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Loans and Allowance for Loan and Lease Losses | 12 Months Ended
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Dec. 31, 2014
Loans And Leases Receivable Disclosure [Abstract] |
Loans and Allowance for Loan and Lease Losses | NOTE 4 - LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES Loans at December 31, 2014 and 2013 consisted of the following:
|  | December 31, |  |  | December 31, |
(Dollars in thousands) |  | 2014 |  |  | 2013 |
Commercial real estate |  | $ | 249,164 |  |  | $ | 331,462 |
Construction, land development, land |  |  | 42,914 |  |  |  | 37,626 |
1-4 family residential properties |  |  | 78,738 |  |  |  | 91,301 |
Farmland |  |  | 22,496 |  |  |  | 20,294 |
Commercial |  |  | 364,567 |  |  |  | 255,655 |
Factored receivables |  |  | 180,910 |  |  |  | 117,370 |
Consumer |  |  | 11,941 |  |  |  | 13,878 |
Mortgage warehouse |  |  | 55,148 |  |  |  | 13,513 |
Total |  |  | 1,005,878 |  |  |  | 881,099 |
Allowance for loan and lease losses |  |  | (8,843 | ) |  |  | (3,645 | )
|  | $ | 997,035 |  |  | $ | 877,454 |
Total loans include net deferred origination fees and costs and deferred factoring fees totaling $906,000 and $997,000 at December 31, 2014 and 2013, respectively. Loans with carrying amounts of $141,427,000 and $166,688,000 at December 31, 2014 and 2013, respectively, were pledged to secure Federal Home Loan Bank advance capacity. As of December 31, 2014, the states of Illinois (30%), Texas (23%), and Iowa (14%), make up 67% of the Company’s gross loans. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economies in these states. A significant majority of the Company’s factored receivables, representing approximately 15% of the total loan portfolio as of December 31, 2014, are receivables purchased from trucking fleets and owner-operators in the transportation industry. The credit risk related to this portfolio is mitigated by the limited amount of receivables acquired from individual debtors and creditors, which results in diversification across a number of companies and industries. Allowance for Loan and Lease Losses: The activity in the ALLL during the years ended December 31, 2014, 2013 and 2012 is as follows:
(Dollars in thousands) |  | Beginning |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Ending |
Year ended December 31, 2014 |  | Balance |  |  | Provision |  |  | Charge-offs |  |  | Recoveries |  |  | Balance |
Commercial real estate |  | $ | 348 |  |  | $ | 199 |  |  | $ | (18 | ) |  | $ | 4 |  |  | $ | 533 |
Construction, land development, land |  |  | 110 |  |  |  | 310 |  |  |  | (100 | ) |  |  | 13 |  |  |  | 333 |
1-4 family residential properties |  |  | 100 |  |  |  | 416 |  |  |  | (409 | ) |  |  | 108 |  |  |  | 215 |
Farmland |  |  | 7 |  |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 19 |
Commercial |  |  | 1,145 |  |  |  | 2,652 |  |  |  | (13 | ) |  |  | 219 |  |  |  | 4,003 |
Factored receivables |  |  | 1,842 |  |  |  | 1,971 |  |  |  | (419 | ) |  |  | 68 |  |  |  | 3,462 |
Consumer |  |  | 49 |  |  |  | 204 |  |  |  | (393 | ) |  |  | 280 |  |  |  | 140 |
Mortgage warehouse |  |  | 44 |  |  |  | 94 |  |  |  | — |  |  |  | — |  |  |  | 138 |
|  | $ | 3,645 |  |  | $ | 5,858 |  |  | $ | (1,352 | ) |  | $ | 692 |  |  | $ | 8,843 |
(Dollars in thousands) |  | Beginning |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Ending |
Year ended December 31, 2013 |  | Balance |  |  | Provision |  |  | Charge-offs |  |  | Recoveries |  |  | Balance |
Commercial real estate |  | $ | 261 |  |  | $ | 114 |  |  | $ | (156 | ) |  | $ | 129 |  |  | $ | 348 |
Construction, land development, land |  |  | 40 |  |  |  | 58 |  |  |  | — |  |  |  | 12 |  |  |  | 110 |
