ASSETS ACQUIRED IN FDIC-ASSISTED ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Acquisition Details

From October 2009 through July 2012, the Company has participated in ten FDIC-assisted acquisitions (the “acquisitions”) whereby the Company purchased certain failed institutions out of the FDIC’s receivership. These institutions include:

Bank Acquired	Location:	Branches:	Date Acquired
American United Bank (“AUB”)	Lawrenceville, Ga.	1	October 23, 2009
United Security Bank (“USB”)	Sparta, Ga.	2	November 6, 2009
Satilla Community Bank (“SCB”)	St. Marys, Ga.	1	May 14, 2010
First Bank of Jacksonville (“FBJ”)	Jacksonville, Fl.	2	October 22, 2010
Tifton Banking Company (“TBC”)	Tifton, Ga.	1	November 12, 2010
Darby Bank & Trust (“DBT”)	Vidalia, Ga.	7	November 12, 2010
High Trust Bank (“HTB”)	Stockbridge, Ga.	2	July 15, 2011
One Georgia Bank (“OGB”)	Atlanta, Ga.	1	July 15, 2011
Central Bank of Georgia (“CBG”)	Ellaville, Ga.	5	February 24, 2012
Montgomery Bank & Trust (“MBT”)	Ailey, Ga.	2	July 6, 2012

Components of Covered Assets

The following table summarizes components of all covered assets at December 31, 2015 and 2014 and their origin. The FDIC loss-share receivable is shown net of the clawback liability.

															FDIC loss-
					Total				Less Fair		Total		Total		share
			Less Fair Value		covered				value		covered		covered		receivable
	Covered loans		adjustments		loans		OREO		adjustments		OREO		assets		(payable)
	(Dollars in thousands)
As of December 31, 2015:
AUB	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	111
USB		3,639		16		3,623		165		-		165		3,788		(1,424)
SCB		5,228		124		5,104		-		-		-		5,104		149
FBJ		4,782		562		4,220		41		-		41		4,261		252
DBT		15,934		1,131		14,803		-		-		-		14,803		(1,084)
TBC		2,159		11		2,148		-		-		-		2,148		1,446
HTB		44,405		3,881		40,524		2,433		643		1,790		42,314		3,875
OGB		27,561		1,900		25,661		160		-		160		25,821		913
CBG		44,865		3,419		41,446		3,139		284		2,855		44,301		2,063
Total	$	148,573	$	11,044	$	137,529	$	5,938	$	927	$	5,011	$	142,540	$	6,301

As of December 31, 2014:
AUB	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	188
USB		4,350		150		4,200		165		-		165		4,365		(1,197)
SCB		26,686		602		26,084		2,849		389		2,460		28,544		1,828
FBJ		21,243		1,825		19,418		632		0		632		20,050		1,885
DBT		64,338		6,437		57,901		6,655		514		6,141		64,042		6,860
TBC		23,487		1,117		22,370		2,388		367		2,021		24,391		3,287
HTB		52,699		5,120		47,579		3,670		1,283		2,387		49,966		6,459
OGB		42,971		3,785		39,186		2,244		39		2,205		41,391		3,906
CBG		60,950		6,409		54,541		4,805		909		3,896		58,437		8,135
Total	$	296,724	$	25,445	$	271,279	$	23,408	$	3,501	$	19,907	$	291,186	$	31,351

Rollforward of Acquired Covered Loans

A rollforward of acquired covered loans for the years ended December 31, 2015 and 2014 is shown below:

(Dollars in Thousands)	2015		2014
Balance, January 1	$	271,279	$	390,237
Charge-offs, net of recoveries		(5,558)		(9,255)
Accretion		9,658		22,188
Transfers to covered other real estate owned		(7,910)		(13,650)
Transfer to purchased, non-covered loans due to loss share expiration		(50,568)		(15,475)
Payments received		(79,372)		(102,996)
Other		-		230
Ending balance	$	137,529	$	271,279

Schedule Of Changes In Accretable Discounts Of Acquired Loans

The following is a summary of changes in the accretable discounts of acquired covered loans during the years ended December 31, 2015 and 2014:

	2015		2014
	(Dollars in Thousands)
Balance, beginning of year	$	15,578	$	25,493
Accretion		(9,658)		(22,188)
Transfer to purchased, non-covered loans due to loss share expiration		(1,665)		-
Transfers between non-accretable and accretable discounts, net		4,808		12,273
Balance, end of year	$	9,063	$	15,578

Changes in FDIC Shared-Loss Receivable

Changes in the FDIC loss-share receivable are as follows:

 

	For the Years Ended
	December 31,
	2015		2014
	(Dollars in Thousands)
Beginning balance	$	31,351	$	65,441
Payments received from FDIC		(19,273)		(22,494)
Amortization, net		(8,878)		(18,449)
Change in clawback liability		(2,008)		(1,222)
Increase in receivable due to:
Charge-offs on covered loans		416		3,372
Write downs of covered other real estate owned		4,752		4,771
Reimbursable expenses on covered assets		2,582		1,078
Other activity, net		(2,641)		(1,146)
Ending balance	$	6,301	$	31,351

The FDIC and the Bank [Member]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

                   The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisitions, as well as key elements of the purchase and assumption agreements between the FDIC and the Bank (in thousands):

	AUB		USB		SCB		FBJ		TBC		DBT		HTB		OGB		CBG		MBT
Assets acquired
Cash	$	26,452	$	41,490	$	(33,093)	$	10,669	$	4,862	$	(58,158)	$	36,432	$	1,585	$	65,050	$	155,466
Investment securities		10,242		8,335		10,814		7,343		7,060		105,562		14,770		28,891		39,920		-
Federal funds sold		-		2,605		12,661		5,690		-		-		-		5,070		-		-
Loans		56,482		83,646		68,751		40,454		92,568		261,340		84,732		74,843		124,782		1,218
Foreclosed property		2,165		8,069		2,012		1,816		3,472		22,026		10,272		7,242		6,177		-
FDIC loss share asset		24,200		21,640		22,400		11,307		22,807		112,404		49,485		45,488		52,654		-
Core deposit intangible		187		386		185		132		175		1,180		-		-		1,149		-
Other assets		1,266		3,001		612		298		1,092		3,957		1,772		2,933		3,457		183
Total assets acquired		120,994		169,172		84,342		77,709		132,036		448,311		197,463		166,052		293,189		156,867
Liabilities assumed
Deposits		100,470		141,094		75,530		71,869		132,939		386,958		175,887		136,101		261,036		156,699
FHLB advances		7,802		1,504		-		2,613		-		2,724		-		21,107		10,334		-
Other liabilities		277		453		604		842		53		54,418		2,654		899		1,782		168
Total liabilities assumed		108,549		143,051		76,134		75,324		132,992		444,100		178,541		158,107		273,152		156,867
Net assets acquired	$	12,445	$	26,121	$	8,208	$	2,385	$	(956)	$	4,211	$	18,922	$	7,945	$	20,037	$	-