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Loans and Asset Quality Information (Tables) | 12 Months Ended
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Dec. 31, 2016
Loans and Asset Quality Information [Abstract] |
Summary of balances related to the expired and terminated agreements | Balances related to the expired agreements and the termination of all remaining agreements as of the respective dates is as follows:
|  | Cooperative Bank non-single family agreement termination July 1, 2014 |  |  | Bank of Asheville non- single family agreement termination April 1, 2016 |  |  | Remaining loss share agreement terminations September 22, 2016 |
Carrying value of total covered loans transferred to non-covered |  | $ | 39,700 |  |  |  | 17,737 |  |  |  | 78,387 |
Covered nonaccrual loans transferred to non-covered |  |  | 9,700 |  |  |  | 2,785 |  |  |  | 4,194 |
Covered foreclosed real estate transferred to non-covered |  |  | 3,000 |  |  |  | 1,165 |  |  |  | 385 |
Allowance for loan losses associated with covered loans transferred to allowance for non-covered loans |  |  | 1,700 |  |  |  | 307 |  |  |  | 1,074 |
Summary of the major categories of total loans outstanding | The following is a summary of the major categories of total loans outstanding:
($ in thousands) |  | December 31, 2016 |  |  | December 31, 2015 |
|  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |
All loans (non-covered and covered): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 261,813 |  |  |  | 9% |  |  | $ | 202,671 |  |  |  | 8% |
Real estate – construction, land development & other land loans |  |  | 354,667 |  |  |  | 13% |  |  |  | 308,969 |  |  |  | 12% |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 750,679 |  |  |  | 28% |  |  |  | 768,559 |  |  |  | 31% |
Real estate – mortgage – home equity loans / lines of credit |  |  | 239,105 |  |  |  | 9% |  |  |  | 232,601 |  |  |  | 9% |
Real estate – mortgage – commercial and other |  |  | 1,049,460 |  |  |  | 39% |  |  |  | 957,587 |  |  |  | 38% |
Installment loans to individuals |  |  | 55,037 |  |  |  | 2% |  |  |  | 47,666 |  |  |  | 2% |
Subtotal |  |  | 2,710,761 |  |  |  | 100% |  |  |  | 2,518,053 |  |  |  | 100% |
Unamortized net deferred loan costs (fees) |  |  | (49 | ) |  |  |  |  |  |  | 873 |  |  |  |  |
Total loans |  | $ | 2,710,712 |  |  |  |  |  |  | $ | 2,518,926 |  |  |  |  |
Summary of the major categories of non-covered loans outstanding | The following is a summary of the major categories of loans outstanding allocated to the non-covered and covered loan portfolios for periods when the FDIC loss share agreements were in effect at December 31, 2015. There were no covered loans at December 31, 2016.
($ in thousands) |  | December 31, 2015 |
|  | Non-covered |  |  | Covered |  |  | Total |
Commercial, financial, and agricultural |  | $ | 201,798 |  |  |  | 873 |  |  |  | 202,671 |
Real estate – construction, land development & other land loans |  |  | 305,228 |  |  |  | 3,741 |  |  |  | 308,969 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 692,902 |  |  |  | 75,657 |  |  |  | 768,559 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 221,995 |  |  |  | 10,606 |  |  |  | 232,601 |
Real estate – mortgage – commercial and other |  |  | 945,823 |  |  |  | 11,764 |  |  |  | 957,587 |
Installment loans to individuals |  |  | 47,666 |  |  |  | — |  |  |  | 47,666 |
Subtotal |  |  | 2,415,412 |  |  |  | 102,641 |  |  |  | 2,518,053 |
Unamortized net deferred loan costs |  |  | 873 |  |  |  | — |  |  |  | 873 |
Total |  | $ | 2,416,285 |  |  |  | 102,641 |  |  |  | 2,518,926 |
Schedule of the carrying amount of the covered loans | The follow presents the carrying amount of the covered loans at December 31, 2015 detailed by impaired and nonimpaired purchased loans (as determined on the date of the acquisition):
($ 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 |  | $ | — |  |  |  | — |  |  |  | 873 |  |  |  | 886 |  |  |  | 873 |  |  |  | 886 |
Real estate – construction, land development & other land loans |  |  | 277 |  |  |  | 365 |  |  |  | 3,464 |  |  |  | 3,457 |  |  |  | 3,741 |  |  |  | 3,822 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 102 |  |  |  | 633 |  |  |  | 75,555 |  |  |  | 88,434 |  |  |  | 75,657 |  |  |  | 89,067 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 7 |  |  |  | 14 |  |  |  | 10,599 |  |  |  | 12,099 |  |  |  | 10,606 |  |  |  | 12,113 |
Real estate – mortgage – commercial and other |  |  | 1,003 |  |  |  | 3,136 |  |  |  | 10,761 |  |  |  | 11,458 |  |  |  | 11,764 |  |  |  | 14,594 |
Total |  | $ | 1,389 |  |  |  | 4,148 |  |  |  | 101,252 |  |  |  | 116,334 |  |  |  | 102,641 |  |  |  | 120,482 |
Schedule of covered purchased nonimpaired loans | The following table presents information regarding covered purchased nonimpaired loans since December 31, 2014. The amounts include principal only and do not reflect accrued interest as of the date of the acquisition or beyond. All balances of covered loans were transferred to non-covered as of the termination of the loss share agreements.
