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Loans | 6 Months Ended
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Jun. 30, 2011
Loans |
Loans | Note 4 – Loans The composition of the loan portfolio, by class of loan, as of June 30, 2011 and December 31, 2010 was as follows:
|  | June 30, 2011 |  |  | December 31, 2010 |
|  | Loan balance |  |  | Accrued interest receivable |  |  | Recorded investment |  |  | Loan balance |  |  | Accrued interest receivable |  |  | Recorded investment |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural * |  | $ | 755,793 |  |  | $ | 2,626 |  |  | $ | 758,419 |  |  | $ | 737,902 |  |  | $ | 2,886 |  |  | $ | 740,788 |
Commercial real estate * |  |  | 1,257,292 |  |  |  | 4,775 |  |  |  | 1,262,067 |  |  |  | 1,226,616 |  |  |  | 4,804 |  |  |  | 1,231,420 |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vision commercial land and development * |  |  | 111,054 |  |  |  | 235 |  |  |  | 111,289 |  |  |  | 171,334 |  |  |  | 282 |  |  |  | 171,616 |
Remaining commercial |  |  | 181,422 |  |  |  | 453 |  |  |  | 181,875 |  |  |  | 195,693 |  |  |  | 622 |  |  |  | 196,315 |
Mortgage |  |  | 21,367 |  |  |  | 69 |  |  |  | 21,436 |  |  |  | 26,326 |  |  |  | 95 |  |  |  | 26,421 |
Installment |  |  | 16,489 |  |  |  | 74 |  |  |  | 16,563 |  |  |  | 13,127 |  |  |  | 54 |  |  |  | 13,181 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 454,864 |  |  |  | 1,353 |  |  |  | 456,217 |  |  |  | 464,903 |  |  |  | 1,403 |  |  |  | 466,306 |
Mortgage |  |  | 950,782 |  |  |  | 1,771 |  |  |  | 952,553 |  |  |  | 906,648 |  |  |  | 2,789 |  |  |  | 909,437 |
HELOC |  |  | 254,860 |  |  |  | 967 |  |  |  | 255,827 |  |  |  | 260,463 |  |  |  | 1,014 |  |  |  | 261,477 |
Installment |  |  | 53,062 |  |  |  | 219 |  |  |  | 53,281 |  |  |  | 60,195 |  |  |  | 255 |  |  |  | 60,450 |
Consumer |  |  | 651,250 |  |  |  | 2,938 |  |  |  | 654,188 |  |  |  | 666,871 |  |  |  | 3,245 |  |  |  | 670,116 |
Leases |  |  | 2,278 |  |  |  | 34 |  |  |  | 2,312 |  |  |  | 2,607 |  |  |  | 56 |  |  |  | 2,663 |
Total loans |  | $ | 4,710,513 |  |  | $ | 15,514 |  |  | $ | 4,726,027 |  |  | $ | 4,732,685 |  |  | $ | 17,505 |  |  | $ | 4,750,190 |
* Included within commercial, financial and agricultural loans, commercial real estate loans, and Vision commercial land and development loans are an immaterial amount of consumer loans that are not broken out by class. The following tables present the recorded investment in nonaccrual, restructured, and loans past due 90 days or more and still accruing by class of loans as of June 30, 2011 and December 31, 2010:
|  | June 30, 2011 |
(In thousands) |  | Nonaccrual loans |  |  | Restructured loans |  |  | Loans past due 90 days or more and accruing |  |  | Total nonperforming loans |
Commercial, financial and agricultural |  | $ | 24,008 |  |  | $ | - |  |  | $ | 25 |  |  | $ | 24,033 |
Commercial real estate |  |  | 47,243 |  |  |  | - |  |  |  | - |  |  |  | 47,243 |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vision commercial land and development |  |  | 47,761 |  |  |  | - |  |  |  | - |  |  |  | 47,761 |
Remaining commercial |  |  | 33,685 |  |  |  | - |  |  |  | - |  |  |  | 33,685 |
Mortgage |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Installment |  |  | 427 |  |  |  | - |  |  |  | - |  |  |  | 427 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 48,594 |  |  |  | - |  |  |  | 861 |  |  |  | 49,455 |
Mortgage |  |  | 32,459 |  |  |  | 34 |  |  |  | 1,676 |  |  |  | 34,169 |
HELOC |  |  | 1,418 |  |  |  | - |  |  |  | - |  |  |  | 1,418 |
Installment |  |  | 1,169 |  |  |  | - |  |  |  | 1 |  |  |  | 1,170 |
Consumer |  |  | 1,926 |  |  |  | - |  |  |  | 629 |  |  |  | 2,555 |
