |  |  | 2,651 |  |  | (1,736) |  |  | 9,447 |  |  | 877 |  |  |  |  | 12,600 |
Ending balance | $ | 17,718 |  |  | 15,128 |  |  | 11,354 |  |  | 3,158 |  |  | 40,709 |  |  | 2,900 |  |  |  |  | 90,967 |
($ in thousands) | Commercial, financial, and agricultural |  | Real estate – construction, land development & other land loans |  | Real estate mortgage – residential (1-4 family) first mortgages |  | Real estate mortgage – home equity loans / lines of credit |  | Real estate mortgage – commercial and other |  | Consumer loans |  |  |  | Total
As of and for the three months ended March 31, 2022
Beginning balance | $ | 16,249 |  |  | 16,519 |  |  | 8,686 |  |  | 4,337 |  |  | 30,342 |  |  | 2,656 |  |  |  |  | 78,789 |
Charge-offs | (790) |  |  | — |  |  | — |  |  | (41) |  |  | (45) |  |  | (167) |  |  |  |  | (1,043) |
Recoveries | 247 |  |  | 137 |  |  | 4 |  |  | 233 |  |  | 155 |  |  | 47 |  |  |  |  | 823 |
Provisions/(Reversals) | 307 |  |  | (599) |  |  | (531) |  |  | (2,455) |  |  | 6,875 |  |  | (97) |  |  |  |  | 3,500 |
Ending balance | $ | 16,013 |  |  | 16,057 |  |  | 8,159 |  |  | 2,074 |  |  | 37,327 |  |  | 2,439 |  |  |  |  | 82,069 |
The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three months ended March 31, 2023 and 2022 and for the twelve months ended December 31, 2022:
($ in thousands) | March 31, 2023 |  | December 31, 2022 |  | March 31, 2022
Beginning balance | $ | 13,306 |  |  | 13,506 |  |  | 13,506 |
"Day 2" provision for credit losses on unfunded commitments acquired from GrandSouth | 1,921 |  |  | — |  |  | — |
Charge-offs | — |  |  | — |  |  | — |
Recoveries | — |  |  | — |  |  | — |
Reversal of provision for unfunded commitments | (870) |  |  | (200) |  |  | (1,500) |
Ending balance | $ | 14,357 |  |  | 13,306 |  |  | 12,006 |
Schedule of Recorded Investment in Loans by Credit Quality Indicators | The following describes the Company’s internal risk grades in ascending order of likelihood of loss:
| Risk Grade | Description
Pass: |  |
| 1 | Loans with virtually no risk, including cash secured loans.
| 2 | Loans with documented significant overall financial strength. These loans have minimum chance of loss due to the presence of multiple sources of repayment – each clearly sufficient to satisfy the obligation.
| 3 | Loans with documented satisfactory overall financial strength. These loans have a low loss potential due to presence of at least two clearly identified sources of repayment – each of which is sufficient to satisfy the obligation under the present circumstances.
| 4 | Loans to borrowers with acceptable financial condition. These loans could have signs of minor operational weaknesses, lack of adequate financial information, or loans supported by collateral with questionable value or marketability.
| 5 | Loans that represent above average risk due to minor weaknesses and warrant closer scrutiny by management. Collateral is generally required and felt to provide reasonable coverage with realizable liquidation values in normal circumstances. Repayment performance is satisfactory.
| P (Pass) | Consumer loans that are of satisfactory credit quality with borrowers who exhibit good personal credit history, average personal financial strength and moderate debt levels. These loans generally conform to Bank policy, but may include approved mitigated exceptions to the guidelines.
Special Mention: |  |
| 6 | Existing loans with defined weaknesses in primary source of repayment that, if not corrected, could cause a loss to the Bank.
Classified: |  |
| 7 | An existing loan inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt.
| 8 | Loans that have a well-defined weakness that make the collection or liquidation in full highly questionable and improbable. Loss appears imminent, but the exact amount and timing is uncertain.
| 9 | Loans that are considered uncollectible and are in the process of being charged-off. This grade is a temporary grade assigned for administrative purposes until the charge-off is completed.
| F (Fail) | Consumer loans with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc.