($ in thousands) |  |  |
Carrying amount of nonimpaired covered loans at December 31, 2014 |  | $ | 125,644 |
Principal repayments |  |  | (30,238 | )
Transfers to foreclosed real estate |  |  | (1,211 | )
Net loan recoveries |  |  | 2,306 |
Accretion of loan discount |  |  | 4,751 |
Carrying amount of nonimpaired covered loans at December 31, 2015 |  |  | 101,252 |
Principal repayments |  |  | (7,997 | )
Transfers to foreclosed real estate |  |  | (1,036 | )
Net loan recoveries |  |  | 1,784 |
Accretion of loan discount |  |  | 1,908 |
Transfer to non-covered loans due to expiration of loss-share agreement, April 1, 2016 |  |  | (17,530 | )
Transfer to non-covered loans due to termination of loss-share agreements, September 22, 2016 |  |  | (78,381 | )
Carrying amount of nonimpaired covered loans at December 31, 2016 |  | $ | — |
Schedule of activity in purchased impaired loans |
($ in thousands) Purchased Impaired Loans |  | Contractual Principal Receivable |  |  | Fair Market Value Adjustment – Write Down (Nonaccretable Difference) |  |  | Carrying Amount |
Balance at December 31, 2014 |  | $ | 5,859 |  |  |  | 3,262 |  |  |  | 2,597 |
Change due to payments received |  |  | (634 | ) |  |  | (102 | ) |  |  | (532 | )
Transfer to foreclosed real estate |  |  | (431 | ) |  |  | (336 | ) |  |  | (95 | )
Other |  |  | (3 | ) |  |  | (3 | ) |  |  | — |
Balance at December 31, 2015 |  | $ | 4,791 |  |  |  | 2,821 |  |  |  | 1,970 |
Change due to payments received |  |  | (3,753 | ) |  |  | (2,367 | ) |  |  | (1,386 | )
Change due to loan charge-off |  |  | (428 | ) |  |  | (358 | ) |  |  | (70 | )
Balance at December 31, 2016 |  | $ | 610 |  |  |  | 96 |  |  |  | 514 |
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) |  | December 31, 2016 |  |  | December 31, 2015 |
Nonperforming assets |  |  |  |  |  |  |  |
Nonaccrual loans |  | $ | 27,468 |  |  |  | 47,810 |
Restructured loans - accruing |  |  | 22,138 |  |  |  | 31,489 |
Accruing loans > 90 days past due |  |  | — |  |  |  | — |
Total nonperforming loans |  |  | 49,606 |  |  |  | 79,299 |
Foreclosed real estate |  |  | 9,532 |  |  |  | 9,994 |
Total nonperforming assets |  | $ | 59,138 |  |  |  | 89,293 |
Total covered nonperforming assets included above (1) |  | $ | — |  |  |  | 12,100 |
(1) All FDIC loss share agreements were terminated effective September 22, 2016 and, accordingly, assets previously covered under those agreements became non-covered on that date.
