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Loans and Asset Quality Information (Tables)

9 Months Ended

Sep. 30, 2012

Loans And Asset Quality Information Tables

Summary of the major categories of total loans outstanding

The following is a summary of the major categories of total loans outstanding:

($ in thousands)		September 30, 2012								December 31, 2011								September 30, 2011
		Amount				Percentage				Amount				Percentage				Amount				Percentage
All  loans (non-covered and covered):
Commercial, financial, and agricultural		$	161,846				7	%			162,099				7	%			161,300				7	%
Real estate – construction, land development & other land loans			329,375				13	%			363,079				15	%			370,735				15	%
Real estate – mortgage – residential (1-4 family) first mortgages			823,069				34	%			805,542				33	%			803,688				33	%
Real estate – mortgage – home equity loans / lines of credit			243,556				10	%			256,509				11	%			258,653				11	%
Real estate – mortgage – commercial and other			807,914				33	%			762,895				31	%			756,568				31	%
Installment loans to individuals			73,833				3	%			78,982				3	%			80,309				3	%
Subtotal			2,439,593				100	%			2,429,106				100	%			2,431,253				100	%
Unamortized net deferred loan costs			1,478								1,280								1,295
Total loans		$	2,441,071								2,430,386								2,432,548

Summary of the major categories of non-covered loans outstanding

The following is a summary of the major categories of non-covered loans outstanding:

($ in thousands)		September 30, 2012								December 31, 2011								September 30, 2011
		Amount				Percentage				Amount				Percentage				Amount				Percentage
Non-covered loans:
Commercial, financial, and agricultural		$	154,956				7	%			152,627				8	%			150,252				7	%
Real estate – construction, land development & other land loans			273,985				13	%			290,983				14	%			298,650				14	%
Real estate – mortgage – residential (1-4 family) first mortgages			681,168				32	%			646,616				31	%			637,129				31	%
Real estate – mortgage – home equity loans / lines of credit			223,154				10	%			233,171				11	%			236,578				12	%
Real estate – mortgage – commercial and other			729,310				34	%			666,882				32	%			656,035				32	%
Installment loans to individuals			73,023				4	%			77,593				4	%			78,785				4	%
Subtotal			2,135,596				100	%			2,067,872				100	%			2,057,429				100	%
Unamortized net deferred loan costs			1,478								1,280								1,295
Total non-covered loans		$	2,137,074								2,069,152								2,058,724

Carrying amount of the covered loans

The carrying amount of the covered loans at September 30, 2012 consisted of impaired and nonimpaired purchased loans, as follows:

($ in thousands)		Impaired Purchased Loans – Carrying Value				Impaired Purchased Loans – Unpaid Principal Balance				Nonimpaired Purchased Loans – Carrying Value				Nonimpaired Purchased Loans – Unpaid Principal Balance				Total Covered Loans – Carrying Value				Total Covered Loans – Unpaid Principal Balance
Covered loans:
Commercial, financial, and agricultural		$	71				148				6,819				8,671				6,890				8,819
Real estate – construction, land development & other land loans			1,577				2,601				53,813				94,481				55,390				97,082
Real estate – mortgage – residential (1-4 family) first mortgages			815				1,908				141,086				168,840				141,901				170,748
Real estate – mortgage – home equity loans / lines of credit			15				308				20,387				25,999				20,402				26,307
Real estate – mortgage – commercial and other			2,265				4,128				76,339				103,399				78,604				107,527
Installment loans to individuals			2				3				808				881				810				884
Total		$	4,745				9,096				299,252				402,271				303,997				411,367

The carrying amount of the covered loans at December 31, 2011 consisted of impaired and nonimpaired purchased loans, as follows:

($ in thousands)		Impaired Purchased Loans – Carrying Value				Impaired Purchased Loans – Unpaid Principal Balance				Nonimpaired Purchased Loans – Carrying Value				Nonimpaired Purchased Loans – Unpaid Principal Balance				Total Covered Loans – Carrying Value				Total Covered Loans – Unpaid Principal Balance
Covered loans:
Commercial, financial, and agricultural		$	69				319				9,403				11,736				9,472				12,055
Real estate – construction, land development & other land loans			3,865				8,505				68,231				115,489				72,096				123,994
Real estate – mortgage – residential (1-4 family) first mortgages			1,214				2,639				157,712				189,436				158,926				192,075
Real estate – mortgage – home equity loans / lines of credit			127				577				23,211				29,249				23,338				29,826
Real estate – mortgage – commercial and other			2,585				4,986				93,428				125,450				96,013				130,436
Installment loans to individuals			4				6				1,385				1,583				1,389				1,589
Total		$	7,864				17,032				353,370				472,943				361,234				489,975

Schedule of covered purchased nonimpaired loans

The following table presents information regarding covered purchased nonimpaired loans since December 31, 2010. The amounts include principal only and do not reflect accrued interest as of the date of the acquisition or beyond.