In the tables that follow, substantially all of the "Classified Loans" have grades of 7 or Fail, with those categories having similar levels of risk. The tables below present the Company’s recorded investment in loans by credit quality indicators by year of origination or renewal as of the periods indicated. Acquired loans are presented in the year originated, not in the year of acquisition.
| Term Loans by Year of Origination |  |  |  |
($ in thousands) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving |  | Total
As of March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 30,973 |  |  | 191,669 |  |  | 133,914 |  |  | 90,094 |  |  | 54,372 |  |  | 72,590 |  |  | 295,435 |  |  | 869,047 |
Special Mention | 362 |  |  | 233 |  |  | 367 |  |  | 529 |  |  | 1,164 |  |  | 914 |  |  | 109 |  |  | 3,678 |
Classified | — |  |  | 1,020 |  |  | 1,990 |  |  | 1,651 |  |  | 1,618 |  |  | 5,346 |  |  | 682 |  |  | 12,307 |
Total commercial, financial, and agricultural | 31,335 |  |  | 192,922 |  |  | 136,271 |  |  | 92,274 |  |  | 57,154 |  |  | 78,850 |  |  | 296,226 |  |  | 885,032 |
Gross charge-offs, YTD | — |  |  | 129 |  |  | 691 |  |  | 21 |  |  | 299 |  |  | 651 |  |  | 386 |  |  | 2,177 |
Real estate – construction, land development & other land loans |  |  |  |  |  |  |  |
Pass | 170,337 |  |  | 570,389 |  |  | 221,325 |  |  | 46,235 |  |  | 15,108 |  |  | 10,720 |  |  | 51,065 |  |  | 1,085,179 |
Special Mention | 389 |  |  | 5,220 |  |  | — |  |  | 1 |  |  | — |  |  | 102 |  |  | 12 |  |  | 5,724 |
Classified | 530 |  |  | 272 |  |  | 86 |  |  | 32 |  |  | 19 |  |  | 160 |  |  | 24 |  |  | 1,123 |
Total real estate – construction, land development & other land loans | 171,256 |  |  | 575,881 |  |  | 221,411 |  |  | 46,268 |  |  | 15,127 |  |  | 10,982 |  |  | 51,101 |  |  | 1,092,026 |
Gross charge-offs, YTD | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate mortgage – residential (1-4 family) first mortgages |  |  |  |  |  |  |  |
Pass | 70,953 |  |  | 376,734 |  |  | 317,648 |  |  | 205,073 |  |  | 102,510 |  |  | 297,101 |  |  | 1,770 |  |  | 1,371,789 |
Special Mention | — |  |  | 748 |  |  | 203 |  |  | 106 |  |  | 647 |  |  | 2,110 |  |  | 19 |  |  | 3,833 |
Classified | — |  |  | 538 |  |  | 130 |  |  | 397 |  |  | 403 |  |  | 8,801 |  |  | 689 |  |  | 10,958 |
Total real estate mortgage – residential (1-4 family) first mortgages | 70,953 |  |  | 378,020 |  |  | 317,981 |  |  | 205,576 |  |  | 103,560 |  |  | 308,012 |  |  | 2,478 |  |  | 1,386,580 |
Gross charge-offs, YTD | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate mortgage – home equity loans / lines of credit |  |  |  |  |  |  |  |  |  |
Pass | 624 |  |  | 5,439 |  |  | 1,732 |  |  | 1,338 |  |  | 219 |  |  | 1,883 |  |  | 322,004 |  |  | 333,239 |
Special Mention | — |  |  | 173 |  |  | 119 |  |  | — |  |  | — |  |  | 17 |  |  | 123 |  |  | 432 |
Classified | 13 |  |  | 91 |  |  | 153 |  |  | 93 |  |  | 92 |  |  | 276 |  |  | 7,898 |  |  | 8,616 |
