NOTE 5. LOANS AND ALLOWANCE FOR LOAN LOSSES

Loans

The Bank engages in a full complement of lending activities, including real estate-related loans, agriculture-related loans, commercial and financial loans and consumer installment loans within select markets in Georgia, Alabama, Florida and South Carolina. The Bank concentrates the majority of its lending activities in real estate loans. While risk of loss in the Company’s portfolio is primarily tied to the credit quality of the various borrowers, risk of loss may increase due to factors beyond the Company’s control, such as local, regional and/or national economic downturns. General conditions in the real estate market may also impact the relative risk in the real estate portfolio.

A substantial portion of the Bank’s loans are secured by real estate in the Bank’s primary market area. In addition, a substantial portion of the OREO is located in those same markets. Accordingly, the ultimate collectability of a substantial portion of the Bank’s loan portfolio and the recovery of a substantial portion of the carrying amount of OREO are susceptible to changes in real estate conditions in the Bank’s primary market area.

Commercial, financial and agricultural loans include both secured and unsecured loans for working capital, expansion, crop production, and other business purposes. Short-term working capital loans are secured by non-real estate collateral such as accounts receivable, crops, inventory and equipment. The Company evaluates the financial strength, cash flow, management, credit history of the borrower and the quality of the collateral securing the loan. The Bank often requires personal guarantees and secondary sources of repayment on commercial, financial and agricultural loans.

Real estate loans include construction and development loans, commercial and farmland loans and residential loans. Construction and development loans include loans for the development of residential neighborhoods, construction of one-to-four family residential construction loans to builders and consumers, and commercial real estate construction loans, primarily for owner-occupied properties. The Company limits its construction lending risk through adherence to established underwriting procedures. Commercial real estate loans include loans secured by owner-occupied commercial buildings for office, storage, retail, farmland and warehouse space. They also include non-owner occupied commercial buildings such as leased retail and office space. Commercial real estate loans may be larger in size and may involve a greater degree of risk than one-to-four family residential mortgage loans. Payments on such loans are often dependent on successful operation or management of the properties. The Company’s residential loans represent permanent mortgage financing and are secured by residential properties located within the Bank’s market areas.

Consumer installment loans and other loans include automobile loans, boat and recreational vehicle financing, and both secured and unsecured personal loans. Consumer loans carry greater risks than other loans, as the collateral can consist of rapidly depreciating assets such as automobiles and equipment that may not provide an adequate source of repayment of the loan in the case of default.

Loans are stated at unpaid balances, net of unearned income and deferred loan fees. Balances within the major loans receivable categories are presented in the following table:


	December 31,
	2013		2012
	(Dollars in Thousands)
Commercial, financial & agricultural	$	244,373	$	174,217
Real estate – construction & development		146,371		114,199
Real estate – commercial & farmland		808,323		732,322
Real estate – residential		351,886		346,480
Consumer installment		34,249		40,178
Other		33,252		43,239

		1,618,454		1,450,635
Allowance for loan losses		22,377		23,593

Loans, net	$	1,596,077	$	1,427,042

Purchased non-covered loans are defined as loans that were acquired in bank acquisitions that are not covered by a loss-sharing agreement with the FDIC. Purchased non-covered loans totaling $448.8 million at December 31, 2013 are not included in the above schedule.

Purchased non-covered loans are shown below according to loan type as of the end of the years shown:


	2013		2012
	(Dollars in Thousands)
Commercial, financial & agricultural	$	32,141	$	-
Real estate – construction & development		31,176		-
Real estate – commercial & farmland		179,898		-
Real estate – residential		200,851		-
Consumer installment loans		4,687		-

	$	448,753	$	-

Covered loans are defined as loans that were acquired in FDIC-assisted transactions that are covered by a loss-sharing agreement with the FDIC. Covered loans totaling $390.2 million and $507.7 million at December 31, 2013 and 2012, respectively, are not included in the above schedule.

Covered loans are shown below according to loan type as of the end of the years shown:


	2013		2012
	(Dollars in Thousands)
Commercial, financial & agricultural	$	26,550	$	32,606
Real estate – construction & development		43,179		70,184
Real estate – commercial & farmland		224,451		278,506
Real estate – residential		95,173		125,056
Consumer installment loans		884		1,360

	$	390,237	$	507,712

Nonaccrual and Past Due Loans

A loan is placed on non-accrual status when, in management’s judgment, the collection of the interest income appears doubtful. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is charged to interest income. Interest on loans that are classified as non-accrual is recognized when received. Past due loans are loans whose principal or interest is past due 90 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms. Loans on nonaccrual status, excluding purchased non-covered and covered loans, amounted to approximately $29.2 million, $38.9 million and $70.8 million at December 31, 2013, 2012 and 2011, respectively. Purchased non-covered loans on nonaccrual status amounted to approximately $6.7 million at December 31, 2013.

The following table presents an analysis of loans accounted for on a nonaccrual basis, excluding purchased non-covered and covered loans:


	December 31,
	2013		2012		2011		2010		2009
	(Dollars in Thousands)
Commercial, financial & agricultural	$	4,103	$	4,138	$	3,987	$	8,648	$	4,774
Real estate – construction & development		3,971		9,281		15,020		7,887		15,787
Real estate – commercial & farmland		8,566		11,962		35,385		55,170		67,172
Real estate – residential		12,152		12,595		15,498		6,376		6,965
Consumer installment loans		411		909		933		1,208		1,433

Total	$	29,203	$	38,885	$	70,823	$	79,289	$	96,131

The following table presents an analysis of purchased non-covered loans accounted for on a nonaccrual basis:
	December 31,
	2013		2012		2011		2010		2009
	(Dollars in Thousands)
Commercial, financial & agricultural	$	11	$	-	$	-	$	-	$	-
Real estate – construction & development		325		-		-		-		-
Real estate – commercial & farmland		1,653		-		-		-		-
Real estate – residential		4,658		-		-		-		-
Consumer installment loans		12		-		-		-		-

Total	$	6,659	$	-	$	-	$	-	$	-

The following table presents an analysis of covered loans accounted for on a nonaccrual basis:
	December 31,
	2013		2012		2011		2010		2009
	(Dollars in Thousands)
Commercial, financial & agricultural	$	7,257	$	10,765	$	11,952	$	5,756	$	1,398
Real estate – construction & development		14,781		20,027		30,977		25,810		9,155
Real estate – commercial & farmland		33,495		55,946		75,458		29,519		8,109
Real estate – residential		13,278		28,672		41,139		25,946		4,602
Consumer installment loans		341		302		473		1,122		2,527

Total	$	69,152	$	115,712	$	159,999	$	88,153	$	25,791

The following table presents an analysis of loans, excluding purchased non-covered and covered past due loans as of December 31, 2013 and 2012.


