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Non Purchased Loans | 3 Months Ended
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Mar. 31, 2017
Receivables [Abstract] |
Non Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 4, all references to “loans” mean non purchased 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 |
Past Due and Nonaccrual Loans Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual status or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. 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 |
Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial, consumer and construction loans above a minimum dollar amount threshold by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated collectively for impairment. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value. 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 |
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 |
Restructured Loans Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and which are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. 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 |
Restructured loans not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There was one restructured loan in the amount of $57 contractually 90 days past due or more and still accruing at March 31, 2017 and two restructured loans in the amount of $136 contractually 90 days past due or more and still accruing at March 31, 2016. The outstanding balance of restructured loans on nonaccrual status was $6,086 and $7,490 at March 31, 2017 and March 31, 2016, respectively. 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 |
The allocated allowance for loan losses attributable to restructured loans was $241 and $919 at March 31, 2017 and March 31, 2016, respectively. The Company had $142 and no remaining availability under commitments to lend additional funds on these restructured loans at March 31, 2017 and March 31, 2016, respectively. Credit Quality For loans originated for commercial purposes, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of these loans. Loan grades range between 1 and 9, with 1 being loans with the least credit risk. Loans that migrate toward the “Pass” grade (those with a risk rating between 1 and 4) or within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. The “Watch” grade (those with a risk rating of 5) is utilized on a temporary basis for “Pass” grade loans where a significant adverse risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 6 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to the related loan balances. 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 |
For portfolio balances of consumer, small balance consumer mortgage loans, such as 1-4 family mortgage loans and certain other loans originated for other than commercial purposes, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. 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 |
Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 5, all references to “loans” mean purchased loans. 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 |
Past Due and Nonaccrual Loans The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 4, “Non Purchased 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 | $ | 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 The Company’s policies with respect to the determination of whether a loan is impaired and the treatment of such loans are described above in Note 4, “Non Purchased Loans.” 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 |
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 An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 4, “Non Purchased 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 | 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 |
There were two restructured loans in the amount of $52 contractually 90 days past due or more and still accruing at March 31, 2017 and no restructured loans contractually 90 days past due or more and still accruing at March 31, 2016. The outstanding balance of restructured loans on nonaccrual status was $1,201 and $5,041 at March 31, 2017 and March 31, 2016, respectively. 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 |
The allocated allowance for loan losses attributable to restructured loans was $31 and $91 at March 31, 2017 and March 31, 2016, respectively. The Company had $1,245 and no remaining availability under commitments to lend additional funds on these restructured loans at March 31, 2017 or March 31, 2016, respectively. Credit Quality A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 4, “Non Purchased Loans.” 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 |
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 |
Loans Purchased 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
March 31, 2017 |
Commercial, financial, agricultural | $ | 13,028 |
Lease financing | — |
Real estate – construction | — |
Real estate – 1-4 family mortgage | 68,065 |
Real estate – commercial mortgage | 172,719 |
Installment loans to individuals | 1,927 |
Total | $ | 255,739 |
December 31, 2016 |
Commercial, financial, agricultural | $ | 11,994 |
Lease financing | — |
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 |
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 March 31, 2017:
| Total Purchased Credit Deteriorated Loans
Contractually-required principal and interest | $ | 366,954 |
Nonaccretable difference(1) | (79,190 | )
Cash flows expected to be collected | 287,764 |
Accretable yield(2) | (32,025 | )
Fair value | $ | 255,739 |
(1) | Represents contractual principal and interest cash flows of $79,174 and $16, respectively, not expected to be collected.
(2) | Represents contractual interest payments of $758 expected to be collected and purchase discount of $31,267.
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 | $ | (36,326 | )
Additions due to acquisition | — |
Reclasses from nonaccretable difference | 657 |
Accretion | 3,263 |
Charge-offs | 381 |
Balance at March 31, 2017 | $ | (32,025 | )
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 |

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