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Loans and Asset Quality Information (Tables) | 9 Months Ended
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Sep. 30, 2019
Receivables [Abstract] |
Summary of Major Categories of Total Loans Outstanding | The following is a summary of the major categories of total loans outstanding:
($ in thousands) | September 30, 2019 |  | December 31, 2018
| Amount |  | Percentage |  | Amount |  | Percentage
All loans: |  |  |  |  |  |  |
Commercial, financial, and agricultural | $ | 486,768 |  |  | 11 | % |  | $ | 457,037 |  |  | 11 | %
Real estate – construction, land development & other land loans | 471,326 |  |  | 11 | % |  | 518,976 |  |  | 12 | %
Real estate – mortgage – residential (1-4 family) first mortgages | 1,093,619 |  |  | 25 | % |  | 1,054,176 |  |  | 25 | %
Real estate – mortgage – home equity loans / lines of credit | 343,378 |  |  | 8 | % |  | 359,162 |  |  | 8 | %
Real estate – mortgage – commercial and other | 1,928,931 |  |  | 44 | % |  | 1,787,022 |  |  | 42 | %
Installment loans to individuals | 70,962 |  |  | 1 | % |  | 71,392 |  |  | 2 | %
Subtotal | 4,394,984 |  |  | 100 | % |  | 4,247,765 |  |  | 100 | %
Unamortized net deferred loan costs | 1,560 |  |  |  |  | 1,299 |  |  |
Total loans | $ | 4,396,544 |  |  |  |  | $ | 4,249,064 |  |  |
Included in the table above are the following amounts of SBA loans:
($ in thousands) | September 30, 2019 |  | December 31, 2018
Guaranteed portions of SBA Loans included in table above | $ | 47,280 |  |  | 53,205 |
Unguaranteed portions of SBA Loans included in table above | 112,976 |  |  | 97,572 |
Total SBA loans included in the table above | $ | 160,256 |  |  | 150,777 |
Sold portions of SBA loans with servicing retained - not included in table above | $ | 308,842 |  |  | 230,424 |
Schedule of Activity in Purchased Credit Impaired Loans | The following table presents changes in the recorded investment of purchased credit impaired (“PCI”) loans.
PCI loans | For the Nine Months Ended September 30, 2019 |  | For the Year Ended September 30, 2018
Balance at beginning of period | $ | 17,393 |  |  | 23,165 |
Change due to payments received and accretion | (3,694 | ) |  | (2,994 | )
Change due to loan charge-offs | (11 | ) |  | — |
Transfers to foreclosed real estate | — |  |  | (10 | )
Other | 110 |  |  | 28 |
Balance at end of period | $ | 13,798 |  |  | 20,189 |
The following table presents changes in the accretable yield for PCI loans.
Accretable Yield for PCI loans | For the Nine Months Ended September 30, 2019 |  | For the Nine Months Ended September 30, 2018
Balance at beginning of period | $ | 4,750 |  |  | 4,688 |
Accretion | (1,050 | ) |  | (1,169 | )
Reclassification from (to) nonaccretable difference | 583 |  |  | 712 |
Other, net | 211 |  |  | 831 |
Balance at end of period | $ | 4,494 |  |  | 5,062 |
Schedule of Nonperforming Assets and Nonaccrual Loans | Nonperforming assets are defined as nonaccrual loans, troubled debt restructured (“TDR”) loans, loans past due 90 or more days and still accruing interest, and foreclosed real estate. Nonperforming assets are summarized as follows.
($ in thousands) | September 30, 2019 |  | December 31, 2018
Nonperforming assets |  |  |  |  |
Nonaccrual loans | $ | 19,720 |  |  | 22,575 |
TDRs- accruing | 9,566 |  |  | 13,418 |
Accruing loans > 90 days past due | — |  |  | — |
Total nonperforming loans | 29,286 |  |  | 35,993 |
Foreclosed real estate | 4,589 |  |  | 7,440 |
Total nonperforming assets | $ | 33,875 |  |  | 43,433 |
Purchased credit impaired loans not included above (1) | $ | 13,798 |  |  | 17,393 |
(1) In the March 3, 2017 acquisition of Carolina Bank, and the October 1, 2017 acquisition of Asheville Savings Bank, 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 $1.1 million and $0.6 million in PCI loans at September 30, 2019 and December 31, 2018, respectively, that were contractually past due 90 days or more. The following is a summary of the Company’s nonaccrual loans by major categories.
