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Allowance for Loan Losses | 12 Months Ended
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Dec. 31, 2013
Allowance For Loan Losses [Abstract] |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is that amount management believes is adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors including overall growth in the loan portfolio, an analysis of individual loans, prior and current loss experience, and current economic conditions. A provision for loan losses is charged to operations based on management’s periodic evaluation of these and other pertinent factors as discussed within Note 1 of these Notes to Consolidated Financial Statements. Management extended the historical loss calculation period from 48 months to 54 months during the third quarter of 2013, incorporating net charge-offs plus changes in specific reserves through June 30, 2013 and to 60 months during the fourth quarter of 2013, incorporating net charge-offs plus changes in specific reserves through December 31, 2013. As part of the update in the third quarter of 2013, management determined that it was appropriate to more heavily weight those years with higher losses in the historical loss calculation. Given the continued uncertainty in the current economic environment, management did not feel that it was appropriate to continue to apply equal percentages to each of the years in the historical loss calculation. Management considers the uncertainty in the current economic environment to be more similar to the economic conditions in 2009 through 2011 period than the 2012 though 2013 period. Specifically, rather than applying equal percentages to each year in the historical loss calculation, management applied more weight to the 2009 through 2011 period compared to the 2012 through 2013 period. The impact of the change in the third quarter resulted in general reserves as a percentage of performing loans of 1.09% at September 30, 2013, which was consistent with the 1.09% at June 30, 2013. The activity in the allowance for loan losses for the years ended December 31, 2013, December 31, 2012, and December 31, 2011 is summarized in the following tables.
|  | Year ended December 31, 2013
(In thousands) |  | Commercial, financial and agricultural |  | Commercial real estate |  | Construction real estate |  | Residential real estate |  | Consumer |  | Leases |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 15,635 |  |  | $ | 11,736 |  |  | $ | 6,841 |  |  | $ | 14,759 |  |  | $ | 6,566 |  |  | $ | — |  |  | $ | 55,537 |
Charge-offs |  | 6,160 |  |  | 1,832 |  |  | 1,791 |  |  | 3,207 |  |  | 6,163 |  |  | — |  |  | 19,153 |
Recoveries |  | (1,314 | ) |  | (726 | ) |  | (9,378 | ) |  | (6,000 | ) |  | (2,249 | ) |  | (2 | ) |  | (19,669 | )
Net Charge-offs (recoveries) |  | 4,846 |  |  | 1,106 |  |  | (7,587 | ) |  | (2,793 | ) |  | 3,914 |  |  | (2 | ) |  | (516 | )
Provision (Recovery) |  | 3,429 |  |  | 5,269 |  |  | (7,573 | ) |  | (3,301 | ) |  | 5,593 |  |  | (2 | ) |  | 3,415 |
Ending balance |  | $ | 14,218 |  |  | $ | 15,899 |  |  | $ | 6,855 |  |  | $ | 14,251 |  |  | $ | 8,245 |  |  | — |  |  | $ | 59,468 |
|  | Year ended December 31, 2012
(In thousands) |  | Commercial, financial and agricultural |  | Commercial real estate |  | Construction real estate |  | Residential real estate |  | Consumer |  | Leases |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 16,950 |  |  | $ | 15,539 |  |  | $ | 14,433 |  |  | $ | 15,692 |  |  | $ | 5,830 |  |  | $ | — |  |  | $ | 68,444 |