Schedule of nonaccrual loans | The following is a summary the Company’s nonaccrual loans by major categories.
($ in thousands) |  | December 31, 2016 |  |  | December 31, 2015 |
Commercial, financial, and agricultural |  | $ | 1,842 |  |  |  | 2,964 |
Real estate – construction, land development & other land loans |  |  | 2,945 |  |  |  | 4,704 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 16,017 |  |  |  | 23,829 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 2,355 |  |  |  | 3,525 |
Real estate – mortgage – commercial and other |  |  | 4,208 |  |  |  | 12,571 |
Installment loans to individuals |  |  | 101 |  |  |  | 217 |
Total |  | $ | 27,468 |  |  |  | 47,810 |
Total covered nonaccrual loans included above |  | $ | — |  |  |  | 7,816 |
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 December 31, 2016.
($ in thousands) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Nonaccrual Loans |  |  | Current |  |  | Total Loans Receivable |
Commercial, financial, and agricultural |  | $ | 92 |  |  |  | — |  |  |  | 1,842 |  |  |  | 259,879 |  |  |  | 261,813 |
Real estate – construction, land development & other land loans |  |  | 473 |  |  |  | 168 |  |  |  | 2,945 |  |  |  | 351,081 |  |  |  | 354,667 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 4,487 |  |  |  | 443 |  |  |  | 16,017 |  |  |  | 729,732 |  |  |  | 750,679 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 1,751 |  |  |  | 178 |  |  |  | 2,355 |  |  |  | 234,821 |  |  |  | 239,105 |
Real estate – mortgage – commercial and other |  |  | 1,482 |  |  |  | 449 |  |  |  | 4,208 |  |  |  | 1,043,321 |  |  |  | 1,049,460 |
Installment loans to individuals |  |  | 186 |  |  |  | 193 |  |  |  | 101 |  |  |  | 54,557 |  |  |  | 55,037 |
Total |  | $ | 8,471 |  |  |  | 1,431 |  |  |  | 27,468 |  |  |  | 2,673,391 |  |  |  | 2,710,761 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (49 | )
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,710,712 |
The Company had no covered loans and no loans that were past due greater than 90 days and accruing interest at December 31, 2016. The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2015.
($ in thousands) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Nonaccrual Loans |  |  | Current |  |  | Total Loans Receivable |
Commercial, financial, and agricultural |  | $ | 999 |  |  |  | 127 |  |  |  | 2,964 |  |  |  | 198,581 |  |  |  | 202,671 |
Real estate – construction, land development & other land loans |  |  | 1,512 |  |  |  | 429 |  |  |  | 4,704 |  |  |  | 302,324 |  |  |  | 308,969 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 15,443 |  |  |  | 3,614 |  |  |  | 23,829 |  |  |  | 725,673 |  |  |  | 768,559 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 1,276 |  |  |  | 105 |  |  |  | 3,525 |  |  |  | 227,695 |  |  |  | 232,601 |
Real estate – mortgage – commercial and other |  |  | 5,591 |  |  |  | 864 |  |  |  | 12,571 |  |  |  | 938,561 |  |  |  | 957,587 |
Installment loans to individuals |  |  | 278 |  |  |  | 255 |  |  |  | 217 |  |  |  | 46,916 |  |  |  | 47,666 |
Total loans |  | $ | 25,099 |  |  |  | 5,394 |  |  |  | 47,810 |  |  |  | 2,439,750 |  |  |  | 2,518,053 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 873 |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,518,926 |
Covered loans included above |  | $ | 3,313 |  |  |  | 402 |  |  |  | 7,816 |  |  |  | 91,110 |  |  |  | 102,641 |
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 the year ended December 31, 2016. There were no covered loans at December 31, 2016 and all reserves associated with previously covered loans were transferred to the non-covered allowance.