Leases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total loans |  | $ | 238,690 |  |  | $ | 34 |  |  | $ | 3,192 |  |  | $ | 241,916 |
|  | December 31, 2010 |
(In thousands) |  | Nonaccrual loans |  |  | Restructured loans |  |  | Loans past due 90 days or more and accruing |  |  | Total nonperforming loans |
Commercial, financial and agricultural |  | $ | 19,276 |  |  | $ | - |  |  | $ | - |  |  | $ | 19,276 |
Commercial real estate |  |  | 57,941 |  |  |  | - |  |  |  | 20 |  |  |  | 57,961 |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vision commercial land and development |  |  | 87,424 |  |  |  | - |  |  |  | - |  |  |  | 87,424 |
Remaining commercial |  |  | 27,080 |  |  |  | - |  |  |  | - |  |  |  | 27,080 |
Mortgage |  |  | 354 |  |  |  | - |  |  |  | - |  |  |  | 354 |
Installment |  |  | 417 |  |  |  | - |  |  |  | 13 |  |  |  | 430 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 60,227 |  |  |  | - |  |  |  | - |  |  |  | 60,227 |
Mortgage |  |  | 32,479 |  |  |  | - |  |  |  | 2,175 |  |  |  | 34,654 |
HELOC |  |  | 964 |  |  |  | - |  |  |  | 149 |  |  |  | 1,113 |
Installment |  |  | 1,195 |  |  |  | - |  |  |  | 277 |  |  |  | 1,472 |
Consumer |  |  | 1,911 |  |  |  | - |  |  |  | 1,059 |  |  |  | 2,970 |
Leases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total loans |  | $ | 289,268 |  |  | $ | - |  |  | $ | 3,693 |  |  | $ | 292,961 |
The following table provides additional information regarding those nonaccrual loans that are individually evaluated for impairment and those collectively evaluated for impairment as of June 30, 2011 and December 31, 2010.
|  | June 30, 2011 |  |  | December 31, 2010 |
(In thousands) |  | Nonaccrual loans |  |  | Loans individually evaluated for impairment |  |  | Loans collectively evaluated for impairment |  |  | Nonaccrual loans |  |  | Loans individually evaluated for impairment |  |  | Loans collectively evaluated for impairment |
Commercial, financial and agricultural |  | $ | 24,008 |  |  | $ | 24,008 |  |  | $ | - |  |  | $ | 19,276 |  |  | $ | 19,205 |  |  | $ | 71 |
Commercial real estate |  |  | 47,243 |  |  |  | 47,243 |  |  |  | - |  |  |  | 57,941 |  |  |  | 57,930 |  |  |  | 11 |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vision commercial land and development |  |  | 47,761 |  |  |  | 46,847 |  |  |  | 914 |  |  |  | 87,424 |  |  |  | 86,491 |  |  |  | 933 |
Remaining commercial |  |  | 33,685 |  |  |  | 33,685 |  |  |  | - |  |  |  | 27,080 |  |  |  | 27,080 |  |  |  | - |
Mortgage |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 354 |  |  |  | - |  |  |  | 354 |
Installment |  |  | 427 |  |  |  | - |  |  |  | 427 |  |  |  | 417 |  |  |  | - |  |  |  | 417 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 48,594 |  |  |  | 48,594 |  |  |  | - |  |  |  | 60,227 |  |  |  | 60,227 |  |  |  | - |
Mortgage |  |  | 32,459 |  |  |  | - |  |  |  | 32,459 |  |  |  | 32,479 |  |  |  | - |  |  |  | 32,479 |
HELOC |  |  | 1,418 |  |  |  | - |  |  |  | 1,418 |  |  |  | 964 |  |  |  | - |  |  |  | 964 |
Installment |  |  | 1,169 |  |  |  | - |  |  |  | 1,169 |  |  |  | 1,195 |  |  |  | - |  |  |  | 1,195 |
Consumer |  |  | 1,926 |  |  |  | 23 |  |  |  | 1,903 |  |  |  | 1,911 |  |  |  | - |  |  |  | 1,911 |
Leases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total loans |  | $ | 238,690 |  |  | $ | 200,400 |  |  | $ | 38,290 |  |  | $ | 289,268 |  |  | $ | 250,933 |  |  | $ | 38,335 |
All of the loans individually evaluated for impairment were evaluated using the fair value of the collateral or present value of expected future cash flows as the measurement method. The following table presents loans individually evaluated for impairment by class of loans as of June 30, 2011 and December 31, 2010.
