ASSETS ACQUIRED IN FDIC-ASSISTED ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2016

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 June 30, 2016, December 31, 2015 and June 30, 2015 and their origin (dollars in thousands):

	Covered loans		Less: Fair value adjustments		Total covered loans		OREO		Less: Fair value adjustments		Total covered OREO		Total covered assets		FDIC loss-share receivable (payable)
As of June 30, 2016:
AUB	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5
USB		3,423		14		3,409		-		-		-		3,409		(1,791)
SCB		4,774		70		4,704		440		-		440		5,144		55
FBJ		4,127		507		3,620		31		-		31		3,651		(80)
DBT		13,705		835		12,870		14		-		14		12,884		(3,823)
TBC		1,956		8		1,948		-		-		-		1,948		132
HTB		42,092		3,550		38,542		586		180		406		38,948		1,789
OGB		18,663		667		17,996		136		-		136		18,132		306
CBG		40,909		2,580		38,329		1,741		26		1,715		40,044		1,510
Total	$	129,649	$	8,231	$	121,418	$	2,948	$	206	$	2,742	$	124,160	$	(1,897)

	Covered loans		Less: Fair value adjustments		Total covered loans		OREO		Less: Fair value adjustments		Total covered OREO		Total covered assets		FDIC loss-share receivable (payable)
As of December 31, 2015:
AUB	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	111
USB		3,639		16		3,623		165		-		165		3,788		(1,424)
SCB		5,228		124		5,104		-		-		-		5,104		149
FBJ		4,782		562		4,220		41		-		41		4,261		252
DBT		15,934		1,131		14,803		-		-		-		14,803		(1,084)
TBC		2,159		11		2,148		-		-		-		2,148		1,446
HTB		44,405		3,881		40,524		2,433		643		1,790		42,314		3,875
OGB		27,561		1,900		25,661		160		-		160		25,821		913
CBG		44,865		3,419		41,446		3,139		284		2,855		44,301		2,063
Total	$	148,573	$	11,044	$	137,529	$	5,938	$	927	$	5,011	$	142,540	$	6,301

	Covered loans		Less: Fair value adjustments		Total covered loans		OREO		Less: Fair value adjustments		Total covered OREO		Total covered assets		FDIC loss-share receivable (payable)
As of June 30, 2015:
AUB	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	187
USB		3,883		18		3,865		165		-		165		4,030		(1,232)
SCB		5,318		209		5,109		95		-		95		5,204		1,300
FBJ		17,708		1,286		16,422		815		121		694		17,116		1,227
DBT		46,269		3,667		42,602		5,216		700		4,516		47,118		2,126
TBC		19,609		515		19,094		1,480		116		1,364		20,458		521
HTB		47,176		4,127		43,049		3,085		955		2,130		45,179		4,806
OGB		34,218		2,192		32,026		442		-		442		32,468		1,856
CBG		52,259		4,828		47,431		3,559		339		3,220		50,651		4,166
Total	$	226,440	$	16,842	$	209,598	$	14,857	$	2,231	$	12,626	$	222,224	$	14,957

Rollforward of Acquired Covered Loans

A rollforward of acquired covered loans for the six months ended June 30, 2016, the year ended December 31, 2015 and the six months ended June 30, 2015 is shown below:

(Dollars in Thousands)	June 30, 2016		December 31, 2015		June 30, 2015
Balance, January 1	$	137,529	$	271,279	$	271,279
Charge-offs		(720)		(5,558)		(7,065)
Accretion		2,247		9,658		6,251
Transfer to covered other real estate owned		(757)		(7,910)		(6,534)
Transfer to purchased, non-covered loans due to loss-share expiration		-		(50,568)		(15,462)
Payments received		(16,881)		(79,372)		(38,871)
Ending balance	$	121,418	$	137,529	$	209,598

Schedule Of Changes In Accretable Discounts Of Acquired Loans

The following is a summary of changes in the accretable discounts of acquired loans during the six months ended June 30, 2016, the year ended December 31, 2015 and the six months ended June 30, 2015:

(Dollars in Thousands)	June 30, 2016		December 31, 2015		June 30, 2015
Balance, January 1	$	9,063	$	15,578	$	15,578
Accretion		(2,247)		(9,658)		(6,251)
Transfer to purchased, non-covered loans due to loss-share expiration		-		(1,665)		(84)
Transfers between non-accretable and accretable discounts, net		(453)		4,808		2,817
Ending balance	$	6,363	$	9,063	$	12,060

Changes in FDIC Shared-Loss Receivable

Changes in the FDIC shared-loss receivable (payable) for the six months ended June 30, 2016, for the year ended December 31, 2015 and for the six months ended June 30, 2015 are as follows:

(Dollars in Thousands)	June 30, 2016		December 31, 2015		June 30, 2015
Beginning balance, January 1	$	6,301	$	31,351	$	31,351
Payments received from FDIC		(4,165)		(19,273)		(12,539)
Accretion, net		(2,737)		(8,878)		(5,393)
Changes in clawback liability		(345)		(2,008)		(1,057)
Increase in receivable due to:
Net charge-offs on covered loans		(929)		416		1,955
Write downs of covered other real estate		774		4,752		2,206
Reimbursable expenses on covered assets		429		2,582		1,866
Other activity, net		(1,225)		(2,641)		(3,432)
Ending balance	$	(1,897)	$	6,301	$	14,957