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Non Purchased Loans (Tables)
 3 Months Ended
Mar. 31, 2017
Receivables [Abstract]  
Summary of loans
The following is a summary of non purchased loans and leases as of the dates presented:
 
 
March 31,
2017
 
December 31, 2016
Commercial, financial, agricultural
$
626,237

 
$
589,290

Lease financing
50,462

 
49,250

Real estate – construction
378,061

 
483,926

Real estate – 1-4 family mortgage
1,485,663

 
1,425,730

Real estate – commercial mortgage
2,203,639

 
2,075,137

Installment loans to individuals
92,669

 
92,648

Gross loans
4,836,731

 
4,715,981

Unearned income
(2,646
)
 
(2,409
)
Loans, net of unearned income
4,834,085

 
4,713,572

The following is a summary of purchased loans as of the dates presented:
 
 
March 31,
2017
 
December 31, 2016
Commercial, financial, agricultural
$
115,229

 
$
128,200

Lease financing
—

 
—

Real estate – construction
35,673

 
68,753

Real estate – 1-4 family mortgage
431,904

 
452,447

Real estate – commercial mortgage
804,790

 
823,758

Installment loans to individuals
14,124

 
15,979

Gross loans
1,401,720

 
1,489,137

Unearned income
—

 
—

Loans, net of unearned income
1,401,720

 
1,489,137

The following is a summary of non purchased and purchased loans as of the dates presented:
 
 
March 31,
2017
 
December 31, 2016
Commercial, financial, agricultural
$
741,466

 
$
717,490

Lease financing
50,462

 
49,250

Real estate – construction
413,734

 
552,679

Real estate – 1-4 family mortgage
1,917,567

 
1,878,177

Real estate – commercial mortgage
3,008,429

 
2,898,895

Installment loans to individuals
106,793

 
108,627

Gross loans
6,238,451

 
6,205,118

Unearned income
(2,646
)
 
(2,409
)
Loans, net of unearned income
6,235,805

 
6,202,709

Allowance for loan losses
(42,923
)
 
(42,737
)
Net loans
$
6,192,882

 
$
6,159,972
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
March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
300

 
$
59

 
$
623,693

 
$
624,052

 
$
467

 
$
1,407

 
$
311

 
$
2,185

 
$
626,237

Lease financing
181

 
—

 
50,281

 
50,462

 
—

 
—

 
—

 
—

 
50,462

Real estate – construction
231

 
—

 
377,830

 
378,061

 
—

 
—

 
—

 
—

 
378,061

Real estate – 1-4 family mortgage
4,234

 
718

 
1,476,098

 
1,481,050

 
88

 
1,848

 
2,677

 
4,613

 
1,485,663

Real estate – commercial mortgage
2,435

 
1,315

 
2,194,109

 
2,197,859

 
—

 
1,892

 
3,888

 
5,780

 
2,203,639

Installment loans to individuals
346

 
82

 
92,189

 
92,617

 


 
52

 
—

 
52

 
92,669

Unearned income


 


 
(2,646
)
 
(2,646
)
 


 


 


 
—

 
(2,646
)
Total
$
7,727

 
$
2,174

 
$
4,811,554

 
$
4,821,455

 
$
555

 
$
5,199

 
$
6,876

 
$
12,630

 
$
4,834,085

December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
811

 
$
720

 
$
586,730

 
$
588,261

 
$
—

 
$
932

 
$
97

 
$
1,029

 
$
589,290

Lease financing
193

 
—

 
48,919

 
49,112

 
—

 
138

 
—

 
138

 
49,250

Real estate – construction
995

 
—

 
482,931

 
483,926

 
—

 
—

 
—

 
—

 
483,926

Real estate – 1-4 family mortgage
6,189

 
1,136

 
1,414,254

 
1,421,579

 
161

 
1,222

 
2,768

 
4,151

 
1,425,730

Real estate – commercial mortgage
2,283

 
99

 
2,066,821

 
2,069,203

 
580

 
2,778

 
2,576

 
5,934

 
2,075,137

Installment loans to individuals
324

 
124

 
92,179

 
92,627

 
—

 
21

 
—

 
21

 
92,648

Unearned income
—

 
—

 
(2,409
)
 
(2,409
)
 
—

 
—

 
—

 
—

 
(2,409
)
Total
$
10,795

 
$
2,079

 
$
4,689,425

 
$
4,702,299

 
$
741

 
$
5,091

 
$
5,441

 
$
11,273

 
$
4,713,572

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
March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
524

