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Loans (Tables)
 3 Months Ended
Mar. 31, 2013
Loans Receivable, Net [Abstract]  
Loan Credit Quality Indicators
The following table presents loans held for investment balances by risk grade as of March 31, 2013:
(dollars in thousands)
 
Pass
 
Special Mention
 
Substandard
 
Doubtful
 
 
 
 
(Ratings 1-5)
 
(Rating 6)
 
(Rating 7)
 
(Rating 8)
 
Total
Commercial and agricultural
 
$
67,700

 
$
3,416

 
$
6,076

 
$
298

 
$
77,490

Real estate - construction
 
41,979

 
1,817

 
13,857

 
—

 
57,653

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
1-4 family residential
 
471,592

 
14,785

 
34,431

 
—

 
520,808

Commercial
 
290,610

 
42,767

 
81,450

 
168

 
414,995

Consumer
 
42,081

 
171

 
359

 
208

 
42,819

Total
 
$
913,962

 
$
62,956

 
$
136,173

 
$
674

 
$
1,113,765


The following table presents loans held for investment balances by risk grade as of December 31, 2012:
(dollars in thousands)
 
Pass
 
Special Mention
 
Substandard
 
Doubtful
 
 
 
 
(Ratings 1-5)
 
(Rating 6)
 
(Rating 7)
 
(Rating 8)
 
Total
Commercial and agricultural
 
$
69,003

 
$
3,447

 
$
6,953

 
$
301

 
$
79,704

Real estate - construction
 
40,117

 
2,031

 
16,266

 
—

 
58,414

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
1-4 family residential
 
504,819

 
15,855

 
32,625

 
239

 
553,538

Commercial
 
296,271

 
50,275

 
95,126

 
164

 
441,836

Consumer
 
42,495

 
178

 
426

 
444

 
43,543

Total
 
$
952,705

 
$
71,786

 
$
151,396

 
$
1,148

 
$
1,177,035
Past Due Loans
The following table presents an aging analysis of accruing and nonaccruing loans as of March 31, 2013:
(dollars in thousands)
 
Accruing
 
 
 
 
 
 
 
 
 
 
30-59 days past due
 
60-89 days past due
 
More than 90 days past due
 
Nonaccrual
 
Total past due and nonaccrual
 
Current and accruing
 
Total Loans
PC and Originated Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and agricultural
 
$
30

 
$
1

 
$
—

 
$
2,350

 
$
2,381

 
$
62,200

 
$
64,581

Real estate - construction
 
367

 
—

 
—

 
11,762

 
12,129

 
43,191

 
55,320

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1-4 family residential
 
2,722

 
82

 
55

 
19,111

 
21,970

 
462,224

 
484,194

Commercial
 
931

 
147

 
—

 
37,217

 
38,295

 
224,247

 
262,542

Consumer
 
208

 
12

 
—

 
63

 
283

 
40,961

 
41,244

Total
 
$
4,258

 
$
242

 
$
55

 
$
70,503

 
$
75,058

 
$
832,823

 
$
907,881

PI Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and agricultural
 
$
1,056

 
$
60

 
$
811

 
$
—

 
$
1,927

 
$
10,982

 
$
12,909

Real estate - construction
 
—

 
48

 
523

 
—

 
571

 
1,761

 
2,332

Real estate - mortgage:
 
 
 
 
 

 
 
 
 
 
 
 
 
1-4 family residential
 
896

 
—

 
3,530

 
—

 
4,426

 
32,481

 
36,907

Commercial
 
3,836

 
2,896

 
15,533

 
—

 
22,265

 
130,168

 
152,433

Consumer
 
3

 
—

 
1

 
—

 
4

 
1,299

 
1,303

Total
 
$
5,791

 
$
3,004

 
$
20,398

 
$
—

 
$
29,193

 
$
176,691

 
$
205,884

Total Loans
 
$
10,049

 
$
3,246

 
$
20,453

 
$
70,503

 
$
104,251

 
$
1,009,514

 
$
1,113,765


The following table presents an aging analysis of accruing and nonaccruing loans as of December 31, 2012:
(dollars in thousands)
 
Accruing
 
 
 
 
 
 
 
 
 
 
30-59 days past due
 
60-89 days past due
 
More than 90 days past due
 
Nonaccrual
 
Total past due and nonaccrual
 
Current and accruing
 
Total Loans
PC and Originated Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and agricultural
 