|  | June 30, 2011 |  |  | December 31, 2010 |
|  | Unpaid principal balance |  |  | Recorded investment |  |  | Allowance for loan losses allocated |  |  | Unpaid principal balance |  |  | Recorded investment |  |  | Allowance for loan losses allocated |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural |  | $ | 15,463 |  |  | $ | 12,271 |  |  | $ | - |  |  | $ | 9,347 |  |  | $ | 8,891 |  |  | $ | - |
Commercial real estate |  |  | 44,827 |  |  |  | 31,624 |  |  |  | - |  |  |  | 24,052 |  |  |  | 19,697 |  |  |  | - |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vision commercial land and development |  |  | 32,843 |  |  |  | 12,229 |  |  |  | - |  |  |  | 23,021 |  |  |  | 20,162 |  |  |  | - |
Remaining commercial |  |  | 24,403 |  |  |  | 20,963 |  |  |  | - |  |  |  | 15,192 |  |  |  | 14,630 |  |  |  | - |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 40,176 |  |  |  | 36,225 |  |  |  | - |  |  |  | 51,261 |  |  |  | 47,009 |  |  |  | - |
Consumer |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
With an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural |  |  | 14,619 |  |  |  | 11,737 |  |  |  | 3,265 |  |  |  | 11,801 |  |  |  | 10,314 |  |  |  | 3,028 |
Commercial real estate |  |  | 16,232 |  |  |  | 15,619 |  |  |  | 9,213 |  |  |  | 42,263 |  |  |  | 38,233 |  |  |  | 10,001 |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vision commercial land and development |  |  | 63,696 |  |  |  | 34,618 |  |  |  | 11,763 |  |  |  | 92,122 |  |  |  | 66,329 |  |  |  | 23,585 |
Remaining commercial |  |  | 21,918 |  |  |  | 12,722 |  |  |  | 3,586 |  |  |  | 20,676 |  |  |  | 12,450 |  |  |  | 2,802 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 14,890 |  |  |  | 12,369 |  |  |  | 4,960 |  |  |  | 14,799 |  |  |  | 13,218 |  |  |  | 4,043 |
Consumer |  |  | 23 |  |  |  | 23 |  |  |  | 23 |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 289,090 |  |  | $ | 200,400 |  |  | $ | 32,810 |  |  | $ | 304,534 |  |  | $ | 250,933 |  |  | $ | 43,459 |
Management's general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. At June 30, 2011 and December 31, 2010, there were $44.4 million and $12.5 million, respectively, of partial charge-offs on loans individually evaluated for impairment with no related allowance recorded and $44.3 million and $41.1 million, respectively, of partial charge-offs on loans individually evaluated for impairment that also had a specific reserve allocated. The allowance for loan losses included specific reserves related to loans individually evaluated for impairment at June 30, 2011 and December 31, 2010, of $32.8 million and $43.5 million, respectively, related to loans with a recorded investment of $87.1 million and $140.5 million. The following table presents the average recorded investment and interest income recognized on loans individually evaluated for impairment for the three and six months ended June 30, 2011:
|  |  |  |  | Three months ended June 30, 2011 |  |  | Six months ended June 30, 2011 |
|  | Recorded investment as of June 30, 2011 |  |  | Average recorded investment |  |  | Interest income recognized |  |  | Average recorded investment |  |  | Interest income recognized |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural |  | $ | 24,008 |  |  | $ | 20,688 |  |  | $ | 41 |  |  | $ | 20,203 |  |  | $ | 106 |
Commercial real estate |  |  | 47,243 |  |  |  | 51,359 |  |  |  | 54 |  |  |  | 53,619 |  |  |  | 124 |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vision commercial land and development |  |  | 46,847 |  |  |  | 71,682 |  |  |  | - |  |  |  | 77,711 |  |  |  | - |
Remaining commercial |  |  | 33,685 |  |  |  | 27,998 |  |  |  | 136 |  |  |  | 27,616 |  |  |  | 214 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 48,594 |  |  |  | 55,096 |  |  |  | 14 |  |  |  | 57,269 |  |  |  | 153 |
Consumer |  |  | 23 |  |  |  | 5 |  |  |  | 1 |  |  |  | 12 |  |  |  | 1 |
Total |  | $ | 200,400 |  |  | $ | 226,828 |  |  | $ | 246 |  |  | $ | 236,430 |  |  | $ | 598 |
The following tables present the aging of the recorded investment in past due loans as of June 30, 2011 and December 31, 2010 by class of loans.
