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Loans and Asset Quality Information | 9 Months Ended
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Sep. 30, 2017
Loans and Asset Quality Information [Abstract] |
Loans and Asset Quality Information | Note 8 – Loans and Asset Quality Information Prior to September 22, 2016, the Company’s banking subsidiary, First Bank, had certain loans and foreclosed real estate that were covered by loss share agreements between the FDIC and First Bank which afforded First Bank significant loss protection - see Note 2 to the financial statements included in the Company’s 2011 Annual Report on Form 10-K for detailed information regarding FDIC-assisted purchase transactions. On September 22, 2016, the Company terminated all of the loss share agreements with the FDIC, such that all future losses and recoveries on loans and foreclosed real estate associated with the failed banks acquired through FDIC-assisted transactions will be borne solely by First Bank. In the information presented below, the term “covered” is used to describe assets that were subject to FDIC loss share agreements, while the term “non-covered” refers to the Company’s legacy assets, which were not included in any type of loss share arrangement. As discussed previously, all loss share agreements were terminated during 2016 and thus the entire loan portfolio is now classified as non-covered. Certain prior period disclosures will continue to present the breakout of the loan portfolio between covered and non-covered. On March 3, 2017, the Company acquired Carolina Bank (see Note 4 for more information). As a result of this acquisition, the Company recorded loans with a fair value of $497.5 million. Of those loans, $19.3 million were considered to be purchased credit impaired (“PCI”) loans, which are loans for which it is probable at acquisition date that all contractually required payments will not be collected. The remaining loans are considered to be purchased non-impaired loans and their related fair value discount or premium is recognized as an adjustment to yield over the remaining life of each loan. The following table relates to Carolina Bank acquired PCI loans and summarizes the contractually required payments, which includes principal and interest, expected cash flows to be collected, and the fair value of acquired PCI loans at the acquisition date.
($ in thousands) |  | Carolina Bank Acquisition on March 3, 2017 |
Contractually required payments |  | $ | 27,108 |
Nonaccretable difference |  |  | (4,237 | )
Cash flows expected to be collected at acquisition |  |  | 22,871 |
Accretable yield |  |  | (3,617 | )
Fair value of PCI loans at acquisition date |  | $ | 19,254 |
The following table relates to acquired Carolina Bank purchased non-impaired loans and provides the contractually required payments, fair value, and estimate of contractual cash flows not expected to be collected at the acquisition date.
($ in thousands) |  | Carolina Bank Acquisition on March 3, 2017 |
Contractually required payments |  | $ | 569,980 |
Fair value of acquired loans at acquisition date |  |  | 478,515 |
Contractual cash flows not expected to be collected |  |  | 3,650 |
The following is a summary of the major categories of total loans outstanding:
($ in thousands) |  | September 30, 2017 |  |  | December 31, 2016 |  |  | September 30, 2016 |
|  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |
All loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 376,940 |  |  |  | 11% |  |  | $ | 261,813 |  |  |  | 9% |  |  | $ | 248,877 |  |  |  | 9% |
Real estate – construction, land development & other land loans |  |  | 450,746 |  |  |  | 13% |  |  |  | 354,667 |  |  |  | 13% |  |  |  | 327,863 |  |  |  | 12% |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 796,222 |  |  |  | 23% |  |  |  | 750,679 |  |  |  | 28% |  |  |  | 756,880 |  |  |  | 29% |
Real estate – mortgage – home equity loans / lines of credit |  |  | 315,322 |  |  |  | 9% |  |  |  | 239,105 |  |  |  | 9% |  |  |  | 239,049 |  |  |  | 9% |
Real estate – mortgage – commercial and other |  |  | 1,431,934 |  |  |  | 42% |  |  |  | 1,049,460 |  |  |  | 39% |  |  |  | 1,026,328 |  |  |  | 39% |
Installment loans to individuals |  |  | 59,028 |  |  |  | 2% |  |  |  | 55,037 |  |  |  | 2% |  |  |  | 52,264 |  |  |  | 2% |
Subtotal |  |  | 3,430,192 |  |  |  | 100% |  |  |  | 2,710,761 |  |  |  | 100% |  |  |  | 2,651,261 |  |  |  | 100% |
Unamortized net deferred loan costs (fees) |  |  | (437 | ) |  |  |  |  |  |  | (49 | ) |  |  |  |  |  |  | 198 |  |  |  |  |
Total loans |  | $ | 3,429,755 |  |  |  |  |  |  | $ | 2,710,712 |  |  |  |  |  |  | $ | 2,651,459 |  |  |  |  |
The following table presents information regarding covered purchased non-impaired loans since January 1, 2016. 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 January 1, 2016 |  | $ | 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 September 30, 2016 |  | $ | — |
The following table presents information regarding all PCI loans since January 1, 2016.