$
515

 
$
—

 
$
50

 
$
2,746

 
$
3,311

 
$
61,727

 
$
65,038

Real estate - construction
 
26

 
119

 
—

 
14,297

 
14,442

 
41,290

 
55,732

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1-4 family residential
 
6,173

 
880

 
—

 
18,372

 
25,425

 
488,898

 
514,323

Commercial
 
617

 
—

 
177

 
43,621

 
44,415

 
226,948

 
271,363

Consumer
 
24

 
—

 
—

 
206

 
230

 
41,957

 
42,187

Total
 
$
7,355

 
$
999

 
$
227

 
$
79,242

 
$
87,823

 
$
860,820

 
$
948,643

PI Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and agricultural
 
$
100

 
$
1

 
$
1,103

 
$
—

 
$
1,204

 
$
13,462

 
$
14,666

Real estate - construction
 
117

 
—

 
655

 
—

 
772

 
1,910

 
2,682

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1-4 family residential
 
1,308

 
495

 
4,678

 
—

 
6,481

 
32,734

 
39,215

Commercial
 
2,559

 
4,300

 
17,384

 
—

 
24,243

 
146,230

 
170,473

Consumer
 
4

 
—

 
13

 
—

 
17

 
1,339

 
1,356

Total
 
$
4,088

 
$
4,796

 
$
23,833

 
$
—

 
$
32,717

 
$
195,675

 
$
228,392

Total Loans
 
$
11,443

 
$
5,795

 
$
24,060

 
$
79,242

 
$
120,540

 
$
1,056,495

 
$
1,177,035

All PI loans are considered to be accruing for all periods presented, in accordance with ASC 310-30.
Schedule of Impaired Loans Receivables
The following table summarizes information relative to impaired loans for the dates indicated:
 
 
March 31, 2013
 
December 31, 2012
(dollars in thousands)
 
Balance
Associated Reserves
 
Balance
Associated Reserves
Impaired loans, held for sale
 
$
—

$
—

 
$
—

$
—

Impaired loans, not individually reviewed for impairment
 
5,946

—

 
6,017

—

Impaired loans, individually reviewed, with no impairment
 
56,985

—

 
62,282

—

Impaired loans, individually reviewed, with impairment
 
16,097

3,129

 
15,312

1,737

Total impaired loans, excluding purchased impaired *
 
$
79,028

$
3,129

 
$
83,611

$
1,737

 
 
 
 
 
 
 
Purchased impaired loans with subsequent deterioration
 
$
176,048

5,373

 
$
192,115

5,373

Purchased impaired loans with no subsequent deterioration
 
$
29,836

—

 
$
36,277

—

Total Reserves
 
 
$
8,502

 
 
$
7,110

 
 
 
 
 
 
 
Average impaired loans calculated using a simple average
 
$
76,319

 
 
$
94,754

 
Schedule of Loans, Non Accrual Status
The following table presents loans held for investment on nonaccrual status by loan class for the dates indicated:
(dollars in thousands)
 
 
 
 
 
 
March 31, 2013
 
December 31, 2012
Loans held for investment:
 
 
 
 
Commercial and agricultural
 
$
2,350

 
$
2,746

Real estate - construction
 
11,762

 
14,297

Real estate - mortgage:
 
 
 
 
1-4 family residential
 
19,111

 
18,372

Commercial
 
37,217

 
43,621

Consumer
 
63

 
206

Total nonaccrual loans
 
$
70,503

 
$
79,242

Loans more than 90 days delinquent, still on accrual
 
$
—

 
$
227

Total nonperforming loans
 
$
70,503

 
$
79,469
Impaired Loans
The following table presents individually reviewed impaired loans and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding reserve for impaired loan losses as of March 31, 2013:
 
 
 
 
Unpaid
 
 
(dollars in thousands)
 
Recorded
 
Principal
 
Related
 
 
Investment
 
Balance
 
Allowance
With no related allowance recorded:
 
 
 
 
 
 
  Commercial and agricultural
 
$
875

 
$
1,413

 
$
—

  Real estate - construction
 
8,953

 
14,910

 
—

  Real estate - mortgage:
 
 
 
 
 
 
1-4 family residential
 
14,310

 
17,861

 
—

Commercial
 
32,847

 
40,093

 
—

  Consumer
 
—

 
—

 
—

Total
 
$
56,985

 
$
74,277

 
$
—

With an allowance recorded:
 
 
 
