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Loans | 12 Months Ended
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Dec. 31, 2013
Loans |
Note 4. | Loans
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. Deferred loan fees were $3.16 million as of December 31, 2013, $2.36 million as of December 31, 2012, and $1.69 million as of December 31, 2011. Customer overdrafts are reclassified as loans and totaled $1.42 million as of December 31, 2013, and $1.55 million as of December 31, 2012. The following table presents loans, net of unearned income and disaggregated by class, as of the periods indicated:
|  | December 31, |
|  | 2013 |  |  | 2012 |
(Amounts in thousands) |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Non-covered loans held for investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 35,255 |  |  |  | 2.06 | % |  | $ | 57,434 |  |  |  | 3.33 | %
Commercial and industrial |  |  | 95,455 |  |  |  | 5.58 | % |  |  | 88,738 |  |  |  | 5.15 | %
Multi-family residential |  |  | 70,197 |  |  |  | 4.10 | % |  |  | 65,694 |  |  |  | 3.81 | %
Single family non-owner occupied |  |  | 135,559 |  |  |  | 7.92 | % |  |  | 135,912 |  |  |  | 7.88 | %
Non-farm, non-residential |  |  | 475,911 |  |  |  | 27.82 | % |  |  | 448,810 |  |  |  | 26.02 | %
Agricultural |  |  | 2,324 |  |  |  | 0.14 | % |  |  | 1,709 |  |  |  | 0.10 | %
Farmland |  |  | 32,614 |  |  |  | 1.91 | % |  |  | 34,570 |  |  |  | 2.00 | %
Total commercial loans |  |  | 847,315 |  |  |  | 49.53 | % |  |  | 832,867 |  |  |  | 48.29 | %
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 111,770 |  |  |  | 6.53 | % |  |  | 111,081 |  |  |  | 6.44 | %
Single family owner occupied |  |  | 496,012 |  |  |  | 28.99 | % |  |  | 473,547 |  |  |  | 27.46 | %
Owner occupied construction |  |  | 28,703 |  |  |  | 1.68 | % |  |  | 16,223 |  |  |  | 0.94 | %
Total consumer real estate loans |  |  | 636,485 |  |  |  | 37.20 | % |  |  | 600,851 |  |  |  | 34.84 | %
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 71,313 |  |  |  | 4.17 | % |  |  | 78,163 |  |  |  | 4.53 | %
Other |  |  | 3,926 |  |  |  | 0.23 | % |  |  | 5,666 |  |  |  | 0.33 | %
Total consumer and other loans |  |  | 75,239 |  |  |  | 4.40 | % |  |  | 83,829 |  |  |  | 4.86 | %
Total non-covered loans |  |  | 1,559,039 |  |  |  | 91.13 | % |  |  | 1,517,547 |  |  |  | 87.99 | %
Total covered loans |  |  | 151,682 |  |  |  | 8.87 | % |  |  | 207,106 |  |  |  | 12.01 | %
Total loans held for investment, net of unearned income |  | $ | 1,710,721 |  |  |  | 100.00 | % |  | $ | 1,724,653 |  |  |  | 100.00 | %
Loans held for sale |  | $ | 883 |  |  |  |  |  |  | $ | 6,672 |  |  |  |  |
The following table presents the components of the Company’s covered loan portfolio, disaggregated by class, as of the dates indicated:
|  | December 31, |
(Amounts in thousands) |  | 2013 |  |  | 2012 |
Covered loans |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 15,865 |  |  | $ | 26,595 |
Commercial and industrial |  |  | 3,325 |  |  |  | 6,948 |
Multi-family residential |  |  | 1,933 |  |  |  | 2,611 |
Single family non-owner occupied |  |  | 7,449 |  |  |  | 11,428 |
Non-farm, non-residential |  |  | 34,646 |  |  |  | 48,565 |
Agricultural |  |  | 164 |  |  |  | 144 |
Farmland |  |  | 873 |  |  |  | 1,091 |
Total commercial loans |  |  | 64,255 |  |  |  | 97,382 |
Consumer real estate loans |  |  |  |  |  |  |  |
Home equity lines |  |  | 69,206 |  |  |  | 81,445 |
Single family owner occupied |  |  | 16,919 |  |  |  | 22,961 |
Owner occupied construction |  |  | 1,184 |  |  |  | 1,644 |
Total consumer real estate loans |  |  | 87,309 |  |  |  | 106,050 |
Consumer and other loans |  |  |  |  |  |  |  |
Consumer loans |  |  | 118 |  |  |  | 3,674 |
Total covered loans |  | $ | 151,682 |  |  | $ | 207,106 |
