LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)

12 Months Ended

Dec. 31, 2013

Receivables [Abstract]

Composition of the Loan Portfolio

The following table summarizes the composition of the loan portfolio at December 31, 2013 and 2012:

	2013			2012
	(dollars expressed in thousands)
Commercial, financial and agricultural	$	600,704		610,301
Real estate construction and development	121,662			174,979
Real estate mortgage:
One-to-four-family residential	921,488			986,767
Multi-family residential	121,304			103,684
Commercial real estate	1,048,234			969,680
Consumer and installment	18,681			19,262
Loans held for sale	25,548			66,133
Net deferred loan fees	(526		)	(59	)
Total loans	$	2,857,095		2,930,747

Aging of Loans by Loan Classification

The following table presents the aging of loans by loan classification at December 31, 2013 and 2012:

	30-59 Days		60-89 Days	Recorded Investment > 90 Days Accruing	Nonaccrual	Total Past Due	Current	Total Loans
	(dollars expressed in thousands)
December 31, 2013:
Commercial, financial and agricultural	$	447	394	80	10,523	11,444	589,260	600,704
Real estate construction and development	—		—	—	4,914	4,914	116,748	121,662
One-to-four-family residential:
Bank portfolio	1,898		757	162	5,146	7,963	82,190	90,153
Mortgage Division portfolio	2,364		1,880	—	14,917	19,161	462,850	482,011
Home equity	2,256		963	182	7,361	10,762	338,562	349,324
Multi-family residential	—		—	—	1,793	1,793	119,511	121,304
Commercial real estate	1,423		391	—	8,283	10,097	1,038,137	1,048,234
Consumer and installment	87		39	—	19	145	18,010	18,155
Loans held for sale	—		—	—	—	—	25,548	25,548
Total	$	8,475	4,424	424	52,956	66,279	2,790,816	2,857,095
December 31, 2012:
Commercial, financial and agricultural	$	1,180	322	—	19,050	20,552	589,749	610,301
Real estate construction and development	93		—	—	32,152	32,245	142,734	174,979
One-to-four-family residential:
Bank portfolio	1,871		1,121	874	6,910	10,776	111,562	122,338
Mortgage Division portfolio	6,264		4,375	—	19,780	30,419	479,552	509,971
Home equity	2,494		1,221	216	8,671	12,602	341,856	354,458
Multi-family residential	—		629	—	6,761	7,390	96,294	103,684
Commercial real estate	66		693	—	16,520	17,279	952,401	969,680
Consumer and installment	174		43	—	28	245	18,958	19,203
Loans held for sale	—		—	—	—	—	66,133	66,133
Total	$	12,142	8,404	1,090	109,872	131,508	2,799,239	2,930,747

Financing Receivable Credit Quality Indicators

The following tables present the credit exposure of the loan portfolio by internally assigned credit grade and payment activity as of December 31, 2013 and 2012:

Commercial Loan Portfolio Credit Exposure by Internally Assigned Credit Grade	Commercial and Industrial		Real Estate Construction and Development	Multi-family	Commercial Real Estate	Total
			(dollars expressed in thousands)
December 31, 2013:
Pass	$	559,243	42,429	91,001	1,001,719	1,694,392
Special mention	16,211		929	—	21,714	38,854
Substandard	14,727		73,390	555	11,999	100,671
Performing troubled debt restructuring	—		—	27,955	4,519	32,474
Nonaccrual	10,523		4,914	1,793	8,283	25,513
Total	$	600,704	121,662	121,304	1,048,234	1,891,904
December 31, 2012:
Pass	$	572,248	45,356	67,690	858,101	1,543,395
Special mention	10,580		6,076	220	70,450	87,326
Substandard	8,423		81,364	773	13,868	104,428
Performing troubled debt restructuring	—		10,031	28,240	10,741	49,012
Nonaccrual	19,050		32,152	6,761	16,520	74,483
Total	$	610,301	174,979	103,684	969,680	1,858,644

