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Loans and Asset Quality Information (Tables) | 6 Months Ended
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Jun. 30, 2013
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) |  | June 30, 2013 |  |  | December 31, 2012 |  |  | June 30, 2012 |
|  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |
All loans (non-covered and covered): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 164,767 |  |  |  | 7% |  |  |  | 160,790 |  |  |  | 7% |  |  |  | 163,761 |  |  |  | 7% |
Real estate – construction, land development & other land loans |  |  | 297,390 |  |  |  | 12% |  |  |  | 298,458 |  |  |  | 13% |  |  |  | 343,620 |  |  |  | 14% |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 832,761 |  |  |  | 34% |  |  |  | 815,281 |  |  |  | 34% |  |  |  | 815,605 |  |  |  | 34% |
Real estate – mortgage – home equity loans / lines of credit |  |  | 231,446 |  |  |  | 10% |  |  |  | 238,925 |  |  |  | 10% |  |  |  | 250,627 |  |  |  | 10% |
Real estate – mortgage – commercial and other |  |  | 834,554 |  |  |  | 34% |  |  |  | 789,746 |  |  |  | 33% |  |  |  | 789,290 |  |  |  | 32% |
Installment loans to individuals |  |  | 68,776 |  |  |  | 3% |  |  |  | 71,933 |  |  |  | 3% |  |  |  | 73,522 |  |  |  | 3% |
Subtotal |  |  | 2,429,694 |  |  |  | 100% |  |  |  | 2,375,133 |  |  |  | 100% |  |  |  | 2,436,425 |  |  |  | 100% |
Unamortized net deferred loan costs |  |  | 1,168 |  |  |  |  |  |  |  | 1,324 |  |  |  |  |  |  |  | 1,376 |  |  |  |  |
Total loans |  | $ | 2,430,862 |  |  |  |  |  |  |  | 2,376,457 |  |  |  |  |  |  |  | 2,437,801 |  |  |  |  |
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) |  | June 30, 2013 |  |  | December 31, 2012 |  |  | June 30, 2012 |
|  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |
Non-covered loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 159,964 |  |  |  | 7% |  |  |  | 155,273 |  |  |  | 7% |  |  |  | 155,879 |  |  |  | 7% |
Real estate – construction, land development & other land loans |  |  | 262,397 |  |  |  | 12% |  |  |  | 251,569 |  |  |  | 12% |  |  |  | 283,818 |  |  |  | 13% |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 712,802 |  |  |  | 33% |  |  |  | 679,401 |  |  |  | 33% |  |  |  | 669,088 |  |  |  | 32% |
Real estate – mortgage – home equity loans / lines of credit |  |  | 214,473 |  |  |  | 10% |  |  |  | 219,443 |  |  |  | 11% |  |  |  | 229,415 |  |  |  | 11% |
Real estate – mortgage – commercial and other |  |  | 771,711 |  |  |  | 35% |  |  |  | 715,973 |  |  |  | 34% |  |  |  | 702,717 |  |  |  | 33% |
Installment loans to individuals |  |  | 68,068 |  |  |  | 3% |  |  |  | 71,160 |  |  |  | 3% |  |  |  | 72,613 |  |  |  | 4% |
Subtotal |  |  | 2,189,415 |  |  |  | 100% |  |  |  | 2,092,819 |  |  |  | 100% |  |  |  | 2,113,530 |  |  |  | 100% |
Unamortized net deferred loan costs |  |  | 1,168 |  |  |  |  |  |  |  | 1,324 |  |  |  |  |  |  |  | 1,376 |  |  |  |  |
Total non-covered loans |  | $ | 2,190,583 |  |  |  |  |  |  |  | 2,094,143 |  |  |  |  |  |  |  | 2,114,906 |  |  |  |  |
Schedule of the carrying amount of the covered loans | The carrying amount of the covered loans at June 30, 2013 consisted of impaired and nonimpaired purchased loans (as determined on the date of acquisition), 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 |  |  |  | 142 |  |  |  | 4,734 |  |  |  | 6,096 |  |  |  | 4,803 |  |  |  | 6,238 |
Real estate – construction, land development & other land loans |  |  | 302 |  |  |  | 579 |  |  |  | 34,691 |  |  |  | 60,018 |  |  |  | 34,993 |  |  |  | 60,597 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 720 |  |  |  | 1,772 |  |  |  | 119,239 |  |  |  | 142,694 |  |  |  | 119,959 |  |  |  | 144,466 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 15 |  |  |  | 53 |  |  |  | 16,958 |  |  |  | 21,060 |  |  |  | 16,973 |  |  |  | 21,113 |
Real estate – mortgage – commercial and other |  |  | 2,234 |  |  |  | 4,081 |  |  |  | 60,609 |  |  |  | 81,525 |  |  |  | 62,843 |  |  |  | 85,606 |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | 708 |  |  |  | 743 |  |  |  | 708 |  |  |  | 743 |
Total |  | $ | 3,340 |  |  |  | 6,627 |  |  |  | 236,939 |  |  |  | 312,136 |  |  |  | 240,279 |  |  |  | 318,763 |
The carrying amount of the covered loans at December 31, 2012 consisted of impaired and nonimpaired purchased loans (as determined on the date of acquisition), 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 |  |  |  | 5,446 |  |  |  | 7,009 |  |  |  | 5,517 |  |  |  | 7,157 |
Real estate – construction, land development & other land loans |  |  | 1,575 |  |  |  | 2,594 |  |  |  | 45,314 |  |  |  | 82,676 |  |  |  | 46,889 |  |  |  | 85,270 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 794 |  |  |  | 1,902 |  |  |  | 135,086 |  |  |  | 161,416 |  |  |  | 135,880 |  |  |  | 163,318 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 16 |  |  |  | 56 |  |  |  | 19,466 |  |  |  | 24,431 |  |  |  | 19,482 |  |  |  | 24,487 |
Real estate – mortgage – commercial and other |  |  | 2,369 |  |  |  | 4,115 |  |  |  | 71,404 |  |  |  | 94,502 |  |  |  | 73,773 |  |  |  | 98,617 |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | 773 |  |  |  | 828 |  |  |  | 773 |  |  |  | 828 |
Total |  | $ | 4,825 |  |  |  | 8,815 |  |  |  | 277,489 |  |  |  | 370,862 |  |  |  | 282,314 |  |  |  | 379,677 |
