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Non Purchased Loans (Tables)
 3 Months Ended
Mar. 31, 2018
Receivables [Abstract]  
Summary of non-purchased loans and leases
The following is a summary of non purchased loans and leases as of the dates presented:
 
 
March 31,
2018
 
December 31, 2017
Commercial, financial, agricultural
$
803,146

 
$
763,823

Lease financing
55,898

 
57,354

Real estate – construction
582,430

 
547,658

Real estate – 1-4 family mortgage
1,785,271

 
1,729,534

Real estate – commercial mortgage
2,503,680

 
2,390,076

Installment loans to individuals
103,059

 
103,452

Gross loans
5,833,484

 
5,591,897

Unearned income
(3,362
)
 
(3,341
)
Loans, net of unearned income
$
5,830,122

 
$
5,588,556

The following is a summary of purchased loans as of the dates presented:
 
 
March 31,
2018
 
December 31, 2017
Commercial, financial, agricultural
$
243,672

 
$
275,570

Real estate – construction
75,061

 
85,731

Real estate – 1-4 family mortgage
572,830

 
614,187

Real estate – commercial mortgage
960,273

 
1,037,454

Installment loans to individuals
16,112

 
18,824

Gross loans
1,867,948

 
2,031,766

Unearned income
—

 
—

Loans, net of unearned income
$
1,867,948

 
$
2,031,766

The following is a summary of total non purchased and purchased loans as of the dates presented:
 
 
March 31,
2018
 
December 31, 2017
Commercial, financial, agricultural
$
1,046,818

 
$
1,039,393

Lease financing
55,898

 
57,354

Real estate – construction
657,491

 
633,389

Real estate – 1-4 family mortgage
2,358,101

 
2,343,721

Real estate – commercial mortgage
3,463,953

 
3,427,530

Installment loans to individuals
119,171

 
122,276

Gross loans
7,701,432

 
7,623,663

Unearned income
(3,362
)
 
(3,341
)
Loans, net of unearned income
7,698,070

 
7,620,322

Allowance for loan losses
(46,401
)
 
(46,211
)
Net loans
$
7,651,669

 
$
7,574,111
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
March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
3,078

 
$
1,006

 
$
796,898

 
$
800,982

 
$
508

 
$
1,555

 
$
101

 
$
2,164

 
$
803,146

Lease financing
481

 
43

 
55,215

 
55,739

 
—

 
159

 
—

 
159

 
55,898

Real estate – construction
3,564

 
50

 
578,816

 
582,430

 
—

 
—

 
—

 
—

 
582,430

Real estate – 1-4 family mortgage
8,812

 
2,176

 
1,771,834

 
1,782,822

 
54

 
1,581

 
814

 
2,449

 
1,785,271

Real estate – commercial mortgage
3,016

 
289

 
2,495,780

 
2,499,085

 
564

 
2,253

 
1,778

 
4,595

 
2,503,680

Installment loans to individuals
477

 
41

 
102,505

 
103,023

 
—

 
17

 
19

 
36

 
103,059

Unearned income
—

 
—

 
(3,362
)
 
(3,362
)
 
—

 
—

 
—

 
—

 
(3,362
)
Total
$
19,428

 
$
3,605

 
$
5,797,686

 
$
5,820,719

 
$
1,126

 
$
5,565

 
$
2,712

 
$
9,403

 
$
5,830,122

December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
2,722

 
$
22

 
$
759,143

 
$
761,887

 
$
205

 
$
1,033

 
$
698

 
$
1,936

 
$
763,823

Lease financing
47

 
—

 
57,148

 
57,195

 
—

 
159

 
—

 
159

 
57,354

Real estate – construction
50

 
—

 
547,608

 
547,658

 
—

 
—

 
—

 
—

 
547,658

Real estate – 1-4 family mortgage
11,810

 
2,194

 
1,712,982

 
1,726,986

 
—

 
1,818

 
730

 
2,548

 
1,729,534

Real estate – commercial mortgage
1,921

 
727

 
2,381,871

 
2,384,519

 
—

 
2,877

 
2,680

 
5,557

 
2,390,076

Installment loans to individuals
429

 
72

 
102,901

 
103,402

 
1

 
28

 
21

 
50

 
103,452

Unearned income
—

 
—

 
(3,341
)
 
