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Purchased Loans (Tables)
 9 Months Ended
Sep. 30, 2017
Receivables [Abstract]  
Summary of purchased loans
The following is a summary of non purchased loans and leases as of the dates presented:
 
 
September 30,
2017
 
December 31, 2016
Commercial, financial, agricultural
$
707,835

 
$
589,290

Lease financing
54,688

 
49,250

Real estate – construction
477,638

 
483,926

Real estate – 1-4 family mortgage
1,644,060

 
1,425,730

Real estate – commercial mortgage
2,311,340

 
2,075,137

Installment loans to individuals
100,692

 
92,648

Gross loans
5,296,253

 
4,715,981

Unearned income
(2,786
)
 
(2,409
)
Loans, net of unearned income
5,293,467

 
4,713,572

The following is a summary of purchased loans as of the dates presented:
 
 
September 30,
2017
 
December 31, 2016
Commercial, financial, agricultural
$
301,100

 
$
128,200

Real estate – construction
100,082

 
68,753

Real estate – 1-4 family mortgage
651,792

 
452,447

Real estate – commercial mortgage
1,079,049

 
823,758

Installment loans to individuals
23,118

 
15,979

Gross loans
2,155,141

 
1,489,137

Unearned income
—

 
—

Loans, net of unearned income
2,155,141

 
1,489,137

The following is a summary of total non purchased and purchased loans as of the dates presented:
 
 
September 30,
2017
 
December 31, 2016
Commercial, financial, agricultural
$
1,008,935

 
$
717,490

Lease financing
54,688

 
49,250

Real estate – construction
577,720

 
552,679

Real estate – 1-4 family mortgage
2,295,852

 
1,878,177

Real estate – commercial mortgage
3,390,389

 
2,898,895

Installment loans to individuals
123,810

 
108,627

Gross loans
7,451,394

 
6,205,118

Unearned income
(2,786
)
 
(2,409
)
Loans, net of unearned income
7,448,608

 
6,202,709

Allowance for loan losses
(44,531
)
 
(42,737
)
Net loans
$
7,404,077

 
$
6,159,972
Aging of 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, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
1,808

 
$
774

 
$
703,574

 
$
706,156

 
$
538

 
$
863

 
$
278

 
$
1,679

 
$
707,835

Lease financing
476

 
—

 
54,047

 
54,523

 
—

 
165

 
—

 
165

 
54,688

Real estate – construction
403

 
—

 
477,235

 
477,638

 
—

 
—

 
—

 
—

 
477,638

Real estate – 1-4 family mortgage
6,307

 
984

 
1,632,983

 
1,640,274

 
210

 
1,342

 
2,234

 
3,786

 
1,644,060

Real estate – commercial mortgage
3,140

 
1,505

 
2,302,423

 
2,307,068

 
—

 
1,303

 
2,969

 
4,272

 
2,311,340

Installment loans to individuals
258

 
32

 
100,334

 
100,624

 
—

 
45

 
23

 
68

 
100,692

Unearned income
—

 
—

 
(2,786
)
 
(2,786
)
 
—

 
—

 
—

 
—

 
(2,786
)
Total
$
12,392

 
$
3,295

 
$
5,267,810

 
$
5,283,497

 
$
748

 
$
3,718

 
$
5,504

 
$
9,970

 
$
5,293,467

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
September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
616

 
$
481

 
$
299,473

 
$
300,570

 
$
—

 
$
287

 
$
243

 
$
530

 
$
301,100

Real estate – construction
—

 
—

 
100,082

 
100,082

 
—

 
—

 
—

 
—

 
100,082

Real estate – 1-4 family mortgage
3,650

 
2,294

 
642,147

 
648,091

 
139

 
1,422

 
2,140

 
3,701

 
651,792

Real estate – commercial mortgage
3,448

 
4,566

 
1,070,563

 
1,078,577

 
196

 
99

 
177

 
472

 
1,079,049

Installment loans to individuals
346

 
8

 
22,599

 
22,953

 
3

 
—

 
162

 
165

 
23,118

Total
$
8,060

 
$
7,349

 
$
2,134,864

 
$
2,150,273

 
$
338

 
$
1,808

 
$
2,722

 
$
4,868

 
$
2,155,141

December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
823

 
$
990

 
$
125,417

 
$
127,230

 
$
260

 
$
381

 
$
329

 
$
970

 
$
128,200

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

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 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
September 30, 2017
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
2,118

