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Loans (Tables)
 3 Months Ended
Mar. 31, 2017
Receivables [Abstract]  
Components of Loans Receivable
The loan portfolio consisted of the following (in thousands):
 
 
March 31, 2017
 
December 31, 2016
Commercial, financial and agricultural
 
$
469,815

 
$
459,574

Real estate – construction
 
100,248

 
100,959

Real estate – commercial
 
464,859

 
481,155

Real estate – residential
 
159,426

 
157,872

Installment loans to individuals
 
75,258

 
82,660

Lease financing receivable
 
969

 
1,095

Other
 
1,425

 
767

 
 
1,272,000

 
1,284,082

Less allowance for loan losses
 
(24,578
)
 
(24,372
)
 
 
$
1,247,422

 
$
1,259,710
Roll Forward of Activity in Allowance for Loan Losses
A rollforward of the activity within the allowance for loan losses by loan type and recorded investment in loans for the three months ended March 31, 2017 and 2016 is as follows (in thousands):
 
 
 
March 31, 2017
 
 
 
 
Real Estate
 
 
 
 
 
 
 
 
 
 
Coml, Fin,
and Agric
 
Construction
 
Commercial
 
Residential
 
Installment
loans to
individuals
 
Lease
financing
receivable
 
Other
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
$
16,057

 
$
585

 
$
5,384

 
$
940

 
$
1,395

 
$
5

 
$
6

 
$
24,372

Charge-offs
 
(1,705
)
 
—

 
(823
)
 
(117
)
 
(261
)
 
—

 
—

 
(2,906
)
Recoveries
 
154

 
—

 
10

 
90

 
58

 
—

 
—

 
312

Provision
 
3,832

 
(321
)
 
(238
)
 
(249
)
 
(222
)
 
(2
)
 
—

 
2,800

Ending balance
 
$
18,338

 
$
264

 
$
4,333

 
$
664

 
$
970

 
$
3

 
$
6

 
$
24,578

Ending balance: individually evaluated for impairment
 
$
4,173

 
$
9

 
$
1,656

 
$
217

 
$
160

 
$
—

 
$
—

 
$
6,215

Ending balance: collectively evaluated for impairment
 
$
14,165

 
$
255

 
$
2,677

 
$
447

 
$
810

 
$
3

 
$
6

 
$
18,363

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Ending balance
 
$
469,815

 
$
100,248

 
$
464,859

 
$
159,426

 
$
75,258

 
$
969

 
$
1,425

 
$
1,272,000

Ending balance: individually evaluated for impairment
 
$
35,346

 
$
26

 
$
20,623

 
$
1,956

 
$
487

 
$
—

 
$
—

 
$
58,438

Ending balance: collectively evaluated for impairment
 
$
434,469

 
$
100,222

 
$
443,802

 
$
157,401

 
$
74,771

 
$
969

 
$
1,425

 
$
1,213,059

Ending balance: loans acquired with deteriorated credit quality
 
$
—

 
$
—

 
$
434

 
$
69

 
$
—

 
$
—

 
$
—

 
$
503

 
 
March 31, 2016
 
 
 
 
Real Estate
 
 
 
 
 
 
 
 
 
 
Coml, Fin,
and Agric
 
Construction
 
Commercial
 
Residential
 
Installment
loans to
individuals
 
Lease
financing
receivable
 
Other
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
$
11,268

 
$
819

 
$
4,614

 
$
816

 
$
1,468

 
$
14

 
$
12

 
$
19,011

Charge-offs
 
(1,307
)
 
—

 
—

 
(4
)
 
(283
)
 
—

 
—

 
(1,594
)
Recoveries
 
26

 
—

 
76

 
3

 
25

 
—

 
—

 
130

Provision
 
2,194

 
(420
)
 
861

 
(170
)
 
336

 
(3
)
 