	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Loans Past Due		Current Loans		Total Loans		Loans 90 Days or More Past Due and Still Accruing
	(Dollars in Thousands)
As of December 31, 2013:
Commercial, financial & agricultural	$	10,893	$	272	$	4,081	$	15,246	$	229,127	$	244,373	$	-
Real estate – construction & development		1,026		69		3,935		5,030		141,341		146,371		-
Real estate – commercial & farmland		3,981		1,388		7,751		13,120		795,203		808,323		-
Real estate – residential		5,422		1,735		11,587		18,744		333,142		351,886		-
Consumer installment loans		568		197		305		1,070		33,179		34,249		-
Other		-		-		-		-		33,252		33,252		-

Total	$	21,890	$	3,661	$	27,659	$	53,210	$	1,565,244	$	1,618,454	$	-


	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Loans Past Due		Current Loans		Total Loans		Loans 90 Days or More Past Due and Still Accruing
	(Dollars in Thousands)
As of December 31, 2012:
Commercial, financial & agricultural	$	258	$	312	$	3,969	$	4,539	$	169,678	$	174,217	$	-
Real estate – construction & development		347		332		8,969		9,648		104,551		114,199		-
Real estate – commercial & farmland		2,867		2,296		9,544		14,707		717,615		732,322		-
Real estate – residential		7,651		2,766		10,990		21,407		325,073		346,480		-
Consumer installment loans		702		391		815		1,908		38,270		40,178		-
Other		-		-		-		-		43,239		43,239		-

Total	$	11,825	$	6,097	$	34,287	$	52,209	$	1,398,426	$	1,450,635	$	-

The following table presents an analysis of purchased non-covered past due loans as of December 31, 2013. There were no purchased non-covered loans as of December 31, 2012.
	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Loans Past Due		Current Loans		Total Loans		Loans 90 Days or More Past Due and Still Accruing
	(Dollars in Thousands)
As of December 30, 2013:
Commercial, financial & agricultural	$	370	$	70	$	11	$	451	$	31,690	$	32,141	$	-
Real estate – construction & development		1,008		89		325		1,422		29,754		31,176		-
Real estate – commercial & farmland		6,851		2,064		1,516		10,431		169,467		179,898		-
Real estate – residential		4,667		1,074		3,428		9,169		191,682		200,851		-
Consumer installment loans		7		17		9		33		4,654		4,687		-

Total	$	12,903	$	3,314	$	5,289	$	21,506	$	427,247	$	448,753	$	-

The following table presents an analysis of covered past due loans as of December 31, 2013 and 2012:


	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Loans Past Due		Current Loans		Total Loans		Loans 90 Days or More Past Due and Still Accruing
	(Dollars in Thousands)
As of December 30, 2013:
Commercial, financial & agricultural	$	3,966	$	12	$	6,165	$	10,143	$	16,407	$	26,550	$	-
Real estate – construction & development		843		144		14,055		15,042		28,137		43,179		-
Real estate – commercial & farmland		8,482		4,350		26,428		39,260		185,191		224,451		346
Real estate – residential		7,648		1,914		10,244		19,806		75,367		95,173		-
Consumer installment loans		51		14		305		370		514		884		-

Total	$	20,990	$	6,434	$	57,197	$	84,621	$	305,616	$	390,237	$	346


	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Loans Past Due		Current Loans		Total Loans		Loans 90 Days or More Past Due and Still Accruing
	(Dollars in Thousands)
As of December 31, 2012:
Commercial, financial & agricultural	$	2,390	$	1,105	$	10,612	$	14,107	$	18,499	$	32,606	$	98
Real estate – construction & development		1,584		2,592		19,656		23,832		46,352		70,184		1,077
Real estate – commercial & farmland		11,451		7,373		52,570		71,394		207,112		278,506		1,347
Real estate – residential		6,066		3,396		24,976		34,438		90,618		125,056		779
Consumer installment loans		45		13		258		316		1,044		1,360		-

Total	$	21,536	$	14,479	$	108,072	$	144,087	$	363,625	$	507,712	$	3,301

Impaired Loans

Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreements. When determining if the Company will be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan agreement, the Company considers the borrower’s capacity to pay, which includes such factors as the borrower’s current financial statements, an analysis of global cash flow sufficient to pay all debt obligations and an evaluation of secondary sources of repayment, such as guarantor support and collateral value. Impaired loans include loans on nonaccrual status and troubled debt restructurings. The Company individually assesses for impairment all nonaccrual loans greater than $200,000 and rated substandard or worse and all troubled debt restructurings greater than $100,000. If a loan is deemed impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis.

The following is a summary of information pertaining to impaired loans, excluding purchased non-covered and covered loans:


	As of and For the Years Ended December 31,
	2013		2012		2011
	(Dollars in Thousands)
Nonaccrual loans	$	29,203	$	38,885	$	70,823
Troubled debt restructurings not included above		17,214		18,744		17,951

Total impaired loans	$	46,417	$	57,629	$	88,774

Impaired loans not requiring a related allowance	$	-	$	-	$	-

Impaired loans requiring a related allowance	$	46,417	$	57,629	$	88,774

Allowance related to impaired loans	$	3,871	$	5,115	$	18,478

Average investment in impaired loans	$	51,721	$	70,209	$	88,320

Interest income recognized on impaired loans	$	522	$	495	$	637

Foregone interest income on impaired loans	$	418	$	718	$	613

The following table presents an analysis of information pertaining to impaired loans, excluding purchased non-covered and covered loans as of December 31, 2013 and 2012.


