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Allowance for Loan Losses (Tables) | 9 Months Ended
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Sep. 30, 2017
Receivables [Abstract] |
Summary of total non purchased and 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 |
Roll forward of the allowance for loan losses | The following table provides a roll forward of the allowance for loan losses and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented:
| Commercial |  | Real Estate - Construction |  | Real Estate - 1-4 Family Mortgage |  | Real Estate - Commercial Mortgage |  | Installment and Other(1) |  | Total
Three Months Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 5,092 |  |  | $ | 2,580 |  |  | $ | 12,104 |  |  | $ | 22,600 |  |  | $ | 1,773 |  |  | $ | 44,149 |
Charge-offs | (974 | ) |  | — |  |  | (575 | ) |  | (543 | ) |  | (124 | ) |  | (2,216 | )
Recoveries | 137 |  |  | 67 |  |  | 145 |  |  | 72 |  |  | 27 |  |  | 448 |
Net (charge-offs) recoveries | (837 | ) |  | 67 |  |  | (430 | ) |  | (471 | ) |  | (97 | ) |  | (1,768 | )
Provision for loan losses charged to operations (2) | 938 |  |  | 161 |  |  | 439 |  |  | 481 |  |  | 131 |  |  | 2,150 |
Ending balance | $ | 5,193 |  |  | $ | 2,808 |  |  | $ | 12,113 |  |  | $ | 22,610 |  |  | $ | 1,807 |  |  | $ | 44,531 |
| Commercial |  | Real Estate - Construction |  | Real Estate - 1-4 Family Mortgage |  | Real Estate - Commercial Mortgage |  | Installment and Other(1) |  | Total
Nine Months Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 5,486 |  |  | $ | 2,380 |  |  | $ | 14,294 |  |  | $ | 19,059 |  |  | $ | 1,518 |  |  | $ | 42,737 |
Charge-offs | (2,110 | ) |  | — |  |  | (1,401 | ) |  | (1,204 | ) |  | (513 | ) |  | (5,228 | )
Recoveries | 258 |  |  | 101 |  |  | 291 |  |  | 884 |  |  | 88 |  |  | 1,622 |
Net (charge-offs) recoveries | (1,852 | ) |  | 101 |  |  | (1,110 | ) |  | (320 | ) |  | (425 | ) |  | (3,606 | )
Provision for loan losses charged to operations (2) | 1,559 |  |  | 327 |  |  | (1,071 | ) |  | 3,871 |  |  | 714 |  |  | 5,400 |
Ending balance | $ | 5,193 |  |  | $ | 2,808 |  |  | $ | 12,113 |  |  | $ | 22,610 |  |  | $ | 1,807 |  |  | $ | 44,531 |
Period-End Amount Allocated to: |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 96 |  |  | $ | 9 |  |  | $ | 855 |  |  | $ | 1,963 |  |  | $ | 5 |  |  | $ | 2,928 |
Collectively evaluated for impairment | 4,772 |  |  | 2,799 |  |  | 10,644 |  |  | 19,662 |  |  | 1,801 |  |  | 39,678 |
Purchased with deteriorated credit quality | 325 |  |  | — |  |  | 614 |  |  | 985 |  |  | 1 |  |  | 1,925 |
Ending balance | $ | 5,193 |  |  | $ | 2,808 |  |  | $ | 12,113 |  |  | $ | 22,610 |  |  | $ | 1,807 |  |  | $ | 44,531 |
| Commercial |  | Real Estate - Construction |  | Real Estate - 1-4 Family Mortgage |  | Real Estate - Commercial Mortgage |  | Installment and Other(1) |  | Total
Three Months Ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 4,512 |  |  | $ | 2,269 |  |  | $ | 14,219 |  |  | $ | 21,683 |  |  | $ | 1,415 |  |  | $ | 44,098 |
