ASSETS ACQUIRED IN FDIC-ASSISTED ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2015

Banking and Thrift [Abstract]

Schedule of Acquisition Details

From October 2009 through July 2012, the Company participated in ten FDIC-assisted acquisitions whereby the Company purchased certain failed institutions out of the FDIC’s receivership. These institutions include the following:

Bank Acquired	Location:	Branches:	Date Acquired
American United Bank (“AUB”)	Lawrenceville, Ga.	1	October 23, 2009
United Security Bank (“USB”)	Sparta, Ga.	2	November 6, 2009
Satilla Community Bank (“SCB”)	St. Marys, Ga.	1	May 14, 2010
First Bank of Jacksonville (“FBJ”)	Jacksonville, Fl.	2	October 22, 2010
Tifton Banking Company (“TBC”)	Tifton, Ga.	1	November 12, 2010
Darby Bank & Trust (“DBT”)	Vidalia, Ga.	7	November 12, 2010
High Trust Bank (“HTB”)	Stockbridge, Ga.	2	July 15, 2011
One Georgia Bank (“OGB”)	Midtown Atlanta, Ga.	1	July 15, 2011
Central Bank of Georgia (“CBG”)	Ellaville, Ga.	5	February 24, 2012
Montgomery Bank & Trust (“MBT”)	Ailey, Ga.	2	July 6, 2012

Components of Covered Assets

The following table summarizes components of all covered assets at September 30, 2015, December 31, 2014 and September 30, 2014 and their origin:

	Covered loans		Less: Fair value adjustments		Total covered loans		OREO		Less: Fair value adjustments		Total covered OREO		Total covered assets		FDIC indemnification asset (clawback liability), net
As of September 30, 2015:
	(Dollars in Thousands)
AUB	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	115
USB		3,686		17		3,669		165		-		165		3,834		(1,453)
SCB		5,269		174		5,095		-		-		-		5,095		280
FBJ		13,826		991		12,835		984		171		813		13,648		679
DBT		44,112		3,107		41,005		5,044		624		4,420		45,425		(1,737)
TBC		16,813		481		16,332		1,480		116		1,364		17,696		(2,225)
HTB		45,345		3,999		41,346		2,985		955		2,030		43,376		4,108
OGB		28,309		1,971		26,338		320		39		281		26,619		1,517
CBG		48,397		3,996		44,401		3,474		344		3,130		47,531		3,222
Total	$	205,757	$	14,736	$	191,021	$	14,452	$	2,249	$	12,203	$	203,224	$	4,506

	Covered loans		Less: Fair value adjustments		Total covered loans		OREO		Less: Fair value adjustments		Total covered OREO		Total covered assets		FDIC  indemnification asset (clawback liability), net
As of December 31, 2014:
	(Dollars in Thousands)
AUB	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	188
USB		4,350		150		4,200		165		-		165		4,365		(1,197)
SCB		26,686		602		26,084		2,849		389		2,460		28,544		1,828
FBJ		21,243		1,825		19,418		632		-		632		20,050		1,885
DBT		64,338		6,437		57,901		6,655		514		6,141		64,042		6,860
TBC		23,487		1,117		22,370		2,388		367		2,021		24,391		3,287
HTB		52,699		5,120		47,579		3,670		1,283		2,387		49,966		6,459
OGB		42,971		3,785		39,186		2,244		39		2,205		41,391		3,906
CBG		60,950		6,409		54,541		4,805		909		3,896		58,437		8,135
Total	$	296,724	$	25,445	$	271,279	$	23,408	$	3,501	$	19,907	$	291,186	$	31,351

	Covered loans		Less: Fair value adjustments		Total covered loans		OREO		Less: Fair value adjustments		Total covered OREO		Total covered assets		FDIC  indemnification  asset (clawback  liability), net
As of September 30, 2014:
	(Dollars in Thousands)
AUB	$	8,902	$	-	$	8,902	$	666	$	-	$	666	$	9,568	$	882
USB		13,576		351		13,225		2,134		48		2,086		15,311		(439)
SCB		28,534		789		27,745		2,665		308		2,357		30,102		1,855
FBJ		22,421		2,346		20,075		1,578		90		1,488		21,563		2,138
DBT		75,683		8,531		67,152		9,804		1,024		8,780		75,932		9,337
TBC		25,577		1,465		24,112		3,552		394		3,158		27,270		2,542
HTB		54,317		5,761		48,556		3,477		1,239		2,238		50,794		7,152
OGB		48,889		4,160		44,729		2,244		39		2,205		46,934		5,803
CBG		67,273		8,180		59,093		7,195		1,290		5,905		64,998		8,963
Total	$	345,172	$	31,583	$	313,589	$	33,315	$	4,432	$	28,883	$	342,472	$	38,233

Rollforward of Acquired Covered Loans

A rollforward of acquired covered loans for the nine months ended September 30, 2015, the year ended December 31, 2014 and the nine months ended September 30, 2014 is shown below:

(Dollars in Thousands)	September 30, 2015		December 31, 2014		September 30, 2014
Balance, January 1	$	271,279	$	390,237	$	390,237
Charge-offs		(5,062)		(9,255)		(7,570)
Accretion		8,105		22,188		20,822
Transfer to covered other real estate owned		(6,909)		(13,650)		(10,840)
Transfer to purchased, non-covered loans due to loss-share expiration		(15,462)		(15,475)		-
Payments received		(59,930)		(102,996)		(79,060)
Other		-		230		-
Ending balance	$	191,021	$	271,279	$	313,589

Schedule Of Changes In Accretable Discounts Of Acquired Loans

The following is a summary of changes in the accretable discounts of acquired covered loans during the nine months ended September 30, 2015, the year ended December 31, 2014 and the nine months ended September 30, 2014:

(Dollars in Thousands)	September 30, 2015		December 31, 2014		September 30, 2014
Balance, January 1	$	15,578	$	25,493	$	25,493
Accretion		(8,105)		(22,188)		(20,822)
Transfer to purchased, non-covered loans due to loss-share expiration		(84)		-		-
Transfers between non-accretable and accretable discounts, net		3,312		12,273		16,070
Ending balance	$	10,701	$	15,578	$	20,741

Changes in FDIC Shared-Loss Receivable

Changes in the FDIC shared-loss receivable for the nine months ended September 30, 2015, for the year ended December 31, 2014 and for the nine months ended September 30, 2014 are as follows:

 

(Dollars in Thousands)	September 30, 2015		December 31, 2014		September 30, 2014
Beginning balance, January 1	$	31,351	$	65,441	$	65,441
Payments received from FDIC		(19,089)		(22,494)		(18,509)
Accretion (amortization)		(7,914)		(18,449)		(14,760)
Changes in clawback liability		(1,483)		(1,222)		(857)
Increase in receivable due to:
Charge-offs on covered loans		1,180		3,372		2,736
Write downs of covered other real estate		2,349		4,771		2,372
Reimbursable expenses on covered assets		2,312		1,078		3,410
Other activity, net		(4,200)		(1,146)		(1,600)
Ending balance	$	4,506	$	31,351	$	38,233