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Loans and Allowance for Credit Losses (Tables) | 12 Months Ended
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Dec. 31, 2021
Receivables [Abstract] |
Schedule of Loans Held for Sale | The following table presents loans held for sale:
(Dollars in thousands) | December 31, 2021 |  | December 31, 2020
1-4 family residential | $ | 712 |  |  | $ | 6,319 |
Commercial | 6,618 |  |  | 18,227 |
Total loans held for sale | $ | 7,330 |  |  | $ | 24,546 |
Schedule of Recorded Investment and Unpaid Principal | The following table presents the amortized cost and unpaid principal for loans held for investment:
| December 31, 2021 |  | December 31, 2020
(Dollars in thousands) | Amortized Cost |  | Unpaid Principal |  | Difference |  | Amortized Cost |  | Unpaid Principal |  | Difference
Commercial real estate | $ | 632,775 |  |  | $ | 634,319 |  |  | $ | (1,544) |  |  | $ | 779,158 |  |  | $ | 782,614 |  |  | $ | (3,456) |
Construction, land development, land | 123,464 |  |  | 123,643 |  |  | (179) |  |  | 219,647 |  |  | 220,021 |  |  | (374) |
1-4 family residential properties | 123,115 |  |  | 123,443 |  |  | (328) |  |  | 157,147 |  |  | 157,731 |  |  | (584) |
Farmland | 77,394 |  |  | 77,905 |  |  | (511) |  |  | 103,685 |  |  | 104,522 |  |  | (837) |
Commercial | 1,430,429 |  |  | 1,440,542 |  |  | (10,113) |  |  | 1,562,957 |  |  | 1,579,841 |  |  | (16,884) |
Factored receivables | 1,699,537 |  |  | 1,703,936 |  |  | (4,399) |  |  | 1,120,770 |  |  | 1,122,008 |  |  | (1,238) |
Consumer | 10,885 |  |  | 10,883 |  |  | 2 |  |  | 15,838 |  |  | 15,863 |  |  | (25) |
Mortgage warehouse | 769,973 |  |  | 769,973 |  |  | — |  |  | 1,037,574 |  |  | 1,037,574 |  |  | — |
Total | 4,867,572 |  |  | $ | 4,884,644 |  |  | $ | (17,072) |  |  | 4,996,776 |  |  | $ | 5,020,174 |  |  | $ | (23,398) |
Allowance for credit losses | (42,213) |  |  |  |  |  |  | (95,739) |  |  |  |  |
| $ | 4,825,359 |  |  |  |  |  |  | $ | 4,901,037 |  |  |  |  |
Summary of Allowance for Loan and Lease Losses | The activity in the allowance for credit losses (“ACL”) related to loans held for investment is as follows:
(Dollars in thousands) |  | Beginning Balance |  | Credit Loss Expense (Benefit) |  | Charge-offs |  | Recoveries |  | Ending Balance
Year ended December 31, 2021 |  |  |  |  |
Commercial real estate |  | $ | 10,182 |  |  | $ | (6,214) |  |  | $ | (17) |  |  | $ | 10 |  |  | $ | 3,961 |
Construction, land development, land |  | 3,418 |  |  | (2,584) |  |  | (12) |  |  | 5 |  |  | 827 |
1-4 family residential properties |  | 1,225 |  |  | (849) |  |  | (34) |  |  | 126 |  |  | 468 |
Farmland |  | 832 |  |  | (270) |  |  | — |  |  | — |  |  | 562 |
Commercial |  | 22,040 |  |  | (7,725) |  |  | (481) |  |  | 651 |  |  | 14,485 |
Factored receivables |  | 56,463 |  |  | 10,038 |  |  | (46,043) |  |  | 457 |  |  | 20,915 |
Consumer |  | 542 |  |  | (92) |  |  | (359) |  |  | 135 |  |  | 226 |
Mortgage warehouse |  | 1,037 |  |  | (268) |  |  | — |  |  | — |  |  | 769 |
|  | $ | 95,739 |  |  | $ | (7,964) |  |  | $ | (46,946) |  |  | $ | 1,384 |  |  | $ | 42,213 |
(Dollars in thousands) |  | Beginning Balance |  | Credit Loss Expense (Benefit) |  | Charge-offs |  | Recoveries |  | Initial ACL on Loans Purchased with Credit Deterioration |  | Reclassification To Held For Sale |  | Impact of Adopting ASC 326 |  | Ending Balance