($ in thousands) | September 30, 2019 |  | December 31, 2018
Commercial, financial, and agricultural | $ | 2,472 |  |  | 919 |
Real estate – construction, land development & other land loans | 1,235 |  |  | 2,265 |
Real estate – mortgage – residential (1-4 family) first mortgages | 7,661 |  |  | 10,115 |
Real estate – mortgage – home equity loans / lines of credit | 1,878 |  |  | 1,685 |
Real estate – mortgage – commercial and other | 6,370 |  |  | 7,452 |
Installment loans to individuals | 104 |  |  | 139 |
Total | $ | 19,720 |  |  | 22,575 |
Schedule of Analysis of Payment Status | The following table presents an analysis of the payment status of the Company’s loans as of September 30, 2019.
($ 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 | $ | 5,995 |  |  | 95 |  |  | — |  |  | 2,472 |  |  | 477,964 |  |  | 486,526 |
Real estate – construction, land development & other land loans | 803 |  |  | — |  |  | — |  |  | 1,235 |  |  | 469,119 |  |  | 471,157 |
Real estate – mortgage – residential (1-4 family) first mortgages | 2,392 |  |  | 1,185 |  |  | — |  |  | 7,661 |  |  | 1,076,708 |  |  | 1,087,946 |
Real estate – mortgage – home equity loans / lines of credit | 712 |  |  | 399 |  |  | — |  |  | 1,878 |  |  | 340,180 |  |  | 343,169 |
Real estate – mortgage – commercial and other | 3,376 |  |  | 121 |  |  | — |  |  | 6,370 |  |  | 1,911,677 |  |  | 1,921,544 |
Installment loans to individuals | 299 |  |  | 46 |  |  | — |  |  | 104 |  |  | 70,395 |  |  | 70,844 |
Purchased credit impaired | 6 |  |  | 390 |  |  | 1,065 |  |  | — |  |  | 12,337 |  |  | 13,798 |
Total | $ | 13,583 |  |  | 2,236 |  |  | 1,065 |  |  | 19,720 |  |  | 4,358,380 |  |  | 4,394,984 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  | 1,560 |
Total loans |  |  |  |  |  |  |  |  |  |  | $ | 4,396,544 |
The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2018.
($ 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 | $ | 191 |  |  | 5 |  |  | — |  |  | 919 |  |  | 455,691 |  |  | 456,806 |
Real estate – construction, land development & other land loans | 849 |  |  | 212 |  |  | — |  |  | 2,265 |  |  | 515,472 |  |  | 518,798 |
Real estate – mortgage – residential (1-4 family) first mortgages | 14,178 |  |  | 1,369 |  |  | — |  |  | 10,115 |  |  | 1,022,262 |  |  | 1,047,924 |
Real estate – mortgage – home equity loans / lines of credit | 1,048 |  |  | 254 |  |  | — |  |  | 1,685 |  |  | 355,831 |  |  | 358,818 |
Real estate – mortgage – commercial and other | 709 |  |  | 520 |  |  | — |  |  | 7,452 |  |  | 1,768,205 |  |  | 1,776,886 |
Installment loans to individuals | 359 |  |  | 220 |  |  | — |  |  | 139 |  |  | 70,422 |  |  | 71,140 |
Purchased credit impaired | 990 |  |  | 138 |  |  | 583 |  |  | — |  |  | 15,682 |  |  | 17,393 |
Total | $ | 18,324 |  |  | 2,718 |  |  | 583 |  |  | 22,575 |  |  | 4,203,565 |  |  | 4,247,765 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  | 1,299 |
Total loans |  |  |  |  |  |  |  |  |  |  | $ | 4,249,064 |
Schedule of Allowance for Loan Losses | The following table presents the activity in the allowance for loan losses for all loans for the three and nine months ended September 30, 2019.