($ in thousands) |  | Commercial, Financial, and Agricultural |  |  | Real Estate – Construction, Land Development, & Other Land Loans |  |  | Real Estate – Residential (1-4 Family) First Mortgages |  |  | Real Estate – Mortgage – Home Equity Lines of Credit |  |  | Real Estate – Mortgage – Commercial and Other |  |  | Installment Loans to Individuals |  |  | Unallo- cated |  |  | Covered |  |  | Total |
As of and for the year ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,742 |  |  |  | 3,754 |  |  |  | 7,832 |  |  |  | 2,893 |  |  |  | 5,816 |  |  |  | 1,051 |  |  |  | 696 |  |  |  | 1,799 |  |  |  | 28,583 |
Charge-offs |  |  | (2,271 | ) |  |  | (1,101 | ) |  |  | (3,815 | ) |  |  | (969 | ) |  |  | (1,005 | ) |  |  | (1,008 | ) |  |  | (1 | ) |  |  | (244 | ) |  |  | (10,414 | )
Recoveries |  |  | 805 |  |  |  | 1,422 |  |  |  | 1,060 |  |  |  | 250 |  |  |  | 836 |  |  |  | 354 |  |  |  | — |  |  |  | 1,958 |  |  |  | 6,685 |
Transfer from covered status |  |  | 56 |  |  |  | 65 |  |  |  | 839 |  |  |  | 293 |  |  |  | 127 |  |  |  | — |  |  |  | 1 |  |  |  | (1,381 | ) |  |  | — |
Removed due to branch loan sale |  |  | (263 | ) |  |  | (39 | ) |  |  | (347 | ) |  |  | (110 | ) |  |  | (228 | ) |  |  | (63 | ) |  |  | — |  |  |  | — |  |  |  | (1,050 | )
Provisions |  |  | 760 |  |  |  | (1,410 | ) |  |  | 2,135 |  |  |  | 63 |  |  |  | (448 | ) |  |  | 811 |  |  |  | 198 |  |  |  | (2,132 | ) |  |  | (23 | )
Ending balance |  | $ | 3,829 |  |  |  | 2,691 |  |  |  | 7,704 |  |  |  | 2,420 |  |  |  | 5,098 |  |  |  | 1,145 |  |  |  | 894 |  |  |  | — |  |  |  | 23,781 |
Ending balances as of December 31, 2016: Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 7 |  |  |  | 184 |  |  |  | 1,339 |  |  |  | 5 |  |  |  | 105 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,640 |
Collectively evaluated for impairment |  | $ | 3,822 |  |  |  | 2,507 |  |  |  | 6,365 |  |  |  | 2,415 |  |  |  | 4,993 |  |  |  | 1,145 |  |  |  | 894 |  |  |  | — |  |  |  | 22,141 |
Loans acquired with deteriorated credit quality |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loans receivable as of December 31, 2016: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance – total |  | $ | 261,813 |  |  |  | 354,667 |  |  |  | 750,679 |  |  |  | 239,105 |  |  |  | 1,049,460 |  |  |  | 55,037 |  |  |  | — |  |  |  | — |  |  |  | 2,710,761 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (49 | )
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,710,712 |
Ending balances as of December 31, 2016: Loans |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 644 |  |  |  | 4,001 |  |  |  | 20,807 |  |  |  | 280 |  |  |  | 6,494 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32,226 |
Collectively evaluated for impairment |  | $ | 261,169 |  |  |  | 350,666 |  |  |  | 729,872 |  |  |  | 238,825 |  |  |  | 1,042,452 |  |  |  | 55,037 |  |  |  | — |  |  |  | — |  |  |  | 2,678,021 |
Loans acquired with deteriorated credit quality |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 514 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 514 |
The following table presents the activity in the allowance for loan losses for non-covered and covered loans for the year ended December 31, 2015.
