Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2014

Aggregate Activity in Allowance for Loan Losses

The following table presents the aggregate activity in the allowance for loan losses in the periods indicated:


(Amounts in thousands)	Allowance Excluding PCI Loans			Allowance for PCI Loans			Total Allowance
Balance, January 1, 2013	$	25,762		$	8		$	25,770
Provision for loan losses		1,142			—			1,142
Benefit attributable to the FDIC indemnification asset		—			—			—

Provision for loan losses charged to operations		1,142			—			1,142
Provision for loan losses recorded through the FDIC indemnification asset		—			—			—
Charge-offs		(2,759	)		—			(2,759	)
Recoveries		697			—			697

Net charge-offs		(2,062	)		—			(2,062	)

Balance, March 31, 2013	$	24,842		$	8		$	24,850

Balance, January 1, 2014	$	23,322		$	755		$	24,077
Provision for loan losses		1,852			(262	)		1,590
Benefit attributable to the FDIC indemnification asset		—			203			203

Provision for loan losses charged to operations		1,852			(59	)		1,793
Provision for loan losses recorded through the FDIC indemnification asset		—			(203	)		(203	)
Charge-offs		(2,216	)		—			(2,216	)
Recoveries		347			—			347

Net charge-offs		(1,869	)		—			(1,869	)

Balance, March 31, 2014	$	23,305		$	493		$	23,798

Allowance for Loan Losses and Recorded Investment in Loans

The following tables present the Company’s allowance for loan losses and recorded investment in loans, excluding PCI loans, by loan class, as of the dates indicated:


	March 31, 2014
(Amounts in thousands)	Loans Individually Evaluated for Impairment		Allowance for Loans Individually Evaluated		Loans Collectively Evaluated for Impairment		Allowance for Loans Collectively Evaluated
Commercial loans
Construction, development, and other land	$	—	$	—	$	56,996	$	1,293
Commercial and industrial		5,235		3,504		91,317		1,312
Multi-family residential		5,601		500		71,451		1,216
Single family non-owner occupied		784		38		138,357		3,431
Non-farm, non-residential		10,017		377		486,594		4,411
Agricultural		—		—		2,255		19
Farmland		351		—		32,876		238

Total commercial loans		21,988		4,419		879,846		11,920
Consumer real estate loans
Home equity lines		462		171		137,869		1,289
Single family owner occupied		6,067		692		498,010		4,029
Owner occupied construction		—		—		34,565		212

Total consumer real estate loans		6,529		863		670,444		5,530
Consumer and other loans
Consumer loans		—		—		72,195		573
Other		—		—		3,968		—

Total consumer and other loans		—		—		76,163		573

Total loans, excluding PCI loans	$	28,517	$	5,282	$	1,626,453	$	18,023


	December 31, 2013
(Amounts in thousands)	Loans Individually Evaluated for Impairment		Allowance for Loans Individually Evaluated		Loans Collectively Evaluated for Impairment		Allowance for Loans Collectively Evaluated
Commercial loans
Construction, development, and other land	$	—	$	—	$	46,404	$	1,141
Commercial and industrial		5,189		3,794		92,612		1,421
Multi-family residential		—		—		71,669		1,211
Single family non-owner occupied		664		47		136,567		3,502
Non-farm, non-residential		5,952		114		483,126		4,536
Agricultural		—		—		2,488		23
Farmland		351		—		33,136		301

Total commercial loans		12,156		3,955		866,002		12,135
Consumer real estate loans
Home equity lines		472		52		136,896		1,309
Single family owner occupied		6,850		735		502,229		4,295
Owner occupied construction		—		—		29,090		206

Total consumer real estate loans		7,322		787		668,215		5,810
Consumer and other loans
Consumer loans		—		—		71,389		635
Other		—		—		3,926		—

Total consumer and other loans		—		—		75,315		635

Total loans, excluding PCI loans	$	19,478	$	4,742	$	1,609,532	$	18,580

Allowance Excluding Purchased Credit Impaired

Aggregate Activity in Allowance for Loan Losses

The following table presents the components of the activity in the allowance for loan losses, excluding PCI loans, by loan segment, in the periods indicated:


				Consumer			Consumer
(Amounts in thousands)	Commercial			Real Estate			and Other			Total
Balance, January 1, 2013	$	17,259		$	7,906		$	597		$	25,762
Provision for loan losses charged to operations		483			480			179			1,142
Loans charged off		(783	)		(1,396	)		(580	)		(2,759	)
Recoveries credited to allowance		283			13			401			697

Net charge-offs		(500	)		(1,383	)		(179	)		(2,062	)

Balance, March 31, 2013	$	17,242		$	7,003		$	597		$	24,842

Balance, January 1, 2014	$	16,090		$	6,597		$	635		$	23,322
Provision for loan losses charged to operations		1,218			485			149			1,852
Loans charged off		(1,051	)		(710	)		(455	)		(2,216	)
Recoveries credited to allowance		82			21			244			347

Net charge-offs		(969	)		(689	)		(211	)		(1,869	)

Balance, March 31, 2014	$	16,339		$	6,393		$	573		$	23,305

Purchased Credit Impaired

Aggregate Activity in Allowance for Loan Losses

The following table presents the components of the activity in the allowance for loan losses for PCI loans, by loan segment, in the periods indicated:


				Consumer			Consumer
(Amounts in thousands)	Commercial			Real Estate			and Other		Total
Balance, January 1, 2013	$	8		$	—		$	—	$	8
Purchased impaired provision		—			—			—		—
Benefit attributable to FDIC indemnificaton asset		—			—			—		—

Provision for loan losses charged to operations		—			—			—		—
Provision for loan losses recorded through the FDIC indemnificaton asset		—			—			—		—

Balance, March 31, 2013	$	8		$	—		$	—	$	8

Balance, January 1, 2014	$	77		$	678		$	—	$	755
Purchased impaired provision		(69	)		(193	)		—		(262	)
Benefit attributable to FDIC indemnificaton asset		55			148			—		203

Provision for loan losses charged to operations		(14	)		(45	)		—		(59	)
Provision for loan losses recorded through the FDIC indemnificaton asset		(55	)		(148	)		—		(203	)

Balance, March 31, 2014	$	8		$	485		$	—	$	493

Allowance for Loan Losses and Recorded Investment in Loans

The Company aggregates PCI loans into the following loan pools: Waccamaw commercial, Waccamaw lines of credit, Peoples commercial, Waccamaw serviced home equity lines, Waccamaw residential, Peoples residential, and Waccamaw consumer. The following table presents the Company’s allowance for loan losses and recorded investment in PCI loans, by loan pool, as of the dates indicated:


	March 31, 2014				December 31, 2013
(Amounts in thousands)	Loan Pools		Allowance for Loan Pools With Impairment		Loan Pools		Allowance for Loan Pools With Impairment
Commercial loans
Waccamaw commercial	$	17,755	$	—	$	19,851	$	—
Waccamaw lines of credit		1,950		—		2,594		69
Peoples commercial		7,875		—		7,862		—
Other		1,918		8		1,931		8

Total commercial loans		29,498		8		32,238		77
Consumer real estate loans
Waccamaw serviced home equity lines		41,701		277		43,608		277
Waccamaw residential		4,359		33		4,497		217
Peoples residential		1,321		175		1,334		184

Total consumer real estate loans		47,381		485		49,439		678
Consumer and other loans
Waccamaw consumer		15		—		34		—

Total loans	$	76,894	$	493	$	81,711	$	755