One-to-Four-Family Residential Mortgage Bank and Home Equity Loan Portfolio Credit Exposure by Internally Assigned Credit Grade	Bank Portfolio		Home Equity	Total
	(dollars expressed in thousands)
December 31, 2013:
Pass	$	78,069	340,031	418,100
Special mention	6,190		182	6,372
Substandard	45		1,750	1,795
Performing troubled debt restructuring	703		—	703
Nonaccrual	5,146		7,361	12,507
Total	$	90,153	349,324	439,477
December 31, 2012:
Pass	$	107,625	342,321	449,946
Special mention	4,405		216	4,621
Substandard	1,787		3,250	5,037
Performing troubled debt restructuring	1,611		—	1,611
Nonaccrual	6,910		8,671	15,581
Total	$	122,338	354,458	476,796

One-to-Four-Family Residential Mortgage Division and Consumer and Installment Loan Portfolio Credit Exposure by Payment Activity	Mortgage Division Portfolio		Consumer and Installment	Total
	(dollars expressed in thousands)
December 31, 2013:
Pass	$	387,153	18,136	405,289
Substandard	2,491		—	2,491
Performing troubled debt restructuring	77,450		—	77,450
Nonaccrual	14,917		19	14,936
Total	$	482,011	18,155	500,166
December 31, 2012:
Pass	$	405,270	19,175	424,445
Substandard	6,627		—	6,627
Performing troubled debt restructuring	78,294		—	78,294
Nonaccrual	19,780		28	19,808
Total	$	509,971	19,203	529,174

Impaired Financing Receivables

The following tables present the recorded investment, unpaid principal balance, related allowance for loan losses, average recorded investment and interest income recognized while on impaired status for impaired loans without a related allowance for loan losses and for impaired loans with a related allowance for loan losses by loan classification at December 31, 2013 and 2012:

	Recorded Investment		Unpaid Principal Balance	Related Allowance for Loan Losses	Average Recorded Investment	Interest Income Recognized
	(dollars expressed in thousands)
December 31, 2013:
With No Related Allowance Recorded:
Commercial, financial and agricultural	$	3,119	4,342	—	4,270	1
Real estate construction and development	3,172		12,931	—	17,152	418
Real estate mortgage:
Bank portfolio	—		—	—	—	41
Mortgage Division portfolio	—		—	—	—	—
Home equity portfolio	596		632	—	564	—
Multi-family residential	443		709	—	474	—
Commercial real estate	6,884		9,221	—	11,636	273
Consumer and installment	—		—	—	—	—
	14,214		27,835	—	34,096	733
With A Related Allowance Recorded:
Commercial, financial and agricultural	7,404		21,565	497	10,136	—
Real estate construction and development	1,742		4,326	294	9,419	—
Real estate mortgage:
Bank portfolio	5,849		7,427	317	7,161	—
Mortgage Division portfolio	92,367		110,878	9,423	95,614	2,002
Home equity portfolio	6,765		7,637	1,472	6,406	—
Multi-family residential	29,305		29,322	2,438	31,377	1,226
Commercial real estate	5,918		9,468	990	10,003	26
Consumer and installment	19		19	—	22	—
	149,369		190,642	15,431	170,138	3,254
Total:
Commercial, financial and agricultural	10,523		25,907	497	14,406	1
Real estate construction and development	4,914		17,257	294	26,571	418
Real estate mortgage:
Bank portfolio	5,849		7,427	317	7,161	41
Mortgage Division portfolio	92,367		110,878	9,423	95,614	2,002
Home equity portfolio	7,361		8,269	1,472	6,970	—
Multi-family residential	29,748		30,031	2,438	31,851	1,226
Commercial real estate	12,802		18,689	990	21,639	299
Consumer and installment	19		19	—	22	—
	$	163,583	218,477	15,431	204,234	3,987