($ in thousands) Purchased Credit Impaired Loans |  | Accretable Yield |  |  | Carrying Amount |
Balance at January 1, 2016 |  | $ | — |  |  |  | 1,970 |
Change due to payments received |  |  | — |  |  |  | (1,386 | )
Change due to loan charge-off |  |  | — |  |  |  | (70 | )
Balance at December 31, 2016 |  |  | — |  |  |  | 514 |
Additions due to acquisition of Carolina Bank |  |  | 3,617 |  |  |  | 19,254 |
Accretion |  |  | (1,326 | ) |  |  | 1,326 |
Change due to payments received |  |  | — |  |  |  | (5,585 | )
Transfer to foreclosed real estate |  |  | — |  |  |  | (69 | )
Other |  |  | — |  |  |  | (406 | )
Balance at September 30, 2017 |  | $ | 2,291 |  |  |  | 15,034 |
During the first nine months of 2017, the Company received $848,000 in payments that exceeded the carrying amount of the related PCI loans, of which $775,000 was recognized as loan discount accretion income and $73,000 was recorded as additional loan interest income. During the first nine months of 2016, the Company received $1,108,000 in payments that exceeded the carrying amount of the related PCI loans, of which $780,000 was recognized as loan discount accretion income, $295,000 was recorded as additional loan interest income, and $33,000 was recorded as a recovery. Nonperforming assets are defined as nonaccrual loans, restructured loans, loans past due 90 or more days and still accruing interest, nonperforming loans held for sale, and foreclosed real estate. Nonperforming assets are summarized as follows:
ASSET QUALITY DATA ($ in thousands) |  | September 30, 2017 |  |  | December 31, 2016 |  |  | September 30, 2016 |
Nonperforming assets |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual loans |  | $ | 23,350 |  |  |  | 27,468 |  |  |  | 32,796 |
Restructured loans - accruing |  |  | 20,330 |  |  |  | 22,138 |  |  |  | 27,273 |
Accruing loans > 90 days past due |  |  | — |  |  |  | — |  |  |  | — |
Total nonperforming loans |  |  | 43,680 |  |  |  | 49,606 |  |  |  | 60,069 |
Foreclosed real estate |  |  | 9,356 |  |  |  | 9,532 |  |  |  | 10,103 |
Total nonperforming assets |  | $ | 53,036 |  |  |  | 59,138 |  |  |  | 70,172 |
Purchased credit impaired loans not included above (1) |  | $ | 15,034 |  |  |  | — |  |  |  | — |
(1) In the March 3, 2017 acquisition of Carolina Bank Holdings, Inc., the Company acquired $19.3 million in purchased credit impaired loans in accordance with ASC 310-30 accounting guidance. These loans are excluded from nonperforming loans, including $0.4 million in purchased credit impaired loans at September 30, 2017 that are contractually past due 90 days or more. At September 30, 2017 and December 31, 2016, the Company had $0.9 million and $1.7 million in residential mortgage loans in process of foreclosure, respectively. The following is a summary of the Company’s nonaccrual loans by major categories.
($ in thousands) |  | September 30, 2017 |  |  | December 31, 2016 |
Commercial, financial, and agricultural |  | $ | 996 |  |  |  | 1,842 |
Real estate – construction, land development & other land loans |  |  | 1,565 |  |  |  | 2,945 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 14,878 |  |  |  | 16,017 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 2,250 |  |  |  | 2,355 |
Real estate – mortgage – commercial and other |  |  | 3,534 |  |  |  | 4,208 |
Installment loans to individuals |  |  | 127 |  |  |  | 101 |
Total |  | $ | 23,350 |  |  |  | 27,468 |
The following table presents an analysis of the payment status of the Company’s loans as of September 30, 2017.
