Loans |
NOTE 4 – LOANS
The Company engages in a full complement of lending activities,
including real estate-related loans, agriculture-related loans,
commercial and financial loans and consumer installment loans
within select markets in Georgia, Alabama, Florida and South
Carolina. Ameris concentrates the majority of its lending
activities in real estate loans. While the risk of loss in the
Company’s portfolio is primarily tied to the credit quality
of the various borrowers, risk of loss may increase due to factors
beyond the Company’s control, such as local, regional and/or
national economic downturns. General conditions in the real
estate market may also impact the relative risk in the real estate
portfolio.
Commercial, financial and agricultural loans include both secured
and unsecured loans for working capital, expansion, crop production
and other business purposes. Short-term working capital loans are
secured by non-real estate collateral such as accounts receivable,
crops, inventory and equipment. The Company evaluates the financial
strength, cash flow, management, credit history of the borrower and
the quality of the collateral securing the loan. The Bank often
requires personal guarantees and secondary sources of repayment on
commercial, financial and agricultural loans.
Real estate loans include construction and development loans,
commercial and farmland loans and residential loans. Construction
and development loans include loans for the development of
residential neighborhoods, one-to-four family residential
construction loans to builders and consumers, and commercial real
estate construction loans, primarily for owner-occupied properties.
The Company limits its construction lending risk through adherence
to established underwriting procedures. Commercial real estate
loans include loans secured by owner-occupied commercial buildings
for office, storage, retail, farmland and warehouse space. They
also include non-owner occupied commercial buildings such as leased
retail and office space. Commercial real estate loans may be larger
in size and may involve a greater degree of risk than one-to-four
family residential mortgage loans. Payments on such loans are often
dependent on successful operation or management of the properties.
The Company’s residential loans represent permanent mortgage
financing and are secured by residential properties located within
the Bank’s market areas.
Consumer installment loans and other loans include automobile
loans, boat and recreational vehicle financing, and secured and
unsecured personal loans. Consumer loans carry greater risks than
other loans, as the collateral can consist of rapidly depreciating
assets such as automobiles and equipment that may not provide an
adequate source of repayment of the loan in the case of
default.
Loans are stated at unpaid balances, net of unearned income and
deferred loan fees. Balances within the major loans receivable
categories are presented in the following table, excluding
purchased non-covered and covered loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands)
|
|
June 30,
2015 |
|
|
December 31,
2014 |
|
|
June 30,
2014 |
|
Commercial, financial and agricultural
|
|
$ |
373,202 |
|
|
$ |
319,654 |
|
|
$ |
304,588 |
|
Real estate – construction and development
|
|
|
205,019 |
|
|
|
161,507 |
|
|
|
149,346 |
|
Real estate – commercial and farmland
|
|
|
1,010,195 |
|
|
|
907,524 |
|
|
|
850,000 |
|
Real estate – residential
|
|
|
537,201 |
|
|
|
456,106 |
|
|
|
422,731 |
|
Consumer installment
|
|
|
30,080 |
|
|
|
30,782 |
|
|
|
31,902 |
|
Other
|
|
|
15,903 |
|
|
|
14,308 |
|
|
|
11,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,171,600 |
|
|
$ |
1,889,881 |
|
|
$ |
1,770,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased non-covered loans are defined as loans that were acquired
in bank acquisitions that are not covered by a loss-sharing
agreement with the FDIC. Purchased non-covered loans totaling
$808.3 million, $674.2 million and $702.1 million at
June 30, 2015, December 31, 2014 and June 30,
2014, respectively, are not included in the above schedule.
Purchased non-covered loans are shown below according to major loan
type as of the end of the periods shown:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands)
|
|
June 30,
2015 |
|
|
December 31,
2014 |
|
|
June 30,
2014 |
|
Commercial, financial and agricultural
|
|
$ |
45,337 |
|
|
$ |
38,041 |
|
|
$ |
41,583 |
|
Real estate – construction and development
|
|
|
75,302 |
|
|
|
58,362 |
|
|
|
64,084 |
|
Real estate – commercial and farmland
|
|
|
404,588 |
|
|
|
306,706 |
|
|
|
311,748 |
|
Real estate – residential
|
|
|
276,798 |
|
|
|
266,342 |
|
|
|
278,451 |
|
Consumer installment
|
|
|
6,288 |
|
|
|
4,788 |
|
|
|
6,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
808,313 |
|
|
$ |
674,239 |
|
|
$ |
702,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased loan pools are defined as groups of loans that were not
acquired in bank acquisitions or FDIC-assisted transactions. As of
June 30, 2015, purchased loan pools totaled $269.0 million and
consisted of whole-loan, adjustable rate residential mortgages on
properties outside the Company’s markets, with principal
balances totaling $263.8 million and $5.2 million of purchase
premium paid at acquisition. At June 30, 2015, all loans
included in the purchased loan pools were performing current loans,
all risk-rated grade 20. The Company did not have any purchased
loan pools at December 31, 2014 or June 30, 2014.
Covered loans are defined as loans that were acquired in
FDIC-assisted transactions that are covered by a loss-sharing
agreement with the FDIC. Covered loans totaling $209.6 million,
$271.3 million and $331.3 million at June 30,
2015, December 31, 2014 and June 30, 2014,
respectively, are not included in the above schedules.
Covered loans are shown below according to loan type as of the end
of the periods shown:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands)
|
|
June 30,
2015 |
|
|
December 31,
2014 |
|
|
June 30,
2014 |
|
Commercial, financial and agricultural
|
|
$ |
17,666 |
|
|
$ |
21,467 |
|
|
$ |
25,209 |
|
Real estate – construction and development
|
|
|
15,002 |
|
|
|
23,447 |
|
|
|
31,600 |
|
Real estate – commercial and farmland
|
|
|
111,772 |
|
|
|
147,627 |
|
|
|
188,643 |
|
Real estate – residential
|
|
|
64,982 |
|
|
|
78,520 |
|
|
|
85,518 |
|
Consumer installment
|
|
|
176 |
|
|
|
218 |
|
|
|
280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
209,598 |
|
|
$ |
271,279 |
|
|
$ |
331,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual and Past Due Loans
A loan is placed on nonaccrual status when, in management’s
judgment, the collection of the interest income appears doubtful.
Interest receivable that has been accrued and is subsequently
determined to have doubtful collectability is charged against
interest income. Interest payments on nonaccrual loans are
typically applied to principal unless collectability of the
principal amount is reasonably assured, in which case interest is
recognized on a cash basis. Loans are returned to accrual status
when all the principal and interest amounts contractually due are
brought current and future payments are reasonably assured. Past
due loans are loans whose principal or interest is past due 90 days
or more. In some cases, where borrowers are experiencing
financial difficulties, loans may be restructured to provide terms
significantly different from the original contractual terms.
The following table presents an analysis of loans accounted for on
a nonaccrual basis, excluding purchased non-covered and covered
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands)
|
|
June 30,
2015 |
|
|
December 31,
2014 |
|
|
June 30,
2014 |
|
Commercial, financial and agricultural
|
|
$ |
4,067 |
|
|
$ |
1,672 |
|
|
$ |
1,596 |
|
Real estate – construction and development
|
|
|
1,594 |
|
|
|
3,774 |
|
|
|
3,452 |
|
Real estate – commercial and farmland
|
|
|
8,938 |
|
|
|
8,141 |
|
|
|
8,831 |
|
Real estate – residential
|
|
|
5,650 |
|
|
|
7,663 |
|
|
|
7,795 |
|
Consumer installment
|
|
|
491 |
|
|
|
478 |
|
|
|
437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
20,740 |
|
|
$ |
21,728 |
|
|
$ |
22,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents an analysis of purchased non-covered
loans accounted for on a nonaccrual basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands)
|
|
June 30,
2015 |
|
|
December 31,
2014 |
|
|
June 30,
2014 |
|
Commercial, financial and agricultural
|
|
$ |
309 |
|
|
$ |
175 |
|
|
$ |
143 |
|
Real estate – construction and development
|
|
|
1,483 |
|
|
|
1,119 |
|
|
|
2,273 |
|
Real estate – commercial and farmland
|
|
|
9,634 |
|
|
|
10,242 |
|
|
|
6,647 |
|
Real estate – residential
|
|
|
5,930 |
|
|
|
6,644 |
|
|
|
6,658 |
|
Consumer installment
|
|
|
88 |
|
|
|
69 |
|
|
|
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,444 |
|
|
$ |
18,249 |
|
|
$ |
15,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents an analysis of covered loans accounted
for on a nonaccrual basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands)
|
|
June 30,
2015 |
|
|
December 31,
2014 |
|
|
June 30,
2014 |
|
Commercial, financial and agricultural
|
|
$ |
7,948 |
|
|
$ |
8,541 |
|
|
$ |
12,254 |
|
Real estate – construction and development
|
|
|
3,120 |
|
|
|
7,601 |
|
|
|
8,028 |
|
Real estate – commercial and farmland
|
|
|
13,997 |
|
|
|
12,584 |
|
|
|
17,027 |
|
Real estate – residential
|
|
|
3,712 |
|
|
|
6,595 |
|
|
|
8,702 |
|
Consumer installment
|
|
|
94 |
|
|
|
91 |
|
|
|
127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
28,871 |
|
|
$ |
35,412 |
|
|
$ |
46,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents an aging analysis of loans, excluding
purchased non-covered and covered past due loans as of
June 30, 2015, December 31, 2014 and June 30,
2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
(Dollars in Thousands) |
|