($ in thousands) |  | Commercial Financial, and Agricultural |  |  | Real Estate – Construction, Land Development, & Other Land Loans |  |  | Real Estate – Residential (1-4 Family) First Mortgages |  |  | Real Estate– Mortgage – Home Equity Lines of Credit |  |  | Real Estate– Mortgage– Commercial and Other |  |  | Installment Loans to Individuals |  |  | Unallo- cated |  |  | Total Non- Covered |  |  | Total Covered |
As of and for the year ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 6,769 |  |  |  | 8,158 |  |  |  | 10,136 |  |  |  | 4,753 |  |  |  | 6,466 |  |  |  | 1,916 |  |  |  | 147 |  |  |  | 38,345 |  |  |  | 2,281 |
Charge-offs |  |  | (2,908 | ) |  |  | (3,034 | ) |  |  | (4,904 | ) |  |  | (1,054 | ) |  |  | (2,804 | ) |  |  | (2,411 | ) |  |  | — |  |  |  | (17,115 | ) |  |  | (1,316 | )
Recoveries |  |  | 831 |  |  |  | 998 |  |  |  | 279 |  |  |  | 121 |  |  |  | 904 |  |  |  | 413 |  |  |  | — |  |  |  | 3,546 |  |  |  | 3,622 |
Provisions |  |  | 50 |  |  |  | (2,368 | ) |  |  | 2,321 |  |  |  | (927 | ) |  |  | 1,250 |  |  |  | 1,133 |  |  |  | 549 |  |  |  | 2,008 |  |  |  | (2,788 | )
Ending balance |  | $ | 4,742 |  |  |  | 3,754 |  |  |  | 7,832 |  |  |  | 2,893 |  |  |  | 5,816 |  |  |  | 1,051 |  |  |  | 696 |  |  |  | 26,784 |  |  |  | 1,799 |
Ending balances as of December 31, 2015: Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 304 |  |  |  | 241 |  |  |  | 1,440 |  |  |  | 321 |  |  |  | 336 |  |  |  | 45 |  |  |  | — |  |  |  | 2,687 |  |  |  | 554 |
Collectively evaluated for impairment |  | $ | 4,438 |  |  |  | 3,513 |  |  |  | 6,392 |  |  |  | 2,572 |  |  |  | 5,480 |  |  |  | 1,006 |  |  |  | 696 |  |  |  | 24,097 |  |  |  | 1,175 |
Loans acquired with deteriorated credit quality |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 70 |
Loans receivable as of December 31, 2015: |  |  |  |  |  |  |  |  |  |  |
Ending balance – total |  | $ | 201,798 |  |  |  | 305,228 |  |  |  | 692,902 |  |  |  | 221,995 |  |  |  | 945,823 |  |  |  | 47,666 |  |  |  | — |  |  |  | 2,415,412 |  |  |  | 102,641 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 873 |  |  |  | — |
Total non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,416,285 |  |  |  | 102,641 |
Ending balances as of December 31, 2015: Loans |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 992 |  |  |  | 4,898 |  |  |  | 21,325 |  |  |  | 758 |  |  |  | 16,605 |  |  |  | 76 |  |  |  | — |  |  |  | 44,654 |  |  |  | 7,055 |
Collectively evaluated for impairment |  | $ | 200,806 |  |  |  | 300,330 |  |  |  | 671,577 |  |  |  | 221,237 |  |  |  | 928,637 |  |  |  | 47,590 |  |  |  | — |  |  |  | 2,370,177 |  |  |  | 94,197 |
Loans acquired with deteriorated credit quality |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 581 |  |  |  | — |  |  |  | — |  |  |  | 581 |  |  |  | 1,389 |
Schedule of impaired loans individually evaluated | The following table presents loans individually evaluated for impairment as of December 31, 2016.
($ in thousands) |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |
Impaired loans with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 593 |  |  |  | 706 |  |  |  | — |  |  |  | 816 |
Real estate – mortgage – construction, land development & other land loans |  |  | 3,221 |  |  |  | 4,558 |  |  |  | — |  |  |  | 3,641 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 10,035 |  |  |  | 12,220 |  |  |  | — |  |  |  | 11,008 |
Real estate – mortgage –home equity loans / lines of credit |  |  | 114 |  |  |  | 146 |  |  |  | — |  |  |  | 139 |
Real estate – mortgage –commercial and other |  |  | 5,112 |  |  |  | 5,722 |  |  |  | — |  |  |  | 8,713 |
Installment loans to individuals |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 1 |
Total impaired loans with no allowance |  | $ | 19,075 |  |  |  | 23,354 |  |  |  | — |  |  |  | 24,318 |
Impaired loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 51 |  |  |  | 51 |  |  |  | 7 |  |  |  | 202 |
Real estate – mortgage – construction, land development & other land loans |  |  | 780 |  |  |  | 798 |  |  |  | 184 |  |  |  | 844 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 10,772 |  |  |  | 11,007 |  |  |  | 1,339 |  |  |  | 13,314 |
Real estate – mortgage –home equity loans / lines of credit |  |  | 166 |  |  |  | 166 |  |  |  | 5 |  |  |  | 324 |
Real estate – mortgage –commercial and other |  |  | 1,896 |  |  |  | 1,929 |  |  |  | 105 |  |  |  | 4,912 |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 49 |
Total impaired loans with allowance |  | $ | 13,665 |  |  |  | 13,951 |  |  |  | 1,640 |  |  |  | 19,645 |
Interest income recorded on impaired loans during the year ended December 31, 2016 was insignificant. The following table presents loans individually evaluated for impairment as of December 31, 2015.
