XML 32 R25.htm IDEA: XBRL DOCUMENT v3.3.0.814
Loans and the Allowance for Loan Losses (Tables)
 9 Months Ended
Sep. 30, 2015
Business Acquisition [Line Items]  
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition
The following table presents the fair value of loans determined to be impaired at the time of acquisition and determined not to be impaired at the time of acquisition at September 30, 2015:
 
 
Impaired
Covered
Loans
 
Other
Covered
Loans
 
Not
Covered
Loans
 
Total
Contractually-required principal and interest
$
22,400

 
$
67,828

 
$
383,887

 
$
474,115

Nonaccretable difference(1)
(1,397
)
 
(11,983
)
 
(86,891
)
 
(100,271
)
Cash flows expected to be collected
21,003

 
55,845

 
296,996

 
373,844

Accretable yield(2)
(10
)
 
(4,976
)
 
(38,936
)
 
(43,922
)
Fair value
$
20,993

 
$
50,869

 
$
258,060

 
$
329,922

 
(1)
Represents contractual principal and interest cash flows of $100,023 and $249, respectively, not expected to be collected.
(2)
Represents contractual interest payments of $2,329 expected to be collected and purchase discount of $41,594.
Summary of loans
The following is a summary of loans as of the dates presented:
 
 
September 30,
2015
 
December 31, 2014
Commercial, financial, agricultural
$
621,121

 
$
483,283

Lease financing
25,190

 
10,427

Real estate – construction
339,370

 
212,061

Real estate – 1-4 family mortgage
1,662,505

 
1,236,360

Real estate – commercial mortgage
2,516,889

 
1,956,914

Installment loans to individuals
113,377

 
89,142

Gross loans
5,278,452

 
3,988,187

Unearned income
(492
)
 
(313
)
Loans, net of unearned income
5,277,960

 
3,987,874

Allowance for loan losses
(42,051
)
 
(42,289
)
Net loans
$
5,235,909

 
$
3,945,585
Past due and nonaccrual loans
The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
 
 
Accruing Loans
 
Nonaccruing Loans
 
 
 
30-89 Days
Past Due
 
90 Days
or More
Past Due
 
Current
Loans
 
Total
Loans
 
30-89 Days
Past Due
 
90 Days
or More
Past Due
 
Current
Loans
 
Total
Loans
 
Total
Loans
September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
928

 
$
1,146

 
$
618,263

 
$
620,337

 
$
—

 
$
503

 
$
281

 
$
784

 
$
621,121

Lease financing
—

 
—

 
24,771

 
24,771

 
—

 
419

 
—

 
419

 
25,190

Real estate – construction
789

 
—

 
338,581

 
339,370

 
—

 
—

 
—

 
—

 
339,370

Real estate – 1-4 family mortgage
8,947

 
5,789

 
1,635,107

 
1,649,843

 
296

 
3,618

 
8,748

 
12,662

 
1,662,505

Real estate – commercial mortgage
6,918

 
6,614

 
2,483,675

 
2,497,207

 
560

 
9,285

 
9,837

 
19,682

 
2,516,889

Installment loans to individuals
434

 
65

 
112,837

 
113,336

 
—

 
34

 
7

 
41

 
113,377

Unearned income
—

 
—

 
(492
)
 
(492
)
 
—

 
—

 
—

 
—

 
(492
)
Total
$
18,016

 
$
13,614

 
$
5,212,742

 
$
5,244,372

 
$
856

 
$
13,859

 
$
18,873

 
$
33,588

 
$
5,277,960

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
1,113

 
$
636

 
$
480,332

 
$
482,081

 
$
16

 
$
820

 
$
366

 
$
1,202

 
$
483,283

Lease financing
462

 
—

 
9,965

 
10,427

 
—

 
—

 
—

 
—

 
10,427

Real estate – construction
—

 
37

 
211,860

 
211,897

 
—

 
164

 
—

 
164

 
212,061

Real estate – 1-4 family mortgage
8,398

 
2,382

 
1,212,214

 
1,222,994

 
355

 
4,604

 
8,407

 
13,366

 
1,236,360

Real estate – commercial mortgage
6,924

 
7,637

 
1,912,758

 
1,927,319

 
1,826

 
16,928

 
10,841

 
29,595

 
1,956,914

Installment loans to individuals
269

 
21

 
88,782

 
89,072

 
—

 
59

 
11

 
70

 
89,142

Unearned income
—

 
—

 
(313
)
 