Year ended December 31, 2020 |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 5,353 |  |  | $ | 3,607 |  |  | $ | (320) |  |  | $ | 170 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,372 |  |  | $ | 10,182 |
Construction, land development, land |  | 1,382 |  |  | 2,005 |  |  | (23) |  |  | 241 |  |  | — |  |  | — |  |  | (187) |  |  | 3,418 |
1-4 family residential properties |  | 308 |  |  | 378 |  |  | (27) |  |  | 53 |  |  | — |  |  | — |  |  | 513 |  |  | 1,225 |
Farmland |  | 670 |  |  | (355) |  |  | — |  |  | 80 |  |  | — |  |  | — |  |  | 437 |  |  | 832 |
Commercial |  | 12,566 |  |  | 11,336 |  |  | (2,344) |  |  | 1,115 |  |  | — |  |  | (449) |  |  | (184) |  |  | 22,040 |
Factored receivables |  | 7,657 |  |  | 16,079 |  |  | (3,201) |  |  | 143 |  |  | 37,415 |  |  | — |  |  | (1,630) |  |  | 56,463 |
Consumer |  | 488 |  |  | 562 |  |  | (573) |  |  | 117 |  |  | — |  |  | — |  |  | (52) |  |  | 542 |
Mortgage warehouse |  | 668 |  |  | 369 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,037 |
|  | $ | 29,092 |  |  | $ | 33,981 |  |  | $ | (6,488) |  |  | $ | 1,919 |  |  | $ | 37,415 |  |  | $ | (449) |  |  | $ | 269 |  |  | $ | 95,739 |
(Dollars in thousands) |  | Beginning Balance |  | Provision |  | Charge-offs |  | Recoveries |  | Ending Balance
Year ended December 31, 2019 |  |  |  |  |
Commercial real estate |  | $ | 4,493 |  |  | $ | 1,163 |  |  | $ | (304) |  |  | $ | 1 |  |  | $ | 5,353 |
Construction, land development, land |  | 1,134 |  |  | 234 |  |  | (78) |  |  | 92 |  |  | 1,382 |
1-4 family residential properties |  | 317 |  |  | 71 |  |  | (141) |  |  | 61 |  |  | 308 |
Farmland |  | 535 |  |  | 400 |  |  | (265) |  |  | — |  |  | 670 |
Commercial |  | 12,865 |  |  | 2,580 |  |  | (3,326) |  |  | 447 |  |  | 12,566 |
Factored receivables |  | 7,299 |  |  | 2,556 |  |  | (2,494) |  |  | 296 |  |  | 7,657 |
Consumer |  | 615 |  |  | 583 |  |  | (876) |  |  | 166 |  |  | 488 |
Mortgage warehouse |  | 313 |  |  | 355 |  |  | — |  |  | — |  |  | 668 |
|  | $ | 27,571 |  |  | $ | 7,942 |  |  | $ | (7,484) |  |  | $ | 1,063 |  |  | $ | 29,092 |
Individual And Collective Allowance For Credit Losses On Financing Receivables And Loan Balances | The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:
(Dollars in thousands) |  | Real Estate |  | Accounts Receivable |  | Equipment |  | Other |  | Total |  | ACL Allocation
December 31, 2021 |  |  |  |  |  |
Commercial real estate |  | $ | 2,143 |  |  | $ | — |  |  | $ | — |  |  | $ | 155 |  |  | $ | 2,298 |  |  | $ | 283 |
Construction, land development, land |  | 987 |  |  | — |  |  | — |  |  | — |  |  | 987 |  |  | — |
1-4 family residential |  | 1,583 |  |  | — |  |  | — |  |  | 116 |  |  | 1,699 |  |  | 39 |
Farmland |  | 1,803 |  |  | — |  |  | 126 |  |  | 116 |  |  | 2,045 |  |  | — |
Commercial |  | 254 |  |  | — |  |  | 5,598 |  |  | 3,017 |  |  | 8,869 |  |  | 1,733 |
Factored receivables |  | — |  |  | 42,863 |  |  | — |  |  | — |  |  | 42,863 |  |  | 12,640 |
Consumer |  | — |  |  | — |  |  | — |  |  | 240 |  |  | 240 |  |  | 21 |
Mortgage warehouse |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 6,770 |  |  | $ | 42,863 |  |  | $ | 5,724 |  |  | $ | 3,644 |  |  | $ | 59,001 |  |  | $ | 14,716 |
At December 31, 2021 the balance of the Over-Formula Advance Portfolio included in factored receivables $10,077,000 and was fully reserved. At December 31, 2021 the balance of Misdirected Payments included in factored receivables was $19,361,000 and carried no ACL allocation.