($ in thousands) |  | Accruing 30-59 Days Past Due |  |  | Accruing 60-89 Days Past Due |  |  | Accruing 90 Days or More Past Due |  |  | Nonaccrual Loans |  |  | Accruing Current |  |  | Total Loans Receivable |
Commercial, financial, and agricultural |  | $ | 325 |  |  |  | — |  |  |  | — |  |  |  | 996 |  |  |  | 375,364 |  |  |  | 376,685 |
Real estate – construction, land development & other land loans |  |  | 432 |  |  |  | — |  |  |  | — |  |  |  | 1,565 |  |  |  | 447,873 |  |  |  | 449,870 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 4,911 |  |  |  | 472 |  |  |  | — |  |  |  | 14,878 |  |  |  | 772,651 |  |  |  | 792,912 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 2,455 |  |  |  | — |  |  |  | — |  |  |  | 2,250 |  |  |  | 309,906 |  |  |  | 314,611 |
Real estate – mortgage – commercial and other |  |  | 1,094 |  |  |  | 469 |  |  |  | — |  |  |  | 3,534 |  |  |  | 1,417,012 |  |  |  | 1,422,109 |
Installment loans to individuals |  |  | 145 |  |  |  | 79 |  |  |  | — |  |  |  | 127 |  |  |  | 58,620 |  |  |  | 58,971 |
Purchased credit impaired |  |  | 611 |  |  |  | — |  |  |  | 449 |  |  |  | — |  |  |  | 13,974 |  |  |  | 15,034 |
Total |  | $ | 9,973 |  |  |  | 1,020 |  |  |  | 449 |  |  |  | 23,350 |  |  |  | 3,395,400 |  |  |  | 3,430,192 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (437 | )
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,429,755 |
The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2016.
($ in thousands) |  | Accruing 30-59 Days Past Due |  |  | Accruing 60-89 Days Past Due |  |  | Accruing 90 Days or More Past Due |  |  | Nonaccrual Loans |  |  | Accruing 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 |  |  |  | 1,042,807 |  |  |  | 1,048,946 |
Installment loans to individuals |  |  | 186 |  |  |  | 193 |  |  |  | — |  |  |  | 101 |  |  |  | 54,557 |  |  |  | 55,037 |
Purchased credit impaired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 514 |  |  |  | 514 |
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 following table presents the activity in the allowance for loan losses for all loans for the three and nine months ended September 30, 2017.
($ 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 |
As of and for the three months ended September 30, 2017
Beginning balance |  | $ | 3,430 |  |  |  | 2,676 |  |  |  | 7,085 |  |  |  | 2,057 |  |  |  | 6,153 |  |  |  | 1,074 |  |  |  | 1,550 |  |  |  | 24,025 |
Charge-offs |  |  | (131 | ) |  |  | (43 | ) |  |  | (499 | ) |  |  | (213 | ) |  |  | (159 | ) |  |  | (162 | ) |  |  | — |  |  |  | (1,207 | )
Recoveries |  |  | 330 |  |  |  | 809 |  |  |  | 170 |  |  |  | 120 |  |  |  | 275 |  |  |  | 71 |  |  |  | — |  |  |  | 1,775 |
Provisions |  |  | (314 | ) |  |  | (973 | ) |  |  | (281 | ) |  |  | (49 | ) |  |  | (271 | ) |  |  | 45 |  |  |  | 1,843 |  |  |  | — |
Ending balance |  | $ | 3,315 |  |  |  | 2,469 |  |  |  | 6,475 |  |  |  | 1,915 |  |  |  | 5,998 |  |  |  | 1,028 |  |  |  | 3,393 |  |  |  | 24,593 |
As of and for the nine months ended September 30, 2017
Beginning balance |  | $ | 3,829 |  |  |  | 2,691 |  |  |  | 7,704 |  |  |  | 2,420 |  |  |  | 5,098 |  |  |  | 1,145 |  |  |  | 894 |  |  |  | 23,781 |
Charge-offs |  |  | (1,335 | ) |  |  | (312 | ) |  |  | (1,746 | ) |  |  | (791 | ) |  |  | (573 | ) |  |  | (521 | ) |  |  | — |  |  |  | (5,278 | )
Recoveries |  |  | 848 |  |  |  | 2,280 |  |  |  | 806 |  |  |  | 250 |  |  |  | 973 |  |  |  | 210 |  |  |  | — |  |  |  | 5,367 |
Provisions |  |  | (27 | ) |  |  | (2,190 | ) |  |  | (289 | ) |  |  | 36 |  |  |  | 500 |  |  |  | 194 |  |  |  | 2,499 |  |  |  | 723 |
Ending balance |  | $ | 3,315 |  |  |  | 2,469 |  |  |  | 6,475 |  |  |  | 1,915 |  |  |  | 5,998 |  |  |  | 1,028 |  |  |  | 3,393 |  |  |  | 24,593 |
Ending balances as of September 30, 2017: Allowance for loan losses
Individually evaluated for impairment |  | $ | 144 |  |  |  | 23 |  |  |  | 929 |  |  |  | — |  |  |  | 487 |  |  |  | — |  |  |  | — |  |  |  | 1,583 |
Collectively evaluated for impairment |  | $ | 3,171 |  |  |  | 2,446 |  |  |  | 5,546 |  |  |  | 1,915 |  |  |  | 5,511 |  |  |  | 1,028 |  |  |  | 3,393 |  |  |  | 23,010 |
