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Loans (Tables)
 3 Months Ended
Mar. 31, 2017
Loans and Leases Receivable Disclosure [Abstract]  
Composition Of Loan Portfolio By Class Of Loan
The composition of the loan portfolio, by class of loan, as of March 31, 2017 and December 31, 2016 was as follows:
 
 
March 31, 2017
 
 
December 31, 2016
(In thousands)
Loan
Balance
 
Accrued
Interest
Receivable
 
Recorded
Investment
 
 
Loan
Balance
 
Accrued
Interest
Receivable
 
Recorded
Investment
Commercial, financial and agricultural *
$
995,377

 
$
3,898

 
$
999,275

 
 
$
994,619

 
$
3,558

 
$
998,177

Commercial real estate *
1,187,395

 
3,870

 
1,191,265

 
 
1,155,703

 
4,161

 
1,159,864

Construction real estate:
 

 
 

 
 

 
 
 

 
 

 
 

Commercial
112,015

 
338

 
112,353

 
 
135,343

 
398

 
135,741

Mortgage
48,193

 
110

 
48,303

 
 
48,699

 
106

 
48,805

Installment
5,026

 
14

 
5,040

 
 
4,903

 
17

 
4,920

Residential real estate:
 

 
 

 
 

 
 
 

 
 

 
 

Commercial
396,663

 
924

 
397,587

 
 
406,687

 
940

 
407,627

Mortgage
1,156,543

 
1,246

 
1,157,789

 
 
1,169,495

 
1,459

 
1,170,954

HELOC
211,311

 
820

 
212,131

 
 
212,441

 
853

 
213,294

Installment
18,734

 
53

 
18,787

 
 
19,874

 
67

 
19,941

Consumer
1,178,736

 
3,118

 
1,181,854

 
 
1,120,850

 
3,385

 
1,124,235

Leases
3,648

 
58

 
3,706

 
 
3,243

 
29

 
3,272

Total loans
$
5,313,641

 
$
14,449

 
$
5,328,090

 
 
$
5,271,857

 
$
14,973

 
$
5,286,830

* Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class.
Recorded Investment In Nonaccrual Restructured And Loans Past Due 90 Days Or More And Accruing
The following tables present the recorded investment in nonaccrual loans, accruing troubled debt restructurings ("TDRs"), and loans past due 90 days or more and still accruing by class of loan as of March 31, 2017 and December 31, 2016:
 
 
 
March 31, 2017
(In thousands)
 
Nonaccrual
Loans
 
Accruing Troubled Debt Restructurings
 
Loans Past Due
90 Days or More
and Accruing
 
Total
Nonperforming
Loans
Commercial, financial and agricultural
 
$
18,767

 
$
3,825

 
$
10

 
$
22,602

Commercial real estate
 
18,474

 
4,258

 
—

 
22,732

Construction real estate:
 
 

 
 

 
 

 
 

Commercial
 
1,649

 
392

 
—

 
2,041

Mortgage
 
—

 
103

 
—

 
103

Installment
 
58

 
92

 
—

 
150

Residential real estate:
 
 

 
 

 
 

 
 

Commercial
 
22,715

 
88

 
—

 
22,803

Mortgage
 
17,632

 
9,983

 
804

 
28,419

HELOC
 
1,683

 
849

 
26

 
2,558

Installment
 
577

 
630

 
—

 
1,207

Consumer
 
2,739

 
1,003

 
1,046

 
4,788

Total loans
 
$
84,294

 
$
21,223

 
$
1,886

 
$
107,403

 
 
 
December 31, 2016
(In thousands)
 
Nonaccrual
Loans
 
Accruing Troubled Debt Restructurings
 
Loans Past Due
90 Days or More
and Accruing
 
Total
Nonperforming
Loans
Commercial, financial and agricultural
 
$
20,057

 
$
600

 
$
15

 
$
20,672

Commercial real estate
 
19,169

 
5,305

 
—

 
24,474

Construction real estate:
 