As of June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
840 |
|
|
$ |
888 |
|
|
$ |
3,891 |
|
|
$ |
5,619 |
|
|
$ |
367,583 |
|
|
$ |
373,202 |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
1,201 |
|
|
|
374 |
|
|
|
1,536 |
|
|
|
3,111 |
|
|
|
201,908 |
|
|
|
205,019 |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
1,958 |
|
|
|
2,823 |
|
|
|
7,014 |
|
|
|
11,795 |
|
|
|
998,400 |
|
|
|
1,010,195 |
|
|
|
— |
|
Real estate – residential
|
|
|
5,135 |
|
|
|
1,949 |
|
|
|
4,727 |
|
|
|
11,811 |
|
|
|
525,390 |
|
|
|
537,201 |
|
|
|
— |
|
Consumer installment loans
|
|
|
293 |
|
|
|
77 |
|
|
|
315 |
|
|
|
685 |
|
|
|
29,395 |
|
|
|
30,080 |
|
|
|
— |
|
Other
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,903 |
|
|
|
15,903 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
9,427 |
|
|
$ |
6,111 |
|
|
$ |
17,483 |
|
|
$ |
33,021 |
|
|
$ |
2,138,579 |
|
|
$ |
2,171,600 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
(Dollars in Thousands) |
|
As of December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
900 |
|
|
$ |
233 |
|
|
$ |
1,577 |
|
|
$ |
2,710 |
|
|
$ |
316,944 |
|
|
$ |
319,654 |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
1,382 |
|
|
|
286 |
|
|
|
3,367 |
|
|
|
5,035 |
|
|
|
156,472 |
|
|
|
161,507 |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
2,859 |
|
|
|
635 |
|
|
|
7,668 |
|
|
|
11,162 |
|
|
|
896,362 |
|
|
|
907,524 |
|
|
|
— |
|
Real estate – residential
|
|
|
3,953 |
|
|
|
2,334 |
|
|
|
6,755 |
|
|
|
13,042 |
|
|
|
443,064 |
|
|
|
456,106 |
|
|
|
— |
|
Consumer installment loans
|
|
|
634 |
|
|
|
158 |
|
|
|
366 |
|
|
|
1,158 |
|
|
|
29,624 |
|
|
|
30,782 |
|
|
|
1 |
|
Other
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,308 |
|
|
|
14,308 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
9,728 |
|
|
$ |
3,646 |
|
|
$ |
19,733 |
|
|
$ |
33,107 |
|
|
$ |
1,856,774 |
|
|
$ |
1,889,881 |
|
|
$ |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
(Dollars in Thousands) |
|
As of June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
1,180 |
|
|
$ |
966 |
|
|
$ |
1,077 |
|
|
$ |
3,223 |
|
|
$ |
301,365 |
|
|
$ |
304,588 |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
3,942 |
|
|
|
296 |
|
|
|
3,449 |
|
|
|
7,687 |
|
|
|
141,659 |
|
|
|
149,346 |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
4,622 |
|
|
|
1,860 |
|
|
|
7,404 |
|
|
|
13,886 |
|
|
|
836,114 |
|
|
|
850,000 |
|
|
|
— |
|
Real estate – residential
|
|
|
5,806 |
|
|
|
3,829 |
|
|
|
7,197 |
|
|
|
16,832 |
|
|
|
405,899 |
|
|
|
422,731 |
|
|
|
— |
|
Consumer installment loans
|
|
|
345 |
|
|
|
176 |
|
|
|
310 |
|
|
|
831 |
|
|
|
31,071 |
|
|
|
31,902 |
|
|
|
— |
|
Other
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,492 |
|
|
|
11,492 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
15,895 |
|
|
$ |
7,127 |
|
|
$ |
19,437 |
|
|
$ |
42,459 |
|
|
$ |
1,727,600 |
|
|
$ |
1,770,059 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents an analysis of purchased non-covered
past due loans as of June 30, 2015, December 31, 2014 and
June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
(Dollars in Thousands) |
|
As of June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
— |
|
|
$ |
1,101 |
|
|
$ |
202 |
|
|
$ |
1,303 |
|
|
$ |
44,034 |
|
|
$ |
45,337 |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
245 |
|
|
|
— |
|
|
|
1,026 |
|
|
|
1,271 |
|
|
|
74,031 |
|
|
|
75,302 |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
2,115 |
|
|
|
724 |
|
|
|
9,062 |
|
|
|
11,901 |
|
|
|
392,687 |
|
|
|
404,588 |
|
|
|
— |
|
Real estate – residential
|
|
|
3,848 |
|
|
|
1,400 |
|
|
|
5,369 |
|
|
|
10,617 |
|
|
|
266,181 |
|
|
|
276,798 |
|
|
|
— |
|
Consumer installment loans
|
|
|
6 |
|
|
|
— |
|
|
|
84 |
|
|
|
90 |
|
|
|
6,198 |
|
|
|
6,288 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
6,214 |
|
|
$ |
3,225 |
|
|
$ |
15,743 |
|
|
$ |
25,182 |
|
|
$ |
783,131 |
|
|
$ |
808,313 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
(Dollars in Thousands) |
|
As of December 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
461 |
|
|
$ |
90 |
|
|
$ |
175 |
|
|
$ |
726 |
|
|
$ |
37,315 |
|
|
$ |
38,041 |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
790 |
|
|
|
1,735 |
|
|
|
1,117 |
|
|
|
3,642 |
|
|
|
54,720 |
|
|
|
58,362 |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
2,107 |
|
|
|
1,194 |
|
|
|
9,529 |
|
|
|
12,830 |
|
|
|
293,876 |
|
|
|
306,706 |
|
|
|
— |
|
Real estate – residential
|
|
|
6,907 |
|
|
|
1,401 |
|
|
|
6,369 |
|
|
|
14,677 |
|
|
|
251,665 |
|
|
|
266,342 |
|
|
|
— |
|
Consumer installment loans
|
|
|
82 |
|
|
|
— |
|
|
|
65 |
|
|
|
147 |
|
|
|
4,641 |
|
|
|
4,788 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
10,347 |
|
|
$ |
4,420 |
|
|
$ |
17,255 |
|
|
$ |
32,022 |
|
|
$ |
642,217 |
|
|
$ |
674,239 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
(Dollars in Thousands) |
|
As of June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
137 |
|
|
$ |
26 |
|
|
$ |
143 |
|
|
$ |
306 |
|
|
$ |
41,277 |
|
|
$ |
41,583 |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
712 |
|
|
|
168 |
|
|
|
2,165 |
|
|
|
3,045 |
|
|
|
61,039 |
|
|
|
64,084 |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
1,263 |
|
|
|
1,605 |
|
|
|
6,647 |
|
|
|
9,515 |
|
|
|
302,233 |
|
|
|
311,748 |
|
|
|
— |
|
Real estate – residential
|
|
|
6,952 |
|
|
|
983 |
|
|
|
6,144 |
|
|
|
14,079 |
|
|
|
264,372 |
|
|
|
278,451 |
|
|
|
— |
|
Consumer installment loans
|
|
|
23 |
|
|
|
29 |
|
|
|
47 |
|
|
|
99 |
|
|
|
6,166 |
|
|
|
6,265 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
9,087 |
|
|
$ |
2,811 |
|
|
$ |
15,146 |
|
|
$ |
27,044 |
|
|
$ |
675,087 |
|
|
$ |
702,131 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents an aging analysis of covered loans as
of June 30, 2015, December 31, 2014 and June 30,
2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
(Dollars in Thousands) |
|
As of June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
237 |
|
|
$ |
240 |
|
|
$ |
1,670 |
|
|
$ |
2,147 |
|
|
$ |
15,519 |
|
|
$ |
17,666 |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
292 |
|
|
|
31 |
|
|
|
3,045 |
|
|
|
3,368 |
|
|
|
11,634 |
|
|
|
15,002 |
|
|
|
143 |
|
Real estate – commercial & farmland
|
|
|
699 |
|
|
|
81 |
|
|
|
9,396 |
|
|
|
10,176 |
|
|
|
101,596 |
|
|
|
111,772 |
|
|
|
— |
|
Real estate – residential
|
|
|
2,690 |
|
|
|
927 |
|
|
|
2,122 |
|
|
|
5,739 |
|
|
|
59,243 |
|
|
|
64,982 |
|
|
|
— |
|
Consumer installment loans
|
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
50 |
|
|
|
126 |
|
|
|
176 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
3,918 |
|
|
$ |
1,279 |
|
|
$ |
16,283 |
|
|
$ |
21,480 |
|
|
$ |
188,118 |
|
|
$ |
209,598 |
|
|
$ |
143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
(Dollars in Thousands) |
|
As of December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
451 |
|
|
$ |
136 |
|
|
$ |
1,878 |
|
|
$ |
2,465 |
|
|
$ |
19,002 |
|
|
$ |
21,467 |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
238 |
|
|
|
226 |
|
|
|
6,703 |
|
|
|
7,167 |
|
|
|
16,280 |
|
|
|
23,447 |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
4,371 |
|
|
|
1,486 |
|
|
|
7,711 |
|
|
|
13,568 |
|
|
|
134,059 |
|
|
|
147,627 |
|
|
|
714 |
|
Real estate – residential
|
|
|
3,464 |
|
|
|
962 |
|
|
|
5,656 |
|
|
|
10,082 |
|
|
|
68,438 |
|
|
|
78,520 |
|
|
|
— |
|
Consumer installment loans
|
|
|
10 |
|
|
|
— |
|
|
|
91 |
|
|
|
101 |
|
|
|
117 |
|
|
|
218 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
8,534 |
|
|
$ |
2,810 |
|
|
$ |
22,039 |
|
|
$ |
33,383 |
|
|
$ |
237,896 |
|
|
$ |
271,279 |
|
|
$ |
714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
(Dollars in Thousands) |
|
As of June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
16 |
|
|
$ |
467 |
|
|
$ |
6,909 |
|
|
$ |
7,392 |
|
|
$ |
17,817 |
|
|
$ |
25,209 |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
551 |
|
|
|
459 |
|
|
|
7,708 |
|
|
|
8,718 |
|
|
|
22,882 |
|
|
|
31,600 |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
6,399 |
|
|
|
139 |
|
|
|
10,443 |
|
|
|
16,981 |
|
|
|
171,662 |
|
|
|
188,643 |
|
|
|
— |
|
Real estate – residential
|
|
|
2,490 |
|
|
|
690 |
|
|
|
5,939 |
|
|
|
9,119 |
|
|
|
76,399 |
|
|
|
85,518 |
|
|
|
— |
|
Consumer installment loans
|
|
|
— |
|
|
|
49 |
|
|
|
56 |
|
|
|
105 |
|
|
|
175 |
|
|
|
280 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
9,456 |
|
|
$ |
1,804 |
|
|
$ |
31,055 |
|
|
$ |
42,315 |
|
|
$ |
288,935 |
|
|
$ |
331,250 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans
Loans are considered impaired when, based on current information
and events, it is probable the Company will be unable to collect
all amounts due in accordance with the original contractual terms
of the loan agreements. When determining if the Company will be
unable to collect all principal and interest payments due in
accordance with the contractual terms of the loan agreement, the
Company considers the borrower’s capacity to pay, which
includes such factors as the borrower’s current financial
statements, an analysis of global cash flow sufficient to pay all
debt obligations and an evaluation of secondary sources of
repayment, such as guarantor support and collateral value. Impaired
loans include loans on nonaccrual status and troubled debt
restructurings. The Company individually assesses for impairment
all nonaccrual loans greater than $200,000 and rated substandard or
worse and all troubled debt restructurings greater than $100,000.
If a loan is deemed impaired, a specific valuation allowance is
allocated, if necessary, so that the loan is reported net, at the
present value of estimated future cash flows using the loan’s
existing rate or at the fair value of collateral if repayment is
expected solely from the collateral. Interest payments on impaired
loans are typically applied to principal unless collectability of
the principal amount is reasonably assured, in which case interest
is recognized on a cash basis.