Charge-offs |  | 26,847 |  |  | 10,454 |  |  | 9,985 |  |  | 8,607 |  |  | 5,375 |  |  | — |  |  | 61,268 |
Recoveries |  | (1,066 | ) |  | (783 | ) |  | (2,979 | ) |  | (5,559 | ) |  | (2,555 | ) |  | — |  |  | (12,942 | )
Net Charge-offs |  | 25,781 |  |  | 9,671 |  |  | 7,006 |  |  | 3,048 |  |  | 2,820 |  |  | — |  |  | 48,326 |
Provision (Recovery) |  | 24,466 |  |  | 5,868 |  |  | (586 | ) |  | 2,115 |  |  | 3,556 |  |  | — |  |  | 35,419 |
Ending balance |  | $ | 15,635 |  |  | $ | 11,736 |  |  | $ | 6,841 |  |  | $ | 14,759 |  |  | $ | 6,566 |  |  | — |  |  | $ | 55,537 |
|  | Year ended December 31, 2011
(In thousands) |  | Commercial, financial and agricultural |  | Commercial real estate |  | Construction real estate |  | Residential real estate |  | Consumer |  | Leases |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 11,555 |  |  | $ | 24,369 |  |  | $ | 70,462 |  |  | $ | 30,259 |  |  | $ | 6,925 |  |  | $ | 5 |  |  | $ | 143,575 |
Transfer of loans at fair value |  | 2 |  |  | 150 |  |  | 63 |  |  | 4 |  |  | — |  |  | — |  |  | 219 |
Transfer of allowance to held for sale (1) |  | 1,184 |  |  | 4,327 |  |  | 1,998 |  |  | 5,450 |  |  | 141 |  |  | — |  |  | 13,100 |
Charge-offs |  | 18,350 |  |  | 23,063 |  |  | 64,166 |  |  | 20,691 |  |  | 7,612 |  |  | — |  |  | 133,882 |
Recoveries |  | (1,402 | ) |  | (1,825 | ) |  | (1,463 | ) |  | (1,719 | ) |  | (2,385 | ) |  | (4 | ) |  | (8,798 | )
Net Charge-offs (recoveries) |  | 16,948 |  |  | 21,238 |  |  | 62,703 |  |  | 18,972 |  |  | 5,227 |  |  | (4 | ) |  | 125,084 |
Provision (Recovery) |  | 23,529 |  |  | 16,885 |  |  | 8,735 |  |  | 9,859 |  |  | 4,273 |  |  | (9 | ) |  | 63,272 |
Ending balance |  | $ | 16,950 |  |  | $ | 15,539 |  |  | $ | 14,433 |  |  | $ | 15,692 |  |  | $ | 5,830 |  |  | — |  |  | $ | 68,444 |
(1) Transfer of allowance to held for sale was allocated on a pro-rata basis based on the outstanding balance of the loans held for sale. Loans collectively evaluated for impairment in the following tables include all performing loans at December 31, 2013 and 2012, as well as nonperforming loans internally classified as consumer loans. Nonperforming consumer loans are not typically individually evaluated for impairment, but receive a portion of the statistical allocation of the allowance for loan losses. Loans individually evaluated for impairment include all impaired loans internally classified as commercial loans at December 31, 2013 and 2012, which are evaluated for impairment in accordance with U.S. GAAP (see Note 1 of these Notes to Consolidated Financial Statements). The composition of the allowance for loan losses at December 31, 2013 and 2012 was as follows:
|  | December 31, 2013
(In thousands) |  | Commercial, financial, and agricultural |  | Commercial real estate |  | Construction real estate |  | Residential real estate |  | Consumer |  | Leases |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |
Ending allowance balance attributed to loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 3,268 |  |  | $ | 5,496 |  |  | $ | 1,132 |  |  | $ | 555 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,451 |
Collectively evaluated for impairment |  | 10,950 |  |  | 10,403 |  |  | 5,723 |  |  | 13,696 |  |  | 8,245 |  |  | — |  |  | 49,017 |
Total ending allowance balance |  | $ | 14,218 |  |  | $ | 15,899 |  |  | $ | 6,855 |  |  | $ | 14,251 |  |  | $ | 8,245 |  |  | $ | — |  |  | $ | 59,468 |
Loan Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 20,724 |  |  | $ | 41,816 |  |  | $ | 15,559 |  |  | $ | 33,406 |  |  | $ | 799 |  |  | $ | — |  |  | $ | 112,304 |