 

 
 

 
 

 
 
Commercial
 
1,833

 
393

 
—

 
2,226

Mortgage
 
—

 
104

 
—

 
104

Installment
 
61

 
95

 
12

 
168

Residential real estate:
 
 

 
 

 
 

 
 

Commercial
 
23,013

 
89

 
—

 
23,102

Mortgage
 
18,313

 
9,612

 
887

 
28,812

HELOC
 
1,783

 
673

 
25

 
2,481

Installment
 
644

 
609

 
60

 
1,313

Consumer
 
2,949

 
748

 
1,139

 
4,836

Total loans
 
$
87,822

 
$
18,228

 
$
2,138

 
$
108,188
Loans Individually And Collectively Evaluated For Impairment
The following table provides additional information regarding those nonaccrual loans and accruing TDR loans that were individually evaluated for impairment and those collectively evaluated for impairment as of March 31, 2017 and December 31, 2016.

 
 
March 31, 2017
 
 
December 31, 2016
(In thousands)
 
Nonaccrual and Accruing TDRs
 
Loans
Individually
Evaluated for
Impairment
 
Loans
Collectively
Evaluated for
Impairment
 
 
Nonaccrual and Accruing TDRs
 
Loans
Individually
Evaluated for
Impairment
 
Loans
Collectively
Evaluated for
Impairment
Commercial, financial and agricultural
 
$
22,592

 
$
22,542

 
$
50

 
 
$
20,657

 
$
20,624

 
$
33

Commercial real estate
 
22,732

 
22,732

 
—

 
 
24,474

 
24,474

 
—

Construction real estate:
 
 

 
 

 
 

 
 
 

 
 

 
 

Commercial
 
2,041

 
2,041

 
—

 
 
2,226

 
2,226

 
—

Mortgage
 
103

 
—

 
103

 
 
104

 
—

 
104

Installment
 
150

 
—

 
150

 
 
156

 
—

 
156

Residential real estate:
 
 

 
 

 
 

 
 
 

 
 

 
 

Commercial
 
22,803

 
22,803

 
—

 
 
23,102

 
23,102

 
—

Mortgage
 
27,615

 
—

 
27,615

 
 
27,925

 
—

 
27,925

HELOC
 
2,532

 
—

 
2,532

 
 
2,456

 
—

 
2,456

Installment
 
1,207

 
—

 
1,207

 
 
1,253

 
—

 
1,253

Consumer
 
3,742

 
9

 
3,733

 
 
3,697

 
—

 
3,697

Total loans
 
$
105,517

 
$
70,127

 
$
35,390

 
 
$
106,050

 
$
70,426

 
$
35,624
Loans Individually Evaluated For Impairment By Class Of Loans
The following table presents loans individually evaluated for impairment by class of loan, together with the related allowance recorded, as of March 31, 2017 and December 31, 2016.
 
 
 
March 31, 2017
 
 
December 31, 2016
(In thousands)
 
Unpaid
Principal
Balance
 
Recorded
Investment
 
Allowance
for Loan
Losses
Allocated
 
 
Unpaid
Principal
Balance
 
Recorded
Investment
 
Allowance
for Loan
Losses
Allocated
With no related allowance recorded:
 
 

 
 

 
 

 
 
 

 
 

 
 

Commercial, financial and agricultural
 
$
37,260

 
$
21,001

 
$
—

 
 
$
41,075

 
$
19,965

 
$
—

Commercial real estate
 
22,553

 
22,094

 
—

 
 
23,961

 
23,474

 
—

Construction real estate:
 
 

 
 

 
 

 
 
 

 
 

 
 

Commercial
 
1,499

 
1,471

 
—

 
 
3,662

 
2,226

 
—

Residential real estate:
 
 

 
 

 
 

 
 
 

 
 

 
 

Commercial
 
22,924

 
22,302

 
—

 
 
24,409

 
22,687

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
With an allowance recorded:
 
 

 
 