 
$
1,843

 
$
—

 
$
1,843

 
$
30

Real estate – construction
897

 
897

 
—

 
897

 
4

Real estate – 1-4 family mortgage
10,508

 
8,004

 
704

 
8,708

 
809

Real estate – commercial mortgage
9,777

 
7,189

 
—

 
7,189

 
1,958

Installment loans to individuals
140

 
136

 
—

 
136

 
1

Total
$
23,440

 
$
18,069

 
$
704

 
$
18,773

 
$
2,802

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

 
$
1,175

 
$
—

 
$
1,175

 
$
136

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 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“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
September 30, 2017
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
26,853

 
$
6,770

 
$
10,689

 
$
17,459

 
$
325

Real estate – 1-4 family mortgage
71,858

 
17,639

 
42,130

 
59,769

 
614

Real estate – commercial mortgage
198,563

 
65,175

 
100,791

 
165,966

 
985

Installment loans to individuals
1,824

 
693

 
992

 
1,685

 
1

Total
$
299,098

 
$
90,277

 
$
154,602

 
$
244,879

 
$
1,925

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

 
$
4,555

 
$
7,439

 
$
11,994

 
$
372

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

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
September 30, 2017
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
459

 
$
433

 
$
15

 
$
448

 
$
66

Real estate – construction
1,837

 
759

 
1,074

 
1,833

 
5

Real estate – 1-4 family mortgage
5,239

 
1,521

 
3,118

 
4,639

 
46

Real estate – commercial mortgage
897

 
720

 
169

 
889

 
5

Installment loans to individuals
167

 
154

 
11

 
165

 
4

Total
$
8,599

 
$
3,587

 
$
4,387

 
$
7,974

 
$
126

December 31, 2016
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
732

 
$
487

 
$
224

 
$
711

 
$
310

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
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
 
September 30, 2017
 
September 30, 2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
1,960

 
$
8

 
$
1,841

 
$
22

Real estate – construction
897

 
33

 
862

 
26

Real estate – 1-4 family mortgage
8,897

 
71

 
16,119

 
97

Real estate – commercial mortgage
7,575

 
46

 
10,953

 
46

Installment loans to individuals
140

 
1

 
67

 
1

Total
$
19,469

 
$
159

 
$
29,842

 
$
192

 
Nine Months Ended
 
Nine Months Ended
 
September 30, 2017
 
September 30, 2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
2,140

 
$
8

 
$
1,762

 
$
42

Real estate – construction
861

 
36

 
671

 
27

Real estate – 1-4 family mortgage
8,944

 
165

 
16,354

 
283

Real estate – commercial mortgage
7,844

 
134

 
11,800

 
236

Installment loans to individuals
148

 
2

 
67

 
2

Total
$
19,937

 
$
345

 
$
30,654

 
$
590


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
 
September 30, 2017
 
September 30, 2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
413

 
$
6

 
$
2,387

 
$
28

Real estate – construction
829

 
62

 
1,010

 
26

Real estate – 1-4 family mortgage
5,174

 
41

 
18,914

 
114

Real estate – commercial mortgage
899

 
8

 
13,425

 
87

Installment loans to individuals
167

 
—

 
234

 
1

Total
$
7,482

 
$
117

 
$
35,970

 
$
256

 
Nine Months Ended
 
Nine Months Ended
 
September 30, 2017
 
September 30, 2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
332

 
$
9

 
$
2,233

 
$
48

Real estate – construction
741

 
62

 
819

 
28

Real estate – 1-4 family mortgage
5,221

 
103

 
19,146

 
309

Real estate – commercial mortgage
915

 
25

 
14,271

 
294

Installment loans to individuals
169

 
—

 
239

 
2

Total
$
7,378

 
$
199

 
$
36,708

 
$
681

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
 
September 30, 2017
 
September 30, 2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
14,201

 
$
507

 
$
15,317

 
$
252

Real estate – construction
—

 
—

 
987

 
15

Real estate – 1-4 family mortgage
67,802

 
808

 
92,830

 
1,056

Real estate – commercial mortgage
174,394

 
2,578

 
226,533

 
2,635

Installment loans to individuals
1,812

 
18

 
2,509

 
25

Total
$
258,209

 
$
3,911

 
$
338,176

 
$
3,983


 
Nine Months Ended
 
Nine Months Ended
 
September 30, 2017
 
September 30, 2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
13,530

 
$
988

 
$
15,768

 
$
839

Real estate – construction
—

 
—

 
991

 
48

Real estate – 1-4 family mortgage
68,933

 
2,301

 
93,900

 
3,000

Real estate – commercial mortgage
177,039

 
6,886

 
224,004

 
7,859

Installment loans to individuals
1,865

 
55

 
2,625

 
80

Total
$
261,367

 
$
10,230

 
$
337,288

 
$
11,826
Impact of modifications classified as restructured loans
The following tables illustrate the impact of modifications classified as restructured loans which were held on the Consolidated Balance Sheets at period end 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 September 30, 2017
 