For information concerning off-balance sheet financing, see Note 20, “Litigation, Commitments and Contingencies,” to the Consolidated Financial Statements of this report. Purchased Credit Impaired Loans When the fair values of purchased loans are established at acquisition, certain loans are identified as impaired. These PCI loans are aggregated into loan pools that have common risk characteristics. The Company’s loan pools consist of Waccamaw commercial, Waccamaw lines of credit, Peoples commercial, Waccamaw serviced home equity lines, Waccamaw residential, Peoples residential, and Waccamaw consumer. The Company estimates cash flows to be collected on PCI loans and discounts those cash flows at a market rate of interest. The following table presents the carrying and contractual unpaid principal balance of PCI loans, by acquisition, as of the dates indicated:
(Amounts in thousands) |  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
Carrying balance, January 1, 2011 |  |  |  |  |  |  |  |  |  | $ | 3,221 |  |  | $ | 3,221 |
Carrying balance, December 31, 2011 |  |  |  |  |  |  |  |  |  |  | 2,886 |  |  |  | 2,886 |
Unpaid principal balance, December 31, 2011 |  |  |  |  |  |  |  |  |  |  | 6,824 |  |  |  | 6,824 |
Carrying balance, January 1, 2012 |  | $ | — |  |  | $ | — |  |  | $ | 2,886 |  |  | $ | 2,886 |
Impaired loans acquired |  |  | 32,603 |  |  |  | 117,572 |  |  |  | — |  |  |  | 150,175 |
Carrying balance, December 31, 2012 |  |  | 26,907 |  |  |  | 112,093 |  |  |  | 2,340 |  |  |  | 141,340 |
Unpaid principal balance, December 31, 2012 |  |  | 34,644 |  |  |  | 157,781 |  |  |  | 5,918 |  |  |  | 198,343 |
Carrying balance, January 1, 2013 |  | $ | 26,907 |  |  | $ | 112,093 |  |  | $ | 2,340 |  |  | $ | 141,340 |
Carrying balance, December 31, 2013 |  |  | 9,196 |  |  |  | 70,584 |  |  |  | 1,931 |  |  |  | 81,711 |
Unpaid principal balance, December 31, 2013 |  |  | 17,431 |  |  |  | 105,677 |  |  |  | 5,390 |  |  |  | 128,498 |
The following table presents the activity in the accretable yield related to PCI loans, by acquisition, in the periods indicated:
(Amounts in thousands) |  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
Balance, January 1, 2011 |  |  |  |  |  |  |  |  |  | $ | 944 |  |  | $ | 944 |
Accretion |  |  |  |  |  |  |  |  |  |  | (174 | ) |  |  | (174 | )
Reclassifications from nonaccretable difference |  |  |  |  |  |  |  |  |  |  | 149 |  |  |  | 149 |
Disposals |  |  |  |  |  |  |  |  |  |  | — |  |  |  | — |
Balance, December 31, 2011 |  |  |  |  |  |  |  |  |  | $ | 919 |  |  | $ | 919 |
Balance, January 1, 2012 |  | $ | — |  |  | $ | — |  |  | $ | 919 |  |  | $ | 919 |
Additions |  |  | 3,400 |  |  |  | 26,481 |  |  |  | — |  |  |  | 29,881 |
Accretion |  |  | (856 | ) |  |  | (3,315 | ) |  |  | (1,089 | ) |  |  | (5,260 | )
Reclassifications from nonaccretable difference |  |  | — |  |  |  | — |  |  |  | 185 |  |  |  | 185 |
Disposals |  |  | (202 | ) |  |  | (1,280 | ) |  |  | — |  |  |  | (1,482 | )
Balance, December 31, 2012 |  | $ | 2,342 |  |  | $ | 21,886 |  |  | $ | 15 |  |  | $ | 24,243 |
Balance, January 1, 2013 |  | $ | 2,342 |  |  | $ | 21,886 |  |  | $ | 15 |  |  | $ | 24,243 |
Additions |  |  | 148 |  |  |  | 281 |  |  |  | — |  |  |  | 429 |
Accretion |  |  | (1,840 | ) |  |  | (6,288 | ) |  |  | (119 | ) |  |  | (8,247 | )
Reclassifications from (to) nonaccretable difference |  |  | 6,155 |  |  |  | (2,967 | ) |  |  | 112 |  |  |  | 3,300 |
Disposals |  |  | (1,511 | ) |  |  | (2,574 | ) |  |  | — |  |  |  | (4,085 | )
Balance, December 31, 2013 |  | $ | 5,294 |  |  | $ | 10,338 |  |  | $ | 8 |  |  | $ | 15,640 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5074-111524 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5066-111524 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Article 4 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5162-111524 + Details
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