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Loans | 9 Months Ended
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Sep. 30, 2013
Loans | Note 3. Loans Loan Portfolio The Company’s loans held for investment are grouped into three segments (commercial loans, consumer real estate loans, and consumer and other loans) with each segment divided into various classes. Covered loans are defined as loans acquired in FDIC-assisted transactions that are covered by loss share agreements. The following tables present loans, net of unearned income and disaggregated by class, for the periods indicated:
|  | September 30, 2013 |  |  | December 31, 2012 |
(Amounts in thousands) |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Covered loans |  | $ | 163,425 |  |  |  | 9.63 | % |  | $ | 207,106 |  |  |  | 12.01 | %
Non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  |  | 55,791 |  |  |  | 3.29 | % |  |  | 57,434 |  |  |  | 3.33 | %
Commercial and industrial |  |  | 95,972 |  |  |  | 5.66 | % |  |  | 88,738 |  |  |  | 5.15 | %
Multi-family residential |  |  | 56,079 |  |  |  | 3.31 | % |  |  | 65,694 |  |  |  | 3.81 | %
Single family non-owner occupied |  |  | 132,253 |  |  |  | 7.79 | % |  |  | 135,912 |  |  |  | 7.88 | %
Non-farm, non-residential |  |  | 455,247 |  |  |  | 26.83 | % |  |  | 448,810 |  |  |  | 26.02 | %
Agricultural |  |  | 2,274 |  |  |  | 0.13 | % |  |  | 1,709 |  |  |  | 0.10 | %
Farmland |  |  | 31,885 |  |  |  | 1.88 | % |  |  | 34,570 |  |  |  | 2.00 | %
Total commercial loans |  |  | 829,501 |  |  |  | 48.89 | % |  |  | 832,867 |  |  |  | 48.29 | %
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 109,611 |  |  |  | 6.46 | % |  |  | 111,081 |  |  |  | 6.44 | %
Single family owner occupied |  |  | 492,424 |  |  |  | 29.02 | % |  |  | 473,547 |  |  |  | 27.46 | %
Owner occupied construction |  |  | 25,349 |  |  |  | 1.50 | % |  |  | 16,223 |  |  |  | 0.94 | %
Total consumer real estate loans |  |  | 627,384 |  |  |  | 36.98 | % |  |  | 600,851 |  |  |  | 34.84 | %
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 71,679 |  |  |  | 4.22 | % |  |  | 78,163 |  |  |  | 4.53 | %
Other |  |  | 4,708 |  |  |  | 0.28 | % |  |  | 5,666 |  |  |  | 0.33 | %
Total consumer and other loans |  |  | 76,387 |  |  |  | 4.50 | % |  |  | 83,829 |  |  |  | 4.86 | %
Total non-covered loans |  |  | 1,533,272 |  |  |  | 90.37 | % |  |  | 1,517,547 |  |  |  | 87.99 | %
Total loans held for investment, net of unearned income |  | $ | 1,696,697 |  |  |  | 100.00 | % |  | $ | 1,724,653 |  |  |  | 100.00 | %
Loans held for sale |  | $ | 825 |  |  |  |  |  |  | $ | 6,672 |  |  |  |  |
(Amounts in thousands) |  | September 30, 2013 |  |  | December 31, 2012 |
Covered loans |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 17,979 |  |  | $ | 26,595 |
Commercial and industrial |  |  | 3,951 |  |  |  | 6,948 |
Multi-family residential |  |  | 2,003 |  |  |  | 2,611 |
Single family non-owner occupied |  |  | 8,142 |  |  |  | 11,428 |
Non-farm, non-residential |  |  | 37,751 |  |  |  | 48,565 |
Agricultural |  |  | 176 |  |  |  | 144 |
Farmland |  |  | 1,014 |  |  |  | 1,091 |
Total commercial loans |  |  | 71,016 |  |  |  | 97,382 |
Consumer real estate loans |  |  |  |  |  |  |  |
Home equity lines |  |  | 71,724 |  |  |  | 81,445 |
Single family owner occupied |  |  | 19,253 |  |  |  | 22,961 |
Owner occupied construction |  |  | 1,306 |  |  |  | 1,644 |
Total consumer real estate loans |  |  | 92,283 |  |  |  | 106,050 |
Consumer and other loans |  |  |  |  |  |  |  |
Consumer loans |  |  | 126 |  |  |  | 3,674 |
Total covered loans |  | $ | 163,425 |  |  | $ | 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 cash flows to be collected on acquired impaired loans and discounted those cash flows at a market rate of interest. The outstanding principal balance of acquired impaired loans was $139.46 million at September 30, 2013, $198.34 million at December 31, 2012, and $220.07 million at September 30, 2012. The following tables present the carrying balance of acquired impaired loans during the periods indicated:
|  | Nine Months Ended September 30, 2013 |
|  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 26,907 |  |  | $ | 110,115 |  |  | $ | 2,340 |  |  | $ | 139,362 |
Balance, September 30 |  |  | 11,961 |  |  |  | 76,457 |  |  |  | 2,015 |  |  |  | 90,433 |
|  | Nine Months Ended September 30, 2012 |
|  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | — |  |  | $ | — |  |  | $ | 2,886 |  |  | $ | 2,886 |
Balance, September 30 |  |  | 30,898 |  |  |  | 115,125 |  |  |  | 2,314 |  |  |  | 148,337 |
The following tables present changes in the accretable yield on acquired impaired loans during the periods indicated:
|  | Nine Months Ended September 30, 2013 |
|  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2013 |  | $ | 2,342 |  |  | $ | 21,886 |  |  | $ | 15 |  |  | $ | 24,243 |
Additions |  |  | 148 |  |  |  | 189 |  |  |  | — |  |  |  | 337 |
Accretion |  |  | (1,315 | ) |  |  | (4,558 | ) |  |  | (108 | ) |  |  | (5,981 | )
Transfers to accretable discount (exit events), net |  |  | 4,276 |  |  |  | (6,477 | ) |  |  | 101 |  |  |  | (2,100 | )
Disposals |  |  | (1,417 | ) |  |  | (2,127 | ) |  |  | — |  |  |  | (3,544 | )
Balance, September 30, 2013 |  | $ | 4,034 |  |  | $ | 8,913 |  |  | $ | 8 |  |  | $ | 12,955 |
|  | Nine Months Ended September 30, 2012 |
|  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2012 |  | $ | — |  |  | $ | — |  |  | $ | 919 |  |  | $ | 919 |
Additions |  |  | 3,400 |  |  |  | 26,481 |  |  |  | — |  |  |  | 29,881 |
Accretion |  |  | (399 | ) |  |  | (1,491 | ) |  |  | (1,198 | ) |  |  | (3,088 | )
Transfers to accretable discount, net |  |  | — |  |  |  | — |  |  |  | 139 |  |  |  | 139 |
Disposals |  |  | 77 |  |  |  | 108 |  |  |  | 161 |  |  |  | 346 |
Balance, September 30, 2012 |  | $ | 3,078 |  |  | $ | 25,098 |  |  | $ | 21 |  |  | $ | 28,197 |

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