 
$
868

 
$
113,142

 
$
114,534

 
$
2

 
$
185

 
$
508

 
$
695

 
$
115,229

Lease financing
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Real estate – construction
159

 
—

 
35,514

 
35,673

 
—

 
—

 
—

 
—

 
35,673

Real estate – 1-4 family mortgage
4,407

 
4,110

 
419,028

 
427,545

 
319

 
2,414

 
1,626

 
4,359

 
431,904

Real estate – commercial mortgage
970

 
6,840

 
793,710

 
801,520

 
136

 
289

 
2,845

 
3,270

 
804,790

Installment loans to individuals
168

 
79

 
13,706

 
13,953

 
—

 
4

 
167

 
171

 
14,124

Unearned income
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
$
6,228

 
$
11,897

 
$
1,375,100

 
$
1,393,225

 
$
457

 
$
2,892

 
$
5,146

 
$
8,495

 
$
1,401,720

December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
823

 
$
990

 
$
125,417

 
$
127,230

 
$
260

 
$
381

 
$
329

 
$
970

 
$
128,200

Lease financing
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Real estate – construction
527

 
321

 
67,760

 
68,608

 
—

 
145

 
—

 
145

 
68,753

Real estate – 1-4 family mortgage
4,572

 
3,382

 
440,258

 
448,212

 
417

 
2,047

 
1,771

 
4,235

 
452,447

Real estate – commercial mortgage
3,045

 
6,112

 
808,886

 
818,043

 
—

 
2,661

 
3,054

 
5,715

 
823,758

Installment loans to individuals
96

 
10

 
15,591

 
15,697

 
—

 
156

 
126

 
282

 
15,979

Unearned income
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
$
9,063

 
$
10,815

 
$
1,457,912

 
$
1,477,790

 
$
677

 
$
5,390

 
$
5,280

 
$
11,347

 
$
1,489,137
Impaired loans
Loans accounted for under FASB Accounting Standards Codification Topic (“ASC”) 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with 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
March 31, 2017
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
2,788

 
$
2,185

 
$
—

 
$
2,185

 
$
147

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
—

 
—

 
—

 
—

 
—

Real estate – 1-4 family mortgage
12,679

 
10,999

 
—

 
10,999

 
1,085

Real estate – commercial mortgage
19,071

 
14,478

 
568

 
15,046

 
2,618

Installment loans to individuals
117

 
117

 
—

 
117

 
—

Total
$
34,655

 
$
27,779

 
$
568

 
$
28,347

 
$
3,850

December 31, 2016
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
1,577

 
$
1,175

 
$
—

 
$
1,175

 
$
136

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
517

 
517

 
—

 
517

 
1

Real estate – 1-4 family mortgage
10,823

 
9,207

 
—

 
9,207

 
1,091

Real estate – commercial mortgage
15,007

 
10,053

 
568

 
10,621

 
2,397

Installment loans to individuals
87

 
87

 
—

 
87

 
1

Totals
$
28,011

 
$
21,039

 
$
568

 
$
21,607

 
$
3,626

Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with 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
March 31, 2017
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
567

 
$
121

 
$
423

 
$
544

 
$
18

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
—

 
—

 
—

 
—

 
—

Real estate – 1-4 family mortgage
5,463

 
1,746

 
3,114

 
4,860

 
54

Real estate – commercial mortgage
3,108

 
2,898

 
178

 
3,076

 
52

Installment loans to individuals
101

 
62

 
13

 
75

 
3

Total
$
9,239

 
$
4,827

 
$
3,728

 
$
8,555

 
$
127

December 31, 2016
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
732

 
$
487

 
$
224

 
$
711

 
$
310

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
147

 
145

 
—

 
145

 
—

Real estate – 1-4 family mortgage
3,095

 
1,496

 
1,385

 
2,881

 
43

Real estate – commercial mortgage
2,485

 
2,275

 
183

 
2,458

 
48

Installment loans to individuals
215

 
135

 
55

 
190

 
114

Totals
$
6,674

 
$
4,538

 
$
1,847

 
$
6,385

 
$
515


The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented:
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
541

 
$
2

 
$
8

 
$
—

Lease financing
—

 
—

 
—

 
—

Real estate – construction
—

 
—

 
—

 
—

Real estate – 1-4 family mortgage
5,481

 
21

 
810

 
9

Real estate – commercial mortgage
3,090

 
35

 
1,515

 
10

Installment loans to individuals
85

 
—

 
—

 
—

Total
$
9,197

 
$
58

 
$
2,333

 
$
19
Investment and interest income recognized on impaired loans
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented:
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
2,714