(Dollars in thousands) |  | Real Estate |  | Accounts Receivable |  | Equipment |  | Other |  | Total |  | ACL Allocation
December 31, 2020 |  |  |  |  |  |
Commercial real estate |  | $ | 12,454 |  |  | $ | — |  |  | $ | — |  |  | $ | 162 |  |  | $ | 12,616 |  |  | $ | 1,334 |
Construction, land development, land |  | 2,317 |  |  | — |  |  | — |  |  | — |  |  | 2,317 |  |  | 271 |
1-4 family residential |  | 1,948 |  |  | — |  |  | — |  |  | 248 |  |  | 2,196 |  |  | 34 |
Farmland |  | 2,189 |  |  | — |  |  | 143 |  |  | 198 |  |  | 2,530 |  |  | — |
Commercial |  | 1,813 |  |  | — |  |  | 5,842 |  |  | 9,352 |  |  | 17,007 |  |  | 5,163 |
Factored receivables |  | — |  |  | 92,437 |  |  | — |  |  | — |  |  | 92,437 |  |  | 51,371 |
Consumer |  | — |  |  | — |  |  | — |  |  | 253 |  |  | 253 |  |  | 37 |
Mortgage warehouse |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 20,721 |  |  | $ | 92,437 |  |  | $ | 5,985 |  |  | $ | 10,213 |  |  | $ | 129,356 |  |  | $ | 58,210 |
Summary of Contractually Past Due and Nonaccrual Loans | The following tables present an aging of contractually past due loans:
(Dollars in thousands) | Past Due 30-59 Days |  | Past Due 60-90 Days |  | Past Due 90 Days or More |  | Total Past Due |  | Current |  | Total |  | Past Due 90 Days or More Still Accruing
December 31, 2021 |  |  |  |  |  |
Commercial real estate | $ | 1,021 |  |  | $ | — |  |  | $ | 16 |  |  | $ | 1,037 |  |  | $ | 631,738 |  |  | $ | 632,775 |  |  | $ | — |
Construction, land development, land | 30 |  |  | — |  |  | 145 |  |  | 175 |  |  | 123,289 |  |  | 123,464 |  |  | — |
1-4 family residential properties | 730 |  |  | 332 |  |  | 1,114 |  |  | 2,176 |  |  | 120,939 |  |  | 123,115 |  |  | 134 |
Farmland | 378 |  |  | 154 |  |  | 977 |  |  | 1,509 |  |  | 75,885 |  |  | 77,394 |  |  | — |
Commercial | 996 |  |  | 346 |  |  | 4,948 |  |  | 6,290 |  |  | 1,424,139 |  |  | 1,430,429 |  |  | — |
Factored receivables | 70,109 |  |  | 18,302 |  |  | 39,134 |  |  | 127,545 |  |  | 1,571,992 |  |  | 1,699,537 |  |  | 39,134 |
Consumer | 255 |  |  | 48 |  |  | 99 |  |  | 402 |  |  | 10,483 |  |  | 10,885 |  |  | — |
Mortgage warehouse | — |  |  | — |  |  | — |  |  | — |  |  | 769,973 |  |  | 769,973 |  |  | — |
| $ | 73,519 |  |  | $ | 19,182 |  |  | $ | 46,433 |  |  | $ | 139,134 |  |  | $ | 4,728,438 |  |  | $ | 4,867,572 |  |  | $ | 39,268 |
(Dollars in thousands) | Past Due 30-59 Days |  | Past Due 60-90 Days |  | Past Due 90 Days or More |  | Total Past Due |  | Current |  | Total |  | Past Due 90 Days or More Still Accruing
December 31, 2020 |  |  |  |  |  |
Commercial real estate | $ | 1,512 |  |  | $ | 147 |  |  | $ | 7,623 |  |  | $ | 9,282 |  |  | $ | 769,876 |  |  | $ | 779,158 |  |  | $ | — |
Construction, land development, land | 185 |  |  | 1,001 |  |  | 323 |  |  | 1,509 |  |  | 218,138 |  |  | 219,647 |  |  | 22 |
1-4 family residential properties | 1,978 |  |  | 448 |  |  | 952 |  |  | 3,378 |  |  | 153,769 |  |  | 157,147 |  |  | — |
Farmland | 407 |  |  | 1,000 |  |  | 300 |  |  | 1,707 |  |  | 101,978 |  |  | 103,685 |  |  | — |
