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Loans and Allowance For Loan Losses | 3 Months Ended
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Mar. 31, 2012
Loans and Allowance For Loan Losses [Abstract] |
Loans and Allowance For Loan Losses | NOTE 7: LOANS AND ALLOWANCE FOR LOAN LOSSES
| March 31, |  | December 31,
| 2012 |  | 2011
| (In Thousands)
One- to four-family residential construction | $23,958 |  | $23,976
Subdivision construction | 54,550 |  | 61,140
Land development | 69,707 |  | 68,771
Commercial construction | 117,341 |  | 119,589
Owner occupied one- to four-family residential | 92,636 |  | 91,994
Non-owner occupied one- to four-family residential | 146,482 |  | 145,781
Commercial real estate | 655,402 |  | 639,857
Other residential | 270,831 |  | 243,742
Commercial business | 221,926 |  | 236,384
Industrial revenue bonds | 58,972 |  | 59,750
Consumer auto | 62,266 |  | 59,368
Consumer other | 79,330 |  | 77,540
Home equity lines of credit | 46,362 |  | 47,114
FDIC-supported loans, net of discounts (TeamBank) | 110,799 |  | 128,875
FDIC-supported loans, net of discounts (Vantus Bank) | 114,104 |  | 123,036
FDIC-supported loans, net of discounts (Sun Security Bank) | 128,157 |  | 144,626
| 2,252,823 |  | 2,271,543
Undisbursed portion of loans in process | (89,483) |  | (103,424)
Allowance for loan losses | (41,532) |  | (41,232)
Deferred loan fees and gains, net | (2,754) |  | (2,726)
| $2,119,054 |  | $2,124,161
Weighted average interest rate | 5.81% |  | 5.86%
Classes of loans by aging were as follows:
| March 31, 2012
|  |  |  |  |  |  | Total Loans
| 30-59 Days | 60-89 Days | Over 90 | Total Past |  | Total Loans | > 90 Days and
| Past Due | Past Due | Days | Due | Current | Receivable | Still Accruing
| (In Thousands)
One- to four-family |  |  |  |  |  |  |
residential construction | $-- | $-- | $3,231 | $3,231 | $20,727 | $23,958 | $--
Subdivision construction | 197 | 95 | 4,844 | 5,136 | 49,414 | 54,550 | 197
Land development | 127 | -- | 1,634 | 1,761 | 67,946 | 69,707 | --
Commercial construction | -- | -- | 1,062 | 1,062 | 116,279 | 117,341 | --
Owner occupied one- to four- |  |  |  |  |  |  |
family residential | 1,209 | 866 | 2,478 | 4,553 | 88,083 | 92,636 | 323
Non-owner occupied one- to |  |  |  |  |  |  |
four-family residential | -- | 41 | 1,212 | 1,253 | 145,229 | 146,482 | --
Commercial real estate | 2,641 | 1,300 | 6,244 | 10,185 | 645,217 | 655,402 | --
Other residential | 638 | -- | -- | 638 | 270,193 | 270,831 | --
Commercial business | 110 | -- | 735 | 845 | 221,081 | 221,926 | --
Industrial revenue bonds | -- | -- | 2,110 | 2,110 | 56,862 | 58,972 | --
Consumer auto | 261 | 27 | 159 | 447 | 61,819 | 62,266 | 11
Consumer other | 653 | 597 | 508 | 1,758 | 77,572 | 79,330 | 158
Home equity lines of credit | -- | -- | 142 | 142 | 46,220 | 46,362 | --
FDIC-supported loans, net of |  |  |  |  |  |  |
discounts (TeamBank) | 279 | 79 | 22,019 | 22,377 | 88,422 | 110,799 | --
FDIC-supported loans, net of |  |  |  |  |  |  |
discounts (Vantus Bank) | 574 | 1,209 | 8,097 | 9,880 | 104,224 | 114,104 | --
FDIC-supported loans, |  |  |  |  |  |  |
net of discounts |  |  |  |  |  |  |
(Sun Security Bank) | 2,807 | 893 | 112 | 3,812 | 124,345 | 128,157 | --
| 9,496 | 5,107 | 54,587 | 69,190 | 2,183,633 | 2,252,823 | 689
Less FDIC-supported loans, |  |  |  |  |  |  |
net of discounts | 3,660 | 2,181 | 30,228 | 36,069 | 316,991 | 353,060 | --
Total | $5,836 | $2,926 | $24,359 | $33,121 | $1,866,642 | $1,899,763 | $689
| December 31, 2011
|  |  |  |  |  |  | Total Loans
| 30-59 Days | 60-89 Days | Over 90 | Total Past |  | Total Loans | > 90 Days and
| Past Due | Past Due | Days | Due | Current | Receivable | Still Accruing
| (In Thousands)
One- to four-family |  |  |  |  |  |  |