Purchased credit impaired |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loans receivable as of September 30, 2017:
Ending balance – total |  | $ | 376,940 |  |  |  | 450,746 |  |  |  | 796,222 |  |  |  | 315,322 |  |  |  | 1,431,934 |  |  |  | 59,028 |  |  |  | — |  |  |  | 3,430,192 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (437 | )
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,429,755 |
Ending balances as of September 30, 2017: Loans
Individually evaluated for impairment |  | $ | 490 |  |  |  | 3,072 |  |  |  | 14,987 |  |  |  | 52 |  |  |  | 9,443 |  |  |  | — |  |  |  | — |  |  |  | 28,044 |
Collectively evaluated for impairment |  | $ | 376,195 |  |  |  | 446,798 |  |  |  | 777,925 |  |  |  | 314,559 |  |  |  | 1,412,666 |  |  |  | 58,971 |  |  |  | — |  |  |  | 3,387,114 |
Purchased credit impaired |  | $ | 255 |  |  |  | 876 |  |  |  | 3,310 |  |  |  | 711 |  |  |  | 9,825 |  |  |  | 57 |  |  |  | — |  |  |  | 15,034 |
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 have been 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 |
Purchased credit impaired |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
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 |
Purchased credit impaired |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 514 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 514 |
The following table presents the activity in the allowance for loan losses for the three and nine months ended September 30, 2016. There were no covered loans at September 30, 2016 and all reserves associated with previously covered loans have been 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 three months ended September 30, 2016
Beginning balance |  | $ | 4,282 |  |  |  | 2,899 |  |  |  | 7,860 |  |  |  | 2,285 |  |  |  | 5,571 |  |  |  | 1,480 |  |  |  | 572 |  |  |  | 1,074 |  |  |  | 26,023 |
Charge-offs |  |  | (495 | ) |  |  | (161 | ) |  |  | (692 | ) |  |  | (196 | ) |  |  | (288 | ) |  |  | (223 | ) |  |  | — |  |  |  | — |  |  |  | (2,055 | )
Recoveries |  |  | 252 |  |  |  | 588 |  |  |  | 377 |  |  |  | 69 |  |  |  | 317 |  |  |  | 55 |  |  |  | — |  |  |  | — |  |  |  | 1,658 |
Transfer from covered status |  |  | — |  |  |  | 3 |  |  |  | 788 |  |  |  | 281 |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | (1,074 | ) |  |  | — |
Removed due to branch loan sale |  |  | (263 | ) |  |  | (39 | ) |  |  | (347 | ) |  |  | (110 | ) |  |  | (228 | ) |  |  | (63 | ) |  |  | (1 | ) |  |  | — |  |  |  | (1,051 | )
Provisions |  |  | 755 |  |  |  | (612 | ) |  |  | (492 | ) |  |  | 54 |  |  |  | (165 | ) |  |  | (38 | ) |  |  | 498 |  |  |  | — |  |  |  | — |
Ending balance |  | $ | 4,531 |  |  |  | 2,678 |  |  |  | 7,494 |  |  |  | 2,383 |  |  |  | 5,208 |  |  |  | 1,211 |  |  |  | 1,070 |  |  |  | — |  |  |  | 24,575 |
As of and for the nine months ended September 30, 2016
Beginning balance |  | $ | 4,742 |  |  |  | 3,754 |  |  |  | 7,832 |  |  |  | 2,893 |  |  |  | 5,816 |  |  |  | 1,051 |  |  |  | 696 |  |  |  | 1,799 |  |  |  | 28,583 |
Charge-offs |  |  | (1,229 | ) |  |  | (638 | ) |  |  | (3,383 | ) |  |  | (930 | ) |  |  | (850 | ) |  |  | (741 | ) |  |  | — |  |  |  | (244 | ) |  |  | (8,015 | )
Recoveries |  |  | 554 |  |  |  | 799 |  |  |  | 672 |  |  |  | 188 |  |  |  | 602 |  |  |  | 308 |  |  |  | — |  |  |  | 1,958 |  |  |  | 5,081 |
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 | ) |  |  | — |  |  |  | (1,051 | )
Provisions |  |  | 671 |  |  |  | (1,263 | ) |  |  | 1,881 |  |  |  | 49 |  |  |  | (259 | ) |  |  | 656 |  |  |  | 374 |  |  |  | (2,132 | ) |  |  | (23 | )
Ending balance |  | $ | 4,531 |  |  |  | 2,678 |  |  |  | 7,494 |  |  |  | 2,383 |  |  |  | 5,208 |  |  |  | 1,211 |  |  |  | 1,070 |  |  |  | — |  |  |  | 24,575 |
Ending balances as of September 30, 2016: Allowance for loan losses
Individually evaluated for impairment |  | $ | 9 |  |  |  | 169 |  |  |  | 1,306 |  |  |  | 5 |  |  |  | 444 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,933 |
Collectively evaluated for impairment |  | $ | 4,522 |  |  |  | 2,509 |  |  |  | 6,188 |  |  |  | 2,372 |  |  |  | 4,764 |  |  |  | 1,211 |  |  |  | 1,070 |  |  |  | — |  |  |  | 22,636 |