|  | June 30, 2011 |
|  | Accruing loans past due 30-89 days |  |  | Past due nonaccrual loans and loans past due 90 days or more and accruing* |  |  | Total past due |  |  | Total current |  |  | Total recorded investment |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural |  | $ | 6,007 |  |  | $ | 21,096 |  |  | $ | 27,103 |  |  | $ | 731,316 |  |  | $ | 758,419 |
Commercial real estate |  |  | 3,106 |  |  |  | 36,369 |  |  |  | 39,475 |  |  |  | 1,222,592 |  |  |  | 1,262,067 |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vision commercial land and development |  |  | 309 |  |  |  | 41,860 |  |  |  | 42,169 |  |  |  | 69,120 |  |  |  | 111,289 |
Remaining commercial |  |  | 99 |  |  |  | 13,757 |  |  |  | 13,856 |  |  |  | 168,019 |  |  |  | 181,875 |
Mortgage |  |  | 402 |  |  |  | - |  |  |  | 402 |  |  |  | 21,034 |  |  |  | 21,436 |
Installment |  |  | 393 |  |  |  | 386 |  |  |  | 779 |  |  |  | 15,784 |  |  |  | 16,563 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 3,014 |  |  |  | 18,461 |  |  |  | 21,475 |  |  |  | 434,742 |  |  |  | 456,217 |
Mortgage |  |  | 17,041 |  |  |  | 22,893 |  |  |  | 39,934 |  |  |  | 912,619 |  |  |  | 952,553 |
HELOC |  |  | 770 |  |  |  | 664 |  |  |  | 1,434 |  |  |  | 254,393 |  |  |  | 255,827 |
Installment |  |  | 1,120 |  |  |  | 781 |  |  |  | 1,901 |  |  |  | 51,380 |  |  |  | 53,281 |
Consumer |  |  | 9,313 |  |  |  | 1,994 |  |  |  | 11,307 |  |  |  | 642,881 |  |  |  | 654,188 |
Leases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,312 |  |  |  | 2,312 |
Total loans |  | $ | 41,574 |  |  | $ | 158,261 |  |  | $ | 199,835 |  |  | $ | 4,526,192 |  |  | $ | 4,726,027 |
* Includes $3.2 million of loans past due 90 days or more and accruing.
|  | December 31, 2010 |
|  | Accruing loans past due 30-89 days |  |  | Past due nonaccrual loans and loans past due 90 days or more and accruing* |  |  | Total past due |  |  | Total current |  |  | Total recorded investment |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural |  | $ | 2,247 |  |  | $ | 15,622 |  |  | $ | 17,869 |  |  | $ | 722,919 |  |  | $ | 740,788 |
Commercial real estate |  |  | 9,521 |  |  |  | 53,269 |  |  |  | 62,790 |  |  |  | 1,168,630 |  |  |  | 1,231,420 |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vision commercial land and development |  |  | 2,406 |  |  |  | 65,130 |  |  |  | 67,536 |  |  |  | 104,080 |  |  |  | 171,616 |
Remaining commercial |  |  | 141 |  |  |  | 19,687 |  |  |  | 19,828 |  |  |  | 176,487 |  |  |  | 196,315 |
Mortgage |  |  | 479 |  |  |  | 148 |  |  |  | 627 |  |  |  | 25,794 |  |  |  | 26,421 |
Installment |  |  | 235 |  |  |  | 399 |  |  |  | 634 |  |  |  | 12,547 |  |  |  | 13,181 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 3,281 |  |  |  | 26,845 |  |  |  | 30,126 |  |  |  | 436,180 |  |  |  | 466,306 |
Mortgage |  |  | 17,460 |  |  |  | 24,422 |  |  |  | 41,882 |  |  |  | 867,555 |  |  |  | 909,437 |
HELOC |  |  | 1,396 |  |  |  | 667 |  |  |  | 2,063 |  |  |  | 259,414 |  |  |  | 261,477 |
Installment |  |  | 1,018 |  |  |  | 892 |  |  |  | 1,910 |  |  |  | 58,540 |  |  |  | 60,450 |
Consumer |  |  | 11,204 |  |  |  | 2,465 |  |  |  | 13,669 |  |  |  | 656,447 |  |  |  | 670,116 |
Leases |  |  | 5 |  |  |  | - |  |  |  | 5 |  |  |  | 2,658 |  |  |  | 2,663 |
Total loans |  | $ | 49,393 |  |  | $ | 209,546 |  |  | $ | 258,939 |  |  | $ | 4,491,251 |  |  | $ | 4,750,190 |
* Includes $3.6 million of loans past due 90 days or more and accruing. Management's policy is to initially place all renegotiated loans (troubled debt restructurings) on nonaccrual status. At June 30, 2011 and December 31, 2010, there were $72.6 million and $80.7 million, respectively, of troubled debt restructurings included in nonaccrual loan totals. Many of these troubled debt restructurings are performing under the renegotiated terms. At June 30, 2011 and December 31, 2010, $47.9 million and $50.3 million of the total troubled debt restructurings were included within current loans above. Management will continue to review the renegotiated loans and may determine it appropriate to move certain of the loans back to accrual