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Credit Quality | 9 Months Ended
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Sep. 30, 2015
Credit Quality | Note 4. Credit Quality The Company identifies loans for potential impairment through a variety of means, including, but not limited to, ongoing loan review, renewal processes, delinquency data, market communications, and public information. If the Company determines that it is probable all principal and interest amounts contractually due will not be collected, the loan is generally deemed to be impaired. The following table presents the recorded investment and related information for loans considered to be impaired, excluding PCI loans, as of the periods indicated:
|  | September 30, 2015 |  |  | December 31, 2014 |
(Amounts in thousands) |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |
Impaired loans with no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family non-owner occupied |  | $ | 783 |  |  | $ | 785 |  |  | $ | — |  |  | $ | 466 |  |  | $ | 466 |  |  | $ | — |
Non-farm, non-residential |  |  | 8,772 |  |  |  | 9,159 |  |  |  | — |  |  |  | 5,705 |  |  |  | 6,049 |  |  |  | — |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | 1,334 |  |  |  | 1,404 |  |  |  | — |  |  |  | 3,397 |  |  |  | 3,494 |  |  |  | — |
Owner occupied construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total impaired loans with no allowance |  |  | 10,889 |  |  |  | 11,348 |  |  |  | — |  |  |  | 9,568 |  |  |  | 10,009 |  |  |  | — |
Impaired loans with a related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family non-owner occupied |  |  | 621 |  |  |  | 624 |  |  |  | 117 |  |  |  | 367 |  |  |  | 367 |  |  |  | 45 |
Non-farm, non-residential |  |  | 5,359 |  |  |  | 5,374 |  |  |  | 1,711 |  |  |  | 3,772 |  |  |  | 3,772 |  |  |  | 1,000 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | 4,798 |  |  |  | 4,817 |  |  |  | 760 |  |  |  | 2,341 |  |  |  | 2,512 |  |  |  | 437 |
Owner occupied construction |  |  | 353 |  |  |  | 356 |  |  |  | 53 |  |  |  | — |  |  |  | — |  |  |  | — |
Total impaired loans with an allowance |  |  | 11,131 |  |  |  | 11,171 |  |  |  | 2,641 |  |  |  | 6,480 |  |  |  | 6,651 |  |  |  | 1,482 |
Total impaired loans |  | $ | 22,020 |  |  | $ | 22,519 |  |  | $ | 2,641 |  |  | $ | 16,048 |  |  | $ | 16,660 |  |  | $ | 1,482 |
The following tables present the average recorded investment and interest income recognized on impaired loans, excluding PCI loans, in the periods indicated:
|  | Three Months Ended September 30, |
|  | 2015 |  |  | 2014 |
(Amounts in thousands) |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
Impaired loans with no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | — |  |  | $ | — |  |  | $ | 1,258 |  |  | $ | — |
Single family non-owner occupied |  |  | 792 |  |  |  | 27 |  |  |  | 321 |  |  |  | 7 |
Non-farm, non-residential |  |  | 8,878 |  |  |  | 72 |  |  |  | 5,971 |  |  |  | — |
Farmland |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | 1,353 |  |  |  | — |  |  |  | 2,880 |  |  |  | 10 |
Owner occupied construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total impaired loans with no allowance |  |  | 11,023 |  |  |  | 99 |  |  |  | 10,430 |  |  |  | 17 |
Impaired loans with a related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | 5,568 |  |  |  | 1 |
Single family non-owner occupied |  |  | 629 |  |  |  | — |  |  |  | 369 |  |  |  | 1 |
Non-farm, non-residential |  |  | 5,417 |  |  |  | 15 |  |  |  | 4,386 |  |  |  | 6 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | 4,847 |  |  |  | 13 |  |  |  | 2,528 |  |  |  | 8 |
Owner occupied construction |  |  | 357 |  |  |  | 1 |  |  |  | — |  |  |  | — |
Total impaired loans with an allowance |  |  | 11,250 |  |  |  | 29 |  |  |  | 12,851 |  |  |  | 16 |
Total impaired loans |  | $ | 22,273 |  |  | $ | 128 |  |  | $ | 23,281 |  |  | $ | 33 |
|  | Nine Months Ended September 30, |