The following is a summary of information pertaining to impaired
loans, excluding purchased non-covered and covered loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Period Ended |
|
|
|
June 30,
2015 |
|
|
December 31,
2014 |
|
|
June 30,
2014 |
|
|
|
(Dollars in
Thousands) |
|
Nonaccrual loans
|
|
$ |
20,740 |
|
|
$ |
21,728 |
|
|
$ |
22,111 |
|
Troubled debt restructurings not included above
|
|
|
12,467 |
|
|
|
12,759 |
|
|
|
17,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total impaired loans
|
|
$ |
33,207 |
|
|
$ |
34,487 |
|
|
$ |
39,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date interest income recognized on impaired loans
|
|
$ |
192 |
|
|
$ |
237 |
|
|
$ |
1,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date interest income recognized on impaired loans
|
|
$ |
344 |
|
|
$ |
1,991 |
|
|
$ |
1,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date foregone interest income on impaired loans
|
|
$ |
311 |
|
|
$ |
323 |
|
|
$ |
375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date foregone interest income on impaired loans
|
|
$ |
629 |
|
|
$ |
1,491 |
|
|
$ |
815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents an analysis of information pertaining
to impaired loans, excluding purchased non-covered and covered
loans as of June 30, 2015, December 31, 2014 and
June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Contractual
Principal
Balance |
|
|
Recorded
Investment
With No
Allowance |
|
|
Recorded
Investment
With
Allowance |
|
|
Total
Recorded
Investment |
|
|
Related
Allowance |
|
|
Three Month
Average
Recorded
Investment |
|
|
Six Month
Average
Recorded
Investment |
|
|
|
(Dollars in Thousands) |
|
As of June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
6,004 |
|
|
$ |
442 |
|
|
$ |
3,903 |
|
|
$ |
4,345 |
|
|
$ |
458 |
|
|
$ |
2,819 |
|
|
$ |
2,533 |
|
Real estate – construction & development
|
|
|
3,765 |
|
|
|
— |
|
|
|
2,416 |
|
|
|
2,416 |
|
|
|
445 |
|
|
|
3,245 |
|
|
|
3,648 |
|
Real estate – commercial & farmland
|
|
|
18,117 |
|
|
|
5,960 |
|
|
|
9,595 |
|
|
|
15,555 |
|
|
|
1,243 |
|
|
|
15,378 |
|
|
|
15,125 |
|
Real estate – residential
|
|
|
11,743 |
|
|
|
1,153 |
|
|
|
9,199 |
|
|
|
10,352 |
|
|
|
1,825 |
|
|
|
11,555 |
|
|
|
12,006 |
|
Consumer installment loans
|
|
|
633 |
|
|
|
— |
|
|
|
539 |
|
|
|
539 |
|
|
|
8 |
|
|
|
494 |
|
|
|
507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
40,262 |
|
|
$ |
7,555 |
|
|
$ |
25,652 |
|
|
$ |
33,207 |
|
|
$ |
3,979 |
|
|
$ |
33,491 |
|
|
$ |
33,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Contractual
Principal
Balance |
|
|
Recorded
Investment
With No
Allowance |
|
|
Recorded
Investment
With
Allowance |
|
|
Total
Recorded
Investment |
|
|
Related
Allowance |
|
|
Three Month
Average
Recorded
Investment |
|
|
Twelve Month
Average
Recorded
Investment |
|
|
|
(Dollars in Thousands) |
|
As of December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
3,387 |
|
|
$ |
6 |
|
|
$ |
1,956 |
|
|
$ |
1,962 |
|
|
$ |
395 |
|
|
$ |
2,457 |
|
|
$ |
3,021 |
|
Real estate – construction & development
|
|
|
8,325 |
|
|
|
448 |
|
|
|
4,005 |
|
|
|
4,453 |
|
|
|
771 |
|
|
|
4,703 |
|
|
|
5,368 |
|
Real estate – commercial & farmland
|
|
|
17,514 |
|
|
|
4,967 |
|
|
|
9,651 |
|
|
|
14,618 |
|
|
|
1,859 |
|
|
|
15,341 |
|
|
|
15,972 |
|
Real estate – residential
|
|
|
15,571 |
|
|
|
3,514 |
|
|
|
9,407 |
|
|
|
12,921 |
|
|
|
974 |
|
|
|
14,244 |
|
|
|
16,317 |
|
Consumer installment loans
|
|
|
618 |
|
|
|
— |
|
|
|
533 |
|
|
|
533 |
|
|
|
9 |
|
|
|
527 |
|
|
|
519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
45,415 |
|
|
$ |
8,935 |
|
|
$ |
25,552 |
|
|
$ |
34,487 |
|
|
$ |
4,008 |
|
|
$ |
37,272 |
|
|
$ |
41,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Contractual
Principal
Balance |
|
|
Recorded
Investment
With No
Allowance |
|
|
Recorded
Investment
With
Allowance |
|
|
Total
Recorded
Investment |
|
|
Related
Allowance |
|
|
Three Month
Average
Recorded
Investment |
|
|
Six Month
Average
Recorded
Investment |
|
|
|
(Dollars in Thousands) |
|
As of June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
3,398 |
|
|
$ |
— |
|
|
$ |
1,852 |
|
|
$ |
1,852 |
|
|
$ |
298 |
|
|
$ |
2,786 |
|
|
$ |
3,397 |
|
Real estate – construction & development
|
|
|
9,336 |
|
|
|
— |
|
|
|
5,532 |
|
|
|
5,532 |
|
|
|
798 |
|
|
|
5,783 |
|
|
|
5,811 |
|
Real estate – commercial & farmland
|
|
|
19,215 |
|
|
|
— |
|
|
|
16,421 |
|
|
|
16,421 |
|
|
|
1,629 |
|
|
|
16,851 |
|
|
|
16,394 |
|
Real estate – residential
|
|
|
18,313 |
|
|
|
— |
|
|
|
15,131 |
|
|
|
15,131 |
|
|
|
884 |
|
|
|
16,563 |
|
|
|
17,698 |
|
Consumer installment loans
|
|
|
638 |
|
|
|
— |
|
|
|
512 |
|
|
|
512 |
|
|
|
10 |
|
|
|
530 |
|
|
|
514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
50,900 |
|
|
$ |
— |
|
|
$ |
39,448 |
|
|
$ |
39,448 |
|
|
$ |
3,619 |
|
|
$ |
42,513 |
|
|
$ |
43,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a summary of information pertaining to purchased
non-covered impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Period Ended |
|
|
|
June 30,
2015 |
|
|
December 31,
2014 |
|
|
June 30,
2014 |
|
|
|
(Dollars in
Thousands) |
|
Nonaccrual loans
|
|
$ |
17,444 |
|
|
$ |
18,249 |
|
|
$ |
15,770 |
|
Troubled debt restructurings not included above
|
|
|
6,792 |
|
|
|
1,212 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total impaired loans
|
|
$ |
24,236 |
|
|
$ |
19,461 |
|
|
$ |
15,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date interest income recognized on impaired loans
|
|
$ |
143 |
|
|
$ |
64 |
|
|
$ |
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date interest income recognized on impaired loans
|
|
$ |
161 |
|
|
$ |
132 |
|
|
$ |
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date foregone interest income on impaired loans
|
|
$ |
451 |
|
|
$ |
521 |
|
|
$ |
426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date foregone interest income on impaired loans
|
|
$ |
923 |
|
|
$ |
1,759 |
|
|
$ |
652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents an analysis of information pertaining
to purchased non-covered impaired loans as of June 30, 2015,
December 31, 2014 and June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Contractual
Principal
Balance |
|
|
Recorded
Investment
With No
Allowance |
|
|
Recorded
Investment
With
Allowance |
|
|
Total
Recorded
Investment |
|
|
Related
Allowance |
|
|
Three
Month
Average
Recorded
Investment |
|
|
Six Month
Average
Recorded
Investment |
|
|
|
(Dollars in Thousands) |
|
As of June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
1,476 |
|
|
$ |
309 |
|
|
$ |
— |
|
|
$ |
309 |
|
|
$ |
— |
|
|
$ |
254 |
|
|
$ |
227 |
|
Real estate – construction & development
|
|
|
9,656 |
|
|
|
1,857 |
|
|
|
— |
|
|
|
1,857 |
|
|
|
— |
|
|
|
1,485 |
|
|
|
1,469 |
|
Real estate – commercial & farmland
|
|
|
17,043 |
|
|
|
13,691 |
|
|
|
— |
|
|
|
13,691 |
|
|
|
— |
|
|
|
11,753 |
|
|
|
11,366 |
|
Real estate – residential
|
|
|
12,992 |
|
|
|
8,285 |
|
|
|
— |
|
|
|
8,285 |
|
|
|
— |
|
|
|
7,982 |
|
|
|
7,718 |
|
Consumer installment loans
|
|
|
111 |
|
|
|
94 |
|
|
|
— |
|
|
|
94 |
|
|
|
— |
|
|
|
61 |
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
41,278 |
|
|
$ |
24,236 |
|
|
$ |
— |
|
|
$ |
24,236 |
|
|
$ |
— |
|
|
$ |
21,535 |
|
|
$ |
20,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Contractual
Principal
Balance |
|
|
Recorded
Investment
With No
Allowance |
|
|
Recorded
Investment
With
Allowance |
|
|
Total
Recorded
Investment |
|
|
Related
Allowance |
|
|
Three Month
Average
Recorded
Investment |
|
|
Twelve Month
Average
Recorded
Investment |
|
|
|
(Dollars in Thousands) |
|
As of December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
1,366 |
|
|
$ |
175 |
|
|
$ |
— |
|
|
$ |
175 |
|
|
$ |
— |
|
|
$ |
277 |
|
|
$ |
165 |
|
Real estate – construction & development
|
|
|
5,161 |
|
|
|
1,436 |
|
|
|
— |
|
|
|
1,436 |
|
|
|
— |
|
|
|
2,242 |
|
|
|
1,643 |
|
Real estate – commercial & farmland
|
|
|
15,007 |
|
|
|
10,588 |
|
|
|
— |
|
|
|
10,588 |
|
|
|
— |
|
|
|
11,148 |
|
|
|
7,484 |
|
Real estate – residential
|
|
|
12,283 |
|
|
|
7,191 |
|
|
|
— |
|
|
|
7,191 |
|
|
|
— |
|
|
|
8,447 |
|
|
|
7,084 |
|
Consumer installment loans
|
|
|
172 |
|
|
|
71 |
|
|
|
— |
|
|
|
71 |
|
|
|
— |
|
|
|
124 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
33,989 |
|
|
$ |
19,461 |
|
|
$ |
— |
|
|
$ |
19,461 |
|
|
$ |
— |
|
|
$ |
22,238 |
|
|
$ |
16,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Contractual
Principal
Balance |
|
|
Recorded
Investment
With No
Allowance |
|
|
Recorded
Investment
With
Allowance |
|
|
Total
Recorded
Investment |
|
|
Related
Allowance |
|
|
Three Month
Average
Recorded
Investment |
|
|
Six Month
Average
Recorded
Investment |
|
|
|
(Dollars in Thousands) |
|
As of June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
550 |
|
|
$ |
143 |
|
|
$ |
— |
|
|
$ |
143 |
|
|
$ |
— |
|
|
$ |
130 |
|
|
$ |
90 |
|
Real estate – construction & development
|
|
|
4,649 |
|
|
|
2,273 |
|
|
|
— |
|
|
|
2,273 |
|
|
|
— |
|
|
|
1,702 |
|
|
|
1,243 |
|
Real estate – commercial & farmland
|
|
|
9,848 |
|
|
|
6,647 |
|
|
|
— |
|
|
|
6,647 |
|
|
|
— |
|
|
|
