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Loans (Tables)
 9 Months Ended
Sep. 30, 2017
Receivables [Abstract]  
Summary of Loans
The following is a summary of loans:
(Dollars in thousands)
September 30, 2017
 
December 31, 2016
 
Amount

 
%

 
Amount

 
%

Commercial:
 
 
 
 
 
 
 
Mortgages (1)

$1,085,535

 
33
%
 

$1,074,186

 
33
%
Construction & development (2)
126,257

 
4

 
121,371

 
4

Commercial & industrial (3)
588,324

 
17

 
576,109

 
18

Total commercial
1,800,116

 
54

 
1,771,666

 
55

Residential Real Estate:
 
 
 
 
 
 
 
Mortgages
1,171,161

 
35

 
1,094,824

 
34

Homeowner construction
24,376

 
1

 
27,924

 
1

Total residential real estate
1,195,537

 
36

 
1,122,748

 
35

Consumer:
 
 
 
 
 
 
 
Home equity lines
259,880

 
8

 
264,200

 
8

Home equity loans
34,777

 
1

 
37,272

 
1

Other (4)
32,768

 
1

 
38,485

 
1

Total consumer
327,425

 
10

 
339,957

 
10

Total loans (5)

$3,323,078

 
100
%
 

$3,234,371

 
100
%
(1)
Loans primarily secured by income producing property.
(2)
Loans for construction of commercial properties, loans to developers for construction of residential properties and loans for land development.
(3)
Loans to businesses and individuals, a substantial portion of which are fully or partially collateralized by real estate.
(4)
Loans to individuals secured by general aviation aircraft and other personal installment loans.
(5)
Includes net unamortized loan origination costs of $3.9 million and $3.0 million, respectively, at September 30, 2017 and December 31, 2016 and net unamortized premiums on purchased loans of $781 thousand and $783 thousand, respectively, at September 30, 2017 and December 31, 2016.
Nonaccrual Loans
The following is a summary of nonaccrual loans, segregated by class of loans:
(Dollars in thousands)
Sep 30,
2017
 
Dec 31,
2016
Commercial:
 
 
 
Mortgages

$5,887

 

$7,811

Construction & development
—

 
—

Commercial & industrial
429

 
1,337

Residential Real Estate:
 
 
 
Mortgages
11,699

 
11,736

Homeowner construction
—

 
—

Consumer:
 
 
 
Home equity lines
27

 
—

Home equity loans
453

 
1,058

Other
16

 
116

Total nonaccrual loans

$18,511

 

$22,058

Accruing loans 90 days or more past due

$—

 

$—
Past Due Loans
Past due status is based on the contractual payment terms of the loan. The following tables present an age analysis of past due loans, segregated by class of loans:
(Dollars in thousands)
Days Past Due
 
 
 
 
 
 
September 30, 2017
30-59
 
60-89
 
Over 90
 
Total Past Due
 
Current
 
Total Loans
Commercial:
 
 
 
 
 
 
 
 
 
 
 
Mortgages

$—

 

$—

 

$5,887

 

$5,887

 

$1,079,648

 

$1,085,535

Construction & development
—

 
—

 
—

 
—

 
126,257

 
126,257

Commercial & industrial
8

 
21

 
426

 
455

 
587,869

 
588,324

Residential Real Estate:
 
 
 
 
 
 
 
 
 
 
 
Mortgages
1,530

 
1,748

 
4,524

 
7,802

 
1,163,359

 
1,171,161

Homeowner construction
—

 
—

 
—

 
—

 
24,376

 
24,376

Consumer:
 
 
 
 
 
 
 
 
 
 
 
Home equity lines
761

 
54

 
—

 
815

 
259,065

 
259,880

Home equity loans
847

 
549

 
57

 
1,453

 
33,324

 
34,777

Other
19

 
1

 
15

 
35

 
32,733

 
32,768

Total loans

$3,165

 

$2,373

 

$10,909

 

$16,447

 

$3,306,631

 

$3,323,078


(Dollars in thousands)
Days Past Due
 
 
 
 
 
 
December 31, 2016
30-59
 
60-89
 
Over 90
 
Total Past Due
 
Current
 
Total Loans
Commercial:
 
 
 
 
 
 
 
 
 
 
 
Mortgages

$901

 

$—

 

$7,807

 

$8,708

 

$1,065,478

 

$1,074,186

Construction & development
—

 
—

 
—

 
—

 
121,371

 
121,371

Commercial & industrial
409

 
—

 
745

 
1,154

 
574,955

 
576,109

Residential Real Estate:
 
 
 
 
 
 
 
 
 
 
 
Mortgages
5,381

 
652

 
6,193

 
12,226

 
1,082,598

 
1,094,824

Homeowner construction
—

 
—

 
—

 
—

 
27,924

 
27,924

Consumer:
 
 
 
 
 
 
 
 
 
 
 
Home equity lines
655

 
26

 
—

 
681

 
263,519

 
264,200

Home equity loans
776

 
76

 
658

 
1,510

 
35,762

 
37,272

Other
32

 
1

 
110

 
143

 
38,342

 
38,485

Total loans

$8,154

 