Commercial | 2,084 |  |  | 1,765 |  |  | 5,770 |  |  | 9,619 |  |  | 1,553,338 |  |  | 1,562,957 |  |  | 35 |
Factored receivables | 33,377 |  |  | 28,506 |  |  | 72,717 |  |  | 134,600 |  |  | 986,170 |  |  | 1,120,770 |  |  | 72,717 |
Consumer | 385 |  |  | 116 |  |  | 81 |  |  | 582 |  |  | 15,256 |  |  | 15,838 |  |  | — |
Mortgage warehouse | — |  |  | — |  |  | — |  |  | — |  |  | 1,037,574 |  |  | 1,037,574 |  |  | — |
| $ | 39,928 |  |  | $ | 32,983 |  |  | $ | 87,766 |  |  | $ | 160,677 |  |  | $ | 4,836,099 |  |  | $ | 4,996,776 |  |  | $ | 72,774 |
Summary of Amortized Cost Basis of Loans on Nonaccrual Status | The following table presents the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses:
|  | December 31, 2021 |  | December 31, 2020
(Dollars in thousands) |  | Nonaccrual |  | Nonaccrual With No ACL |  | Nonaccrual |  | Nonaccrual With No ACL
Commercial real estate |  | $ | 2,025 |  |  | $ | 1,375 |  |  | $ | 9,945 |  |  | $ | 3,461 |
Construction, land development, land |  | 964 |  |  | 964 |  |  | 2,294 |  |  | 1,199 |
1-4 family residential |  | 1,683 |  |  | 1,582 |  |  | 1,848 |  |  | 1,651 |
Farmland |  | 2,044 |  |  | 2,044 |  |  | 2,531 |  |  | 2,531 |
Commercial |  | 8,078 |  |  | 3,910 |  |  | 17,202 |  |  | 4,891 |
Factored receivables |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | 240 |  |  | 159 |  |  | 253 |  |  | 188 |
Mortgage warehouse |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 15,034 |  |  | $ | 10,034 |  |  | $ | 34,073 |  |  | $ | 13,921 |
Schedule of Accrued Interest on Non Accrual Loans Reversed Through Interest Income | The following table presents accrued interest on nonaccrual loans reversed through interest income:
|  | Year Ended December 31,
(Dollars in thousands) |  | 2021 |  | 2020 |  | 2019
Commercial real estate |  | $ | 8 |  |  | $ | 438 |  |  | $ | 58 |
Construction, land development, land |  | — |  |  | 1 |  |  | 44 |
1-4 family residential |  | 3 |  |  | 32 |  |  | 12 |
Farmland |  | 6 |  |  | 39 |  |  | 27 |
Commercial |  | 36 |  |  | 86 |  |  | 32 |
Factored receivables |  | — |  |  | — |  |  | — |
Consumer |  | 3 |  |  | 2 |  |  | 3 |
Mortgage warehouse |  | — |  |  | — |  |  | — |
|  | $ | 56 |  |  | $ | 598 |  |  | $ | 176 |
Schedule of Nonperforming Loans | The following table presents information regarding nonperforming loans:
(Dollars in thousands) |  | December 31, 2021 |  | December 31, 2020
Nonaccrual loans(1) |  | $ | 15,034 |  |  | $ | 34,073 |
Factored receivables greater than 90 days past due |  | 29,057 |  |  | 13,927 |
Other nonperforming factored receivables(2) |  | 1,428 |  |  | 10,029 |
Troubled debt restructurings accruing interest |  | 765 |  |  | 3 |
|  | $ | 46,284 |  |  | $ | 58,032 |
(1) Includes troubled debt restructurings of $3,912,000 and $13,321,000 at December 31, 2021 and 2020, respectively. (2) Other nonperforming factored receivables represent the portion of the Over-Formula Advance Portfolio that is not covered by Covenant's indemnification. This amount is also considered Classified from a risk rating perspective.