($ 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 |  | Unallocated |  | Total
As of and for the three months ended September 30, 2019
Beginning balance | $ | 3,218 |  |  | 1,815 |  |  | 4,123 |  |  | 1,271 |  |  | 8,852 |  |  | 1,211 |  |  | 299 |  |  | 20,789 |
Charge-offs | (288 | ) |  | (47 | ) |  | (194 | ) |  | (70 | ) |  | (617 | ) |  | (119 | ) |  | — |  |  | (1,335 | )
Recoveries | 163 |  |  | 308 |  |  | 139 |  |  | 58 |  |  | 176 |  |  | 67 |  |  | — |  |  | 911 |
Provisions | (226 | ) |  | (270 | ) |  | (112 | ) |  | (122 | ) |  | (199 | ) |  | (141 | ) |  | (35 | ) |  | (1,105 | )
Ending balance | $ | 2,867 |  |  | 1,806 |  |  | 3,956 |  |  | 1,137 |  |  | 8,212 |  |  | 1,018 |  |  | 264 |  |  | 19,260 |
As of and for the nine months ended September 30, 2019
Beginning balance | $ | 2,889 |  |  | 2,243 |  |  | 5,197 |  |  | 1,665 |  |  | 7,983 |  |  | 952 |  |  | 110 |  |  | 21,039 |
Charge-offs | (1,224 | ) |  | (340 | ) |  | (379 | ) |  | (216 | ) |  | (1,455 | ) |  | (555 | ) |  | — |  |  | (4,169 | )
Recoveries | 768 |  |  | 797 |  |  | 521 |  |  | 513 |  |  | 550 |  |  | 154 |  |  | — |  |  | 3,303 |
Provisions | 434 |  |  | (894 | ) |  | (1,383 | ) |  | (825 | ) |  | 1,134 |  |  | 467 |  |  | 154 |  |  | (913 | )
Ending balance | $ | 2,867 |  |  | 1,806 |  |  | 3,956 |  |  | 1,137 |  |  | 8,212 |  |  | 1,018 |  |  | 264 |  |  | 19,260 |
Ending balance as of September 30, 2019: Allowance for loan losses
Individually evaluated for impairment | $ | 168 |  |  | 45 |  |  | 828 |  |  | — |  |  | 230 |  |  | — |  |  | — |  |  | 1,271 |
Collectively evaluated for impairment | $ | 2,657 |  |  | 1,761 |  |  | 3,060 |  |  | 1,137 |  |  | 7,925 |  |  | 1,005 |  |  | 264 |  |  | 17,809 |
Purchased credit impaired | $ | 42 |  |  | — |  |  | 68 |  |  | — |  |  | 57 |  |  | 13 |  |  | — |  |  | 180 |
Loans receivable as of September 30, 2019
Ending balance – total | $ | 486,768 |  |  | 471,326 |  |  | 1,093,619 |  |  | 343,378 |  |  | 1,928,931 |  |  | 70,962 |  |  | — |  |  | 4,394,984 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,560 |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,396,544 |
Ending balances as of September 30, 2019: Loans
Individually evaluated for impairment | $ | 1,090 |  |  | 804 |  |  | 9,942 |  |  | 338 |  |  | 6,941 |  |  | — |  |  | — |  |  | 19,115 |
Collectively evaluated for impairment | $ | 485,436 |  |  | 470,353 |  |  | 1,078,004 |  |  | 342,831 |  |  | 1,914,603 |  |  | 70,844 |  |  | — |  |  | 4,362,071 |
Purchased credit impaired | $ | 242 |  |  | 169 |  |  | 5,673 |  |  | 209 |  |  | 7,387 |  |  | 118 |  |  | — |  |  | 13,798 |
The following table presents the activity in the allowance for loan losses for the year ended December 31, 2018.