 
 
 
  Commercial and agricultural
 
$
917

 
$
917

 
$
227

  Real estate - construction
 
2,080

 
2,159

 
501

  Real estate - mortgage:
 
 
 
 
 
 
1-4 family residential
 
4,599

 
5,360

 
1,317

Commercial
 
8,501

 
10,921

 
1,084

  Consumer
 
—

 
—

 
—

Total
 
$
16,097

 
$
19,357

 
$
3,129

Total individually evaluated impaired loans
 
 
 
 
 
 
  Commercial and agricultural
 
$
1,792

 
$
2,330

 
$
227

  Real estate - construction
 
11,033

 
17,069

 
501

  Real estate - mortgage:
 
 
 
 
 
 
1-4 family residential
 
18,909

 
23,221

 
1,317

Commercial
 
41,348

 
51,014

 
1,084

  Consumer
 
—

 
—

 
—

Total
 
$
73,082

 
$
93,634

 
$
3,129

 
 
 
 
 
 
 
PI loans with subsequent credit deterioration:
 
 
 
 
 
 
  Commercial and agricultural
 
$
9,930

 
$
9,800

 
$
545

  Real estate - construction
 
1,986

 
1,924

 
197

  Real estate - mortgage:
 
 
 
 
 
 
     1-4 family residential
 
33,174

 
33,776

 
730

     Commercial
 
129,655

 
131,753

 
3,351

  Consumer
 
1,303

 
1,012

 
550

Total
 
$
176,048

 
$
178,265

 
$
5,373

The following table presents individually reviewed impaired loans, segregated by portfolio segment, and the corresponding reserve for impaired loan losses as of December 31, 2012:
 
 
 
 
Unpaid
 
 
(dollars in thousands)
 
Recorded
 
Principal
 
Related
 
 
Investment
 
Balance
 
Allowance
With no related allowance recorded:
 
 
 
 
 
 
  Commercial and agricultural
 
$
1,755

 
$
2,608

 
$
—

  Real estate - construction
 
11,875

 
18,553

 
—

  Real estate - mortgage:
 
 
 
 
 
 
1-4 family residential
 
16,437

 
20,764

 
—

Commercial
 
32,215

 
38,585

 
—

  Consumer
 
—

 
—

 
—

Total
 
$
62,282

 
$
80,510

 
$
—

With an allowance recorded:
 
 
 
 
 
 
  Commercial and agricultural
 
$
579

 
$
602

 
$
282

  Real estate - construction
 
1,658

 
1,843

 
82

  Real estate - mortgage:
 
 
 
 
 
 
1-4 family residential
 
1,681

 
1,745

 
607

Commercial
 
11,394

 
14,714

 
766

  Consumer
 
—

 
—

 
—

Total
 
$
15,312

 
$
18,904

 
$
1,737

Total individually evaluated impaired loans
 
 
 
 
 
 
  Commercial and agricultural
 
$
2,334

 
$
3,210

 
$
282

  Real estate - construction
 
13,533

 
20,396

 
82

  Real estate - mortgage:
 
 
 
 
 
 
1-4 family residential
 
18,118

 
22,509

 
607

Commercial
 
43,609

 
53,299

 
766

  Consumer
 
—

 
—

 
—

Total
 
$
77,594

 
$
99,414

 
$
1,737

PI loans with subsequent credit deterioration:
 
 
 
 
 
 
  Commercial and agricultural
 
$
11,533

 
$
11,728

 
$
524

  Real estate - construction
 
2,285

 
2,236

 
200

  Real estate - mortgage:
 
 
 
 
 
 
     1-4 family residential
 
34,961

 
35,802

 
711

     Commercial
 
141,974

 
145,704

 
3,388

  Consumer
 
1,362

 
1,147

 
550

Total
 
$
192,115

 
$
196,617

 
$
5,373
Impaired Loans, Average Recorded Investment and Interest Income
The following summary includes impaired loans individually reviewed as well as impaired loans held for sale. Average recorded investment and interest income recognized on impaired loans, segregated by portfolio segment, is shown in the following table as of March 31, 2013 and March 31, 2012:
 
 
For Three Months Ended
 
For Three Months Ended
 
 
March 31, 2013
 
March 31, 2012
 
 
Average
 
Interest
 
Average
 
Interest
(dollars in thousands)
 
Recorded
 
Income
 
Recorded
 
Income
 
 
Investment
 
Recognized
 
Investment
 
Recognized
With no related allowance recorded:
 