Summary of Risk Category of Loans | As of December 31, 2021 and 2020, based on the most recent analysis performed, the risk category of loans is as follows:
|  | Revolving Loans |  | Revolving Loans Converted To Term Loans |  | Total
(Dollars in thousands) |  | Year of Origination |  |  |
December 31, 2021 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 211,088 |  |  | $ | 249,652 |  |  | $ | 50,223 |  |  | $ | 25,930 |  |  | $ | 47,447 |  |  | $ | 37,290 |  |  | $ | 4,595 |  |  | $ | — |  |  | $ | 626,225 |
Classified |  | 2,879 |  |  | 3,358 |  |  | 41 |  |  | — |  |  | 16 |  |  | — |  |  | 256 |  |  | — |  |  | 6,550 |
Total commercial real estate |  | $ | 213,967 |  |  | $ | 253,010 |  |  | $ | 50,264 |  |  | $ | 25,930 |  |  | $ | 47,463 |  |  | $ | 37,290 |  |  | $ | 4,851 |  |  | $ | — |  |  | $ | 632,775 |
Construction, land development, land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 56,764 |  |  | $ | 33,756 |  |  | $ | 4,744 |  |  | $ | 23,696 |  |  | $ | 1,199 |  |  | $ | 994 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 121,161 |
Classified |  | 2,150 |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 145 |  |  | — |  |  | — |  |  | 2,303 |
Total construction, land development, land |  | $ | 58,914 |  |  | $ | 33,764 |  |  | $ | 4,744 |  |  | $ | 23,696 |  |  | $ | 1,199 |  |  | $ | 1,139 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 123,464 |
1-4 family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 26,840 |  |  | $ | 15,195 |  |  | $ | 9,485 |  |  | $ | 6,526 |  |  | $ | 8,591 |  |  | $ | 22,151 |  |  | $ | 32,210 |  |  | $ | 318 |  |  | $ | 121,316 |
Classified |  | 273 |  |  | 233 |  |  | 53 |  |  | 6 |  |  | 64 |  |  | 1,089 |  |  | 81 |  |  | — |  |  | 1,799 |
Total 1-4 family residential |  | $ | 27,113 |  |  | $ | 15,428 |  |  | $ | 9,538 |  |  | $ | 6,532 |  |  | $ | 8,655 |  |  | $ | 23,240 |  |  | $ | 32,291 |  |  | $ | 318 |  |  | $ | 123,115 |
Farmland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 14,387 |  |  | $ | 13,396 |  |  | $ | 7,892 |  |  | $ | 8,040 |  |  | $ | 10,040 |  |  | $ | 19,792 |  |  | $ | 1,317 |  |  | $ | 241 |  |  | $ | 75,105 |
Classified |  | 199 |  |  | 612 |  |  | 593 |  |  | 333 |  |  | 128 |  |  | 298 |  |  | 126 |  |  | — |  |  | 2,289 |
Total farmland |  | $ | 14,586 |  |  | $ | 14,008 |  |  | $ | 8,485 |  |  | $ | 8,373 |  |  | $ | 10,168 |  |  | $ | 20,090 |  |  | $ | 1,443 |  |  | $ | 241 |  |  | $ | 77,394 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 466,254 |  |  | $ | 332,746 |  |  | $ | 77,010 |  |  | $ | 18,940 |  |  | $ | 15,032 |  |  | $ | 7,704 |  |  | $ | 490,159 |  |  | $ | 49 |  |  | $ | 1,407,894 |
Classified |  | 9,317 |  |  | 6,858 |  |  | 5,088 |  |  | 558 |  |  | 56 |  |  | 456 |  |  | 202 |  |  | — |  |  | 22,535 |
Total commercial |  | $ | 475,571 |  |  | $ | 339,604 |  |  | $ | 82,098 |  |  | $ | 19,498 |  |  | $ | 15,088 |  |  | $ | 8,160 |  |  | $ | 490,361 |  |  | $ | 49 |  |  | $ | 1,430,429 |
Factored receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,667,922 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,667,922 |
Classified |  | 10,826 |  |  | 20,789 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 31,615 |