6,738 |
|
|
|
5,043 |
|
Real estate – residential
|
|
|
10,598 |
|
|
|
6,658 |
|
|
|
— |
|
|
|
6,658 |
|
|
|
— |
|
|
|
6,933 |
|
|
|
6,175 |
|
Consumer installment loans
|
|
|
65 |
|
|
|
49 |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
|
|
41 |
|
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
25,710 |
|
|
$ |
15,770 |
|
|
$ |
— |
|
|
$ |
15,770 |
|
|
$ |
— |
|
|
$ |
15,544 |
|
|
$ |
12,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a summary of information pertaining to covered
impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Period Ended |
|
|
|
June 30,
2015 |
|
|
December 31,
2014 |
|
|
June 30,
2014 |
|
|
|
(Dollars in
Thousands) |
|
Nonaccrual loans
|
|
$ |
28,871 |
|
|
$ |
35,412 |
|
|
$ |
46,138 |
|
Troubled debt restructurings not included above
|
|
|
17,500 |
|
|
|
22,619 |
|
|
|
9,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total impaired loans
|
|
$ |
46,371 |
|
|
$ |
58,031 |
|
|
$ |
55,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date interest income recognized on impaired loans
|
|
$ |
219 |
|
|
$ |
443 |
|
|
$ |
796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date interest income recognized on impaired loans
|
|
$ |
431 |
|
|
$ |
2,057 |
|
|
$ |
1,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date foregone interest income on impaired loans
|
|
$ |
409 |
|
|
$ |
571 |
|
|
$ |
843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date foregone interest income on impaired loans
|
|
$ |
947 |
|
|
$ |
3,123 |
|
|
$ |
1,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents an analysis of information pertaining
to covered impaired loans as of June 30, 2015,
December 31, 2014 and June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Contractual
Principal
Balance |
|
|
Recorded
Investment
With No
Allowance |
|
|
Recorded
Investment
With
Allowance |
|
|
Total
Recorded
Investment |
|
|
Related
Allowance |
|
|
Three Month
Average
Recorded
Investment |
|
|
Six Month
Average
Recorded
Investment |
|
|
|
(Dollars in Thousands) |
|
As of June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
14,260 |
|
|
$ |
7,951 |
|
|
$ |
— |
|
|
$ |
7,951 |
|
|
$ |
— |
|
|
$ |
8,869 |
|
|
$ |
8,773 |
|
Real estate – construction & development
|
|
|
29,895 |
|
|
|
5,953 |
|
|
|
— |
|
|
|
5,953 |
|
|
|
— |
|
|
|
7,819 |
|
|
|
8,757 |
|
Real estate – commercial & farmland
|
|
|
37,426 |
|
|
|
17,970 |
|
|
|
— |
|
|
|
17,970 |
|
|
|
— |
|
|
|
21,795 |
|
|
|
21,418 |
|
Real estate – residential
|
|
|
18,226 |
|
|
|
14,402 |
|
|
|
— |
|
|
|
14,402 |
|
|
|
— |
|
|
|
16,600 |
|
|
|
17,084 |
|
Consumer installment loans
|
|
|
125 |
|
|
|
95 |
|
|
|
— |
|
|
|
95 |
|
|
|
— |
|
|
|
99 |
|
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
99,932 |
|
|
$ |
46,371 |
|
|
$ |
— |
|
|
$ |
46,371 |
|
|
$ |
— |
|
|
$ |
55,179 |
|
|
$ |
56,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Contractual
Principal
Balance |
|
|
Recorded
Investment
With No
Allowance |
|
|
Recorded
Investment
With
Allowance |
|
|
Total
Recorded
Investment |
|
|
Related
Allowance |
|
|
Three Month
Average
Recorded
Investment |
|
|
Twelve Month
Average
Recorded
Investment |
|
|
|
(Dollars in Thousands) |
|
As of December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
14,385 |
|
|
$ |
8,582 |
|
|
$ |
— |
|
|
$ |
8,582 |
|
|
$ |
— |
|
|
$ |
8,525 |
|
|
$ |
9,325 |
|
Real estate – construction & development
|
|
|
27,289 |
|
|
|
10,638 |
|
|
|
— |
|
|
|
10,638 |
|
|
|
— |
|
|
|
11,279 |
|
|
|
13,935 |
|
Real estate – commercial & farmland
|
|
|
31,309 |
|
|
|
20,663 |
|
|
|
— |
|
|
|
20,663 |
|
|
|
— |
|
|
|
21,890 |
|
|
|
28,057 |
|
Real estate – residential
|
|
|
22,860 |
|
|
|
18,054 |
|
|
|
— |
|
|
|
18,054 |
|
|
|
— |
|
|
|
18,242 |
|
|
|
20,776 |
|
Consumer installment loans
|
|
|
124 |
|
|
|
94 |
|
|
|
— |
|
|
|
94 |
|
|
|
— |
|
|
|
100 |
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
95,967 |
|
|
$ |
58,031 |
|
|
$ |
— |
|
|
$ |
58,031 |
|
|
$ |
— |
|
|
$ |
60,036 |
|
|
$ |
72,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Contractual
Principal
Balance |
|
|
Recorded
Investment
With No
Allowance |
|
|
Recorded
Investment
With
Allowance |
|
|
Total
Recorded
Investment |
|
|
Related
Allowance |
|
|
Three Month
Average
Recorded
Investment |
|
|
Six Month
Average
Recorded
Investment |
|
|
|
(Dollars in Thousands) |
|
As of June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial & agricultural
|
|
$ |
14,694 |
|
|
$ |
12,266 |
|
|
$ |
— |
|
|
$ |
12,266 |
|
|
$ |
— |
|
|
$ |
11,153 |
|
|
$ |
9,858 |
|
Real estate – construction & development
|
|
|
12,921 |
|
|
|
11,048 |
|
|
|
— |
|
|
|
11,048 |
|
|
|
— |
|
|
|
14,541 |
|
|
|
15,706 |
|
Real estate – commercial & farmland
|
|
|
27,742 |
|
|
|
24,007 |
|
|
|
— |
|
|
|
24,007 |
|
|
|
— |
|
|
|
27,877 |
|
|
|
32,167 |
|
Real estate – residential
|
|
|
21,874 |
|
|
|
19,793 |
|
|
|
— |
|
|
|
19,793 |
|
|
|
— |
|
|
|
21,199 |
|
|
|
22,465 |
|
Consumer installment loans
|
|
|
161 |
|
|
|
127 |
|
|
|
— |
|
|
|
127 |
|
|
|
— |
|
|
|
130 |
|
|
|
200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
77,392 |
|
|
$ |
67,241 |
|
|
$ |
— |
|
|
$ |
67,241 |
|
|
$ |
— |
|
|
$ |
74,899 |
|
|
$ |
80,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Indicators
The Company uses a nine category risk grading system to assign a
risk grade to each loan in the portfolio. Every loan is assigned a
risk rating, with the exception of credit card receivables and
overdraft protection loans, which are treated as pools for
risk-rating purposes. Relationships greater than $1.0 million and a
sample of relationships greater than $250,000 are reviewed annually
by the Bank’s independent internal loan review department or
an independent third party loan review firm. The following is a
description of the general characteristics of the grades:
Grade 10 – Prime Credit – This grade represents loans to
the Company’s most creditworthy borrowers or loans that are
secured by cash or cash equivalents.
Grade 15 – Good Credit – This grade includes loans that
exhibit one or more characteristics better than that of
a Satisfactory
Credit. Generally, the debt service coverage and
borrower’s liquidity is materially better than required by
the Company’s loan policy.
Grade 20 – Satisfactory Credit – This grade is
assigned to loans to borrowers who exhibit satisfactory credit
histories, contain acceptable loan structures and demonstrate
ability to repay.
Grade 23 – Performing, Under-Collateralized Credit
– This
grade is assigned to loans that are currently performing and
supported by adequate financial information that reflects repayment
capacity but exhibit a loan-to-value ratio greater than 110%, based
on a documented collateral valuation.
Grade 25 – Minimum Acceptable Credit
– This
grade includes loans which exhibit all the characteristics of
a Satisfactory
Credit, but warrant more than normal level of banker
supervision due to (i) circumstances which elevate the risks
of performance (such as start-up operations, untested management,
heavy leverage and interim losses); (ii) adverse,
extraordinary events that have affected, or could affect, the
borrower’s cash flow, financial condition, ability to
continue operating profitability or refinancing (such as death of
principal, fire and divorce); (iii) loans that require more
than the normal servicing requirements (such as any type of
construction financing, acquisition and development loans, accounts
receivable or inventory loans and floor plan loans);
(iv) existing technical exceptions which raise some doubts
about the Bank’s perfection in its collateral position or the
continued financial capacity of the borrower; or
(v) improvements in formerly criticized borrowers, which may
warrant banker supervision.
Grade 30 – Other Asset Especially Mentioned
– This
grade includes loans that exhibit potential weaknesses that deserve
management’s close attention. If left uncorrected, these
weaknesses may result in deterioration of the repayment prospects
for the asset or in the Company’s credit position at some
future date.
Grade 40 – Substandard – This grade represents loans
which are inadequately protected by the current credit quality and
paying capacity of the borrower or of the collateral pledged, if
any. These assets exhibit a well-defined weakness or are
characterized by the distinct possibility that the Bank will
sustain some loss if the deficiencies are not corrected. These
weaknesses may be characterized by past due performance, operating
losses or questionable collateral values.
Grade 50 – Doubtful – This grade includes loans
which exhibit all of the characteristics of a substandard loan with
the added provision that the weaknesses make collection or
liquidation in full, on the basis of currently existing facts,
conditions and values, highly questionable or improbable.
Grade 60 – Loss – This grade is assigned to
loans which are considered uncollectible and of such little value
that their continuance as active assets of the Bank is not
warranted. This classification does not mean that the loss has
absolutely no recovery or salvage value, but rather it is not
practical or desirable to defer writing it off.