($ 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 |  | Unallocated |  | Total
As of and for the year ended December 31, 2018
Beginning balance | $ | 3,111 |  |  | 2,816 |  |  | 6,147 |  |  | 1,827 |  |  | 6,475 |  |  | 950 |  |  | 1,972 |  |  | 23,298 |
Charge-offs | (2,128 | ) |  | (158 | ) |  | (1,734 | ) |  | (711 | ) |  | (1,459 | ) |  | (781 | ) |  | — |  |  | (6,971 | )
Recoveries | 1,195 |  |  | 4,097 |  |  | 833 |  |  | 364 |  |  | 1,503 |  |  | 309 |  |  | — |  |  | 8,301 |
Provisions | 711 |  |  | (4,512 | ) |  | (49 | ) |  | 185 |  |  | 1,464 |  |  | 474 |  |  | (1,862 | ) |  | (3,589 | )
Ending balance | $ | 2,889 |  |  | 2,243 |  |  | 5,197 |  |  | 1,665 |  |  | 7,983 |  |  | 952 |  |  | 110 |  |  | 21,039 |
Ending balances as of December 31, 2018: Allowance for loan losses
Individually evaluated for impairment | $ | 226 |  |  | 134 |  |  | 955 |  |  | 48 |  |  | 906 |  |  | — |  |  | — |  |  | 2,269 |
Collectively evaluated for impairment | $ | 2,661 |  |  | 2,109 |  |  | 4,143 |  |  | 1,608 |  |  | 7,070 |  |  | 941 |  |  | 110 |  |  | 18,642 |
Purchased credit impaired | $ | 2 |  |  | — |  |  | 99 |  |  | 9 |  |  | 7 |  |  | 11 |  |  | — |  |  | 128 |
Loans receivable as of December 31, 2018:
Ending balance – total | $ | 457,037 |  |  | 518,976 |  |  | 1,054,176 |  |  | 359,162 |  |  | 1,787,022 |  |  | 71,392 |  |  | — |  |  | 4,247,765 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,299 |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,249,064 |
Ending balances as of December 31, 2018: Loans
Individually evaluated for impairment | $ | 696 |  |  | 1,345 |  |  | 12,391 |  |  | 296 |  |  | 9,525 |  |  | — |  |  | — |  |  | 24,253 |
Collectively evaluated for impairment | $ | 456,111 |  |  | 517,453 |  |  | 1,035,532 |  |  | 358,522 |  |  | 1,767,361 |  |  | 71,140 |  |  | — |  |  | 4,206,119 |
Purchased credit impaired | $ | 230 |  |  | 178 |  |  | 6,253 |  |  | 344 |  |  | 10,136 |  |  | 252 |  |  | — |  |  | 17,393 |
The following table presents the activity in the allowance for loan losses for all loans for the three and nine months ended September 30, 2018.
($ 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 |  | Unallocated |  | Total
As of and for the three months ended September 30, 2018
Beginning balance | $ | 2,268 |  |  | 2,692 |  |  | 7,059 |  |  | 2,250 |  |  | 7,295 |  |  | 897 |  |  | 837 |  |  | 23,298 |
Charge-offs | (933 | ) |  | (126 | ) |  | (1,183 | ) |  | (192 | ) |  | (1,086 | ) |  | (232 | ) |  | — |  |  | (3,752 | )
Recoveries | 159 |  |  | 181 |  |  | 155 |  |  | 51 |  |  | 209 |  |  | 158 |  |  | — |  |  | 913 |
Provisions | 1,221 |  |  | (366 | ) |  | (664 | ) |  | (330 | ) |  | 753 |  |  | 79 |  |  | (606 | ) |  | 87 |
Ending balance | $ | 2,715 |  |  | 2,381 |  |  | 5,367 |  |  | 1,779 |  |  | 7,171 |  |  | 902 |  |  | 231 |  |  | 20,546 |
As of and for the nine months ended September 30, 2018
Beginning balance | $ | 3,111 |  |  | 2,816 |  |  | 6,147 |  |  | 1,827 |  |  | 6,475 |  |  | 950 |  |  | 1,972 |  |  | 23,298 |
Charge-offs | (1,542 | ) |  | (158 | ) |  | (1,598 | ) |  | (378 | ) |  | (1,398 | ) |  | (494 | ) |  | — |  |  | (5,568 | )
Recoveries | 971 |  |  | 3,568 |  |  | 671 |  |  | 294 |  |  | 1,333 |  |  | 261 |  |  | — |  |  | 7,098 |
Provisions | 175 |  |  | (3,845 | ) |  | 147 |  |  | 36 |  |  | 761 |  |  | 185 |  |  | (1,741 | ) |  | (4,282 | )