	Unpaid Contractual Principal Balance		Recorded Investment With No Allowance		Recorded Investment With Allowance		Total Recorded Investment		Related Allowance		Average Recorded Investment
	(Dollars in Thousands)
As of December 31, 2013:
Commercial, financial & agricultural	$	6,240	$	-	$	4,618	$	4,618	$	435	$	4,844
Real estate – construction & development		11,363		-		5,867		5,867		512		8,341
Real estate – commercial & farmland		18,456		-		15,479		15,479		1,443		17,559
Real estate – residential		24,342		-		19,970		19,970		1,472		20,335
Consumer installment loans		623		-		483		483		9		642

Total	$	61,024	$	-	$	46,417	$	46,417	$	3,871	$	51,721


	Unpaid Contractual Principal Balance		Recorded Investment With No Allowance		Recorded Investment With Allowance		Total Recorded Investment		Related Allowance		Average Recorded Investment
	(Dollars in Thousands)
As of December 31, 2012:
Commercial, financial & agricultural	$	8,024	$	-	$	4,940	$	4,940	$	743	$	4,968
Real estate – construction & development		20,316		-		11,016		11,016		910		11,706
Real estate – commercial & farmland		25,076		-		20,910		20,910		2,191		30,638
Real estate – residential		24,155		-		19,848		19,848		1,246		21,813
Consumer installment loans		1,187		-		915		915		25		1,084

Total	$	78,758	$	-	$	57,629	$	57,629	$	5,115	$	70,209

The following is a summary of information pertaining to purchased non-covered impaired loans:


	As of and For the Years Ended December 31,
	2013		2012		2011
	(Dollars in Thousands)
Nonaccrual loans	$	6,659	$	-	$	-
Troubled debt restructurings not included above		5,938		-		-

Total impaired loans	$	12,597	$	-	$	-

Impaired loans not requiring a related allowance	$	12,597	$	-	$	-

Impaired loans requiring a related allowance	$	-	$	-	$	-

Allowance related to impaired loans	$	-	$	-	$	-

Average investment in impaired loans	$	242	$	-	$	-

Interest income recognized on impaired loans	$	-	$	-	$	-

Foregone interest income on impaired loans	$	-	$	-	$	-

The following table presents an analysis of information pertaining to purchased non-covered impaired loans as of December 31, 2013. There were no purchased non-covered loans as of December 31, 2012.


	Unpaid Contractual Principal Balance		Recorded Investment With No Allowance		Recorded Investment With Allowance		Total Recorded Investment		Related Allowance		Average Recorded Investment
	(Dollars in Thousands)
As of December 31, 2013:
Commercial, financial & agricultural	$	19	$	11	$	-	$	11	$	-	$	-
Real estate – construction & development		5,719		3,690		-		3,690		-		71
Real estate – commercial & farmland		4,563		2,881		-		2,881		-		55
Real estate – residential		9,612		5,978		-		5,978		-		115
Consumer installment loans		57		37		-		37		-		1

Total	$	19,970	$	12,597	$	-	$	12,597	$	-	$	242

The following is a summary of information pertaining to covered impaired loans:


	As of and For the Years Ended December 31,
	2013		2012		2011
	(Dollars in Thousands)
Nonaccrual loans	$	69,152	$	115,712	$	159,999
Troubled debt restructurings not included above		22,243		17,090		19,884

Total impaired loans	$	91,395	$	132,802	$	179,883

Impaired loans not requiring a related allowance	$	91,395	$	132,802	$	179,883

Impaired loans requiring a related allowance	$	-	$	-	$	-

Allowance related to impaired loans	$	-	$	-	$	-

Average investment in impaired loans	$	110,830	$	163,825	$	138,950

Interest income recognized on impaired loans	$	968	$	849	$	526

Foregone interest income on impaired loans	$	330	$	491	$	202

The following table presents an analysis of information pertaining to covered impaired loans as of December 31, 2013 and 2012.


	Unpaid Contractual Principal Balance		Recorded Investment With No Allowance		Recorded Investment With Allowance		Total Recorded Investment		Related Allowance		Average Recorded Investment
	(Dollars in Thousands)
As of December 31, 2013:
Commercial, financial & agricultural	$	9,680	$	7,270	$	-	$	7,270	$	-	$	8,696
Real estate – construction & development		20,915		18,037		-		18,037		-		21,794
Real estate – commercial & farmland		46,612		40,749		-		40,749		-		51,584
Real estate – residential		29,089		24,998		-		24,998		-		28,452
Consumer installment loans		394		341		-		341		-		304

Total	$	106,690	$	91,395	$	-	$	91,395	$	-	$	110,830


	Unpaid Contractual Principal Balance		Recorded Investment With No Allowance		Recorded Investment With Allowance		Total Recorded Investment		Related Allowance		Average Recorded Investment
	(Dollars in Thousands)
As of December 31, 2012:
Commercial, financial & agricultural	$	15,888	$	10,802	$	-	$	10,802	$	-	$	12,506
Real estate – construction & development		30,979		22,948		-		22,948		-		29,970
Real estate – commercial & farmland		84,124		62,415		-		62,415		-		78,790
Real estate – residential		45,464		36,335		-		36,335		-		42,061
Consumer installment loans		373		302		-		302		-		498

Total	$	176,828	$	132,802	$	-	$	132,802	$	-	$	163,825

Credit Quality Indicators

The Company uses a nine category risk grading system to assign a risk grade to each loan in the portfolio. Following is a description of the general characteristics of the grades:

Grade 10 – Prime Credit – This grade represents loans to the Company’s most creditworthy borrowers or loans that are secured by cash or cash equivalents.