(313
)
 
—

 
—

 
—

 
—

 
(313
)
Total
$
17,166

 
$
10,713

 
$
3,915,598

 
$
3,943,477

 
$
2,197

 
$
22,575

 
$
19,625

 
$
44,397

 
$
3,987,874
Impaired loans
Impaired loans recognized in conformity with Financial Accounting Standards Board Accounting Standards Codification Topic ("ASC") 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented:
 
 
Unpaid
Contractual
Principal
Balance
 
Recorded
Investment
With
Allowance
 
Recorded
Investment
With No
Allowance
 
Total
Recorded
Investment
 
Related
Allowance
September 30, 2015
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
8,456

 
$
6,529

 
$
49

 
$
6,578

 
$
599

Real estate – construction
—

 
—

 
—

 
—

 
—

Real estate – 1-4 family mortgage
43,363

 
32,769

 
6,118

 
38,887

 
4,773

Real estate – commercial mortgage
99,819

 
79,292

 
9,379

 
88,671

 
4,374

Installment loans to individuals
811

 
499

 
7

 
506

 
1

Total
$
152,449

 
$
119,089

 
$
15,553

 
$
134,642

 
$
9,747

December 31, 2014
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
4,871

 
$
984

 
$
1,375

 
$
2,359

 
$
171

Real estate – construction
164

 
164

 
—

 
164

 
—

Real estate – 1-4 family mortgage
31,906

 
18,401

 
7,295

 
25,696

 
4,824

Real estate – commercial mortgage
90,196

 
29,079

 
28,784

 
57,863

 
5,767

Installment loans to individuals
397

 
21

 
51

 
72

 
—

Totals
$
127,534

 
$
48,649

 
$
37,505

 
$
86,154

 
$
10,762
Investment and interest income recognized on impaired loans
The following table presents the average recorded investment and interest income recognized on impaired loans for the periods presented:
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Three Months Ended
 
September 30, 2015
 
September 30, 2014
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
6,763

 
$
10

 
$
4,167

 
$
160

Lease financing
—

 
—

 
—

 
—

Real estate – construction
—

 
—

 
1,997

 
96

Real estate – 1-4 family mortgage
40,410

 
46

 
26,378

 
808

Real estate – commercial mortgage
91,323

 
152

 
74,648

 
3,110

Installment loans to individuals
520

 
1

 
141

 
13

Total
$
139,016

 
$
209

 
$
107,331

 
$
4,187



 
Nine Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
6,519

 
$
184

 
$
4,399

 
$
165

Real estate – construction
—

 
—

 
2,023

 
98

Real estate – 1-4 family mortgage
40,203

 
917

 
27,122

 
843

Real estate – commercial mortgage
93,107

 
2,764

 
80,402

 
3,174

Installment loans to individuals
531

 
13

 
147

 
13

Total
$
140,360

 
$
3,878

 
$
114,093

 
$
4,293
Restructured loans
The following table presents restructured loans segregated by class as of the dates presented:
 
 
Number of
Loans
 
Pre-
Modification
Outstanding
Recorded
Investment
 
Post-
Modification
Outstanding
Recorded
Investment
September 30, 2015
 
 
 
 
 
Commercial, financial, agricultural
2

 
$
507

 
$
460

Real estate – construction
—

 
—

 
—

Real estate – 1-4 family mortgage
60

 
6,084

 
5,563

Real estate – commercial mortgage
25

 
14,324

 
12,791

Installment loans to individuals
1

 
67

 
67

Total
88

 
$
20,982

 
$
18,881

December 31, 2014
 
 
 
 
 
Commercial, financial, agricultural
2

 
$
507

 
$
507

Real estate – construction
—

 
—

 
—

Real estate – 1-4 family mortgage
35

 
5,212

 
4,567

Real estate – commercial mortgage
16

 
10,590

 
9,263

Installment loans to individuals
—

 
—

 
—

Total
53

 
$
16,309

 
$
14,337
Changes in restructured loans
Changes in the Company’s restructured loans are set forth in the table below:
 
 
Number of
Loans
 
Recorded
Investment
Totals at January 1, 2015
53

 
$
14,337

Additional loans with concessions
53

 
12,662

Reductions due to:
 
