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Loans | 6 Months Ended
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Jun. 30, 2013
Loans |
Note 3. | Loans
Loan Portfolio The Company’s loan portfolio is grouped into three segments (commercial loans, consumer real estate loans, and consumer and other loans) and each segment is divided further into various classes. Loans, net of unearned income, consisted of the following at June 30, 2013, and December 31, 2012:
|  | June 30, 2013 |  |  | December 31, 2012 |
(Amounts in thousands) |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Covered loans |  | $ | 184,076 |  |  |  | 10.88 | % |  | $ | 207,106 |  |  |  | 12.01 | %
Non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  |  | 52,198 |  |  |  | 3.09 | % |  |  | 57,434 |  |  |  | 3.33 | %
Commercial and industrial |  |  | 92,448 |  |  |  | 5.47 | % |  |  | 88,738 |  |  |  | 5.15 | %
Multi-family residential |  |  | 59,536 |  |  |  | 3.52 | % |  |  | 65,694 |  |  |  | 3.81 | %
Single family non-owner occupied |  |  | 134,207 |  |  |  | 7.93 | % |  |  | 135,912 |  |  |  | 7.88 | %
Non-farm, non-residential |  |  | 455,224 |  |  |  | 26.91 | % |  |  | 448,810 |  |  |  | 26.02 | %
Agricultural |  |  | 2,393 |  |  |  | 0.14 | % |  |  | 1,709 |  |  |  | 0.10 | %
Farmland |  |  | 34,354 |  |  |  | 2.03 | % |  |  | 34,570 |  |  |  | 2.00 | %
Total commercial loans |  |  | 830,360 |  |  |  | 49.09 | % |  |  | 832,867 |  |  |  | 48.29 | %
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 109,820 |  |  |  | 6.49 | % |  |  | 111,081 |  |  |  | 6.44 | %
Single family owner occupied |  |  | 473,212 |  |  |  | 27.98 | % |  |  | 473,547 |  |  |  | 27.46 | %
Owner occupied construction |  |  | 21,276 |  |  |  | 1.26 | % |  |  | 16,223 |  |  |  | 0.94 | %
Total consumer real estate loans |  |  | 604,308 |  |  |  | 35.73 | % |  |  | 600,851 |  |  |  | 34.84 | %
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 69,002 |  |  |  | 4.08 | % |  |  | 78,163 |  |  |  | 4.53 | %
Other |  |  | 3,752 |  |  |  | 0.22 | % |  |  | 5,666 |  |  |  | 0.33 | %
Total consumer and other loans |  |  | 72,754 |  |  |  | 4.30 | % |  |  | 83,829 |  |  |  | 4.86 | %
Total non-covered loans |  |  | 1,507,422 |  |  |  | 89.12 | % |  |  | 1,517,547 |  |  |  | 87.99 | %
Total loans held for investment, net of unearned income |  | $ | 1,691,498 |  |  |  | 100.00 | % |  | $ | 1,724,653 |  |  |  | 100.00 | %
Loans held for sale |  | $ | 4,621 |  |  |  |  |  |  | $ | 6,672 |  |  |  |  |
Covered loans held for investment consisted of the following at June 30, 2013, and December 31, 2012:
(Amounts in thousands) |  | June 30, 2013 |  |  | December 31, 2012 |
Covered loans |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 23,067 |  |  | $ | 26,595 |
Commercial and industrial |  |  | 4,412 |  |  |  | 6,948 |
Multi-family residential |  |  | 2,434 |  |  |  | 2,611 |
Single family non-owner occupied |  |  | 9,750 |  |  |  | 11,428 |
Non-farm, non-residential |  |  | 41,200 |  |  |  | 48,565 |
Agricultural |  |  | 31 |  |  |  | 144 |
Farmland |  |  | 1,234 |  |  |  | 1,091 |
Total commercial loans |  |  | 82,128 |  |  |  | 97,382 |
Consumer real estate loans |  |  |  |  |  |  |  |
Home equity lines |  |  | 77,132 |  |  |  | 81,445 |
Single family owner occupied |  |  | 20,467 |  |  |  | 22,961 |
Owner occupied construction |  |  | 1,638 |  |  |  | 1,644 |
Total consumer real estate loans |  |  | 99,237 |  |  |  | 106,050 |
Consumer and other loans |  |  |  |  |  |  |  |
Consumer loans |  |  | 2,711 |  |  |  | 3,674 |
Total covered loans |  | $ | 184,076 |  |  | $ | 207,106 |
See Note 12, “Litigation, Commitments and Contingencies,” for information concerning the Company’s off-balance sheet credit risk related to lending activities. Acquired Impaired Loans When the fair values 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 outstanding principal balance of acquired impaired loans was $155.04 million at June 30, 2013, $198.34 million at December 31, 2012, and $215.16 million at June 30, 2012. The following tables present the carrying balance of acquired impaired loans during the periods indicated:
|  | Six Months Ended June 30, 2013 |
|  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 26,907 |  |  | $ | 110,115 |  |  | $ | 2,340 |  |  | $ | 139,362 |
Balance, June 30 |  |  | 17,484 |  |  |  | 90,105 |  |  |  | 2,088 |  |  |  | 109,677 |
|  | Six Months Ended June 30, 2012 |
|  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | — |  |  | $ | — |  |  | $ | 2,886 |  |  | $ | 2,886 |
Balance, June 30 |  |  | 33,454 |  |  |  | 112,498 |  |  |  | 2,293 |  |  |  | 148,245 |
The following tables present changes in the accretable yield on acquired impaired loans during the periods indicated:
|  | Six Months Ended June 30, 2013 |
|  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2013 |  | $ | 2,342 |  |  | $ | 21,886 |  |  | $ | 15 |  |  | $ | 24,243 |
Additions |  |  | 148 |  |  |  | 178 |  |  |  | — |  |  |  | 326 |
Accretion |  |  | (846 | ) |  |  | (2,900 | ) |  |  | (99 | ) |  |  | (3,845 | )
Transfers to accretable discount (exit events), net |  |  | 4,695 |  |  |  | (9,104 | ) |  |  | 92 |  |  |  | (4,317 | )
Disposals |  |  | (1,203 | ) |  |  | (1,581 | ) |  |  | — |  |  |  | (2,784 | )
Balance, June 30, 2013 |  | $ | 5,136 |  |  | $ | 8,479 |  |  | $ | 8 |  |  | $ | 13,623 |
|  | Six Months Ended June 30, 2012 |
|  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2012 |  | $ | — |  |  | $ | — |  |  | $ | 919 |  |  | $ | 919 |
Additions |  |  | 3,400 |  |  |  | 26,481 |  |  |  | — |  |  |  | 29,881 |
Accretion |  |  | (139 | ) |  |  | (513 | ) |  |  | (1,146 | ) |  |  | (1,798 | )
Transfers to accretable discount, net |  |  | — |  |  |  | — |  |  |  | 92 |  |  |  | 92 |
Disposals |  |  | — |  |  |  | — |  |  |  | 161 |  |  |  | 161 |
Balance, June 30, 2012 |  | $ | 3,261 |  |  | $ | 25,968 |  |  | $ | 26 |  |  | $ | 29,255 |

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