Ending balance | $ | 2,715 |  |  | 2,381 |  |  | 5,367 |  |  | 1,779 |  |  | 7,171 |  |  | 902 |  |  | 231 |  |  | 20,546 |
Ending balances as of September 30, 2018: Allowance for loan losses
Individually evaluated for impairment | $ | 126 |  |  | — |  |  | 1,004 |  |  | — |  |  | 502 |  |  | — |  |  | — |  |  | 1,632 |
Collectively evaluated for impairment | $ | 2,585 |  |  | 2,335 |  |  | 4,306 |  |  | 1,765 |  |  | 6,662 |  |  | 887 |  |  | 231 |  |  | 18,771 |
Purchased credit impaired | $ | 4 |  |  | 46 |  |  | 57 |  |  | 14 |  |  | 7 |  |  | 15 |  |  | — |  |  | 143 |
Loans receivable as of September 30, 2018
Ending balance – total | $ | 435,730 |  |  | 559,450 |  |  | 1,038,436 |  |  | 362,829 |  |  | 1,723,598 |  |  | 70,096 |  |  | — |  |  | 4,190,139 |
Unamortized net deferred loan fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 489 |
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,190,628 |
Ending balances as of September 30, 2018: Loans
Individually evaluated for impairment | $ | 1,981 |  |  | 2,642 |  |  | 12,617 |  |  | 22 |  |  | 10,490 |  |  | — |  |  | — |  |  | 27,752 |
Collectively evaluated for impairment | $ | 433,485 |  |  | 556,283 |  |  | 1,019,645 |  |  | 362,462 |  |  | 1,700,519 |  |  | 69,804 |  |  | — |  |  | 4,142,198 |
Purchased credit impaired | $ | 264 |  |  | 525 |  |  | 6,174 |  |  | 345 |  |  | 12,589 |  |  | 292 |  |  | — |  |  | 20,189 |
Schedule of Loans Individually Evaluated for Impairment | The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of September 30, 2019.
($ in thousands) | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment
Impaired loans with no related allowance recorded: |  |  |  |  |  |  |
Commercial, financial, and agricultural | $ | 18 |  |  | 20 |  |  | — |  |  | 89 |
Real estate – mortgage – construction, land development & other land loans | 227 |  |  | 263 |  |  | — |  |  | 403 |
Real estate – mortgage – residential (1-4 family) first mortgages | 3,713 |  |  | 3,951 |  |  | — |  |  | 4,443 |
Real estate – mortgage –home equity loans / lines of credit | 338 |  |  | 358 |  |  | — |  |  | 100 |
Real estate – mortgage –commercial and other | 2,781 |  |  | 3,758 |  |  | — |  |  | 3,390 |
Installment loans to individuals | — |  |  | — |  |  | — |  |  | — |
Total impaired loans with no allowance | $ | 7,077 |  |  | 8,350 |  |  | — |  |  | 8,425 |
Impaired loans with an allowance recorded: |  |  |  |  |  |  |
Commercial, financial, and agricultural | $ | 1,072 |  |  | 1,125 |  |  | 168 |  |  | 866 |
Real estate – mortgage – construction, land development & other land loans | 577 |  |  | 577 |  |  | 45 |  |  | 589 |
Real estate – mortgage – residential (1-4 family) first mortgages | 6,229 |  |  | 6,466 |  |  | 828 |  |  | 6,446 |
Real estate – mortgage –home equity loans / lines of credit | — |  |  | — |  |  | — |  |  | 69 |
Real estate – mortgage –commercial and other | 4,160 |  |  | 4,795 |  |  | 230 |  |  | 4,689 |
Installment loans to individuals | — |  |  | — |  |  | — |  |  | — |
Total impaired loans with allowance | $ | 12,038 |  |  | 12,963 |  |  | 1,271 |  |  | 12,659 |
Interest income recorded on impaired loans during the nine months ended September 30, 2019 was insignificant. The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2018.
