Assets Acquired in FDIC-Assisted Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Banking and Thrift [Abstract]

Schedule of Acquisition Details

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

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”)	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

Loans Receivable at Acquisition Date for Loans with Deterioration in Credit Quality

The following table presents the loans receivable (in thousands) at the 2012 acquisition date for loans with deterioration in credit quality.

2012 Acquisitions:	CBG		MBT		Total
	(Dollars in Thousands)
Contractually required principal payments receivable	$	137,407	$	-	$	137,407
Non-accretable difference		53,603		-		53,603
Present value of cash flows expected to be collected		83,804		-		83,804
Accretable difference		10,390		-		10,390
Fair value of loans acquired with deterioration of credit quality	$	73,414	$	-	$	73,414

Components of Covered Assets

The following table summarizes components of all covered assets at December 31, 2014 and 2013 and their origin. The FDIC loss-share receivable is shown net of the clawback liability.

	Covered loans		Less Fair Value adjustments		Total covered loans		OREO		Less Fair value adjustments		Total covered OREO		Total covered assets		FDIC loss- share receivable
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		0		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
As of December 31, 2013:
AUB	$	15,787	$	231	$	15,556	$	4,264	$	-	$	4,264	$	19,820	$	1,452
USB		18,504		1,427		17,077		2,865		141		2,724		19,801		889
SCB		34,637		1,483		33,154		3,461		303		3,158		36,312		3,175
FBJ		25,891		3,730		22,161		1,880		242		1,638		23,799		3,689
DBT		105,157		17,819		87,338		17,023		1,282		15,741		103,079		18,724
TBC		32,590		2,354		30,236		4,844		745		4,099		34,335		3,721
HTB		67,126		7,359		59,767		6,374		2,304		4,070		63,837		9,325
OGB		58,512		5,067		53,445		7,506		2,984		4,522		57,967		9,645
CBG		85,118		13,615		71,503		7,610		1,933		5,677		77,180		14,821
Total	$	443,322	$	53,085	$	390,237	$	55,827	$	9,934	$	45,893	$	436,130	$	65,441

Rollforward of Acquired Covered Loans

A rollforward of acquired covered loans for the years ended December 31, 2014 and 2013 is shown below:

(Dollars in Thousands)	2014		2013
Balance, January 1	$	390,237	$	507,712
Charge-offs, net of recoveries		(9,255)		(7,695)
Accretion		22,188		42,208
Transfers to covered other real estate owned		(13,650)		(31,833)
Transfer to purchased, non-covered loans due to loss share expiration		(15,475)		-
Payments received		(102,996)		(120,155)
Other		230		-
Ending balance	$	271,279	$	390,237

Changes in FDIC Loss Share Receivable

Changes in the FDIC loss-share receivable are as follows:

	For the Years Ended December 31,
	2014			2013
	(Dollars in Thousands)
Beginning balance	$	65,441		$	159,724
Payments received from FDIC		(22,494	)		(68,822	)
Accretion (amortization)		(18,449	)		(34,533	)
Change in clawback liability		(1,222	)		(3,398	)
Increase in receivable due to:
Charge-offs on covered loans		3,372			6,156
Write downs of covered other real estate owned		4,771			13,117
Reimbursable expenses on covered assets		1,078			5,820
Other activity, net		(1,146	)		(12,623	)
Ending balance	$	31,351		$	65,441