Total real estate mortgage – home equity loans / lines of credit | 637 |  |  | 5,703 |  |  | 2,004 |  |  | 1,431 |  |  | 311 |  |  | 2,176 |  |  | 330,025 |  |  | 342,287 |
Gross charge-offs, YTD | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Real estate mortgage – commercial and other |  |  |  |  |  |  |  |  |  |
Pass | 156,862 |  |  | 1,245,323 |  |  | 1,311,892 |  |  | 617,132 |  |  | 280,085 |  |  | 306,906 |  |  | 59,260 |  |  | 3,977,460 |
Special Mention | 243 |  |  | 1,617 |  |  | 1,016 |  |  | 8,473 |  |  | 7,327 |  |  | 11,948 |  |  | 652 |  |  | 31,276 |
Classified | 189 |  |  | 3,983 |  |  | 541 |  |  | 255 |  |  | 3,896 |  |  | 8,297 |  |  | 361 |  |  | 17,522 |
Total real estate mortgage – commercial and other | 157,294 |  |  | 1,250,923 |  |  | 1,313,449 |  |  | 625,860 |  |  | 291,308 |  |  | 327,151 |  |  | 60,273 |  |  | 4,026,258 |
Gross charge-offs, YTD | — |  |  | — |  |  | 235 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 235 |
Consumer loans
Pass | 4,750 |  |  | 18,431 |  |  | 8,093 |  |  | 3,646 |  |  | 1,036 |  |  | 1,026 |  |  | 30,541 |  |  | 67,523 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Classified | 235 |  |  | 173 |  |  | 35 |  |  | — |  |  | 6 |  |  | 15 |  |  | 69 |  |  | 533 |
Total consumer loans | 4,985 |  |  | 18,604 |  |  | 8,128 |  |  | 3,646 |  |  | 1,042 |  |  | 1,041 |  |  | 30,610 |  |  | 68,056 |
Gross charge-offs, YTD | — |  |  | — |  |  | 11 |  |  | 3 |  |  | — |  |  | — |  |  | 193 |  |  | 207 |
Total loans | $ | 436,460 |  |  | 2,422,053 |  |  | 1,999,244 |  |  | 975,055 |  |  | 468,502 |  |  | 728,212 |  |  | 770,713 |  |  | 7,800,239 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,276) |
Total loans, net of deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,798,963 |
Total gross charge-offs, year to date | $ | — |  |  | 129 |  |  | 937 |  |  | 24 |  |  | 299 |  |  | 651 |  |  | 581 |  |  | 2,621 |
| Term Loans by Year of Origination |  |  |  |
($ in thousands) | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving |  | Total
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 185,167 |  |  | 107,747 |  |  | 85,110 |  |  | 51,274 |  |  | 590 |  |  | 76,588 |  |  | 120,590 |  |  | 627,066 |
Special Mention | 342 |  |  | 166 |  |  | 648 |  |  | 1,312 |  |  | — |  |  | 990 |  |  | 332 |  |  | 3,790 |
Classified | 734 |  |  | 1,909 |  |  | 808 |  |  | 1,384 |  |  | — |  |  | 5,762 |  |  | 488 |  |  | 11,085 |
Total commercial, financial, and agricultural | 186,243 |  |  | 109,822 |  |  | 86,566 |  |  | 53,970 |  |  | 590 |  |  | 83,340 |  |  | 121,410 |  |  | 641,941 |
Real estate – construction, land development & other land loans |  |  |  |  |  |  |  |
Pass | 550,752 |  |  | 267,096 |  |  | 42,421 |  |  | 30,973 |  |  | — |  |  | 12,722 |  |  | 19,519 |  |  | 923,483 |
Special Mention | 5,128 |  |  | 5 |  |  | 3,679 |  |  | — |  |  | — |  |  | 100 |  |  | 13 |  |  | 8,925 |
Classified | 656 |  |  | 107 |  |  | 38 |  |  | 899 |  |  | — |  |  | 44 |  |  | 24 |  |  | 1,768 |