Schedule of covered purchased nonimpaired loans | The following table presents information regarding covered purchased nonimpaired loans since December 31, 2011. 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, 2011 |  | $ | 353,370 |
Principal repayments |  |  | (51,582 | )
Transfers to foreclosed real estate |  |  | (30,181 | )
Loan charge-offs |  |  | (10,584 | )
Accretion of loan discount |  |  | 16,466 |
Carrying amount of nonimpaired covered loans at December 31, 2012 |  |  | 277,489 |
Principal repayments |  |  | (37,938 | )
Transfers to foreclosed real estate |  |  | (7,232 | )
Loan charge-offs |  |  | (5,650 | )
Accretion of loan discount |  |  | 10,270 |
Carrying amount of nonimpaired covered loans at June 30, 2013 |  | $ | 236,939 |
Schedule of purchased impaired loans | The following table presents information regarding all purchased impaired loans since December 31, 2011, substantially all of which are covered 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, 2011 |  | $ | 18,316 |  |  |  | 9,532 |  |  |  | 8,784 |
Change due to payments received |  |  | (355 | ) |  |  | 44 |  |  |  | (399 | )
Transfer to foreclosed real estate |  |  | (7,636 | ) |  |  | (3,487 | ) |  |  | (4,149 | )
Change due to loan charge-off |  |  | (359 | ) |  |  | (531 | ) |  |  | 172 |
Other |  |  | (1,151 | ) |  |  | (1,568 | ) |  |  | 417 |
Balance at December 31, 2012 |  |  | 8,815 |  |  |  | 3,990 |  |  |  | 4,825 |
Change due to payments received |  |  | (187 | ) |  |  | 27 |  |  |  | (214 | )
Transfer to foreclosed real estate |  |  | (2,000 | ) |  |  | (730 | ) |  |  | (1,270 | )
Other |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Balance at June 30, 2013 |  | $ | 6,627 |  |  |  | 3,287 |  |  |  | 3,340 |
Summary of nonperforming assets | Nonperforming assets are defined as nonaccrual loans, restructured loans, loans past due 90 or more days and still accruing interest, nonperforming loans held for sale, and foreclosed real estate. Nonperforming assets are summarized as follows:
ASSET QUALITY DATA ($ in thousands) |  | June 30, 2013 |  |  | December 31, 2012 |  |  | June 30, 2012 |
Non-covered nonperforming assets |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual loans |  | $ | 42,338 |  |  |  | 33,034 |  |  |  | 73,918 |
Restructured loans - accruing |  |  | 21,333 |  |  |  | 24,848 |  |  |  | 20,684 |
Accruing loans > 90 days past due |  |  | — |  |  |  | — |  |  |  | — |
Total non-covered nonperforming loans |  |  | 63,671 |  |  |  | 57,882 |  |  |  | 94,602 |
Nonperforming loans held for sale |  |  | — |  |  |  | 21,938 |  |  |  | — |
Foreclosed real estate |  |  | 15,425 |  |  |  | 26,285 |  |  |  | 37,895 |
Total non-covered nonperforming assets |  | $ | 79,096 |  |  |  | 106,105 |  |  |  | 132,497 |
Covered nonperforming assets |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual loans (1) |  | $ | 50,346 |  |  |  | 33,491 |  |  |  | 39,075 |
Restructured loans - accruing |  |  | 6,790 |  |  |  | 15,465 |  |  |  | 19,054 |
Accruing loans > 90 days past due |  |  | — |  |  |  | — |  |  |  | — |
Total covered nonperforming loans |  |  | 57,136 |  |  |  | 48,956 |  |  |  | 58,129 |
Foreclosed real estate |  |  | 32,005 |  |  |  | 47,290 |  |  |  | 70,850 |
Total covered nonperforming assets |  | $ | 89,141 |  |  |  | 96,246 |  |  |  | 128,979 |
Total nonperforming assets |  | $ | 168,237 |  |  |  | 202,351 |  |  |  | 261,476 |
(1) At June 30, 2013, December 31, 2012, and June 30, 2012, the contractual balance of the nonaccrual loans covered by FDIC loss share agreements was $89.3 million, $64.4 million, and $60.4 million, respectively.
Schedule of information related to impaired loans | The following table presents information related to the Company’s impaired loans.
($ in thousands) |  | As of /for the six months ended June 30, 2013 |  |  | As of /for the year ended December 31, 2012 |  |  | As of /for the six months ended June 30, 2012 |
Impaired loans at period end |  |  |  |  |  |  |  |  |  |  |  |
Non-covered |  | $ | 68,445 |  |  |  | 57,882 |  |  |  | 94,602 |
Covered |  |  | 57,136 |  |  |  | 48,956 |  |  |  | 58,129 |
Total impaired loans at period end |  | $ | 125,581 |  |  |  | 106,838 |  |  |  | 152,731 |
Average amount of impaired loans for period |  |  |  |  |  |  |  |  |  |  |  |
Non-covered |  | $ | 63,208 |  |  |  | 85,198 |  |  |  | 86,723 |
Covered |  |  | 55,965 |  |  |  | 54,773 |  |  |  | 56,449 |
Average amount of impaired loans for period – total |  | $ | 119,173 |  |  |  | 139,971 |  |  |  | 143,172 |
Allowance for loan losses related to impaired loans at period end |  |  |  |  |  |  |  |  |  |  |  |
Non-covered |  | $ | 5,960 |  |  |  | 5,051 |  |  |  | 11,051 |
Covered |  |  | 4,700 |  |  |  | 3,509 |  |  |  | 5,158 |
Allowance for loan losses related to impaired loans - total |  | $ | 10,660 |  |  |  | 8,560 |  |  |  | 16,209 |
Amount of impaired loans with no related allowance at period end |  |  |  |  |  |  |  |  |  |  |  |
Non-covered |  | $ | 20,072 |  |  |  | 12,049 |  |  |  | 22,235 |
Covered |  |  | 43,708 |  |  |  | 35,196 |  |  |  | 40,613 |
Total impaired loans with no related allowance at period end |  | $ | 63,780 |  |  |  | 47,245 |  |  |  | 62,848 |
Schedule of nonaccrual loans | The following table presents the Company’s nonaccrual loans as of June 30, 2013.