Total factored receivables |  | $ | 1,678,748 |  |  | $ | 20,789 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,699,537 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 3,252 |  |  | $ | 1,794 |  |  | $ | 669 |  |  | $ | 553 |  |  | $ | 2,424 |  |  | $ | 1,882 |  |  | $ | 70 |  |  | $ | — |  |  | $ | 10,644 |
Classified |  | 5 |  |  | — |  |  | — |  |  | 12 |  |  | 119 |  |  | 105 |  |  | — |  |  | — |  |  | 241 |
Total consumer |  | $ | 3,257 |  |  | $ | 1,794 |  |  | $ | 669 |  |  | $ | 565 |  |  | $ | 2,543 |  |  | $ | 1,987 |  |  | $ | 70 |  |  | $ | — |  |  | $ | 10,885 |
Mortgage warehouse |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 769,973 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 769,973 |
Classified |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total mortgage warehouse |  | $ | 769,973 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 769,973 |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 3,216,480 |  |  | $ | 646,539 |  |  | $ | 150,023 |  |  | $ | 83,685 |  |  | $ | 84,733 |  |  | $ | 89,813 |  |  | $ | 528,359 |  |  | $ | 608 |  |  | $ | 4,800,240 |
Classified |  | 25,649 |  |  | 31,858 |  |  | 5,775 |  |  | 909 |  |  | 383 |  |  | 2,093 |  |  | 665 |  |  | — |  |  | 67,332 |
Total loans |  | $ | 3,242,129 |  |  | $ | 678,397 |  |  | $ | 155,798 |  |  | $ | 84,594 |  |  | $ | 85,116 |  |  | $ | 91,906 |  |  | $ | 529,024 |  |  | $ | 608 |  |  | $ | 4,867,572 |
|  | Revolving Loans |  | Revolving Loans Converted To Term Loans |  | Total
(Dollars in thousands) |  | Year of Origination |  |  |
December 31, 2020 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 271,406 |  |  | $ | 94,085 |  |  | $ | 62,075 |  |  | $ | 49,115 |  |  | $ | 27,921 |  |  | $ | 230,731 |  |  | $ | 27,666 |  |  | $ | 908 |  |  | $ | 763,907 |
Classified |  | 10,298 |  |  | 2,239 |  |  | 133 |  |  | 1,367 |  |  | 664 |  |  | 550 |  |  | — |  |  | — |  |  | 15,251 |
Total commercial real estate |  | $ | 281,704 |  |  | $ | 96,324 |  |  | $ | 62,208 |  |  | $ | 50,482 |  |  | $ | 28,585 |  |  | $ | 231,281 |  |  | $ | 27,666 |  |  | $ | 908 |  |  | $ | 779,158 |
Construction, land development, land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 72,149 |  |  | $ | 12,490 |  |  | $ | 11,829 |  |  | $ | 5,820 |  |  | $ | 8,946 |  |  | $ | 105,584 |  |  | $ | 12 |  |  | $ | 500 |  |  | $ | 217,330 |
Classified |  | 2,031 |  |  | 34 |  |  | — |  |  | — |  |  | — |  |  | 252 |  |  | — |  |  | — |  |  | 2,317 |
Total construction, land development, land |  | $ | 74,180 |  |  | $ | 12,524 |  |  | $ | 11,829 |  |  | $ | 5,820 |  |  | $ | 8,946 |  |  | $ | 105,836 |  |  | $ | 12 |  |  | $ | 500 |  |  | $ | 219,647 |
1-4 family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 58,300 |  |  | $ | 11,280 |  |  | $ | 11,425 |  |  | $ | 8,982 |  |  | $ | 4,400 |  |  | $ | 20,167 |  |  | $ | 35,326 |  |  | $ | 5,320 |  |  | $ | 155,200 |
Classified |  | 1,473 |  |  | 149 |  |  | 137 |  |  | 23 |  |  | 11 |  |  | 49 |  |  | 105 |  |  | — |  |  | 1,947 |
