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v3.23.3

Loans and Allowance for Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Schedule of Loans Held for Sale | The following table presents loans held for sale:
(Dollars in thousands) |  | September 30, 2023 |  | December 31, 2022
Commercial |  | 6,416 |  |  | 5,641 |
Total loans held for sale |  | $ | 6,416 |  |  | $ | 5,641 |
Schedule of Amortized Cost and Unpaid Principal | The following table presents the amortized cost and unpaid principal balance of loans held for investment:
|  | September 30, 2023 |  | December 31, 2022
(Dollars in thousands) |  | Amortized Cost |  | Unpaid Principal |  | Difference |  | Amortized Cost |  | Unpaid Principal |  | Difference
Commercial real estate |  | $ | 817,064 |  |  | $ | 818,140 |  |  | $ | (1,076) |  |  | $ | 678,144 |  |  | $ | 679,239 |  |  | $ | (1,095) |
Construction, land development, land |  | 131,862 |  |  | 132,413 |  |  | (551) |  |  | 90,976 |  |  | 91,147 |  |  | (171) |
1-4 family residential |  | 129,588 |  |  | 129,768 |  |  | (180) |  |  | 125,981 |  |  | 126,185 |  |  | (204) |
Farmland |  | 62,698 |  |  | 62,871 |  |  | (173) |  |  | 68,934 |  |  | 69,185 |  |  | (251) |
Commercial |  | 1,251,939 |  |  | 1,258,981 |  |  | (7,042) |  |  | 1,251,110 |  |  | 1,262,493 |  |  | (11,383) |
Factored receivables |  | 1,213,702 |  |  | 1,217,129 |  |  | (3,427) |  |  | 1,237,449 |  |  | 1,241,032 |  |  | (3,583) |
Consumer |  | 8,166 |  |  | 8,168 |  |  | (2) |  |  | 8,868 |  |  | 8,871 |  |  | (3) |
Mortgage warehouse |  | 756,509 |  |  | 756,509 |  |  | — |  |  | 658,829 |  |  | 658,829 |  |  | — |
Total loans held for investment |  | 4,371,528 |  |  | $ | 4,383,979 |  |  | $ | (12,451) |  |  | 4,120,291 |  |  | $ | 4,136,981 |  |  | $ | (16,690) |
Allowance for credit losses |  | (34,815) |  |  |  |  |  |  | (42,807) |  |  |  |  |
|  | $ | 4,336,713 |  |  |  |  |  |  | $ | 4,077,484 |  |  |  |  |
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 |  | Charge-offs |  | Recoveries |  | Ending Balance
Three months ended September 30, 2023 |  |  |  |  |
Commercial real estate |  | $ | 4,783 |  |  | $ | 1,008 |  |  | $ | (16) |  |  | $ | — |  |  | $ | 5,775 |
Construction, land development, land |  | 1,235 |  |  | (5) |  |  | — |  |  | 2 |  |  | 1,232 |
1-4 family residential |  | 1,046 |  |  | (8) |  |  | — |  |  | 1 |  |  | 1,039 |
Farmland |  | 476 |  |  | (42) |  |  | — |  |  | — |  |  | 434 |
Commercial |  | 12,977 |  |  | (44) |  |  | (213) |  |  | 69 |  |  | 12,789 |
Factored receivables |  | 13,441 |  |  | 389 |  |  | (1,453) |  |  | 247 |  |  | 12,624 |
Consumer |  | 166 |  |  | (157) |  |  | (143) |  |  | 300 |  |  | 166 |
Mortgage warehouse |  | 846 |  |  | (90) |  |  | — |  |  | — |  |  | 756 |
|  | $ | 34,970 |  |  | $ | 1,051 |  |  | $ | (1,825) |  |  | $ | 619 |  |  | $ | 34,815 |
(Dollars in thousands) |  | Beginning Balance |  | Credit Loss Expense |  | Charge-offs |  | Recoveries |  | Ending Balance
Three months ended September 30, 2022 |  |  |  |  |