($ in thousands) |  | Non-covered |  |  | Covered |  |  | Total |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |  |  |
Commercial – unsecured |  | $ | 66 |  |  |  | 101 |  |  |  | 167 |
Commercial – secured |  |  | 2,270 |  |  |  | 127 |  |  |  | 2,397 |
Secured by inventory and accounts receivable |  |  | 36 |  |  |  | 826 |  |  |  | 862 |
Real estate – construction, land development & other land loans |  |  | 9,408 |  |  |  | 20,066 |  |  |  | 29,474 |
Real estate – residential, farmland and multi-family |  |  | 15,840 |  |  |  | 16,393 |  |  |  | 32,233 |
Real estate – home equity lines of credit |  |  | 1,519 |  |  |  | 504 |  |  |  | 2,023 |
Real estate – commercial |  |  | 12,427 |  |  |  | 12,265 |  |  |  | 24,692 |
Consumer |  |  | 772 |  |  |  | 64 |  |  |  | 836 |
Total |  | $ | 42,338 |  |  |  | 50,346 |  |  |  | 92,684 |
The following table presents the Company’s nonaccrual loans as of December 31, 2012.
($ in thousands) |  | Non-covered |  |  | Covered |  |  | Total |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |  |  |
Commercial - unsecured |  | $ | 307 |  |  |  | 150 |  |  |  | 457 |
Commercial - secured |  |  | 2,398 |  |  |  | 3 |  |  |  | 2,401 |
Secured by inventory and accounts receivable |  |  | 17 |  |  |  | 59 |  |  |  | 76 |
Real estate – construction, land development & other land loans |  |  | 6,354 |  |  |  | 11,698 |  |  |  | 18,052 |
Real estate – residential, farmland and multi-family |  |  | 9,629 |  |  |  | 10,712 |  |  |  | 20,341 |
Real estate – home equity lines of credit |  |  | 1,622 |  |  |  | 465 |  |  |  | 2,087 |
Real estate - commercial |  |  | 9,885 |  |  |  | 10,342 |  |  |  | 20,227 |
Consumer |  |  | 2,822 |  |  |  | 62 |  |  |  | 2,884 |
Total |  | $ | 33,034 |  |  |  | 33,491 |  |  |  | 66,525 |
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 June 30, 2013.
($ 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 |  | $ | 158 |  |  |  | 85 |  |  |  | 66 |  |  |  | 35,532 |  |  |  | 35,841 |
Commercial - secured |  |  | 526 |  |  |  | 536 |  |  |  | 2,270 |  |  |  | 116,948 |  |  |  | 120,280 |
Secured by inventory and accounts receivable |  |  | 38 |  |  |  | 15 |  |  |  | 36 |  |  |  | 20,452 |  |  |  | 20,541 |
Real estate – construction, land development & other land loans |  |  | 669 |  |  |  | 192 |  |  |  | 9,408 |  |  |  | 222,083 |  |  |  | 232,352 |
Real estate – residential, farmland, and multi-family |  |  | 7,320 |  |  |  | 1,043 |  |  |  | 15,840 |  |  |  | 825,857 |  |  |  | 850,060 |
Real estate – home equity lines of credit |  |  | 1,363 |  |  |  | 394 |  |  |  | 1,519 |  |  |  | 195,005 |  |  |  | 198,281 |
Real estate - commercial |  |  | 1,441 |  |  |  | 275 |  |  |  | 12,427 |  |  |  | 666,464 |  |  |  | 680,607 |
Consumer |  |  | 372 |  |  |  | 210 |  |  |  | 772 |  |  |  | 50,099 |  |  |  | 51,453 |
Total non-covered |  | $ | 11,887 |  |  |  | 2,750 |  |  |  | 42,338 |  |  |  | 2,132,440 |  |  |  | 2,189,415 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,168 |
Total non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,190,583 |
Covered loans |  | $ | 2,970 |  |  |  | 458 |  |  |  | 50,346 |  |  |  | 186,505 |  |  |  | 240,279 |
Total loans |  | $ | 14,857 |  |  |  | 3,208 |  |  |  | 92,684 |  |  |  | 2,318,945 |  |  |  | 2,430,862 |
The Company had no non-covered or covered loans that were past due greater than 90 days and accruing interest at June 30, 2013. The following table presents an analysis of the payment status of the Company’s loans as of December 31, 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 |  | $ | 91 |  |  |  | 10 |  |  |  | 307 |  |  |  | 35,278 |  |  |  | 35,686 |
Commercial - secured |  |  | 1,020 |  |  |  | 220 |  |  |  | 2,398 |  |  |  | 110,074 |  |  |  | 113,712 |
Secured by inventory and accounts receivable |  |  | 52 |  |  |  | 4 |  |  |  | 17 |  |  |  | 21,270 |  |  |  | 21,343 |
Real estate – construction, land development & other land loans |  |  | 490 |  |  |  | 263 |  |  |  | 6,354 |  |  |  | 211,001 |  |  |  | 218,108 |
Real estate – residential, farmland, and multi-family |  |  | 9,673 |  |  |  | 2,553 |  |  |  | 9,629 |  |  |  | 797,584 |  |  |  | 819,439 |
Real estate – home equity lines of credit |  |  | 976 |  |  |  | 320 |  |  |  | 1,622 |  |  |  | 197,962 |  |  |  | 200,880 |
Real estate - commercial |  |  | 4,326 |  |  |  | 1,131 |  |  |  | 9,885 |  |  |  | 612,598 |  |  |  | 627,940 |
Consumer |  |  | 462 |  |  |  | 219 |  |  |  | 2,822 |  |  |  | 52,208 |  |  |  | 55,711 |
Total non-covered |  | $ | 17,090 |  |  |  | 4,720 |  |  |  | 33,034 |  |  |  | 2,037,975 |  |  |  | 2,092,819 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,324 |
Total non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,094,143 |
Covered loans |  | $ | 6,564 |  |  |  | 3,417 |  |  |  | 33,491 |  |  |  | 238,842 |  |  |  | 282,314 |
Total loans |  | $ | 23,654 |  |  |  | 8,137 |  |  |  | 66,525 |  |  |  | 2,276,817 |  |  |  | 2,376,457 |
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 six months ended June 30, 2013.