1-4 family residential properties |  |  | 227 |  |  |  | (166 | ) |  |  | (94 | ) |  |  | 133 |  |  |  | 100 |
Farmland |  |  | 5 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 7 |
Commercial |  |  | 172 |  |  |  | 2,474 |  |  |  | (1,515 | ) |  |  | 14 |  |  |  | 1,145 |
Factored receivables |  |  | 1,221 |  |  |  | 783 |  |  |  | (226 | ) |  |  | 64 |  |  |  | 1,842 |
Consumer |  |  | — |  |  |  | 103 |  |  |  | (113 | ) |  |  | 59 |  |  |  | 49 |
Mortgage warehouse |  |  | — |  |  |  | 44 |  |  |  | — |  |  |  | — |  |  |  | 44 |
|  | $ | 1,926 |  |  | $ | 3,412 |  |  | $ | (2,104 | ) |  | $ | 411 |  |  | $ | 3,645 |
(Dollars in thousands) |  | Beginning |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Ending |
Year ended December 31, 2012 |  | Balance |  |  | Provision |  |  | Charge-offs |  |  | Recoveries |  |  | Balance |
Commercial real estate |  | $ | 34 |  |  | $ | 359 |  |  | $ | (169 | ) |  | $ | 37 |  |  | $ | 261 |
Construction, land development, land |  |  | — |  |  |  | 40 |  |  |  | — |  |  |  | — |  |  |  | 40 |
1-4 family residential properties |  |  | 132 |  |  |  | 104 |  |  |  | (116 | ) |  |  | 107 |  |  |  | 227 |
Farmland |  |  | — |  |  |  | 53 |  |  |  | (48 | ) |  |  | — |  |  |  | 5 |
Commercial |  |  | — |  |  |  | 61 |  |  |  | — |  |  |  | 111 |  |  |  | 172 |
Factored receivables |  |  | — |  |  |  | 1,380 |  |  |  | (212 | ) |  |  | 53 |  |  |  | 1,221 |
Consumer |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | 1 |  |  |  | — |
Mortgage warehouse |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unallocated |  |  | 257 |  |  |  | (257 | ) |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 423 |  |  | $ | 1,739 |  |  | $ | (545 | ) |  | $ | 309 |  |  | $ | 1,926 |
The following table presents loans individually and collectively evaluated for impairment, as well as PCI loans, and their respective ALLL allocations:
(Dollars in thousands) |  | Loan Evaluation |  |  | ALLL Allocations |
December 31, 2014 |  | Individually |  |  | Collectively |  |  | PCI |  |  | Total loans |  |  | Individually |  |  | Collectively |  |  | PCI |  |  | Total ALLL |
Commercial real estate |  | $ | 1,934 |  |  | $ | 238,640 |  |  | $ | 8,590 |  |  | $ | 249,164 |  |  | $ | — |  |  | $ | 533 |  |  | $ | — |  |  | $ | 533 |
Construction, land development, land |  |  | — |  |  |  | 41,431 |  |  |  | 1,483 |  |  |  | 42,914 |  |  |  | — |  |  |  | 333 |  |  |  | — |  |  |  | 333 |
1-4 family residential properties |  |  | 627 |  |  |  | 76,041 |  |  |  | 2,070 |  |  |  | 78,738 |  |  |  | — |  |  |  | 215 |  |  |  | — |  |  |  | 215 |
Farmland |  |  | — |  |  |  | 22,496 |  |  |  | — |  |  |  | 22,496 |  |  |  | — |  |  |  | 19 |  |  |  | — |  |  |  | 19 |
Commercial |  |  | 7,188 |  |  |  | 353,022 |  |  |  | 4,357 |  |  |  | 364,567 |  |  |  | 716 |  |  |  | 3,287 |  |  |  | — |  |  |  | 4,003 |
Factored receivables |  |  | 1,271 |  |  |  | 179,639 |  |  |  | — |  |  |  | 180,910 |  |  |  | 1,033 |  |  |  | 2,429 |  |  |  | — |  |  |  | 3,462 |
Consumer |  |  | — |  |  |  | 11,941 |  |  |  | — |  |  |  | 11,941 |  |  |  | — |  |  |  | 140 |  |  |  | — |  |  |  | 140 |
Mortgage warehouse |  |  | — |  |  |  | 55,148 |  |  |  | — |  |  |  | 55,148 |  |  |  | — |  |  |  | 138 |  |  |  | — |  |  |  | 138 |
|  | $ | 11,020 |  |  | $ | 978,358 |  |  | $ | 16,500 |  |  | $ | 1,005,878 |  |  | $ | 1,749 |  |  | $ | 7,094 |  |  | $ | — |  |  | $ | 8,843 |
(Dollars in thousands) |  | Loan Evaluation |  |  | ALLL Allocations |
December 31, 2013 |  | Individually |  |  | Collectively |  |  | PCI |  |  | Total loans |  |  | Individually |  |  | Collectively |  |  | PCI |  |  | Total ALLL |
Commercial real estate |  | $ | 4,489 |  |  | $ | 308,326 |  |  | $ | 18,647 |  |  | $ | 331,462 |  |  | $ | — |  |  | $ | 348 |  |  | $ | — |  |  | $ | 348 |