Total real estate – construction, land development & other land loans | 556,536 |  |  | 267,208 |  |  | 46,138 |  |  | 31,872 |  |  | — |  |  | 12,866 |  |  | 19,556 |  |  | 934,176 |
Real estate mortgage – residential (1-4 family) first mortgages |  |  |  |  |  |  |  |
Pass | 317,282 |  |  | 274,756 |  |  | 186,102 |  |  | 98,559 |  |  | 185 |  |  | 301,885 |  |  | 1,379 |  |  | 1,180,148 |
Special Mention | 1,189 |  |  | 127 |  |  | 110 |  |  | 470 |  |  | — |  |  | 2,416 |  |  | — |  |  | 4,312 |
Classified | 763 |  |  | 251 |  |  | 221 |  |  | 359 |  |  | — |  |  | 9,072 |  |  | 659 |  |  | 11,325 |
Total real estate – mortgage – residential (1-4 family) first mortgages | 319,234 |  |  | 275,134 |  |  | 186,433 |  |  | 99,388 |  |  | 185 |  |  | 313,373 |  |  | 2,038 |  |  | 1,195,785 |
Real estate mortgage – home equity loans / lines of credit |  |  |  |  |  |  |  |  |  |
Pass | 869 |  |  | 1,091 |  |  | 349 |  |  | 237 |  |  | — |  |  | 2,020 |  |  | 309,786 |  |  | 314,352 |
Special Mention | 175 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18 |  |  | 1,072 |  |  | 1,265 |
Classified | 106 |  |  | 156 |  |  | 94 |  |  | 87 |  |  | — |  |  | 213 |  |  | 7,453 |  |  | 8,109 |
Total real estate – mortgage – home equity loans / lines of credit | 1,150 |  |  | 1,247 |  |  | 443 |  |  | 324 |  |  | — |  |  | 2,251 |  |  | 318,311 |  |  | 323,726 |
Real estate mortgage – commercial and other |  |  |  |  |  |  |  |  |  |
Pass | 1,096,643 |  |  | 1,186,678 |  |  | 569,624 |  |  | 247,448 |  |  | 179 |  |  | 324,361 |  |  | 48,882 |  |  | 3,473,815 |
Special Mention | 1,715 |  |  | 1,114 |  |  | 4,436 |  |  | 8,289 |  |  | — |  |  | 4,457 |  |  | 665 |  |  | 20,676 |
Classified | 3,480 |  |  | 1,265 |  |  | 84 |  |  | 2,456 |  |  | — |  |  | 8,118 |  |  | 367 |  |  | 15,770 |
Total real estate mortgage – commercial and other | 1,101,838 |  |  | 1,189,057 |  |  | 574,144 |  |  | 258,193 |  |  | 179 |  |  | 336,936 |  |  | 49,914 |  |  | 3,510,261 |
Consumer loans
Pass | 35,406 |  |  | 7,946 |  |  | 3,610 |  |  | 1,056 |  |  | 3 |  |  | 1,250 |  |  | 10,953 |  |  | 60,224 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Classified | 320 |  |  | 31 |  |  | 3 |  |  | 1 |  |  | — |  |  | 25 |  |  | 55 |  |  | 435 |
Total consumer loans | 35,726 |  |  | 7,977 |  |  | 3,613 |  |  | 1,057 |  |  | 3 |  |  | 1,275 |  |  | 11,008 |  |  | 60,659 |
Total loans | $ | 2,200,727 |  |  | 1,850,445 |  |  | 897,337 |  |  | 444,804 |  |  | 957 |  |  | 750,041 |  |  | 522,237 |  |  | 6,666,548 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,403) |
Total loans, net of deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,665,145 |
Schedule of Information Related to Loans Modified in a Troubled Debt Restructuring | The followings tables present the amortized cost basis at March 31, 2023 of the loans modified for borrowers experiencing financial difficulty, by loan category and type of concession granted. Percentages labeled as "NM" are not measurable to the class of financing receivable, as they are less than 0.1% of the total class.