residential construction | $2,082 | $342 | $186 | $2,610 | $21,366 | $23,976 | $--
Subdivision construction | 4,014 | 388 | 6,661 | 11,063 | 50,077 | 61,140 | --
Land development | -- | 4 | 2,655 | 2,659 | 66,112 | 68,771 | --
Commercial construction | -- | -- | -- | -- | 119,589 | 119,589 | --
Owner occupied one- to four- |  |  |  |  |  |  |
family residential | 833 | -- | 3,888 | 4,721 | 87,273 | 91,994 | 40
Non-owner occupied one- to |  |  |  |  |  |  |
four-family residential | 117 | -- | 3,425 | 3,542 | 142,239 | 145,781 | --
Commercial real estate | 6,323 | 535 | 6,204 | 13,062 | 626,795 | 639,857 | --
Other residential | -- | -- | -- | -- | 243,742 | 243,742 | --
Commercial business | 426 | 10 | 1,362 | 1,798 | 234,586 | 236,384 | --
Industrial revenue bonds | -- | -- | 2,110 | 2,110 | 57,640 | 59,750 | --
Consumer auto | 455 | 56 | 117 | 628 | 58,740 | 59,368 | 10
Consumer other | 1,508 | 641 | 715 | 2,864 | 74,676 | 77,540 | 356
Home equity lines of credit | 45 | 29 | 174 | 248 | 46,866 | 47,114 | --
FDIC-supported loans, net of |  |  |  |  |  |  |
discounts (TeamBank) | 2,422 | 862 | 19,215 | 22,499 | 106,376 | 128,875 | --
FDIC-supported loans, net of |  |  |  |  |  |  |
discounts (Vantus Bank) | 562 | 57 | 5,999 | 6,618 | 116,418 | 123,036 | 5
FDIC-supported loans, |  |  |  |  |  |  |
net of discounts |  |  |  |  |  |  |
(Sun Security Bank) | 5,628 | 6,851 | 40,299 | 52,778 | 91,848 | 144,626 | 150
| 24,415 | 9,775 | 93,010 | 127,200 | 2,144,343 | 2,271,543 | 561
Less FDIC-supported loans, |  |  |  |  |  |  |
net of discounts | 8,612 | 7,770 | 65,513 | 81,895 | 314,642 | 396,537 | 155
Total | $15,803 | $2,005 | $27,497 | $45,305 | $1,829,701 | $1,875,006 | $406
Nonaccruing loans (excluding FDIC-supported loans, net of discount) are summarized as follows:
| March 31, |  | December 31,
| 2012 |  | 2011
| (In Thousands)
One- to four-family residential construction | $3,231 |  | $186
Subdivision construction | 4,647 |  | 6,661
Land development | 1,634 |  | 2,655
Commercial construction | 1,062 |  | --
Owner occupied one- to four-family residential | 2,155 |  | 3,848
Non-owner occupied one- to four-family residential | 1,212 |  | 3,425
Commercial real estate | 6,244 |  | 6,204
Other residential | -- |  | --
Commercial business | 735 |  | 1,362
Industrial revenue bonds | 2,110 |  | 2,110
Consumer auto | 148 |  | 107
Consumer other | 350 |  | 359
Home equity lines of credit | 142 |  | 174
Total | $23,670 |  | $27,091
The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2012 and 2011, respectively. Also presented are the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of March 31, 2012 and 2011:
| One- to Four- |  |  |  |  |  |
| Family |  |  |  |  |  |
| Residential and | Other | Commercial | Commercial | Commercial |  |
| Construction | Residential | Real Estate | Construction | Business | Consumer | Total
| (In Thousands)
Allowance for loan losses |  |  |  |  |  |  |
Balance January 1, 2012 | $11,424 | $3,088 | $18,390 | $2,982 | $2,974 | $2,374 | $41,232
Provision charged to expense | (1,703) | 933 | 6,124 | 4,609 | 567 | (453) | 10,077
Losses charged off | (360) | -- | (4,410) | (4,460) | (542) | (234) | (10,006)
Recoveries | 52 | 2 | 5 | 24 | 60 | 86 | 229
Balance March 31, 2012 | $9,413 | $4,023 | $20,109 | $3,155 | $3,059 | $1,773 | $41,532
Balance January 1, 2011 | $11,483 | $3,866 | $14,336 | $5,852 | $3,281 | $2,669 | $41,487
Provision charged to expense | 3,238 | 893 | 3,212 | 797 | (30) | 90 | 8,200
Losses charged off | (3,201) | (962) | (1,743) | (1,418) | (792) | (890) | (9,006)
Recoveries | 26 | 1 | 2 | 4 | 551 | 569 | 1,153
Balance March 31, 2011 | $11,546 | $3,798 | $15,807 | $5,235 | $3,010 | $2,438 | $41,834
Ending balance: |  |  |  |  |  |  |
Individually evaluated for |  |  |  |  |  |  |