	Recorded Investment		Unpaid Principal Balance	Related Allowance for Loan Losses	Average Recorded Investment	Interest Income Recognized
	(dollars expressed in thousands)
December 31, 2012:
With No Related Allowance Recorded:
Commercial, financial and agricultural	$	6,451	24,287	—	12,369	215
Real estate construction and development	39,706		74,044	—	59,094	561
Real estate mortgage:
Bank portfolio	1,611		1,690	—	2,166	32
Mortgage Division portfolio	10,255		22,102	—	10,308	—
Home equity portfolio	1,382		1,507	—	1,232	—
Multi-family residential	33,709		37,206	—	13,682	280
Commercial real estate	18,808		24,279	—	35,959	1,160
Consumer and installment	—		—	—	—	—
	111,922		185,115	—	134,810	2,248
With A Related Allowance Recorded:
Commercial, financial and agricultural	12,599		19,255	676	24,157	—
Real estate construction and development	2,477		10,221	1,452	3,687	114
Real estate mortgage:
Bank portfolio	6,910		8,655	284	9,288	—
Mortgage Division portfolio	87,819		96,931	11,574	88,277	2,050
Home equity portfolio	7,289		8,188	1,784	6,500	—
Multi-family residential	1,292		1,403	1,138	524	—
Commercial real estate	8,453		12,909	1,043	16,161	11
Consumer and installment	28		28	1	51	—
	126,867		157,590	17,952	148,645	2,175
Total:
Commercial, financial and agricultural	19,050		43,542	676	36,526	215
Real estate construction and development	42,183		84,265	1,452	62,781	675
Real estate mortgage:
Bank portfolio	8,521		10,345	284	11,454	32
Mortgage Division portfolio	98,074		119,033	11,574	98,585	2,050
Home equity portfolio	8,671		9,695	1,784	7,732	—
Multi-family residential	35,001		38,609	1,138	14,206	280
Commercial real estate	27,261		37,188	1,043	52,120	1,171
Consumer and installment	28		28	1	51	—
	$	238,789	342,705	17,952	283,455	4,423

Troubled Debt Restructurings On Performing Financing Receivables

The following table presents the categories of performing TDRs as of December 31, 2013 and 2012:

	2013		2012
	(dollars expressed in thousands)
Performing Troubled Debt Restructurings:
Real estate construction and development	$	—	10,031
Real estate mortgage:
One-to-four-family residential	78,153		79,905
Multi-family residential	27,955		28,240
Commercial real estate	4,519		10,741
Total	$	110,627	128,917

Troubled Debt Restructurings On Non Performing Financing Receivables

The following table presents the categories of loans considered nonperforming TDRs as of December 31, 2013 and 2012:

	2013		2012
	(dollars expressed in thousands)
Nonperforming Troubled Debt Restructurings:
Commercial, financial and agricultural	$	711	1,004
Real estate construction and development	3,605		26,557
Real estate mortgage:
One-to-four-family residential	6,266		7,105
Multi-family residential	—		2,482
Commercial real estate	—		2,862
Total	$	10,582	40,010

Modified Troubled Debt Restructurings

The following tables present loans classified as TDRs that were modified during the years ended December 31, 2013 and 2012:

	2013					2012
	Number of Contracts	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Number of Contracts	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
	(dollars expressed in thousands)
Loan Modifications as Troubled Debt Restructurings:
Commercial, financial and agricultural	2	$	246	$	201	2	$	1,108	$	873
Real estate construction and development	—	—		—		4	6,263		5,670
Real estate mortgage:
One-to-four-family residential	53	11,838		10,897		50	9,049		8,992
Multi-family residential	—	—		—		2	28,280		28,280
Commercial real estate	—	—		—		3	9,965		9,965

Modified Troubled Debt Restructurings That Subsequently Defaulted

The following tables present TDRs that defaulted within 12 months of modification during the years ended December 31, 2013 and 2012:

	2013			2012
	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	(dollars expressed in thousands)
Troubled Debt Restructurings That Subsequently Defaulted:
Commercial, financial and agricultural	3	$	401	—	$	—
Real estate construction and development	—	—		3	1,364
Real estate mortgage:
One-to-four-family residential	6	1,101		9	1,588

Allowance for Credit Losses on Financing Receivables

Changes in the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011 were as follows:

	2013			2012		2011
	(dollars expressed in thousands)
Balance, beginning of year	$	91,602		137,710		201,033
Loans charged-off	(25,835		)	(78,070	)	(154,627	)
Recoveries of loans previously charged-off	20,266			29,962		22,304
Net loans charged-off	(5,569		)	(48,108	)	(132,323	)
Provision (benefit) for loan losses	(5,000		)	2,000		69,000
Balance, end of year	$	81,033		91,602		137,710

Allowance For Credit Losses On Financing Receivables By Portfolio Segments

The following table represents a summary of changes in the allowance for loan losses by portfolio segment for the years ended December 31, 2013 and 2012:

	Commercial and Industrial			Real Estate Construction and Development		One-to- Four-Family Residential		Multi- Family Residential		Commercial Real Estate		Consumer and Installment		Total
	(dollars expressed in thousands)
Year Ended December 31, 2013:
Allowance for loan losses:
Beginning balance	$	13,572		14,434		38,897		4,252		20,048		399		91,602
Charge-offs	(5,578		)	(448	)	(12,747	)	(162	)	(6,720	)	(180	)	(25,835	)
Recoveries	5,302			7,165		4,455		145		3,067		132		20,266
Provision (benefit) for loan losses	105			(13,744	)	2,014		1,014		5,657		(46	)	(5,000	)
Ending balance	$	13,401		7,407		32,619		5,249		22,052		305		81,033
Year Ended December 31, 2012:
Allowance for loan losses:
Beginning balance	$	27,243		24,868		50,864		4,851		29,448		436		137,710
Charge-offs	(17,410		)	(12,244	)	(21,814	)	(2,435	)	(23,856	)	(311	)	(78,070	)
Recoveries	12,886			5,659		5,188		44		5,982		203		29,962
Provision (benefit) for loan losses	(9,147		)	(3,849	)	4,659		1,792		8,474		71		2,000
Ending balance	$	13,572		14,434		38,897		4,252		20,048		399		91,602

Impairment Method by Loan Category

The following table represents a summary of the impairment method used by loan category at December 31, 2013 and 2012:

	Commercial and Industrial		Real Estate Construction and Development	One-to- Four-Family Residential	Multi- Family Residential	Commercial Real Estate	Consumer and Installment	Total
	(dollars expressed in thousands)
Ending Balance at December 31, 2013:
Allowance for loan losses:
Impaired loans individually evaluated for impairment	$	—	62	2,275	1,034	385	—	3,756
Impaired loans collectively evaluated for impairment	497		232	8,937	1,404	605	—	11,675
All other loans collectively evaluated for impairment	12,904		7,113	21,407	2,811	21,062	305	65,602
Total	$	13,401	7,407	32,619	5,249	22,052	305	81,033
Financing receivables:
Impaired loans individually evaluated for impairment	$	3,480	3,440	12,276	28,641	9,168	—	57,005
Impaired loans collectively evaluated for impairment	7,043		1,474	93,301	1,107	3,634	19	106,578
All other loans collectively evaluated for impairment	590,181		116,748	815,911	91,556	1,035,432	18,136	2,667,964
Total	$	600,704	121,662	921,488	121,304	1,048,234	18,155	2,831,547
Ending Balance at December 31, 2012:
Allowance for loan losses:
Impaired loans individually evaluated for impairment	$	75	121	3,187	33	182	—	3,598
Impaired loans collectively evaluated for impairment	601		1,331	10,455	1,105	861	1	14,354
All other loans collectively evaluated for impairment	12,896		12,982	25,255	3,114	19,005	398	73,650
Total	$	13,572	14,434	38,897	4,252	20,048	399	91,602
Financing receivables:
Impaired loans individually evaluated for impairment	$	7,884	39,155	16,843	34,636	20,965	—	119,483
Impaired loans collectively evaluated for impairment	11,166		3,028	98,423	365	6,296	28	119,306
All other loans collectively evaluated for impairment	591,251		132,796	871,501	68,683	942,419	19,175	2,625,825
Total	$	610,301	174,979	986,767	103,684	969,680	19,203	2,864,614