|  | 2015 |  |  | 2014 |
(Amounts in thousands) |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
Impaired loans with no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | — |  |  | $ | — |  |  | $ | 614 |  |  | $ | 17 |
Single family non-owner occupied |  |  | 571 |  |  |  | 28 |  |  |  | 247 |  |  |  | 8 |
Non-farm, non-residential |  |  | 8,834 |  |  |  | 295 |  |  |  | 6,089 |  |  |  | 89 |
Farmland |  |  | — |  |  |  | — |  |  |  | 241 |  |  |  | 11 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | — |  |  |  | — |  |  |  | 88 |  |  |  | 2 |
Single family owner occupied |  |  | 2,578 |  |  |  | 100 |  |  |  | 2,179 |  |  |  | 61 |
Owner occupied construction |  |  | 117 |  |  |  | — |  |  |  | — |  |  |  | — |
Total impaired loans with no allowance |  |  | 12,100 |  |  |  | 423 |  |  |  | 9,458 |  |  |  | 188 |
Impaired loans with a related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | — |  |  |  | — |  |  |  | 2,932 |  |  |  | 47 |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | 5,586 |  |  |  | 23 |
Single family non-owner occupied |  |  | 558 |  |  |  | 22 |  |  |  | 370 |  |  |  | 2 |
Non-farm, non-residential |  |  | 4,740 |  |  |  | 51 |  |  |  | 4,404 |  |  |  | 31 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | — |  |  |  | — |  |  |  | 76 |  |  |  | 1 |
Single family owner occupied |  |  | 3,325 |  |  |  | 26 |  |  |  | 3,216 |  |  |  | 42 |
Owner occupied construction |  |  | 119 |  |  |  | 1 |  |  |  | — |  |  |  | — |
Total impaired loans with an allowance |  |  | 8,742 |  |  |  | 100 |  |  |  | 16,584 |  |  |  | 146 |
Total impaired loans |  | $ | 20,842 |  |  | $ | 523 |  |  | $ | 26,042 |  |  | $ | 334 |
The Company determined that two of the six open PCI loan pools were impaired as of September 30, 2015, compared to two of seven impaired pools as of December 31, 2014. The following tables present additional information related to the impaired loan pools as of the dates, and in the periods, indicated:
|  | September 30, 2015 |  |  | December 31, 2014 |
(Amounts in thousands) |  |  |  |  |  |
Recorded investment |  | $ | 3,015 |  |  | $ | 14,607 |
Unpaid principal balance |  |  | 3,978 |  |  |  | 31,169 |
Allowance for loan losses |  |  | 20 |  |  |  | 58 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Interest income recognized |  | $ | 96 |  |  | $ | 82 |  |  | $ | 273 |  |  | $ | 2,154 |
Average recorded investment |  |  | 3,045 |  |  |  | 1,416 |  |  |  | 3,464 |  |  |  | 35,063 |
As part of the ongoing monitoring of the Company’s loan portfolio, management tracks certain credit quality indicators that include: trends related to the risk rating of commercial loans, the level of classified commercial loans, net charge-offs, nonperforming loans, and general economic conditions. The Company’s loan review function generally analyzes all commercial loan relationships greater than $4.0 million annually and at various times during the year. Smaller commercial and retail loans are sampled for review during the year. Loan risk ratings may be upgraded or downgraded to reflect current information identified during the loan review process. The Company uses a risk grading matrix to assign a risk grade to each loan in its portfolio. The general characteristics of each risk grade are as follows:
| • |  | Pass — This grade is assigned to loans with acceptable credit quality and risk. The Company further segments this grade based on borrower characteristics that include capital strength, earnings stability, liquidity leverage, and industry conditions.
| • |  | Special Mention — This grade is assigned to loans that require an above average degree of supervision and attention. These loans have the characteristics of an asset with acceptable credit quality and risk; however, adverse economic or financial conditions exist that create potential weaknesses deserving of management’s close attention. If potential weaknesses are not corrected, the prospect of repayment may worsen.
