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Loans
 6 Months Ended
Jun. 30, 2012
Loans and Allowance for Loan Losses and Credit Quality Indicators [Abstract]  
Loans

Note 5. Loans

Loan Portfolio

Loans, net of unearned income, consisted of the following at June 30, 2012, and December 31, 2011:

 

                                 
    June 30, 2012     December 31, 2011  
(Amounts in thousands)   Amount     Percent     Amount     Percent  

Covered loans

   $ 238,777       13.21 %    $ —         0.00 % 

Non-covered loans

                                

Commercial loans

                                

Construction — commercial

     20,877       1.16 %      35,482       2.54 % 

Land development

     6,549       0.36 %      2,902       0.21 % 

Other land loans

     26,571       1.47 %      23,384       1.67 % 

Commercial and industrial

     99,364       5.50 %      91,939       6.58 % 

Multi-family residential

     86,040       4.76 %      77,050       5.52 % 

Single family non-owner occupied

     140,684       7.79 %      106,743       7.65 % 

Non-farm, non-residential

     453,820       25.12 %      336,005       24.07 % 

Agricultural

     1,643       0.09 %      1,374       0.10 % 

Farmland

     38,423       2.13 %      37,161       2.66 % 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total commercial loans

     873,971       48.38 %      712,040       51.00 % 

Consumer real estate loans

                                

Home equity lines

     115,843       6.41 %      111,387       7.98 % 

Single family owner occupied

     466,450       25.81 %      473,067       33.89 % 

Owner occupied construction

     30,417       1.68 %      19,577       1.40 % 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total consumer real estate loans

     612,710       33.90 %      604,031       43.27 % 

Consumer and other loans

                                

Consumer loans

     75,781       4.19 %      67,129       4.81 % 

Other

     5,850       0.32 %      12,867       0.92 % 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total consumer and other loans

     81,631       4.51 %      79,996       5.73 % 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total non-covered loans

     1,568,312       86.79 %      1,396,067       100.00 % 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total loans held for investment, net of unearned income

   $ 1,807,089       100.00 %    $ 1,396,067       100.00 % 
   

 

 

    

 

 

    

 

 

    

 

 

  

Loans held for sale

   $ 1,179             $ 5,820          
   

 

 

            

 

 

          

 

Covered loans held for investment, net of unearned income, consisted of the following at June 30, 2012.

 

         
(Amounts in thousands)   June 30, 2012  

Covered loans

        

Commercial loans

        

Construction — commercial

   $ 17,770  

Land development

     —    

Other land loans

     —    

Commercial and industrial

     7,663  

Multi-family residential

     3,706  

Single family non-owner occupied

     —    

Non-farm, non-residential

     66,751  

Agricultural

     307  

Farmland

     1,345  
   

 

 

  

Total commercial loans

     97,542  

Consumer real estate loans

        

Home equity lines

     88,508  

Single family owner occupied

     45,691  

Owner occupied construction

     2,502  
   

 

 

  

Total consumer real estate loans

     136,701  

Consumer and other loans

        

Consumer loans

     4,534  

Other

     —    
   

 

 

  

Total consumer and other loans

     4,534  
   

 

 

  

Total covered loans

   $ 238,777  
   

 

 

  

See Note 11, “Commitments and Contingencies,” for information concerning the Company’s off-balance sheet credit risk related to lending activities.

Acquired Impaired Loans

The following table presents the carrying balance of acquired impaired loans and activity within those loans during the periods indicated. The Company has estimated the cash flows to be collected on the loans and discounted those cash flows at a market rate of interest. As previously discussed in Note 3, “Business Combinations,” the Company is in the process of identifying the purchased performing and credit impaired loans from the Peoples and Waccamaw acquisitions; therefore, acquisitions completed during the second quarter of 2012 are not reflected in the following tables.

 

                 
    Six Months Ended June 30,  
(Amounts in thousands)   2012     2011  

Balance, January 1

   $ 2,886     $ 3,221  

Accretion

     1,146       13  

Principal payments received

     (1,739 )      (173 ) 

Other

     4       60  

Charge-offs

     (4 )      —    
   

 

 

    

 

 

  

Balance, June 30

   $ 2,293     $ 3,121  
   

 

 

    

 

 

  

The outstanding balance of acquired impaired loans, excluding the Peoples and Waccamaw portfolios, was $5.98 million at June 30, 2012, $7.71 million at December 31, 2011, and $8.45 million at June 30, 2011.

 

The following table presents changes in the accretable yield during the periods indicated:

 

                 
    Six Months Ended June 30,  
(Amounts in thousands)   2012     2011  

Balance, January 1

   $ 919     $ 944  

Accretion

     (1,146 )      (13 ) 

Reclassifications from nonaccretable difference

     92       —    

Disposals

     161       —    
   

 

 

    

 

 

  

Balance, June 30

   $ 26     $ 931