($ 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 June 30, 2013
Beginning balance |  | $ | 4,949 |  |  |  | 14,857 |  |  |  | 15,285 |  |  |  | 2,040 |  |  |  | 5,714 |  |  |  | 1,791 |  |  |  | 125 |  |  |  | 44,761 |
Charge-offs |  |  | (560 | ) |  |  | (394 | ) |  |  | (858 | ) |  |  | (265 | ) |  |  | (1,907 | ) |  |  | (562 | ) |  |  | — |  |  |  | (4,546 | )
Recoveries |  |  | 214 |  |  |  | 24 |  |  |  | 117 |  |  |  | 4 |  |  |  | 93 |  |  |  | 106 |  |  |  | — |  |  |  | 558 |
Provisions |  |  | 1,357 |  |  |  | 106 |  |  |  | 417 |  |  |  | 282 |  |  |  | 1,339 |  |  |  | 368 |  |  |  | 174 |  |  |  | 4,043 |
Ending balance |  | $ | 5,960 |  |  |  | 14,593 |  |  |  | 14,961 |  |  |  | 2,061 |  |  |  | 5,239 |  |  |  | 1,703 |  |  |  | 299 |  |  |  | 44,816 |
As of and for the six months ended June 30, 2013
Beginning balance |  | $ | 4,687 |  |  |  | 12,856 |  |  |  | 14,082 |  |  |  | 1,884 |  |  |  | 5,247 |  |  |  | 1,939 |  |  |  | 948 |  |  |  | 41,643 |
Charge-offs |  |  | (1,384 | ) |  |  | (1,217 | ) |  |  | (1,655 | ) |  |  | (889 | ) |  |  | (2,447 | ) |  |  | (1,090 | ) |  |  | (659 | ) |  |  | (9,341 | )
Recoveries |  |  | 233 |  |  |  | 617 |  |  |  | 663 |  |  |  | 62 |  |  |  | 882 |  |  |  | 243 |  |  |  | — |  |  |  | 2,700 |
Provisions |  |  | 2,424 |  |  |  | 2,337 |  |  |  | 1,871 |  |  |  | 1,004 |  |  |  | 1,557 |  |  |  | 611 |  |  |  | 10 |  |  |  | 9,814 |
Ending balance |  | $ | 5,960 |  |  |  | 14,593 |  |  |  | 14,961 |  |  |  | 2,061 |  |  |  | 5,239 |  |  |  | 1,703 |  |  |  | 299 |  |  |  | 44,816 |
Ending balances as of June 30, 2013: Allowance for loan losses
Individually evaluated for impairment |  | $ | 901 |  |  |  | — |  |  |  | 52 |  |  |  | — |  |  |  | 683 |  |  |  | — |  |  |  | — |  |  |  | 1,636 |
Collectively evaluated for impairment |  | $ | 5,059 |  |  |  | 14,593 |  |  |  | 14,909 |  |  |  | 2,061 |  |  |  | 4,556 |  |  |  | 1,703 |  |  |  | 299 |  |  |  | 43,180 |
Loans acquired with deteriorated credit quality |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loans receivable as of June 30, 2013:
Ending balance – total |  | $ | 176,662 |  |  |  | 232,352 |  |  |  | 850,060 |  |  |  | 198,281 |  |  |  | 680,607 |  |  |  | 51,453 |  |  |  | — |  |  |  | 2,189,415 |
Ending balances as of June 30, 2013: Loans
Individually evaluated for impairment |  | $ | 1,911 |  |  |  | 5,977 |  |  |  | 1,739 |  |  |  | — |  |  |  | 14,040 |  |  |  | — |  |  |  | — |  |  |  | 23,667 |
Collectively evaluated for impairment |  | $ | 174,751 |  |  |  | 226,375 |  |  |  | 848,321 |  |  |  | 198,281 |  |  |  | 666,567 |  |  |  | 51,453 |  |  |  | — |  |  |  | 2,165,748 |
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, 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 year ended December 31, 2012
Beginning balance |  | $ | 3,780 |  |  |  | 11,306 |  |  |  | 13,532 |  |  |  | 1,690 |  |  |  | 3,414 |  |  |  | 1,872 |  |  |  | 16 |  |  |  | 35,610 |
Charge-offs |  |  | (4,912 | ) |  |  | (19,312 | ) |  |  | (20,879 | ) |  |  | (3,287 | ) |  |  | (16,616 | ) |  |  | (1,539 | ) |  |  | — |  |  |  | (66,545 | )
Recoveries |  |  | 354 |  |  |  | 986 |  |  |  | 430 |  |  |  | 209 |  |  |  | 333 |  |  |  | 273 |  |  |  | — |  |  |  | 2,585 |
Provisions |  |  | 5,465 |  |  |  | 19,876 |  |  |  | 20,999 |  |  |  | 3,272 |  |  |  | 18,116 |  |  |  | 1,333 |  |  |  | 932 |  |  |  | 69,993 |
Ending balance |  | $ | 4,687 |  |  |  | 12,856 |  |  |  | 14,082 |  |  |  | 1,884 |  |  |  | 5,247 |  |  |  | 1,939 |  |  |  | 948 |  |  |  | 41,643 |
Ending balances as of December 31, 2012: Allowance for loan losses
Individually evaluated for impairment |  | $ | — |  |  |  | — |  |  |  | 50 |  |  |  | — |  |  |  | 957 |  |  |  | — |  |  |  | — |  |  |  | 1,007 |
Collectively evaluated for impairment |  | $ | 4,687 |  |  |  | 12,856 |  |  |  | 14,032 |  |  |  | 1,884 |  |  |  | 4,290 |  |  |  | 1,939 |  |  |  | 948 |  |  |  | 40,636 |
Loans acquired with deteriorated credit quality |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loans receivable as of December 31, 2012:
Ending balance – total |  | $ | 170,741 |  |  |  | 218,108 |  |  |  | 819,439 |  |  |  | 200,880 |  |  |  | 627,940 |  |  |  | 55,711 |  |  |  | — |  |  |  | 2,092,819 |
Ending balances as of December 31, 2012: Loans
Individually evaluated for impairment |  | $ | — |  |  |  | 4,276 |  |  |  | 1,705 |  |  |  | — |  |  |  | 15,040 |  |  |  | — |  |  |  | — |  |  |  | 21,021 |
Collectively evaluated for impairment |  | $ | 170,741 |  |  |  | 213,832 |  |  |  | 817,734 |  |  |  | 200,880 |  |  |  | 612,900 |  |  |  | 55,711 |  |  |  | — |  |  |  | 2,071,798 |
Loans acquired with deteriorated credit quality |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
The following table presents the activity in the allowance for loan losses for non-covered loans for the three and six months ended June 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 June 30, 2012