(3,341
)
 
—

 
—

 
—

 
—

 
(3,341
)
Total
$
16,979

 
$
3,015

 
$
5,558,312

 
$
5,578,306

 
$
206

 
$
5,915

 
$
4,129

 
$
10,250

 
$
5,588,556

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, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
388

 
$
552

 
$
242,313

 
$
243,253

 
$
—

 
$
314

 
$
105

 
$
419

 
$
243,672

Real estate – construction
—

 
—

 
75,061

 
75,061

 
—

 
—

 
—

 
—

 
75,061

Real estate – 1-4 family mortgage
5,491

 
2,116

 
561,608

 
569,215

 
1,265

 
1,046

 
1,304

 
3,615

 
572,830

Real estate – commercial mortgage
3,142

 
1,856

 
954,128

 
959,126

 
—

 
830

 
317

 
1,147

 
960,273

Installment loans to individuals
124

 
40

 
15,789

 
15,953

 
6

 
52

 
101

 
159

 
16,112

Total
$
9,145

 
$
4,564

 
$
1,848,899

 
$
1,862,608

 
$
1,271

 
$
2,242

 
$
1,827

 
$
5,340

 
$
1,867,948

December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
1,119

 
$
532

 
$
273,488

 
$
275,139

 
$
—

 
$
199

 
$
232

 
$
431

 
$
275,570

Real estate – construction
415

 
—

 
85,316

 
85,731

 
—

 
—

 
—

 
—

 
85,731

Real estate – 1-4 family mortgage
6,070

 
2,280

 
602,464

 
610,814

 
385

 
879

 
2,109

 
3,373

 
614,187

Real estate – commercial mortgage
2,947

 
2,910

 
1,031,141

 
1,036,998

 
191

 
99

 
166

 
456

 
1,037,454

Installment loans to individuals
208

 
9

 
18,443

 
18,660

 
59

 
—

 
105

 
164

 
18,824

Total
$
10,759

 
$
5,731

 
$
2,010,852

 
$
2,027,342

 
$
635

 
$
1,177

 
$
2,612

 
$
4,424

 
$
2,031,766
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
March 31, 2018
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
2,612

 
$
2,491

 
$
—

 
$
2,491

 
$
223

Lease financing
159

 
159

 
—

 
159

 
2

Real estate – construction
150

 
150

 
—

 
150

 
1

Real estate – 1-4 family mortgage
9,106

 
8,111

 
—

 
8,111

 
121

Real estate – commercial mortgage
9,373

 
4,817

 
1,356

 
6,173

 
956

Installment loans to individuals
106

 
102

 
—

 
102

 
1

Total
$
21,506

 
$
15,830

 
$
1,356

 
$
17,186

 
$
1,304

December 31, 2017
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
3,043

 
$
2,365

 
$
—

 
$
2,365

 
$
138

Lease financing
159

 
159

 
—

 
159

 
2

Real estate – construction
578

 
578

 
—

 
578

 
4

Real estate – 1-4 family mortgage
10,018

 
8,169

 
703

 
8,872

 
561

Real estate – commercial mortgage
12,463

 
9,652

 
—

 
9,652

 
1,861

Installment loans to individuals
121

 
117

 
—

 
117

 
1

Totals
$
26,382

 
$
21,040

 
$
703

 
$
21,743

 
$
2,567

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
March 31, 2018
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
21,363

 
$
5,414

 
$
7,519

 
$
12,933

 
$
305

Real estate – 1-4 family mortgage
60,590

 
16,093

 
34,103

 
50,196

 
486

Real estate – commercial mortgage
178,682

 
63,979

 
85,568

 
149,547

 
1,023

Installment loans to individuals
1,744

 
757

 
877

 
1,634

 
3

Total
$
262,379

 
$
86,243

 
$
128,067

 
$
214,310

 
$
1,817

December 31, 2017
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
24,179

 
$
5,768

 
$
9,547

 
$
15,315

 
$
312

Real estate – 1-4 family mortgage
65,049

 
15,910

 
38,059

 
53,969

 
572

Real estate – commercial mortgage
186,720

 
65,108

 
91,230

 
156,338

 
892

Installment loans to individuals
1,761

 
698

 
940

 
1,638

 
1

Totals
$
277,709

 
$
87,484

 
$
139,776

 
$
227,260

 
$
1,777

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, 2018
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
421