|  | Payment Delay
($ in thousands) |  | Amortized Cost Basis at 3/31/2023 |  | Percent of Total Class of Financing Receivable
Commercial, financial, and agricultural |  | $ | 156 |  |  | NM
|  | $ | 156 |  |  |
|  | Term Extension
($ in thousands) |  | Amortized Cost Basis at 3/31/2023 |  | Percent of Total Class of Financing Receivable
Commercial, financial, and agricultural |  | $ | 1,442 |  |  | 0.2 | %
Real estate – construction, land development & other land loans |  | 130 |  |  | NM
Real estate mortgage – residential (1-4 family) first mortgages |  | 48 |  |  | NM
Real estate mortgage – home equity loans / lines of credit |  | 103 |  |  | NM
Real estate mortgage – commercial and other |  | 104 |  |  | NM
Consumer loans |  | 228 |  |  | 0.3 | %
|  | $ | 2,055 |  |  |
|  | Combination - Interest Rate Reduction and Term Extension
($ in thousands) |  | Amortized Cost Basis at 3/31/2023 |  | Percent of Total Class of Financing Receivable
Real estate – construction, land development & other land loans |  | $ | 14 |  |  | NM
|  | $ | 14 |  |  |
For the three months ended March 31, 2023, there were no modifications for borrowers experiencing financial difficulty with principal forgiveness concessions. The following tables describes the financial effect for the three months ended March 31, 2023 of the modifications made for borrowers experiencing financial difficulty:
Payment Delay
Loan Type |  | Financial Effect
Commercial, financial, and agricultural |  | Delayed payment for 4 months.
Term Extension
Loan Type |  | Financial Effect
Commercial, financial, and agricultural |  | Added a weighted average 6 months to the life of loans, which reduced monthly payment amounts to borrowers.
Real estate – construction, land development & other land loans |  | Added a weighted average 11 months to the life of loans, which reduced monthly payment amounts to borrowers.
Real estate mortgage – residential (1-4 family) first mortgages |  | Added a weighted average 14 months to the life of loans, which reduced monthly payment amounts to borrowers.
Real estate mortgage – home equity loans / lines of credit |  | Added a weighted average 46 months to the life of loans, which reduced monthly payment amounts to borrowers.
Real estate mortgage – commercial and other |  | Added a weighted average 12 months to the life of loans, which reduced monthly payment amounts to borrowers.
Consumer loans |  | Added a weighted average 3 months to the life of loans, which reduced monthly payment amounts to borrowers.
Interest Rate Reduction
Loan Type |  | Financial Effect
Real estate – construction, land development & other land loans |  | Reduced weighted average contractual interest rate from 7.0% to 5.5%
The Company closely monitors the performance of the loans that are modified for 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 (numbers in thousands):
|  | Payment Status (Amortized Cost Basis)
($ in thousands) |  | Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90+ Days Past Due
Commercial, financial, and agricultural |  | $ | 1,363 |  |  | 156 |  |  | 79 |  |  | — |
Real estate – construction, land development & other land loans |  | 144 |  |  | — |  |  | — |  |  | — |
Real estate mortgage – residential (1-4 family) first mortgages |  | 48 |  |  | — |  |  | — |  |  | — |
Real estate mortgage – home equity loans / lines of credit |  | 103 |  |  | — |  |  | — |  |  | — |
Real estate mortgage – commercial and other |  | 104 |  |  | — |  |  | — |  |  | — |
Consumer loans |  | 228 |  |  | — |  |  | — |  |  | — |
|  | $ | 1,990 |  |  | 156 |  |  | 79 |  |  | — |
Summary of Troubled Debt Restructuring | The following table presents information related to loans modified in a TDR during the three months ended March 31, 2022.
| For the three months ended March 31, 2022
($ in thousands) | Number of Contracts |  | Pre-Modification Restructured Balances |  | Post-Modification Restructured Balances
TDRs - Accruing |  |  |  |  |
Real estate mortgage – residential (1-4 family) first mortgages | 1 |  |  | $ | 36 |  |  | 36 |
TDRs - Nonaccrual |  |  |  |  |
Commercial, financial, and agricultural | 1 |  |  | 41 |  |  | 41 |
Real estate mortgage – residential (1-4 family) first mortgages | 1 |  |  | 36 |  |  | 36 |
Real estate mortgage – commercial and other | 1 |  |  | 540 |  |  | 540 |
Total TDRs arising during period | 4 |  |  | $ | 653 |  |  | 653 |

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