Construction, land development, land |  |  | — |  |  |  | 35,585 |  |  |  | 2,041 |  |  |  | 37,626 |  |  |  | — |  |  |  | 110 |  |  |  | — |  |  |  | 110 |
1-4 family residential properties |  |  | 842 |  |  |  | 87,987 |  |  |  | 2,472 |  |  |  | 91,301 |  |  |  | 14 |  |  |  | 79 |  |  |  | 7 |  |  |  | 100 |
Farmland |  |  | — |  |  |  | 20,294 |  |  |  | — |  |  |  | 20,294 |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 7 |
Commercial |  |  | 5,495 |  |  |  | 248,129 |  |  |  | 2,031 |  |  |  | 255,655 |  |  |  | 15 |  |  |  | 1,130 |  |  |  | — |  |  |  | 1,145 |
Factored receivables |  |  | 763 |  |  |  | 116,607 |  |  |  | — |  |  |  | 117,370 |  |  |  | 417 |  |  |  | 1,425 |  |  |  | — |  |  |  | 1,842 |
Consumer |  |  | — |  |  |  | 13,878 |  |  |  | — |  |  |  | 13,878 |  |  |  | — |  |  |  | 49 |  |  |  | — |  |  |  | 49 |
Mortgage warehouse |  |  | — |  |  |  | 13,513 |  |  |  | — |  |  |  | 13,513 |  |  |  | — |  |  |  | 44 |  |  |  | — |  |  |  | 44 |
|  | $ | 11,589 |  |  | $ | 844,319 |  |  | $ | 25,191 |  |  | $ | 881,099 |  |  | $ | 446 |  |  | $ | 3,192 |  |  | $ | 7 |  |  | $ | 3,645 |
The following is a summary of information pertaining to impaired loans. Loans included in these tables are non-PCI impaired loans and PCI loans that have deteriorated subsequent to acquisition and as a result have been deemed impaired and an allowance recorded. PCI loans that have not deteriorated subsequent to acquisition are not considered impaired and therefore do not require an ALLL and are excluded from these tables.
|  | Impaired Loans and PCI Impaired Loans |  |  | Impaired Loans |
|  | With a Valuation Allowance |  |  | Without a Valuation Allowance |
(Dollars in thousands) |  | Recorded |  |  | Unpaid |  |  | Related |  |  | Recorded |  |  | Unpaid |
December 31, 2014 |  | Investment |  |  | Principal |  |  | Allowance |  |  | Investment |  |  | Principal |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,934 |  |  | $ | 1,960 |
Construction, land development, land |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
1-4 family residential properties |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 627 |  |  |  | 748 |
Farmland |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial |  |  | 1,845 |  |  |  | 2,527 |  |  |  | 716 |  |  |  | 5,343 |  |  |  | 5,368 |
Factored receivables |  |  | 1,271 |  |  |  | 1,271 |  |  |  | 1,033 |  |  |  | — |  |  |  | — |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mortgage warehouse |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
PCI |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 3,116 |  |  | $ | 3,798 |  |  | $ | 1,749 |  |  | $ | 7,904 |  |  | $ | 8,076 |
|  | Impaired Loans and PCI Impaired Loans |  |  | Impaired Loans |
|  | With a Valuation Allowance |  |  | Without a Valuation Allowance |
(Dollars in thousands) |  | Recorded |  |  | Unpaid |  |  | Related |  |  | Recorded |  |  | Unpaid |
December 31, 2013 |  | Investment |  |  | Principal |  |  | Allowance |  |  | Investment |  |  | Principal |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 114 |  |  | $ | 131 |
Construction, land development, land |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
1-4 family residential properties |  |  | 114 |  |  |  | 127 |  |  |  | 14 |  |  |  | 157 |  |  |  | 166 |
Farmland |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial |  |  | 215 |  |  |  | 215 |  |  |  | 15 |  |  |  | 5,224 |  |  |  | 5,454 |
Factored receivables |  |  | 762 |  |  |  | 762 |  |  |  | 417 |  |  |  | 1 |  |  |  | — |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mortgage warehouse |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
PCI |  |  | 13 |  |  |  | 42 |  |  |  | 7 |  |  |  | — |  |  |  | — |