Beginning balance |  | $ | 4,954 |  |  |  | 16,419 |  |  |  | 15,369 |  |  |  | 2,132 |  |  |  | 5,737 |  |  |  | 1,826 |  |  |  | 18 |  |  |  | 46,455 |
Charge-offs |  |  | (744 | ) |  |  | (174 | ) |  |  | (2,144 | ) |  |  | (281 | ) |  |  | (805 | ) |  |  | (334 | ) |  |  | — |  |  |  | (4,482 | )
Recoveries |  |  | 18 |  |  |  | 126 |  |  |  | 60 |  |  |  | 85 |  |  |  | 6 |  |  |  | 62 |  |  |  | — |  |  |  | 357 |
Provisions |  |  | 833 |  |  |  | 1,448 |  |  |  | 1,674 |  |  |  | 210 |  |  |  | 781 |  |  |  | 237 |  |  |  | 10 |  |  |  | 5,193 |
Ending balance |  | $ | 5,061 |  |  |  | 17,819 |  |  |  | 14,959 |  |  |  | 2,146 |  |  |  | 5,719 |  |  |  | 1,791 |  |  |  | 28 |  |  |  | 47,523 |
As of and for the six months ended June 30, 2012
Beginning balance |  | $ | 3,780 |  |  |  | 11,306 |  |  |  | 13,532 |  |  |  | 1,690 |  |  |  | 3,414 |  |  |  | 1,872 |  |  |  | 16 |  |  |  | 35,610 |
Charge-offs |  |  | (2,062 | ) |  |  | (2,852 | ) |  |  | (4,235 | ) |  |  | (732 | ) |  |  | (2,170 | ) |  |  | (686 | ) |  |  | — |  |  |  | (12,737 | )
Recoveries |  |  | 34 |  |  |  | 314 |  |  |  | 254 |  |  |  | 119 |  |  |  | 47 |  |  |  | 132 |  |  |  | — |  |  |  | 900 |
Provisions |  |  | 3,309 |  |  |  | 9,051 |  |  |  | 5,408 |  |  |  | 1,069 |  |  |  | 4,428 |  |  |  | 473 |  |  |  | 12 |  |  |  | 23,750 |
Ending balance |  | $ | 5,061 |  |  |  | 17,819 |  |  |  | 14,959 |  |  |  | 2,146 |  |  |  | 5,719 |  |  |  | 1,791 |  |  |  | 28 |  |  |  | 47,523 |
Ending balances as of June 30, 2012: Allowance for loan losses
Individually evaluated for impairment |  | $ | 869 |  |  |  | 4,819 |  |  |  | 635 |  |  |  | 439 |  |  |  | 1,480 |  |  |  | — |  |  |  | — |  |  |  | 8,242 |
Collectively evaluated for impairment |  | $ | 4,192 |  |  |  | 13,000 |  |  |  | 14,324 |  |  |  | 1,707 |  |  |  | 4,239 |  |  |  | 1,791 |  |  |  | 28 |  |  |  | 39,281 |
Loans acquired with deteriorated credit quality |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loans receivable as of June 30, 2012:
Ending balance – total |  | $ | 173,676 |  |  |  | 244,723 |  |  |  | 810,106 |  |  |  | 207,686 |  |  |  | 622,508 |  |  |  | 54,831 |  |  |  | — |  |  |  | 2,113,530 |
Ending balances as of June 30, 2012: Loans
Individually evaluated for impairment |  | $ | 1,009 |  |  |  | 23,860 |  |  |  | 9,508 |  |  |  | 1,331 |  |  |  | 21,918 |  |  |  | — |  |  |  | — |  |  |  | 57,626 |
Collectively evaluated for impairment |  | $ | 172,667 |  |  |  | 220,863 |  |  |  | 800,598 |  |  |  | 206,355 |  |  |  | 600,590 |  |  |  | 54,831 |  |  |  | — |  |  |  | 2,055,904 |
Loans acquired with deteriorated credit quality |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
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 six months ended June 30, 2013.
($ in thousands) |  | Covered Loans |
As of and for the three months ended June 30, 2013
Beginning balance |  | $ | 5,028 |
Charge-offs |  |  | (541 | )
Recoveries |  |  | — |
Provisions |  |  | 1,548 |
Ending balance |  | $ | 6,035 |
As of and for the six months ended June 30, 2013
Beginning balance |  | $ | 4,759 |
Charge-offs |  |  | (5,650 | )
Recoveries |  |  | — |
Provisions |  |  | 6,926 |
Ending balance |  | $ | 6,035 |
Ending balances as of June 30, 2013: Allowance for loan losses
Individually evaluated for impairment |  | $ | 5,583 |
Collectively evaluated for impairment |  |  | 452 |
Loans acquired with deteriorated credit quality |  |  | 17 |
Loans receivable as of June 30, 2013:
Ending balance – total |  | $ | 240,279 |
Ending balances as of June 30, 2013: Loans
Individually evaluated for impairment |  | $ | 74,690 |
Collectively evaluated for impairment |  |  | 165,589 |
Loans acquired with deteriorated credit quality |  |  | 3,340 |
The following table presents the activity in the allowance for loan losses for covered loans for the year ended December 31, 2012.
($ in thousands) |  | Covered Loans |
As of and for the year ended December 31, 2012
Beginning balance |  | $ | 5,808 |
Charge-offs |  |  | (10,728 | )
Recoveries |  |  | — |
Provisions |  |  | 9,679 |
Ending balance |  | $ | 4,759 |
Ending balances as of December 31, 2012: Allowance for loan losses
Individually evaluated for impairment |  | $ | 4,459 |
Collectively evaluated for impairment |  |  | 300 |
Loans acquired with deteriorated credit quality |  |  | 17 |
Loans receivable as of December 31, 2012:
Ending balance – total |  | $ | 282,314 |
Ending balances as of December 31, 2012: Loans
Individually evaluated for impairment |  | $ | 74,914 |
Collectively evaluated for impairment |  |  | 207,400 |
Loans acquired with deteriorated credit quality |  |  | 4,825 |
The following table presents the activity in the allowance for loan losses for covered loans for the three and six months ended June 30, 2012.