 
$
39

 
$
318

 
$
2

Lease financing
—

 
—

 
—

 
—

Real estate – construction
—

 
—

 
—

 
—

Real estate – 1-4 family mortgage
11,088

 
26

 
14,442

 
81

Real estate – commercial mortgage
15,314

 
106

 
15,031

 
122

Installment loans to individuals
118

 
—

 
67

 
1

Total
$
29,234

 
$
171

 
$
29,858

 
$
206

Loans accounted for under ASC 310-30, and which are impaired loans recognized in conformity with 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
March 31, 2017
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
21,357

 
$
6,451

 
$
6,577

 
$
13,028

 
$
378

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
—

 
—

 
—

 
—

 
 
Real estate – 1-4 family mortgage
80,398

 
20,725

 
47,340

 
68,065

 
767

Real estate – commercial mortgage
214,450

 
58,271

 
114,448

 
172,719

 
1,573

Installment loans to individuals
2,091

 
527

 
1,400

 
1,927

 
1

Total
$
318,296

 
$
85,974

 
$
169,765

 
$
255,739

 
$
2,719

December 31, 2016
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
20,697

 
$
4,555

 
$
7,439

 
$
11,994

 
$
372

Lease financing
—

 
—

 
—

 
—

 
—

Real estate – construction
1,141

 
—

 
840

 
840

 
—

Real estate – 1-4 family mortgage
86,725

 
21,887

 
50,065

 
71,952

 
841

Real estate – commercial mortgage
229,075

 
62,449

 
122,538

 
184,987

 
1,606

Installment loans to individuals
2,466

 
366

 
1,619

 
1,985

 
1

Totals
$
340,104

 
$
89,257

 
$
182,501

 
$
271,758

 
$
2,820

The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented:
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
14,088

 
$
247

 
$
18,024

 
$
327

Lease financing
—

 
—

 
—

 
—

Real estate – construction
—

 
—

 
2,608

 
25

Real estate – 1-4 family mortgage
78,341

 
865

 
101,089

 
953

Real estate – commercial mortgage
196,807

 
2,319

 
250,041

 
2,831

Installment loans to individuals
2,104

 
21

 
2,954

 
29

Total
$
291,340

 
$
3,452

 
$
374,716

 
$
4,165
Restructured loans
The following tables illustrate the impact of modifications classified as restructured loans and are segregated by class for the periods presented:
 
 
Number of
Loans
 
Pre-
Modification
Outstanding
Recorded
Investment
 
Post-
Modification
Outstanding
Recorded
Investment
Three months ended March 31, 2017
 
 
 
 
 
Real estate – 1-4 family mortgage
2

 
177

 
174

Real estate – commercial mortgage
2

 
146

 
156

Total
4

 
$
323

 
$
330

Three months ended March 31, 2016
 
 
 
 
 
Real estate – 1-4 family mortgage
5

 
428

 
421

Total
5

 
$
428

 
$
421


 
 
 
 
 
 
The following tables illustrate the impact of modifications classified as restructured loans and are segregated by class for the periods presented:
 
 
Number of
Loans
 
Pre-
Modification
Outstanding
Recorded
Investment
 
Post-
Modification
Outstanding
Recorded
Investment
Three months ended March 31, 2017
 
 
 
 
 
Real estate – 1-4 family mortgage
10

 
2,221

 
1,823

Real estate – commercial mortgage
4

 
2,721

 
1,986

Total
14

 
$
4,942

 
$
3,809

Three months ended March 31, 2016
 
 
 
 
 
Real estate – 1-4 family mortgage
6

 
352

 
242

Real estate – commercial mortgage
2

 
612

 
605

Total
8

 
$
964

 
$
847
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, 2017
53

 
$
7,447

Additional loans with concessions
4

 
334

Reductions due to:
 
 
 
Reclassified as nonperforming
(1
)
 
(56
)
Paid in full
(2
)
 
(217
)
Charge-offs
(1
)
 
(250
)
Principal paydowns
—

 
(85
)
Totals at March 31, 2017
53

 
$
7,173

Changes in the Company’s restructured loans are set forth in the table below:
 
 
Number of
Loans
 
Recorded
Investment
Totals at January 1, 2017
42

 
$
4,028

Additional loans with concessions
14

 
3,825

Reductions due to:
 
 
 