$755

 

$15,513

 

$24,422

 

$3,209,949

 

$3,234,371
Impaired Loans
The following is a summary of impaired loans:
(Dollars in thousands)
Recorded Investment (1)
 
Unpaid Principal
 
Related Allowance
 
Sep 30,
2017
 
Dec 31,
2016
 
Sep 30,
2017
 
Dec 31,
2016
 
Sep 30,
2017
 
Dec 31,
2016
No Related Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
Mortgages

$776

 

$4,676

 

$773

 

$9,019

 

$—

 

$—

Construction & development
—

 
—

 
—

 
—

 
—

 
—

Commercial & industrial
5,077

 
6,458

 
5,183

 
6,550

 
—

 
—

Residential real estate:
 
 
 
 
 
 
 
 
 
 
 
Mortgages
9,430

 
14,385

 
9,574

 
14,569

 
—

 
—

Homeowner construction
—

 
—

 
—

 
—

 
—

 
—

Consumer:
 
 
 
 
 
 
 
 
 
 
 
Home equity lines
27

 
—

 
27

 
—

 
—

 
—

Home equity loans
453

 
1,137

 
453

 
1,177

 
—

 
—

Other
14

 
116

 
14

 
116

 
—

 
—

Subtotal
15,777

 
26,772

 
16,024

 
31,431

 
—

 
—

With Related Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
Mortgages

$5,886

 

$5,104

 

$9,909

 

$6,087

 

$933

 

$448

Construction & development
—

 
—

 
—

 
—

 
—

 
—

Commercial & industrial
734

 
662

 
775

 
699

 
48

 
3

Residential real estate:
 
 
 
 
 
 
 
 
 
 
 
Mortgages
2,640

 
1,285

 
2,667

 
1,310

 
157

 
151

Homeowner construction
—

 
—

 
—

 
—

 
—

 
—

Consumer:
 
 
 
 
 
 
 
 
 
 
 
Home equity lines
—

 
—

 
—

 
—

 
—

 
—

Home equity loans
—

 
—

 
—

 
—

 
—

 
—

Other
134

 
28

 
135

 
29

 
7

 
4

Subtotal
9,394

 
7,079

 
13,486

 
8,125

 
1,145

 
606

Total impaired loans

$25,171

 

$33,851

 

$29,510

 

$39,556

 

$1,145

 

$606

Total:
 
 
 
 
 
 
 
 
 
 
 
Commercial

$12,473

 

$16,900

 

$16,640

 

$22,355

 

$981

 

$451

Residential real estate
12,070

 
15,670

 
12,241

 
15,879

 
157

 
151

Consumer
628

 
1,281

 
629

 
1,322

 
7

 
4

Total impaired loans

$25,171

 

$33,851

 

$29,510

 

$39,556

 

$1,145

 

$606

(1)
The recorded investment in impaired loans consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and costs. For impaired accruing loans (troubled debt restructurings for which management has concluded that the collectibility of the loan is not in doubt), the recorded investment also includes accrued interest.

The following tables present the average recorded investment balance of impaired loans and interest income recognized on impaired loans segregated by loan class.
 
 
 
 
 
 
 
 
(Dollars in thousands)
Average Recorded Investment
 
Interest Income Recognized
Three months ended September 30,
2017
 
2016
 
2017
 
2016
Commercial:
 
 
 
 
 
 
 
Mortgages

$8,041

 

$13,159

 

$21

 

$40

Construction & development
—

 
—

 
—

 
—

Commercial & industrial
6,427

 
2,342

 
67

 
21

Residential Real Estate:


 


 


 


Mortgages
15,107

 
13,962

 
102

 
86

Homeowner construction
—

 
—

 
—

 
—

Consumer:


 


 


 


Home equity lines
73

 
297

 
1

 
2

Home equity loans
470

 
1,328

 
4

 
9

Other
142

 
145

 
2

 
3

Totals

$30,260

 

$31,233

 

$197

 

$161

 
 
 
 
 
 
 
 
(Dollars in thousands)
Average Recorded Investment
 
Interest Income Recognized
Nine months ended September 30,
2017
 
2016
 
2017
 
2016
Commercial:
 
 
 
 
 
 
 
Mortgages

$9,117

 

$13,856

 

$73

 

$220

Construction & development
—

 
—

 
—

 
—

Commercial & industrial
6,750

 
3,141

 
219

 
42

Residential Real Estate:
 
 
 
 
 
 
 
Mortgages
15,750

 
11,985

 
374

 
253

Homeowner construction
—

 
—

 
—

 
—

Consumer:
 
 
 
 
 
 
 
Home equity lines
81

 
427

 
5

 
10

Home equity loans
653

 
1,240

 
20

 
33

Other
142

 
147

 
8

 
7

Totals

$32,493

 

$30,796

 

$699

 

$565
Troubled Debt Restructurings
The following tables present loans modified as a troubled debt restructuring:
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
Outstanding Recorded Investment (1)
 