Loans acquired with deteriorated credit quality |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |
Loans receivable as of September 30, 2016:
Ending balance – total |  | $ | 248,877 |  |  |  | 327,863 |  |  |  | 756,880 |  |  |  | 239,049 |  |  |  | 1,026,328 |  |  |  | 52,264 |  |  |  | — |  |  |  | — |  |  |  | 2,651,261 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 198 |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,651,459 |
Ending balances as of September 30, 2016: Loans
Individually evaluated for impairment |  | $ | 1,732 |  |  |  | 4,181 |  |  |  | 21,611 |  |  |  | 310 |  |  |  | 11,291 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 39,126 |
Collectively evaluated for impairment |  | $ | 247,145 |  |  |  | 323,682 |  |  |  | 735,062 |  |  |  | 238,733 |  |  |  | 1,014,506 |  |  |  | 52,263 |  |  |  | — |  |  |  | — |  |  |  | 2,611,391 |
Loans acquired with deteriorated credit quality |  | $ | — |  |  |  | — |  |  |  | 207 |  |  |  | 6 |  |  |  | 531 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 744 |
The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of September 30, 2017.
($ in thousands) |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |
Impaired loans with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 185 |  |  |  | 425 |  |  |  | — |  |  |  | 299 |
Real estate – mortgage – construction, land development & other land loans |  |  | 2,838 |  |  |  | 4,023 |  |  |  | — |  |  |  | 2,871 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 6,461 |  |  |  | 7,029 |  |  |  | — |  |  |  | 7,533 |
Real estate – mortgage –home equity loans / lines of credit |  |  | 52 |  |  |  | 79 |  |  |  | — |  |  |  | 70 |
Real estate – mortgage –commercial and other |  |  | 2,158 |  |  |  | 2,394 |  |  |  | — |  |  |  | 3,162 |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Total impaired loans with no allowance |  | $ | 11,694 |  |  |  | 13,950 |  |  |  | — |  |  |  | 13,936 |
Impaired loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 305 |  |  |  | 305 |  |  |  | 144 |  |  |  | 169 |
Real estate – mortgage – construction, land development & other land loans |  |  | 234 |  |  |  | 243 |  |  |  | 23 |  |  |  | 570 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 8,526 |  |  |  | 8,721 |  |  |  | 929 |  |  |  | 10,198 |
Real estate – mortgage –home equity loans / lines of credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 83 |
Real estate – mortgage –commercial and other |  |  | 7,285 |  |  |  | 7,392 |  |  |  | 487 |  |  |  | 5,354 |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total impaired loans with allowance |  | $ | 16,350 |  |  |  | 16,661 |  |  |  | 1,583 |  |  |  | 16,374 |
Interest income on impaired loans recognized during the nine months ended September 30, 2017 was insignificant. The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, 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 |  |  | 4,598 |  |  |  | 5,112 |  |  |  | — |  |  |  | 8,165 |
Installment loans to individuals |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 1 |
Total impaired loans with no allowance |  | $ | 18,561 |  |  |  | 22,744 |  |  |  | — |  |  |  | 23,770 |
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 on impaired loans recognized during the year ended December 31, 2016 was insignificant. The Company tracks credit quality based on its internal risk ratings. Upon origination, a loan is assigned an initial risk grade, which is generally based on several factors such as the borrower’s credit score, the loan-to-value ratio, the debt-to-income ratio, etc. Loans that are risk-graded as substandard during the origination process are declined. After loans are initially graded, they are monitored regularly for credit quality based on many factors, such as payment history, the borrower’s financial status, and changes in collateral value. Loans can be downgraded or upgraded depending on management’s evaluation of these factors. Internal risk-grading policies are consistent throughout each loan type. The following describes the Company’s internal risk grades in ascending order of likelihood of loss:
| Risk Grade | Description
Pass: |
| 1 | Loans with virtually no risk, including cash secured loans.