($ in thousands)
Carrying amount of nonimpaired covered loans at December 31, 2010		$	366,521
Additions due to acquisition of The Bank of Asheville (at fair value)			84,623
Principal repayments			(40,576	)
Transfers to foreclosed real estate			(53,999	)
Loan charge-offs			(14,797	)
Accretion of loan discount			11,598
Carrying amount of nonimpaired covered loans at December 31, 2011		$	353,370
Principal repayments			(42,651	)
Transfers to foreclosed real estate			(15,106	)
Loan charge-offs			(6,816	)
Accretion of loan discount			10,455
Carrying amount of nonimpaired covered loans at September 30, 2012		$	299,252

Schedule of applied coste recoveru method of purchased impaired loans

The Company has applied the cost recovery method to all purchased impaired loans at their respective acquisition dates due to the uncertainty as to the timing of expected cash flows, as reflected in the following table.

($ in thousands) Purchased Impaired Loans		Contractual Principal Receivable				Fair Market Value Adjustment – Write Down (Nonaccretable Difference)				Carrying Amount
Balance at December 31, 2010		$	8,080				2,329				5,751
Additions due to acquisition of The Bank of Asheville			38,452				20,807				17,645
Change due to payments received			(1,620	)			(327	)			(1,293	)
Transfer to foreclosed real estate			(19,881	)			(9,308	)			(10,573	)
Change due to loan charge-off			(7,522	)			(4,193	)			(3,329	)
Other			807				224				583
Balance at December 31, 2011		$	18,316				9,532				8,784
Change due to payments received			(330	)			(23	)			(307	)
Transfer to foreclosed real estate			(7,636	)			(3,487	)			(4,149	)
Change due to loan charge-off			(109	)			(109	)			—
Other			(1,145	)			(1,562	)			417
Balance at September 30, 2012		$	9,096				4,351				4,745

Summary of nonperforming assets

Nonperforming assets are defined as nonaccrual loans, restructured loans, loans past due 90 or more days and still accruing interest, and foreclosed real estate. Nonperforming assets are summarized as follows:

ASSET QUALITY DATA ($ in thousands)		September 30, 2012				December 31, 2011				September 30, 2011
Non-covered nonperforming assets
Nonaccrual loans		$	69,413				73,566				75,013
Restructured loans - accruing			38,522				11,720				11,257
Accruing loans > 90 days past due			—				—				—
Total non-covered nonperforming loans			107,935				85,286				86,270
Foreclosed real estate			38,065				37,023				32,673
Total non-covered nonperforming assets		$	146,000				122,309				118,943
Covered nonperforming assets
Nonaccrual loans (1)		$	37,619				41,472				36,536
Restructured loans - accruing			17,945				14,218				16,912
Accruing loans > 90 days past due			—				—				—
Total covered nonperforming loans			55,564				55,690				53,448
Foreclosed real estate			58,367				85,272				104,785
Total covered nonperforming assets		$	113,931				140,962				158,233
Total nonperforming assets		$	259,931				263,271				277,176

(1) At September 30, 2012, December 31, 2011, and September 30, 2011, the contractual balance of the nonaccrual loans covered by FDIC loss share agreements was $67.9 million, $69.0 million, and $65.0 million, respectively.

Information related to impaired loans

The following table presents information related to the Company’s impaired loans.

($ in thousands)		As of /for the nine months ended September 30, 2012				As of /for the year ended December 31, 2011				As of /for the nine months ended September 30, 2011
Impaired loans at period end
Non-covered		$	107,935				85,286				86,270
Covered			55,564				55,690				53,448
Total impaired loans at period end		$	163,499				140,976				139,718
Average amount of impaired loans for period
Non-covered		$	92,027				89,023				89,957
Covered			56,228				63,289				65,189
Average amount of impaired loans for period – total		$	148,255				152,312				155,146
Allowance for loan losses related to impaired loans at period end
Non-covered		$	9,410				5,804				5,429
Covered			4,074				5,106				2,287
Allowance for loan losses related to impaired loans - total		$	13,484				10,910				7,716
Amount of impaired loans with no related allowance at period end
Non-covered		$	34,150				35,721				35,897
Covered			40,595				43,702				43,918
Total impaired loans with no related allowance at period end		$	74,745				79,423				79,815

Schedule of nonaccrual loans

The following table presents the Company’s nonaccrual loans as of September 30, 2012.