 
 
Reclassified as nonperforming
(3
)
 
(331
)
Paid in full
(13
)
 
(4,820
)
Charge-offs
(1
)
 
(56
)
Transfer to other real estate owned
—

 
—

Principal paydowns
—

 
(688
)
Lapse of concession period
—

 
—

       TDR reclassified as performing loan
(1
)
 
(2,223
)
Totals at September 30, 2015
88

 
$
18,881
Loan portfolio by risk-rating grades
The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:
 
 
Pass
 
Watch
 
Substandard
 
Total
September 30, 2015
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
460,425

 
$
7,583

 
$
4,159

 
$
472,167

Lease financing
—

 
—

 
419

 
419

Real estate – construction
256,056

 
1,692

 
38

 
257,786

Real estate – 1-4 family mortgage
250,296

 
10,736

 
14,448

 
275,480

Real estate – commercial mortgage
1,927,091

 
40,811

 
25,853

 
1,993,755

Installment loans to individuals
27

 
—

 
—

 
27

Total
$
2,893,895

 
$
60,822

 
$
44,917

 
$
2,999,634

December 31, 2014
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
337,998

 
$
5,255

 
$
1,451

 
$
344,704

Lease financing
—

 
—

 
—

 
—

Real estate – construction
150,683

 
855

 
—

 
151,538

Real estate – 1-4 family mortgage
122,608

 
6,079

 
11,479

 
140,166

Real estate – commercial mortgage
1,389,787

 
31,109

 
33,554

 
1,454,450

Installment loans to individuals
1,402

 
—

 
—

 
1,402

Total
$
2,002,478

 
$
43,298

 
$
46,484

 
$
2,092,260
Loan portfolio not subject to risk rating
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
 
 
Performing
 
Non-
Performing
 
Total
September 30, 2015
 
 
 
 
 
Commercial, financial, agricultural
$
135,821

 
$
356

 
$
136,177

Lease financing
24,279

 
—

 
24,279

Real estate – construction
79,970

 
—

 
79,970

Real estate – 1-4 family mortgage
1,292,638

 
2,961

 
1,295,599

Real estate – commercial mortgage
300,582

 
1,340

 
301,922

Installment loans to individuals
110,431

 
26

 
110,457

Total
$
1,943,721

 
$
4,683

 
$
1,948,404

December 31, 2014
 
 
 
 
 
Commercial, financial, agricultural
$
114,996

 
$
179

 
$
115,175

Lease financing
10,114

 
—

 
10,114

Real estate – construction
60,323

 
200

 
60,523

Real estate – 1-4 family mortgage
1,010,645

 
2,730

 
1,013,375

Real estate – commercial mortgage
266,867

 
1,352

 
268,219

Installment loans to individuals
83,744

 
39

 
83,783

Total
$
1,546,689

 
$
4,500

 
$
1,551,189
Loans acquired with deteriorated credit quality
Loans acquired in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented:
 
 
Impaired
Covered
Loans
 
Other
Covered
Loans
 
Not
Covered
Loans
 
Total
September 30, 2015
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
1,205

 
$
415

 
$
11,157

 
$
12,777

Lease financing
—

 
—

 
—

 
—

Real estate – construction
—

 
94

 
1,520

 
1,614

Real estate – 1-4 family mortgage
5,895

 
26,990

 
58,541

 
91,426

Real estate – commercial mortgage
13,893

 
23,323

 
183,996

 
221,212

Installment loans to individuals
—

 
47

 
2,846

 
2,893

Total
$
20,993

 
$
50,869

 
$
258,060

 
$
329,922

December 31, 2014
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
—

 
$
6,684

 
$
16,720

 
$
23,404

Lease financing
—

 
—

 
—

 
—

Real estate – construction
—

 
—

 
—

 
—

Real estate – 1-4 family mortgage
420

 
43,597

 
38,802

 
82,819

Real estate – commercial mortgage
7,584

 
84,720

 
141,941

 
234,245

Installment loans to individuals
—

 
36

 
3,921

 
3,957

Total
$
8,004

 
$
135,037

 
$
201,384

 
$
344,425
Changes in accretable yield of loans acquired with deteriorated credit quality
Changes in the accretable yield of loans acquired with deteriorated credit quality were as follows:
 