 
 
 
 
 
 
 
  Commercial and agricultural
 
$
886

 
$
—

 
$
3,132

 
$
7

  Real estate - construction
 
9,233

 
—

 
13,414

 
4

  Real estate - mortgage:
 
 
 
 
 
 
 
 
1-4 family residential
 
13,472

 
26

 
18,199

 
6

Commercial
 
34,010

 
87

 
29,810

 
30

  Consumer
 
—

 
—

 
399

 
—

Total
 
$
57,601

 
$
113

 
$
64,954

 
$
47

With an allowance recorded:
 
 
 
 
 
 
 
 
  Commercial and agricultural
 
$
917

 
$
5

 
$
1,668

 
$
—

  Real estate - construction
 
2,111

 
—

 
12,050

 
2

  Real estate - mortgage:
 
 
 
 
 
 
 
 
1-4 family residential
 
4,666

 
8

 
12,965

 
18

Commercial
 
8,663

 
4

 
14,522

 
8

  Consumer
 
—

 
—

 
211

 
—

Total
 
$
16,357

 
$
17

 
$
41,416

 
$
28

Total:
 
 
 
 
 
 
 
 
  Commercial and agricultural
 
$
1,803

 
$
5

 
$
4,800

 
$
7

  Real estate - construction
 
11,344

 
—

 
25,464

 
6

  Real estate - mortgage:
 
 
 
 
 
 
 
 
1-4 family residential
 
18,138

 
34

 
31,164

 
24

Commercial
 
42,673

 
91

 
44,332

 
38

  Consumer
 
—

 
—

 
610

 
—

Total
 
$
73,958

 
$
130

 
$
106,370

 
$
75
Schedule of Loans Receivable, Sold Loans
The following table presents sold loans by portfolio segment for the periods indicated below:
 
For Three Months Ended
 
For Three Months Ended
 
March 31, 2013
 
March 31, 2012
(dollars in thousands)
Number
 
Recorded
 
Contract
 
Number
 
Recorded
 
Contract
 
of Loans
 
Investment
 
Pricing
 
of Loans
 
Investment
 
Pricing
Commercial and agricultural
—

 
$
—

 
$
—

 
—

 
$
—

 
$
—

Real estate - construction
—

 
—

 
—

 
1

 
3,800

 
4,050

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
 
1-4 family residential

 

 

 
1

 
150

 
150

Commercial
—

 
—

 
—

 
—

 
—

 
—

Consumer
—

 
—

 
—

 
—

 
—

 
—

Total
—

 
$
—

 
$
—

 
2

 
$
3,950

 
$
4,200
Schedule of Loans Recievable, Acquired Loans
The following table presents the balance of all Granite Purchased Loans:
 
 
At March 31, 2013
(dollars in thousands)
 
Purchased Impaired
 
Purchased Contractual
 
Total Purchased Loans
 
Unpaid
Principal
Balance
Commercial and agricultural
 
$
12,909

 
$
5,701

 
$
18,610

 
$
18,107

Real estate - construction
 
2,328

 
—

 
2,328

 
2,281

Real estate - mortgage:
 
 
 
 
 
 
 
 
   1-4 family residential
 
36,907

 
25,879

 
62,786

 
64,906

   Commercial
 
152,437

 
—

 
152,437

 
157,312

Consumer
 
1,303

 
—

 
1,303

 
1,008

       Total
 
$
205,884

 
$
31,580

 
$
237,464

 
$
243,614

 
 
At December 31, 2012
(dollars in thousands)
 
Purchased Impaired
 
Purchased Contractual
 
Total
Purchased Loans
 
Unpaid
Principal
Balance
Commercial and agricultural
 
$
14,666

 
$
7,311

 
$
21,977

 
$
21,692

Real estate - construction
 
2,682

 
—

 
2,682

 
2,677

Real estate - mortgage:
 
 
 
 
 
 
 
 
   1-4 family residential
 
39,215

 
27,484

 
66,699

 
69,200

   Commercial
 
170,467

 
49

 
170,516

 
176,347

Consumer
 
1,362

 
—

 
1,362

 
1,144

       Total
 
$
228,392

 
$
34,844

 
$
263,236

 
$
271,060
Deteriorated Loans Acquired, Accretable Yield Movement Schedule
The table below includes only those Granite Purchased Loans accounted for under the expected cash flow method (PI Loans) for the periods indicated. These tables do not include PC Loans, including Granite Purchased PC Loans or purchased performing residential mortgage loans.
 