($ in thousands)		Non-covered				Covered				Total
Commercial, financial, and agricultural:
Commercial – unsecured		$	104				189				293
Commercial – secured			3,386				3				3,389
Secured by inventory and accounts receivable			701				31				732
Real estate – construction, land development & other land loans			16,858				18,032				34,890
Real estate – residential, farmland and multi-family			21,980				9,013				30,993
Real estate – home equity lines of credit			3,211				726				3,937
Real estate – commercial			20,354				9,556				29,910
Consumer			2,819				69				2,888
Total		$	69,413				37,619				107,032

The following table presents the Company’s nonaccrual loans as of December 31, 2011.

($ in thousands)		Non-covered				Covered				Total
Commercial, financial, and agricultural:
Commercial - unsecured		$	452				—				452
Commercial - secured			2,190				358				2,548
Secured by inventory and accounts receivable			588				102				690
Real estate – construction, land development & other land loans			22,772				21,204				43,976
Real estate – residential, farmland and multi-family			25,430				11,050				36,480
Real estate – home equity lines of credit			3,161				1,068				4,229
Real estate - commercial			16,203				7,459				23,662
Consumer			2,770				231				3,001
Total		$	73,566				41,472				115,038

Schedule of analysis of the payment status of loans

The following table presents an analysis of the payment status of the Company’s loans as of September 30, 2012.

($ in thousands)		30-59 Days Past Due				60-89 Days Past Due				Nonaccrual Loans				Current				Total Loans Receivable
Non-covered loans
Commercial, financial, and agricultural:
Commercial - unsecured		$	289				61				104				36,379				36,833
Commercial - secured			930				336				3,386				108,956				113,608
Secured by inventory and accounts receivable			32				—				701				20,542				21,275
Real estate – construction, land development & other land loans			2,021				1,690				16,858				216,391				236,960
Real estate – residential, farmland, and multi-family			8,532				2,997				21,980				793,444				826,953
Real estate – home equity lines of credit			1,337				315				3,211				198,291				203,154
Real estate - commercial			3,925				756				20,354				615,543				640,578
Consumer			538				238				2,819				52,640				56,235
Total non-covered		$	17,604				6,393				69,413				2,042,186				2,135,596
Unamortized net deferred loan costs																			1,478
Total non-covered loans																		$	2,137,074
Covered loans		$	5,118				2,583				37,619				258,677				303,997
Total loans		$	22,722				8,976				107,032				2,300,863				2,441,071

The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2011.

($ in thousands)		30-59 Days Past Due				60-89 Days Past Due				Nonaccrual Loans				Current				Total Loans Receivable
Non-covered loans
Commercial, financial, and agricultural:
Commercial - unsecured		$	67				591				452				37,668				38,778
Commercial - secured			672				207				2,190				108,682				111,751
Secured by inventory and accounts receivable			247				—				588				20,993				21,828
Real estate – construction, land development & other land loans			1,250				1,411				22,772				221,372				246,805
Real estate – residential, farmland, and multi-family			9,751				4,259				25,430				756,215				795,655
Real estate – home equity lines of credit			1,126				237				3,161				202,912				207,436
Real estate - commercial			2,620				1,006				16,203				567,354				587,183
Consumer			657				286				2,770				54,723				58,436
Total non-covered		$	16,390				7,997				73,566				1,969,919				2,067,872
Unamortized net deferred loan costs																			1,280
Total non-covered loans																		$	2,069,152
Covered loans		$	6,511				3,388				41,472				309,863				361,234
Total loans		$	22,901				11,385				115,038				2,279,782				2,430,386

Schedule of activity in the allowance for loan losses for non-covered loans

The following table presents the activity in the allowance for loan losses for non-covered loans for the three and nine months ended September 30, 2012.

