Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 5 – LOANS The following table details the Company’s loans at June 30, 2020 December 31, 2019: June 30, December 31, 2020 2019 (Dollars In Thousands) Commercial, financial and agricultural $ 3,498,627 $ 2,696,210 Real estate - construction 544,586 521,392 Real estate - mortgage: Owner-occupied commercial 1,634,495 1,587,478 1-4 family mortgage 665,883 644,188 Other mortgage 1,911,384 1,747,394 Subtotal: Real estate - mortgage 4,211,762 3,979,060 Consumer 60,400 64,789 Total Loans 8,315,375 7,261,451 Less: Allowance for loan losses (91,507 ) (76,584 ) Net Loans $ 8,223,868 $ 7,184,867 Commercial, financial and agricultural 42.07 % 37.13 % Real estate - construction 6.55 % 7.18 % Real estate - mortgage: Owner-occupied commercial 19.66 % 21.86 % 1-4 family mortgage 8.00 % 8.87 % Other mortgage 22.99 % 24.07 % Subtotal: Real estate - mortgage 50.65 % 54.80 % Consumer 0.73 % 0.89 % Total Loans 100.00 % 100.00 % In light of the U.S. and global economic crisis brought about by the COVID- 19 500 June 30, 2020, June 30, 2020, second 2020, The credit quality of the loan portfolio is summarized no ● Pass – loans which are well protected by the current net worth and paying capacity of the borrower (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral. ● Special Mention – loans with potential weakness that may, not not not ● Substandard – loans that exhibit well-defined weakness or weaknesses that currently jeopardize debt repayment. These loans are characterized by the distinct possibility that the institution will sustain some loss if the weaknesses are not ● Doubtful – loans that have all the weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. Loans by credit quality indicator as of June 30, 2020 December 31, 2019 Special June 30, 2020 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 3,388,928 $ 46,582 $ 63,117 $ - $ 3,498,627 Real estate - construction 540,898 3,100 588 - 544,586 Real estate - mortgage: Owner-occupied commercial 1,619,718 10,887 3,890 - 1,634,495 1-4 family mortgage 661,070 3,508 1,305 - 665,883 Other mortgage 1,903,121 6,509 1,754 - 1,911,384 Total real estate mortgage 4,183,909 20,904 6,949 - 4,211,762 Consumer 60,299 92 9 - 60,400 Total $ 8,174,034 $ 70,678 $ 70,663 $ - $ 8,315,375 Special December 31, 2019 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 2,629,487 $ 46,176 $ 20,547 $ - $ 2,696,210 Real estate - construction 512,373 4,731 4,288 - 521,392 Real estate - mortgage: Owner-occupied commercial 1,555,283 18,240 13,955 - 1,587,478 1-4 family mortgage 639,959 2,787 1,442 - 644,188 Other mortgage 1,735,869 10,018 1,507 - 1,747,394 Total real estate mortgage 3,931,111 31,045 16,904 - 3,979,060 Consumer 64,789 - - - 64,789 Total $ 7,137,760 $ 81,952 $ 41,739 $ - $ 7,261,451 Loans by performance status as of June 30, 2020 December 31, 2019 June 30, 2020 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 3,484,491 $ 14,136 $ 3,498,627 Real estate - construction 543,999 587 544,586 Real estate - mortgage: Owner-occupied commercial 1,632,781 1,714 1,634,495 1-4 family mortgage 665,200 683 665,883 Other mortgage 1,906,523 4,861 1,911,384 Total real estate mortgage 4,204,504 7,258 4,211,762 Consumer 60,367 33 60,400 Total $ 8,293,361 $ 22,014 $ 8,315,375 December 31, 2019 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 2,681,280 $ 14,930 $ 2,696,210 Real estate - construction 519,803 1,589 521,392 Real estate - mortgage: Owner-occupied commercial 1,576,652 10,826 1,587,478 1-4 family mortgage 641,875 2,313 644,188 Other mortgage 1,740,963 6,431 1,747,394 Total real estate mortgage 3,959,490 19,570 3,979,060 Consumer 64,766 23 64,789 Total $ 7,225,339 $ 36,112 $ 7,261,451 Loans by past due status as of June 30, 2020 December 31, 2019 June 30, 2020 Past Due Status (Accruing Loans) Total Past 30-59 Days 60-89 Days 90+ Days Due Non-Accrual Current Total Loans (In Thousands) Commercial, financial and agricultural $ 273 $ 4,437 $ 248 $ 4,958 $ 13,888 $ 3,479,781 $ 3,498,627 Real estate - construction 116 - - 116 587 543,883 544,586 Real estate - mortgage: Owner-occupied commercial - 442 - 442 1,714 1,632,339 1,634,495 1-4 family mortgage 80 - - 80 683 665,120 665,883 Other mortgage - - 4,861 4,861 - 1,906,523 