The following table presents the loan portfolio, excluding
purchased non-covered and covered loans, by risk grade as of
June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk
Grade
|
|
Commercial,
financial &
agricultural |
|
|
Real estate -
construction &
development |
|
|
Real estate -
commercial &
farmland |
|
|
Real estate -
residential |
|
|
Consumer
installment loans |
|
|
Other |
|
|
Total |
|
|
|
(Dollars in Thousands) |
|
10
|
|
$ |
173,795 |
|
|
$ |
268 |
|
|
$ |
150 |
|
|
$ |
1,606 |
|
|
$ |
6,114 |
|
|
$ |
— |
|
|
$ |
181,933 |
|
15
|
|
|
25,447 |
|
|
|
3,402 |
|
|
|
127,090 |
|
|
|
85,812 |
|
|
|
1,319 |
|
|
|
— |
|
|
|
243,070 |
|
20
|
|
|
96,169 |
|
|
|
47,207 |
|
|
|
592,636 |
|
|
|
334,999 |
|
|
|
17,833 |
|
|
|
15,903 |
|
|
|
1,104,747 |
|
23
|
|
|
635 |
|
|
|
8,071 |
|
|
|
11,984 |
|
|
|
6,655 |
|
|
|
55 |
|
|
|
— |
|
|
|
27,400 |
|
25
|
|
|
69,304 |
|
|
|
140,119 |
|
|
|
248,227 |
|
|
|
83,207 |
|
|
|
3,807 |
|
|
|
— |
|
|
|
544,664 |
|
30
|
|
|
2,566 |
|
|
|
2,510 |
|
|
|
11,088 |
|
|
|
8,612 |
|
|
|
244 |
|
|
|
— |
|
|
|
25,020 |
|
40
|
|
|
5,286 |
|
|
|
3,442 |
|
|
|
19,020 |
|
|
|
16,310 |
|
|
|
708 |
|
|
|
— |
|
|
|
44,766 |
|
50
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
60
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
373,202 |
|
|
$ |
205,019 |
|
|
$ |
1,010,195 |
|
|
$ |
537,201 |
|
|
$ |
30,080 |
|
|
$ |
15,903 |
|
|
$ |
2,171,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the loan portfolio, excluding
purchased non-covered and covered loans, by risk grade as of
December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk
Grade
|
|
Commercial,
financial &
agricultural |
|
|
Real estate -
construction &
development |
|
|
Real estate -
commercial &
farmland |
|
|
Real estate -
residential |
|
|
Consumer
installment loans |
|
|
Other |
|
|
Total |
|
|
|
(Dollars in Thousands) |
|
10
|
|
$ |
121,355 |
|
|
$ |
268 |
|
|
$ |
155 |
|
|
$ |
226 |
|
|
$ |
6,573 |
|
|
$ |
— |
|
|
$ |
128,577 |
|
15
|
|
|
25,318 |
|
|
|
4,010 |
|
|
|
128,170 |
|
|
|
59,301 |
|
|
|
1,005 |
|
|
|
— |
|
|
|
217,804 |
|
20
|
|
|
100,599 |
|
|
|
47,541 |
|
|
|
511,198 |
|
|
|
256,758 |
|
|
|
17,544 |
|
|
|
14,308 |
|
|
|
947,948 |
|
23
|
|
|
56 |
|
|
|
8,933 |
|
|
|
10,507 |
|
|
|
9,672 |
|
|
|
37 |
|
|
|
— |
|
|
|
29,205 |
|
25
|
|
|
62,519 |
|
|
|
93,514 |
|
|
|
224,464 |
|
|
|
102,998 |
|
|
|
4,692 |
|
|
|
— |
|
|
|
488,187 |
|
30
|
|
|
3,758 |
|
|
|
1,474 |
|
|
|
13,035 |
|
|
|
7,459 |
|
|
|
257 |
|
|
|
— |
|
|
|
25,983 |
|
40
|
|
|
6,049 |
|
|
|
5,767 |
|
|
|
19,995 |
|
|
|
19,692 |
|
|
|
673 |
|
|
|
— |
|
|
|
52,176 |
|
50
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
60
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
319,654 |
|
|
$ |
161,507 |
|
|
$ |
907,524 |
|
|
$ |
456,106 |
|
|
$ |
30,782 |
|
|
$ |
14,308 |
|
|
$ |
1,889,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the loan portfolio, excluding
purchased non-covered and covered loans, by risk grade as of
June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk
Grade
|
|
Commercial,
financial &
agricultural |
|
|
Real estate -
construction &
development |
|
|
Real estate -
commercial &
farmland |
|
|
Real estate -
residential |
|
|
Consumer
installment loans |
|
|
Other |
|
|
Total |
|
|
|
(Dollars in
Thousands) |
|
10
|
|
$ |
103,726 |
|
|
$ |
— |
|
|
$ |
255 |
|
|
$ |
505 |
|
|
$ |
6,356 |
|
|
$ |
— |
|
|
$ |
110,842 |
|
15
|
|
|
24,620 |
|
|
|
4,678 |
|
|
|
141,846 |
|
|
|
54,388 |
|
|
|
1,120 |
|
|
|
— |
|
|
|
226,652 |
|
20
|
|
|
102,278 |
|
|
|
48,008 |
|
|
|
460,715 |
|
|
|
226,149 |
|
|
|
17,714 |
|
|
|
11,492 |
|
|
|
866,356 |
|
23
|
|
|
123 |
|
|
|
9,215 |
|
|
|
9,318 |
|
|
|
9,479 |
|
|
|
294 |
|
|
|
— |
|
|
|
28,429 |
|
25
|
|
|
65,882 |
|
|
|
77,973 |
|
|
|
197,381 |
|
|
|
103,846 |
|
|
|
5,281 |
|
|
|
— |
|
|
|
450,363 |
|
30
|
|
|
4,004 |
|
|
|
2,680 |
|
|
|
12,914 |
|
|
|
13,568 |
|
|
|
194 |
|
|
|
— |
|
|
|
33,360 |
|
40
|
|
|
3,955 |
|
|
|
6,792 |
|
|
|
27,571 |
|
|
|
14,786 |
|
|
|
943 |
|
|
|
— |
|
|
|
54,047 |
|
50
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
60
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
304,588 |
|
|
$ |
149,346 |
|
|
$ |
850,000 |
|
|
$ |
422,731 |
|
|
$ |
31,902 |
|
|
$ |
11,492 |
|
|
$ |
1,770,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the purchased non-covered loan
portfolio by risk grade as of June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk
Grade
|
|
Commercial,
financial &
agricultural |
|
|
Real estate -
construction &
development |
|
|
Real estate -
commercial &
farmland |
|
|
Real estate -
residential |
|
|
Consumer
installment
loans |
|
|
Other |
|
|
Total |
|
|
|
(Dollars in Thousands) |
|
10
|
|
$ |
9,091 |
|
|
$ |
— |
|
|
$ |
80 |
|
|
$ |
— |
|
|
$ |
952 |
|
|
$ |
— |
|
|
$ |
10,123 |
|
15
|
|
|
1,377 |
|
|
|
866 |
|
|
|
8,710 |
|
|
|
41,641 |
|
|
|
626 |
|
|
|
— |
|
|
|
53,220 |
|
20
|
|
|
12,545 |
|
|
|
16,979 |
|
|
|
190,219 |
|
|
|
139,792 |
|
|
|
2,769 |
|
|
|
— |
|
|
|
362,304 |
|
23
|
|
|
— |
|
|
|
240 |
|
|
|
3,792 |
|
|
|
6,505 |
|
|
|
— |
|
|
|
— |
|
|
|
10,537 |
|
25
|
|
|
18,556 |
|
|
|
49,070 |
|
|
|
165,267 |
|
|
|
65,818 |
|
|
|
1,700 |
|
|
|
— |
|
|
|
300,411 |
|
30
|
|
|
2,462 |
|
|
|
3,409 |
|
|
|
19,042 |
|
|
|
9,803 |
|
|
|
63 |
|
|
|
— |
|
|
|
34,779 |
|
40
|
|
|
1,276 |
|
|
|
4,738 |
|
|
|
17,478 |
|
|
|
13,217 |
|
|
|
178 |
|
|
|
— |
|
|
|
36,887 |
|
50
|
|
|
30 |
|
|
|
— |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
— |
|
|
|
52 |
|
60
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
45,337 |
|
|
$ |
75,302 |
|
|
$ |
404,588 |
|
|
$ |
276,798 |
|
|
$ |
6,288 |
|
|
$ |
— |
|
|
$ |
808,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the purchased non-covered loan
portfolio by risk grade as of December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk
Grade
|
|
Commercial,
financial &
agricultural |
|
|
Real estate -
construction &
development |
|
|
Real estate -
commercial &
farmland |
|
|
Real estate -
residential |
|
|
Consumer
installment
loans |
|
|
Other |
|
|
Total |
|
|
|
(Dollars in Thousands) |
|
10
|
|
$ |
6,624 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
290 |
|
|
$ |
480 |
|
|
$ |
— |
|
|
$ |
7,394 |
|
15
|
|
|
1,376 |
|
|
|
552 |
|
|
|
13,277 |
|
|
|
14,051 |
|
|
|
501 |
|
|
|
— |
|
|
|
29,727 |
|
20
|
|
|
13,657 |
|
|
|
12,991 |
|
|
|
116,308 |
|
|
|
64,083 |
|
|
|
1,647 |
|
|
|
— |
|
|
|
208,686 |
|
23
|
|
|
73 |
|
|
|
— |
|
|
|
3,207 |
|
|
|
3,298 |
|
|
|
— |
|
|
|
— |
|
|
|
6,578 |
|
25
|
|
|
13,753 |
|
|
|
36,230 |
|
|
|
144,293 |
|
|
|
164,959 |
|
|
|
1,920 |
|
|
|
— |
|
|
|
361,155 |
|
30
|
|
|
1,618 |
|
|
|
4,365 |
|
|
|
12,279 |
|
|
|
7,444 |
|
|
|
41 |
|
|
|
— |
|
|
|
25,747 |
|
40
|
|
|
910 |
|
|
|
4,254 |
|
|
|
17,342 |
|
|
|
12,184 |
|
|
|
199 |
|
|
|
— |
|
|
|
34,889 |
|
50
|
|
|
30 |
|
|
|
— |
|
|
|
— |
|
|
|
33 |
|
|
|
— |
|
|
|
— |
|
|
|
63 |
|
60
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
38,041 |
|
|
$ |
58,362 |
|
|
$ |
306,706 |
|
|
$ |
266,342 |
|
|
$ |
4,788 |
|
|
$ |
— |
|
|
$ |
674,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the purchased non-covered loan
portfolio by risk grade as of June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk
Grade
|
|
Commercial,
financial &
agricultural |
|
|
Real estate -
construction &
development |
|
|
Real estate -
commercial &
farmland |
|
|
Real estate -
residential |
|
|
Consumer
installment
loans |
|
|
Other |
|
|
Total |
|
|
|
(Dollars in Thousands) |
|
10
|
|
$ |
3,494 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
293 |
|
|
$ |
557 |
|
|
$ |
— |
|
|
$ |
4,344 |
|
15
|
|
|
4,728 |
|
|
|
245 |
|
|
|
14,191 |
|
|
|
15,839 |
|
|
|
537 |
|
|
|
— |
|
|
|
35,540 |
|
20
|
|
|
11,567 |
|
|
|
12,905 |
|
|
|
94,598 |
|
|
|
64,937 |
|
|
|
2,683 |
|
|
|
— |
|
|
|
186,690 |
|
23
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
165 |
|
|
|
— |
|
|
|
— |
|
|
|
165 |
|
25
|
|
|
18,251 |
|
|
|
42,127 |
|
|
|
175,427 |
|
|
|
178,523 |
|
|
|
2,343 |
|
|
|
— |
|
|
|
416,671 |
|
30
|
|
|
3,162 |
|
|
|
4,722 |
|
|
|
16,078 |
|
|
|
8,326 |
|
|
|
21 |
|
|
|
— |
|
|
|
32,309 |
|
40
|
|
|
381 |
|
|
|
4,085 |
|
|
|
11,454 |
|
|
|
10,368 |
|
|
|
124 |
|
|
|
— |
|
|
|
26,412 |
|
50
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
60
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
41,583 |
|
|
$ |
64,084 |
|
|
$ |
311,748 |
|
|
$ |
278,451 |
|
|
$ |
6,265 |
|
|
$ |
— |
|
|
$ |
702,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the covered loan portfolio by risk
grade as of June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk
Grade
|
|
Commercial,
financial &
agricultural |
|
|
Real estate -
construction &
development |
|
|
Real estate -
commercial &
farmland |
|
|
Real estate -
residential |
|
|
Consumer
installment
loans |
|
|
Other |
|
|
Total |
|
|
|
(Dollars in Thousands) |
|
10
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
15
|
|
|
— |
|
|
|
— |
|
|
|
488 |
|
|
|
125 |
|
|
|
— |
|
|
|
— |
|
|
|
613 |
|
20
|
|
|
580 |
|
|
|
1,218 |
|
|
|
17,382 |
|
|
|
12,571 |
|
|
|
43 |
|
|
|
— |
|
|
|
31,794 |
|
23
|
|
|
68 |
|
|
|
— |
|
|
|
5,255 |
|
|
|
6,083 |
|
|
|
— |
|
|
|
— |
|
|
|
11,406 |
|
25
|
|
|
4,089 |
|
|
|
8,142 |
|
|
|
60,682 |
|
|
|
30,870 |
|
|
|
37 |
|
|
|
— |
|
|
|
103,820 |
|
30
|
|
|
4,923 |
|
|
|
2,409 |
|
|
|
4,165 |
|
|
|
5,730 |
|
|
|
— |
|
|
|
— |
|
|
|
17,227 |
|
40
|
|
|
8,006 |
|
|
|
3,233 |
|
|
|
23,800 |
|
|
|
9,603 |
|
|
|
96 |
|
|
|
— |
|
|
|
44,738 |
|
50
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
60
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
17,666 |
|
|
$ |
15,002 |
|
|
$ |
111,772 |
|
|
$ |
64,982 |
|
|
$ |
176 |
|
|
$ |
— |
|
|
$ |
209,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the covered loan portfolio by risk
grade as of December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk
Grade
|
|
Commercial,
financial &
agricultural |
|
|
Real estate -
construction &
development |
|
|
Real estate -
commercial &
farmland |
|
|
Real estate -
residential |
|
|
Consumer
installment
loans |
|
|
Other |
|
|
Total |
|
|
|
(Dollars in Thousands) |
|
10
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
15
|
|
|
— |
|
|
|
1 |
|
|
|
761 |
|
|
|
525 |
|
|
|
— |
|
|
|
— |
|
|
|
1,287 |
|
20
|
|
|
917 |
|
|
|
3,184 |
|
|
|
23,167 |
|
|
|
14,089 |
|
|
|
77 |
|
|
|
— |
|
|
|
41,434 |
|
23
|
|
|
164 |
|
|
|
537 |
|
|
|
11,404 |
|
|
|
6,642 |
|
|
|
— |
|
|
|
— |
|
|
|
18,747 |
|
25
|
|
|
5,181 |
|
|
|
9,406 |
|
|
|
80,334 |
|
|
|
33,124 |
|
|
|
37 |
|
|
|
— |
|
|
|
128,082 |
|
30
|
|
|
4,808 |
|
|
|
2,753 |
|
|
|
5,302 |
|
|
|
8,050 |
|
|
|
— |
|
|
|
— |
|
|
|
20,913 |
|
40
|
|
|
10,397 |
|
|
|
7,566 |
|
|
|
26,659 |
|
|
|
16,090 |
|
|
|
104 |
|
|
|