| 2 | Loans with documented significant overall financial strength. These loans have minimum chance of loss due to the presence of multiple sources of repayment – each clearly sufficient to satisfy the obligation.
| 3 | Loans with documented satisfactory overall financial strength. These loans have a low loss potential due to presence of at least two clearly identified sources of repayment – each of which is sufficient to satisfy the obligation under the present circumstances.
| 4 | Loans to borrowers with acceptable financial condition. These loans could have signs of minor operational weaknesses, lack of adequate financial information, or loans supported by collateral with questionable value or marketability.
| 5 | Loans that represent above average risk due to minor weaknesses and warrant closer scrutiny by management. Collateral is generally required and felt to provide reasonable coverage with realizable liquidation values in normal circumstances. Repayment performance is satisfactory.
| P (Pass) | Consumer loans (<$500,000) that are of satisfactory credit quality with borrowers who exhibit good personal credit history, average personal financial strength and moderate debt levels. These loans generally conform to Bank policy, but may include approved mitigated exceptions to the guidelines.
Special Mention: |
| 6 | Existing loans with defined weaknesses in primary source of repayment that, if not corrected, could cause a loss to the Bank.
Classified: |
| 7 | An existing loan inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt.
| 8 | Loans that have a well-defined weakness that make the collection or liquidation in full highly questionable and improbable. Loss appears imminent, but the exact amount and timing is uncertain.
| 9 | Loans that are considered uncollectible and are in the process of being charged-off. This grade is a temporary grade assigned for administrative purposes until the charge-off is completed.
| F (Fail) | Consumer loans (<$500,000) with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc.
The following table presents the Company’s recorded investment in loans by credit quality indicators as of September 30, 2017.
($ in thousands) |  |  |
|  | Pass |  |  | Special Mention Loans |  |  | Classified Accruing Loans |  |  | Classified Nonaccrual Loans |  |  | Total |
Commercial, financial, and agricultural |  | $ | 365,505 |  |  |  | 8,974 |  |  |  | 1,210 |  |  |  | 996 |  |  |  | 376,685 |
Real estate – construction, land development & other land loans |  |  | 435,960 |  |  |  | 6,009 |  |  |  | 6,336 |  |  |  | 1,565 |  |  |  | 449,870 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 729,341 |  |  |  | 15,298 |  |  |  | 33,395 |  |  |  | 14,878 |  |  |  | 792,912 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 304,114 |  |  |  | 1,262 |  |  |  | 6,985 |  |  |  | 2,250 |  |  |  | 314,611 |
Real estate – mortgage – commercial and other |  |  | 1,384,255 |  |  |  | 23,736 |  |  |  | 10,584 |  |  |  | 3,534 |  |  |  | 1,422,109 |
Installment loans to individuals |  |  | 58,444 |  |  |  | 224 |  |  |  | 176 |  |  |  | 127 |  |  |  | 58,971 |
Purchased credit impaired |  |  | 6,748 |  |  |  | 5,002 |  |  |  | 3,284 |  |  |  | — |  |  |  | 15,034 |
Total |  | $ | 3,284,367 |  |  |  | 60,505 |  |  |  | 61,970 |  |  |  | 23,350 |  |  |  | 3,430,192 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (437 | )
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,429,755 |
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 |  |  |  | 26,032 |  |  |  | 13,019 |  |  |  | 4,208 |  |  |  | 1,048,946 |
Installment loans to individuals |  |  | 54,421 |  |  |  | 256 |  |  |  | 259 |  |  |  | 101 |  |  |  | 55,037 |
Purchased credit impaired |  |  | — |  |  |  | 514 |  |  |  | — |  |  |  | — |  |  |  | 514 |
Total |  | $ | 2,547,664 |  |  |  | 64,558 |  |  |  | 71,071 |  |  |  | 27,468 |  |  |  | 2,710,761 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (49 | )
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,710,712 |
Troubled Debt Restructurings The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. The vast majority of the Company’s troubled debt restructurings modified related to interest rate reductions combined with restructured amortization schedules. The Company does not generally grant principal forgiveness. All loans classified as troubled debt restructurings are considered to be impaired and are evaluated as such for determination of the allowance for loan losses. The Company’s troubled debt restructurings can be classified as either nonaccrual or accruing based on the loan’s payment status. The troubled debt restructurings that are nonaccrual are reported within the nonaccrual loan totals presented previously. The following table presents information related to loans modified in a troubled debt restructuring during the three months ended September 30, 2017 and 2016.
