v3.25.2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Accounts Notes Loans and Financial Receivables
Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:

(dollars in thousands)June 30, 2025December 31, 2024
Commercial and industrial$3,184,211 $2,953,135 
Consumer209,990 221,735 
Mortgage warehouse1,092,475 965,053 
Municipal436,759 441,408 
Premium finance1,294,293 1,155,614 
Real estate – construction and development1,485,842 1,998,506 
Real estate – commercial and farmland8,877,750 8,445,958 
Real estate – residential4,460,177 4,558,497 
Loans, net of unearned income$21,041,497 $20,739,906 
Schedule of Financial Receivable Nonaccrual Basis
The following table presents an analysis of loans accounted for on a nonaccrual basis:

(dollars in thousands)June 30, 2025December 31, 2024
Commercial and industrial$16,401 $11,875 
Consumer 1,119 782 
Real estate – construction and development1,559 3,718 
Real estate – commercial and farmland9,252 11,960 
Real estate – residential(1)
58,688 73,883 
$87,019 $102,218 
(1) Included in real estate - residential were $11.7 million and $12.0 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2025 and December 31, 2024, respectively.
The following table presents an analysis of nonaccrual loans with no related allowance for credit losses:

(dollars in thousands)June 30, 2025December 31, 2024
Commercial and industrial$4,083 $3,866 
Real estate – construction and development581 2,624 
Real estate – commercial and farmland5,501 9,357 
Real estate – residential25,254 36,512 
$35,419 $52,359 
The following table presents an analysis of individually evaluated collateral-dependent financial assets and related allowance for credit losses:

June 30, 2025December 31, 2024
(dollars in thousands)BalanceAllowance for Credit LossesBalanceAllowance for Credit Losses
Commercial and industrial$8,718 $903 $9,451 $1,072 
Premium finance1,501 90 2,165 130 
Real estate – construction and development917 92 2,979 110 
Real estate – commercial and farmland7,826 272 10,882 149 
Real estate – residential16,775 1,890 23,983 2,302 
$35,737 $3,247 $49,460 $3,763 
Schedule of Past Due Financial Receivables
The following table presents an analysis of past-due loans as of June 30, 2025 and December 31, 2024:

(dollars in thousands)Loans
30-59
Days Past
Due		Loans
60-89
Days
Past Due		Loans 90
or More
Days Past
Due		Total
Loans
Past Due		Current
Loans		Total
Loans		Loans 90
Days or
More Past
Due and
Still
Accruing
June 30, 2025       
Commercial and industrial$7,134 $6,912 $12,396 $26,442 $3,157,769 $3,184,211 $2 
Consumer 1,009 332 478 1,819 208,171 209,990 — 
Mortgage warehouse— — — — 1,092,475 1,092,475 — 
Municipal— — — — 436,759 436,759 — 
Premium finance11,511 6,437 8,340 26,288 1,268,005 1,294,293 8,340 
Real estate – construction and development5,447 53 1,508 7,008 1,478,834 1,485,842 — 
Real estate – commercial and farmland1,251 3,955 6,420 11,626 8,866,124 8,877,750 — 
Real estate – residential49,751 20,913 56,184 126,848 4,333,329 4,460,177 73 
Total$76,103 $38,602 $85,326 $200,031 $20,841,466 $21,041,497 $8,415 
December 31, 2024       
Commercial and industrial$12,300 $5,908 $12,849 $31,057 $2,922,078 $2,953,135 $5,159 
Consumer 2,672 557 319 3,548 218,187 221,735 — 
Mortgage warehouse— — — — 965,053 965,053 — 
Municipal— — — — 441,408 441,408 — 
Premium finance15,068 6,315 12,485 33,868 1,121,746 1,155,614 12,485 
Real estate – construction and development23,102 461 3,786 27,349 1,971,157 1,998,506 89 
Real estate – commercial and farmland6,787 2,435 5,980 15,202 8,430,756 8,445,958 — 
Real estate – residential47,020 15,864 71,070 133,954 4,424,543 4,558,497 — 
Total$106,949 $31,540 $106,489 $244,978 $20,494,928 $20,739,906 $17,733 
Schedule of Credit Quality Indicate Financial Receivable
The following tables present the loan portfolio's amortized cost by class of financing receivable, risk grade and year of origination (in thousands) as of June 30, 2025 and December 31, 2024. Generally, current period renewals of credit are underwritten again at the point of renewal and considered current period originations for purposes of the tables below. The Company had an immaterial amount of revolving loans which converted to term loans and the amortized cost basis of those loans is included in the applicable origination year. There were no loans risk graded doubtful or loss at June 30, 2025 or December 31, 2024.
As of June 30, 2025
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20252024202320222021PriorTotal
Commercial and Industrial
Risk Grade:
Pass$569,814 $756,358 $505,485 $481,722 $205,503 $87,563 $546,329 $3,152,774 
Special mention137 577 23 1,551 1,298 3,106 440 7,132 
Substandard114 1,595 7,648 3,169 6,452 4,122 1,205 24,305 
Total commercial and industrial$570,065 $758,530 $513,156 $486,442 $213,253 $94,791 $547,974 $3,184,211 
Current-period gross charge offs$330 $4,214 $6,872 $8,276 $2,061 $623 $— $22,376 
Consumer
Risk Grade:
Pass$58,484 $17,132 $13,503 $5,359 $1,567 $36,661 $74,594 $207,300 
Special mention— 8 — 11 — 56 1,038 1,113 
Substandard20 221 157 293 42 742 102 1,577 
Total consumer$58,504 $17,361 $13,660 $5,663 $1,609 $37,459 $75,734 $209,990 
Current-period gross charge offs$— $394 $215 $274 $27 $943 $— $1,853 
Mortgage Warehouse
Risk Grade:
Pass$— $— $— $— $— $— $1,092,475 $1,092,475 
Total mortgage warehouse$— $— $— $— $— $— $1,092,475 $1,092,475 
Current-period gross charge offs$— $— $— $— $— $— $— $— 
Municipal
Risk Grade:
Pass$10,525 $24,461 $8,904 $43,481 $35,960 $312,609 $819 $436,759 
Total municipal$10,525 $24,461 $8,904 $43,481 $35,960 $312,609 $819 $436,759 
Current-period gross charge offs$— $— $— $— $— $— $— $— 
Premium Finance
Risk Grade:
Pass$1,078,054 $207,260 $639 $— $— $— $— $1,285,953 
Substandard1,771 6,564 5 — — — — 8,340 
Total premium finance$1,079,825 $213,824 $644 $— $— $— $— $1,294,293 
Current-period gross charge offs$364 $4,477 $206 $1 $— $— $— $5,048 
As of June 30, 2025
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20252024202320222021PriorTotal
Real Estate – Construction and Development
Risk Grade:
Pass$283,571 $451,132 $94,550 $370,795 $178,203 $43,799 $61,663 $1,483,713 
Special mention— — — 155 — 259 — 414 
Substandard— 259 698 7 336 415 — 1,715 
Total real estate – construction and development$283,571 $451,391 $95,248 $370,957 $178,539 $44,473 $61,663 $1,485,842 
Current-period gross charge offs$— $— $— $— $— $— $— $— 