— |
|
|
|
60,816 |
|
50
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
60
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
21,467 |
|
|
$ |
23,447 |
|
|
$ |
147,627 |
|
|
$ |
78,520 |
|
|
$ |
218 |
|
|
$ |
— |
|
|
$ |
271,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the covered loan portfolio by risk
grade as of June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk
Grade
|
|
Commercial,
financial &
agricultural |
|
|
Real estate -
construction &
development |
|
|
Real estate -
commercial &
farmland |
|
|
Real estate -
residential |
|
|
Consumer
installment
loans |
|
|
Other |
|
|
Total |
|
|
|
(Dollars in Thousands) |
|
10
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
15
|
|
|
— |
|
|
|
2 |
|
|
|
822 |
|
|
|
629 |
|
|
|
— |
|
|
|
— |
|
|
|
1,453 |
|
20
|
|
|
1,133 |
|
|
|
5,524 |
|
|
|
33,050 |
|
|
|
17,143 |
|
|
|
68 |
|
|
|
— |
|
|
|
56,918 |
|
23
|
|
|
124 |
|
|
|
555 |
|
|
|
15,528 |
|
|
|
5,557 |
|
|
|
— |
|
|
|
— |
|
|
|
21,764 |
|
25
|
|
|
6,569 |
|
|
|
9,251 |
|
|
|
94,504 |
|
|
|
36,507 |
|
|
|
40 |
|
|
|
— |
|
|
|
146,871 |
|
30
|
|
|
4,398 |
|
|
|
4,802 |
|
|
|
9,959 |
|
|
|
8,326 |
|
|
|
2 |
|
|
|
— |
|
|
|
27,487 |
|
40
|
|
|
12,985 |
|
|
|
11,466 |
|
|
|
34,780 |
|
|
|
17,356 |
|
|
|
170 |
|
|
|
— |
|
|
|
76,757 |
|
50
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
60
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
25,209 |
|
|
$ |
31,600 |
|
|
$ |
188,643 |
|
|
$ |
85,518 |
|
|
$ |
280 |
|
|
$ |
— |
|
|
$ |
331,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt Restructurings
The restructuring of a loan is considered a “troubled debt
restructuring” if both (i) the borrower is experiencing
financial difficulties and (ii) the Company has granted a
concession. Concessions may include interest rate reductions to
below market interest rates, principal forgiveness, restructuring
amortization schedules and other actions intended to minimize
potential losses. The Company has exhibited the greatest success
for rehabilitation of the loan by a reduction in the rate alone
(maintaining the amortization of the debt) or a combination of a
rate reduction and the forbearance of previously past due interest
or principal. This has most typically been evidenced in certain
commercial real estate loans whereby a disruption in the
borrower’s cash flow resulted in an extended past due status,
of which the borrower was unable to catch up completely as the cash
flow of the property ultimately stabilized at a level lower than
its original level. A reduction in rate, coupled with a forbearance
of unpaid principal and/or interest, allowed the net cash flows to
service the debt under the modified terms.
The Company’s policy requires a restructure request to be
supported by a current, well-documented credit evaluation of the
borrower’s financial condition and a collateral evaluation
that is no older than six months from the date of the restructure.
Key factors of that evaluation include the documentation of
current, recurring cash flows, support provided by the guarantor(s)
and the current valuation of the collateral. If the appraisal in
the file is older than six months, an evaluation must be made as to
the continued reasonableness of the valuation. For certain
income-producing properties, current rent rolls and/or other income
information can be utilized to support the appraisal valuation,
when coupled with documented cap rates within our markets and a
physical inspection of the collateral to validate the current
condition.
The Company’s policy states that in the event a loan has been
identified as a troubled debt restructuring, it should be assigned
a grade of substandard and placed on nonaccrual status until such
time the borrower has demonstrated the ability to service the loan
payments based on the restructured terms – generally defined
as six months of satisfactory payment history. Missed payments
under the original loan terms are not considered under the new
structure; however, subsequent missed payments are considered
non-performance and are not considered toward the six month
required term of satisfactory payment history. The Company’s
loan policy states that a nonaccrual loan may be returned to
accrual status when (i) none of its principal and interest is
due and unpaid, and the Company expects repayment of the remaining
contractual principal and interest or (ii) it otherwise
becomes well secured and in the process of collection. Restoration
to accrual status on any given loan must be supported by a
well-documented credit evaluation of the borrower’s financial
condition and the prospects for full repayment, approved by the
Company’s Chief Credit Officer.
In the normal course of business, the Company renews loans with a
modification of the interest rate or terms that are not deemed as
troubled debt restructurings because the borrower is not
experiencing financial difficulty. The Company modified loans in
the first six months of 2015 and 2014 totaling $54.8 million and
$8.4 million, respectively, under such parameters.
As of June 30, 2015, December 31, 2014 and
June 30, 2014, the Company had a balance of $14.0 million,
$15.3 million and $21.1 million, respectively, in troubled debt
restructurings, excluding purchased non-covered and covered loans.
The Company has recorded $1.6 million, $2.2 million and $3.0
million in previous charge-offs on such loans at June 30,
2015, December 31, 2014 and June 30, 2014,
respectively. The Company’s balance in the allowance for loan
losses allocated to such troubled debt restructurings was $210,000,
$231,000 and $398,000 at June 30, 2015, December 31,
2014 and June 30, 2014, respectively. At June 30, 2015,
the Company did not have any commitments to lend additional funds
to debtors whose terms have been modified in troubled
restructurings.
During the six months ending June 30, 2015 and 2014, the
Company modified loans as troubled debt restructurings, excluding
purchased non-covered and covered loans, with principal balances of
$782,000 and $1.7 million, respectively, and these modifications
did not have a material impact on the Company’s allowance for
loan loss. The following table presents the loans by class modified
as troubled debt restructurings, excluding purchased non-covered
and covered loans, which occurred during the six months ending
June 30, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 |
|
|
June 30, 2014 |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
3 |
|
|
$ |
18 |
|
|
|
2 |
|
|
$ |
16 |
|
Real estate – construction & development
|
|
|
2 |
|
|
|
16 |
|
|
|
4 |
|
|
|
235 |
|
Real estate – commercial & farmland
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
1,037 |
|
Real estate – residential
|
|
|
15 |
|
|
|
729 |
|
|
|
6 |
|
|
|
328 |
|
Consumer installment
|
|
|
5 |
|
|
|
19 |
|
|
|
11 |
|
|
|
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
25 |
|
|
$ |
782 |
|
|
|
26 |
|
|
$ |
1,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt restructurings, excluding purchased non-covered and
covered loans, with an outstanding balance of $2.2 million and
$130,000 defaulted during the six months ended June 30, 2015
and 2014, respectively, and these defaults did not have a material
impact on the Company’s allowance for loan loss. The
following table presents the troubled debt restructurings by class
that defaulted (defined as 30 days past due) during the six months
ending June 30, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 |
|
|
June 30, 2014 |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
2 |
|
|
$ |
35 |
|
|
|
— |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
35 |
|
Real estate – commercial & farmland
|
|
|
5 |
|
|
|
1,274 |
|
|
|
— |
|
|
|
— |
|
Real estate – residential
|
|
|
10 |
|
|
|
884 |
|
|
|
2 |
|
|
|
72 |
|
Consumer installment
|
|
|
6 |
|
|
|
32 |
|
|
|
1 |
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
23 |
|
|
$ |
2,225 |
|
|
|
4 |
|
|
$ |
130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the amount of troubled debt
restructurings by loan class, excluding purchased non-covered and
covered loans, classified separately as accrual and non-accrual at
June 30, 2015, December 31, 2014 and June 30,
2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2015 |
|
Accruing Loans |
|
|
Non-Accruing Loans |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
6 |
|
|
$ |
278 |
|
|
|
5 |
|
|
$ |
29 |
|
Real estate – construction & development
|
|
|
11 |
|
|
|
821 |
|
|
|
3 |
|
|
|
57 |
|
Real estate – commercial & farmland
|
|
|
17 |
|
|
|
6,617 |
|
|
|
3 |
|
|
|
598 |
|
Real estate – residential
|
|
|
49 |
|
|
|
4,702 |
|
|
|
15 |
|
|
|
783 |
|
Consumer installment
|
|
|
11 |
|
|
|
49 |
|
|
|
17 |
|
|
|
82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
94 |
|
|
$ |
12,467 |
|
|
|
43 |
|
|
$ |
1,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014 |
|
Accruing Loans |
|
|
Non-Accruing Loans |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
6 |
|
|
$ |
290 |
|
|
|
2 |
|
|
$ |
13 |
|
Real estate – construction & development
|
|
|
9 |
|
|
|
679 |
|
|
|
5 |
|
|
|
228 |
|
Real estate – commercial & farmland
|
|
|
19 |
|
|
|
6,477 |
|
|
|
3 |
|
|
|
724 |
|
Real estate – residential
|
|
|
47 |
|
|
|
5,258 |
|
|
|
11 |
|
|
|
1,485 |
|
Consumer installment
|
|
|
11 |
|
|
|
55 |
|
|
|
11 |
|
|
|
73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
92 |
|
|
$ |
12,759 |
|
|
|
32 |
|
|
$ |
2,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2014 |
|
Accruing Loans |
|
|
Non-Accruing Loans |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
3 |
|
|
$ |
257 |
|
|
|
3 |
|
|
$ |
465 |
|
Real estate – construction & development
|
|
|
12 |
|
|
|
2,080 |
|
|
|
2 |
|
|
|
32 |
|
Real estate – commercial & farmland
|
|
|
19 |
|
|
|
7,590 |
|
|
|
4 |
|
|
|
2,151 |
|
Real estate – residential
|
|
|
38 |
|
|
|
7,335 |
|
|
|
8 |
|
|
|
1,044 |
|
Consumer installment
|
|
|
14 |
|
|
|
75 |
|
|
|
5 |
|
|
|
51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
86 |
|
|
$ |
17,337 |
|
|
|
22 |
|
|
$ |
3,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2015 and December 31, 2014, the Company
had a balance of $7.0 million and $1.2 million, respectively, in
troubled debt restructurings included in purchased non-covered
loans. The Company did not have any troubled debt restructurings
included in purchased non-covered loans at June 30, 2014. The
Company has recorded $632,000 and $29,000 in previous charge-offs
on such loans at June 30, 2015 and December 31, 2014,
respectively. At June 30, 2015, the Company did not have any
commitments to lend additional funds to debtors whose terms have
been modified in troubled restructurings.
