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Loans | 3 Months Ended
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Mar. 31, 2014
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 table presents loans, net of unearned income and disaggregated by class, as of the periods indicated:
|  | March 31, 2014 |  |  | December 31, 2013 |
(Amounts in thousands) |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Non-covered loans held for investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 45,661 |  |  |  | 2.64 | % |  | $ | 35,255 |  |  |  | 2.06 | %
Commercial and industrial |  |  | 94,403 |  |  |  | 5.45 | % |  |  | 95,455 |  |  |  | 5.58 | %
Multi-family residential |  |  | 75,594 |  |  |  | 4.36 | % |  |  | 70,197 |  |  |  | 4.10 | %
Single family non-owner occupied |  |  | 137,969 |  |  |  | 7.97 | % |  |  | 135,559 |  |  |  | 7.92 | %
Non-farm, non-residential |  |  | 484,361 |  |  |  | 27.97 | % |  |  | 475,911 |  |  |  | 27.82 | %
Agricultural |  |  | 2,093 |  |  |  | 0.12 | % |  |  | 2,324 |  |  |  | 0.14 | %
Farmland |  |  | 32,410 |  |  |  | 1.87 | % |  |  | 32,614 |  |  |  | 1.91 | %
Total commercial loans |  |  | 872,491 |  |  |  | 50.38 | % |  |  | 847,315 |  |  |  | 49.53 | %
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 113,137 |  |  |  | 6.53 | % |  |  | 111,770 |  |  |  | 6.53 | %
Single family owner occupied |  |  | 492,627 |  |  |  | 28.45 | % |  |  | 496,012 |  |  |  | 28.99 | %
Owner occupied construction |  |  | 34,360 |  |  |  | 1.98 | % |  |  | 28,703 |  |  |  | 1.68 | %
Total consumer real estate loans |  |  | 640,124 |  |  |  | 36.96 | % |  |  | 636,485 |  |  |  | 37.20 | %
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 72,111 |  |  |  | 4.16 | % |  |  | 71,313 |  |  |  | 4.17 | %
Other |  |  | 3,968 |  |  |  | 0.23 | % |  |  | 3,926 |  |  |  | 0.23 | %
Total consumer and other loans |  |  | 76,079 |  |  |  | 4.39 | % |  |  | 75,239 |  |  |  | 4.40 | %
Total non-covered loans |  |  | 1,588,694 |  |  |  | 91.73 | % |  |  | 1,559,039 |  |  |  | 91.13 | %
Total covered loans |  |  | 143,170 |  |  |  | 8.27 | % |  |  | 151,682 |  |  |  | 8.87 | %
Total loans held for investment, net of unearned income |  | $ | 1,731,864 |  |  |  | 100.00 | % |  | $ | 1,710,721 |  |  |  | 100.00 | %
Loans held for sale |  | $ | 1,743 |  |  |  |  |  |  | $ | 883 |  |  |  |  |
The following table presents the components of the Company’s covered loan portfolio, disaggregated by class, as of the dates indicated:
|  | March 31, |  |  | December 31, |
(Amounts in thousands) |  | 2014 |  |  | 2013 |
Covered loans |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 15,956 |  |  | $ | 15,865 |
Commercial and industrial |  |  | 3,062 |  |  |  | 3,325 |
Multi-family residential |  |  | 1,903 |  |  |  | 1,933 |
Single family non-owner occupied |  |  | 6,794 |  |  |  | 7,449 |
Non-farm, non-residential |  |  | 31,458 |  |  |  | 34,646 |
Agricultural |  |  | 162 |  |  |  | 164 |
Farmland |  |  | 817 |  |  |  | 873 |
Total commercial loans |  |  | 60,152 |  |  |  | 64,255 |
Consumer real estate loans |  |  |  |  |  |  |  |
Home equity lines |  |  | 66,895 |  |  |  | 69,206 |
Single family owner occupied |  |  | 15,287 |  |  |  | 16,919 |
Owner occupied construction |  |  | 727 |  |  |  | 1,184 |
Total consumer real estate loans |  |  | 82,909 |  |  |  | 87,309 |
Consumer and other loans |  |  |  |  |  |  |  |
Consumer loans |  |  | 109 |  |  |  | 118 |
Total covered loans |  | $ | 143,170 |  |  | $ | 151,682 |
For information concerning off-balance sheet financing, see Note 13, “Litigation, Commitments and Contingencies,” to the Condensed 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 purchased credit impaired (“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, 2013 |  | $ | 26,907 |  |  | $ | 112,093 |  |  | $ | 2,340 |  |  | $ | 141,340 |
Carrying balance, March 31, 2013 |  |  | 21,715 |  |  |  | 96,537 |  |  |  | 2,364 |  |  |  | 120,616 |
Unpaid principal balance, March 31, 2013 |  |  | 28,821 |  |  |  | 134,158 |  |  |  | 5,892 |  |  |  | 168,871 |
Carrying balance, January 1, 2014 |  | $ | 9,196 |  |  | $ | 70,584 |  |  | $ | 1,931 |  |  | $ | 81,711 |
Carrying balance, March 31, 2014 |  |  | 9,196 |  |  |  | 65,780 |  |  |  | 1,918 |  |  |  | 76,894 |
Unpaid principal balance, March 31, 2014 |  |  | 16,825 |  |  |  | 99,582 |  |  |  | 5,385 |  |  |  | 121,792 |
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, 2013 |  | $ | 2,342 |  |  | $ | 21,886 |  |  | $ | 15 |  |  | $ | 24,243 |
Additions |  |  | 7 |  |  |  | 66 |  |  |  | — |  |  |  | 73 |
Accretion |  |  | (376 | ) |  |  | (1,385 | ) |  |  | (51 | ) |  |  | (1,812 | )
Reclassifications from (to) nonaccretable difference |  |  | 2,302 |  |  |  | (12,482 | ) |  |  | 46 |  |  |  | (10,134 | )
Disposals |  |  | (537 | ) |  |  | (585 | ) |  |  | — |  |  |  | (1,122 | )
Balance, March 31, 2013 |  | $ | 3,738 |  |  | $ | 7,500 |  |  | $ | 10 |  |  | $ | 11,248 |
Balance, January 1, 2014 |  | $ | 5,294 |  |  | $ | 10,338 |  |  | $ | 8 |  |  | $ | 15,640 |
Additions |  |  | 1 |  |  |  | 7 |  |  |  | — |  |  |  | 8 |
Accretion |  |  | (563 | ) |  |  | (1,563 | ) |  |  | (11 | ) |  |  | (2,137 | )
Reclassifications from nonaccretable difference |  |  | 337 |  |  |  | 8,977 |  |  |  | 11 |  |  |  | 9,325 |
Disposals |  |  | (112 | ) |  |  | (167 | ) |  |  | — |  |  |  | (279 | )
Balance, March 31, 2014 |  | $ | 4,957 |  |  | $ | 17,592 |  |  | $ | 8 |  |  | $ | 22,557 |

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