Total 1-4 family residential |  | $ | 59,773 |  |  | $ | 11,429 |  |  | $ | 11,562 |  |  | $ | 9,005 |  |  | $ | 4,411 |  |  | $ | 20,216 |  |  | $ | 35,431 |  |  | $ | 5,320 |  |  | $ | 157,147 |
Farmland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 37,212 |  |  | $ | 10,095 |  |  | $ | 7,388 |  |  | $ | 15,262 |  |  | $ | 7,908 |  |  | $ | 20,572 |  |  | $ | 1,421 |  |  | $ | 486 |  |  | $ | 100,344 |
Classified |  | 994 |  |  | 407 |  |  | 403 |  |  | — |  |  | 22 |  |  | 590 |  |  | 925 |  |  | — |  |  | 3,341 |
Total farmland |  | $ | 38,206 |  |  | $ | 10,502 |  |  | $ | 7,791 |  |  | $ | 15,262 |  |  | $ | 7,930 |  |  | $ | 21,162 |  |  | $ | 2,346 |  |  | $ | 486 |  |  | $ | 103,685 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 470,477 |  |  | $ | 162,203 |  |  | $ | 127,569 |  |  | $ | 94,154 |  |  | $ | 70,405 |  |  | $ | 181,312 |  |  | $ | 416,197 |  |  | $ | 11,396 |  |  | $ | 1,533,713 |
Classified |  | 8,128 |  |  | 2,390 |  |  | 983 |  |  | 190 |  |  | 4,470 |  |  | 2,787 |  |  | 10,296 |  |  | — |  |  | 29,244 |
Total commercial |  | $ | 478,605 |  |  | $ | 164,593 |  |  | $ | 128,552 |  |  | $ | 94,344 |  |  | $ | 74,875 |  |  | $ | 184,099 |  |  | $ | 426,493 |  |  | $ | 11,396 |  |  | $ | 1,562,957 |
Factored receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,081,316 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,081,316 |
Classified |  | 39,454 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 39,454 |
Total factored receivables |  | $ | 1,120,770 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,120,770 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 8,382 |  |  | $ | 2,251 |  |  | $ | 1,336 |  |  | $ | 1,258 |  |  | $ | 688 |  |  | $ | 1,594 |  |  | $ | 74 |  |  | $ | — |  |  | $ | 15,583 |
Classified |  | 146 |  |  | 28 |  |  | 18 |  |  | 36 |  |  | 11 |  |  | 16 |  |  | — |  |  | — |  |  | 255 |
Total consumer |  | $ | 8,528 |  |  | $ | 2,279 |  |  | $ | 1,354 |  |  | $ | 1,294 |  |  | $ | 699 |  |  | $ | 1,610 |  |  | $ | 74 |  |  | $ | — |  |  | $ | 15,838 |
Mortgage warehouse |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,037,574 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,037,574 |
Classified |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total mortgage warehouse |  | $ | 1,037,574 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,037,574 |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 3,036,816 |  |  | $ | 292,404 |  |  | $ | 221,622 |  |  | $ | 174,591 |  |  | $ | 120,268 |  |  | $ | 559,960 |  |  | $ | 480,696 |  |  | $ | 18,610 |  |  | $ | 4,904,967 |
Classified |  | 62,524 |  |  | 5,247 |  |  | 1,674 |  |  | 1,616 |  |  | 5,178 |  |  | 4,244 |  |  | 11,326 |  |  | — |  |  | 91,809 |
Total loans |  | $ | 3,099,340 |  |  | $ | 297,651 |  |  | $ | 223,296 |  |  | $ | 176,207 |  |  | $ | 125,446 |  |  | $ | 564,204 |  |  | $ | 492,022 |  |  | $ | 18,610 |  |  | $ | 4,996,776 |
Schedule of Loans Modified as Troubled Debt Restructurings | The following table presents the pre- and post-modification recorded investment of loans modified as troubled debt restructurings during the years ended December 31, 2021, 2020, and 2019. The Company did not grant principal reductions on any restructured loans.