($ in thousands) |  | Covered Loans |
As of and for the three months ended June 30, 2012
Beginning balance |  | $ | 6,372 |
Charge-offs |  |  | (1,714 | )
Recoveries |  |  | — |
Provisions |  |  | 1,273 |
Ending balance |  | $ | 5,931 |
As of and for the six months ended June 30, 2012
Beginning balance |  | $ | 5,808 |
Charge-offs |  |  | (4,148 | )
Recoveries |  |  | — |
Provisions |  |  | 4,271 |
Ending balance |  | $ | 5,931 |
Ending balances as of June 30, 2012: Allowance for loan losses
Individually evaluated for impairment |  | $ | 5,931 |
Collectively evaluated for impairment |  |  | — |
Loans acquired with deteriorated credit quality |  |  | 17 |
Loans receivable as of June 30, 2012:
Ending balance – total |  | $ | 322,895 |
Ending balances as of June 30, 2012: Loans
Individually evaluated for impairment |  | $ | 42,598 |
Collectively evaluated for impairment |  |  | 280,297 |
Loans acquired with deteriorated credit quality |  |  | 4,819 |
Schedule of impaired loans | The following table presents the Company’s impaired loans as of June 30, 2013.
($ 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 |  |  | 844 |  |  |  | 1,066 |  |  |  | — |  |  |  | 281 |
Secured by inventory and accounts receivable |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – construction, land development & other land loans |  |  | 5,977 |  |  |  | 6,705 |  |  |  | — |  |  |  | 3,935 |
Real estate – residential, farmland, and multi-family |  |  | 1,522 |  |  |  | 1,605 |  |  |  | — |  |  |  | 1,040 |
Real estate – home equity lines of credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – commercial |  |  | 11,729 |  |  |  | 14,730 |  |  |  | — |  |  |  | 8,309 |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total non-covered impaired loans with no allowance |  | $ | 20,072 |  |  |  | 24,106 |  |  |  | — |  |  |  | 13,565 |
Total covered impaired loans with no allowance |  | $ | 43,708 |  |  |  | 82,622 |  |  |  | — |  |  |  | 41,251 |
Total impaired loans with no allowance recorded |  | $ | 63,780 |  |  |  | 106,728 |  |  |  | — |  |  |  | 54,816 |
Non-covered loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - unsecured |  | $ | 66 |  |  |  | 66 |  |  |  | 48 |  |  |  | 133 |
Commercial - secured |  |  | 2,924 |  |  |  | 3,326 |  |  |  | 819 |  |  |  | 2,568 |
Secured by inventory and accounts receivable |  |  | 405 |  |  |  | 432 |  |  |  | 377 |  |  |  | 148 |
Real estate – construction, land development & other land loans |  |  | 5,103 |  |  |  | 6,969 |  |  |  | 1,455 |  |  |  | 5,600 |
Real estate – residential, farmland, and multi-family |  |  | 28,728 |  |  |  | 29,309 |  |  |  | 2,210 |  |  |  | 26,974 |
Real estate – home equity lines of credit |  |  | 1,519 |  |  |  | 1,802 |  |  |  | 89 |  |  |  | 1,555 |
Real estate – commercial |  |  | 8,855 |  |  |  | 9,557 |  |  |  | 863 |  |  |  | 11,163 |
Consumer |  |  | 773 |  |  |  | 1,118 |  |  |  | 99 |  |  |  | 1,502 |
Total non-covered impaired loans with allowance |  | $ | 48,373 |  |  |  | 52,579 |  |  |  | 5,960 |  |  |  | 49,643 |
Total covered impaired loans with allowance |  | $ | 13,428 |  |  |  | 15,494 |  |  |  | 4,700 |  |  |  | 14,714 |
Total impaired loans with an allowance recorded |  | $ | 61,801 |  |  |  | 68,073 |  |  |  | 10,660 |  |  |  | 64,357 |
Interest income recorded on non-covered and covered impaired loans during the six months ended June 30, 2013 is considered insignificant. The related allowance listed above includes both reserves on loans specifically reviewed for impairment and general reserves on impaired loans that were not specifically reviewed for impairment. The following table presents the Company’s impaired loans as of December 31, 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 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 87 |
Secured by inventory and accounts receivable |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |
Real estate – construction, land development & other land loans |  |  | 4,277 |  |  |  | 4,305 |  |  |  | — |  |  |  | 8,600 |
Real estate – residential, farmland, and multi-family |  |  | 1,597 |  |  |  | 1,618 |  |  |  | — |  |  |  | 2,692 |
Real estate – home equity lines of credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 64 |
Real estate – commercial |  |  | 6,175 |  |  |  | 6,851 |  |  |  | — |  |  |  | 12,724 |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
Total non-covered impaired loans with no allowance |  | $ | 12,049 |  |  |  | 12,774 |  |  |  | — |  |  |  | 24,174 |
Total covered impaired loans with no allowance |  | $ | 35,196 |  |  |  | 71,413 |  |  |  | — |  |  |  | 39,372 |
Total impaired loans with no allowance recorded |  | $ | 47,245 |  |  |  | 84,187 |  |  |  | — |  |  |  | 63,546 |
Non-covered loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - unsecured |  | $ | 307 |  |  |  | 386 |  |  |  | 58 |  |  |  | 221 |
Commercial - secured |  |  | 2,398 |  |  |  | 2,762 |  |  |  | 436 |  |  |  | 2,304 |
Secured by inventory and accounts receivable |  |  | 17 |  |  |  | 43 |  |  |  | 4 |  |  |  | 548 |
Real estate – construction, land development & other land loans |  |  | 3,934 |  |  |  | 5,730 |  |  |  | 1,213 |  |  |  | 12,199 |
Real estate – residential, farmland, and multi-family |  |  | 23,859 |  |  |  | 25,844 |  |  |  | 1,955 |  |  |  | 27,186 |
Real estate – home equity lines of credit |  |  | 1,645 |  |  |  | 2,120 |  |  |  | 96 |  |  |  | 2,901 |
Real estate – commercial |  |  | 10,851 |  |  |  | 13,048 |  |  |  | 936 |  |  |  | 12,863 |
Consumer |  |  | 2,822 |  |  |  | 2,858 |  |  |  | 353 |  |  |  | 2,802 |
Total non-covered impaired loans with allowance |  | $ | 45,833 |  |  |  | 52,791 |  |  |  | 5,051 |  |  |  | 61,024 |
Total covered impaired loans with allowance |  | $ | 13,760 |  |  |  | 18,271 |  |  |  | 3,509 |  |  |  | 15,401 |
Total impaired loans with an allowance recorded |  | $ | 59,593 |  |  |  | 71,062 |  |  |  | 8,560 |  |  |  | 76,425 |
Schedule of 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 June 30, 2013.