 
 
 
 
Real estate – 1-4 family mortgage
4

 
$
307

 
$
307

Real estate – commercial mortgage
1

 
230

 
175

Installment loans to individuals
—

 
—

 
—

Total
5

 
$
537

 
$
482

Three months ended September 30, 2016
 
 
 
 
 
Real estate – construction
1

 
510

 
510

Real estate – 1-4 family mortgage
2

 
$
194

 
$
147

Total
3

 
$
704

 
$
657


 
Number of
Loans
 
Pre-
Modification
Outstanding
Recorded
Investment
 
Post-
Modification
Outstanding
Recorded
Investment
Nine months ended September 30, 2017
 
 
 
 
 
Real estate – 1-4 family mortgage
9

 
$
611

 
$
601

Real estate – commercial mortgage
3

 
683

 
318

Installment loans to individuals
1

 
4

 
3

Total
13

 
$
1,298

 
$
922

Nine months ended September 30, 2016
 
 
 
 
 
Real estate – construction
1

 
510

 
510

Real estate – 1-4 family mortgage
10

 
$
1,199

 
$
1,096

Real estate – commercial mortgage
1

 
529

 
525

Total
12

 
$
2,238

 
$
2,131

The following tables illustrate the impact of modifications classified as restructured loans which were held on the Consolidated Balance Sheets at period end 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 September 30, 2017
 
 
 
 
 
Real estate – 1-4 family mortgage
18

 
$
1,624

 
$
1,189

Real estate – commercial mortgage
1

 
393

 
244

Total
19

 
$
2,017

 
$
1,433

Three months ended September 30, 2016
 
 
 
 
 
Real estate – 1-4 family mortgage
2

 
$
132

 
$
120

Total
2

 
$
132

 
$
120



 
Number of
Loans
 
Pre-
Modification
Outstanding
Recorded
Investment
 
Post-
Modification
Outstanding
Recorded
Investment
Nine months ended September 30, 2017
 
 
 
 
 
Real estate – 1-4 family mortgage
28

 
$
3,789

 
$
3,062

Real estate – commercial mortgage
3

 
2,851

 
2,025

Total
31

 
$
6,640

 
$
5,087

Nine months ended September 30, 2016
 
 
 
 
 
Real estate – 1-4 family mortgage
7

 
$
412

 
$
325

Real estate – commercial mortgage
1

 
83

 
81

Total
8

 
$
495

 
$
406
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
13

 
965

       Reclassified as performing
1

 
55

Reductions due to:
 
 
 
Reclassified as nonperforming
(5
)
 
(670
)
Paid in full
(7
)
 
(1,086
)
Charge-offs
(1
)
 
(250
)
Principal paydowns
—

 
(238
)
Lapse of concession period
(1
)
 
(923
)
Totals at September 30, 2017
53

 
$
5,300

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
31

 
5,182

Reclassified as performing restructured loan
6

 
534

Reductions due to:
 
 
 
Reclassified to nonperforming loans
(8
)
 
(679
)
Paid in full
(1
)
 
(6
)
Charge-offs
(1
)
 
(17
)
Principal paydowns
—

 
(278
)
Lapse of concession period
(1
)
 
(101
)
Totals at September 30, 2017
68

 
$
8,663
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, 2017
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
522,410

 
$
4,505

 
$
726

 
$
527,641

Real estate – construction
415,168

 
130

 
88

 
415,386

Real estate – 1-4 family mortgage
247,584

 
3,778

 
5,492

 
256,854

Real estate – commercial mortgage
1,964,371

 
13,408

 
10,654

 
1,988,433

Installment loans to individuals
504

 
—

 
—

 
504

Total
$
3,150,037

 
$
21,821

 
$
16,960

 
$
3,188,818

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

 
$
4,531

 
$
850

 
$
439,704

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

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
September 30, 2017
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
269,798

 
$
2,381

 
$
663

 
$
272,842

Real estate – construction
92,825

 
—

 
—

 
92,825

Real estate – 1-4 family mortgage
105,040

 
6,042

 
252

 
111,334

Real estate – commercial mortgage
877,455

 
7,583

 
1,835

 
886,873

Installment loans to individuals
696

 
—

 
3

 
699

Total
$
1,345,814

 
$
16,006

 
$
2,753

 
$
1,364,573

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

 
$
2,370

 
$
1,491

 
$
106,638

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
September 30, 2017
 
 
 