impairment | $3,168 | $1,182 | $4,796 | $968 | $795 | $37 | $10,946
Collectively evaluated for |  |  |  |  |  |  |
impairment | $6,233 | $2,841 | $15,288 | $2,187 | $2,258 | $1,734 | $30,541
Loans acquired and |  |  |  |  |  |  |
accounted for under ASC |  |  |  |  |  |  |
310-30 | $12 | $-- | $25 | $-- | $6 | $2 | $45
Loans |  |  |  |  |  |  |
Individually evaluated for |  |  |  |  |  |  |
impairment | $43,259 | $39,160 | $103,419 | $21,951 | $10,134 | $993 | $218,916
Collectively evaluated for |  |  |  |  |  |  |
impairment | $274,367 | $231,672 | $610,954 | $165,097 | $211,792 | $186,965 | $1,680,847
Loans acquired and |  |  |  |  |  |  |
accounted for under ASC |  |  |  |  |  |  |
310-30 | $118,416 | $28,546 | $143,232 | $8,256 | $21,913 | $32,696 | $353,059
The following table presents the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2011:
| One- to Four- |  |  |  |  |  |
| Family |  |  |  |  |  |
| Residential and | Other | Commercial | Commercial | Commercial |  |
| Construction | Residential | Real Estate | Construction | Business | Consumer | Total
| (In Thousands)
Allowance for loan losses |  |  |  |  |  |  |
Individually evaluated for |  |  |  |  |  |  |
impairment | $4,989 | $89 | $3,584 | $594 | $736 | $38 | $10,030
Collectively evaluated for |  |  |  |  |  |  |
impairment | $6,435 | $2,999 | $14,806 | $2,358 | $2,238 | $2,336 | $31,172
Loans acquired and |  |  |  |  |  |  |
accounted for under ASC |  |  |  |  |  |  |
310-30 | $-- | $-- | $-- | $30 | $-- | $-- | $30
Loans |  |  |  |  |  |  |
Individually evaluated for |  |  |  |  |  |  |
impairment | $39,519 | $20,802 | $99,254 | $27,592 | $10,720 | $839 | $198,726
Collectively evaluated for |  |  |  |  |  |  |
impairment | $283,371 | $222,940 | $600,353 | $160,768 | $225,665 | $183,183 | $1,676,280
Loans acquired and |  |  |  |  |  |  |
accounted for under ASC |  |  |  |  |  |  |
310-30 | $109,909 | $25,877 | $157,805 | $40,215 | $28,784 | $33,947 | $396,537
The portfolio segments used in the preceding two tables correspond to the loan classes used in all other tables in Note 7 as follows: · The one-to four-family residential and construction segment includes the one- to four-family residential construction, subdivision construction, owner occupied one- to four-family residential and non-owner occupied one- to four-family residential classes · The other residential and construction segment corresponds to the other residential class · The commercial real estate segment includes the commercial real estate and industrial revenue bonds classes · The commercial construction segment includes the land development and commercial construction classes · The commercial business segment corresponds to the commercial business class · The consumer segment includes the consumer auto, consumer other and home equity lines of credit classes Impaired loans are summarized as follows:
| March 31, 2012
|  |  |  | Average |
|  | Unpaid |  | Investment | Interest
| Recorded | Principal | Specific | in Impaired | Income
| Balance | Balance | Allowance | Loans | Recognized
| (In Thousands)
One- to four-family residential construction | $936 | $985 | $2 | $915 | $11
Subdivision construction | 15,837 | 20,350 | 1,287 | 17,281 | 180
Land development | 9,193 | 9,292 | 968 | 7,826 | 92
Commercial construction | -- | -- | -- | -- | --
Owner occupied one- to four-family residential | 4,866 | 5,492 | 615 | 5,224 | 47
Non-owner occupied one- to four-family residential | 10,486 | 11,028 | 1,264 | 10,595 | 161
Commercial real estate | 50,632 | 55,346 | 4,674 | 51,344 | 536
Other residential | 12,080 | 12,080 | 1,182 | 12,086 | 118
Commercial business | 4,155 | 5,184 | 795 | 4,748 | 76
Industrial revenue bonds | 3,508 | 3,588 | 122 | 2,576 | --
