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Loans
 9 Months Ended
Sep. 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 September 30, 2012, and December 31, 2011:

 

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

Covered loans

   $ 221,977       12.59 %    $ —         0.00 % 

Non-covered loans

                                

Commercial loans

                                

Construction, development, and other land

     62,030       3.52 %      61,768       4.42 % 

Commercial and industrial

     97,422       5.52 %      91,939       6.58 % 

Multi-family residential

     75,756       4.30 %      77,050       5.52 % 

Single family non-owner occupied

     135,346       7.67 %      106,743       7.65 % 

Non-farm, non-residential

     449,359       25.48 %      336,005       24.07 % 

Agricultural

     1,474       0.08 %      1,374       0.10 % 

Farmland

     36,735       2.08 %      37,161       2.66 % 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total commercial loans

     858,122       48.65 %      712,040       51.00 % 

Consumer real estate loans

                                

Home equity lines

     111,877       6.34 %      111,387       7.98 % 

Single family owner occupied

     474,985       26.93 %      473,067       33.89 % 

Owner occupied construction

     15,076       0.86 %      19,577       1.40 % 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total consumer real estate loans

     601,938       34.13 %      604,031       43.27 % 

Consumer and other loans

                                

Consumer loans

     76,004       4.31 %      67,129       4.81 % 

Other

     5,569       0.32 %      12,867       0.92 % 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total consumer and other loans

     81,573       4.63 %      79,996       5.73 % 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total non-covered loans

     1,541,633       87.41 %      1,396,067       100.00 % 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total loans held for investment, net of unearned income

   $ 1,763,610       100.00 %    $ 1,396,067       100.00 % 
   

 

 

    

 

 

    

 

 

    

 

 

  

Loans held for sale

   $ 4,446             $ 5,820          
   

 

 

            

 

 

          

 

Covered loans held for investment consisted of the following at September 30, 2012.

 

         
(Amounts in thousands)   September 30, 2012  

Covered loans

        

Commercial loans

        

Construction, development, and other land

   $ 28,885  

Commercial and industrial

     6,976  

Multi-family residential

     3,559  

Non-farm, non-residential

     50,723  

Agricultural

     308  

Farmland

     1,334  
   

 

 

  

Total commercial loans

     91,785  

Consumer real estate loans

        

Home equity lines

     87,358  

Single family owner occupied

     36,459  

Owner occupied construction

     1,982  
   

 

 

  

Total consumer real estate loans

     125,799  

Consumer and other loans

        

Consumer loans

     4,393  
   

 

 

  

Total covered loans

   $ 221,977  
   

 

 

  

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

Acquired Impaired Loans

When the fair value of acquired loans are established, certain loans are identified as impaired. The Company has estimated the cash flows to be collected on the acquired impaired loans and discounted those cash flows at a market rate of interest. The following tables present changes in the carrying balance of acquired impaired loans and activity within those loans during the periods indicated.

 

                                 
    Nine Months Ended September 30, 2012  
(Amounts in thousands)   Peoples     Waccamaw     Other     Total  

Balance, January 1

   $ —       $ —       $ 2,886     $ 2,886  

Balance, September 30

   $ 30,898     $ 115,125     $ 2,314     $ 148,337  

 

         
(Amounts in thousands)   Nine Months Ended September 30, 2011  

Balance, January 1

   $ 3,221  

Balance, September 30

   $ 2,865  

The outstanding balance of acquired impaired loans was $220.07 million at September 30, 2012, $7.71 million at December 31, 2011, and $7.75 million at September 30, 2011.

The following tables present changes in the accretable yield during the periods indicated:

 

                                 
    Nine Months Ended September 30, 2012  
(Amounts in thousands)   Peoples     Waccamaw     Other     Total  

Balance, January 1

   $ —       $ —       $ 919     $ 919  

Additions

     3,400       26,481       —         29,881  

Accretion

     (399 )      (1,491 )      (1,198 )      (3,088 ) 

Reclassifications from nonaccretable difference

     —         —         139       139  

Disposals

     77       108       161       346  
   

 

 

    

 

 

    

 

 

    

 

 

  

Balance, September 30

   $ 3,078     $ 25,098     $ 21     $ 28,197  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

         
(Amounts in thousands)   Nine Months Ended September 30, 2011  

Balance, January 1

   $ 944  

Accretion

     (13 ) 

Reclassifications from nonaccretable difference

     —    

Disposals

     —    
   

 

 

  

Balance, September 30

   $ 931