 
 
Commercial, financial, agricultural
$
178,294

 
$
1,900

 
$
180,194

Lease financing
51,737

 
165

 
51,902

Real estate – construction
62,252

 
—

 
62,252

Real estate – 1-4 family mortgage
1,384,865

 
2,341

 
1,387,206

Real estate – commercial mortgage
321,404

 
1,503

 
322,907

Installment loans to individuals
100,088

 
100

 
100,188

Total
$
2,098,640

 
$
6,009

 
$
2,104,649

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
September 30, 2017
 
 
 
 
 
Commercial, financial, agricultural
$
10,741

 
$
58

 
$
10,799

Real estate – construction
7,257

 
—

 
7,257

Real estate – 1-4 family mortgage
479,069

 
1,620

 
480,689

Real estate – commercial mortgage
26,088

 
122

 
26,210

Installment loans to individuals
20,572

 
162

 
20,734

Total
$
543,727

 
$
1,962

 
$
545,689

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

 
$
79

 
$
9,568

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
Loans acquired with deteriorated credit quality
Loans purchased 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:
 
 
Total Purchased Credit Deteriorated Loans
September 30, 2017
 
Commercial, financial, agricultural
$
17,459

Real estate – 1-4 family mortgage
59,769

Real estate – commercial mortgage
165,966

Installment loans to individuals
1,685

Total
$
244,879

December 31, 2016
 
Commercial, financial, agricultural
$
11,994

Real estate – construction
840

Real estate – 1-4 family mortgage
71,952

Real estate – commercial mortgage
184,987

Installment loans to individuals
1,985

Total
$
271,758
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 that exhibited evidence of deteriorated credit quality at the time of acquisition at September 30, 2017:
 
 
Total Purchased Credit Deteriorated Loans
Contractually-required principal and interest
$
340,513

Nonaccretable difference(1)
(61,435
)
Cash flows expected to be collected
279,078

Accretable yield(2)
(34,199
)
Fair value
$
244,879

 
(1)
Represents contractual principal and interest cash flows of $52,109 and $9,326, respectively, not expected to be collected.
(2)
Represents contractual principal and interest cash flows of $1,643 and $32,556, respectively, expected to be collected.
Changes in accretable yield of loans acquired with deteriorated credit quality
Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows:
 
 
Total Purchased Credit Deteriorated Loans
Balance at January 1, 2017
$
(37,474
)
Additions due to acquisition
(1,794
)
Reclasses from nonaccretable difference
(7,718
)
Accretion
11,619

Charge-offs
1,168

Balance at September 30, 2017
$
(34,199
)
Fair value of loans purchased from KeyWorth
The following table presents the fair value of loans purchased from KeyWorth as of the April 1, 2016 acquisition date.
At acquisition date:
 
April 1, 2016
  Contractually-required principal and interest
 
$
289,495

  Nonaccretable difference
 
(3,848
)
  Cash flows expected to be collected
 
285,647

  Accretable yield
 
(13,317
)
      Fair value
 
$
272,330



The following table presents the fair value of loans purchased from Metropolitan as of the July 1, 2017 acquisition date.
At acquisition date:
 
July 1, 2017
  Contractually-required principal and interest
 
$
1,198,132

  Nonaccretable difference
 
(80,887
)
  Cash flows expected to be collected
 
1,117,245

  Accretable yield
 
(152,821
)
      Fair value
 
$
964,424

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, 2017
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
2,291

 
$
2,730

 
$
13,347

 
$
8,078

 
$
301

 
$
26,747

Collectively evaluated for impairment
989,185

 
574,990

 
2,222,736

 
3,216,345

 
173,726

 
7,176,982

Purchased with deteriorated credit quality
17,459

 
—

 
59,769

 
165,966

 
1,685

 
244,879

Ending balance
$
1,008,935

 
$
577,720

 
$
2,295,852

 
$
3,390,389

 
$
175,712

 
$
7,448,608

December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
1,886

 
$
662

 
$
12,088

 
$
13,079

 
$
277

 
$
27,992

Collectively evaluated for impairment
703,610

 
551,177

 
1,794,137

 
2,700,829

 
153,206

 
5,902,959

Purchased with deteriorated credit quality
11,994

 
840

 
71,952

 
184,987

 
1,985

 
271,758

Ending balance
$
717,490

 
$
552,679

 
$
1,878,177

 
$
2,898,895

 
$
155,468

 
$
6,202,709

 
(1)
Includes lease financing receivables.