Real Estate – Commercial and Farmland
Risk Grade:
Pass$343,579 $306,682 $510,639 $2,782,777 $2,100,991 $2,630,801 $95,225 $8,770,694 
Special mention— — — 4,345 16,396 35,117 — 55,858 
Substandard9,000 — 1,542 17,644 2,931 19,981 100 51,198 
Total real estate – commercial and farmland$352,579 $306,682 $512,181 $2,804,766 $2,120,318 $2,685,899 $95,325 $8,877,750 
Current-period gross charge offs$— $— $— $— $— $— $— $— 
Real Estate - Residential
Risk Grade:
Pass$127,024 $169,242 $578,600 $1,235,516 $1,003,500 $952,228 $325,110 $4,391,220 
Special mention— — 9 49 15 1,580 507 2,160 
Substandard— 4,399 8,920 13,578 7,811 24,411 7,678 66,797 
Total real estate - residential$127,024 $173,641 $587,529 $1,249,143 $1,011,326 $978,219 $333,295 $4,460,177 
Current-period gross charge offs$— $— $171 $— $— $162 $— $333 
Total Loans
Risk Grade:
Pass$2,471,051 $1,932,267 $1,712,320 $4,919,650 $3,525,724 $4,063,661 $2,196,215 $20,820,888 
Special mention137 585 32 6,111 17,709 40,118 1,985 66,677 
Substandard10,905 13,038 18,970 34,691 17,572 49,671 9,085 153,932 
Total loans$2,482,093 $1,945,890 $1,731,322 $4,960,452 $3,561,005 $4,153,450 $2,207,285 $21,041,497 
Total current-period gross charge offs$694 $9,085 $7,464 $8,551 $2,088 $1,728 $— $29,610 
As of December 31, 2024
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20242023202220212020PriorTotal
Commercial and Industrial
Risk Grade:
Pass$919,301 $594,485 $523,513 $246,036 $72,397 $46,358 $512,778 $2,914,868 
Special mention892 28 1,938 1,311 777 2,960 3,319 11,225 
Substandard885 2,214 4,384 7,222 655 4,555 7,127 27,042 
Total commercial and industrial$921,078 $596,727 $529,835 $254,569 $73,829 $53,873 $523,224 $2,953,135 
Consumer
Risk Grade:
Pass$58,113 $18,575 $8,684 $2,371 $17,405 $31,962 $83,143 $220,253 
Special mention8 — 14 — 9 61 — 92 
Substandard113 206 81 48 179 648 115 1,390 
Total consumer$58,234 $18,781 $8,779 $2,419 $17,593 $32,671 $83,258 $221,735 
Mortgage Warehouse
Risk Grade:
Pass$— $— $— $— $— $— $965,053 $965,053 
Total mortgage warehouse$— $— $— $— $— $— $965,053 $965,053 
Municipal
Risk Grade:
Pass$20,133 $9,094 $44,482 $36,468 $139,046 $191,559 $626 $441,408 
Total municipal$20,133 $9,094 $44,482 $36,468 $139,046 $191,559 $626 $441,408 
Premium Finance
Risk Grade:
Pass$1,141,370 $1,648 $28 $83 $— $— $— $1,143,129 
Substandard12,001 483 1 — — — — 12,485 
Total premium finance$1,153,371 $2,131 $29 $83 $— $— $— $1,155,614 
Real Estate – Construction and Development
Risk Grade:
Pass$523,704 $245,526 $835,742 $245,091 $3,619 $73,816 $66,449 $1,993,947 
Special mention— — 160 65 — 275 — 500 
Substandard— 151 3,020 337 — 551 — 4,059 
Total real estate – construction and development$523,704 $245,677 $838,922 $245,493 $3,619 $74,642 $66,449 $1,998,506 
Real Estate – Commercial and Farmland
Risk Grade:
Pass$330,472 $456,486 $2,373,426 $2,173,060 $990,712 $1,866,277 $113,916 $8,304,349 
Special mention— — 3,069 14,844 14,706 63,717 — 96,336 
Substandard— 1,551 16,979 3,855 12,730 10,158 — 45,273 
Total real estate – commercial and farmland$330,472 $458,037 $2,393,474 $2,191,759 $1,018,148 $1,940,152 $113,916 $8,445,958 
As of December 31, 2024
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20242023202220212020PriorTotal
Real Estate - Residential
Risk Grade:
Pass$193,939 $628,098 $1,291,666 $1,046,164 $460,887 $561,386 $292,193 $4,474,333 
Special mention— 10 52 16 157 1,375 1,173 2,783 
Substandard2,718 9,880 14,040 9,885 10,603 26,236 8,019 81,381 
Total real estate - residential$196,657 $637,988 $1,305,758 $1,056,065 $471,647 $588,997 $301,385 $4,558,497 
Total Loans
Risk Grade:
Pass$3,187,032 $1,953,912 $5,077,541 $3,749,273 $1,684,066 $2,771,358 $2,034,158 $20,457,340 
Special mention900 38 5,233 16,236 15,649 68,388 4,492 110,936 
Substandard15,717 14,485 38,505 21,347 24,167 42,148 15,261 171,630 
Total loans$3,203,649 $1,968,435 $5,121,279 $3,786,856 $1,723,882 $2,881,894 $2,053,911 $20,739,906 
Schedule of Allowances for Loan Losses by Portfolio Segment
The following tables detail activity and end of period balances in the allowance for credit losses by portfolio segment for the periods indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