($ 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 |  | $ | 6,585 |  |  |  | 27,158 |  |  |  | 10 |  |  |  | 1,073 |  |  |  | 949 |  |  |  | 66 |  |  |  | 35,841 |
Commercial - secured |  |  | 31,523 |  |  |  | 77,010 |  |  |  | 535 |  |  |  | 3,915 |  |  |  | 5,027 |  |  |  | 2,270 |  |  |  | 120,280 |
Secured by inventory and accounts receivable |  |  | 2,233 |  |  |  | 14,147 |  |  |  | 231 |  |  |  | 2,228 |  |  |  | 1,666 |  |  |  | 36 |  |  |  | 20,541 |
Real estate – construction, land development & other land loans |  |  | 29,496 |  |  |  | 171,173 |  |  |  | 2,619 |  |  |  | 10,453 |  |  |  | 9,203 |  |  |  | 9,408 |  |  |  | 232,352 |
Real estate – residential, farmland, and multi-family |  |  | 247,194 |  |  |  | 517,930 |  |  |  | 6,198 |  |  |  | 33,761 |  |  |  | 29,137 |  |  |  | 15,840 |  |  |  | 850,060 |
Real estate – home equity lines of credit |  |  | 120,662 |  |  |  | 66,336 |  |  |  | 1,408 |  |  |  | 5,783 |  |  |  | 2,573 |  |  |  | 1,519 |  |  |  | 198,281 |
Real estate - commercial |  |  | 100,233 |  |  |  | 516,284 |  |  |  | 17,002 |  |  |  | 22,878 |  |  |  | 11,783 |  |  |  | 12,427 |  |  |  | 680,607 |
Consumer |  |  | 25,171 |  |  |  | 23,680 |  |  |  | 82 |  |  |  | 953 |  |  |  | 795 |  |  |  | 772 |  |  |  | 51,453 |
Total |  | $ | 563,097 |  |  |  | 1,413,718 |  |  |  | 28,085 |  |  |  | 81,044 |  |  |  | 61,133 |  |  |  | 42,338 |  |  |  | 2,189,415 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,168 |
Total non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,190,583 |
Total covered loans |  | $ | 31,985 |  |  |  | 99,378 |  |  |  | — |  |  |  | 9,968 |  |  |  | 48,602 |  |  |  | 50,346 |  |  |  | 240,279 |
Total loans |  | $ | 595,082 |  |  |  | 1,513,096 |  |  |  | 28,085 |  |  |  | 91,012 |  |  |  | 109,735 |  |  |  | 92,684 |  |  |  | 2,430,862 |
At June 30, 2013, there was an insignificant amount of loans that were graded “8” with an accruing status. The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 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 |  | $ | 10,283 |  |  |  | 24,031 |  |  |  | 10 |  |  |  | 472 |  |  |  | 583 |  |  |  | 307 |  |  |  | 35,686 |
Commercial - secured |  |  | 32,196 |  |  |  | 72,838 |  |  |  | 1,454 |  |  |  | 3,676 |  |  |  | 1,150 |  |  |  | 2,398 |  |  |  | 113,712 |
Secured by inventory and accounts receivable |  |  | 2,344 |  |  |  | 18,126 |  |  |  | 248 |  |  |  | 491 |  |  |  | 117 |  |  |  | 17 |  |  |  | 21,343 |
Real estate – construction, land development & other land loans |  |  | 31,582 |  |  |  | 163,588 |  |  |  | 3,830 |  |  |  | 9,045 |  |  |  | 3,709 |  |  |  | 6,354 |  |  |  | 218,108 |
Real estate – residential, farmland, and multi-family |  |  | 249,313 |  |  |  | 499,922 |  |  |  | 7,154 |  |  |  | 29,091 |  |  |  | 24,330 |  |  |  | 9,629 |  |  |  | 819,439 |
Real estate – home equity lines of credit |  |  | 125,310 |  |  |  | 66,412 |  |  |  | 2,160 |  |  |  | 3,526 |  |  |  | 1,850 |  |  |  | 1,622 |  |  |  | 200,880 |
Real estate - commercial |  |  | 123,814 |  |  |  | 449,316 |  |  |  | 21,801 |  |  |  | 14,050 |  |  |  | 9,074 |  |  |  | 9,885 |  |  |  | 627,940 |
Consumer |  |  | 27,826 |  |  |  | 23,403 |  |  |  | 77 |  |  |  | 954 |  |  |  | 629 |  |  |  | 2,822 |  |  |  | 55,711 |
Total |  | $ | 602,668 |  |  |  | 1,317,636 |  |  |  | 36,734 |  |  |  | 61,305 |  |  |  | 41,442 |  |  |  | 33,034 |  |  |  | 2,092,819 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,324 |
Total non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,094,143 |
Total covered loans |  | $ | 42,935 |  |  |  | 124,451 |  |  |  | — |  |  |  | 7,569 |  |  |  | 73,868 |  |  |  | 33,491 |  |  |  | 282,314 |
Total loans |  | $ | 645,603 |  |  |  | 1,442,087 |  |  |  | 36,734 |  |  |  | 68,874 |  |  |  | 115,310 |  |  |  | 66,525 |  |  |  | 2,376,457 |
Schedule of 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 six months ended June 30, 2013.