During the six months ending June 30, 2015, the Company
modified purchased non-covered loans as troubled debt
restructurings, with principal balances of $1.0 million, and these
modifications did not have a material impact on the Company’s
allowance for loan loss. The Company did not modify any purchased
non-covered loans as troubled debt restructurings during the six
months ended June 30, 2014. The Company transferred troubled
debt restructurings with principal balances of $4.8 million from
the covered loan category to the purchased non-covered loan
category during the six months ended June 30, 2015 due to the
expiration of the loss-sharing agreements. The following
table presents the purchased non-covered loans by class modified as
troubled debt restructurings, which occurred during the six months
ending June 30, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 |
|
|
June 30, 2014 |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Real estate – residential
|
|
|
5 |
|
|
|
1,017 |
|
|
|
— |
|
|
|
— |
|
Consumer installment
|
|
|
1 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
6 |
|
|
$ |
1,022 |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt restructurings included in purchased non-covered
loans with an outstanding balance of $65,000 defaulted during the
six months ended June 30, 2015, and these defaults did not
have a material impact on the Company’s allowance for loan
loss. There were no troubled debt restructurings included in
purchased non-covered loans that defaulted during the six months
ended June 30, 2014. The following table presents the troubled
debt restructurings by class that defaulted (defined as 30 days
past due) during the six months ending June 30, 2015 and
2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 |
|
|
June 30, 2014 |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Real estate – residential
|
|
|
1 |
|
|
|
65 |
|
|
|
— |
|
|
|
— |
|
Consumer installment
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1 |
|
|
$ |
65 |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the amount of troubled debt
restructurings by loan class of purchased non-covered loans,
classified separately as accrual and non-accrual at June 30,
2015, December 31, 2014 and June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2015 |
|
Accruing Loans |
|
|
Non-Accruing Loans |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
— |
|
|
$ |
— |
|
|
|
1 |
|
|
$ |
1 |
|
Real estate – construction & development
|
|
|
3 |
|
|
|
374 |
|
|
|
— |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
7 |
|
|
|
4,058 |
|
|
|
1 |
|
|
|
69 |
|
Real estate – residential
|
|
|
12 |
|
|
|
2,354 |
|
|
|
2 |
|
|
|
91 |
|
Consumer installment
|
|
|
2 |
|
|
|
6 |
|
|
|
2 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
24 |
|
|
$ |
6,792 |
|
|
|
6 |
|
|
$ |
166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014 |
|
Accruing Loans |
|
|
Non-Accruing Loans |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
1 |
|
|
|
317 |
|
|
|
— |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
1 |
|
|
|
346 |
|
|
|
— |
|
|
|
— |
|
Real estate – residential
|
|
|
6 |
|
|
|
547 |
|
|
|
1 |
|
|
|
25 |
|
Consumer installment
|
|
|
1 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
9 |
|
|
$ |
1,212 |
|
|
|
1 |
|
|
$ |
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2015, December 31, 2014 and
June 30, 2014, the Company had a balance of $19.6 million,
$24.6 million and $23.7 million, respectively, in troubled debt
restructurings included in covered loans. The Company has recorded
$42,000, $1.8 million and $1.5 million in previous charge-offs on
such loans at June 30, 2015, December 31, 2014 and
June 30, 2014, respectively. At June 30, 2015, the
Company did not have any commitments to lend additional funds to
debtors whose terms have been modified in troubled
restructurings.
During the six months ending June 30, 2015 and 2014, the
Company modified covered loans as troubled debt restructurings with
principal balances of $1.2 million and $2.6 million, respectively,
and these modifications did not have a material impact on the
Company’s allowance for loan loss. The following table
presents the covered loans by class modified as troubled debt
restructurings, excluding purchased non-covered and covered loans,
which occurred during the six months ending June 30, 2015 and
2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 |
|
|
June 30, 2014 |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
1 |
|
|
$ |
1 |
|
|
|
— |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
2 |
|
|
|
34 |
|
|
|
2 |
|
|
|
28 |
|
Real estate – commercial & farmland
|
|
|
4 |
|
|
|
796 |
|
|
|
5 |
|
|
|
1,024 |
|
Real estate – residential
|
|
|
6 |
|
|
|
376 |
|
|
|
24 |
|
|
|
1,525 |
|
Consumer installment
|
|
|
2 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
15 |
|
|
$ |
1,212 |
|
|
|
31 |
|
|
$ |
2,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt restructurings of covered loans with an outstanding
balance of $297,000 and $1.1 million defaulted during the six
months ended June 30, 2015 and 2014, respectively, and these
defaults did not have a material impact on the Company’s
allowance for loan loss. The following table presents the troubled
debt restructurings by class that defaulted (defined as 30 days
past due) during the six months ending June 30, 2015 and
2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 |
|
|
June 30, 2014 |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Real estate – commercial & farmland
|
|
|
1 |
|
|
|
21 |
|
|
|
1 |
|
|
|
71 |
|
Real estate – residential
|
|
|
5 |
|
|
|
276 |
|
|
|
13 |
|
|
|
1,010 |
|
Consumer installment
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
6 |
|
|
$ |
297 |
|
|
|
14 |
|
|
$ |
1,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the amount of troubled debt
restructurings by loan class of covered loans, classified
separately as accrual and non-accrual at June 30,
2015, December 31, 2014 and June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2015 |
|
Accruing Loans |
|
|
Non-Accruing Loans |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
1 |
|
|
$ |
3 |
|
|
|
2 |
|
|
$ |
0 |
|
Real estate – construction & development
|
|
|
3 |
|
|
|
2,832 |
|
|
|
1 |
|
|
|
13 |
|
Real estate – commercial & farmland
|
|
|
11 |
|
|
|
3,973 |
|
|
|
3 |
|
|
|
1,105 |
|
Real estate – residential
|
|
|
95 |
|
|
|
10,690 |
|
|
|
14 |
|
|
|
941 |
|
Consumer installment
|
|
|
1 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
111 |
|
|
$ |
17,500 |
|
|
|
20 |
|
|
$ |
2,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014 |
|
Accruing Loans |
|
|
Non-Accruing Loans |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
2 |
|
|
$ |
40 |
|
|
|
2 |
|
|
$ |
— |
|
Real estate – construction & development
|
|
|
4 |
|
|
|
3,037 |
|
|
|
2 |
|
|
|
29 |
|
Real estate – commercial & farmland
|
|
|
14 |
|
|
|
8,079 |
|
|
|
5 |
|
|
|
1,082 |
|
Real estate – residential
|
|
|
96 |
|
|
|
11,460 |
|
|
|
8 |
|
|
|
831 |
|
Consumer installment
|
|
|
1 |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
117 |
|
|
$ |
22,619 |
|
|
|
17 |
|
|
$ |
1,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2014 |
|
Accruing Loans |
|
|
Non-Accruing Loans |
|
Loan class:
|
|
# |
|
|
Balance
(in thousands) |
|
|
# |
|
|
Balance
(in thousands) |
|
Commercial, financial & agricultural
|
|
|
1 |
|
|
$ |
12 |
|
|
|
4 |
|
|
$ |
27 |
|
Real estate – construction & development
|
|
|
4 |
|
|
|
3,020 |
|
|
|
5 |
|
|
|
74 |
|
Real estate – commercial & farmland
|
|
|
13 |
|
|
|
6,979 |
|
|
|
7 |
|
|
|
1,388 |
|
Real estate – residential
|
|
|
92 |
|
|
|
11,091 |
|
|
|
16 |
|
|
|
1,070 |
|
Consumer installment
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
110 |
|
|
$ |
21,102 |
|
|
|
33 |
|
|
$ |
2,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses
The allowance for loan losses represents an allowance for probable
incurred losses in the loan portfolio. The adequacy of the
allowance for loan losses is evaluated periodically based on a
review of all significant loans, with a particular emphasis on
non-accruing, past due and other loans that management believes
might be potentially impaired or warrant additional attention. The
Company segregates the loan portfolio by type of loan and utilizes
this segregation in evaluating exposure to risks within the
portfolio. In addition, based on internal reviews and external
reviews performed by independent auditors and regulatory
authorities, the Company further segregates the loan portfolio by
loan grades based on an assessment of risk for a particular loan or
group of loans. Certain reviewed loans are assigned specific
allowances when a review of relevant data determines that a general
allocation is not sufficient or when the review affords management
the opportunity to adjust the amount of exposure in a given credit.
In establishing allowances, management considers historical loan
loss experience but adjusts this data with a significant emphasis
on current loan quality trends, current economic conditions and
other factors in the markets where the Company operates. Factors
considered include, among others, current valuations of real estate
in the Company’s markets, unemployment rates, the effect of
weather conditions on agricultural related entities and other
significant local economic events.
The Company has developed a methodology for determining the
adequacy of the allowance for loan losses which is monitored by the
Company’s Chief Credit Officer. Procedures provide for the
assignment of a risk rating for every loan included in the total
loan portfolio, with the exception of certain mortgage loans
serviced at a third party, mortgage warehouse lines and overdraft
protection loans, which are treated as pools for risk-rating
purposes. The risk rating schedule provides nine ratings of which
five ratings are classified as pass ratings and four ratings are
classified as criticized ratings. Each risk rating is assigned a
percentage factor to be applied to the loan balance to determine
the adequate amount of reserve. All relationships greater than $1.0
million and a sample of relationships greater than $250,000 are
reviewed annually by the Bank’s independent internal loan
review department or an independent third party loan review firm.
As a result of these loan reviews, certain loans may be identified
as having deteriorating credit quality. Other loans that surface as
problem loans may also be assigned specific reserves. Past due
loans are assigned risk ratings based on the number of days past
due. The calculation of the allowance for loan losses, including
underlying data and assumptions, is reviewed regularly by the
Company’s Chief Financial Officer and the independent
internal loan review department.
Loan losses are charged against the allowance when management
believes the collection of a loan’s principal is
unlikely. Subsequent recoveries are credited to the allowance.
Consumer loans are charged-off in accordance with the Federal
Financial Institutions Examination Council’s
(“FFIEC”) Uniform Retail Credit Classification and
Account Management Policy. Commercial loans are charged-off when
they are deemed uncollectible, which usually involves a triggering
event within the collection effort. If the loan is collateral
dependent, the loss is more easily identified and is charged-off
when it is identified, usually based upon receipt of an appraisal.
However, when a loan has guarantor support, the Company may carry
the estimated loss as a reserve against the loan while collection
efforts with the guarantor are pursued. If, after collection
efforts with the guarantor are complete, the deficiency is still
considered uncollectible, the loss is charged-off and any further
collections are treated as recoveries. In all situations, when a
loan is downgraded to an Asset Quality Rating of 60 (Loss per the
regulatory guidance), the uncollectible portion is charged-off.