Three Months Ended June 30, 2025
(dollars in thousands)Commercial and IndustrialConsumerMortgage WarehouseMunicipalPremium FinanceReal Estate – Construction and Development
Balance, March 31, 2025$82,621 $6,145 $1,824 $57 $682 $69,086 
Provision for loan losses12,345 1,090 456 1 567 (21,785)
Loans charged off(10,517)(913)— — (2,719)— 
Recoveries of loans previously charged off4,536 251 — — 2,253 5 
Balance, June 30, 2025$88,985 $6,573 $2,280 $58 $783 $47,306 
Real Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, March 31, 2025$118,392 $66,748 $345,555 
Provision for loan losses9,335 1,101 3,110 
Loans charged off— (77)(14,226)
Recoveries of loans previously charged off67 16 7,128 
Balance, June 30, 2025$127,794 $67,788 $341,567 
Six Months Ended June 30, 2025
(dollars in thousands)Commercial
and Industrial		ConsumerMortgage WarehouseMunicipalPremium FinanceReal Estate – Construction and Development
Balance, December 31, 2024$87,242 $7,327 $2,262 $58 $736 $60,421 
Provision for loan losses15,733 553 18 — 762 (13,124)
Loans charged off(22,376)(1,853)— — (5,048)— 
Recoveries of loans previously charged off8,386 546 — — 4,333 9 
Balance, June 30, 2025$88,985 $6,573 $2,280 $58 $783 $47,306 
Real Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, December 31, 2024$118,377 $61,661 $338,084 
Provision for loan losses9,315 6,372 19,629 
Loans charged off— (333)(29,610)
Recoveries of loans previously charged off102 88 13,464 
Balance, June 30, 2025$127,794 $67,788 $341,567 
Three Months Ended June 30, 2024
(dollars in thousands)Commercial and IndustrialConsumerMortgage WarehouseMunicipalPremium FinanceReal Estate – Construction and Development
Balance, March 31, 2024$63,804 $3,939 $1,823 $63 $616 $72,168 
Provision for loan losses10,869 114 319 (3)594 5,269 
Loans charged off(12,539)(965)— — (2,802)— 
Recoveries of loans previously charged off4,408 391 — — 2,294 45 
Balance, June 30, 2024$66,542 $3,479 $2,142 $60 $702 $77,482 
Real Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, March 31, 2024$110,656 $66,954 $320,023 
Provision for loan losses11,311 (3,125)25,348 
Loans charged off(513)(26)(16,845)
Recoveries of loans previously charged off509 45 7,692 
Balance, June 30, 2024$121,963 $63,848 $336,218 
Six Months Ended June 30, 2024
(dollars in thousands)Commercial
and Industrial		ConsumerMortgage WarehouseMunicipalPremium FinanceReal Estate – Construction and Development
Balance, December 31, 2023$64,053 $3,952 $1,678 $345 $602 $61,017 
Provision for loan losses23,016 880 464 (285)163 16,417 
Loans charged off(27,834)(2,121)— — (4,808)— 
Recoveries of loans previously charged off7,307 768 — — 4,745 48 
Balance, June 30, 2024$66,542 $3,479 $2,142 $60 $702 $77,482 
Real Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, December 31, 2023$110,097 $65,356 $307,100 
Provision for loan losses11,785 (1,569)50,871 
Loans charged off(513)(26)(35,302)
Recoveries of loans previously charged off594 87 13,549 
Balance, June 30, 2024$121,963 $63,848 $336,218 
Schedule of Troubled Debt Restructurings by Loan Class
The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted during the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, 2025
(dollars in thousands)Payment DeferralTerm ExtensionCombination Payment Deferral and Rate ReductionCombination Payment Deferral and Term ExtensionCombination of Term Extension and Rate ReductionTotalPercentage of Total Class of Financial Receivable
Commercial and industrial$— $5,871 $— $— $— $5,871 0.2 %
Real estate – commercial and farmland— 700 — 329 — 1,029 — %
Real estate – residential548 2,199 506 — 615 3,868 0.1 %
Total$548 $8,770 $506 $329 $615 $10,768 0.1 %
Six Months Ended June 30, 2025
(dollars in thousands)Payment DeferralTerm ExtensionCombination Payment Deferral and Rate ReductionCombination Payment Deferral and Term ExtensionCombination of Term Extension and Rate ReductionTotalPercentage of Total Class of Financial Receivable
Commercial and industrial$— $5,871 $— $— $— $5,871 0.2 %
Real estate – commercial and farmland2,357 700 — 9,690 — 12,747 0.1 %
Real estate – residential1,111 3,533 506 — 1,298 6,448 0.1 %
Total$3,468 $10,104 $506 $9,690 $1,298 $25,066 0.1 %