# of Loans
 
Pre-Modifications
 
Post-Modifications
Three months ended September 30,
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Commercial:
 
 
 
 
 
 
 
 
 
 
 
Mortgages
—

 
—

 

$—

 

$—

 

$—

 

$—

Construction & development
—

 
—

 
—

 
—

 
—

 
—

Commercial & industrial
—

 
5

 
—

 
914

 
—

 
914

Residential Real Estate:
 
 
 
 
 
 
 
 
 
 
 
Mortgages
—

 
—

 
—

 
—

 
—

 
—

Homeowner construction
—

 
—

 
—

 
—

 
—

 
—

Consumer:
 
 
 
 
 
 
 
 
 
 
 
Home equity lines
—

 
—

 
—

 
—

 
—

 
—

Home equity loans
—

 
—

 
—

 
—

 
—

 
—

Other
—

 
—

 
—

 
—

 
—

 
—

Totals
—

 
5

 

$—

 

$914

 

$—

 

$914


(1)
The recorded investment in troubled debt restructurings consists of unpaid principal balance, net of charge-offs and unamortized deferred loan origination fees and costs, at the time of the restructuring. For accruing troubled debt restructured loans, the recorded investment also includes accrued interest.
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
Outstanding Recorded Investment (1)
 
# of Loans
 
Pre-Modifications
 
Post-Modifications
Nine months ended September 30,
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Commercial:
 
 
 
 
 
 
 
 
 
 
 
Mortgages
—

 
—

 

$—

 

$—

 

$—

 

$—

Construction & development
—

 
—

 
—

 
—

 
—

 
—

Commercial & industrial
—

 
6

 
—

 
1,047

 
—

 
1,047

Residential Real Estate:
 
 
 
 
 
 
 
 
 
 
 
Mortgages
—

 
1

 
—

 
3,550

 
—

 
3,550

Homeowner construction
—

 
—

 
—

 
—

 
—

 
—

Consumer:
 
 
 
 
 
 
 
 
 
 
 
Home equity lines
—

 
—

 
—

 
—

 
—

 
—

Home equity loans
—

 
—

 
—

 
—

 
—

 
—

Other
—

 
—

 
—

 
—

 
—

 
—

Totals
—

 
7

 

$—

 

$4,597

 

$—

 

$4,597


(1)
The recorded investment in troubled debt restructurings consists of unpaid principal balance, net of charge-offs and unamortized deferred loan origination fees and costs, at the time of the restructuring. For accruing troubled debt restructured loans, the recorded investment also includes accrued interest.
Troubled Debt Restructurings, Type of Modification
The following table provides information on how loans were modified as a troubled debt restructuring:
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
Three months
 
Nine months
Periods ended September 30,
2017
 
2016
 
2017
 
2016
Below-market interest rate concession

$—

 

$—

 

$—

 

$—

Payment deferral
—

 
—

 
—

 
—

Maturity / amortization concession
—

 
324

 
—

 
457

Interest only payments
—

 
—

 
—

 
3,550

Combination (1)
—

 
590

 
—

 
590

Total

$—

 

$914

 

$—

 

$4,597


(1)
Loans included in this classification were modified with a combination of any two of the concessions listed in this table.
Credit Quality Indicators Commercial
The following table presents the commercial loan portfolio, segregated by category of credit quality indicator:
(Dollars in thousands)
Pass
 
Special Mention
 
Classified
 
Sep 30,
2017
 
Dec 31,
2016
 
Sep 30,
2017
 
Dec 31,
2016
 
Sep 30,
2017
 
Dec 31,
2016
Commercial:
 
 
 
 
 
 
 
 
 
 
 
Mortgages

$1,079,485

 

$1,065,358

 

$—

 

$776

 

$6,050

 

$8,052

Construction & development
126,257

 
121,371

 
—

 
—

 
—

 
—

Commercial & industrial
567,113

 
559,416

 
10,885

 
8,938

 
10,326

 
7,755

Total commercial loans

$1,772,855

 

$1,746,145

 

$10,885

 

$9,714

 

$16,376

 

$15,807
Credit Quality Indicators Residential & Consumer
The following table presents the residential and consumer loan portfolios, segregated by category of credit quality indicator:
(Dollars in thousands)
Current and Under 90 Days Past Due
 
Over 90 Days
Past Due
 
Sep 30,
2017
 
Dec 31,
2016
 
Sep 30,
2017
 
Dec 31,
2016
Residential Real Estate:
 
 
 
 
 
 
 
Accruing mortgages

$1,159,462

 

$1,083,088

 

$—

 

$—

Nonaccrual mortgages
7,175

 
5,543

 
4,524

 
6,193

Homeowner construction
24,376

 
27,924

 
—

 
—

Total residential loans

$1,191,013

 

$1,116,555

 

$4,524

 

$6,193

Consumer:
 
 
 
 
 
 
 
Home equity lines

$259,880

 

$264,200

 

$—

 

$—

Home equity loans
34,720

 
36,614

 
57

 
658

Other
32,753

 
38,375

 
15

 
110

Total consumer loans

$327,353

 

$339,189

 

$72

 

$768