 
$
336

 
$
21

 
$
357

 
$
49

Real estate – construction
252

 
—

 
249

 
249

 
—

Real estate – 1-4 family mortgage
6,195

 
1,493

 
4,133

 
5,626

 
47

Real estate – commercial mortgage
1,647

 
1,384

 
245

 
1,629

 
70

Installment loans to individuals
162

 
153

 
6

 
159

 
4

Total
$
8,677

 
$
3,366

 
$
4,654

 
$
8,020

 
$
170

December 31, 2017
 
 
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
757

 
$
625

 
$
74

 
$
699

 
$
52

Real estate – construction
1,207

 
—

 
1,199

 
1,199

 
—

Real estate – 1-4 family mortgage
6,173

 
1,385

 
4,225

 
5,610

 
45

Real estate – commercial mortgage
901

 
728

 
165

 
893

 
6

Installment loans to individuals
165

 
154

 
9

 
163

 
4

Totals
$
9,203

 
$
2,892

 
$
5,672

 
$
8,564

 
$
107
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, 2018
 
March 31, 2017
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
2,338

 
$
11

 
$
2,714

 
$
39

Lease financing
159

 
—

 
—

 
—

Real estate – construction
150

 
18

 
—

 
—

Real estate – 1-4 family mortgage
8,197

 
67

 
11,088

 
26

Real estate – commercial mortgage
6,670

 
92

 
15,314

 
106

Installment loans to individuals
104

 
1

 
118

 
—

Total
$
17,618

 
$
189

 
$
29,234

 
$
171

 
 
 
 
 
 
 
 

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, 2018
 
March 31, 2017
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
363

 
$
3

 
$
541

 
$
2

Real estate – construction
252

 
1

 
—

 
—

Real estate – 1-4 family mortgage
6,320

 
40

 
5,481

 
21

Real estate – commercial mortgage
1,642

 
18

 
3,090

 
35

Installment loans to individuals
160

 
—

 
85

 
—

Total
$
8,737

 
$
62

 
$
9,197

 
$
58

 
 
 
 
 
 
 
 
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, 2018
 
March 31, 2017
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
Commercial, financial, agricultural
$
16,899

 
$
225

 
$
14,088

 
$
247

Real estate – 1-4 family mortgage
58,749

 
673

 
78,341

 
865

Real estate – commercial mortgage
167,365

 
1,972

 
196,807

 
2,319

Installment loans to individuals
1,687

 
18

 
2,104

 
21

Total
$
244,700

 
$
2,888

 
$
291,340

 
$
3,452


 
 
 
 
 
 
 
 
Impact of modifications classified as restructured loans
The following tables illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end:
 
 
Number of
Loans
 
Pre-
Modification
Outstanding
Recorded
Investment
 
Post-
Modification
Outstanding
Recorded
Investment
Three months ended March 31, 2018
 
 
 
 
 
Real estate – 1-4 family mortgage
3

 
$
576

 
$
576

Real estate – commercial mortgage
1

 
83

 
78

Total
4

 
$
659

 
$
654

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


 
 
 
 
 
 
:

 
 
Number of
Loans
 
Pre-
Modification
Outstanding
Recorded
Investment
 
Post-
Modification
Outstanding
Recorded
Investment
Three months ended March 31, 2018
 
 
 
 
 
Commercial, financial, agricultural
1

 
$
48

 
$
44

Real estate – commercial mortgage
1

 
8

 
7

Total
2

 
$
56

 
$
51

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



 
 
 
 
 
 
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, 2018
54

 
$
5,588

Additional loans with concessions
4

 
657

Reductions due to:
 
 
 
Reclassified as nonperforming
(3
)
 
(192
)
Paid in full
(2
)
 
(773
)
Principal paydowns
—

 
(64
)
Totals at March 31, 2018
53

 
$
5,216

Changes in the Company’s restructured loans are set forth in the table below:
 
 
Number of
Loans
 
Recorded
Investment
Totals at January 1, 2018
68

 
$
8,965

Additional loans with concessions
2

 
86

Reclassified as performing restructured loan
1

 
3

Reductions due to:
 
 
 