1,911,384 Total real estate - mortgage 80 442 4,861 5,383 2,397 4,203,982 4,211,762 Consumer 46 80 24 150 9 60,241 60,400 Total $ 515 $ 4,959 $ 5,133 $ 10,607 $ 16,881 $ 8,287,887 $ 8,315,375 December 31, 2019 Past Due Status (Accruing Loans) Total Past 30-59 Days 60-89 Days 90+ Days Due Non-Accrual Current Total Loans (In Thousands) Commercial, financial and agricultural $ 3,135 $ 344 $ 201 $ 3,680 $ 14,729 $ 2,677,801 $ 2,696,210 Real estate - construction 830 - - 830 1,589 518,973 521,392 Real estate - mortgage: Owner-occupied commercial 917 7,242 - 8,159 10,826 1,568,493 1,587,478 1-4 family mortgage 1,638 567 873 3,078 1,440 639,670 644,188 Other mortgage - - 4,924 4,924 1,507 1,740,963 1,747,394 Total real estate - mortgage 2,555 7,809 5,797 16,161 13,773 3,949,126 3,979,060 Consumer 35 25 23 83 - 64,706 64,789 Total $ 6,555 $ 8,178 $ 6,021 $ 20,754 $ 30,091 $ 7,210,606 $ 7,261,451 The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb credit losses inherent in the loan portfolio. The amount of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio, credit concentrations, trends in historical loss experience, specific impaired loans, economic conditions and other risks inherent in the portfolio. Allowances for impaired loans are generally determined based on collateral values or the present value of the estimated cash flows. The allowance is increased by a provision for loan losses, which is charged to expense, and reduced by charge-offs, net of recoveries. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the allowance for losses on loans. Such agencies may The methodology utilized for the calculation of the allowance for loan losses is divided into four 450 310 Non-Impaired Loans. second 5 Impaired Loans. may may External Qualitative Factors three 19 three June 30, 2020 six June 30, 2020. Internal Qualitative Factors The following table presents an analysis of the allowance for loan losses by portfolio segment and changes in the allowance for loan losses for the three six June 30, 2020 June 30, 2019. Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Three Months Ended June 30, 2020 Allowance for loan losses: Balance at March 31, 2020 $ 48,780 $ 3,757 $ 32,360 $ 517 $ 85,414 Charge-offs (1,358 ) (376 ) (2,520 ) (62 ) (4,316 ) Recoveries 84 1 13 28 126 Provision 480 1,149 8,546 108 10,283 Balance at June 30, 2020 $ 47,986 $ 4,531 $ 38,399 $ 591 $ 91,507 Three Months Ended June 30, 2019 Allowance for loan losses: Balance at March 31, 2019 $ 39,459 $ 3,595 $ 26,711 $ 442 $ 70,207 Charge-offs (3,610 ) - (169 ) (63 ) (3,842 ) Recoveries 117 - 4 16 137 Provision 2,743 (176 ) 2,237 80 4,884 Balance at June 30, 2019 $ 38,709 $ 3,419 $ 28,783 $ 475 $ 71,386 Six Months Ended June 30, 2020 Allowance for loan losses: Balance at December 31, 2019 $ 43,666 $ 2,768 $ 29,653 $ 497 $ 76,584 Charge-offs (3,998 ) (830 ) (4,198 ) (120 ) (9,146 ) Recoveries 146 2 14 40 202 Provision 8,172 2,591 12,930 174 23,867 Balance at June 30, 2020 $ 47,986 $ 4,531 $ 38,399 $ 591 $ 91,507 Six Months Ended June 30, 2019 Allowance for loan losses: Balance at December 31, 2018 $ 39,016 $ 3,522 $ 25,508 $ 554 $ 68,600 Charge-offs (6,647 ) - (219 ) (281 ) (7,147 ) Recoveries 129 1 11 23 164 Provision 6,211 (104 ) 3,483 179 9,769 Balance at June 30, 2019 $ 38,709 $ 3,419 $ 28,783 $ 475 $ 71,386 As of June 30, 2020 Allowance for loan losses: Individually Evaluated for Impairment $ 9,344 $ 201 $ 209 $ - $ 9,754 Collectively Evaluated for Impairment 38,642 4,330 38,190 591 81,753 Loans: Ending Balance $ 3,498,627 $ 544,586 $ 4,211,762 $ 60,400 $ 8,315,375 Individually Evaluated for Impairment 63,531 616 8,004 9 72,160 Collectively Evaluated for Impairment 3,435,096 543,970 4,203,758 60,391 8,243,215 As of December 31, 2019 Allowance for loan losses: Individually Evaluated for Impairment $ 6,085 $ 86 $ 3,633 $ - $ 9,804 Collectively Evaluated for Impairment 37,581 2,682 26,020 497 66,780 Loans: Ending Balance $ 2,696,210 $ 521,392 $ 3,979,060 $ 64,789 $ 7,261,451 Individually Evaluated for Impairment 20,843 4,320 17,985 - 43,148 Collectively Evaluated for Impairment 2,675,367 517,072 3,961,075 64,789 7,218,303 The following table presents details of the Company’s impaired loans as of June 30, 2020 December 31, 2019, not For the