($ in thousands)		Commercial, Financial, and Agricultural				Real Estate – Construction, Land Development, & Other Land Loans				Real Estate – Residential, Farmland, and Multi- family				Real Estate – Home Equity Lines of Credit				Real Estate – Commercial and Other				Consumer				Unallo- cated				Total
As of and for the three months ended September 30, 2012
Beginning balance		$	5,061				17,819				14,959				2,146				5,719				1,791				28				47,523
Charge-offs			(571	)			(4,628	)			(1,399	)			(1,098	)			(1,247	)			(307	)			—				(9,250	)
Recoveries			219				487				92				10				21				82				—				911
Provisions			468				1,109				1,731				825				1,354				315				168				5,970
Ending balance		$	5,177				14,787				15,383				1,883				5,847				1,881				196				45,154
As of and for the nine months ended September 30, 2012
Beginning balance		$	3,780				11,306				13,532				1,690				3,414				1,872				16				35,610
Charge-offs			(2,633	)			(7,480	)			(5,635	)			(1,830	)			(3,417	)			(993	)			—				(21,988	)
Recoveries			253				801				346				129				68				214				—				1,811
Provisions			3,777				10,160				7,140				1,894				5,782				788				180				29,721
Ending balance		$	5,177				14,787				15,383				1,883				5,847				1,881				196				45,154
Ending balances as of September 30, 2012:  Allowance for loan losses
Individually evaluated for impairment		$	871				109				369				—				1,276				—				—				2,625
Collectively evaluated for impairment		$	4,306				14,678				15,014				1,883				4,571				1,881				196				42,529
Loans acquired with deteriorated credit quality		$	—				—				—				—				—				—				—				—
Loans receivable as of September 30, 2012:
Ending balance – total		$	171,716				236,960				826,953				203,154				640,578				56,235				—				2,135,596
Ending balances as of September 30, 2012: Loans
Individually evaluated for impairment		$	951				14,187				5,546				275				29,091				—				—				50,050
Collectively evaluated for impairment		$	170,765				222,773				821,407				202,879				611,487				56,235				—				2,085,546
Loans acquired with deteriorated credit quality		$	—				—				—				—				—				—				—				—

The following table presents the activity in the allowance for loan losses for non-covered loans for the year ended December 31, 2011.

($ in thousands)		Commercial, Financial, and Agricultural				Real Estate – Construction, Land Development, & Other Land Loans				Real Estate – Residential, Farmland, and Multi- family				Real Estate – Home Equity Lines of Credit				Real Estate – Commercial and Other				Consumer				Unallo- cated				Total
Beginning balance		$	4,731				12,520				11,283				3,634				3,972				1,961				174				38,275
Charge-offs			(2,703	)			(16,240	)			(9,045	)			(1,147	)			(3,355	)			(845	)			(524	)			(33,859	)
Recoveries			389				1,142				719				107				37				182				93				2,669
Provisions			1,363				13,884				10,575				(904	)			2,760				574				273				28,525
Ending balance		$	3,780				11,306				13,532				1,690				3,414				1,872				16				35,610
Ending balances:  Allowance for loan losses
Individually evaluated for impairment		$	60				607				150				—				200				—				—				1,017
Collectively evaluated for impairment		$	3,720				10,699				13,382				1,690				3,214				1,872				16				34,593
Loans acquired with deteriorated credit quality		$	—				—				—				—				—				—				—				—
Loans receivable:
Ending balance – total		$	172,357				246,805				795,655				207,436				587,183				58,436				—				2,067,872
Ending balances: Loans
Individually evaluated for impairment		$	2,526				34,750				11,880				527				30,846				12				—				80,541
Collectively evaluated for impairment		$	169,831				212,055				783,775				206,909				556,337				58,424				—				1,987,331
Loans acquired with deteriorated credit quality		$	—				920				—				—				—				—				—				920

The following table presents the activity in the allowance for loan losses for non-covered loans for the three and nine months ended September 30, 2011.