The following table details activity in the allowance for loan
losses by portfolio segment for the six months ended June 30,
2015, the year ended December 31, 2014 and the six months
ended June 30, 2014. Allocation of a portion of the allowance
to one category of loans does not preclude its availability to
absorb losses in other categories.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial &
agricultural |
|
|
Real estate –
construction &
development |
|
|
Real estate –
commercial
& farmland |
|
|
Real
estate –
residential |
|
|
Consumer
installment
loans and
Other |
|
|
Purchased
non-
covered
loans,
including
pools |
|
|
Covered
loans |
|
|
Total |
|
|
|
(Dollars in Thousands) |
|
Three months ended June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2015
|
|
$ |
1,399 |
|
|
$ |
5,311 |
|
|
$ |
8,770 |
|
|
$ |
5,008 |
|
|
$ |
1,364 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,852 |
|
Provision for loan losses
|
|
|
322 |
|
|
|
40 |
|
|
|
756 |
|
|
|
234 |
|
|
|
448 |
|
|
|
121 |
|
|
|
735 |
|
|
|
2,656 |
|
Loans charged off
|
|
|
(410 |
) |
|
|
(263 |
) |
|
|
(1,162 |
) |
|
|
(464 |
) |
|
|
(153 |
) |
|
|
(240 |
) |
|
|
(850 |
) |
|
|
(3,542 |
) |
Recoveries of loans previously charged off
|
|
|
115 |
|
|
|
277 |
|
|
|
17 |
|
|
|
27 |
|
|
|
22 |
|
|
|
119 |
|
|
|
115 |
|
|
|
692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2015
|
|
$ |
1,426 |
|
|
$ |
5,365 |
|
|
$ |
8,381 |
|
|
$ |
4,805 |
|
|
$ |
1,681 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2015
|
|
$ |
2,004 |
|
|
$ |
5,030 |
|
|
$ |
8,823 |
|
|
$ |
4,129 |
|
|
$ |
1,171 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,157 |
|
Provision for loan losses
|
|
|
(176 |
) |
|
|
387 |
|
|
|
700 |
|
|
|
1,324 |
|
|
|
665 |
|
|
|
(311 |
) |
|
|
1,136 |
|
|
|
3,725 |
|
Loans charged off
|
|
|
(802 |
) |
|
|
(360 |
) |
|
|
(1,174 |
) |
|
|
(732 |
) |
|
|
(239 |
) |
|
|
(470 |
) |
|
|
(1,413 |
) |
|
|
(5,190 |
) |
Recoveries of loans previously charged off
|
|
|
400 |
|
|
|
308 |
|
|
|
32 |
|
|
|
84 |
|
|
|
84 |
|
|
|
781 |
|
|
|
277 |
|
|
|
1,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2015
|
|
$ |
1,426 |
|
|
$ |
5,365 |
|
|
$ |
8,381 |
|
|
$ |
4,805 |
|
|
$ |
1,681 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end amount allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans individually evaluated for impairment
|
|
$ |
450 |
|
|
$ |
414 |
|
|
$ |
1,242 |
|
|
$ |
1,786 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,892 |
|
Loans collectively evaluated for impairment
|
|
|
976 |
|
|
|
4,951 |
|
|
|
7,139 |
|
|
|
3,019 |
|
|
|
1,681 |
|
|
|
— |
|
|
|
— |
|
|
|
17,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$ |
1,426 |
|
|
$ |
5,365 |
|
|
$ |
8,381 |
|
|
$ |
4,805 |
|
|
$ |
1,681 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individually evaluated for impairment
|
|
$ |
3,351 |
|
|
$ |
1,437 |
|
|
$ |
15,028 |
|
|
$ |
8,069 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
27,885 |
|
Collectively evaluated for impairment
|
|
|
369,851 |
|
|
|
203,582 |
|
|
|
995,167 |
|
|
|
529,132 |
|
|
|
45,983 |
|
|
|
698,068 |
|
|
|
91,188 |
|
|
|
2,932,971 |
|
Acquired with deteriorated credit quality
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
110,245 |
|
|
|
118,410 |
|
|
|
228,655 |
|
Loan pools collectively evaluated for impairment
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
268,984 |
|
|
|
— |
|
|
|
268,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$ |
373,202 |
|
|
$ |
205,019 |
|
|
$ |
1,010,195 |
|
|
$ |
537,201 |
|
|
$ |
45,983 |
|
|
$ |
1,077,297 |
|
|
$ |
209,598 |
|
|
$ |
3,458,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial &
agricultural |
|
|
Real estate –
construction &
development |
|
|
Real estate –
commercial &
farmland |
|
|
Real
estate –
residential |
|
|
Consumer
installment
loans and
Other |
|
|
Purchased
non-covered
loans,
including
pools |
|
|
Covered
loans |
|
|
Total |
|
|
|
(Dollars in Thousands) |
|
Three months ended December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2014
|
|
$ |
2,581 |
|
|
$ |
5,294 |
|
|
$ |
8,632 |
|
|
$ |
5,407 |
|
|
$ |
298 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,212 |
|
Provision for loan losses
|
|
|
(200 |
) |
|
|
(239 |
) |
|
|
1,133 |
|
|
|
(981 |
) |
|
|
937 |
|
|
|
80 |
|
|
|
158 |
|
|
|
888 |
|
Loans charged off
|
|
|
(468 |
) |
|
|
(74 |
) |
|
|
(1,033 |
) |
|
|
(368 |
) |
|
|
(128 |
) |
|
|
(80 |
) |
|
|
(337 |
) |
|
|
(2,488 |
) |
Recoveries of loans previously charged off
|
|
|
91 |
|
|
|
49 |
|
|
|
91 |
|
|
|
71 |
|
|
|
64 |
|
|
|
— |
|
|
|
179 |
|
|
|
545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2014
|
|
$ |
2,004 |
|
|
$ |
5,030 |
|
|
$ |
8,823 |
|
|
$ |
4,129 |
|
|
$ |
1,171 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2014
|
|
$ |
1,823 |
|
|
$ |
5,538 |
|
|
$ |
8,393 |
|
|
$ |
6,034 |
|
|
$ |
589 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,377 |
|
Provision for loan losses
|
|
|
1,427 |
|
|
|
(265 |
) |
|
|
3,444 |
|
|
|
(452 |
) |
|
|
567 |
|
|
|
84 |
|
|
|
843 |
|
|
|
5,648 |
|
Loans charged off
|
|
|
(1,567 |
) |
|
|
(592 |
) |
|
|
(3,288 |
) |
|
|
(1,707 |
) |
|
|
(471 |
) |
|
|
(84 |
) |
|
|
(1,851 |
) |
|
|
(9,560 |
) |
Recoveries of loans previously charged off
|
|
|
321 |
|
|
|
349 |
|
|
|
274 |
|
|
|
254 |
|
|
|
486 |
|
|
|
— |
|
|
|
1,008 |
|
|
|
2,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2014
|
|
$ |
2,004 |
|
|
$ |
5,030 |
|
|
$ |
8,823 |
|
|
$ |
4,129 |
|
|
$ |
1,171 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end amount allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans individually evaluated for impairment
|
|
$ |
375 |
|
|
$ |
743 |
|
|
$ |
1,861 |
|
|
$ |
911 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,890 |
|
Loans collectively evaluated for impairment
|
|
|
1,629 |
|
|
|
4,287 |
|
|
|
6,962 |
|
|
|
3,218 |
|
|
|
1,171 |
|
|
|
— |
|
|
|
— |
|
|
|
17,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$ |
2,004 |
|
|
$ |
5,030 |
|
|
$ |
8,823 |
|
|
$ |
4,129 |
|
|
$ |
1,171 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individually evaluated for impairment
|
|
$ |
490 |
|
|
$ |
3,709 |
|
|
$ |
14,546 |
|
|
$ |
8,904 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
27,649 |
|
Collectively evaluated for impairment
|
|
|
319,164 |
|
|
|
157,798 |
|
|
|
892,978 |
|
|
|
447,202 |
|
|
|
45,090 |
|
|
|
579,172 |
|
|
|
122,248 |
|
|
|
2,563,652 |
|
Acquired with deteriorated credit quality
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
95,067 |
|
|
|
149,031 |
|
|
|
244,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$ |
319,654 |
|
|
$ |
161,507 |
|
|
$ |
907,524 |
|
|
$ |
456,106 |
|
|
$ |
45,090 |
|
|
$ |
674,239 |
|
|
$ |
271,279 |
|
|
$ |
2,835,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial &
agricultural |
|
|
Real estate –
construction &
development |
|
|
Real estate –
commercial &
farmland |
|
|
Real
estate –
residential |
|
|
Consumer
installment
loans and
Other |
|
|
Purchased
non-covered
loans,
including
pools |
|
|
Covered
loans |
|
|
Total |
|
|
|
(Dollars in Thousands) |
|
Three months ended June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2014
|
|
$ |
2,219 |
|
|
$ |
5,918 |
|
|
$ |
8,625 |
|
|
$ |
5,280 |
|
|
$ |
702 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,744 |
|
Provision for loan losses
|
|
|
(3 |
) |
|
|
(426 |
) |
|
|
452 |
|
|
|
590 |
|
|
|
384 |
|
|
|
— |
|
|
|
368 |
|
|
|
1,365 |
|
Loans charged off
|
|
|
(165 |
) |
|
|
(157 |
) |
|
|
(769 |
) |
|
|
(752 |
) |
|
|
(130 |
) |
|
|
— |
|
|
|
(641 |
) |
|
|
(2,614 |
) |
Recoveries of loans previously charged off
|
|
|
134 |
|
|
|
96 |
|
|
|
9 |
|
|
|
48 |
|
|
|
199 |
|
|
|
— |
|
|
|
273 |
|
|
|
759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2014
|
|
$ |
2,185 |
|
|
$ |
5,431 |
|
|
$ |
8,317 |
|
|
$ |
5,166 |
|
|
$ |
1,155 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2014
|
|
$ |
1,823 |
|
|
$ |
5,538 |
|
|
$ |
8,393 |
|
|
$ |
6,034 |
|
|
$ |
589 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,377 |
|
Provision for loan losses
|
|
|
1,087 |
|
|
|
(89 |
) |
|
|
1,074 |
|
|
|
(66 |
) |
|
|
492 |
|
|
|
— |
|
|
|
593 |
|
|
|
3,091 |
|
Loans charged off
|
|
|
(908 |
) |
|
|
(222 |
) |
|
|
(1,302 |
) |
|
|
(933 |
) |
|
|
(214 |
) |
|
|
— |
|
|
|
(1,139 |
) |
|
|
(4,718 |
) |
Recoveries of loans previously charged off
|
|
|
183 |
|
|
|
204 |
|
|
|
152 |
|
|
|
131 |
|
|
|
288 |
|
|
|
— |
|
|
|
546 |
|
|
|
1,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2014
|
|
$ |
2,185 |
|
|
$ |
5,431 |
|
|
$ |
8,317 |
|
|
$ |
5,166 |
|
|
$ |
1,155 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end amount allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans individually evaluated for impairment
|
|
$ |
282 |
|
|
$ |
710 |
|
|
$ |
1,652 |
|
|
$ |
801 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,445 |
|
Loans collectively evaluated for impairment
|
|
|
1,903 |
|
|
|
4,721 |
|
|
|
6,665 |
|
|
|
4,365 |
|
|
|
1,155 |
|
|
|
— |
|
|
|
— |
|
|
|
18,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$ |
2,185 |
|
|
$ |
5,431 |
|
|
$ |
8,317 |
|
|
$ |
5,166 |
|
|
$ |
1,155 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individually evaluated for impairment
|
|
$ |
855 |
|
|
$ |
3,264 |
|
|
$ |
16,865 |
|
|
$ |
11,538 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
32,522 |
|
Collectively evaluated for impairment
|
|
|
303,733 |
|
|
|
146,082 |
|
|
|
833,135 |
|
|
|
411,193 |
|
|
|
43,394 |
|
|
|
608,874 |
|
|
|
152,620 |
|
|
|
2,499,031 |
|
Acquired with deteriorated credit quality
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
93,257 |
|
|
|
178,630 |
|
|
|
271,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$ |
304,588 |
|
|
$ |
149,346 |
|
|
$ |
850,000 |
|
|
$ |
422,731 |
|
|
$ |
43,394 |
|
|
$ |
702,131 |
|
|
$ |
331,250 |
|
|
$ |
2,803,440 |
|
|