Consumer auto | 189 | 210 | 2 | 176 | 4
Consumer other | 575 | 764 | 23 | 619 | 22
Home equity lines of credit | 153 | 165 | 12 | 163 | 3
Total | $112,610 | $124,484 | $10,946 | $113,553 | $1,250
| December 31, 2011
|  |  |  | Average |
|  | Unpaid |  | Investment | Interest
| Recorded | Principal | Specific | in Impaired | Income
| Balance | Balance | Allowance | Loans | Recognized
| (In Thousands)
One- to four-family residential construction | $873 | $917 | $12 | $1,939 | $39
Subdivision construction | 12,999 | 14,730 | 2,953 | 10,154 | 282
Land development | 7,150 | 7,317 | 594 | 9,983 | 379
Commercial construction | -- | -- | -- | 308 | --
Owner occupied one- to four-family residential | 5,481 | 6,105 | 776 | 4,748 | 76
Non-owner occupied one- to four-family residential | 11,259 | 11,768 | 1,249 | 9,658 | 425
Commercial real estate | 49,961 | 55,233 | 3,562 | 34,403 | 1,616
Other residential | 12,102 | 12,102 | 89 | 9,475 | 454
Commercial business | 4,679 | 5,483 | 736 | 4,173 | 125
Industrial revenue bonds | 2,110 | 2,190 | 22 | 2,137 | --
Consumer auto | 147 | 168 | 3 | 192 | 6
Consumer other | 579 | 680 | 22 | 544 | 10
Home equity lines of credit | 174 | 184 | 12 | 227 | 1
Total | $107,514 | $116,877 | $10,030 | $87,941 | $3,413
At March 31, 2012 and December 31, 2011, all impaired loans had specific valuation allowances. Included in certain loan categories in the impaired loans are troubled debt restructurings that were classified as impaired. Troubled debt restructurings are loans that are modified by granting concessions to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. The types of concessions made are factored into the estimation of the allowance for loan losses for troubled debt restructurings primarily using a discounted cash flows or collateral adequacy approach. At March 31, 2012, the Company had $8.4 million of construction loans, $18.6 million of single family and multi-family residential mortgage loans, $32.0 million of commercial real estate loans, $3.0 million of commercial business loans and $146,000 of consumer loans that were modified in troubled debt restructurings and impaired. Of the total troubled debt restructurings, $50.5 million were accruing interest at March 31, 2012. During the previous 12 months, three non-owner occupied residential mortgage loans totaling $165,000 and two commercial real estate loans totaling $1.6 million were modified as troubled debt restructurings and had payment defaults subsequent to the modifications. When loans modified as troubled debt restructuring have subsequent payment defaults, the defaults are factored in to the determination of the allowance for loan losses to ensure specific valuation allowances reflect amounts considered uncollectible. At December 31, 2011, the Company had $9.0 million of construction loans, $17.0 million of residential mortgage loans, $31.3 million of commercial real estate loans, $671,000 of commercial business loans and $156,000 of consumer loans that were modified in troubled debt restructurings and impaired. Of the total troubled debt restructurings, $53.7 million were accruing interest at December 31, 2011. The Company reviews the credit quality of its loan portfolio using an internal grading system that classifies loans as “Satisfactory,” “Watch,” “Special Mention” and “Substandard.” Substandard loans are characterized by the distinct possibility that the Bank will sustain some loss if certain deficiencies are not corrected. Special mention loans possess potential weaknesses that deserve management’s close attention but do not expose the Bank to a degree of risk that warrants substandard classification. Loans classified as watch are being monitored because of indications of potential weaknesses or deficiencies that may