| • |  | Substandard — This grade is assigned to loans that have well defined weaknesses that may make payment default, or principal exposure, possible. In order to meet repayment terms, these loans will likely be dependent on collateral liquidation, secondary repayment sources, or events outside the normal course of business.
| • |  | Doubtful — This grade is assigned to loans on nonaccrual status. These loans have the weaknesses inherent in substandard loans; however, the weaknesses are so severe that collection or liquidation in full is extremely unlikely based on current facts, conditions, and values. Due to certain specific pending factors, the amount of loss cannot yet be determined.
| • |  | Loss — This grade is assigned to loans that will be charged off or charged down when payments, including the timing and value of payments, are determined to be uncertain. This risk grade does not imply that the asset has no recovery or salvage value, but simply means that it is not practical or desirable to defer writing off, either all or a portion of, the loan balance even though partial recovery may be realized in the future.
Losses on covered loans are generally reimbursable by the FDIC at the applicable loss share percentage, 80%; therefore, covered loans are disclosed separately in the following credit quality discussion. PCI loan pools are disaggregated and included in their applicable loan class in the following discussion. PCI loans are generally not classified as nonaccrual or nonperforming due to the accrual of interest income under the accretion method of accounting. The following tables present loans held for investment, by internal credit risk grade, as of the periods indicated:
|  | September 30, 2015 |
(Amounts in thousands) |  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Loss |  |  | Total |
Non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 43,843 |  |  | $ | 684 |  |  | $ | 1,403 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,930 |
Commercial and industrial |  |  | 83,525 |  |  |  | 555 |  |  |  | 1,239 |  |  |  | — |  |  |  | — |  |  |  | 85,319 |
Multi-family residential |  |  | 79,400 |  |  |  | 13,044 |  |  |  | 912 |  |  |  | — |  |  |  | — |  |  |  | 93,356 |
Single family non-owner occupied |  |  | 135,722 |  |  |  | 3,502 |  |  |  | 5,501 |  |  |  | — |  |  |  | — |  |  |  | 144,725 |
Non-farm, non-residential |  |  | 451,724 |  |  |  | 8,836 |  |  |  | 18,737 |  |  |  | — |  |  |  | — |  |  |  | 479,297 |
Agricultural |  |  | 2,386 |  |  |  | 25 |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 2,414 |
Farmland |  |  | 25,229 |  |  |  | 1,248 |  |  |  | 658 |  |  |  | — |  |  |  | — |  |  |  | 27,135 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 105,104 |  |  |  | 1,224 |  |  |  | 1,327 |  |  |  | — |  |  |  | — |  |  |  | 107,655 |
Single family owner occupied |  |  | 464,709 |  |  |  | 6,865 |  |  |  | 20,583 |  |  |  | — |  |  |  | — |  |  |  | 492,157 |
Owner occupied construction |  |  | 39,413 |  |  |  | — |  |  |  | 728 |  |  |  | — |  |  |  | — |  |  |  | 40,141 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 74,832 |  |  |  | 64 |  |  |  | 188 |  |  |  | — |  |  |  | — |  |  |  | 75,084 |
Other |  |  | 7,058 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,058 |
Total non-covered loans |  |  | 1,512,945 |  |  |  | 36,047 |  |  |  | 51,279 |  |  |  | — |  |  |  | — |  |  |  | 1,600,271 |
Covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  |  | 4,189 |  |  |  | 2,138 |  |  |  | 1,246 |  |  |  | — |  |  |  | — |  |  |  | 7,573 |
Commercial and industrial |  |  | 1,285 |  |  |  | 16 |  |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | 1,326 |
Multi-family residential |  |  | 492 |  |  |  | — |  |  |  | 207 |  |  |  | — |  |  |  | — |  |  |  | 699 |
Single family non-owner occupied |  |  | 1,838 |  |  |  | 576 |  |  |  | 485 |  |  |  | — |  |  |  | — |  |  |  | 2,899 |
Non-farm, non-residential |  |  | 10,223 |  |  |  | 1,884 |  |  |  | 3,605 |  |  |  | — |  |  |  | — |  |  |  | 15,712 |
Agricultural |  |  | 35 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 35 |
Farmland |  |  | 373 |  |  |  | — |  |  |  | 283 |  |  |  | — |  |  |  | — |  |  |  | 656 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 18,508 |  |  |  | 31,835 |  |  |  | 862 |  |  |  | — |  |  |  | — |  |  |  | 51,205 |
Single family owner occupied |  |  | 6,123 |  |  |  | 1,693 |  |  |  | 1,920 |  |  |  | — |  |  |  | — |  |  |  | 9,736 |
Owner occupied construction |  |  | 115 |  |  |  | 63 |  |  |  | 100 |  |  |  | — |  |  |  | — |  |  |  | 278 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 84 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 84 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total covered loans |  |  | 43,265 |  |  |  | 38,205 |  |  |  | 8,733 |  |  |  | — |  |  |  | — |  |  |  | 90,203 |
Total loans |  | $ | 1,556,210 |  |  | $ | 74,252 |  |  | $ | 60,012 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,690,474 |
|  | December 31, 2014 |
(Amounts in thousands) |  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Loss |  |  | Total |
Non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 38,858 |  |  | $ | 1,384 |  |  | $ | 1,029 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,271 |
Commercial and industrial |  |  | 81,196 |  |  |  | 616 |  |  |  | 1,287 |  |  |  | — |  |  |  | — |  |  |  | 83,099 |
Multi-family residential |  |  | 89,503 |  |  |  | 7,007 |  |  |  | 970 |  |  |  | — |  |  |  | — |  |  |  | 97,480 |
Single family non-owner occupied |  |  | 126,155 |  |  |  | 3,333 |  |  |  | 5,683 |  |  |  | — |  |  |  | — |  |  |  | 135,171 |
Non-farm, non-residential |  |  | 441,385 |  |  |  | 13,028 |  |  |  | 19,493 |  |  |  | — |  |  |  | — |  |  |  | 473,906 |
Agricultural |  |  | 1,589 |  |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | 1,599 |
Farmland |  |  | 26,876 |  |  |  | 1,432 |  |  |  | 1,209 |  |  |  | — |  |  |  | — |  |  |  | 29,517 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 107,688 |  |  |  | 1,606 |  |  |  | 1,663 |  |  |  | — |  |  |  | — |  |  |  | 110,957 |
Single family owner occupied |  |  | 454,833 |  |  |  | 8,884 |  |  |  | 21,758 |  |  |  | — |  |  |  | — |  |  |  | 485,475 |
Owner occupied construction |  |  | 32,551 |  |  |  | — |  |  |  | 248 |  |  |  | — |  |  |  | — |  |  |  | 32,799 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 68,592 |  |  |  | 520 |  |  |  | 235 |  |  |  | — |  |  |  | — |  |  |  | 69,347 |
Other |  |  | 6,555 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,555 |
Total non-covered loans |  |  | 1,475,781 |  |  |  | 37,810 |  |  |  | 53,585 |  |  |  | — |  |  |  | — |  |  |  | 1,567,176 |
Covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  |  | 7,598 |  |  |  | 3,227 |  |  |  | 2,275 |  |  |  | — |  |  |  | — |  |  |  | 13,100 |