($ in thousands) | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment
Impaired loans with no related allowance recorded: |  |  |  |  |  |  |
Commercial, financial, and agricultural | $ | 310 |  |  | 310 |  |  | — |  |  | 957 |
Real estate – mortgage – construction, land development & other land loans | 485 |  |  | 803 |  |  | — |  |  | 2,366 |
Real estate – mortgage – residential (1-4 family) first mortgages | 4,626 |  |  | 4,948 |  |  | — |  |  | 4,804 |
Real estate – mortgage –home equity loans / lines of credit | 22 |  |  | 31 |  |  | — |  |  | 91 |
Real estate – mortgage –commercial and other | 3,475 |  |  | 4,237 |  |  | — |  |  | 3,670 |
Installment loans to individuals | — |  |  | — |  |  | — |  |  | — |
Total impaired loans with no allowance | $ | 8,918 |  |  | 10,329 |  |  | — |  |  | 11,888 |
Impaired loans with an allowance recorded: |  |  |  |  |  |  |
Commercial, financial, and agricultural | $ | 386 |  |  | 387 |  |  | 226 |  |  | 422 |
Real estate – mortgage – construction, land development & other land loans | 860 |  |  | 864 |  |  | 134 |  |  | 385 |
Real estate – mortgage – residential (1-4 family) first mortgages | 7,765 |  |  | 7,904 |  |  | 955 |  |  | 8,963 |
Real estate – mortgage –home equity loans / lines of credit | 274 |  |  | 275 |  |  | 48 |  |  | 184 |
Real estate – mortgage –commercial and other | 6,050 |  |  | 6,054 |  |  | 906 |  |  | 5,911 |
Installment loans to individuals | — |  |  | — |  |  | — |  |  | 2 |
Total impaired loans with allowance | $ | 15,335 |  |  | 15,484 |  |  | 2,269 |  |  | 15,867 |
Schedule of Recorded Investment in Loans by Credit Quality Indicators | 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 (<$500,000) with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc.
The following table presents the Company’s recorded investment in loans by credit quality indicators as of September 30, 2019.
($ in thousands) | Pass |  | Special Mention Loans |  | Classified Accruing Loans |  | Classified Nonaccrual Loans |  | Total
Commercial, financial, and agricultural | $ | 471,225 |  |  | 7,735 |  |  | 5,094 |  |  | 2,472 |  |  | 486,526 |
Real estate – construction, land development & other land loans | 463,122 |  |  | 4,640 |  |  | 2,160 |  |  | 1,235 |  |  | 471,157 |
Real estate – mortgage – residential (1-4 family) first mortgages | 1,047,592 |  |  | 15,193 |  |  | 17,500 |  |  | 7,661 |  |  | 1,087,946 |
Real estate – mortgage – home equity loans / lines of credit | 334,054 |  |  | 1,267 |  |  | 5,970 |  |  | 1,878 |  |  | 343,169 |
Real estate – mortgage – commercial and other | 1,888,049 |  |  | 20,081 |  |  | 7,044 |  |  | 6,370 |  |  | 1,921,544 |
Installment loans to individuals | 70,122 |  |  | 218 |  |  | 400 |  |  | 104 |  |  | 70,844 |
Purchased credit impaired | 8,279 |  |  | 2,797 |  |  | 2,722 |  |  | — |  |  | 13,798 |
Total | $ | 4,282,443 |  |  | 51,931 |  |  | 40,890 |  |  | 19,720 |  |  | 4,394,984 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  | 1,560 |
Total loans |  |  |  |  |  |  |  |  | 4,396,544 |
The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2018.