Charge-offs | (394 | ) |  | — |  |  | (242 | ) |  | (466 | ) |  | (201 | ) |  | (1,303 | )
Recoveries | 85 |  |  | 4 |  |  | 188 |  |  | 181 |  |  | 21 |  |  | 479 |
Net (charge-offs) recoveries | (309 | ) |  | 4 |  |  | (54 | ) |  | (285 | ) |  | (180 | ) |  | (824 | )
Provision for loan losses | 1,308 |  |  | (52 | ) |  | 1,154 |  |  | (87 | ) |  | 353 |  |  | 2,676 |
Benefit attributable to FDIC loss-share agreements | (61 | ) |  | — |  |  | — |  |  | (47 | ) |  | (41 | ) |  | (149 | )
Recoveries payable to FDIC | 4 |  |  | 2 |  |  | 93 |  |  | 24 |  |  | — |  |  | 123 |
Provision for loan losses charged to operations | 1,251 |  |  | (50 | ) |  | 1,247 |  |  | (110 | ) |  | 312 |  |  | 2,650 |
Ending balance | $ | 5,454 |  |  | $ | 2,223 |  |  | $ | 15,412 |  |  | $ | 21,288 |  |  | $ | 1,547 |  |  | $ | 45,924 |
| Commercial |  | Real Estate - Construction |  | Real Estate - 1-4 Family Mortgage |  | Real Estate - Commercial Mortgage |  | Installment and Other(1) |  | Total
Nine Months Ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 4,186 |  |  | $ | 1,852 |  |  | $ | 13,908 |  |  | $ | 21,111 |  |  | $ | 1,380 |  |  | $ | 42,437 |
Charge-offs | (1,099 | ) |  | — |  |  | (745 | ) |  | (1,653 | ) |  | (573 | ) |  | (4,070 | )
Recoveries | 243 |  |  | 15 |  |  | 753 |  |  | 582 |  |  | 84 |  |  | 1,677 |
Net (charge-offs) recoveries | (856 | ) |  | 15 |  |  | 8 |  |  | (1,071 | ) |  | (489 | ) |  | (2,393 | )
Provision for loan losses | 2,174 |  |  | 348 |  |  | 1,333 |  |  | 1,067 |  |  | 697 |  |  | 5,619 |
Benefit attributable to FDIC loss-share agreements | (61 | ) |  | — |  |  | (115 | ) |  | (48 | ) |  | (41 | ) |  | (265 | )
Recoveries payable to FDIC | 11 |  |  | 8 |  |  | 278 |  |  | 229 |  |  | — |  |  | 526 |
Provision for loan losses charged to operations | 2,124 |  |  | 356 |  |  | 1,496 |  |  | 1,248 |  |  | 656 |  |  | 5,880 |
Ending balance | $ | 5,454 |  |  | $ | 2,223 |  |  | $ | 15,412 |  |  | $ | 21,288 |  |  | $ | 1,547 |  |  | $ | 45,924 |
Period-End Amount Allocated to: |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 1,004 |  |  | $ | 2 |  |  | $ | 5,144 |  |  | $ | 2,635 |  |  | $ | 114 |  |  | $ | 8,899 |
Collectively evaluated for impairment | 4,002 |  |  | 2,221 |  |  | 9,542 |  |  | 16,410 |  |  | 1,432 |  |  | 33,607 |
Purchased with deteriorated credit quality | 448 |  |  | — |  |  | 726 |  |  | 2,243 |  |  | 1 |  |  | 3,418 |
Ending balance | $ | 5,454 |  |  | $ | 2,223 |  |  | $ | 15,412 |  |  | $ | 21,288 |  |  | $ | 1,547 |  |  | $ | 45,924 |
(1) | Includes lease financing receivables.
(2) | Due to the termination of the loss-share agreements on December 8, 2016, there was no loss-share impact to the provision for loan losses in 2017.
Investment in loans, net of unearned income on impairment methodology | 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.

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