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Loans and Asset Quality Information (Tables) | 12 Months Ended
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Dec. 31, 2017
Loans and Asset Quality Information [Abstract] |
Summary of contractually required payments for Carolina Bank expected at acquisition date | The following table relates to acquired Carolina Bank 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 |
Summary of contractually required payments for Carolina Bank not expected at acquisition date | 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 table relates to acquired Ashville Savings Bank 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) |  | Asheville Savings Bank Acquisition on October 1, 2017 |
Contractually required payments |  | $ | 13,424 |
Nonaccretable difference |  |  | (1,734 | )
Cash flows expected to be collected at acquisition |  |  | 11,690 |
Accretable yield |  |  | (1,804 | )
Fair value of PCI loans at acquisition date |  | $ | 9,886 |
The following table relates to acquired Asheville Savings 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) |  | Asheville Savings Bank Acquisition on October 1, 2017 |
Contractually required payments |  | $ | 727,706 |
Fair value of acquired loans at acquisition date |  |  | 595,167 |
Contractual cash flows not expected to be collected |  |  | 7,000 |
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, 2017 |  |  | December 31, 2016 |
|  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |
All loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 381,130 |  |  |  | 10% |  |  | $ | 261,813 |  |  |  | 9% |
Real estate – construction, land development & other land loans |  |  | 539,020 |  |  |  | 13% |  |  |  | 354,667 |  |  |  | 13% |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 972,772 |  |  |  | 24% |  |  |  | 750,679 |  |  |  | 28% |
Real estate – mortgage – home equity loans / lines of credit |  |  | 379,978 |  |  |  | 9% |  |  |  | 239,105 |  |  |  | 9% |
Real estate – mortgage – commercial and other |  |  | 1,696,107 |  |  |  | 42% |  |  |  | 1,049,460 |  |  |  | 39% |
Installment loans to individuals |  |  | 74,348 |  |  |  | 2% |  |  |  | 55,037 |  |  |  | 2% |
Subtotal |  |  | 4,043,355 |  |  |  | 100% |  |  |  | 2,710,761 |  |  |  | 100% |
Unamortized net deferred loan costs (fees) |  |  | (986 | ) |  |  |  |  |  |  | (49 | ) |  |  |  |
Total loans |  | $ | 4,042,369 |  |  |  |  |  |  | $ | 2,710,712 |  |  |  |  |
Schedule of activity in covered purchased nonimpaired loans | The following table presents information regarding covered purchased nonimpaired loans since January 1, 2015. 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, 2015 |  | $ | 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 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 December 31, 2016 |  | $ | — |
Schedule of activity in purchased credit impaired loans | The following table presents changes in the carrying value of PCI loans.
($ in thousands) Purchased Credit Impaired Loans |  | For the Year Ended December 31, 2017 |  |  | For the Year Ended December 31, 2016 |
Balance at beginning of period |  | $ | 514 |  |  |  | 1,970 |
Additions due to acquisition of Carolina Bank |  |  | 19,254 |  |  |  | — |
Additions due to acquisition of Asheville Savings Bank |  |  | 9,886 |  |  |  | — |
Change due to payments received and accretion |  |  | (6,016 | ) |  |  | (1,386 | )
Change due to loan charge-offs |  |  | (12 | ) |  |  | (70 | )
Transfers to foreclosed real estate |  |  | (69 | ) |  |  | — |
Other |  |  | (392 | ) |  |  | — |
Balance at end of period |  | $ | 23,165 |  |  |  | 514 |
The following table presents changes in the accretable yield for PCI loans.