Commercial and industrial |  |  | 2,528 |  |  |  | 82 |  |  |  | 52 |  |  |  | — |  |  |  | — |  |  |  | 2,662 |
Multi-family residential |  |  | 1,400 |  |  |  | — |  |  |  | 184 |  |  |  | — |  |  |  | — |  |  |  | 1,584 |
Single family non-owner occupied |  |  | 2,703 |  |  |  | 2,059 |  |  |  | 1,156 |  |  |  | — |  |  |  | — |  |  |  | 5,918 |
Non-farm, non-residential |  |  | 12,672 |  |  |  | 4,341 |  |  |  | 8,304 |  |  |  | — |  |  |  | — |  |  |  | 25,317 |
Agricultural |  |  | 43 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43 |
Farmland |  |  | 420 |  |  |  | — |  |  |  | 296 |  |  |  | — |  |  |  | — |  |  |  | 716 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 21,295 |  |  |  | 38,296 |  |  |  | 800 |  |  |  | — |  |  |  | — |  |  |  | 60,391 |
Single family owner occupied |  |  | 7,094 |  |  |  | 2,040 |  |  |  | 2,834 |  |  |  | — |  |  |  | — |  |  |  | 11,968 |
Owner occupied construction |  |  | 84 |  |  |  | 264 |  |  |  | 105 |  |  |  | — |  |  |  | — |  |  |  | 453 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 88 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 88 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total covered loans |  |  | 55,925 |  |  |  | 50,309 |  |  |  | 16,006 |  |  |  | — |  |  |  | — |  |  |  | 122,240 |
Total loans |  | $ | 1,531,706 |  |  | $ | 88,119 |  |  | $ | 69,591 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,689,416 |
The following table presents nonaccrual loans, by loan class, as of the dates indicated:
|  | September 30, 2015 |  |  | December 31, 2014 |
(Amounts in thousands) |  | Non-covered |  |  | Covered |  |  | Total |  |  | Non-covered |  |  | Covered |  |  | Total |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 99 |  |  | $ | 68 |  |  | $ | 167 |  |  | $ | — |  |  | $ | 18 |  |  | $ | 18 |
Commercial and industrial |  |  | 72 |  |  |  | 16 |  |  |  | 88 |  |  |  | 123 |  |  |  | 34 |  |  |  | 157 |
Multi-family residential |  |  | 72 |  |  |  | — |  |  |  | 72 |  |  |  | 245 |  |  |  | — |  |  |  | 245 |
Single family non-owner occupied |  |  | 1,763 |  |  |  | — |  |  |  | 1,763 |  |  |  | 601 |  |  |  | 77 |  |  |  | 678 |
Non-farm, non-residential |  |  | 6,872 |  |  |  | 39 |  |  |  | 6,911 |  |  |  | 2,334 |  |  |  | 1,317 |  |  |  | 3,651 |
Agricultural |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | 4 |
Farmland |  |  | 151 |  |  |  | — |  |  |  | 151 |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 544 |  |  |  | 453 |  |  |  | 997 |  |  |  | 792 |  |  |  | 204 |  |  |  | 996 |
Single family owner occupied |  |  | 7,097 |  |  |  | 239 |  |  |  | 7,336 |  |  |  | 6,389 |  |  |  | 682 |  |  |  | 7,071 |
Owner occupied construction |  |  | 353 |  |  |  | — |  |  |  | 353 |  |  |  | — |  |  |  | 106 |  |  |  | 106 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 77 |  |  |  | — |  |  |  | 77 |  |  |  | 68 |  |  |  | — |  |  |  | 68 |
Total nonaccrual loans |  | $ | 17,100 |  |  | $ | 815 |  |  | $ | 17,915 |  |  | $ | 10,556 |  |  | $ | 2,438 |  |  | $ | 12,994 |
The following tables present the aging of past due loans, by loan class, as of the dates indicated. Nonaccrual loans 30 days or more past due are included in the applicable delinquency category. There were no non-covered or covered accruing loans contractually past due 90 days or more as of September 30, 2015, or as of December 31, 2014.