Grade 15 – Good Credit – This grade includes loans that exhibit one or more characteristics better than that of a Satisfactory Credit. Generally, debt service coverage and borrower’s liquidity is materially better than required by the Company’s loan policy.

Grade 20 – Satisfactory Credit – This grade is assigned to loans to borrowers who exhibit satisfactory credit histories, contain acceptable loan structures and demonstrate ability to repay.

Grade 23 – Performing, Under-Collateralized Credit – This grade is assigned to loans that are currently performing and supported by adequate financial information that reflects repayment capacity, but exhibits a loan-to-value ratio greater than 110%, based on a documented collateral valuation.

Grade 25 – Minimum Acceptable Credit – This grade includes loans which exhibit all the characteristics of a Satisfactory Credit, but warrant more than normal level of banker supervision due to (i) circumstances which elevate the risks of performance (such as start-up operations, untested management, heavy leverage, interim losses); (ii)adverse, extraordinary events that have affected, or could affect, the borrower’s cash flow, financial condition, ability to continue operating profitability or refinancing (such as death of principal, fire, divorce); (iii) loans that require more than the normal servicing requirements (such as any type of construction financing, acquisition and development loans, accounts receivable or inventory loans and floor plan loans); (iv) existing technical exceptions which raise some doubts about the Bank’s perfection in its collateral position or the continued financial capacity of the borrower; or (v) improvements in formerly criticized borrowers, which may warrant banker supervision.

Grade 30 – Other Asset Especially Mentioned – This grade includes loans that exhibit potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date.

Grade 40 – Substandard – This grade represents loans which are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses or questionable collateral values.

Grade 50 – Doubtful – This grade includes loans which exhibit all of the characteristics of a substandard loan with the added provision that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable or improbable.

Grade 60 – Loss – This grade is assigned to loans which are considered uncollectible and of such little value that their continuance as active assets of the Bank is not warranted. This classification does not mean that the loss has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing it off.

The following table presents the loan portfolio, excluding purchased non-covered and covered loans, by risk grade as of December 31, 2013 and 2012.

As of December 31, 2013:


Risk Grade	Commercial, financial & agricultural		Real estate - construction & development		Real estate - commercial & farmland		Real estate - residential		Consumer installment loans		Other		Total
	(Dollars in Thousands)
10	$	66,983	$	-	$	265	$	419	$	6,714	$	-	$	74,382
15		24,789		4,655		147,157		52,335		1,276		-		230,212
20		93,852		45,195		431,790		150,343		18,619		33,252		773,049
23		127		8,343		10,219		12,641		274		-		31,605
25		50,373		78,736		181,645		103,427		6,310		-		420,491
30		2,111		2,876		11,849		13,558		197		-		30,591
40		6,011		6,566		25,398		19,153		859		-		57,987
50		127		-		-		10		-		-		137
60		-		-		-		-		-		-		-

Total	$	244,373	$	146,371	$	808,323	$	351,886	$	34,249	$	33,252	$	1,618,454

As of December 31, 2012:


Risk Grade	Commercial, financial & agricultural		Real estate - construction & development		Real estate - commercial & farmland		Real estate - residential		Consumer installment loans		Other		Total
	(Dollars in Thousands)
10	$	24,623	$	–	$	309	$	464	$	7,597	$	-	$	32,993
15		11,316		4,373		147,966		71,254		1,591		-		236,500
20		79,522		31,413		351,997		114,418		21,361		43,239		641,950
23		42		8,521		9,012		13,788		70		-		31,433
25		49,071		52,577		176,395		113,591		7,576		-		399,210
30		2,343		3,394		19,401		9,672		488		-		35,298
40		7,200		13,765		27,242		23,292		1,495		-		72,994
50		100		156		-		1		-		-		257
60		-		-		-		-		-		-		-

Total	$	174,217	$	114,199	$	732,322	$	346,480	$	40,178	$	43,239	$	1,450,635

The following table presents the purchased non-covered loan portfolio by risk grade as of December 31, 2013. There were no purchased non-covered loans as of December 31, 2012.

As of December 31, 2013:


Risk Grade	Commercial, financial & agricultural		Real estate - construction & development		Real estate - commercial & farmland		Real estate - residential		Consumer installment loans		Other		Total
	(Dollars in Thousands)
10	$	1,865	$	-	$	-	$	289	$	451	$	-	$	2,605
15		4,606		7		12,998		16,160		703		-		34,474
20		5,172		3,960		43,802		34,576		1,383		-		88,893
23		-		-		-		-		-		-		-
25		19,638		20,733		102,260		129,923		1,888		-		274,442
30		576		1,760		9,554		10,878		194		-		22,962
40		284		4,716		11,284		9,025		68		-		25,377
50		-		-		-		-		-		-		-
60		-		-		-		-		-		-		-

Total	$	32,141	$	31,176	$	179,898	$	200,851	$	4,687	$	-	$	448,753

The following table presents the covered loan portfolio by risk grade as of December 31, 2013 and 2012.

As of December 31, 2013:


Risk Grade	Commercial, financial & agricultural		Real estate - construction & development		Real estate - commercial & farmland		Real estate - residential		Consumer installment loans		Other		Total
	(Dollars in Thousands)
10	$	-	$	-	$	-	$	-	$	-	$	-	$	-
15		-		16		1,048		638		-		-		1,702
20		2,184		8,549		34,674		21,363		193		-		66,963
23		134		1,085		17,037		4,748		51		-		23,055
25		7,508		9,611		101,657		38,427		235		-		157,438
30		5,125		2,006		21,297		6,979		17		-		35,424
40		11,599		21,912		48,738		23,018		388		-		105,655
50		-		-		-		-		-		-		-
60		-		-		-		-		-		-		-

Total	$	26,550	$	43,179	$	224,451	$	95,173	$	884	$	-	$	390,237

As of December 31, 2012:


Risk Grade	Commercial, financial & agricultural		Real estate - construction & development		Real estate - commercial & farmland		Real estate - residential		Consumer installment loans		Other		Total
	(Dollars in Thousands)
10	$	-	$	-	$	-	$	-	$	-	$	-	$	-
15		-		39		1,640		644		-		-		2,323
20		3,997		12,194		37,098		31,337		292		-		84,918
23		28		1,174		9,576		2,052		-		-		12,830
25		10,013		19,216		114,849		40,194		558		-		184,830
30		4,294		7,214		38,665		11,883		50		-		62,106
40		14,274		30,347		76,678		38,946		460		-		160,705
50		-		-		-		-		-		-		-
60		-		-		-		-		-		-		-

Total	$	32,606	$	70,184	$	278,506	$	125,056	$	1,360	$	-	$	507,712

Troubled Debt Restructurings

The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the Company has granted a concession. Concessions may include interest rate reductions to below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. The Company has exhibited the greatest success for rehabilitation of the loan by a reduction in the rate alone (maintaining the amortization of the debt) or a combination of a rate reduction and the forbearance of previously past due interest or principal. This has most typically been evidenced in certain commercial real estate loans whereby a disruption in the borrower’s cash flow resulted in an extended past due status, of which the borrower was unable to catch up completely as the cash flow of the property ultimately stabilized at a level lower than its original level. A reduction in rate, coupled with a forbearance of unpaid principal and/or interest, allowed the net cash flows to service the debt under the modified terms.

The Company’s policy requires a restructure request to be supported by a current, well-documented credit evaluation of the borrower’s financial condition and a collateral evaluation that is no older than six months from the date of the restructure. Key factors of that evaluation include the documentation of current, recurring cash flows, support provided by the guarantor(s) and the current valuation of the collateral. If the appraisal in file is older than six months, an evaluation must be made as to the continued reasonableness of the valuation. For certain income-producing properties, current rent rolls and/or other income information can be utilized to support the appraisal valuation, when coupled with documented cap rates within our markets and a physical inspection of the collateral to validate the current condition.

The Company’s policy states in the event a loan has been identified as a troubled debt restructuring, it should be assigned a grade of substandard and placed on nonaccrual status until such time that the borrower has demonstrated the ability to service the loan payments based on the restructured terms – generally defined as six months of satisfactory payment history. Missed payments under the original loan terms are not considered under the new structure; however, subsequent missed payments are considered non-performance and are not considered toward the six month required term of satisfactory payment history. The Company’s loan policy states that a nonaccrual loan may be returned to accrual status when (i) none of its principal and interest is due and unpaid, and the Company expects repayment of the remaining contractual principal and interest, or (ii) when it otherwise becomes well secured and in the process of collection. Restoration to accrual status on any given loan must be supported by a well-documented credit evaluation of the borrower’s financial condition and the prospects for full repayment, approved by the Company’s Chief Credit Officer.

In the normal course of business, the Company renews loans with a modification of the interest rate or terms that are not deemed as troubled debt restructurings because the borrower is not experiencing financial difficulty. The Company modified loans in 2013 and 2012 totaling $30.4 million and $40.3 million, respectively, under such parameters. In addition, the Company offers consumer loan customers an annual skip-a-pay program that is based on certain qualifying parameters and not based on financial difficulties. The Company does not treat these as troubled debt restructurings.

As of December 31, 2013 and 2012, the Company had a balance of $20.9 million and $23.9 million, respectively, in troubled debt restructurings, excluding purchased non-covered and covered loans. The Company has recorded $2.1 million and $1.9 million in previous charge-offs on such loans at December 31, 2013 and 2012, respectively. The Company’s balance in the allowance for loan losses allocated to such troubled debt restructurings was $432,000 and $640,000 at December 31, 2013 and 2012, respectively. At December 31, 2013, the Company did not have any commitments to lend additional funds to debtors whose terms have been modified in troubled restructurings.

The following table presents the amount of troubled debt restructurings by loan class, excluding purchased non-covered and covered loans, classified separately as accrual and non-accrual at December 31, 2013 and 2012.


As of December 31, 2013	Accruing Loans			Non-Accruing Loans
Loan class:	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial & agricultural	4	$	515	3	$	525
Real estate – construction & development	8		1,896	2		32
Real estate – commercial & farmland	17		6,913	4		2,273
Real estate – residential	37		7,818	8		834
Consumer installment	6		72	3		19

Total	72	$	17,214	20	$	3,683


As of December 31, 2012	Accruing Loans			Non-Accruing Loans
Loan class:	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial & agricultural	5	$	802	–	$	–
Real estate – construction & development	5		1,735	–		–
Real estate – commercial & farmland	16		8,947	3		4,149
Real estate – residential	28		7,254	2		1,022
Consumer installment	1		6	–		–

Total	55	$	18,744	5	$	5,171

The following table presents the amount of troubled debt restructurings by loan class, excluding purchased non-covered and covered loans, classified separately as those currently paying under restructured terms and those that have defaulted under restructured terms at December 31, 2013 and 2012.


As of December 31, 2013	Loans Currently Paying Under Restructured Terms			Loans that have Defaulted Under Restructured Terms
Loan class:	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial & agricultural	4	$	515	3	$	525
Real estate – construction & development	8		1,896	2		32
Real estate – commercial & farmland	16		6,396	5		2,789
Real estate – residential	32		6,699	13		1,953
Consumer installment	7		90	2		2

Total	67	$	15,596	25	$	5,301


As of December 31, 2012	Loans Currently Paying Under Restructured Terms			Loans that have Defaulted Under Restructured Terms
Loan class:	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial & agricultural	5	$	802	–	$	–
Real estate – construction & development	5		1,735	–		–
Real estate – commercial & farmland	16		8,947	3		4,149
Real estate – residential	28		7,254	2		1,022
Consumer installment	–		–	1		6

Total	54	$	18,738	6	$	5,177

The following table presents the amount of troubled debt restructurings, excluding purchased non-covered and covered loans, by types of concessions made, classified separately as accrual and non-accrual at December 31, 2013 and 2012.