($ in thousands) Accretable Yield for PCI loans |  | For the Year Ended December 31, 2017 |  |  | For the Year Ended December 31, 2016 |
Balance at beginning of period |  | $ | — |  |  |  | — |
Additions due to acquisition of Carolina Bank |  |  | 3,617 |  |  |  | — |
Additions due to acquisition of Asheville Savings Bank |  |  | 1,804 |  |  |  | — |
Accretion |  |  | (1,846 | ) |  |  | — |
Reclassification from (to) nonaccretable difference |  |  | 423 |  |  |  | — |
Other, net |  |  | 690 |  |  |  | — |
Balance at end of period |  | $ | 4,688 |  |  |  | — |
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, 2017 |  |  | December 31, 2016 |
Nonperforming assets |  |  |  |  |  |  |  |
Nonaccrual loans |  | $ | 20,968 |  |  |  | 27,468 |
Restructured loans - accruing |  |  | 19,834 |  |  |  | 22,138 |
Accruing loans > 90 days past due |  |  | — |  |  |  | — |
Total nonperforming loans |  |  | 40,802 |  |  |  | 49,606 |
Foreclosed real estate |  |  | 12,571 |  |  |  | 9,532 |
Total nonperforming assets |  | $ | 53,373 |  |  |  | 59,138 |
Purchased credit impaired loans not included above (1) |  | $ | 23,165 |  |  |  | — |
(1) In the March 3, 2017 acquisition of Carolina Bank Holdings, Inc. and the October 1, 2017 acquisition of ASB Bancorp, Inc., the Company acquired $19.3 million and $9.9 million, respectively, in PCI loans in accordance with ASC 310-30 accounting guidance. These loans are excluded from nonperforming loans, including $0.6 million in PCI loans at December 31, 2017 that are contractually past due 90 days or more.
Schedule of nonaccrual loans | The following is a summary the Company’s nonaccrual loans by major categories.
($ in thousands) |  | December 31, 2017 |  |  | December 31, 2016 |
Commercial, financial, and agricultural |  | $ | 1,001 |  |  |  | 1,842 |
Real estate – construction, land development & other land loans |  |  | 1,822 |  |  |  | 2,945 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 12,201 |  |  |  | 16,017 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 2,524 |  |  |  | 2,355 |
Real estate – mortgage – commercial and other |  |  | 3,345 |  |  |  | 4,208 |
Installment loans to individuals |  |  | 75 |  |  |  | 101 |
Total |  | $ | 20,968 |  |  |  | 27,468 |
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, 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 |  | $ | 89 |  |  |  | 151 |  |  |  | — |  |  |  | 1,001 |  |  |  | 379,241 |  |  |  | 380,482 |
Real estate – construction, land development & other land loans |  |  | 1,154 |  |  |  | 214 |  |  |  | — |  |  |  | 1,822 |  |  |  | 535,423 |  |  |  | 538,613 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 6,777 |  |  |  | 1,370 |  |  |  | — |  |  |  | 12,201 |  |  |  | 943,565 |  |  |  | 963,913 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 1,347 |  |  |  | 10 |  |  |  | — |  |  |  | 2,524 |  |  |  | 375,814 |  |  |  | 379,695 |
Real estate – mortgage – commercial and other |  |  | 1,270 |  |  |  | 451 |  |  |  | — |  |  |  | 3,345 |  |  |  | 1,678,529 |  |  |  | 1,683,595 |
Installment loans to individuals |  |  | 445 |  |  |  | 95 |  |  |  | — |  |  |  | 75 |  |  |  | 73,277 |  |  |  | 73,892 |
Purchased credit impaired |  |  | 821 |  |  |  | 77 |  |  |  | 601 |  |  |  | — |  |  |  | 21,666 |  |  |  | 23,165 |
Total |  | $ | 11,903 |  |  |  | 2,368 |  |  |  | 601 |  |  |  | 20,968 |  |  |  | 4,007,515 |  |  |  | 4,043,355 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (986 | )
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,042,369 |
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 |
Schedule of activity in the allowance for loan losses for non-covered and covered loans | The following table presents the activity in the allowance for loan losses for the year ended December 31, 2017. There were no covered loans at December 31, 2017 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 |  |  | Total |
As of and for the year ended December 31, 2017 |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 3,829 |  |  |  | 2,691 |  |  |  | 7,704 |  |  |  | 2,420 |  |  |  | 5,098 |  |  |  | 1,145 |  |  |  | 894 |  |  |  | 23,781 |