 
 

 
 
 

 
 

 
 

Commercial, financial and agricultural
 
6,419

 
1,541

 
596

 
 
810

 
659

 
152

Commercial real estate
 
695

 
638

 
179

 
 
1,014

 
1,000

 
309

Construction real estate:
 
 

 
 

 
 

 
 
 

 
 

 
 

Commercial
 
1,956

 
570

 
32

 
 
—

 
—

 
—

Residential real estate:
 
 

 
 

 
 

 
 
 

 
 

 
 

Commercial
 
516

 
501

 
275

 
 
427

 
415

 
87

Consumer
 
9

 
9

 
9

 
 
—

 
—

 
—

Total
 
$
93,831

 
$
70,127

 
$
1,091

 
 
$
95,358

 
$
70,426

 
$
548
Average Recorded Investment And Interest Income Recognized On Loans Individually Evaluated For Impairment
The following table presents the average recorded investment and interest income recognized subsequent to impairment on loans individually evaluated for impairment as of and for the three months ended March 31, 2017 and March 31, 2016:

 
Three Months Ended
March 31, 2017
 
 
Three Months Ended
March 31, 2016
(In thousands)
Recorded Investment as of March 31, 2017
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
 
Recorded Investment as of March 31, 2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial and agricultural
$
22,542

 
$
19,471

 
$
220

 
 
$
28,596

 
$
29,858

 
$
238

Commercial real estate
22,732

 
23,297

 
231

 
 
18,068

 
17,100

 
180

Construction real estate:
 
 
 
 
 
 
 
 
 
 
 
 
   Commercial
2,041

 
2,096

 
15

 
 
6,888

 
6,814

 
13

Residential real estate:
 
 
 
 
 
 
 
 
 
 
 
 
   Commercial
22,803

 
23,081

 
345

 
 
24,619

 
24,897

 
1,965

Consumer
9

 
5

 
—

 
 
—

 
—

 
—

Total
$
70,127

 
$
67,950

 
$
811

 
 
$
78,171

 
$
78,669

 
$
2,396
Aging Of Recorded Investment In Past Due Loans
The following tables present the aging of the recorded investment in past due loans as of March 31, 2017 and December 31, 2016 by class of loan. 

 
March 31, 2017
(In thousands)
Accruing Loans
Past Due 30-89
Days
 
Past Due 
Nonaccrual
Loans and Loans Past
Due 90 Days or
More and 
Accruing (1)
 
Total Past Due
 
Total Current (2)
 
Total Recorded
Investment
Commercial, financial and agricultural
$
541

 
$
2,272

 
$
2,813

 
$
996,462

 
$
999,275

Commercial real estate
135

 
2,591

 
2,726

 
1,188,539

 
1,191,265

Construction real estate:
 

 
 

 
 

 
 

 
 

Commercial
—

 
24

 
24

 
112,329

 
112,353

Mortgage
—

 
—

 
—

 
48,303

 
48,303

Installment
210

 
49

 
259

 
4,781

 
5,040

Residential real estate:
 

 
 

 
 

 
 

 
 

Commercial
170

 
2,067

 
2,237

 
395,350

 
397,587

Mortgage
7,566

 
9,391

 
16,957

 
1,140,832

 
1,157,789

HELOC
632

 
1,017

 
1,649

 
210,482

 
212,131

Installment
197

 
178

 
375

 
18,412

 
18,787

Consumer
7,734

 
1,806

 
9,540

 
1,172,314

 
1,181,854

Leases
—

 
—

 
—

 
3,706

 
3,706

Total loans
$
17,185

 
$
19,395

 
$
36,580

 
$
5,291,510

 
$
5,328,090


(1) Includes $1.9 million of loans past due 90 days or more and accruing. The remaining are past due nonaccrual loans.
(2) Includes $66.8 million of nonaccrual loans which are current in regards to contractual principal and interest payments.
 