|  | September 30, 2015 |
(Amounts in thousands) |  | 30 - 59 Days Past Due |  |  | 60 - 89 Days Past Due |  |  | 90+ Days Past Due |  |  | Total Past Due |  |  | Current Loans |  |  | Total Loans |
Non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 42 |  |  | $ | 11 |  |  | $ | 99 |  |  | $ | 152 |  |  | $ | 45,778 |  |  | $ | 45,930 |
Commercial and industrial |  |  | 55 |  |  |  | — |  |  |  | 55 |  |  |  | 110 |  |  |  | 85,209 |  |  |  | 85,319 |
Multi-family residential |  |  | 72 |  |  |  | 77 |  |  |  | — |  |  |  | 149 |  |  |  | 93,207 |  |  |  | 93,356 |
Single family non-owner occupied |  |  | 241 |  |  |  | 441 |  |  |  | 1,134 |  |  |  | 1,816 |  |  |  | 142,909 |  |  |  | 144,725 |
Non-farm, non-residential |  |  | 800 |  |  |  | 42 |  |  |  | 5,473 |  |  |  | 6,315 |  |  |  | 472,982 |  |  |  | 479,297 |
Agricultural |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,414 |  |  |  | 2,414 |
Farmland |  |  | 71 |  |  |  | 69 |  |  |  | 151 |  |  |  | 291 |  |  |  | 26,844 |  |  |  | 27,135 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 320 |  |  |  | 24 |  |  |  | 458 |  |  |  | 802 |  |  |  | 106,853 |  |  |  | 107,655 |
Single family owner occupied |  |  | 2,802 |  |  |  | 1,743 |  |  |  | 3,209 |  |  |  | 7,754 |  |  |  | 484,403 |  |  |  | 492,157 |
Owner occupied construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,141 |  |  |  | 40,141 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 435 |  |  |  | 42 |  |  |  | 25 |  |  |  | 502 |  |  |  | 74,582 |  |  |  | 75,084 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,058 |  |  |  | 7,058 |
Total non-covered loans |  |  | 4,838 |  |  |  | 2,449 |  |  |  | 10,604 |  |  |  | 17,891 |  |  |  | 1,582,380 |  |  |  | 1,600,271 |
Covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  |  | 93 |  |  |  | 2 |  |  |  | 42 |  |  |  | 137 |  |  |  | 7,436 |  |  |  | 7,573 |
Commercial and industrial |  |  | — |  |  |  | 9 |  |  |  | 16 |  |  |  | 25 |  |  |  | 1,301 |  |  |  | 1,326 |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 699 |  |  |  | 699 |
Single family non-owner occupied |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  | 2,896 |  |  |  | 2,899 |
Non-farm, non-residential |  |  | 15 |  |  |  | 108 |  |  |  | 39 |  |  |  | 162 |  |  |  | 15,550 |  |  |  | 15,712 |
Agricultural |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 35 |  |  |  | 35 |
Farmland |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 656 |  |  |  | 656 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 454 |  |  |  | 106 |  |  |  | 8 |  |  |  | 568 |  |  |  | 50,637 |  |  |  | 51,205 |
Single family owner occupied |  |  | — |  |  |  | 93 |  |  |  | 14 |  |  |  | 107 |  |  |  | 9,629 |  |  |  | 9,736 |
Owner occupied construction |  |  | 186 |  |  |  | 20 |  |  |  | — |  |  |  | 206 |  |  |  | 72 |  |  |  | 278 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 84 |  |  |  | 84 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total covered loans |  |  | 748 |  |  |  | 341 |  |  |  | 119 |  |  |  | 1,208 |  |  |  | 88,995 |  |  |  | 90,203 |
Total loans |  | $ | 5,586 |  |  | $ | 2,790 |  |  | $ | 10,723 |  |  | $ | 19,099 |  |  | $ | 1,671,375 |  |  | $ | 1,690,474 |
|  | December 31, 2014 |
(Amounts in thousands) |  | 30 - 59 Days Past Due |  |  | 60 - 89 Days Past Due |  |  | 90+ Days Past Due |  |  | Total Past Due |  |  | Current Loans |  |  | Total Loans |
Non-covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 39 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 85 |  |  | $ | 41,186 |  |  | $ | 41,271 |
Commercial and industrial |  |  | 285 |  |  |  | 6 |  |  |  | 103 |  |  |  | 394 |  |  |  | 82,705 |  |  |  | 83,099 |
Multi-family residential |  |  | 81 |  |  |  | 110 |  |  |  | — |  |  |  | 191 |  |  |  | 97,289 |  |  |  | 97,480 |
Single family non-owner occupied |  |  | 914 |  |  |  | 513 |  |  |  | 425 |  |  |  | 1,852 |  |  |  | 133,319 |  |  |  | 135,171 |
Non-farm, non-residential |  |  | 1,075 |  |  |  | 783 |  |  |  | 1,984 |  |  |  | 3,842 |  |  |  | 470,064 |  |  |  | 473,906 |