As of December 31, 2013	Accruing Loans			Non-Accruing Loans
Type of Concession:	#	Balance (in thousands)		#	Balance (in thousands)
Forbearance of Interest	10	$	2,170	2	$	97
Forgiveness of Principal	3		1,467	1		145
Payment Modification Only	1		280	1		88
Rate Reduction Only	14		7,069	3		913
Rate Reduction, Forbearance of Interest	26		3,252	12		2,411
Rate Reduction, Forbearance of Principal	18		2,976	-		-
Rate Reduction, Payment Modification	-		-	1		29

Total	72	$	17,214	20	$	3,683


As of December 31, 2012	Accruing Loans			Non-Accruing Loans
Type of Concession:	#	Balance (in thousands)		#	Balance (in thousands)
Forbearance of Interest	2	$	1,873	-	$	-
Forgiveness of Principal	3		1,518	1		372
Payment Modification Only	2		376	-		-
Rate Reduction Only	11		7,075	1		177
Rate Reduction, Forbearance of Interest	18		4,061	2		3,420
Rate Reduction, Forbearance of Principal	18		3,798	-		-
Rate Reduction, Payment Modification	1		43	1		1,202

Total	55	$	18,744	5	$	5,171

The following table presents the amount of troubled debt restructurings, excluding purchased non-covered and covered loans, by collateral types, classified separately as accrual and non-accrual at December 31, 2013 and 2012.


As of December 31, 2013	Accruing Loans			Non-Accruing Loans
Collateral type:	#	Balance (in thousands)		#	Balance (in thousands)
Warehouse	4	$	1,346	2	$	592
Raw Land	11		2,345	2		32
Hotel & Motel	3		2,185	-		-
Office	4		1,909	-		-
Retail, including Strip Centers	4		1,095	2		1,680
1-4 Family Residential	36		7,747	9		852
Life Insurance Policy	1		250	-		-
Automobile/Equipment/Inventory	8		92	4		479
Unsecured	1		245	1		48

Total	72	$	17,214	20	$	3,683


As of December 31, 2012	Accruing Loans			Non-Accruing Loans
Collateral type:	#	Balance (in thousands)		#	Balance (in thousands)
Warehouse	3	$	1,692	1	$	177
Raw Land	2		1,337	-		-
Hotel & Motel	3		2,318	-		-
Office	4		2,105	1		2,770
Retail, including Strip Centers	6		2,833	1		1,202
1-4 Family Residential	31		7,651	2		1,022
Life Insurance Policy	1		250	-		-
Automobile/Equipment/Inventory	4		508	-		-
Unsecured	1		50	-		-

Total	55	$	18,744	5	$	5,171

As of December 31, 2013, the Company had a balance of $7.2 million in troubled debt restructurings included in purchased non-covered loans. The Company did not have any troubled debt restructurings included in purchased non-covered loans at December 31, 2012. The Company has not recorded any previous charge-offs on such loans at December 31, 2013. At December 31, 2013, the Company did not have any commitments to lend additional funds to debtors whose terms have been modified in troubled restructurings.

The following table presents the amount of troubled debt restructurings by loan class of purchased non-covered loans, classified separately as accrual and non-accrual at December 31, 2013.


As of December 31, 2013	Accruing Loans			Non-Accruing Loans
Loan class:	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial & agricultural	–	$	–	1	$	6
Real estate – construction & development	10		3,364	–		–
Real estate – commercial & farmland	3		1,228	1		468
Real estate – residential	8		1,321	8		738
Consumer installment	3		25	–		–

Total	24	$	5,938	10	$	1,212

The following table presents the amount of troubled debt restructurings by loan class of purchased non-covered loans, classified separately as those currently paying under restructured terms and those that have defaulted under restructured terms at December 31, 2013.


As of December 31, 2013	Loans Currently Paying Under Restructured Terms			Loans that have Defaulted Under Restructured Terms
Loan class:	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial & agricultural	–	$	–	1	$	6
Real estate – construction & development	1		8	2		17
Real estate – commercial & farmland	8		3,068	2		296
Real estate – residential	–		–	4		1,696
Consumer installment	7		1,153	9		906

Total	16	$	4,229	18	$	2,921

The following table presents the amount of troubled debt restructurings included in purchased non-covered loans, by types of concessions made, classified separately as accrual and non-accrual at December 31, 2013.


As of December 31, 2013	Accruing Loans			Non-Accruing Loans
Type of Concession:	#	Balance (in thousands)		#	Balance (in thousands)
Forbearance of Interest	1	$	300	–	$	–
Forgiveness of Principal	2		425	–		–
Payment Modification Only	2		75	–		–
Rate Reduction Only	11		2,170	8		707
Rate Reduction, Forbearance of Principal	8		2,968	2		505

Total	24	$	5,938	10	$	1,212

The following table presents the amount of troubled debt restructurings included in purchased non-covered loans, by collateral types, classified separately as accrual and non-accrual at December 31, 2013.


As of December 31, 2013	Accruing Loans			Non-Accruing Loans
Collateral type:	#	Balance (in thousands)		#	Balance (in thousands)
Warehouse	-	$	-	1	$	468
Raw Land	6		2,640	-		-
Office	1		803	-		-
Retail, including Strip Centers	2		425	-		-
1-4 Family Residential	13		2,053	8		738
Automobile/Equipment/Inventory	2		17	1		6

Total	24	$	5,938	10	$	1,212

As of December 31, 2013 and 2012, the Company had a balance of $27.3 million and $27.4 million, respectively, in troubled debt restructurings included in covered loans. The Company has recorded $1.6 million and $6.4 million in previous charge-offs on such loans at December 31, 2013 and 2012, respectively. At December 31, 2013, the Company did not have any commitments to lend additional funds to debtors whose terms have been modified in troubled restructurings.