Charge-offs
(1
)
 
(17
)
Principal paydowns
—

 
(74
)
Totals at March 31, 2017
55

 
$
7,762
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
March 31, 2017
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
470,252

 
$
1,846

 
$
1,662

 
$
473,760

Lease financing
—

 
—

 
—

 
—

Real estate – construction
329,322

 
225

 
—

 
329,547

Real estate – 1-4 family mortgage
205,083

 
3,739

 
6,073

 
214,895

Real estate – commercial mortgage
1,860,714

 
16,266

 
13,053

 
1,890,033

Installment loans to individuals
—

 
—

 
—

 
—

Total
$
2,865,371

 
$
22,076

 
$
20,788

 
$
2,908,235

December 31, 2016
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
434,323

 
$
4,531

 
$
850

 
$
439,704

Lease financing
—

 
—

 
—

 
—

Real estate – construction
402,156

 
393

 
—

 
402,549

Real estate – 1-4 family mortgage
190,882

 
3,374

 
6,129

 
200,385

Real estate – commercial mortgage
1,734,523

 
18,118

 
13,088

 
1,765,729

Installment loans to individuals
—

 
—

 
—

 
—

Total
$
2,761,884

 
$
26,416

 
$
20,067

 
$
2,808,367

The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:

 
Pass
 
Watch
 
Substandard
 
Total
March 31, 2017
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
89,802

 
$
1,959

 
$
1,143

 
$
92,904

Lease financing
—

 
—

 
—

 
—

Real estate – construction
34,405

 
—

 
—

 
34,405

Real estate – 1-4 family mortgage
101,652

 
6,578

 
719

 
108,949

Real estate – commercial mortgage
601,582

 
8,007

 
710

 
610,299

Installment loans to individuals
—

 
—

 
4

 
4

Total
$
827,441

 
$
16,544

 
$
2,576

 
$
846,561

December 31, 2016
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
102,777

 
$
2,370

 
$
1,491

 
$
106,638

Lease financing
—

 
—

 
—

 
—

Real estate – construction
61,206

 
2,640

 
—

 
63,846

Real estate – 1-4 family mortgage
105,265

 
7,665

 
364

 
113,294

Real estate – commercial mortgage
608,192

 
8,445

 
723

 
617,360

Installment loans to individuals
—

 
—

 
114

 
114

Total
$
877,440

 
$
21,120

 
$
2,692

 
$
901,252
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
March 31, 2017
 
 
 
 
 
Commercial, financial, agricultural
$
151,232

 
$
1,245

 
$
152,477

Lease financing
47,816

 
—

 
47,816

Real estate – construction
48,514

 
—

 
48,514

Real estate – 1-4 family mortgage
1,268,160

 
2,608

 
1,270,768

Real estate – commercial mortgage
312,431

 
1,175

 
313,606

Installment loans to individuals
92,535

 
134

 
92,669

Total
$
1,920,688

 
$
5,162

 
$
1,925,850

December 31, 2016
 
 
 
 
 
Commercial, financial, agricultural
$
148,499

 
$
1,087

 
$
149,586

Lease financing
46,703

 
138

 
46,841

Real estate – construction
81,377

 
—

 
81,377

Real estate – 1-4 family mortgage
1,222,816

 
2,529

 
1,225,345

Real estate – commercial mortgage
308,609

 
799

 
309,408

Installment loans to individuals
92,504

 
144

 
92,648

Total
$
1,900,508

 
$
4,697

 
$
1,905,205

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
March 31, 2017
 
 
 
 
 
Commercial, financial, agricultural
$
9,234

 
$
63

 
$
9,297

Lease financing
—

 
—

 
—

Real estate – construction
1,268

 
—

 
1,268

Real estate – 1-4 family mortgage
253,172

 
1,718

 
254,890

Real estate – commercial mortgage
21,715

 
57

 
21,772

Installment loans to individuals
11,961

 
232

 
12,193

Total
$
297,350

 
$
2,070

 
$
299,420

December 31, 2016
 
 
 
 
 
Commercial, financial, agricultural
$
9,489

 
$
79

 
$
9,568

Lease financing
—

 
—

 
—

Real estate – construction
3,601

5

466

 
4,067

Real estate – 1-4 family mortgage
265,697

 
1,504

 
267,201

Real estate – commercial mortgage
21,353

 
58

 
21,411

Installment loans to individuals
13,712

 
168

 
13,880

Total
$
313,852

 
$
2,275

 
$
316,127