Three Months Ended June 30, 2024
(dollars in thousands)Payment DeferralTerm ExtensionInterest Rate ReductionCombination of Term Extension and Rate ReductionTotalPercentage of Total Class of Financial Receivable
Commercial and industrial$625 $— $— $— $625 — %
Real estate – residential— 2,567 503 808 3,878 0.1 %
Total$625 $2,567 $503 $808 $4,503 — %

Six Months Ended June 30, 2024
(dollars in thousands)Payment DeferralTerm ExtensionInterest Rate ReductionCombination of Term Extension and Rate ReductionTotalPercentage of Total Class of Financial Receivable
Commercial and industrial$625 $— $— $— $625 — %
Real estate – residential— 6,093 503 1,341 7,937 0.2 %
Total$625 $6,093 $503 $1,341 $8,562 — %
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 and 2024, respectively:
Three Months Ended June 30, 2025
Loan TypeFinancial Effect
Payment Deferral
Real estate – residential
Payments were deferred for 8 months
Term Extension
Commercial and industrial
Maturity dates were extended for a weighted average of 13 months
Real estate – commercial and farmland
Maturity dates were extended for a weighted average of 9 months
Real estate – residential
Maturity dates were extended for a weighted average of 95 months
Combination Payment Deferral and Term Extension
Real estate – commercial and farmland
Maturity dates were extended for a weighted average 9 months and payments were deferred for 9 months
Combination Term Extension and Rate Reduction
Real estate – residential
Maturity dates were extended for a weighted average 7 months and rate was reduced by a weighted average 1.50%
Combination Payment Deferral and Rate Reduction
Real estate – residential
Payments were deferred for 10 months and rate was reduced by a weighted average 0.43%