Paid in full
(1
)
 
(76
)
Principal paydowns
—

 
(371
)
Totals at March 31, 2018
70

 
$
8,607
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, 2018
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
585,850

 
$
11,380

 
$
5,758

 
$
602,988

Real estate – construction
512,603

 
8,690

 
440

 
521,733

Real estate – 1-4 family mortgage
262,107

 
669

 
7,609

 
270,385

Real estate – commercial mortgage
2,094,811

 
52,407

 
18,988

 
2,166,206

Installment loans to individuals
852

 
—

 
—

 
852

Total
$
3,456,223

 
$
73,146

 
$
32,795

 
$
3,562,164

December 31, 2017
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
554,943

 
$
11,496

 
$
4,402

 
$
570,841

Real estate – construction
483,498

 
662

 
81

 
484,241

Real estate – 1-4 family mortgage
254,643

 
505

 
8,697

 
263,845

Real estate – commercial mortgage
1,983,750

 
50,428

 
24,241

 
2,058,419

Installment loans to individuals
921

 
—

 
—

 
921

Total
$
3,277,755

 
$
63,091

 
$
37,421

 
$
3,378,267

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

 
Pass
 
Watch
 
Substandard
 
Total
March 31, 2018
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
208,150

 
$
5,116

 
$
5,886

 
$
219,152

Real estate – construction
70,974

 
1,537

 
500

 
73,011

Real estate – 1-4 family mortgage
85,590

 
2,525

 
5,903

 
94,018

Real estate – commercial mortgage
755,454

 
15,789

 
10,048

 
781,291

Installment loans to individuals
662

 
—

 
3

 
665

Total
$
1,120,830

 
$
24,967

 
$
22,340

 
$
1,168,137

December 31, 2017
 
 
 
 
 
 
 
Commercial, financial, agricultural
$
241,195

 
$
4,974

 
$
2,824

 
$
248,993

Real estate – construction
81,220

 
—

 
—

 
81,220

Real estate – 1-4 family mortgage
91,369

 
2,498

 
6,172

 
100,039

Real estate – commercial mortgage
827,372

 
17,123

 
9,003

 
853,498

Installment loans to individuals
678

 
—

 
3

 
681

Total
$
1,241,834

 
$
24,595

 
$
18,002

 
$
1,284,431
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, 2018
 
 
 
 
 
Commercial, financial, agricultural
$
198,111

 
$
2,047

 
$
200,158

Lease financing
52,334

 
202

 
52,536

Real estate – construction
60,648

 
49

 
60,697

Real estate – 1-4 family mortgage
1,511,105

 
3,781

 
1,514,886

Real estate – commercial mortgage
336,584

 
890

 
337,474

Installment loans to individuals
102,130

 
77

 
102,207

Total
$
2,260,912

 
$
7,046

 
$
2,267,958

December 31, 2017
 
 
 
 
 
Commercial, financial, agricultural
$
191,473

 
$
1,509

 
$
192,982

Lease financing
53,854

 
159

 
54,013

Real estate – construction
63,417

 
—

 
63,417

Real estate – 1-4 family mortgage
1,462,347

 
3,342

 
1,465,689

Real estate – commercial mortgage
330,441

 
1,216

 
331,657

Installment loans to individuals
102,409

 
122

 
102,531

Total
$
2,203,941

 
$
6,348

 
$
2,210,289

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, 2018
 
 
 
 
 
Commercial, financial, agricultural
$
11,548

 
$
39

 
$
11,587

Real estate – construction
2,050

 
—

 
2,050

Real estate – 1-4 family mortgage
427,099

 
1,517

 
428,616

Real estate – commercial mortgage
29,313

 
122

 
29,435

Installment loans to individuals
13,617

 
196

 
13,813

Total
$
483,627

 
$
1,874

 
$
485,501

December 31, 2017
 
 
 
 
 
Commercial, financial, agricultural
$
11,216

 
$
46

 
$
11,262

Real estate – construction
4,511


—

 
4,511

Real estate – 1-4 family mortgage
459,038

 
1,141

 
460,179

Real estate – commercial mortgage
27,495

 
123

 
27,618

Installment loans to individuals
16,344

 
161

 
16,505

Total
$
518,604

 
$
1,471

 
$
520,075