three months For the six months ended June 30, ended June 30, June 30, 2020 2020 2020 Interest Interest Unpaid Average Income Average Income Recorded Principal Related Recorded Recognized Recorded Recognized Investment Balance Allowance Investment in Period Investment in Period (In Thousands) With no allowance recorded: Commercial, financial and agricultural $ 30,371 $ 30,371 $ - $ 30,939 $ 122 $ 31,433 $ 531 Real estate - construction 29 32 - 33 - 34 1 Real estate - mortgage: Owner-occupied commercial 2,942 3,038 - 3,048 49 3,058 91 1-4 family mortgage 654 654 - 655 4 506 5 Other mortgage 1,701 1,701 - 1,701 18 - - Total real estate - mortgage 5,297 5,393 - 5,404 71 3,564 96 Consumer 9 9 - 9 - 9 - Total with no allowance recorded 35,706 35,805 - 36,385 193 35,040 628 With an allowance recorded: Commercial, financial and agricultural 33,160 34,494 9,344 33,701 203 33,793 467 Real estate - construction 587 637 201 965 - 1,201 - Real estate - mortgage: Owner-occupied commercial 2,008 2,148 169 2,209 5 2,303 8 1-4 family mortgage 647 647 40 646 4 649 7 Other mortgage 52 52 - 52 1 104 3 Total real estate - mortgage 2,707 2,847 209 2,907 10 3,056 18 Consumer - - - - - - - Total with allowance recorded 36,454 37,978 9,754 37,573 213 38,050 485 Total Impaired Loans: Commercial, financial and agricultural 63,531 64,865 9,344 64,640 325 65,226 998 Real estate - construction 616 669 201 998 - 1,235 1 Real estate - mortgage: Owner-occupied commercial 4,950 5,186 169 5,257 54 5,361 99 1-4 family mortgage 1,301 1,301 40 1,301 8 1,155 12 Other mortgage 1,753 1,753 - 1,753 19 104 3 Total real estate - mortgage 8,004 8,240 209 8,311 81 6,620 114 Consumer 9 9 - 9 - 9 - Total impaired loans $ 72,160 $ 73,783 $ 9,754 $ 73,958 $ 406 $ 73,090 $ 1,113 December 31, 2019 For the twelve months ended December 31, 2019 Unpaid Average Interest Income Recorded Principal Related Recorded Recognized in Investment Balance Allowance Investment Period (In Thousands) With no allowance recorded: Commercial, financial and agricultural $ 9,015 $ 10,563 $ - $ 11,284 $ 562 Real estate - construction 2,731 2,735 - 2,063 126 Real estate - mortgage: Owner-occupied commercial 7,150 7,246 - 7,548 618 1-4 family mortgage 287 287 - 289 2 Other mortgage - - - - - Total real estate - mortgage 7,437 7,533 - 7,837 620 Consumer - - - - - Total with no allowance recorded 19,183 20,831 - 21,184 1,308 With an allowance recorded: Commercial, financial and agricultural 11,828 19,307 6,085 19,714 395 Real estate - construction 1,589 1,589 86 1,614 27 Real estate - mortgage: Owner-occupied commercial 7,888 11,028 2,456 13,627 301 1-4 family mortgage 1,153 1,153 176 1,157 1 Other mortgage 1,507 1,507 1,001 1,468 21 Total real estate - mortgage 10,548 13,688 3,633 16,252 323 Consumer - - - - - Total with allowance recorded 23,965 34,584 9,804 37,580 745 Total Impaired Loans: Commercial, financial and agricultural 20,843 29,870 6,085 30,998 957 Real estate - construction 4,320 4,324 86 3,677 153 Real estate - mortgage: Owner-occupied commercial 15,038 18,274 2,456 21,175 919 1-4 family mortgage 1,440 1,440 176 1,446 3 Other mortgage 1,507 1,507 1,001 1,468 21 Total real estate - mortgage 17,985 21,221 3,633 24,089 943 Consumer - - - - - Total impaired loans $ 43,148 $ 55,415 $ 9,804 $ 58,764 $ 2,053 As of June 30, 2020, 19 no three not March 2020. Troubled Debt Restructurings (“TDR”) at June 30, 2020, December 31, 2019 June 30, 2019 June 30, 2020, December 31, 2019 June 30, 2019 June 30, 2020, December 31, 2019 June 30, 2019. three six June 30, 2020 June 30, 2019 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural - $ - $ - 1 $ 350 $ 350 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage - - - - - - Other mortgage - - - - - - Total real estate mortgage - - - - - - Consumer - - - - - - - $ - $ - 1 $ 350 $ 350 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural 1 $ 2,742 $ 2,742 1 $ 2,742 $ 2,742 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage - - - - - - Other mortgage - - - - - - Total real estate mortgage - - - - - - Consumer - - - - - - 1 $ 2,742 $ 2,742 1 $ 2,742 $ 2,742 There were no loans which were modified in the previous twelve twelve three six June 30, 2020. twelve three June 30, 2019. two twelve six June 30, 2019. 90 |