 
Impaired
Covered
Loans
 
Other
Covered
Loans
 
Not
Covered
Loans
 
Total
Balance at January 1, 2015
$
(1
)
 
$
(2,623
)
 
$
(29,809
)
 
$
(32,433
)
Additions due to acquisition
—

 
(4,880
)
 
(15,386
)
 
(20,266
)
Reclasses from nonaccretable difference
(578
)
 
977

 
(4,355
)
 
(3,956
)
Accretion
569

 
1,550

 
9,131

 
11,250

Charge-offs
—

 
—

 
1,483

 
1,483

Balance at September 30, 2015
$
(10
)
 
$
(4,976
)
 
$
(38,936
)
 
$
(43,922
)
Rollforward of the allowance for loan losses
The following table provides a roll forward of the allowance for loan losses and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented:
 
 
Commercial
 
Real Estate -
Construction
 
Real Estate -
1-4 Family
Mortgage
 
Real Estate  -
Commercial
Mortgage
 
Installment
and  Other(1)
 
Total
Three Months Ended September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
3,971

 
$
1,297

 
$
13,792

 
$
21,547

 
$
1,281

 
$
41,888

Charge-offs
(143
)
 
—

 
(251
)
 
(430
)
 
(132
)
 
(956
)
Recoveries
82

 
3

 
145

 
112

 
27

 
369

Net charge-offs
(61
)
 
3

 
(106
)
 
(318
)
 
(105
)
 
(587
)
Provision for loan losses
(307
)
 
360

 
165

 
53

 
358

 
629

Benefit attributable to FDIC loss-share agreements
(10
)
 
—

 
(39
)
 
(231
)
 
—

 
(280
)
Recoveries payable to FDIC
20

 
1

 
99

 
277

 
4

 
401

Provision for loan losses charged to operations
(297
)
 
361

 
225

 
99

 
362

 
750

Ending balance
$
3,613

 
$
1,661

 
$
13,911

 
$
21,328

 
$
1,538

 
$
42,051


 
Commercial
 
Real Estate -
Construction
 
Real Estate -
1-4 Family
Mortgage
 
Real Estate  -
Commercial
Mortgage
 
Installment
and  Other(1)
 
Total
Nine Months Ended September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
3,305

 
$
1,415

 
$
13,549

 
$
22,759

 
$
1,261

 
$
42,289

Charge-offs
(501
)
 
(26
)
 
(1,605
)
 
(2,287
)
 
(238
)
 
(4,657
)
Recoveries
221

 
16

 
515

 
581

 
86

 
1,419

Net charge-offs
(280
)
 
(10
)
 
(1,090
)
 
(1,706
)
 
(152
)
 
(3,238
)
Provision for loan losses
624

 
254

 
653

 
244

 
425

 
2,200

Benefit attributable to FDIC loss-share agreements
(65
)
 
—

 
(82
)
 
(717
)
 
—

 
(864
)
Recoveries payable to FDIC
29

 
2

 
881

 
748

 
4

 
1,664

Provision for loan losses charged to operations
588

 
256

 
1,452

 
275

 
429

 
3,000

Ending balance
$
3,613

 
$
1,661

 
$
13,911

 
$
21,328

 
$
1,538

 
$
42,051

Period-End Amount Allocated to:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
214

 
$
—

 
$
4,482

 
$
3,101

 
$
—

 
$
7,797

Collectively evaluated for impairment
3,014

 
1,661

 
9,137

 
16,955

 
1,537

 
32,304

Acquired with deteriorated credit quality
385

 
—

 
292

 
1,272

 
1

 
1,950

Ending balance
$
3,613

 
$
1,661

 
$
13,911

 
$
21,328

 
$
1,538

 
$
42,051


 
 
Commercial
 
Real Estate -
Construction
 
Real Estate -
1-4 Family
Mortgage
 
Real Estate  -
Commercial
Mortgage
 
Installment
and  Other(1)
 
Total
Three Months Ended September 30, 2014
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
3,264

 
$
1,267

 
$
11,797

 
$
29,771

 
$
1,205

 
$
47,304

Charge-offs
(1,206
)
 
—

 
(1,271
)
 
(3,513
)
 
(112
)
 
(6,102
)
Recoveries
103

 
6

 
751

 
267

 
23

 
1,150

Net (charge-offs) recoveries
(1,103
)
 