Loans collectively evaluated for impairment |  | 804,708 |  |  | 1,070,457 |  |  | 140,557 |  |  | 1,766,141 |  |  | 722,934 |  |  | 3,404 |  |  | 4,508,201 |
Total ending loan balance |  | $ | 825,432 |  |  | $ | 1,112,273 |  |  | $ | 156,116 |  |  | $ | 1,799,547 |  |  | $ | 723,733 |  |  | $ | 3,404 |  |  | $ | 4,620,505 |
Allowance for loan losses as a percentage of loan balance: |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | 15.77 | % |  | 13.14 | % |  | 7.28 | % |  | 1.66 | % |  | — | % |  | — | % |  | 9.31 | %
Loans collectively evaluated for impairment |  | 1.36 | % |  | 0.97 | % |  | 4.07 | % |  | 0.78 | % |  | 1.14 | % |  | — | % |  | 1.09 | %
Total ending loan balance |  | 1.72 | % |  | 1.43 | % |  | 4.39 | % |  | 0.79 | % |  | 1.14 | % |  | — | % |  | 1.29 | %
Recorded Investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 20,727 |  |  | $ | 41,822 |  |  | $ | 15,559 |  |  | $ | 33,408 |  |  | $ | 799 |  |  | $ | — |  |  | $ | 112,315 |
Loans collectively evaluated for impairment |  | 807,784 |  |  | 1,074,216 |  |  | 140,944 |  |  | 1,769,604 |  |  | 725,709 |  |  | 3,427 |  |  | 4,521,684 |
Total ending loan balance |  | $ | 828,511 |  |  | $ | 1,116,038 |  |  | $ | 156,503 |  |  | $ | 1,803,012 |  |  | $ | 726,508 |  |  | $ | 3,427 |  |  | $ | 4,633,999 |
|  | December 31, 2012
(In thousands) |  | Commercial, financial, and agricultural |  | Commercial real estate |  | Construction real estate |  | Residential real estate |  | Consumer |  | Leases |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |
Ending allowance balance attributed to loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 3,180 |  |  | $ | 1,540 |  |  | $ | 2,277 |  |  | $ | 1,279 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,276 |
Collectively evaluated for impairment |  | 12,455 |  |  | 10,196 |  |  | 4,564 |  |  | 13,480 |  |  | 6,566 |  |  | — |  |  | 47,261 |
Total ending allowance balance |  | $ | 15,635 |  |  | $ | 11,736 |  |  | $ | 6,841 |  |  | $ | 14,759 |  |  | $ | 6,566 |  |  | $ | — |  |  | $ | 55,537 |
Loan Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 22,523 |  |  | $ | 44,267 |  |  | $ | 34,814 |  |  | $ | 35,616 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 137,238 |
Loans collectively evaluated for impairment |  | 801,404 |  |  | 1,047,897 |  |  | 130,714 |  |  | 1,678,029 |  |  | 651,912 |  |  | 3,128 |  |  | 4,313,084 |
Total ending loan balance |  | $ | 823,927 |  |  | $ | 1,092,164 |  |  | $ | 165,528 |  |  | $ | 1,713,645 |  |  | $ | 651,930 |  |  | $ | 3,128 |  |  | $ | 4,450,322 |
Allowance for loan losses as a percentage of loan balance: |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | 14.12 | % |  | 3.48 | % |  | 6.54 | % |  | 3.59 | % |  | — | % |  | — | % |  | 6.03 | %
Loans collectively evaluated for impairment |  | 1.55 | % |  | 0.97 | % |  | 3.49 | % |  | 0.80 | % |  | 1.01 | % |  | — | % |  | 1.10 | %
Total ending loan balance |  | 1.90 | % |  | 1.07 | % |  | 4.13 | % |  | 0.86 | % |  | 1.01 | % |  | — | % |  | 1.25 | %
Recorded Investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 22,587 |  |  | $ | 44,278 |  |  | $ | 34,834 |  |  | $ | 35,622 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 137,339 |
Loans collectively evaluated for impairment |  | 804,316 |  |  | 1,051,725 |  |  | 131,176 |  |  | 1,681,449 |  |  | 654,747 |  |  | 3,157 |  |  | 4,326,570 |
Total ending loan balance |  | $ | 826,903 |  |  | $ | 1,096,003 |  |  | $ | 166,010 |  |  | $ | 1,717,071 |  |  | $ | 654,765 |  |  | $ | 3,157 |  |  | $ | 4,463,909 |

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