Six Months Ended June 30, 2025
Loan TypeFinancial Effect
Payment Deferral
Real estate – commercial and farmland
Payments were deferred for a weighted average of 9 months
Real estate – residential
Payments were deferred for a weighted average of 9 months
Term Extension
Commercial and industrial
Maturity dates were extended for a weighted average of 13 months
Real estate – commercial and farmland
Maturity dates were extended for a weighted average of 9 months
Real estate – residential
Maturity dates were extended for a weighted average of 90 months
Combination Payment Deferral and Term Extension
Real estate – commercial and farmland
Maturity dates were extended for a weighted average 3 months and payments were deferred for 12 months
Combination Term Extension and Rate Reduction
Real estate – residential
Maturity dates were extended for a weighted average 37 months and rate was reduced by a weighted average 0.68%
Combination Payment Deferral and Rate Reduction
Real estate – residential
Payments were deferred for 7 months and rate was reduced by a weighted average 1.50%
Three Months Ended June 30, 2024
Loan TypeFinancial Effect
Interest Rate Reduction
Real estate – residential
Rate was reduced by 1.625%
Payment Deferral
Commercial and industrial
Payments were deferred for 16 months
Term Extension
Real estate – residential
Maturity dates were extended for a weighted average of 87 months
Combination Term Extension and Rate Reduction
Real estate – residential
Maturity dates were extended for a weighted average 97 months and rate was reduced by a weighted average 3.75%

Six Months Ended June 30, 2024
Loan TypeFinancial Effect
Interest Rate Reduction
Real estate – residential
Rate was reduced by 1.625%
Payment Deferral
Commercial and industrial
Payments were deferred for 16 months
Term Extension
Real estate – residential
Maturity dates were extended for a weighted average of 81 months
Combination Term Extension and Rate Reduction
Real estate – residential
Maturity dates were extended for a weighted average 112 months and rate was reduced by a weighted average 2.86%

The Company monitors the performance of the loans that are modified to 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:

As of June 30, 2025

(dollars in thousands)
Current30-59
Days Past Due		60-89
Days Past Due		90 or More Days Past DueTotal
Commercial and industrial$6,426 $— $— $— $6,426 
Real estate – commercial and farmland13,332 — — — 13,332 
Real estate – residential8,247 3,141 3,831 2,883 18,102 
Total$28,005 $3,141 $3,831 $2,883 $37,860 

As of June 30, 2024

(dollars in thousands)
Current30-59
Days Past Due		60-89
Days Past Due		90 or More Days Past DueTotal
Commercial and industrial$3,667 $— $— $— $3,667 
Real estate – commercial and farmland3,462 — — — 3,462 
Real estate – residential10,463 1,711 1,036 1,259 14,469 
Total$17,592 $1,711 $1,036 $1,259 $21,598 
The following table provides the amortized cost basis of financing receivables that had a payment default during the three months ended June 30, 2025 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

(dollars in thousands)Interest Rate ReductionTerm ExtensionPayment DeferralCombination of Term Extension and Rate ReductionCombination Payment Deferral and Rate ReductionTotal
Real estate – residential$499 $4,202 $563 $4,086 $506 $9,856 
Total$499 $4,202 $563 $4,086 $506 $9,856 

The following table provides the amortized cost basis of financing receivables that had a payment default during the six months ended June 30, 2025 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

(dollars in thousands)Interest Rate ReductionTerm ExtensionPayment DeferralCombination of Term Extension and Rate ReductionCombination Payment Deferral and Rate ReductionTotal
Real estate – residential$499 $4,862 $563 $4,086 $506 $10,516 
Total$499 $4,862 $563 $4,086 $506 $10,516 

The following table provides the amortized cost basis of financing receivables that had a payment default during three months ended June 30, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.
(dollars in thousands)Term ExtensionCombination of Term Extension and Rate ReductionTotal
Real estate – residential$3,337 $456 $3,793 
Total$3,337 $456 $3,793 

The following table provides the amortized cost basis of financing receivables that had a payment default during six months ended June 30, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

(dollars in thousands)Term ExtensionCombination of Term Extension and Rate ReductionTotal
Real estate – residential$3,337 $456 $3,793 
Total$3,337 $456 $3,793