 
For Three Months Ended
 
For Three Months Ended
 
 
March 31, 2013
 
March 31, 2012
 
 
Purchased Impaired
 
Purchased Impaired
(dollars in thousands)
 
Carrying
Amount
 
Future
Accretion
 
Carrying
Amount
 
Future Accretion
Balance, beginning of period
 
$
228,392

 
$
30,299

 
$
330,836

 
$
47,804

  Accretion
 
4,203

 
(4,203
)
 
5,772

 
(5,772
)
  Payments received
 
(25,928
)
 
—

 
(23,110
)
 
—

  Foreclosed and transferred to OREO
 
(783
)
 
—

 
(3,109
)
 
—

Subtotal before allowance
 
205,884

 
26,096

 
310,389

 
42,032

Allowance for credit losses
 
(5,373
)
 
—

 
—

 
—

Net carrying amount, end of period
 
$
200,511

 
$
26,096

 
$
310,389

 
$
42,032
Allowance for Loan Losses
An analysis of the changes in the ALL is as follows:
 
 
For Three Months Ended
(dollars in thousands)
 
March 31, 2013
 
March 31, 2012
Balance, beginning of period
 
$
29,314

 
$
39,360

Provision for losses charged to continuing operations
 
110

 
3,067

Net charge-offs:
 
 
 
 
Charge-offs
 
(3,010
)
 
(4,015
)
Recoveries
 
3,227

 
1,383

Net recoveries (charge-offs)
 
217

 
(2,632
)
Balance, end of period
 
$
29,641

 
$
39,795

Annualized net charge-offs (recoveries) during the period to average loans
 
(0.07
)%
 
0.87
%
Annualized net charge-offs (recoveries) during the period to ALL
 
(2.93
)%
 
26.60
%
Allowance for loan losses to loans held for investment (1)
 
2.66
 %
 
3.19
%
(1) Excludes discontinued operations.
Allowance for Loan Losses by Portfolio Segment
The following table presents ALL activity by portfolio segment for the three months ended March 31, 2013:
 
 
 
 
 
 
Real Estate - Mortgage
 
 
 
 
(dollars in thousands)
 
Commercial and Agricultural
 
Real Estate - Construction
 
1-4 Family Residential
 
Commercial
 
Consumer
 
Total

 
 
 
 
 
 
 
 
 
 
 
 
ALL:
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance at January 1, 2013
 
$
3,238

 
$
4,987

 
$
8,701

 
$
9,627

 
$
2,761

 
$
29,314

Charge-offs
 
(319
)
 
(344
)
 
(632
)
 
(891
)
 
(824
)
 
(3,010
)
Recoveries
 
278

 
796

 
185

 
932

 
1,036

 
3,227

Provision
 
176

 
155

 
549

 
(377
)
 
(393
)
 
110

Ending balance at March 31, 2013
 
$
3,373

 
$
5,594

 
$
8,803

 
$
9,291

 
$
2,580

 
$
29,641


The following table presents ALL activity by portfolio segment for the three months ended March 31, 2012:
 
 
 
 
 
 
Real Estate - Mortgage
 
 
 
 
(dollars in thousands)
 
Commercial and Agricultural
 
Real Estate - Construction
 
1-4 Family Residential
 
Commercial
 
Consumer
 
Total
ALL:
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance at January 1, 2012
 
$
5,776

 
$
11,995

 
$
8,885

 
$
11,063

 
$
1,641

 
$
39,360

Charge-offs
 
(694
)
 
(1,775
)
 
(705
)
 
(38
)
 
(803
)
 
(4,015
)
Recoveries
 
254

 
601

 
133

 
74

 
321

 
1,383

Provision
 
669

 
91

 
3,790

 
(2,300
)
 
817

 
3,067

Ending balance at March 31, 2012
 
$
6,005

 
$
10,912

 
$
12,103

 
$
8,799

 
$
1,976

 
$
39,795
Allowance for Loan Losses, Impairment Methodology
The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at March 31, 2013:
 
 
 
 
 
 
Real Estate - Mortgage
 
 
 
 
(dollars in thousands)
 
Commercial and Agricultural
 
Real Estate - Construction
 
1-4 Family Residential
 
Commercial
 
Consumer
 
Total
ALL:
 
