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Loans (Tables)
 6 Months Ended
Jun. 30, 2017
Receivables [Abstract]  
Components of Loans Receivable
The loan portfolio consisted of the following (in thousands):
 
 
June 30, 2017
 
December 31, 2016
Commercial, financial and agricultural
 
$
451,767

 
$
459,574

Real estate – construction
 
98,695

 
100,959

Real estate – commercial
 
461,064

 
481,155

Real estate – residential
 
156,394

 
157,872

Installment loans to individuals
 
70,031

 
82,660

Lease financing receivable
 
866

 
1,095

Other
 
1,436

 
767

 
 
1,240,253

 
1,284,082

Less allowance for loan losses
 
(24,674
)
 
(24,372
)
 
 
$
1,215,579

 
$
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 six months ended June 30, 2017 and 2016 is as follows (in thousands):
 
 
 
June 30, 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
 
(11,319
)
 
(1
)
 
(3,448
)
 
(198
)
 
(599
)
 
—

 
—

 
(15,565
)
Recoveries
 
290

 
—

 
33

 
96

 
148

 
—

 
—

 
567

Provision
 
13,272

 
623

 
1,845

 
(438
)
 
(1
)
 
(2
)
 
1

 
15,300

Ending balance
 
$
18,300

 
$
1,207

 
$
3,814

 
$
400

 
$
943

 
$
3

 
$
7

 
$
24,674

Ending balance: individually evaluated for impairment
 
$
3,092

 
$
9

 
$
1,120

 
$
28

 
$
103

 
$
—

 
$
—

 
$
4,352

Ending balance: collectively evaluated for impairment
 
$
15,208

 
$
1,198

 
$
2,694

 
$
372

 
$
840

 
$
3

 
$
7

 
$
20,322

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Ending balance
 
$
451,767

 
$
98,695

 
$
461,064

 
$
156,394

 
$
70,031

 
$
866

 
$
1,436

 
$
1,240,253

Ending balance: individually evaluated for impairment
 
$
35,276

 
$
25

 
$
19,526

 
$
1,325

 
$
311

 
$
—

 
$
—

 
$
56,463

Ending balance: collectively evaluated for impairment
 
$
416,491

 
$
98,670

 
$
441,108

 
$
155,003

 
$
69,720

 
$
866

 
$
1,436

 
$
1,183,294

Ending balance: loans acquired with deteriorated credit quality
 
$
—

 
$
—

 
$
430

 
$
66

 
$
—

 
$
—

 
$
—

 
$
496

 
 
June 30, 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
 
(2,373
)
 
—

 
(12
)
 
(23
)
 
(611
)
 
—

 
—

 
(3,019
)
Recoveries
 
120

 
—

 
84

 
4

 
78

 
—

 
—

 
286

Provision
 
5,013

 
(405
)
 
162

 
(134
)
 
464

 
(3
)
 
3

 
5,100

Ending balance
 
$
14,028

 
$
414

 
$
4,848

 
$
663

 
$
1,399

 
$
11

 
$
15

 
$
21,378

Ending balance: individually evaluated for impairment
 
$
1,027

 
$
—

 
$
2,260

 
$
251

 
$
265

 
$
—

 
$
—

 
$
3,803

Ending balance: collectively evaluated for impairment
 
$
13,001

 
$
414

 
$
2,588

 
$
412

 
$
1,134

 
$
11

 
$
15

 
$
17,575

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Ending balance
 
$
456,264

 
$
96,331

 
$
463,142

 
$
148,379

 
$
94,522

 
$
1,641

 
$
2,110

 
$
1,262,389

Ending balance: individually evaluated for impairment
 
$
29,688

 
$
34

 
$
27,292

 
$
2,322

 
$
471

 
$
—

 
$
—

 
$
59,807

Ending balance: collectively evaluated for impairment
 
$
426,576

 
$
96,297

 
$
435,255

 
$
145,981

 
$
94,051

 
$
1,641

 
$
2,110

 
$
1,201,911

Ending balance: loans acquired with deteriorated credit quality
 
$
—

 
$
—

 
$
595

 
$
76

 
$
—

 
$
—

 
$
—

 
$
671
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):
 
 
June 30, 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
 
$
10,058

 
$
191

 
$
19,862

 
$
30,111

 
$
421,656

 
$
451,767

 
$
165

Real estate - construction
 
2,981

 
—

 
25

 
3,006

 
95,689

 
98,695

 
—

Real estate - commercial
 
2,985

 
4,164

 
7,516

 
14,665

 
446,399

 
461,064

 
—

Real estate - residential
 
694

 
157

 
1,095

 
1,946

 
154,448

 
156,394

 
—

Installment loans to individuals
 
381

 
160

 
309

 
850

 
69,181

 
70,031

 
—

Lease financing receivable
 
—

 
—

 
—

 
—

 
866

 
866

 
—

Other loans
 
56

 
6

 
—

 
62

 
1,374

 
1,436

 
—

 
 
$
17,155

 
$
4,678

 
$
28,807

 
$
50,640

 
$
1,189,613

 
$
1,240,253

 
$
165

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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):
 
 
 