status in the future. At June 30, 2011 and December 31, 2010, Park had commitments to lend $502,000 and $434,000, respectively, of additional funds to borrowers whose terms had been modified in a troubled debt restructuring. Management utilizes past due information as a credit quality indicator across the loan portfolio. The past due information is the primary credit quality indicator within the following classes of loans: (1) mortgage loans and installment loans in the construction real estate segment; (2) mortgage loans, HELOC and installment loans in the residential real estate segment; and (3) throughout the consumer loan segment. The primary credit indicator for commercial loans is based on an internal grading system that grades all commercial loans from 1 to 8. Credit grades are continuously monitored by the respective loan officer and adjustments are made when appropriate. A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss. Commercial loans with grades of 1 to 4 (pass-rated) are considered to be of acceptable credit risk. Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher loan loss reserve percentage is allocated to these loans. Loans classified as special mention have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or of the institution's credit position at some future date. Commercial loans graded 6 (substandard), also considered watch list credits, are considered to represent higher credit risk and, as a result, a higher loan loss reserve percentage is allocated to these loans. Loans classified as substandard loans are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Commercial loans that are graded a 7 (doubtful) are shown as nonperforming and Park generally charges these loans down to their fair value by taking a partial charge-off or recording a specific reserve. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Any commercial loan graded an 8 (loss) is completely charged-off. The tables below present the recorded investment by loan grade at June 30, 2011 and December 31, 2010 for all commercial loans.
|  | June 30, 2011 |
(in thousands) |  | 5 Rated |  |  | 6 Rated |  |  | Nonaccrual |  |  | Pass Rated |  |  | Recorded Investment |
Commercial, financial and agricultural |  | $ | 18,067 |  |  | $ | 12,540 |  |  | $ | 24,008 |  |  | $ | 703,804 |  |  | $ | 758,419 |
Commercial real estate |  |  | 57,223 |  |  |  | 26,431 |  |  |  | 47,243 |  |  |  | 1,131,170 |  |  |  | 1,262,067 |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vision commercial land and development |  |  | 9,943 |  |  |  | 4,803 |  |  |  | 47,761 |  |  |  | 48,782 |  |  |  | 111,289 |
Remaining commercial |  |  | 8,495 |  |  |  | 22,340 |  |  |  | 33,685 |  |  |  | 117,355 |  |  |  | 181,875 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 22,779 |  |  |  | 17,398 |  |  |  | 48,594 |  |  |  | 367,446 |  |  |  | 456,217 |
Leases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,312 |  |  |  | 2,312 |
Total Commercial Loans |  | $ | 116,507 |  |  | $ | 83,512 |  |  | $ | 201,291 |  |  | $ | 2,370,869 |  |  | $ | 2,772,179 |
|  | December 31, 2010 |
(in thousands) |  | 5 Rated |  |  | 6 Rated |  |  | Nonaccrual |  |  | Pass Rated |  |  | Recorded Investment |
Commercial, financial and agricultural |  | $ | 26,322 |  |  | $ | 11,447 |  |  | $ | 19,276 |  |  | $ | 683,743 |  |  | $ | 740,788 |
Commercial real estate |  |  | 57,394 |  |  |  | 26,992 |  |  |  | 57,941 |  |  |  | 1,089,093 |  |  |  | 1,231,420 |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vision commercial land and development |  |  | 10,220 |  |  |  | 7,941 |  |  |  | 87,424 |  |  |  | 66,031 |  |  |  | 171,616 |
Remaining commercial |  |  | 14,021 |  |  |  | 39,062 |  |  |  | 27,080 |  |  |  | 116,152 |  |  |  | 196,315 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 29,206 |  |  |  | 18,117 |  |  |  | 60,227 |  |  |  | 358,756 |  |  |  | 466,306 |
Leases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,663 |  |  |  | 2,663 |
Total Commercial Loans |  | $ | 137,163 |  |  | $ | 103,559 |  |  | $ | 251,948 |  |  | $ | 2,316,438 |  |  | $ | 2,809,108 |

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