Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 5 – LOANS The following table details the Company’s loans at September 30, 2020 December 31, 2019: September 30, December 31, 2020 2019 (Dollars In Thousands) Commercial, financial and agricultural $ 3,466,189 $ 2,696,210 Real estate - construction 530,919 521,392 Real estate - mortgage: Owner-occupied commercial 1,725,222 1,587,478 1-4 family mortgage 671,841 644,188 Other mortgage 2,056,549 1,747,394 Subtotal: Real estate - mortgage 4,453,612 3,979,060 Consumer 57,834 64,789 Total Loans 8,508,554 7,261,451 Less: Allowance for loan losses (92,440 ) (76,584 ) Net Loans $ $ 7,184,867 Commercial, financial and agricultural 40.74 % 37.13 % Real estate - construction 6.24 % 7.18 % Real estate - mortgage: Owner-occupied commercial 20.27 % 21.86 % 1-4 family mortgage 7.90 % 8.87 % Other mortgage 24.17 % 24.07 % Subtotal: Real estate - mortgage 52.34 % 54.80 % Consumer 0.68 % 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 September 30, 2020, September 30, 2020, three nine September 30, 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 September 30, 2020 December 31, 2019 Special September 30, 2020 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 3,374,467 $ 17,955 $ 73,767 $ - $ 3,466,189 Real estate - construction 527,231 3,100 588 - 530,919 Real estate - mortgage: Owner-occupied commercial 1,708,113 14,280 2,829 - 1,725,222 1-4 family mortgage 666,463 2,065 3,313 - 671,841 Other mortgage 2,031,328 12,006 13,215 - 2,056,549 Total real estate mortgage 4,405,904 28,351 19,357 - 4,453,612 Consumer 57,785 49 - - 57,834 Total $ 8,365,387 $ 49,455 $ 93,712 $ - $ 8,508,554 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 September 30, 2020 December 31, 2019 September 30, 2020 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 3,447,490 $ 18,699 $ 3,466,189 Real estate - construction 530,332 587 530,919 Real estate - mortgage: Owner-occupied commercial 1,723,384 1,838 1,725,222 1-4 family mortgage 671,227 614 671,841 Other mortgage 2,051,722 4,827 2,056,549 Total real estate mortgage 4,446,333 7,279 4,453,612 Consumer 57,826 8 57,834 Total $ 8,481,981 $ 26,573 $ 8,508,554 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 September 30, 2020 December 31, 2019 September 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 $ 721 $ 3,102 $ 63 $ 3,886 $ 18,636 $ 3,443,667 $ 3,466,189 Real estate - construction - - - - 587 530,332 530,919 Real estate - mortgage: Owner-occupied commercial - - - - 1,838 1,723,384 1,725,222 1-4 family mortgage 211 320 - 531 614 670,696 671,841 Other mortgage - - 4,827 4,827 - 2,051,722 2,056,549 Total real estate - mortgage 211 320 4,827 5,358 2,452 4,445,802 4,453,612 Consumer 36 6 8 50 - 57,784 57,834 Total $ 968 $ 3,428 $ 4,898 $ 9,294 $ 21,675 $ 8,477,585 $ 8,508,554 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 (“ALLL”) 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 second 2020 19 June 30, 2020. 19 $11.3 September 30, 2020, $3.6 June 30, 2020, third 2020. Internal Qualitative Factors During the third 2019, 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 nine September 30, 2020 September 30, 2019. Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Three Months Ended September 30, 2020 Allowance for loan losses: Balance at June 30, 2020 $ 47,986 $ 4,531 $ 38,399 $ 591 $ 91,507 Charge-offs (11,146 ) - (200 ) (44 ) (11,390 ) Recoveries 12 - 12 15 39 Provision 12,421 (441 ) 304 - 12,284 Balance at September 30, 2020 $ 49,273 $ 4,090 $ 38,515 $ 562 $ 92,440 Three Months Ended September 30, 2019 Allowance for loan losses: Balance at June, 2019 $ 38,709 $ 3,419 $ 28,783 $ 475 $ 71,386 Charge-offs (3,626 ) - (4,974 ) (172 ) (8,772 ) Recoveries 126 1 - 60 187 Allocation from LGP 4,905 115 2,386 - 7,406 Provision 5,108 (343 ) 2,069 151 6,985 Balance at September 30, 2019 $ 45,222 $ 3,192 $ 28,264 $ 514 $ 77,192 Nine Months Ended September 30, 