June 30, 2017
 
December 31, 2016
Commercial, financial, and agricultural
 
$
33,623

 
$
31,461

Real estate - construction
 
25

 
9

Real estate - commercial
 
19,525

 
28,688

Real estate - residential
 
1,326

 
1,881

Installment loans to individuals
 
311

 
541

Lease financing receivable
 
—

 
—

Other
 
—

 
—

 
 
$
54,810

 
$
62,580
Schedule of Loans Evaluated for Impairment
Loans that are individually evaluated for impairment are as follows (in thousands):
 
 
June 30, 2017
 
 
Recorded
Investment
 
Unpaid Principal Balance
 
Related
Allowance
 
Average
Recorded
Investment
 
Interest Income
Recognized
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
Commercial, financial, and agricultural
 
$
28,940

 
$
32,239

 
$
—

 
$
22,020

 
$
155

Real estate - construction
 
—

 
—

 
—

 
5

 
—

Real estate - commercial
 
6,407

 
6,407

 
—

 
9,558

 
75

Real estate - residential
 
801

 
801

 
—

 
852

 
1

Installment loans to individuals
 
—

 
—

 
—

 
37

 
—

Subtotal:
 
36,148

 
39,447

 
—

 
32,472

 
231

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

Commercial, financial, and agricultural
 
6,336

 
6,420

 
3,092

 
11,354

 
54

Real estate - construction
 
25

 
25

 
9

 
13

 
—

Real estate - commercial
 
13,119

 
15,567

 
1,120

 
14,549

 
132

Real estate - residential
 
524

 
524

 
28

 
724

 
1

Installment loans to individuals
 
311

 
341

 
103

 
389

 
1

Subtotal:
 
20,315

 
22,877

 
4,352

 
27,029

 
188

Totals:
 
 

 
 

 
 

 
 

 
 

Commercial
 
54,802

 
60,633

 
4,212

 
57,481

 
416

Construction
 
25

 
25

 
9

 
18

 
—

Residential
 
1,325

 
1,325

 
28

 
1,576

 
2

Consumer
 
311

 
341

 
103

 
426

 
1

Grand total:
 
$
56,463

 
$
62,324

 
$
4,352

 
$
59,501

 
$
419

 
 
 
 
 
 
 
 
 
 
 
 
 
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):
 
 
 
  
 
June 30, 2017
Commercial Credit Exposure
 
 
 
 
 
 
 
 
 
 
 
 
Credit Risk Profile by
Creditworthiness Category
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial,
financial, and
agricultural
 
Real estate - commercial
 
Total
 
% of Total
Pass
 
 
 
 
 
$
343,330

 
$
409,145

 
$
752,475

 
82.43
%
Special mention
 
 
 
 
 
13,330

 
3,336

 
16,666

 
1.82
%
Substandard
 
 
 
 
 
94,235

 
48,583

 
142,818

 
15.65
%
Doubtful
 
 
 
 
 
872

 
—

 
872

 
0.10
%
 
 
 
 
 
 
$
451,767

 
$
461,064

 
$
912,831

 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction Credit Exposure
 
 
 
 
 
 
 
 
 
 
 
 
Credit Risk Profile by
Creditworthiness Category
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - construction
 
% of Total
Pass
 
 
 
 
 
 
 
 
 
$
95,865

 
97.13
%
Special mention
 
 
 
 
 
 
 
 
 
2,589

 
2.62
%
Substandard
 
 
 
 
 
 
 
 
 
241

 
0.25
%
 
 
 
 
 
 
 
 
 
 
$
98,695

 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Credit Exposure
 
 
 
 

 
 

 
 

 
 

 
 

Credit Risk Profile by
Creditworthiness Category
 
 
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 

 
 
 
 
 
Real estate - residential
 
% of Total
Pass
 
 
 
 

 


 
 
 
$
152,236

 
97.34
%
Special mention
 
 
 
 

 


 
 
 
1,364

 
0.87
%
Substandard
 
 
 
 

 
 
 
 
 
2,794

 
1.79
%
 
 
 
 
 

 


 
 
 
$
156,394

 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer and Other Credit Exposure
 
 
 
 

 
 

 
 

 
 

 
 

Credit Risk Profile Based on
Payment Activity
 
 
 
 

 
 

 
 

 
 

 
 

 
 
 
 
Installment loans to individuals
 
Lease
financing
receivable
 
Other
 
Total
 
% of Total
Performing
 
 
 
$
69,720

 
$
866

 
$
1,436

 
$
72,022

 
99.57
%
Nonperforming
 

 
311

 
—

 
—

 
311

 
0.43
%
 
 

 
$
70,031

 
$
866

 
$
1,436

 
$
72,333

 
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 Other 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):
 
 
 
June 30, 2017
 
 
Current
 
Past Due Greater Than 30 Days
 
Nonaccrual
TDRs
 
Total
TDRs
Commercial, financial and agricultural
 
$
1,653

 
$
—

 
$
14,531

 
$
16,184

Real estate – commercial
 
—

 
—

 
808

 
808

 
 
$
1,653

 
$
—

 
$
15,339

 
$
16,992

 
 
 
 
 
 
 
 
 
 
 
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