($ in thousands) |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |
Impaired loans with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 360 |  |  |  | 422 |  |  |  | — |  |  |  | 235 |
Real estate – mortgage – construction, land development & other land loans |  |  | 3,944 |  |  |  | 7,421 |  |  |  | — |  |  |  | 4,651 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 12,346 |  |  |  | 14,644 |  |  |  | — |  |  |  | 11,258 |
Real estate – mortgage –home equity loans / lines of credit |  |  | 121 |  |  |  | 175 |  |  |  | — |  |  |  | 505 |
Real estate – mortgage –commercial and other |  |  | 13,156 |  |  |  | 16,818 |  |  |  | — |  |  |  | 18,112 |
Installment loans to individuals |  |  | 3 |  |  |  | 4 |  |  |  | — |  |  |  | 5 |
Total impaired loans with no allowance |  | $ | 29,930 |  |  |  | 39,484 |  |  |  | — |  |  |  | 34,766 |
Total covered impaired loans with no allowance included above |  | $ | 5,231 |  |  |  | 8,529 |  |  |  | — |  |  |  | 5,607 |
Impaired loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 676 |  |  |  | 709 |  |  |  | 348 |  |  |  | 616 |
Real estate – mortgage – construction, land development & other land loans |  |  | 954 |  |  |  | 976 |  |  |  | 241 |  |  |  | 1,980 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 15,285 |  |  |  | 15,691 |  |  |  | 1,912 |  |  |  | 15,636 |
Real estate – mortgage –home equity loans / lines of credit |  |  | 667 |  |  |  | 678 |  |  |  | 344 |  |  |  | 430 |
Real estate – mortgage –commercial and other |  |  | 6,094 |  |  |  | 6,279 |  |  |  | 421 |  |  |  | 4,950 |
Installment loans to individuals |  |  | 73 |  |  |  | 80 |  |  |  | 45 |  |  |  | 111 |
Total impaired loans with allowance |  | $ | 23,749 |  |  |  | 24,413 |  |  |  | 3,311 |  |  |  | 23,723 |
Total covered impaired loans with allowance included above |  | $ | 3,213 |  |  |  | 3,476 |  |  |  | 624 |  |  |  | 3,742 |
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 December 31, 2016.
($ in thousands) |  |  |
|  | Pass |  |  | Special Mention Loans |  |  | Classified Accruing Loans |  |  | Classified Nonaccrual Loans |  |  | Total |
Commercial, financial, and agricultural |  | $ | 247,451 |  |  |  | 10,560 |  |  |  | 1,960 |  |  |  | 1,842 |  |  |  | 261,813 |
Real estate – construction, land development & other land loans |  |  | 335,068 |  |  |  | 8,762 |  |  |  | 7,892 |  |  |  | 2,945 |  |  |  | 354,667 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 678,878 |  |  |  | 16,998 |  |  |  | 38,786 |  |  |  | 16,017 |  |  |  | 750,679 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 226,159 |  |  |  | 1,436 |  |  |  | 9,155 |  |  |  | 2,355 |  |  |  | 239,105 |
Real estate – mortgage – commercial and other |  |  | 1,005,687 |  |  |  | 26,546 |  |  |  | 13,019 |  |  |  | 4,208 |  |  |  | 1,049,460 |
Installment loans to individuals |  |  | 54,421 |  |  |  | 256 |  |  |  | 259 |  |  |  | 101 |  |  |  | 55,037 |
Total |  | $ | 2,547,664 |  |  |  | 64,558 |  |  |  | 71,071 |  |  |  | 27,468 |  |  |  | 2,710,761 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (49 | )
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,710,712 |
The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2015.