Commercial real estate |  | $ | 5,167 |  |  | $ | (373) |  |  | $ | — |  |  | $ | — |  |  | $ | 4,794 |
Construction, land development, land |  | 1,192 |  |  | (198) |  |  | — |  |  | 1 |  |  | 995 |
1-4 family residential |  | 757 |  |  | (16) |  |  | — |  |  | 1 |  |  | 742 |
Farmland |  | 490 |  |  | (23) |  |  | — |  |  | — |  |  | 467 |
Commercial |  | 12,738 |  |  | 3,431 |  |  | (208) |  |  | 59 |  |  | 16,020 |
Factored receivables |  | 22,212 |  |  | 183 |  |  | (2,433) |  |  | 172 |  |  | 20,134 |
Consumer |  | 197 |  |  | 62 |  |  | (106) |  |  | 49 |  |  | 202 |
Mortgage warehouse |  | 654 |  |  | 103 |  |  | — |  |  | — |  |  | 757 |
|  | $ | 43,407 |  |  | $ | 3,169 |  |  | $ | (2,747) |  |  | $ | 282 |  |  | $ | 44,111 |
(Dollars in thousands) |  | Beginning Balance |  | Credit Loss Expense |  | Charge-offs |  | Recoveries |  | Ending Balance
Nine Months Ended September 30, 2023 |  |  |  |  |
Commercial real estate |  | $ | 4,459 |  |  | $ | 1,262 |  |  | $ | (16) |  |  | $ | 70 |  |  | $ | 5,775 |
Construction, land development, land |  | 1,155 |  |  | 73 |  |  | — |  |  | 4 |  |  | 1,232 |
1-4 family residential |  | 838 |  |  | 195 |  |  | (5) |  |  | 11 |  |  | 1,039 |
Farmland |  | 483 |  |  | (49) |  |  | — |  |  | — |  |  | 434 |
Commercial |  | 15,918 |  |  | 2,271 |  |  | (5,559) |  |  | 159 |  |  | 12,789 |
Factored receivables |  | 19,121 |  |  | 2,460 |  |  | (9,566) |  |  | 609 |  |  | 12,624 |
Consumer |  | 175 |  |  | (92) |  |  | (414) |  |  | 497 |  |  | 166 |
Mortgage warehouse |  | 658 |  |  | 98 |  |  | — |  |  | — |  |  | 756 |
|  | $ | 42,807 |  |  | $ | 6,218 |  |  | $ | (15,560) |  |  | $ | 1,350 |  |  | $ | 34,815 |
(Dollars in thousands) |  | Beginning Balance |  | Credit Loss Expense |  | Charge-offs |  | Recoveries |  | Ending Balance
Nine months ended September 30, 2022 |  |  |  |  |
Commercial real estate |  | $ | 3,961 |  |  | $ | 881 |  |  | $ | (108) |  |  | $ | 60 |  |  | $ | 4,794 |
Construction, land development, land |  | 827 |  |  | 165 |  |  | — |  |  | 3 |  |  | 995 |
1-4 family residential |  | 468 |  |  | 268 |  |  | — |  |  | 6 |  |  | 742 |
Farmland |  | 562 |  |  | (95) |  |  | — |  |  | — |  |  | 467 |
Commercial |  | 14,485 |  |  | 2,417 |  |  | (1,192) |  |  | 310 |  |  | 16,020 |
Factored receivables |  | 20,915 |  |  | 2,298 |  |  | (3,853) |  |  | 774 |  |  | 20,134 |
Consumer |  | 226 |  |  | 180 |  |  | (313) |  |  | 109 |  |  | 202 |
Mortgage warehouse |  | 769 |  |  | (12) |  |  | — |  |  | — |  |  | 757 |
|  | $ | 42,213 |  |  | $ | 6,102 |  |  | $ | (5,466) |  |  | $ | 1,262 |  |  | $ | 44,111 |
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
September 30, 2023 |  |  |  |  |  |
Commercial real estate |  | $ | 1,998 |  |  | $ | — |  |  | $ | 174 |  |  | $ | 1,703 |  |  | $ | 3,875 |  |  | $ | 327 |
Construction, land development, land |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
1-4 family residential |  | 1,120 |  |  | — |  |  | — |  |  | 26 |  |  | 1,146 |  |  | 126 |