($ in thousands)		Commercial, Financial, and Agricultural				Real Estate – Construction, Land Development, & Other Land Loans				Real Estate – Residential, Farmland, and Multi- family				Real Estate – Home Equity Lines of Credit				Real Estate – Commercial and Other				Consumer				Unallo- cated				Total
As of and for the three months ended September  30, 2011
Beginning balance		$	3,905				11,790				12,084				1,849				2,859				1,960				18				34,465
Charge-offs			(102	)			(3,937	)			(1,349	)			(189	)			(1,149	)			(173	)			(179	)			(7,078	)
Recoveries			15				220				286				10				5				9				24				569
Provisions			161				3,215				1,456				97				1,303				78				131				6,441
Ending balance		$	3,979				11,288				12,477				1,767				3,018				1,874				(6	)			34,397
As of and for the nine months ended September 30, 2011
Beginning balance		$	4,731				12,520				11,283				3,634				3,972				1,961				174				38,275
Charge-offs			(1,998	)			(13,519	)			(6,945	)			(953	)			(2,529	)			(533	)			(415	)			(26,892	)
Recoveries			51				471				579				53				33				112				97				1,396
Provisions			1,195				11,816				7,560				(967	)			1,542				334				138				21,618
Ending balance		$	3,979				11,288				12,477				1,767				3,018				1,874				(6	)			34,397
Ending balances as of September 30, 2011:  Allowance for loan losses
Individually evaluated for impairment		$	145				655				49				—				25				—				—				874
Collectively evaluated for impairment		$	3,834				10,633				12,428				1,767				2,993				1,874				(6	)			33,523
Loans acquired with deteriorated credit quality		$	—				—				—				—				—				—				—				—
Loans receivable as of September 30, 2011:
Ending balance – total		$	169,545				254,361				785,412				211,999				576,459				59,653				—				2,057,429
Ending balances as of September 30, 2011: Loans
Individually evaluated for impairment		$	2,377				39,651				12,940				528				30,833				17				—				86,346
Collectively evaluated for impairment		$	167,168				214,710				772,472				211,471				545,626				59,636				—				1,971,083
Loans acquired with deteriorated credit quality		$	—				922				—				—				—				—				—				922

Schedule of activity in the allowance for loan losses for covered loans

The following table presents the activity in the allowance for loan losses for covered loans for the three and nine months ended September 30, 2012.

($ in thousands)		Covered Loans
As of and for the three months ended September 30, 2012
Beginning balance		$	5,931
Charge-offs			(2,640	)
Recoveries			—
Provisions			1,103
Ending balance		$	4,394
As of and for the nine months ended September 30, 2012
Beginning balance		$	5,808
Charge-offs			(6,788	)
Recoveries			—
Provisions			5,374
Ending balance		$	4,394
Ending balances as of September 30, 2012:  Allowance for loan losses
Individually evaluated for impairment		$	4,394
Collectively evaluated for impairment			—
Loans acquired with deteriorated credit quality			17
Loans receivable as of September 30, 2012:
Ending balance – total		$	303,997
Ending balances as of September 30, 2012: Loans
Individually evaluated for impairment		$	57,607
Collectively evaluated for impairment			246,390
Loans acquired with deteriorated credit quality			4,745

The following table presents the activity in the allowance for loan losses for covered loans for the year ended December 31, 2011.

($ in thousands)		Covered Loans
As of and for the year ended December 31, 2011
Beginning balance		$	11,155
Charge-offs			(18,123	)
Recoveries			—
Provisions			12,776
Ending balance		$	5,808
Ending balances as of December 31, 2011:  Allowance for loan losses
Individually evaluated for impairment		$	5,808
Collectively evaluated for impairment			—
Loans acquired with deteriorated credit quality			327
Loans receivable as of December 31, 2011:
Ending balance – total		$	361,234
Ending balances as of December 31, 2011: Loans
Individually evaluated for impairment		$	44,723
Collectively evaluated for impairment			316,511
Loans acquired with deteriorated credit quality			7,864

The following table presents the activity in the allowance for loan losses for covered loans for the three and nine months ended September 30, 2011.

($ in thousands)		Covered Loans
As of and for the three months ended September 30, 2011
Beginning balance		$	5,540
Charge-offs			(4,988	)
Recoveries			—
Provisions			2,705
Ending balance		$	3,257
As of and for the six months ended September 30, 2011
Beginning balance		$	11,155
Charge-offs			(17,703	)
Recoveries			—
Provisions			9,805
Ending balance		$	3,257
Ending balances as of September 30, 2011:  Allowance for loan losses
Individually evaluated for impairment		$	3,257
Collectively evaluated for impairment			—
Loans acquired with deteriorated credit quality			—
Loans receivable as of September 30, 2011:
Ending balance – total		$	373,824
Ending balances as of September 30, 2011: Loans
Individually evaluated for impairment		$	33,163
Collectively evaluated for impairment			340,661
Loans acquired with deteriorated credit quality			9,037

Schedule of impaired loans

The following table presents the Company’s impaired loans as of September 30, 2012.