(Dollars in thousands) |  | Extended Amortization Period |  | Payment Deferrals |  | Protective Advances |  | AB Note Restructure |  | Extended Maturity and Reduced Interest Rate |  | Total Modifications |  | Number of Loans
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 741 |  |  | $ | — |  |  | $ | — |  |  | $ | 741 |  |  | 1
Commercial |  | — |  |  | 697 |  |  | — |  |  | — |  |  | — |  |  | 697 |  |  | 2
|  | $ | — |  |  | $ | 697 |  |  | $ | 741 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,438 |  |  | 3
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | 727 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 727 |  |  | 3
Construction, land development, land |  | 8 |  |  | 981 |  |  | — |  |  | — |  |  | — |  |  | 989 |  |  | 2
1-4 family residential properties |  | — |  |  | 171 |  |  | — |  |  | — |  |  | — |  |  | 171 |  |  | 1
Farmland |  | 3,486 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,486 |  |  | 1
Commercial |  | 4,714 |  |  | 9,877 |  |  | — |  |  | — |  |  | — |  |  | 14,591 |  |  | 22
|  | $ | 8,208 |  |  | $ | 11,756 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,964 |  |  | 29
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,597 |  |  | $ | — |  |  | $ | 4,597 |  |  | 1
1-4 family residential properties |  | — |  |  | 38 |  |  | — |  |  | — |  |  | — |  |  | 38 |  |  | 2
Commercial |  | 1,762 |  |  | 115 |  |  | — |  |  | — |  |  | 593 |  |  | 2,470 |  |  | 11
|  | $ | 1,762 |  |  | $ | 153 |  |  | $ | — |  |  | $ | 4,597 |  |  | $ | 593 |  |  | $ | 7,105 |  |  | 14
Balance of Loans Modified Due to COVID-19 | The following table summarizes the balance of loans modified for borrowers impacted by the COVID-19 pandemic.
|  | Year Ended December 31,
(Dollars in thousands) |  | 2021 |  | 2020
Total modifications |  | 10,801 |  | 628,022
Summary of Amortized Cost of Loans Currently in Deferral | The following table summarized the amortized cost of loans with payments currently in deferral and the accrued interest related to the loans with payments currently in deferral:
(Dollars in thousands) |  | Total Loans |  | Balance of Loans Currently in Deferral |  | Percentage of Portfolio |  | Accrued Interest Receivable
December 31, 2021 |  |  |  |
Commercial real estate |  | $ | 632,775 |  |  | $ | 30,212 |  |  | 4.8 | % |  | $ | 116 |
Construction, land development, land |  | 123,464 |  |  | 1,340 |  |  | 1.1 | % |  | 5 |
1-4 family residential |  | 123,115 |  |  | — |  |  | — | % |  | — |
Farmland |  | 77,394 |  |  | 338 |  |  | 0.4 | % |  | 3 |
Commercial |  | 1,430,429 |  |  | — |  |  | — | % |  | — |
Factored receivables |  | 1,699,537 |  |  | — |  |  | — | % |  | — |
Consumer |  | 10,885 |  |  | 6 |  |  | 0.1 | % |  | — |
Mortgage warehouse |  | 769,973 |  |  | — |  |  | — | % |  | — |
Total |  | $ | 4,867,572 |  |  | $ | 31,896 |  |  | 0.7 | % |  | $ | 124 |
(Dollars in thousands) |  | Total Loans |  | Balance of Loans Currently in Deferral |  | Percentage of Portfolio |  | Accrued Interest Receivable
December 31, 2020 |  |  |  |
Commercial real estate |  | $ | 779,158 |  |  | $ | 69,980 |  |  | 9.0 | % |  | $ | 357 |
Construction, land development, land |  | 219,647 |  |  | 18,821 |  |  | 8.6 | % |  | 183 |
1-4 family residential |  | 157,147 |  |  | 1,129 |  |  | 0.7 | % |  | 15 |
Farmland |  | 103,685 |  |  | — |  |  | — | % |  | — |
Commercial |  | 1,562,957 |  |  | 14,561 |  |  | 0.9 | % |  | 166 |
Factored receivables |  | 1,120,770 |  |  | — |  |  | — | % |  | — |
Consumer |  | 15,838 |  |  | 106 |  |  | 0.7 | % |  | 5 |
Mortgage warehouse |  | 1,037,574 |  |  | — |  |  | — | % |  | — |
Total |  | $ | 4,996,776 |  |  | $ | 104,597 |  |  | 2.1 | % |  | $ | 726 |

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