December 31, 2016
(in thousands)
Accruing Loans
Past Due 30-89
Days
 
Past Due 
Nonaccrual
Loans and Loans Past
Due 90 Days or
More and 
Accruing (1)
 
Total Past Due
 
Total Current (2)
 
Total Recorded
Investment
Commercial, financial and agricultural
$
371

 
$
4,113

 
$
4,484

 
$
993,693

 
$
998,177

Commercial real estate
355

 
2,499

 
2,854

 
1,157,010

 
1,159,864

Construction real estate:
 

 
 

 
 
 
 

 
 

Commercial
—

 
541

 
541

 
135,200

 
135,741

Mortgage
559

 
—

 
559

 
48,246

 
48,805

Installment
223

 
64

 
287

 
4,633

 
4,920

Residential real estate:
 

 
 

 
 

 
 

 
 

Commercial
330

 
3,631

 
3,961

 
403,666

 
407,627

Mortgage
10,854

 
9,769

 
20,623

 
1,150,331

 
1,170,954

HELOC
970

 
1,020

 
1,990

 
211,304

 
213,294

Installment
350

 
319

 
669

 
19,272

 
19,941

Consumer
12,579

 
2,094

 
14,673

 
1,109,562

 
1,124,235

Leases
—

 
—

 
—

 
3,272

 
3,272

Total loans
$
26,591

 
$
24,050

 
$
50,641

 
$
5,236,189

 
$
5,286,830

(1) Includes $2.1 million of loans past due 90 days or more and accruing. The remaining are past due nonaccrual loans.
(2) Includes $65.9 million of nonaccrual loans which are current in regards to contractual principal and interest payments.
Recorded Investment By Loan Grade
The tables below present the recorded investment by loan grade at March 31, 2017 and December 31, 2016 for all commercial loans:
 
 
March 31, 2017
(In thousands)
5 Rated
 
6 Rated
 
Nonaccrual and Accruing Troubled Debt Restructurings
 
Pass-Rated
 
Recorded
Investment
Commercial, financial and agricultural *
$
1,394

 
$
179

 
$
22,592

 
$
975,110

 
$
999,275

Commercial real estate *
5,873

 
268

 
22,732

 
1,162,392

 
1,191,265

Construction real estate:
 

 
 

 
 

 
 

 
 

Commercial
90

 
116

 
2,041

 
110,106

 
112,353

Residential real estate:
 

 
 

 
 

 
 

 
 

Commercial
1,061

 
216

 
22,803

 
373,507

 
397,587

Leases
—

 
—

 
—

 
3,706

 
3,706

Total commercial loans
$
8,418

 
$
779

 
$
70,168

 
$
2,624,821

 
$
2,704,186

 * Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class.

 
December 31, 2016
(In thousands)
5 Rated
 
6 Rated
 
Nonaccrual and Accruing Troubled Debt Restructurings
 
Pass-Rated
 
Recorded
Investment
Commercial, financial and agricultural *
$
5,826

 
$
—

 
$
20,657

 
$
971,694

 
$
998,177

Commercial real estate *
7,548

 
190

 
24,474

 
1,127,652

 
1,159,864

Construction real estate:
 

 
 

 
 

 
 

 
 

Commercial
287

 
118

 
2,226

 
133,110

 
135,741

Residential real estate:
 

 
 

 
 

 
 

 
 

Commercial
1,055

 
124

 
23,102

 
383,346

 
407,627

Leases
—

 
—

 
—

 
3,272

 
3,272

Total Commercial Loans
$
14,716

 
$
432

 
$
70,459

 
$
2,619,074

 
$
2,704,681
TDR Number Of Contracts Modified And Recorded Investment
The following tables detail the number of contracts modified as TDRs during the three-month periods ended March 31, 2017 and March 31, 2016, as well as the recorded investment of these contracts at March 31, 2017 and March 31, 2016. The recorded investment pre- and post-modification is generally the same due to the fact that Park does not typically provide for forgiveness of principal.