 
 
 
 
 
 
 
 
 
 
 
  Individually evaluated for impairment
 
$
227

 
$
501

 
$
1,317

 
$
1,084

 
$
—

 
$
3,129

  Collectively evaluated for impairment
 
2,601

 
4,896

 
6,756

 
4,856

 
2,030

 
21,139

  PI loans evaluated for credit impairment
 
545

 
197

 
730

 
3,351

 
550

 
5,373

  PI loans with no credit deterioration
 
—

 
—

 
—

 
—

 
—

 
—

Total ALL
 
$
3,373

 
$
5,594

 
$
8,803

 
$
9,291

 
$
2,580

 
$
29,641

Loans held for investment
 
 
 
 
 
 
 
 
 
 
 
 
  Individually evaluated for impairment
 
$
1,792

 
$
11,033

 
$
18,909

 
$
41,348

 
$
—

 
$
73,082

  Collectively evaluated for impairment
 
62,790

 
44,292

 
464,992

 
221,209

 
41,516

 
834,799

  PI loans with subsequent credit deterioration
 
9,930

 
1,986

 
33,174

 
129,655

 
1,303

 
176,048

  PI loans with no credit deterioration
 
2,978

 
342

 
3,733

 
22,783

 
—

 
29,836

Total loans
 
$
77,490

 
$
57,653

 
$
520,808

 
$
414,995

 
$
42,819

 
$
1,113,765

The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at December 31, 2012:
 
 
 
 
 
 
Real Estate - Mortgage
 
 
 
 
(dollars in thousands)
 
Commercial and Agricultural
 
Real Estate - Construction
 
1-4 Family Residential
 
Commercial
 
Consumer
 
Total
ALL:
 
 
 
 
 
 
 
 
 
 
 
 
  Individually evaluated for impairment
 
$
282

 
$
82

 
$
607

 
$
766

 
$
—

 
$
1,737

  Collectively evaluated for impairment
 
2,432

 
4,705

 
7,383

 
5,473

 
2,211

 
22,204

  PI loans evaluated for credit impairment
 
524

 
200

 
711

 
3,388

 
550

 
5,373

  PI loans with no credit deterioration
 
—

 
—

 
—

 
—

 
—

 
—

Total ALL
 
$
3,238

 
$
4,987

 
$
8,701

 
$
9,627

 
$
2,761

 
$
29,314

Loans held for investment
 
 
 
 
 
 
 
 
 
 
 
 
  Individually evaluated for impairment
 
$
2,334

 
$
13,533

 
$
18,118

 
$
43,609

 
$
—

 
$
77,594

  Collectively evaluated for impairment
 
62,704

 
42,199

 
496,205

 
227,760

 
42,181

 
871,049

  PI loans with subsequent credit deterioration
 
11,533

 
2,285

 
34,961

 
141,974

 
1,362

 
192,115

  PI loans with no credit deterioration
 
3,133

 
397

 
4,254

 
28,493

 
—

 
36,277

Total loans
 
$
79,704

 
$
58,414

 
$
553,538

 
$
441,836

 
$
43,543

 
$
1,177,035
Troubled Debt Restructurings on Loans
The following table presents a breakdown of troubled debt restructurings that were restructured during the three months ended March 31, 2013 and March 31, 2012, segregated by portfolio segment:
 
 
For Three Months Ended March 31, 2013
 
For Three Months Ended March 31, 2012
 
 
 
 
Pre-Modification
 
Post-Modification
 
 
 
Pre-Modification
 
Post-Modification
 
 
 
 
Outstanding
 
Outstanding
 
 
 
Outstanding
 
Outstanding
(dollars in thousands)
 
Number
 
Recorded
 
Recorded
 
Number
 
Recorded
 
Recorded
 
 
of Loans
 
Investment
 
Investment
 
of Loans
 
Investment
 
Investment
Commercial and agricultural
 
—

 
$
—

 
$
—

 
—

 
$
—

 
$
—

Real estate - construction
 
—

 
—

 
—

 
2

 
192

 
192

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
 
 
   1-4 family residential
 
4

 
1,777

 
1,773

 
8

 
210

 
210

   Commercial
 
1

 
1,151

 
807

 
—

 
—

 
—

Consumer
 
—

 
—

 
—

 
1

 
24

 
24

    Total
 
5

 
$
2,928

 
$
2,580

 
$
11

 
$
426

 
$
426