Farmland |  | 298 |  |  | — |  |  | — |  |  | 930 |  |  | 1,228 |  |  | — |
Commercial |  | 939 |  |  | — |  |  | 2,929 |  |  | 20,315 |  |  | 24,183 |  |  | 2,080 |
Factored receivables |  | — |  |  | 39,404 |  |  | — |  |  | — |  |  | 39,404 |  |  | 6,904 |
Consumer |  | — |  |  | — |  |  | — |  |  | 171 |  |  | 171 |  |  | — |
Mortgage warehouse |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 4,355 |  |  | $ | 39,404 |  |  | $ | 3,103 |  |  | $ | 23,145 |  |  | $ | 70,007 |  |  | $ | 9,437 |
(Dollars in thousands) |  | Real Estate |  | Accounts Receivable |  | Equipment |  | Other |  | Total |  | ACL Allocation
December 31, 2022 |  |  |  |  |  |
Commercial real estate |  | $ | 1,003 |  |  | $ | — |  |  | $ | — |  |  | $ | 140 |  |  | $ | 1,143 |  |  | $ | 283 |
Construction, land development, land |  | 150 |  |  | — |  |  | — |  |  | — |  |  | 150 |  |  | — |
1-4 family residential |  | 1,342 |  |  | — |  |  | — |  |  | 49 |  |  | 1,391 |  |  | 108 |
Farmland |  | 196 |  |  | — |  |  | 108 |  |  | 96 |  |  | 400 |  |  | — |
Commercial |  | 193 |  |  | — |  |  | 5,334 |  |  | 10,370 |  |  | 15,897 |  |  | 4,737 |
Factored receivables |  | — |  |  | 42,409 |  |  | — |  |  | — |  |  | 42,409 |  |  | 13,042 |
Consumer |  | — |  |  | — |  |  | — |  |  | 91 |  |  | 91 |  |  | — |
Mortgage warehouse |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 2,884 |  |  | $ | 42,409 |  |  | $ | 5,442 |  |  | $ | 10,746 |  |  | $ | 61,481 |  |  | $ | 18,170 |
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 and Accruing
September 30, 2023 |  |  |  |  |  |  |
Commercial real estate |  | $ | 100 |  |  | $ | 306 |  |  | $ | 1,362 |  |  | $ | 1,768 |  |  | $ | 815,296 |  |  | $ | 817,064 |  |  | $ | — |
Construction, land development, land |  | — |  |  | — |  |  | — |  |  | — |  |  | 131,862 |  |  | 131,862 |  |  | — |
1-4 family residential |  | 540 |  |  | 306 |  |  | 245 |  |  | 1,091 |  |  | 128,497 |  |  | 129,588 |  |  | — |
Farmland |  | 147 |  |  | — |  |  | — |  |  | 147 |  |  | 62,551 |  |  | 62,698 |  |  | — |
Commercial |  | 16,445 |  |  | 2,173 |  |  | 3,650 |  |  | 22,268 |  |  | 1,229,671 |  |  | 1,251,939 |  |  | — |
Factored receivables |  | 26,772 |  |  | 6,234 |  |  | 26,346 |  |  | 59,352 |  |  | 1,154,350 |  |  | 1,213,702 |  |  | 26,346 |
Consumer |  | 17 |  |  | 19 |  |  | 20 |  |  | 56 |  |  | 8,110 |  |  | 8,166 |  |  | — |
Mortgage warehouse |  | — |  |  | — |  |  | — |  |  | — |  |  | 756,509 |  |  | 756,509 |  |  | — |
Total |  | $ | 44,021 |  |  | $ | 9,038 |  |  | $ | 31,623 |  |  | $ | 84,682 |  |  | $ | 4,286,846 |  |  | $ | 4,371,528 |  |  | $ | 26,346 |
(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 and Accruing
December 31, 2022 |  |  |  |  |  |  |
Commercial real estate |  | $ | 1,301 |  |  | $ | — |  |  | $ | 455 |  |  | $ | 1,756 |  |  | $ | 676,388 |  |  | $ | 678,144 |  |  | $ | — |
Construction, land development, land |  | — |  |  | — |  |  | 145 |  |  | 145 |  |  | 90,831 |  |  | 90,976 |  |  | — |