The following table presents the amount of troubled debt restructurings by loan class of covered loans, classified separately as accrual and non-accrual at December 31, 2013 and 2012.


As of December 31, 2013	Accruing Loans			Non-Accruing Loans
Loan class:	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial & agricultural	1	$	13	5	$	71
Real estate – construction & development	3		3,256	4		52
Real estate – commercial & farmland	13		7,255	5		3,946
Real estate – residential	83		11,719	8		942
Consumer installment	-		-	2		10

Total	100	$	22,243	24	$	5,021


As of December 31, 2012	Accruing Loans			Non-Accruing Loans
Loan class:	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial & agricultural	1	$	37	1	$	-
Real estate – construction & development	6		2,921	4		806
Real estate – commercial & farmland	9		6,469	8		7,574
Real estate – residential	46		7,663	8		1,892
Consumer installment	-		-	-		-

Total	62	$	17,090	21	$	10,272

The following table presents the amount of troubled debt restructurings by loan class of covered loans, classified separately as those currently paying under restructured terms and those that have defaulted under restructured terms at December 31, 2013 and 2012.


As of December 31, 2013	Loans Currently Paying Under Restructured Terms			Loans that have Defaulted Under Restructured Terms
Loan class:	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial & agricultural	5	$	45	1	$	40
Real estate – construction & development	5		3,273	2		34
Real estate – commercial & farmland	15		7,543	3		3,658
Real estate – residential	68		9,206	23		3,455
Consumer installment	2		10	-		-

Total	95	$	20,077	29	$	7,187


As of December 31, 2012	Loans Currently Paying Under Restructured Terms			Loans that have Defaulted Under Restructured Terms
Loan class:	#	Balance (in thousands)		#	Balance (in thousands)
Commercial, financial & agricultural	2	$	37	-	$	-
Real estate – construction & development	5		2,908	5		819
Real estate – commercial & farmland	7		4,964	10		9,079
Real estate – residential	42		7,522	12		2,034
Consumer installment	-		-	-		-

Total	56	$	15,430	27	$	11,932

The following table presents the amount of troubled debt restructurings included in covered loans, by types of concessions made, classified separately as accrual and non-accrual at December 31, 2013 and 2012.


As of December 31, 2013	Accruing Loans			Non-Accruing Loans
Type of Concession:	#	Balance (in thousands)		#	Balance (in thousands)
Forbearance of Interest	-	$	-	3	$	98
Forgiveness of Principal	-		-	-		-
Payment Modification Only	-		-	-		-
Rate Reduction Only	89		18,687	9		953
Rate Reduction, Forbearance of Interest	3		88	8		478
Rate Reduction, Forbearance of Principal	7		2,613	4		3,492
Rate Reduction, Payment Modification	1		855	-		-

Total	100	$	22,243	24	$	5,021


As of December 31, 2012	Accruing Loans			Non-Accruing Loans
Type of Concession:	#	Balance (in thousands)		#	Balance (in thousands)
Forbearance of Interest	3	$	245	5	$	1,074
Forgiveness of Principal	-		-	1		1,876
Payment Modification Only	-		-	-		-
Rate Reduction Only	51		14,402	11		2,497
Rate Reduction, Forbearance of Interest	4		461	2		1,369
Rate Reduction, Forbearance of Principal	4		1,982	2		3,456
Rate Reduction, Payment Modification	-		-	-		-

Total	62	$	17,090	21	$	10,272

The following table presents the amount of troubled debt restructurings included in covered loans, by collateral types, classified separately as accrual and non-accrual at December 31, 2013 and 2012.


As of December 31, 2013	Accruing Loans			Non-Accruing Loans
Collateral type:	#	Balance (in thousands)		#	Balance (in thousands)
Warehouse	-	$	-	1	$	377
Raw Land	1		375	3		37
Hotel & Motel	6		5,118	1		155
Office	1		855	1		78
Retail, including Strip Centers	6		3,853	2		3,337
1-4 Family Residential	85		12,029	11		966
Life Insurance Policy	-		-	-		-
Automobile/Equipment/Inventory	-		-	5		71
Unsecured	1		13	-		-

Total	100	$	22,243	24	$	5,021


As of December 31, 2012	Accruing Loans			Non-Accruing Loans
Collateral type:	#	Balance (in thousands)		#	Balance (in thousands)
Warehouse	1	$	382	-	$	-
Raw Land	3		2,489	3		791
Hotel & Motel	5		2,667	-		-
Office	-		-	1		90
Retail, including Strip Centers	4		3,652	7		7,484
1-4 Family Residential	47		7,845	9		1,907
Life Insurance Policy	-		-	-		-
Automobile/Equipment/Inventory	1		37	1		-
Unsecured	1		18	-		-

Total	62	$	17,090	21	$	10,272

Related Party Loans

In the ordinary course of business, the Company has granted loans to certain directors and their affiliates. The interest rates on these loans were substantially the same as rates prevailing at the time of the transaction and repayment terms are customary for the type of loan. Company policy prohibits loans to executive officers. Changes in related party loans are summarized as follows:


	December 31,
	2013			2012
	(Dollars in Thousands)
Balance, beginning of year	$	1,392		$	6,922
Advances		813			717
Repayments		(923	)		(1,041	)
Transactions due to changes in related parties		2,036			(5,206	)

Balance, end of year	$	3,318		$	1,392

Allowance for Loan Losses

The allowance for loan losses represents a reserve for inherent losses in the loan portfolio. The adequacy of the allowance for loan losses is evaluated periodically based on a review of all significant loans, with a particular emphasis on non-accruing, past due and other loans that management believes might be potentially impaired or warrant additional attention. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio. In addition, based on internal reviews and external reviews performed by independent loan reviewers and regulatory authorities, the Company further segregates the loan portfolio by loan grades based on an assessment of risk for a particular loan or group of loans. Certain reviewed loans are assigned specific allowances when a review of relevant data determines that a general allocation is not sufficient. In establishing allowances, management considers historical loan loss experience but adjusts this data with a significant emphasis on data such as risk ratings, current loan quality trends, current economic conditions and other factors in the markets where the Company operates. Factors considered include, among others, current valuations of real estate in their markets, unemployment rates, the effect of weather conditions on agricultural related entities and other significant local economic events.