6

 
(520
)
 
(3,246
)
 
(89
)
 
(4,952
)
Provision for loan losses
1,007

 
109

 
(491
)
 
4,043

 
107

 
4,775

Benefit attributable to FDIC loss-share agreements
(19
)
 
—

 
(189
)
 
(3,169
)
 
—

 
(3,377
)
Recoveries payable to FDIC
22

 
—

 
16

 
781

 
—

 
819

Provision for loan losses charged to operations
1,010

 
109

 
(664
)
 
1,655

 
107

 
2,217

Ending balance
$
3,171

 
$
1,382

 
$
10,613

 
$
28,180

 
$
1,223

 
$
44,569



 
Commercial
 
Real Estate -
Construction
 
Real Estate -
1-4 Family
Mortgage
 
Real Estate  -
Commercial
Mortgage
 
Installment
and  Other(1)
 
Total
Nine Months Ended September 30, 2014
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
3,090

 
$
1,091

 
$
18,629

 
$
23,688

 
$
1,167

 
$
47,665

Charge-offs
(1,325
)
 
—

 
(4,143
)
 
(4,056
)
 
(404
)
 
(9,928
)
Recoveries
215

 
14

 
1,108

 
325

 
53

 
1,715

Net (charge-offs) recoveries
(1,110
)
 
14

 
(3,035
)
 
(3,731
)
 
(351
)
 
(8,213
)
Provision for loan losses
1,095

 
276

 
(5,182
)
 
12,045

 
407

 
8,641

Benefit attributable to FDIC loss-share agreements
(87
)
 
—

 
(324
)
 
(4,640
)
 
—

 
(5,051
)
Recoveries payable to FDIC
183

 
1

 
525

 
818

 
—

 
1,527

Provision for loan losses charged to operations
1,191

 
277

 
(4,981
)
 
8,223

 
407

 
5,117

Ending balance
$
3,171

 
$
1,382

 
$
10,613

 
$
28,180

 
$
1,223

 
$
44,569

Period-End Amount Allocated to:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
—

 
$
—

 
$
1,260

 
$
6,820

 
$
—

 
$
8,080

Collectively evaluated for impairment
3,171

 
1,382

 
9,353

 
21,360

 
1,223

 
36,489

Acquired with deteriorated credit quality
—

 
—

 
—

 
—

 
—

 
—

Ending balance
$
3,171

 
$
1,382

 
$
10,613

 
$
28,180

 
$
1,223

 
$
44,569


(1)
Includes lease financing receivables.
Investment in loans, net of unearned income on impairment methodology
The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:
 
 
Commercial
 
Real Estate  -
Construction
 
Real Estate -
1-4 Family
Mortgage
 
Real Estate  -
Commercial
Mortgage
 
Installment
and  Other(1)
 
Total
September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
1,265

 
$
—

 
$
16,462

 
$
20,096

 
$
71

 
$
37,894

Collectively evaluated for impairment
607,079

 
337,756

 
1,554,617

 
2,275,581

 
135,111

 
4,910,144

Acquired with deteriorated credit quality
12,777

 
1,614

 
91,426

 
221,212

 
2,893

 
329,922

Ending balance
$
621,121

 
$
339,370

 
$
1,662,505

 
$
2,516,889

 
$
138,075

 
$
5,277,960

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
984

 
$
164

 
$
18,401

 
$
29,079

 
$
21

 
$
48,649

Collectively evaluated for impairment
458,895

 
211,897

 
1,135,140

 
1,693,590

 
95,278

 
3,594,800

Acquired with deteriorated credit quality
23,404

 
—

 
82,819

 
234,245

 
3,957

 
344,425

Ending balance
$
483,283

 
$
212,061

 
$
1,236,360

 
$
1,956,914

 
$
99,256

 
$
3,987,874

 
(1)
Includes lease financing receivables.
Heritage Financial Group  
Business Acquisition [Line Items]  
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition
The following table presents the fair value of loans acquired from Heritage Financial Group, Inc. (“Heritage”) as of the July 1, 2015 acquisition date.
At acquisition date:
 
July 1, 2015
  Contractually-required principal and interest
 
$
1,237,944

  Nonaccretable difference
 
59,408

  Cash flows expected to be collected
 
1,178,536

  Accretable yield
 
66,919

      Fair value
 
$
1,111,617