Charge-offs |  |  | (1,622 | ) |  |  | (589 | ) |  |  | (2,641 | ) |  |  | (978 | ) |  |  | (1,182 | ) |  |  | (799 | ) |  |  | — |  |  |  | (7,811 | )
Recoveries |  |  | 1,311 |  |  |  | 2,579 |  |  |  | 1,076 |  |  |  | 333 |  |  |  | 1,027 |  |  |  | 279 |  |  |  | — |  |  |  | 6,605 |
Provisions |  |  | (407 | ) |  |  | (1,865 | ) |  |  | 8 |  |  |  | 52 |  |  |  | 1,532 |  |  |  | 325 |  |  |  | 1,078 |  |  |  | 723 |
Ending balance |  | $ | 3,111 |  |  |  | 2,816 |  |  |  | 6,147 |  |  |  | 1,827 |  |  |  | 6,475 |  |  |  | 950 |  |  |  | 1,972 |  |  |  | 23,298 |
Ending balances as of December 31, 2017: Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 215 |  |  |  | 18 |  |  |  | 1,099 |  |  |  | — |  |  |  | 232 |  |  |  | — |  |  |  | — |  |  |  | 1,564 |
Collectively evaluated for impairment |  | $ | 2,896 |  |  |  | 2,798 |  |  |  | 4,831 |  |  |  | 1,788 |  |  |  | 6,226 |  |  |  | 950 |  |  |  | 1,972 |  |  |  | 21,461 |
Purchased credit impaired |  | $ | — |  |  |  | — |  |  |  | 217 |  |  |  | 39 |  |  |  | 17 |  |  |  | — |  |  |  | — |  |  |  | 273 |
Loans receivable as of December 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |
Ending balance – total |  | $ | 381,130 |  |  |  | 539,020 |  |  |  | 972,772 |  |  |  | 379,978 |  |  |  | 1,696,107 |  |  |  | 74,348 |  |  |  | — |  |  |  | 4,043,355 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (986 | )
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,042,369 |
Ending balances as of December 31, 2017: Loans |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 579 |  |  |  | 2,975 |  |  |  | 14,800 |  |  |  | 368 |  |  |  | 8,493 |  |  |  | — |  |  |  | — |  |  |  | 27,215 |
Collectively evaluated for impairment |  | $ | 379,903 |  |  |  | 535,638 |  |  |  | 949,113 |  |  |  | 379,327 |  |  |  | 1,675,102 |  |  |  | 73,892 |  |  |  | — |  |  |  | 3,992,975 |
Purchased credit impaired |  | $ | 648 |  |  |  | 407 |  |  |  | 8,859 |  |  |  | 283 |  |  |  | 12,512 |  |  |  | 456 |  |  |  | — |  |  |  | 23,165 |
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 |
Schedule of impaired loans individually evaluated | The following table presents loans individually evaluated for impairment by class of loans, excluding purchased credit impaired loans, as of December 31, 2017.
($ in thousands) |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |
Impaired loans with no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 183 |  |  |  | 425 |  |  |  | — |  |  |  | 276 |
Real estate – mortgage – construction, land development & other land loans |  |  | 2,743 |  |  |  | 3,941 |  |  |  | — |  |  |  | 2,846 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 5,205 |  |  |  | 5,728 |  |  |  | — |  |  |  | 7,067 |
Real estate – mortgage –home equity loans / lines of credit |  |  | 368 |  |  |  | 387 |  |  |  | — |  |  |  | 129 |
Real estate – mortgage –commercial and other |  |  | 3,066 |  |  |  | 3,321 |  |  |  | — |  |  |  | 3,143 |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total impaired loans with no allowance |  | $ | 11,565 |  |  |  | 13,802 |  |  |  | — |  |  |  | 13,461 |
Impaired loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  | $ | 396 |  |  |  | 396 |  |  |  | 215 |  |  |  | 214 |
Real estate – mortgage – construction, land development & other land loans |  |  | 232 |  |  |  | 241 |  |  |  | 18 |  |  |  | 503 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 9,595 |  |  |  | 9,829 |  |  |  | 1,099 |  |  |  | 10,077 |
Real estate – mortgage –home equity loans / lines of credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 66 |
Real estate – mortgage –commercial and other |  |  | 5,427 |  |  |  | 5,427 |  |  |  | 232 |  |  |  | 5,369 |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total impaired loans with allowance |  | $ | 15,650 |  |  |  | 15,893 |  |  |  | 1,564 |  |  |  | 16,229 |
Interest income recorded on impaired loans during the year ended December 31, 2017 was insignificant. The following table presents loans individually evaluated for impairment by class of loans, excluding purchased credit impaired 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 |
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, 2017.