1-4 family residential |  | 936 |  |  | 531 |  |  | 776 |  |  | 2,243 |  |  | 123,738 |  |  | 125,981 |  |  | — |
Farmland |  | — |  |  | — |  |  | — |  |  | — |  |  | 68,934 |  |  | 68,934 |  |  | — |
Commercial |  | 1,630 |  |  | 3,139 |  |  | 2,847 |  |  | 7,616 |  |  | 1,243,494 |  |  | 1,251,110 |  |  | — |
Factored receivables |  | 42,797 |  |  | 12,651 |  |  | 37,142 |  |  | 92,590 |  |  | 1,144,859 |  |  | 1,237,449 |  |  | 37,142 |
Consumer |  | 52 |  |  | 41 |  |  | 2 |  |  | 95 |  |  | 8,773 |  |  | 8,868 |  |  | — |
Mortgage warehouse |  | — |  |  | — |  |  | — |  |  | — |  |  | 658,829 |  |  | 658,829 |  |  | — |
Total |  | $ | 46,716 |  |  | $ | 16,362 |  |  | $ | 41,367 |  |  | $ | 104,445 |  |  | $ | 4,015,846 |  |  | $ | 4,120,291 |  |  | $ | 37,142 |
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:
|  | September 30, 2023 |  | December 31, 2022
(Dollars in thousands) |  | Total Nonaccrual |  | Nonaccrual With No ACL |  | Total Nonaccrual |  | Nonaccrual With No ACL
Commercial real estate |  | $ | 3,801 |  |  | $ | 2,099 |  |  | $ | 871 |  |  | $ | 319 |
Construction, land development, land |  | — |  |  | — |  |  | 150 |  |  | 150 |
1-4 family residential |  | 1,146 |  |  | 958 |  |  | 1,391 |  |  | 1,238 |
Farmland |  | 1,228 |  |  | 1,228 |  |  | 400 |  |  | 400 |
Commercial |  | 24,182 |  |  | 20,671 |  |  | 15,393 |  |  | 3,662 |
Factored receivables |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | 171 |  |  | 171 |  |  | 91 |  |  | 91 |
Mortgage warehouse |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 30,528 |  |  | $ | 25,127 |  |  | $ | 18,296 |  |  | $ | 5,860 |
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:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Commercial real estate |  | $ | 1 |  |  | $ | — |  |  | $ | 17 |  |  | $ | — |
Construction, land development, land |  | — |  |  | — |  |  | — |  |  | 2 |
1-4 family residential |  | 2 |  |  | 1 |  |  | 8 |  |  | 1 |
Farmland |  | 35 |  |  | — |  |  | 57 |  |  | — |
Commercial |  | 47 |  |  | — |  |  | 55 |  |  | 4 |
Factored receivables |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | 1 |  |  | — |  |  | 2 |  |  | — |
Mortgage warehouse |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 86 |  |  | $ | 1 |  |  | $ | 139 |  |  | $ | 7 |
Schedule of Nonperforming Loans | The following table presents information regarding nonperforming loans:
(Dollars in thousands) |  | September 30, 2023 |  | December 31, 2022
Nonaccrual loans |  | $ | 30,528 |  |  | $ | 18,296 |
Factored receivables greater than 90 days past due |  | 22,765 |  |  | 28,940 |
Other nonperforming factored receivables(1) |  | — |  |  | 491 |
Troubled debt restructurings accruing interest |  | — |  |  | 503 |
|  | $ | 53,293 |  |  | $ | 48,230 |
(1)Other nonperforming factored receivables represent the portion of the Over-Formula Advance Portfolio that is not covered by Covenant's indemnification as well as other nonperforming factored receivables less than 90 days past due. This amount is also considered Classified from a risk rating perspective.
