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Loans | 6 Months Ended
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Jun. 30, 2015
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:
|  | June 30, 2015 |  |  | December 31, 2014 |
(Amounts in thousands) |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Non-covered loans held for investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 39,854 |  |  |  | 2.39 | % |  | $ | 41,271 |  |  |  | 2.44 | %
Commercial and industrial |  |  | 82,121 |  |  |  | 4.93 | % |  |  | 83,099 |  |  |  | 4.92 | %
Multi-family residential |  |  | 96,235 |  |  |  | 5.77 | % |  |  | 97,480 |  |  |  | 5.77 | %
Single family non-owner occupied |  |  | 144,639 |  |  |  | 8.67 | % |  |  | 135,171 |  |  |  | 8.00 | %
Non-farm, non-residential |  |  | 458,325 |  |  |  | 27.49 | % |  |  | 473,906 |  |  |  | 28.05 | %
Agricultural |  |  | 1,863 |  |  |  | 0.11 | % |  |  | 1,599 |  |  |  | 0.09 | %
Farmland |  |  | 27,945 |  |  |  | 1.68 | % |  |  | 29,517 |  |  |  | 1.75 | %
Total commercial loans |  |  | 850,982 |  |  |  | 51.04 | % |  |  | 862,043 |  |  |  | 51.02 | %
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 107,961 |  |  |  | 6.48 | % |  |  | 110,957 |  |  |  | 6.57 | %
Single family owner occupied |  |  | 488,712 |  |  |  | 29.31 | % |  |  | 485,475 |  |  |  | 28.74 | %
Owner occupied construction |  |  | 37,434 |  |  |  | 2.24 | % |  |  | 32,799 |  |  |  | 1.94 | %
Total consumer real estate loans |  |  | 634,107 |  |  |  | 38.03 | % |  |  | 629,231 |  |  |  | 37.25 | %
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 72,094 |  |  |  | 4.32 | % |  |  | 69,347 |  |  |  | 4.10 | %
Other |  |  | 7,472 |  |  |  | 0.45 | % |  |  | 6,555 |  |  |  | 0.39 | %
Total consumer and other loans |  |  | 79,566 |  |  |  | 4.77 | % |  |  | 75,902 |  |  |  | 4.49 | %
Total non-covered loans |  |  | 1,564,655 |  |  |  | 93.84 | % |  |  | 1,567,176 |  |  |  | 92.76 | %
Total covered loans |  |  | 102,634 |  |  |  | 6.16 | % |  |  | 122,240 |  |  |  | 7.24 | %
Total loans held for investment, net of unearned income |  | $ | 1,667,289 |  |  |  | 100.00 | % |  | $ | 1,689,416 |  |  |  | 100.00 | %
Loans held for sale |  | $ | 913 |  |  |  |  |  |  | $ | 1,792 |  |  |  |  |
Deferred loan fees totaled $3.68 million as of June 30, 2015, and $3.39 million as of December 31, 2014. For information concerning unfunded loan commitments, see Note 13, “Litigation, Commitments and Contingencies,” to the Condensed Consolidated Financial Statements of this report. The following table presents the components of the Company’s covered loan portfolio, disaggregated by class, as of the dates indicated:
(Amounts in thousands) |  | June 30, 2015 |  |  | December 31, 2014 |
Covered loans |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 9,000 |  |  | $ | 13,100 |
Commercial and industrial |  |  | 1,449 |  |  |  | 2,662 |
Multi-family residential |  |  | 848 |  |  |  | 1,584 |
Single family non-owner occupied |  |  | 4,138 |  |  |  | 5,918 |
Non-farm, non-residential |  |  | 21,404 |  |  |  | 25,317 |
Agricultural |  |  | 35 |  |  |  | 43 |
Farmland |  |  | 671 |  |  |  | 716 |
Total commercial loans |  |  | 37,545 |  |  |  | 49,340 |
Consumer real estate loans |  |  |  |  |  |  |  |
Home equity lines |  |  | 54,565 |  |  |  | 60,391 |
Single family owner occupied |  |  | 10,253 |  |  |  | 11,968 |
Owner occupied construction |  |  | 186 |  |  |  | 453 |
Total consumer real estate loans |  |  | 65,004 |  |  |  | 72,812 |
Consumer and other loans |  |  |  |  |  |  |  |
Consumer loans |  |  | 85 |  |  |  | 88 |
Total covered loans |  | $ | 102,634 |  |  | $ | 122,240 |
Purchased Credit Impaired Loans Certain purchased loans are identified as impaired when fair values are established at acquisition. 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, Waccamaw serviced home equity lines, Waccamaw residential, Peoples Bank of Virginia (“Peoples”) commercial, and Peoples residential. The Company closed the Waccamaw consumer loan pool during the first quarter of 2015 due to an insignificant remaining balance. 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:
|  | June 30, 2015 |  |  | December 31, 2014 |
(Amounts in thousands) |  | Carrying Balance |  |  | Unpaid Principal Balance |  |  | Carrying Balance |  |  | Unpaid Principal Balance |
PCI Loans, by acquisition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Peoples Bank of Virginia |  | $ | 6,048 |  |  | $ | 11,991 |  |  | $ | 7,090 |  |  | $ | 13,669 |
Waccamaw Bank |  |  | 47,710 |  |  |  | 75,560 |  |  |  | 53,835 |  |  |  | 86,641 |
Other acquired |  |  | 1,307 |  |  |  | 1,350 |  |  |  | 1,358 |  |  |  | 1,401 |
Total PCI Loans |  | $ | 55,065 |  |  | $ | 88,901 |  |  | $ | 62,283 |  |  | $ | 101,711 |
The following tables present the activity in the accretable yield related to PCI loans, by acquisition, in the periods indicated:
|  | Six Months Ended June 30, 2015 |
|  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,745 |  |  | $ | 19,048 |  |  | $ | — |  |  | $ | 23,793 |
Additions |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
Accretion |  |  | (1,169 | ) |  |  | (2,860 | ) |  |  | — |  |  |  | (4,029 | )
Reclassifications from nonaccretable difference |  |  | 1,106 |  |  |  | 2,445 |  |  |  | — |  |  |  | 3,551 |
Removal events |  |  | (735 | ) |  |  | (807 | ) |  |  | — |  |  |  | (1,542 | )
Ending balance |  | $ | 3,947 |  |  | $ | 17,828 |  |  | $ | — |  |  | $ | 21,775 |
|  | Six Months Ended June 30, 2014 |
|  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,294 |  |  | $ | 10,338 |  |  | $ | 8 |  |  | $ | 15,640 |
Additions |  |  | 70 |  |  |  | 20 |  |  |  | — |  |  |  | 90 |
Accretion |  |  | (1,096 | ) |  |  | (3,019 | ) |  |  | (23 | ) |  |  | (4,138 | )
Reclassifications from nonaccretable difference |  |  | 513 |  |  |  | 11,603 |  |  |  | 23 |  |  |  | 12,139 |
Removal events |  |  | (467 | ) |  |  | (1,046 | ) |  |  | — |  |  |  | (1,513 | )
Ending balance |  | $ | 4,314 |  |  | $ | 17,896 |  |  | $ | 8 |  |  | $ | 22,218 |

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