($ in thousands) |  | For the three months ended June 30, 2013 |
|  | Number of Contracts |  |  | Pre-Modification Restructured Balances |  |  | Post-Modification Restructured Balances |
Non-covered TDRs – Accruing |  |  |  |  |  |  |  |  |  |  |  |
Real estate – residential, farmland, and multi-family |  |  | 3 |  |  | $ | 574 |  |  | $ | 576 |
Real estate – commercial |  |  | 1 |  |  |  | 103 |  |  |  | 103 |
Non-covered TDRs – Nonaccrual |  |  | — |  |  |  | — |  |  |  | — |
Total non-covered TDRs arising during period |  |  | 4 |  |  |  | 677 |  |  |  | 679 |
Total covered TDRs arising during period– Accruing |  |  | 3 |  |  | $ | 312 |  |  | $ | 311 |
Total covered TDRs arising during period – Nonaccrual |  |  | — |  |  |  | — |  |  |  | — |
Total TDRs arising during period |  |  | 7 |  |  | $ | 989 |  |  | $ | 990 |
($ in thousands) |  | For the six months ended June 30, 2013 |
|  | Number of Contracts |  |  | Pre-Modification Restructured Balances |  |  | Post-Modification Restructured Balances |
Non-covered TDRs – Accruing |  |  |  |  |  |  |  |  |  |  |  |
Real estate – residential, farmland, and multi-family |  |  | 9 |  |  | $ | 1,082 |  |  | $ | 1,084 |
Real estate – commercial |  |  | 2 |  |  |  | 164 |  |  |  | 164 |
Consumer |  |  | 1 |  |  |  | 14 |  |  |  | 14 |
Non-covered TDRs - Nonaccrual |  |  |  |  |  |  |  |  |  |  |  |
Real estate – residential, farmland, and multi-family |  |  | 3 |  |  |  | 209 |  |  |  | 209 |
Total non-covered TDRs arising during period |  |  | 15 |  |  |  | 1,469 |  |  |  | 1,471 |
Total covered TDRs arising during period– Accruing |  |  | 4 |  |  | $ | 359 |  |  | $ | 351 |
Total covered TDRs arising during period – Nonaccrual |  |  | — |  |  |  | — |  |  |  | — |
Total TDRs arising during period |  |  | 19 |  |  | $ | 1,828 |  |  | $ | 1,822 |
The following table presents information related to loans modified in a troubled debt restructuring during the three and six months ended June 30, 2012.
($ in thousands) |  | For the three months ended June 30, 2012 |
|  | Number of Contracts |  |  | Pre-Modification Restructured Balances |  |  | Post-Modification Restructured Balances |
Non-covered TDRs – Accruing |  |  |  |  |  |  |  |  |  |  |  |
Real estate – construction, land development & other land loans |  |  | 1 |  |  | $ | 300 |  |  | $ | 300 |
Real estate – residential, farmland, and multi-family |  |  | 1 |  |  |  | 303 |  |  |  | 303 |
Non-covered TDRs – Nonaccrual |  |  |  |  |  |  |  |  |  |  |  |
Real estate – construction, land development & other land loans |  |  | 1 |  |  |  | 238 |  |  |  | 238 |
Total non-covered TDRs arising during period |  |  | 3 |  |  |  | 841 |  |  |  | 841 |
Total covered TDRs arising during period– Accruing |  |  | 3 |  |  | $ | 5,428 |  |  | $ | 5,428 |
Total covered TDRs arising during period – Nonaccrual |  |  | — |  |  |  | — |  |  |  | — |
Total TDRs arising during period |  |  | 6 |  |  | $ | 6,269 |  |  | $ | 6,269 |
($ in thousands) |  | For the six months ended June 30, 2012 |
|  | Number of Contracts |  |  | Pre-Modification Restructured Balances |  |  | Post-Modification Restructured Balances |
Non-covered TDRs – Accruing |  |  |  |  |  |  |  |  |  |  |  |
Real estate – construction, land development & other land loans |  |  | 1 |  |  | $ | 300 |  |  | $ | 300 |
Real estate – residential, farmland, and multi-family |  |  | 1 |  |  |  | 303 |  |  |  | 303 |
Non-covered TDRs – Nonaccrual |  |  |  |  |  |  |  |  |  |  |  |
Real estate – construction, land development & other land loans |  |  | 1 |  |  |  | 238 |  |  |  | 238 |
Total non-covered TDRs arising during period |  |  | 3 |  |  |  | 841 |  |  |  | 841 |
Total covered TDRs arising during period– Accruing |  |  | 6 |  |  | $ | 7,526 |  |  | $ | 7,526 |
Total covered TDRs arising during period – Nonaccrual |  |  | — |  |  |  | — |  |  |  | — |
Total TDRs arising during period |  |  | 9 |  |  | $ | 8,367 |  |  | $ | 8,367 |
Schedule od accruing restructured loans that defaulted in the period | Accruing restructured loans that were modified in the previous 12 months and that defaulted during the three and six months ended June 30, 2013 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 June 30, 2013 |  |  | For the six months ended June 30, 2013 |
|  | Number of Contracts |  |  | Recorded Investment |  |  | Number of Contracts |  |  | Recorded Investment |
Non-covered accruing TDRs that subsequently defaulted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate – construction, land development & other land loans |  |  | 1 |  |  | $ | 342 |  |  |  | 1 |  |  | $ | 342 |
Real estate – residential, farmland, and multi-family |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 252 |
Total non-covered TDRs that subsequently defaulted |  |  | 1 |  |  | $ | 342 |  |  |  | 2 |  |  | $ | 594 |
Total accruing covered TDRs that subsequently defaulted |  |  | — |  |  | $ | — |  |  |  | 1 |  |  | $ | 3,501 |
Total accruing TDRs that subsequently defaulted |  |  | 1 |  |  | $ | 342 |  |  |  | 3 |  |  | $ | 4,095 |
Accruing restructured loans that were modified in the previous 12 months and that defaulted during the three and six months ended June 30, 2012 are presented in the table below.
($ in thousands) |  | For the three months ended June 30, 2012 |  |  | For the six months ended June 30, 2012 |
|  | Number of Contracts |  |  | Recorded Investment |  |  | Number of Contracts |  |  | Recorded Investment |
Non-covered accruing TDRs that subsequently defaulted |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Total non-covered TDRs that subsequently defaulted |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Total accruing covered TDRs that subsequently defaulted |  |  | 1 |  |  | $ | 439 |  |  |  | 1 |  |  | $ | 439 |
Total accruing TDRs that subsequently defaulted |  |  | 1 |  |  | $ | 439 |  |  |  | 1 |  |  | $ | 439 |

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