Summary of Risk Category of Loans | As of September 30, 2023 and December 31, 2022, 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 |  |  |
September 30, 2023 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 140,428 |  |  | $ | 189,753 |  |  | $ | 122,245 |  |  | $ | 55,488 |  |  | $ | 24,826 |  |  | $ | 106,522 |  |  | $ | 87,141 |  |  | $ | 122 |  |  | $ | 726,525 |
Classified |  | — |  |  | 38,008 |  |  | 3,100 |  |  | 46,587 |  |  | 747 |  |  | 2,097 |  |  | — |  |  | — |  |  | 90,539 |
Total commercial real estate |  | $ | 140,428 |  |  | $ | 227,761 |  |  | $ | 125,345 |  |  | $ | 102,075 |  |  | $ | 25,573 |  |  | $ | 108,619 |  |  | $ | 87,141 |  |  | $ | 122 |  |  | $ | 817,064 |
YTD gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |
Construction, land development, land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 35,355 |  |  | $ | 50,828 |  |  | $ | 30,928 |  |  | $ | 5,798 |  |  | $ | 349 |  |  | $ | 6,007 |  |  | $ | 2,597 |  |  | $ | — |  |  | $ | 131,862 |
Classified |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total construction, land development, land |  | $ | 35,355 |  |  | $ | 50,828 |  |  | $ | 30,928 |  |  | $ | 5,798 |  |  | $ | 349 |  |  | $ | 6,007 |  |  | $ | 2,597 |  |  | $ | — |  |  | $ | 131,862 |
YTD gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
1-4 family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 7,705 |  |  | $ | 10,460 |  |  | $ | 6,003 |  |  | $ | 10,253 |  |  | $ | 4,441 |  |  | $ | 50,464 |  |  | $ | 37,909 |  |  | $ | 1,173 |  |  | $ | 128,408 |
Classified |  | 167 |  |  | 16 |  |  | 15 |  |  | 175 |  |  | 72 |  |  | 608 |  |  | 127 |  |  | — |  |  | 1,180 |
Total 1-4 family residential |  | $ | 7,872 |  |  | $ | 10,476 |  |  | $ | 6,018 |  |  | $ | 10,428 |  |  | $ | 4,513 |  |  | $ | 51,072 |  |  | $ | 38,036 |  |  | $ | 1,173 |  |  | $ | 129,588 |
YTD gross charge-offs |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |
Farmland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 16,003 |  |  | $ | 13,463 |  |  | $ | 5,658 |  |  | $ | 7,913 |  |  | $ | 4,582 |  |  | $ | 11,085 |  |  | $ | 1,778 |  |  | $ | 73 |  |  | $ | 60,555 |
Classified |  | 190 |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | 1,934 |  |  | — |  |  | — |  |  | 2,143 |
Total farmland |  | $ | 16,193 |  |  | $ | 13,463 |  |  | $ | 5,677 |  |  | $ | 7,913 |  |  | $ | 4,582 |  |  | $ | 13,019 |  |  | $ | 1,778 |  |  | $ | 73 |  |  | $ | 62,698 |
YTD gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 138,634 |  |  | $ | 306,209 |  |  | $ | 110,662 |  |  | $ | 95,731 |  |  | $ | 33,386 |  |  | $ | 23,715 |  |  | $ | 507,606 |  |  | $ | 1,253 |  |  | $ | 1,217,196 |
Classified |  | 127 |  |  | 18,341 |  |  | 4,958 |  |  | 9,340 |  |  | 649 |  |  | 641 |  |  | 687 |  |  | — |  |  | 34,743 |
Total commercial |  | $ | 138,761 |  |  | $ | 324,550 |  |  | $ | 115,620 |  |  | $ | 105,071 |  |  | $ | 34,035 |  |  | $ | 24,356 |  |  | $ | 508,293 |  |  | $ | 1,253 |  |  | $ | 1,251,939 |
YTD gross charge-offs |  | $ | 2 |  |  | $ | 516 |  |  | $ | 4,496 |  |  | $ | 368 |  |  | $ | 9 |  |  | $ | 133 |  |  | $ | 35 |  |  | $ | — |  |  | $ | 5,559 |
Factored receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,175,928 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,581 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,179,509 |