2

 
2,800

Ending balance
 
$
12,181

 
$
399

 
$
5,551

 
$
645

 
$
1,546

 
$
11

 
$
14

 
$
20,347

Ending balance: individually evaluated for impairment
 
$
1,021

 
$
—

 
$
2,586

 
$
267

 
$
278

 
$
—

 
$
—

 
$
4,152

Ending balance: collectively evaluated for impairment
 
$
11,160

 
$
399

 
$
2,965

 
$
378

 
$
1,268

 
$
11

 
$
14

 
$
16,195

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Ending balance
 
$
441,160

 
$
84,790

 
$
467,648

 
$
149,961

 
$
103,181

 
$
1,590

 
$
1,719

 
$
1,250,049

Ending balance: individually evaluated for impairment
 
$
29,097

 
$
35

 
$
27,511

 
$
2,230

 
$
506

 
$
—

 
$
—

 
$
59,379

Ending balance: collectively evaluated for impairment
 
$
412,063

 
$
84,755

 
$
439,530

 
$
147,653

 
$
102,675

 
$
1,590

 
$
1,719

 
$
1,189,985

Ending balance: loans acquired with deteriorated credit quality
 
$
—

 
$
—

 
$
607

 
$
78

 
$
—

 
$
—

 
$
—

 
$
685
Age Analysis of Past Due Loans by Class of Loans
An age analysis of past due loans (including both accruing and non-accruing loans) is as follows (in thousands):
 
 
March 31, 2017
 
 
30-59
Days
Past Due
 
60-89
Days
Past
Due
 
Greater
than 90
Days
Past Due
 
Total
Past
Due
 
Current
 
Total Loans
 
Recorded
Investment
> 90 days
 and
Accruing
Commercial, financial, and agricultural
 
$
1,849

 
$
1,022

 
$
28,154

 
$
31,025

 
$
438,790

 
$
469,815

 
$
546

Real estate - construction
 
709

 
—

 
125

 
834

 
99,414

 
100,248

 
99

Real estate - commercial
 
9,326

 
1,389

 
18,542

 
29,257

 
435,602

 
464,859

 
—

Real estate - residential
 
2,237

 
136

 
1,620

 
3,993

 
155,433

 
159,426

 
130

Installment loans to individuals
 
302

 
190

 
487

 
979

 
74,279

 
75,258

 
—

Lease financing receivable
 
—

 
—

 
—

 
—

 
969

 
969

 
—

Other loans
 
41

 
6

 
—

 
47

 
1,378

 
1,425

 
—

 
 
$
14,464

 
$
2,743

 
$
48,928

 
$
66,135

 
$
1,205,865

 
$
1,272,000

 
$
775

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
30-59
Days
Past Due
 
60-89
Days
Past
Due
 
Greater
than 90
Days
Past Due
 
Total
Past
Due
 
Current
 
Total Loans
 
Recorded
Investment
> 90 days
and
Accruing
Commercial, financial, and agricultural
 
$
2,297

 
$
902

 
$
31,425

 
$
34,624

 
$
424,950

 
$
459,574

 
$
96

Real estate - construction
 
2,613

 
399

 
9

 
3,021

 
97,938

 
100,959

 
—

Real estate - commercial
 
5,159

 
1,931

 
25,408

 
32,498

 
448,657

 
481,155

 
140

Real estate - residential
 
1,956

 
207

 
1,553

 
3,716

 
154,156

 
157,872

 
16

Installment loans to individuals
 
756

 
36

 
538

 
1,330

 
81,330

 
82,660

 
16

Lease financing receivable
 
—

 
—

 
—

 
—

 
1,095

 
1,095

 
—

Other loans
 
89

 
5

 
—

 
94

 
673

 
767

 
—

 
 
$
12,870

 
$
3,480

 
$
58,933

 
$
75,283

 
$
1,208,799

 
$
1,284,082

 
$
268
Schedule of Loans on Nonaccrual Status
Non-accrual loans are as follows (in thousands):
 
 
 
March 31, 2017
 
December 31, 2016
Commercial, financial, and agricultural
 
$
33,351

 
$
31,461

Real estate - construction
 
26

 
9

Real estate - commercial
 
20,623

 
28,688

Real estate - residential
 
1,956

 
1,881

Installment loans to individuals
 
487

 
541

Lease financing receivable
 
—

 
—

Other
 
—

 
—

 
 
$
56,443

 
$
62,580
Schedule of Loans Evaluated for Impairment
Loans that are individually evaluated for impairment are as follows (in thousands):
 
 
March 31, 2017
 
 
Recorded
Investment
 
Unpaid Principal Balance
 
Related
Allowance
 
Average
Recorded
Investment
 
Interest Income
Recognized
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
Commercial, financial, and agricultural
 