($ in thousands)		Recorded Investment				Unpaid Principal Balance				Related Allowance				Average Recorded Investment
Non-covered loans with no related allowance recorded:
Commercial, financial, and agricultural:
Commercial - unsecured		$	—				—				—				—
Commercial - secured			—				—				—				108
Secured by inventory and accounts receivable			—				—				—				7
Real estate – construction, land development & other land loans			11,748				16,202				—				9,681
Real estate – residential, farmland, and multi-family			2,346				2,787				—				2,966
Real estate – home equity lines of credit			274				581				—				80
Real estate – commercial			19,782				21,594				—				14,361
Consumer			—				—				—				3
Total non-covered impaired loans with no allowance		$	34,150				41,164				—				27,206
Total covered impaired loans with no allowance		$	40,595				79,150				—				40,417
Total impaired loans with no allowance recorded		$	74,745				120,314				—				67,623
Non-covered loans with an allowance recorded:
Commercial, financial, and agricultural:
Commercial - unsecured		$	103				444				43				199
Commercial - secured			3,386				4,000				980				2,281
Secured by inventory and accounts receivable			701				788				153				680
Real estate – construction, land development & other land loans			10,983				14,508				3,006				14,266
Real estate – residential, farmland, and multi-family			37,696				41,507				3,202				28,018
Real estate – home equity lines of credit			2,960				4,085				155				3,215
Real estate – commercial			15,136				17,543				1,560				13,365
Consumer			2,820				2,859				311				2,797
Total non-covered impaired loans with allowance		$	73,785				85,734				9,410				64,821
Total covered impaired loans with allowance		$	14,969				18,671				4,074				15,811
Total impaired loans with an allowance recorded		$	88,754				104,405				13,484				80,632

The following table presents the Company’s impaired loans as of December 31, 2011.

($ in thousands)		Recorded Investment				Unpaid Principal Balance				Related Allowance				Average Recorded Investment
Non-covered loans with no related allowance recorded:
Commercial, financial, and agricultural:
Commercial - unsecured		$	—				—				—				—
Commercial - secured			295				478				—				504
Secured by inventory and accounts receivable			27				493				—				124
Real estate – construction, land development & other land loans			15,105				20,941				—				17,876
Real estate – residential, farmland, and multi-family			3,442				4,741				—				5,278
Real estate – home equity lines of credit			46				300				—				79
Real estate – commercial			16,794				18,817				—				13,359
Consumer			12				39				—				15
Total non-covered impaired loans with no allowance		$	35,721				45,809				—				37,235
Total covered impaired loans with no allowance		$	43,702				78,578				—				49,030
Total impaired loans with no allowance recorded		$	79,423				124,387				—				86,265
Non-covered  loans with an allowance recorded:
Commercial, financial, and agricultural:
Commercial - unsecured		$	452				454				59				226
Commercial - secured			1,895				1,899				295				1,427
Secured by inventory and accounts receivable			561				571				156				391
Real estate – construction, land development & other land loans			10,360				12,606				2,244				15,782
Real estate – residential, farmland, and multi-family			24,460				26,153				2,169				22,487
Real estate – home equity lines of credit			3,115				3,141				117				2,544
Real estate – commercial			5,965				6,421				283				6,602
Consumer			2,757				2,759				481				2,329
Total non-covered impaired loans with allowance		$	49,565				54,004				5,804				51,788
Total covered impaired loans with allowance		$	11,988				15,670				5,106				14,259
Total impaired loans with an allowance recorded		$	61,553				69,674				10,910				66,047

Recorded investment in loans by credit quality indicators

The following table presents the Company’s recorded investment in loans by credit quality indicators as of September 30, 2012.