|  | $ | 1,104 |  |  | $ | 1,146 |  |  | $ | 453 |  |  | $ | 5,496 |  |  | $ | 5,751 |
|  | Years Ended |
|  | December 31, 2014 |  |  | December 31, 2013 |  |  | December 31, 2012 |
|  | Average |  |  | Interest |  |  | Average |  |  | Interest |  |  | Average |  |  | Interest |
(Dollars in thousands) |  | Impaired Loans |  |  | Recognized |  |  | Impaired Loans |  |  | Recognized |  |  | Impaired Loans |  |  | Recognized |
Commercial real estate |  | $ | 1,023 |  |  | $ | 213 |  |  | $ | 201 |  |  | $ | 7 |  |  | $ | 201 |  |  | $ | 7 |
Construction, land development, land |  |  | 4 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
1-4 family residential properties |  |  | 613 |  |  |  | 195 |  |  |  | 228 |  |  |  | 10 |  |  |  | — |  |  |  | — |
Farmland |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial |  |  | 6,653 |  |  |  | 290 |  |  |  | 2,740 |  |  |  | 14 |  |  |  | 994 |  |  |  | 14 |
Factored receivables |  |  | 1,017 |  |  |  | 12 |  |  |  | 632 |  |  |  | — |  |  |  | 632 |  |  |  | — |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mortgage warehouse |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
PCI |  |  | 7 |  |  |  | — |  |  |  | 14 |  |  |  | 6 |  |  |  | 1,988 |  |  |  | 260 |
|  | $ | 9,317 |  |  | $ | 711 |  |  | $ | 3,815 |  |  | $ | 37 |  |  | $ | 3,815 |  |  | $ | 281 |
The following table presents the unpaid principal and recorded investment for loans at December 31, 2014 and 2013. The difference between the unpaid principal balance and recorded investment is principally associated with (1) premiums and discounts associated with acquisition date fair value adjustments on acquired loans (both PCI and non-PCI), (2) net deferred origination costs and fees, and (3) previous charge-offs.
(Dollars in thousands) |  | Recorded |  |  | Unpaid |  |  |  |  |
December 31, 2014 |  | Investment |  |  | Principal |  |  | Difference |
Commercial real estate |  | $ | 249,164 |  |  | $ | 263,060 |  |  | $ | (13,896 | )
Construction, land development, land |  |  | 42,914 |  |  |  | 44,609 |  |  |  | (1,695 | )
1-4 family residential properties |  |  | 78,738 |  |  |  | 82,263 |  |  |  | (3,525 | )
Farmland |  |  | 22,496 |  |  |  | 22,400 |  |  |  | 96 |
Commercial |  |  | 364,567 |  |  |  | 366,753 |  |  |  | (2,186 | )
Factored receivables |  |  | 180,910 |  |  |  | 181,817 |  |  |  | (907 | )
Consumer |  |  | 11,941 |  |  |  | 12,012 |  |  |  | (71 | )
Mortgage warehouse |  |  | 55,148 |  |  |  | 55,148 |  |  |  | — |
|  | $ | 1,005,878 |  |  | $ | 1,028,062 |  |  | $ | (22,184 | )
(Dollars in thousands) |  | Recorded |  |  | Unpaid |  |  |  |  |
December 31, 2013 |  | Investment |  |  | Principal |  |  | Difference |
Commercial real estate |  | $ | 331,462 |  |  | $ | 351,521 |  |  | $ | (20,059 | )
Construction, land development, land |  |  | 37,626 |  |  |  | 41,034 |  |  |  | (3,408 | )
1-4 family residential properties |  |  | 91,301 |  |  |  | 96,742 |  |  |  | (5,441 | )
Farmland |  |  | 20,294 |  |  |  | 20,145 |  |  |  | 149 |
Commercial |  |  | 255,655 |  |  |  | 260,384 |  |  |  | (4,729 | )
Factored receivables |  |  | 117,370 |  |  |  | 118,057 |  |  |  | (687 | )
Consumer |  |  | 13,878 |  |  |  | 14,006 |  |  |  | (128 | )
Mortgage warehouse |  |  | 13,513 |  |  |  | 13,513 |  |  |  | — |
|  | $ | 881,099 |  |  | $ | 915,402 |  |  | $ | (34,303 | )
At December 31, 2014 and 2013, the Company had $18,976,000 and $10,653,000, respectively, of customer reserves associated with factored receivables. These amounts represent customer reserves held to settle any payment disputes or collection shortfalls, may be used to pay customers’ obligations to various third parties as directed by the customer, are periodically released to or withdrawn by customers, and are reported as deposits in the consolidated balance sheets. Past Due and Nonaccrual Loans: The following is a summary of contractually past due and nonaccrual loans at December 31, 2014 and 2013:
|  |  |  |  |  | Past Due 90 |  |  |  |  |  |  |  |  |
(Dollars in thousands) |  | 30-89 Days |  |  | Days or More |  |  |  |  |  |  |  |  |
December 31, 2014 |  | Past Due |  |  | Still Accruing |  |  | Non-accrual |  |  | Total |
Commercial real estate |  | $ | 643 |  |  | $ | — |  |  | $ | 1,995 |  |  | $ | 2,638 |
Construction, land development, land |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
1-4 family residential properties |  |  | 584 |  |  |  | 49 |  |  |  | 638 |  |  |  | 1,271 |
Farmland |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial |  |  | 114 |  |  |  | — |  |  |  | 7,188 |  |  |  | 7,302 |
Factored receivables |  |  | 7,202 |  |  |  | 651 |  |  |  | — |  |  |  | 7,853 |
Consumer |  |  | 296 |  |  |  | — |  |  |  | — |  |  |  | 296 |
Mortgage warehouse |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
PCI |  |  | 260 |  |  |  | — |  |  |  | 6,206 |  |  |  | 6,466 |
|  | $ | 9,099 |  |  | $ | 700 |  |  | $ | 16,027 |  |  | $ | 25,826 |
|  |  |  |  |  | Past Due 90 |  |  |  |  |  |  |  |  |
(Dollars in thousands) |  | 30-89 Days |  |  | Days or More |  |  |  |  |  |  |  |  |
December 31, 2013 |  | Past Due |  |  | Still Accruing |  |  | Non-accrual |  |  | Total |
Commercial real estate |  | $ | 1,212 |  |  | $ | 47 |  |  | $ | 276 |  |  | $ | 1,535 |
Construction, land development, land |  |  | 690 |  |  |  | — |  |  |  | — |  |  |  | 690 |
1-4 family residential properties |  |  | 1,789 |  |  |  | 19 |  |  |  | 454 |  |  |  | 2,262 |
Farmland |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial |  |  | 1,482 |  |  |  | 11 |  |  |  | 5,438 |  |  |  | 6,931 |
Factored receivables |  |  | 3,836 |  |  |  | 89 |  |  |  | — |  |  |  | 3,925 |
Consumer |  |  | 591 |  |  |  | 2 |  |  |  | — |  |  |  | 593 |
Mortgage warehouse |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
PCI |  |  | 2,434 |  |  |  | — |  |  |  | 6,135 |  |  |  | 8,569 |
|  | $ | 12,034 |  |  | $ | 168 |  |  | $ | 12,303 |  |  | $ | 24,505 |
Credit Quality Information: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including: current collateral and financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes every loan and is performed on a regular basis. Large groups of smaller balance homogeneous loans, such as consumer loans, are analyzed primarily based on payment status. The Company uses the following definitions for risk ratings: Pass: Loans classified as pass are loans with low to average risk and not otherwise classified as special mention, substandard or doubtful. Special Mention: Loans classified as special mention have low to acceptable risks. Liquidity, asset quality, and debt service coverage are as a whole satisfactory and performance is generally as agreed. Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. PCI: At acquisition, PCI loans had the characteristics of substandard loans and it was probable, at acquisition, that all contractually required principal payments would not be collected. The Company evaluates these loans on a projected cash flow basis with this evaluation performed quarterly. As of December 31, 2014 and 2013 based on the most recent analysis performed, the risk category of loans is as follows:
(Dollars in thousands) |  |  |  |  |  | Special |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2014 |  | Pass |  |  | Mention |  |  | Substandard |  |  | Doubtful |  |  | PCI |  |  | Total |
Commercial real estate |  | $ | 231,627 |  |  | $ | 2,344 |  |  | $ | 6,603 |  |  | $ | — |  |  | $ | 8,590 |  |  | $ | 249,164 |
Construction, land development, land |  |  | 41,431 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,483 |  |  |  | 42,914 |