$
19,185

 
$
19,688

 
$
—

 
$
17,143

 
$
26

Real estate - construction
 
—

 
—

 
—

 
5

 
—

Real estate - commercial
 
6,320

 
6,320

 
—

 
9,515

 
3

Real estate - residential
 
389

 
389

 
—

 
646

 
1

Installment loans to individuals
 
—

 
—

 
—

 
37

 
—

Subtotal:
 
25,894

 
26,397

 
—

 
27,346

 
30

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

Commercial, financial, and agricultural
 
16,161

 
16,344

 
4,173

 
16,267

 
1

Real estate - construction
 
26

 
26

 
9

 
13

 
—

Real estate - commercial
 
14,303

 
14,503

 
1,656

 
15,141

 
—

Real estate - residential
 
1,567

 
1,567

 
217

 
1,245

 
—

Installment loans to individuals
 
487

 
524

 
160

 
477

 
—

Subtotal:
 
32,544

 
32,964

 
6,215

 
33,143

 
1

Totals:
 
 

 
 

 
 

 
 

 
 

Commercial
 
55,969

 
56,855

 
5,829

 
58,066

 
30

Construction
 
26

 
26

 
9

 
18

 
—

Residential
 
1,956

 
1,956

 
217

 
1,891

 
1

Consumer
 
487

 
524

 
160

 
514

 
—

Grand total:
 
$
58,438

 
$
59,361

 
$
6,215

 
$
60,489

 
$
31

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Average
Recorded
Investment
 
Interest Income
Recognized
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
Commercial, financial, and agricultural
 
$
15,101

 
$
15,428

 
$
—

 
$
18,815

 
$
191

Real estate - construction
 
9

 
9

 
—

 
23

 
—

Real estate - commercial
 
12,710

 
12,710

 
—

 
9,297

 
64

Real estate - residential
 
903

 
903

 
—

 
1,134

 
—

Installment loans to individuals
 
73

 
87

 
—

 
54

 
1

Subtotal:
 
28,796

 
29,137

 
—

 
29,323

 
256

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

Commercial, financial, and agricultural
 
16,372

 
16,470

 
4,369

 
10,781

 
42

Real estate - commercial
 
15,979

 
15,979

 
2,216

 
14,992

 
28

Real estate - residential
 
923

 
923

 
260

 
730

 
—

Installment loans to individuals
 
468

 
478

 
308

 
419

 
11

Subtotal:
 
33,742

 
33,850

 
7,153

 
26,922

 
81

Totals:
 
 

 
 

 
 

 
 

 
 

Commercial
 
60,162

 
60,587

 
6,585

 
53,885

 
325

Construction
 
9

 
9

 
—

 
23

 
—

Residential
 
1,826

 
1,826

 
260

 
1,864

 
—

Consumer
 
541

 
565

 
308

 
473

 
12

Grand total:
 
$
62,538

 
$
62,987

 
$
7,153

 
$
56,245

 
$
337
Credit Quality Indicators by Class of Loans
The following tables present the classes of loans by risk rating (in thousands):
 
 
 
  
 
March 31, 2017
Commercial Credit Exposure
 
 
 
 
 
 
 
 
 
 
 
 
Credit Risk Profile by
Creditworthiness Category
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial,
financial, and
agricultural
 
Real estate - commercial
 
Total
 
% of Total
Pass
 
 
 
 
 
$
354,424

 
$
412,694

 
$
767,118

 
82.07
%
Special mention
 
 
 
 
 
10,916

 
14,188

 
25,104

 
2.69
%
Substandard
 
 
 
 
 
104,261

 
37,977

 
142,238

 
15.22
%
Doubtful
 
 
 
 
 
214

 
—

 
214

 
0.02
%
 
 
 
 
 
 
$
469,815

 
$
464,859

 
$
934,674

 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction Credit Exposure
 
 
 
 
 
 
 
 
 
 
 
 
Credit Risk Profile by
Creditworthiness Category
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - construction
 
% of Total
Pass
 
 
 
 
 
 
 
 
 
$
100,050

 
99.80
%
Special mention
 
 
 
 
 
 
 
 
 
—

 
—
%
Substandard
 
 
 
 
 
 
 
 
 
198

 
0.20
%
 
 
 
 
 
 
 
 
 
 
$
100,248

 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Credit Exposure
 
 
 
 

 
 

 
 

 
 

 
 