($ in thousands) |  |  |
|  | Pass |  |  | Special Mention Loans |  |  | Classified Accruing Loans |  |  | Classified Nonaccrual Loans |  |  | Total |
Commercial, financial, and agricultural |  | $ | 192,454 |  |  |  | 3,733 |  |  |  | 3,520 |  |  |  | 2,964 |  |  |  | 202,671 |
Real estate – construction, land development & other land loans |  |  | 280,647 |  |  |  | 13,489 |  |  |  | 10,129 |  |  |  | 4,704 |  |  |  | 308,969 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 664,618 |  |  |  | 39,895 |  |  |  | 40,217 |  |  |  | 23,829 |  |  |  | 768,559 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 212,391 |  |  |  | 7,374 |  |  |  | 9,311 |  |  |  | 3,525 |  |  |  | 232,601 |
Real estate – mortgage – commercial and other |  |  | 897,579 |  |  |  | 33,155 |  |  |  | 14,282 |  |  |  | 12,571 |  |  |  | 957,587 |
Installment loans to individuals |  |  | 46,209 |  |  |  | 776 |  |  |  | 464 |  |  |  | 217 |  |  |  | 47,666 |
Total |  | $ | 2,293,898 |  |  |  | 98,422 |  |  |  | 77,923 |  |  |  | 47,810 |  |  |  | 2,518,053 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 873 |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,518,926 |
Total covered loans included above |  | $ | 71,398 |  |  |  | 7,423 |  |  |  | 16,004 |  |  |  | 7,816 |  |  |  | 102,641 |
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 years ended December 31, 2016 and 2015.
($ in thousands) |  | For the year ended December 31, 2016 |  |  | For the year ended December 31, 2015 |
|  | Number of Contracts |  |  | Pre- Modification Restructured Balances |  |  | Post- Modification Restructured Balances |  |  | Number of Contracts |  |  | Pre- Modification Restructured Balances |  |  | Post- Modification Restructured Balances |
TDRs – Accruing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  |  | 1 |  |  | $ | 1,071 |  |  | $ | 1,071 |  |  |  | 2 |  |  | $ | 52 |  |  | $ | 52 |
Real estate – construction, land development & other land loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 235 |  |  |  | 235 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 1 |  |  |  | 598 |  |  |  | 626 |  |  |  | 2 |  |  |  | 265 |  |  |  | 265 |
Real estate – mortgage – home equity loans / lines of credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – commercial and other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 557 |  |  |  | 557 |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
TDRs – Nonaccrual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 5 |  |  |  | 5 |
Real estate – construction, land development & other land loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 496 |  |  |  | 496 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 1 |  |  |  | 155 |  |  |  | 184 |  |  |  | 4 |  |  |  | 399 |  |  |  | 399 |
Real estate – mortgage – home equity loans / lines of credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – commercial and other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total TDRs arising during period |  |  | 3 |  |  | $ | 1,824 |  |  | $ | 1,881 |  |  |  | 17 |  |  | $ | 2,009 |  |  | $ | 2,009 |
Total covered TDRs arising during period included above |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  | $ | 139 |  |  | $ | 139 |
Schedule od accruing restructured loans that defaulted in the period | 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 year ended December 31, 2016 |  |  | For the year ended December 31, 2015 |
|  | Number of Contracts |  |  | Recorded Investment |  |  | Number of Contracts |  |  | Recorded Investment |
Accruing TDRs that subsequently defaulted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  |  | 2 |  |  | $ | 744 |  |  |  | 1 |  |  | $ | 7 |
Real estate – mortgage – residential (1-4 family first mortgages) |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 352 |
Real estate – mortgage – commercial and other |  |  | 1 |  |  |  | 21 |  |  |  | — |  |  |  | — |
Total accruing TDRs that subsequently defaulted |  |  | 3 |  |  | $ | 765 |  |  |  | 5 |  |  | $ | 359 |
Total covered accruing TDRs that subsequently defaulted included above |  |  | 1 |  |  | $ | 44 |  |  |  | — |  |  | $ | — |

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