 
Three Months Ended
March 31, 2017
(In thousands)
Number of
Contracts
 
Accruing
 
Nonaccrual
 
Total
Recorded
Investment
Commercial, financial and agricultural
6

 
$
3,079

 
$
1,019

 
$
4,098

Commercial real estate
4

 
—

 
379

 
379

Construction real estate:
 
 
 
 
 
 
 
  Commercial
—

 
—

 
—

 
—

  Mortgage
—

 
—

 
—

 
—

  Installment
—

 
—

 
—

 
—

Residential real estate:
 
 
 
 
 
 
 
  Commercial
3

 
—

 
2,140

 
2,140

  Mortgage
9

 
—

 
608

 
608

  HELOC
3

 
200

 
6

 
206

  Installment
1

 
34

 
—

 
34

Consumer
57

 
272

 
348

 
620

Total loans
83

 
$
3,585

 
$
4,500

 
$
8,085


 
Three Months Ended
March 31, 2016
(In thousands)
Number of
Contracts
 
Accruing
 
Nonaccrual
 
Total
Recorded
Investment
Commercial, financial and agricultural
7

 
$
131

 
$
716

 
$
847

Commercial real estate
—

 
—

 
—

 
—

Construction real estate:
 
 
 
 
 
 
 
  Commercial
—

 
—

 
—

 
—

  Mortgage
—

 
—

 
—

 
—

  Installment
—

 
—

 
—

 
—

Residential real estate:
 
 
 
 
 
 
 
  Commercial
2

 
—

 
617

 
617

  Mortgage
5

 
99

 
217

 
316

  HELOC
6

 
64

 
122

 
186

  Installment
—

 
—

 
—

 
—

Consumer
64

 
52

 
511

 
563

Total loans
84

 
$
346

 
$
2,183

 
$
2,529


Of those loans which were modified and determined to be a TDR during the three-month period ended March 31, 2017, $2.6 million were on nonaccrual status as of December 31, 2016. Of those loans which were modified and determined to be a TDR during the three-month period ended March 31, 2016, $922,000 were on nonaccrual status as of December 31, 2015.
Recorded Investment In Financing Receivable Modified As TDR Within 12 Months
The following tables present the recorded investment in financing receivables which were modified as TDRs within the previous 12 months and for which there was a payment default during the three-month periods ended March 31, 2017 and March 31, 2016, respectively. For these tables, a loan is considered to be in default when it becomes 30 days contractually past due under the modified terms. The additional allowance for loan loss resulting from the defaults on TDR loans was immaterial.
 
 
Three Months Ended
March 31, 2017
 
 
Three Months Ended
March 31, 2016
 
(In thousands)
Number of
Contracts
 
Recorded
Investment
 
 
Number of
Contracts
 
Recorded
Investment
 
Commercial, financial and agricultural
6

 
$
198

 
 
1

 
$
1

 
Commercial real estate
5

 
838

 
 
—

 
—

 
Construction real estate:
 

 
 

 
 
 
 
 
 
Commercial
—

 
—

 
 
—

 
—

 
Mortgage
—

 
—

 
 
—

 
—

 
Installment
—

 
—

 
 
—

 
—

 
Residential real estate:
 

 
 

 
 
 
 
 
 
Commercial
3

 
49

 
 
1

 
90

 
Mortgage
8

 
631

 
 
8

 
516

 
HELOC
—

 
—

 
 
—

 
—

 
Installment
1

 
3

 
 
1

 
25

 
Consumer
29

 
268

 
 
44

 
463

 
Leases
—

 
—

 
 
—

 
—

 
Total loans
52

 
$
1,987

 
 
55

 
$
1,095

 


Of the $2.0 million in modified TDRs which defaulted during the three months ended March 31, 2017, $60,000 were accruing loans and $1.9 million were nonaccrual loans. Of the $1.1 million in modified TDRs which defaulted during the three months ended March 31, 2016, $37,000 were accruing loans and $1.1 million were nonaccrual loans.