($ in thousands) |  |  |
|  | Pass |  |  | Special Mention Loans |  |  | Classified Accruing Loans |  |  | Classified Nonaccrual Loans |  |  | Total |
Commercial, financial, and agricultural |  | $ | 368,658 |  |  |  | 9,901 |  |  |  | 922 |  |  |  | 1,001 |  |  |  | 380,482 |
Real estate – construction, land development & other land loans |  |  | 523,642 |  |  |  | 7,129 |  |  |  | 6,020 |  |  |  | 1,822 |  |  |  | 538,613 |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 905,111 |  |  |  | 16,235 |  |  |  | 30,366 |  |  |  | 12,201 |  |  |  | 963,913 |
Real estate – mortgage – home equity loans / lines of credit |  |  | 365,982 |  |  |  | 3,784 |  |  |  | 7,405 |  |  |  | 2,524 |  |  |  | 379,695 |
Real estate – mortgage – commercial and other |  |  | 1,647,725 |  |  |  | 23,335 |  |  |  | 9,190 |  |  |  | 3,345 |  |  |  | 1,683,595 |
Installment loans to individuals |  |  | 73,379 |  |  |  | 222 |  |  |  | 216 |  |  |  | 75 |  |  |  | 73,892 |
Purchased credit impaired |  |  | 6,541 |  |  |  | 12,309 |  |  |  | 4,315 |  |  |  | — |  |  |  | 23,165 |
Total |  | $ | 3,891,038 |  |  |  | 72,915 |  |  |  | 58,434 |  |  |  | 20,968 |  |  |  | 4,043,355 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (986 | )
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,042,369 |
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 |
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, 2017 and 2016.
($ in thousands) |  | For the year ended December 31, 2017 |  |  | For the year ended December 31, 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 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 598 |  |  |  | 626 |
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 |  |  | 1 |  |  |  | 38 |  |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – construction, land development & other land loans |  |  | 1 |  |  |  | 32 |  |  |  | 32 |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – residential (1-4 family) first mortgages |  |  | 1 |  |  |  | 215 |  |  |  | 215 |  |  |  | 1 |  |  |  | 155 |  |  |  | 184 |
Real estate – mortgage – home equity loans / lines of credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage – commercial and other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Installment loans to individuals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total TDRs arising during period |  |  | 8 |  |  | $ | 3,835 |  |  | $ | 3,797 |  |  |  | 3 |  |  | $ | 1,824 |  |  | $ | 1,881 |
Total covered TDRs arising during period included above |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Schedule of accruing restructured loans that defaulted in the period | Accruing restructured loans that were modified in the previous 12 months and that defaulted during the years ended December 31, 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 year ended December 31, 2017 |  |  | For the year ended December 31, 2016 |
|  | Number of Contracts |  |  | Recorded Investment |  |  | Number of Contracts |  |  | Recorded Investment |
Accruing TDRs that subsequently defaulted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and agricultural |  |  | — |  |  | $ | — |  |  |  | 2 |  |  | $ | 744 |
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 |  |  |  | 3 |  |  | $ | 765 |
Total covered accruing TDRs that subsequently defaulted included above |  |  | — |  |  | $ | — |  |  |  | 1 |  |  | $ | 44 |

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