Classified |  | 14,832 |  |  | — |  |  | — |  |  | 19,361 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34,193 |
Total factored receivables |  | $ | 1,190,760 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,942 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,213,702 |
YTD gross charge-offs |  | $ | 3,943 |  |  | $ | 2,293 |  |  | $ | — |  |  | $ | 3,330 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9,566 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,226 |  |  | $ | 2,273 |  |  | $ | 877 |  |  | $ | 577 |  |  | $ | 135 |  |  | $ | 1,862 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 7,996 |
Classified |  | — |  |  | — |  |  | 87 |  |  | — |  |  | — |  |  | 83 |  |  | — |  |  | — |  |  | 170 |
Total consumer |  | $ | 2,226 |  |  | $ | 2,273 |  |  | $ | 964 |  |  | $ | 577 |  |  | $ | 135 |  |  | $ | 1,945 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 8,166 |
YTD gross charge-offs |  | $ | 374 |  |  | $ | 9 |  |  | $ | 16 |  |  | $ | 8 |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 414 |
Mortgage warehouse |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 756,509 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 756,509 |
Classified |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total mortgage warehouse |  | $ | 756,509 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 756,509 |
YTD gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,272,788 |  |  | $ | 572,986 |  |  | $ | 276,373 |  |  | $ | 179,341 |  |  | $ | 67,719 |  |  | $ | 199,655 |  |  | $ | 637,077 |  |  | $ | 2,621 |  |  | $ | 4,208,560 |
Classified |  | 15,316 |  |  | 56,365 |  |  | 8,179 |  |  | 75,463 |  |  | 1,468 |  |  | 5,363 |  |  | 814 |  |  | — |  |  | 162,968 |
Total loans |  | $ | 2,288,104 |  |  | $ | 629,351 |  |  | $ | 284,552 |  |  | $ | 254,804 |  |  | $ | 69,187 |  |  | $ | 205,018 |  |  | $ | 637,891 |  |  | $ | 2,621 |  |  | $ | 4,371,528 |
YTD gross charge-offs |  | $ | 4,324 |  |  | $ | 2,818 |  |  | $ | 4,512 |  |  | $ | 3,706 |  |  | $ | 27 |  |  | $ | 138 |  |  | $ | 35 |  |  | $ | — |  |  | $ | 15,560 |
|  | Revolving Loans |  | Revolving Loans Converted To Term Loans |  | Total
(Dollars in thousands) |  | Year of Origination |  |  |
December 31, 2022 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 231,427 |  |  | $ | 156,895 |  |  | $ | 198,541 |  |  | $ | 28,033 |  |  | $ | 17,786 |  |  | $ | 35,658 |  |  | $ | 3,675 |  |  | $ | — |  |  | $ | 672,015 |
Classified |  | 3,668 |  |  | 551 |  |  | 1,855 |  |  | 39 |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | 6,129 |
Total commercial real estate |  | $ | 235,095 |  |  | $ | 157,446 |  |  | $ | 200,396 |  |  | $ | 28,072 |  |  | $ | 17,786 |  |  | $ | 35,674 |  |  | $ | 3,675 |  |  | $ | — |  |  | $ | 678,144 |
Construction, land development, land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 71,236 |  |  | $ | 11,328 |  |  | $ | 4,535 |  |  | $ | 3,186 |  |  | $ | 35 |  |  | $ | 506 |  |  | $ | — |  |  | $ | — |  |  | $ | 90,826 |
Classified |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 145 |  |  | — |  |  | — |  |  | 150 |
Total construction, land development, land |  | $ | 71,236 |  |  | $ | 11,328 |  |  | $ | 4,540 |  |  | $ | 3,186 |  |  | $ | 35 |  |  | $ | 651 |  |  | $ | — |  |  | $ | — |  |  | $ | 90,976 |