($ in thousands)		Credit Quality Indicator (Grouped by Internally Assigned Grade)
		Pass (Grades 1, 2, & 3)				Weak Pass (Grade 4)				Watch or Standard Loans (Grade 9)				Special Mention Loans (Grade 5)				Classified Loans (Grades 6, 7, & 8)				Nonaccrual Loans				Total
Non-covered loans:
Commercial, financial, and agricultural:
Commercial - unsecured		$	10,081				25,473				10				539				626				104				36,833
Commercial - secured			33,284				69,884				1,792				3,943				1,319				3,386				113,608
Secured by inventory and accounts receivable			3,457				15,974				257				767				119				701				21,275
Real estate – construction, land development & other land loans			31,087				162,999				3,891				13,628				8,497				16,858				236,960
Real estate – residential, farmland, and multi-family			246,143				487,571				7,891				29,967				33,401				21,980				826,953
Real estate – home equity lines of credit			126,885				65,701				2,487				2,895				1,975				3,211				203,154
Real estate - commercial			128,567				438,254				28,453				16,365				8,585				20,354				640,578
Consumer			28,553				23,208				78				928				649				2,819				56,235
Total		$	608,057				1,289,064				44,859				69,032				55,171				69,413				2,135,596
Unamortized net deferred loan costs																											1,478
Total non-covered  loans																										$	2,137,074
Total covered loans		$	48,087				130,986				—				8,580				78,725				37,619				303,997
Total loans		$	656,144				1,420,050				44,859				77,612				133,896				107,032				2,441,071

The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2011.

($ in thousands)		Credit Quality Indicator (Grouped by Internally Assigned Grade)
		Pass (Grades 1, 2, & 3)				Weak Pass (Grade 4)				Watch or Standard Loans (Grade 9)				Special Mention Loans (Grade 5)				Classified Loans (Grades 6, 7, & 8)				Nonaccrual Loans				Total
Non-covered loans:
Commercial, financial, and agricultural:
Commercial - unsecured		$	13,516				23,735				13				217				845				452				38,778
Commercial - secured			36,587				66,105				1,912				2,196				2,761				2,190				111,751
Secured by inventory and accounts receivable			3,756				16,197				282				756				249				588				21,828
Real estate – construction, land development & other land loans			37,596				156,651				6,490				9,903				13,393				22,772				246,805
Real estate – residential, farmland, and multi-family			257,163				456,188				10,248				17,687				28,939				25,430				795,655
Real estate – home equity lines of credit			130,913				67,606				2,422				1,868				1,466				3,161				207,436
Real estate - commercial			140,577				372,614				30,722				11,502				15,565				16,203				587,183
Consumer			30,693				23,550				67				368				988				2,770				58,436
Total		$	650,801				1,182,646				52,156				44,497				64,206				73,566				2,067,872
Unamortized net deferred loan costs																											1,280
Total non-covered  loans																										$	2,069,152
Total covered loans		$	62,052				161,508				—				8,033				88,169				41,472				361,234
Total loans		$	712,853				1,344,154				52,156				52,530				152,375				115,038				2,430,386

Information related to loans modified in a troubled debt restructuring

The following table presents information related to loans modified in a troubled debt restructuring during the three and nine months ended September 30, 2012.

($ in thousands)		For the three months ended September 30, 2012								For the nine months ended September 30, 2012
		Number of Contracts				Restructured Balances				Number of Contracts				Restructured Balances
Non-covered TDRs – Accruing
Real estate – construction, land development & other land loans			—			$	—				1			$	300
Real estate – residential, farmland, and multi-family			6				1,204				7				1,507
Non-covered TDRs - Nonaccrual
Real estate – construction, land development & other land loans			—				—				1				238
Real estate – residential, farmland, and multi-family			5				705				5				705
Real estate – commercial			2				370				2				370
Total non-covered TDRs arising during period			13			$	2,279				16			$	3,120
Total covered TDRs arising during period– Accruing			—			$	—				6			$	7,342
Total covered TDRs arising during period – Nonaccrual			1				1				1				1
Total TDRs arising during period			14			$	2,280				23			$	10,463

Accruing restructured loans that defaulted in the period

Accruing restructured loans that defaulted during the three and nine months ended September 30, 2012 are presented in the table below. The Company considers a loan to have defaulted when it becomes 90 or more days delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to foreclosed real estate.

($ in thousands)		For the three months ended September 30, 2012								For the nine months ended September 30, 2012
		Number of Contracts				Recorded Investment				Number of Contracts				Recorded Investment
Non-covered accruing TDRs that subsequently defaulted
Commercial, financial, and agricultural:
Commercial- secured			6			$	601				6			$	601
Real estate – construction, land development & other land loans			2				253				4				917
Real estate – residential, farmland, and multi-family			2				168				3				509
Real estate - commercial			6				2,899				7				3,079
Consumer			1				2				1				2
Total non-covered TDRs that subsequently defaulted			17			$	3,923				21			$	5,108

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