($ in thousands) | Pass |  | Special Mention Loans |  | Classified Accruing Loans |  | Classified Nonaccrual Loans |  | Total
Commercial, financial, and agricultural | $ | 452,372 |  |  | 3,056 |  |  | 459 |  |  | 919 |  |  | 456,806 |
Real estate – construction, land development & other land loans | 509,251 |  |  | 5,668 |  |  | 1,614 |  |  | 2,265 |  |  | 518,798 |
Real estate – mortgage – residential (1-4 family) first mortgages | 1,004,458 |  |  | 12,238 |  |  | 21,113 |  |  | 10,115 |  |  | 1,047,924 |
Real estate – mortgage – home equity loans / lines of credit | 348,792 |  |  | 1,688 |  |  | 6,653 |  |  | 1,685 |  |  | 358,818 |
Real estate – mortgage – commercial and other | 1,750,810 |  |  | 14,484 |  |  | 4,140 |  |  | 7,452 |  |  | 1,776,886 |
Installment loans to individuals | 70,357 |  |  | 231 |  |  | 413 |  |  | 139 |  |  | 71,140 |
Purchased credit impaired | 8,355 |  |  | 5,214 |  |  | 3,824 |  |  | — |  |  | 17,393 |
Total | $ | 4,144,395 |  |  | 42,579 |  |  | 38,216 |  |  | 22,575 |  |  | 4,247,765 |
Unamortized net deferred loan costs |  |  |  |  |  |  |  |  | 1,299 |
Total loans |  |  |  |  |  |  |  |  | 4,249,064 |
Schedule of Information Related to Loans Modified in a Troubled Debt Restructuring | The following table presents information related to loans modified in a troubled debt restructuring during the three months ended September 30, 2019 and 2018.
($ in thousands) | For the three months ended September 30, 2019 |  | For the three months ended September 30, 2018
| 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 | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |
Real estate – construction, land development & other land loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – residential (1-4 family) first mortgages | 1 |  |  | 133 |  |  | 133 |  |  | — |  |  | — |  |  | — |
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 |  |  | $ | 133 |  |  | $ | 133 |  |  | — |  |  | $ | — |  |  | $ | — |
The following table presents information related to loans modified in a troubled debt restructuring during the nine months ended September 30, 2019 and 2018.
($ in thousands) | For the nine months ended September 30, 2019 |  | For the nine months ended September 30, 2018
| 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 |  |  | $ | 143 |  |  | $ | 143 |  |  | — |  |  | $ | — |  |  | $ | — |
Real estate – construction, land development & other land loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – residential (1-4 family) first mortgages | 3 |  |  | 387 |  |  | 391 |  |  | 1 |  |  | 18 |  |  | 18 |
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 | — |  |  | — |  |  | — |  |  | 1 |  |  | 61 |  |  | 61 |
Real estate – mortgage – residential (1-4 family) first mortgages | — |  |  | — |  |  | — |  |  | 2 |  |  | 254 |  |  | 264 |
Real estate – mortgage – home equity loans / lines of credit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate – mortgage – commercial and other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Installment loans to individuals | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total TDRs arising during period | 4 |  |  | $ | 530 |  |  | $ | 534 |  |  | 4 |  |  | $ | 333 |  |  | $ | 343 |
Accruing restructured loans that were modified in the previous 12 months and that defaulted during the three months ended September 30, 2019 and 2018 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. Accruing restructured loans that were modified in the previous 12 months and that defaulted during the nine months ended September 30, 2019 and 2018 are presented in the table below.
($ in thousands) | For the Nine Months Ended September 30, 2019 |  | For the Nine Months Ended September 30, 2018
| Number of Contracts |  | Recorded Investment |  | Number of Contracts |  | Recorded Investment
Accruing TDRs that subsequently defaulted |  |  |  |  |  |  |
Real estate – mortgage – residential (1-4 family first mortgages) | 1 |  |  | $ | 93 |  |  | 1 |  |  | $ | 60 |
Real estate – mortgage – commercial and other | — |  |  | — |  |  | 3 |  |  | 1,333 |
Total accruing TDRs that subsequently defaulted | 1 |  |  | $ | 93 |  |  | 4 |  |  | $ | 1,393 |

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