1-4 family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 26,306 |  |  | $ | 22,639 |  |  | $ | 9,536 |  |  | $ | 2,929 |  |  | $ | 3,528 |  |  | $ | 20,910 |  |  | $ | 38,361 |  |  | $ | 300 |  |  | $ | 124,509 |
Classified |  | 137 |  |  | 199 |  |  | 7 |  |  | 53 |  |  | 1 |  |  | 1,006 |  |  | 69 |  |  | — |  |  | 1,472 |
Total 1-4 family residential |  | $ | 26,443 |  |  | $ | 22,838 |  |  | $ | 9,543 |  |  | $ | 2,982 |  |  | $ | 3,529 |  |  | $ | 21,916 |  |  | $ | 38,430 |  |  | $ | 300 |  |  | $ | 125,981 |
Farmland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 18,190 |  |  | $ | 7,291 |  |  | $ | 10,027 |  |  | $ | 2,699 |  |  | $ | 6,742 |  |  | $ | 18,569 |  |  | $ | 1,016 |  |  | $ | 204 |  |  | $ | 64,738 |
Classified |  | 1,062 |  |  | 2,796 |  |  | 120 |  |  | 108 |  |  | — |  |  | 110 |  |  | — |  |  | — |  |  | 4,196 |
Total farmland |  | $ | 19,252 |  |  | $ | 10,087 |  |  | $ | 10,147 |  |  | $ | 2,807 |  |  | $ | 6,742 |  |  | $ | 18,679 |  |  | $ | 1,016 |  |  | $ | 204 |  |  | $ | 68,934 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 358,983 |  |  | $ | 181,933 |  |  | $ | 136,635 |  |  | $ | 41,912 |  |  | $ | 5,842 |  |  | $ | 12,145 |  |  | $ | 486,889 |  |  | $ | 161 |  |  | $ | 1,224,500 |
Classified |  | 10,721 |  |  | 10,579 |  |  | 3,767 |  |  | 1,038 |  |  | 96 |  |  | 116 |  |  | 293 |  |  | — |  |  | 26,610 |
Total commercial |  | $ | 369,704 |  |  | $ | 192,512 |  |  | $ | 140,402 |  |  | $ | 42,950 |  |  | $ | 5,938 |  |  | $ | 12,261 |  |  | $ | 487,182 |  |  | $ | 161 |  |  | $ | 1,251,110 |
Factored receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,196,912 |  |  | $ | — |  |  | $ | 7,710 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,204,622 |
Classified |  | 12,974 |  |  | — |  |  | 19,853 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 32,827 |
Total factored receivables |  | $ | 1,209,886 |  |  | $ | — |  |  | $ | 27,563 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,237,449 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,768 |  |  | $ | 1,981 |  |  | $ | 894 |  |  | $ | 304 |  |  | $ | 266 |  |  | $ | 2,418 |  |  | $ | 147 |  |  | $ | — |  |  | $ | 8,778 |
Classified |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | 8 |  |  | 79 |  |  | — |  |  | — |  |  | 90 |
Total consumer |  | $ | 2,768 |  |  | $ | 1,982 |  |  | $ | 896 |  |  | $ | 304 |  |  | $ | 274 |  |  | $ | 2,497 |  |  | $ | 147 |  |  | $ | — |  |  | $ | 8,868 |
Mortgage warehouse |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 658,829 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 658,829 |
Classified |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total mortgage warehouse |  | $ | 658,829 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 658,829 |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,564,651 |  |  | $ | 382,067 |  |  | $ | 367,878 |  |  | $ | 79,063 |  |  | $ | 34,199 |  |  | $ | 90,206 |  |  | $ | 530,088 |  |  | $ | 665 |  |  | $ | 4,048,817 |
Classified |  | 28,562 |  |  | 14,126 |  |  | 25,609 |  |  | 1,238 |  |  | 105 |  |  | 1,472 |  |  | 362 |  |  | — |  |  | 71,474 |
Total loans |  | $ | 2,593,213 |  |  | $ | 396,193 |  |  | $ | 393,487 |  |  | $ | 80,301 |  |  | $ | 34,304 |  |  | $ | 91,678 |  |  | $ | 530,450 |  |  | $ | 665 |  |  | $ | 4,120,291 |