Credit Risk Profile by
Creditworthiness Category
 
 
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 

 
 
 
 
 
Real estate - residential
 
% of Total
Pass
 
 
 
 

 


 
 
 
$
154,943

 
97.19
%
Special mention
 
 
 
 

 


 
 
 
1,131

 
0.71
%
Substandard
 
 
 
 

 
 
 
 
 
3,352

 
2.10
%
 
 
 
 
 

 


 
 
 
$
159,426

 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer and Commercial Credit Exposure
 
 
 
 

 
 

 
 

 
 

 
 

Credit Risk Profile Based on
Payment Activity
 
 
 
 

 
 

 
 

 
 

 
 

 
 
 
 
Installment loans to individuals
 
Lease
financing
receivable
 
Other
 
Total
 
% of Total
Performing
 
 
 
$
74,753

 
$
969

 
$
1,425

 
$
77,147

 
99.35
%
Nonperforming
 

 
505

 
—

 
—

 
505

 
0.65
%
 
 

 
$
75,258

 
$
969

 
$
1,425

 
$
77,652

 
100.00
%
 
 
December 31, 2016
Commercial Credit Exposure
 
 
 
 
 
 
 
 
 
 
 
 
Credit Risk Profile by
Creditworthiness Category
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial,
financial, and
agricultural
 
Real estate - commercial
 
Total
 
%
of Total
Pass
 
 
 
 
 
$
346,246

 
$
420,970

 
$
767,216

 
81.56
%
Special mention
 
 
 
 
 
22,611

 
23,085

 
45,696

 
4.86
%
Substandard
 
 
 
 
 
90,300

 
37,100

 
127,400

 
13.54
%
Doubtful
 
 
 
 
 
417

 
—

 
417

 
0.04
%
 
 
 
 
 
 
$
459,574

 
$
481,155

 
$
940,729

 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction Credit Exposure
 
 
 
 
 
 
 
 
 
 
 
 
Credit Risk Profile by
Creditworthiness Category
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - construction
 
%
of Total
Pass
 
 
 
 
 
 
 
 
 
$
100,775

 
99.82
%
Special mention
 
 
 
 
 
 
 
 
 
—

 
—
%
Substandard
 
 
 
 
 
 
 
 
 
184

 
0.18
%
 
 
 
 
 
 
 
 
 
 
$
100,959

 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Credit Exposure
 
 
 
 

 
 

 
 

 
 

 
 

Credit Risk Profile by
Creditworthiness Category
 
 
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 

 
 
 
 
 
Real estate - residential
 
%
of Total
Pass
 
 
 
 

 
 
 


 
$
153,403

 
97.17
%
Special mention
 
 
 
 

 
 
 


 
1,181

 
0.75
%
Substandard
 
 
 
 

 
 
 


 
3,288

 
2.08
%
 
 
 
 
 

 
 
 


 
$
157,872

 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer and Commercial Credit Exposure
 
 
 
 

 
 

 
 

 
 

 
 

Credit Risk Profile Based on
Payment Activity
 
 
 
 

 
 

 
 

 
 

 
 

 
 
 
 
Installment loans to individuals
 
Lease
financing
receivable
 
Other
 
Total
 
%
of Total
Performing
 

 
$
82,103

 
$
1,095

 
$
767

 
$
83,965

 
99.34
%
Nonperforming
 

 
557

 
—

 
—

 
557

 
0.66
%
 
 

 
$
82,660

 
$
1,095

 
$
767

 
$
84,522

 
100.00
%
Summary of Troubled Debt Restructurings
Information about the Company’s TDRs is as follows (in thousands):
 
 
 
March 31, 2017
 
 
Current
 
Past Due Greater Than 30 Days
 
Nonaccrual
TDRs
 
Total
TDRs
Commercial, financial and agricultural
 
$
1,995

 
$
—

 
$
21,864

 
$
23,859

Real estate – commercial
 
—

 
—

 
808

 
808

 
 
$
1,995

 
$
—

 
$
22,672

 
$
24,667

 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
Current
 
Past Due Greater Than 30 Days
 
Nonaccrual
TDRs
 
Total
TDRs
Commercial, financial and agricultural
 
$
12

 
$
—

 
$
24,331

 
$
24,343

Real estate – commercial
 
—

 
140

 
808

 
948

 
 
$
12

 
$
140

 
$
25,139

 
$
25,291