The Company has developed a methodology for determining the adequacy of the allowance for loan losses which is monitored by the Company’s Chief Credit Officer. Procedures provide for the assignment of a risk rating for every loan included in the total loan portfolio, with the exception of credit card receivables and overdraft protection loans which are treated as pools for risk rating purposes. The risk rating schedule provides nine ratings of which five ratings are classified as pass ratings and four ratings are classified as criticized ratings. Each risk rating is assigned a percentage factor of historical losses to be applied to the loan balance to determine the adequate amount of reserve. Many of the larger loans require an annual review by an independent loan officer or an independent third party loan review firm. As a result of these loan reviews, certain loans may be assigned specific reserve allocations. Other loans that surface as problem loans may also be assigned specific reserves. Past due loans are assigned risk ratings based on the number of days past due. The calculation of the allowance for loan losses, including underlying data and assumptions, is reviewed regularly by the Company’s Chief Financial Officer and the Director of Internal Audit.

Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged-off in accordance with the Federal Financial Institutions Examination Council’s (“FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged-off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged-off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged-off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to an Asset Quality Rating of 60 (Loss per the regulatory guidance), the uncollectible portion is charged-off.

During 2013, 2012 and 2011, the Company recorded provision for loan loss expense of $1.5 million, $2.6 million and $2.4 million, respectively, to account for losses where the initial estimate of cash flows was found to be excessive on loans acquired in FDIC-assisted transactions. These amounts are excluded from the rollforwards below but are reflected in the Company’s Consolidated Statements of Income.

The following table details activity in the allowance for loan losses by non-covered portfolio segment for the years ended December 31, 2013, 2012 and 2011. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.


	Commercial, financial & agricultural			Real estate - construction & development			Real estate - commercial & farmland			Real estate - residential			Consumer installment loans and Other			Total
	(Dollars in thousands)
Balance, January 1, 2013	$	2,439		$	5,343		$	9,157		$	5,898		$	756		$	23,593
Provision for loan losses		711			1,742			2,777			4,463			254			9,947
Loans charged off		(1,759	)		(2,020	)		(3,571	)		(5,215	)		(719	)		(13,284	)
Recoveries of loans previously charged off		432			473			30			888			298			2,121

Balance, December 31, 2013	$	1,823		$	5,538		$	8,393		$	6,034		$	589		$	22,377

Period-end amount allocated to:
Loans individually evaluated for impairment	$	356		$	407		$	1,427		$	1,395		$	–		$	3,585
Loans collectively evaluated for impairment		1,467			5,131			6,966			4,639			589			18,792

Ending balance	$	1,823		$	5,538		$	8,393		$	6,034		$	589		$	22,377

Loans:
Individually evaluated for impairment	$	3,457		$	3,581		$	15,240		$	16,925		$	–		$	39,203
Collectively evaluated for impairment		240,916			142,790			793,083			334,961			67,501			1,579,251

Ending balance	$	244,373		$	146,371		$	808,323		$	351,886		$	67,501		$	1,618,454


	Commercial, financial & agricultural			Real estate - construction & development			Real estate - commercial & farmland			Real estate - residential			Consumer installment loans and Other			Total
	(Dollars in thousands)
Balance, January 1, 2012	$	2,918		$	9,438		$	14,226		$	8,128		$	446		$	35,156
Provision for loan losses		815			5,245			15,000			6,267			1,124			28,451
Loans charged off		(1,451	)		(9,380	)		(20,551	)		(8,722	)		(1,059	)		(41,163	)
Recoveries of loans previously charged off		157			40			482			225			245			1,149

Balance, December 31, 2012	$	2,439		$	5,343		$	9,157		$	5,898		$	756		$	23,593

Period-end amount allocated to:
Loans individually evaluated for impairment	$	659		$	611		$	2,228		$	1,056		$	–		$	4,554
Loans collectively evaluated for impairment		1,780			4,732			6,929			4,842			756			19,039

Ending balance	$	2,439		$	5,343		$	9,157		$	5,898		$	756		$	23,593

Loans:
Individually evaluated for impairment	$	3,351		$	7,617		$	21,332		$	13,020		$	–		$	45,320
Collectively evaluated for impairment		170,866			106,582			710,990			333,460			83,417			1,405,315

Ending balance	$	174,217		$	114,199		$	732,322		$	346,480		$	83,417		$	1,450,635


	Commercial, financial & agricultural			Real estate - construction & development			Real estate - commercial & farmland			Real estate - residential			Consumer installment loans and Other			Total
	(Dollars in thousands)
Balance, January 1, 2011	$	2,779		$	7,705		$	14,971		$	8,664		$	457		$	34,576
Provision for loan losses		5,772			11,354			7,883			4,717			615			30,341
Loans charged off		(5,807	)		(10,988	)		(8,680	)		(5,399	)		(749	)		(31,623	)
Recoveries of loans previously charged off		174			1,367			52			146			123			1,862

Balance, December 31, 2011	$	2,918		$	9,438		$	14,226		$	8,128		$	446		$	35,156

Period-end amount allocated to:
Loans individually evaluated for impairment	$	766		$	3,478		$	8,152		$	3,567		$	3		$	15,966
Loans collectively evaluated for impairment		2,152			5,960			6,074			4,561			443			19,190

Ending balance	$	2,918		$	9,438		$	14,226		$	8,128		$	446		$	35,156

Loans:
Individually evaluated for impairment	$	2,831		$	13,561		$	45,084		$	16,080		$	17		$	77,573
Collectively evaluated for impairment		140,129			116,709			627,681			314,647			55,347			1,254,513

Ending balance	$	142,960		$	130,270		$	672,765		$	330,727		$	55,364		$	1,332,086