Summary of Loan Modifications | The following tables present the amortized cost basis at the end of the reporting period of the loans modifications to borrowers experiencing financial difficulty:
|  | Term Extension
|  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
(Dollars in thousands) |  | Amortized Cost |  | % of Portfolio |  | Amortized Cost |  | % of Portfolio
Commercial real estate |  | $ | 111 |  |  | — | % |  | $ | 111 |  |  | — | %
1-4 family residential |  | 271 |  |  | 0.2 | % |  | 271 |  |  | 0.2 | %
Farmland |  | 762 |  |  | 1.2 | % |  | 762 |  |  | 1.2 | %
Commercial |  | 1,913 |  |  | 0.2 | % |  | 1,913 |  |  | 0.2 | %
|  | $ | 3,057 |  |  | 0.1 | % |  | $ | 3,057 |  |  | 0.1 | %
|  | Term Extension and Rate Reduction
|  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
(Dollars in thousands) |  | Amortized Cost |  | % of Portfolio |  | Amortized Cost |  | % of Portfolio
Commercial real estate |  | $ | 83,344 |  |  | 10.2 | % |  | $ | 83,344 |  |  | 10.2 | %
Commercial |  | 549 |  |  | — | % |  | 549 |  |  | — | %
|  | $ | 83,893 |  |  | 1.9 | % |  | $ | 83,893 |  |  | 1.9 | %
The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:
|  | Term Extension
|  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
Commercial real estate |  | Modification added a weighted average 0.3 years to the life of the modified loans. |  | Modification added a weighted average 0.9 years to the life of the modified loans.
1-4 family residential |  | Modification added a weighted average 0.5 years to the life of the modified loans. |  | Modification added a weighted average 0.5 years to the life of the modified loans.
Farmland |  | Modification added a weighted average 0.5 years to the life of the modified loans. |  | Modification added a weighted average 0.5 years to the life of the modified loans.
Commercial |  | Modification added a weighted average 0.5 years to the life of the modified loans. |  | Modification added a weighted average 0.6 years to the life of the modified loans.
|  | Term Extension and rate Reduction
|  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
Commercial real estate |  | Modification added a weighted average 0.5 years to the life of the modified loans and reduced the weighted average contractual interest rate from 10.1% to 5.1%. |  | Modification added a weighted average 0.5 years to the life of the modified loans and reduced the weighted average contractual interest rate from 10.1% to 5.1%.
Commercial |  | Modification added a weighted average 0.3 years to the life of the modified loans and reduced the weighted average contractual interest rate from 9.5% to 8.6%. |  | Modification added a weighted average 0.3 years to the life of the modified loans and reduced the weighted average contractual interest rate from 9.5% to 8.6%.
The following table presents the payment status of loans that have been modified in the last twelve months:
|  | September 30, 2023
(Dollars in thousands) |  | Current |  | Past Due 30-89 Days |  | Past Due 90 Days or More
Commercial real estate |  | $ | 83,455 |  |  | $ | — |  |  | $ | — |
1-4 family residential |  | 271 |  |  | — |  |  | — |
Farmland |  | 762 |  |  | — |  |  | — |
Commercial |  | 2,462 |  |  | — |  |  | — |
|  | $ | 86,950 |  |  | $ | — |  |  | $ | — |

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