($ in thousands) |  | For three months ended September 30, 2017 |  |  | For the three months ended September 30, 2016 |
|  | 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 |
Real estate – construction, land development & other land loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – home equity loans / lines of credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – commercial and other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
TDRs – Nonaccrual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – construction, land development & other land loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – home equity loans / lines of credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – commercial and other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total TDRs arising during period |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 1 |  |  | $ | 1,071 |  |  | $ | 1,071 |
Total covered TDRs arising during period included above |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | $ | — |
The following table presents information related to loans modified in a troubled debt restructuring during the nine months ended September 30, 2017 and 2016.
($ in thousands) |  | For nine months ended September 30, 2017 |  |  | For the nine months ended September 30, 2016 |
|  | 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 |
Real estate – construction, land development & other land loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – home equity loans / lines of credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – commercial and other |  |  | 5 |  |  |  | 3,550 |  |  |  | 3,525 |  |  |  | — |  |  |  | — |  |  |  | — |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
TDRs – Nonaccrual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – construction, land development & other land loans |  |  | 1 |  |  |  | 32 |  |  |  | 32 |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 1 |  |  |  | 215 |  |  |  | 215 |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – home equity loans / lines of credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – commercial and other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total TDRs arising during period |  |  | 7 |  |  | $ | 3,797 |  |  | $ | 3,772 |  |  |  | 1 |  |  | $ | 1,071 |  |  | $ | 1,071 |
Total covered TDRs arising during period included above |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | $ | — |
Accruing restructured loans that were modified in the previous 12 months and that defaulted during the three months ended September 30, 2017 and 2016 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, 2017 |  |  |  | For the three months ended September 30, 2016 |
|  |  | Number of Contracts |  |  |  | Recorded Investment |  |  |  | Number of Contracts |  |  |  | Recorded Investment |
Accruing TDRs that subsequently defaulted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Total accruing TDRs that subsequently defaulted |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Total covered accruing TDRs that subsequently defaulted included above |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Accruing restructured loans that were modified in the previous 12 months and that defaulted during the nine months ended September 30, 2017 and 2016 are presented in the table below.
($ in thousands) |  | For the nine months ended September 30, 2017 |  |  | For the nine months ended September 30, 2016 |
|  | Number of Contracts |  |  | Recorded Investment |  |  | Number of Contracts |  |  | Recorded Investment |
Accruing TDRs that subsequently defaulted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  |  | — |  |  | $ | — |  |  |  | 1 |  |  | $ | 44 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 2 |  |  |  | 880 |  |  |  | — |  |  |  | — |
Real estate – mortgage – commercial and other |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 21 |
Total accruing TDRs that subsequently defaulted |  |  | 2 |  |  | $ | 880 |  |  |  | 2 |  |  | $ | 65 |
Total covered accruing TDRs that subsequently defaulted included above |  |  | — |  |  | $ | — |  |  |  | 1 |  |  | $ | 44 |

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- References No definition available. + Details
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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -URI http://asc.fasb.org/topic&trid=2196771 + Details
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