1-4 family residential |  |  | 75,781 |  |  |  | 77 |  |  |  | 810 |  |  |  | — |  |  |  | 2,070 |  |  |  | 78,738 |
Farmland |  |  | 22,496 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22,496 |
Commercial |  |  | 347,534 |  |  |  | 2,435 |  |  |  | 10,241 |  |  |  | — |  |  |  | 4,357 |  |  |  | 364,567 |
Factored receivables |  |  | 179,639 |  |  |  | — |  |  |  | 350 |  |  |  | 921 |  |  |  | — |  |  |  | 180,910 |
Consumer |  |  | 11,941 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,941 |
Mortgage warehouse |  |  | 55,148 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 55,148 |
|  | $ | 965,597 |  |  | $ | 4,856 |  |  | $ | 18,004 |  |  | $ | 921 |  |  | $ | 16,500 |  |  | $ | 1,005,878 |
(Dollars in thousands) |  |  |  |  |  | Special |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2013 |  | Pass |  |  | Mention |  |  | Substandard |  |  | Doubtful |  |  | PCI |  |  | Total |
Commercial real estate |  | $ | 308,077 |  |  | $ | 557 |  |  | $ | 4,180 |  |  | $ | — |  |  | $ | 18,648 |  |  | $ | 331,462 |
Construction, land development, land |  |  | 35,585 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,041 |  |  |  | 37,626 |
1-4 family residential |  |  | 88,379 |  |  |  | — |  |  |  | 450 |  |  |  | — |  |  |  | 2,472 |  |  |  | 91,301 |
Farmland |  |  | 20,294 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,294 |
Commercial |  |  | 247,941 |  |  |  | — |  |  |  | 5,684 |  |  |  | — |  |  |  | 2,030 |  |  |  | 255,655 |
Factored receivables |  |  | 116,607 |  |  |  | — |  |  |  | 336 |  |  |  | 427 |  |  |  | — |  |  |  | 117,370 |
Consumer |  |  | 13,878 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,878 |
Mortgage warehouse |  |  | 13,513 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,513 |
|  | $ | 844,274 |  |  | $ | 557 |  |  | $ | 10,650 |  |  | $ | 427 |  |  | $ | 25,191 |  |  | $ | 881,099 |
Troubled Debt Restructurings As of December 31, 2014 and 2013, the Company had recorded investments in troubled debt restructurings of $360,000 and $336,000, respectively. These troubled debt restructurings and their effects were immaterial as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013, and 2012. Purchased Credit Impaired Loans The Company has loans that were acquired for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding contractually required principal and interest and the carrying amount of these loans included in the balance sheet amounts of loans receivable at December 31, 2014 and 2013, are as follows:
|  | December 31, |  |  | December 31, |
(Dollars in thousands) |  | 2014 |  |  | 2013 |
Contractually required principal and interest: |  |  |  |  |  |  |  |
Real estate loans |  | $ | 23,457 |  |  | $ | 35,584 |
Commercial loans |  |  | 6,293 |  |  |  | 2,795 |
Outstanding contractually required principal and interest |  | $ | 29,750 |  |  | $ | 38,379 |
Gross carrying amount included in loans receivable |  | $ | 16,500 |  |  | $ | 25,191 |
The changes in accretable yield during the years ended December 31, 2014 and 2013 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are as follows:
|  | Years Ended December 31, |
(Dollars in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Accretable yield, beginning balance |  | $ | 4,587 |  |  | $ | 4,244 |  |  | $ | 1,627 |
Additions |  |  | 482 |  |  |  | 1,717 |  |  |  | — |
Accretion |  |  | (4,276 | ) |  |  | (2,812 | ) |  |  | (2,124 | )
Reclassification from nonaccretable to accretable yield |  |  | 4,677 |  |  |  | 1,461 |  |  |  | 5,129 |
Disposals |  |  | (493 | ) |  |  | (23 | ) |  |  | (388 | )
Accretable yield, ending balance |  | $ | 4,977 |  |  | $ | 4,587 |  |  | $ | 4,244 |

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