2020 Balance at December 31, 2019 Allowance for loan losses: $ 43,666 $ 2,768 $ 29,653 $ 497 $ 76,584 Charge-offs (15,144 ) (830 ) (4,397 ) (165 ) (20,536 ) Recoveries 158 2 26 55 241 Provision 20,593 2,150 13,233 175 36,151 Balance at September 30, 2020 $ 49,273 $ 4,090 $ 38,515 $ 562 $ 92,440 Nine Months Ended September 30, 2019 Allowance for loan losses: Balance at December 31, 2018 $ 39,016 $ 3,522 $ 25,508 $ 554 $ 68,600 Charge-offs (10,273 ) - (5,193 ) (453 ) (15,919 ) Recoveries 255 2 11 83 351 Allocation from LGP 4,905 115 2,386 - 7,406 Provision 11,319 (447 ) 5,552 330 16,754 Balance at September 30, 2019 $ 45,222 $ 3,192 $ 28,264 $ 514 $ 77,192 As of September 30, 2020 Allowance for loan losses: Individually Evaluated for Impairment $ 9,204 $ 201 $ 195 $ - $ 9,600 Collectively Evaluated for Impairment 40,069 3,889 38,320 562 82,840 Loans: Ending Balance $ 3,466,189 $ 530,919 $ 4,453,612 $ 57,834 $ 8,508,554 Individually Evaluated for Impairment 73,800 587 19,376 - 93,763 Collectively Evaluated for Impairment 3,392,389 530,332 4,434,236 57,834 8,414,791 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 September 30, 2020 December 31, 2019, not For the three months For the nine months ended September 30, ended September 30, September 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 $ 50,898 $ 60,687 $ - $ 61,374 $ 442 $ 61,967 $ 1,605 Real estate - construction - - - - - - - Real estate - mortgage: Owner-occupied commercial 1,581 1,581 - 1,582 12 1,600 52 1-4 family mortgage 2,899 2,899 - 2,882 26 2,814 78 Other mortgage 12,200 12,200 - 12,068 122 12,211 396 Total real estate - mortgage 16,680 16,680 - 16,532 160 16,625 526 Consumer - - - - - - - Total with no allowance recorded 67,578 77,367 - 77,906 602 78,592 2,131 With an allowance recorded: Commercial, financial and agricultural 22,902 23,169 9,204 21,648 102 22,237 535 Real estate - construction 587 637 201 954 - 1,012 - Real estate - mortgage: Owner-occupied commercial 1,252 1,392 146 4,563 3 3,915 97 1-4 family mortgage 412 412 49 398 12 406 12 Other mortgage 1,032 1,032 - 1,022 11 1,077 35 Total real estate - mortgage 2,696 2,836 195 5,983 26 5,398 144 Consumer - - - - - - - Total with allowance recorded 26,185 26,642 9,600 28,585 128 28,647 679 Total Impaired Loans: Commercial, financial and agricultural 73,800 83,856 9,204 83,022 544 84,204 2,140 Real estate - construction 587 637 201 954 - 1,012 - Real estate - mortgage: Owner-occupied commercial 2,833 2,973 146 6,145 15 5,515 149 1-4 family mortgage 3,311 3,311 49 3,280 38 3,220 90 Other mortgage 13,232 13,232 - 13,090 133 13,288 431 Total real estate - mortgage 19,376 19,516 195 22,515 186 22,023 670 Consumer - - - - - - - Total impaired loans $ 93,763 $ 104,009 $ 9,600 $ 106,491 $ 730 $ 107,239 $ 2,810 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 September 30, 2020, 19 19 September 30, 2020. Troubled Debt Restructurings (“TDR”) at September 30, 2020, December 31, 2019 September 30, 2019 September 30, 2020, December 31, 2019 September 30, 2019 September 30, 2020, December 31, 2019 September 30, 2019. three nine September 30, 2020 September 30, 2019 Three Months Ended September 30, 2020 Nine Months Ended September 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 $ 214 $ 214 2 $ 564 $ 564 Real estate - construction 1 357 357 1 357 357 Real estate - mortgage: Owner-occupied commercial 1 611 611 1 611 611 1-4 family mortgage - - - - - - Other mortgage - - - - - - Total real estate mortgage 1 611 611 1 611 611 Consumer - - - - - - 3 $ 1,182 $ 1,182 4 $ 1,532 $ 1,532 Three Months Ended September 30, 2019 Nine Months Ended September 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 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 There were no loans which were modified in the previous twelve twelve three nine September 30, 2020. twelve three September 30, 2019. two twelve nine September 30, 2019. 90 |