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Loans and Allowance For Loan Losses

3 Months Ended

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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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.

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