require future classification as special mention or substandard. Loans not meeting any of the criteria previously described are considered satisfactory. The FDIC-covered loans are evaluated using this internal grading system. However, since these loans are accounted for in pools and are currently substantially covered through loss sharing agreements with the FDIC, all of the loan pools were considered satisfactory at March 31, 2012 and December 31, 2011, respectively. See Note 8 for further discussion of the acquired loan pools and loss sharing agreements. The loan grading system is presented by loan class below:
| March 31, 2012
|  |  | Special |  |
| Satisfactory | Watch | Mention | Substandard | Total
| (In Thousands)
One- to four-family residential |  |  |  |  |
construction | $22,691 | $1,267 | $-- | $-- | $23,958
Subdivision construction | 35,066 | 5,409 | -- | 14,075 | 54,550
Land development | 47,756 | 13,377 | 245 | 8,329 | 69,707
Commercial construction | 117,341 | -- | -- | -- | 117,341
Owner occupied one- to four-family |  |  |  |  |
residential | 87,767 | 902 | -- | 3,967 | 92,636
Non-owner occupied one- to four-family |  |  |  |  |
residential | 128,844 | 6,054 | 247 | 11,337 | 146,482
Commercial real estate | 559,424 | 56,059 | 13,368 | 26,551 | 655,402
Other residential | 231,671 | 26,875 | -- | 12,285 | 270,831
Commercial business | 211,792 | 5,268 | 628 | 4,238 | 221,926
Industrial revenue bonds | 51,530 | 3,934 | -- | 3,508 | 58,972
Consumer auto | 62,079 | 1 | -- | 186 | 62,266
Consumer other | 78,678 | 20 | 97 | 535 | 79,330
Home equity lines of credit | 46,209 | -- | -- | 153 | 46,362
FDIC-supported loans, net of discounts |  |  |  |  |
(TeamBank) | 110,799 | -- | -- | -- | 110,799
FDIC-supported loans, net of discounts |  |  |  |  |
(Vantus Bank) | 114,104 | -- | -- | -- | 114,104
FDIC-supported loans, net of discounts |  |  |  |  |
(Sun Security Bank) | 128,157 | -- | -- | -- | 128,157
Total | $2,033,908 | $119,166 | $14,585 | $85,164 | $2,252,823
| December 31, 2011
|  |  | Special |  |
| Satisfactory | Watch | Mention | Substandard | Total
| (In Thousands)
One- to four-family residential |  |  |  |  |
construction | $21,436 | $2,354 | $-- | $186 | $23,976
Subdivision construction | 45,754 | 2,701 | -- | 12,685 | 61,140
Land development | 41,179 | 20,902 | 245 | 6,445 | 68,771
Commercial construction | 119,589 | -- | -- | -- | 119,589
Owner occupied one- to four-family |  |  |  |  |
residential | 86,725 | 1,018 | -- | 4,251 | 91,994
Non-owner occupied one- to four-family |  |  |  |  |
residential | 129,458 | 5,232 | 249 | 10,842 | 145,781
Commercial real estate | 542,712 | 51,757 | 13,384 | 32,004 | 639,857
Other residential | 222,940 | 13,262 | -- | 7,540 | 243,742
Commercial business | 225,664 | 5,403 | 638 | 4,679 | 236,384
Industrial revenue bonds | 57,640 | -- | -- | 2,110 | 59,750
Consumer auto | 59,237 | -- | -- | 131 | 59,368
Consumer other | 77,006 | -- | -- | 534 | 77,540
Home equity lines of credit | 46,940 | -- | -- | 174 | 47,114
FDIC-supported loans, net of discounts |  |  |  |  |
(TeamBank) | 128,875 | -- | -- | -- | 128,875
FDIC-supported loans, net of discounts |  |  |  |  |
(Vantus Bank) | 123,036 | -- | -- | -- | 123,036
FDIC-supported loans, net of discounts |  |  |  |  |
(Sun Security Bank) | 144,626 | -- | -- | -- | 144,626
Total | $2,072,817 | $102,629 | $14,516 | $81,581 | $2,271,543

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5074-111524 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5162-111524 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 13 -Subparagraph d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5066-111524 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 + Details
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