Agricultural |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 4 |  |  |  | 1,595 |  |  |  | 1,599 |
Farmland |  |  | 89 |  |  |  | — |  |  |  | — |  |  |  | 89 |  |  |  | 29,428 |  |  |  | 29,517 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 492 |  |  |  | 103 |  |  |  | 571 |  |  |  | 1,166 |  |  |  | 109,791 |  |  |  | 110,957 |
Single family owner occupied |  |  | 5,436 |  |  |  | 1,931 |  |  |  | 4,564 |  |  |  | 11,931 |  |  |  | 473,544 |  |  |  | 485,475 |
Owner occupied construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32,799 |  |  |  | 32,799 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 544 |  |  |  | 84 |  |  |  | 26 |  |  |  | 654 |  |  |  | 68,693 |  |  |  | 69,347 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,555 |  |  |  | 6,555 |
Total non-covered loans |  |  | 8,955 |  |  |  | 3,576 |  |  |  | 7,677 |  |  |  | 20,208 |  |  |  | 1,546,968 |  |  |  | 1,567,176 |
Covered loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  |  | 120 |  |  |  | 17 |  |  |  | — |  |  |  | 137 |  |  |  | 12,963 |  |  |  | 13,100 |
Commercial and industrial |  |  | 84 |  |  |  | 12 |  |  |  | 34 |  |  |  | 130 |  |  |  | 2,532 |  |  |  | 2,662 |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,584 |  |  |  | 1,584 |
Single family non-owner occupied |  |  | 122 |  |  |  | — |  |  |  | 77 |  |  |  | 199 |  |  |  | 5,719 |  |  |  | 5,918 |
Non-farm, non-residential |  |  | 124 |  |  |  | 140 |  |  |  | 1,258 |  |  |  | 1,522 |  |  |  | 23,795 |  |  |  | 25,317 |
Agricultural |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43 |  |  |  | 43 |
Farmland |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 713 |  |  |  | 716 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 858 |  |  |  | 318 |  |  |  | 168 |  |  |  | 1,344 |  |  |  | 59,047 |  |  |  | 60,391 |
Single family owner occupied |  |  | 134 |  |  |  | 34 |  |  |  | 415 |  |  |  | 583 |  |  |  | 11,385 |  |  |  | 11,968 |
Owner occupied construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 453 |  |  |  | 453 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Consumer loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 88 |  |  |  | 88 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total covered loans |  |  | 1,445 |  |  |  | 521 |  |  |  | 1,952 |  |  |  | 3,918 |  |  |  | 118,322 |  |  |  | 122,240 |
Total loans |  | $ | 10,400 |  |  | $ | 4,097 |  |  | $ | 9,629 |  |  | $ | 24,126 |  |  | $ | 1,665,290 |  |  | $ | 1,689,416 |
The Company may make concessions in interest rates, loan terms, and/or amortization terms when restructuring loans for borrowers experiencing financial difficulty. Restructured loans in excess of $250 thousand are evaluated for a specific reserve based on either the collateral or net present value method, whichever is most applicable. Specific reserves in the allowance for loan losses attributed to troubled debt restructurings (“TDRs”) totaled $641 thousand as of September 30, 2015, and $475 thousand as of December 31, 2014. Restructured loans under $250 thousand are subject to the reserve calculation at the historical loss rate for classified loans. Certain TDRs are classified as nonperforming at the time of restructuring and are returned to performing status after six months of satisfactory payment performance; however, these loans remain identified as impaired until full payment or other satisfaction of the obligation occurs. The following table presents interest income related to TDRs in the periods, indicated:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Interest income recognized |  | $ | 148 |  |  | $ | 188 |  |  | $ | 456 |  |  | $ | 466 |
Loans acquired with credit deterioration, with a discount, are generally not considered TDRs as long as the loans remain in the assigned loan pool. There were no covered loans recorded as TDRs as of September 30, 2015, or December 31, 2014. The following table presents loans modified as TDRs, by loan class, segregated by accrual status, as of the dates indicated:
|  | September 30, 2015 |  |  | December 31, 2014 |
(Amounts in thousands) |  | Nonaccrual(1) |  |  | Accruing |  |  | Total |  |  | Nonaccrual(1) |  |  | Accruing |  |  | Total |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family non-owner occupied |  | $ | 132 |  |  | $ | 824 |  |  | $ | 956 |  |  | $ | — |  |  | $ | 1,088 |  |  | $ | 1,088 |
Non-farm, non-residential |  |  | — |  |  |  | 4,632 |  |  |  | 4,632 |  |  |  | 83 |  |  |  | 4,743 |  |  |  | 4,826 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | — |  |  |  | 44 |  |  |  | 44 |  |  |  | — |  |  |  | 47 |  |  |  | 47 |
Single family owner occupied |  |  | 338 |  |  |  | 8,296 |  |  |  | 8,634 |  |  |  | 471 |  |  |  | 8,412 |  |  |  | 8,883 |
Owner occupied construction |  |  | 353 |  |  |  | 243 |  |  |  | 596 |  |  |  | — |  |  |  | 244 |  |  |  | 244 |
Total TDRs |  | $ | 823 |  |  | $ | 14,039 |  |  | $ | 14,862 |  |  | $ | 554 |  |  | $ | 14,534 |  |  | $ | 15,088 |
(1) | TDRs on nonaccrual status are included in the total nonaccrual loan balance disclosed in the table above.
The following tables present loans modified as TDRs, by type of concession made and loan class, that were restructured during the periods indicated. The post-modification recorded investment represents the loan balance immediately following modification.
|  | Three Months Ended September 30, |
|  | 2015 |  |  | 2014 |
(Amounts in thousands) |  | Total Contracts |  |  | Pre-Modification Recorded Investment |  |  | Post-Modification Recorded Investment |  |  | Total Contracts |  |  | Pre-Modification Recorded Investment |  |  | Post-Modification Recorded Investment |
Below market interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 3 |  |  | $ | 1,715 |  |  | $ | 1,715 |
Extended payment term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family non-owner occupied |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 468 |  |  |  | 468 |
Below market interest rate and extended payment term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | 4 |  |  |  | 307 |  |  |  | 307 |  |  |  | 2 |  |  |  | 84 |  |  |  | 84 |
Total |  |  | 4 |  |  | $ | 307 |  |  | $ | 307 |  |  |  | 6 |  |  | $ | 2,267 |  |  | $ | 2,267 |
|  | Nine Months Ended September 30, |
|  | 2015 |  |  | 2014 |
(Amounts in thousands) |  | Total Contracts |  |  | Pre-Modification Recorded Investment |  |  | Post-Modification Recorded Investment |  |  | Total Contracts |  |  | Pre-Modification Recorded Investment |  |  | Post-Modification Recorded Investment |
Below market interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 4 |  |  | $ | 1,850 |  |  | $ | 1,850 |
Owner occupied construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 245 |  |  |  | 245 |
Total |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 2,095 |  |  |  | 2,095 |
Extended payment term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family non-owner occupied |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 468 |  |  |  | 468 |
Non-farm, non-residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 303 |  |  |  | 303 |
Total |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 771 |  |  |  | 771 |
Below market interest rate and extended payment term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | 5 |  |  |  | 342 |  |  |  | 342 |  |  |  | 5 |  |  |  | 487 |  |  |  | 487 |
Total |  |  | 5 |  |  | $ | 342 |  |  | $ | 342 |  |  |  | 12 |  |  | $ | 3,353 |  |  | $ | 3,353 |
The following tables present loans modified as TDRs, by loan class, that were restructured within the previous 12 months, for which there was a payment default during the periods indicated:
|  | Three Months Ended September 30, |
|  | 2015 |  |  | 2014 |
(Amounts in thousands) |  | Total Contracts |  |  | Pre-Modification Recorded Investment |  |  | Total Contracts |  |  | Pre-Modification Recorded Investment |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family non-owner occupied |  |  | 1 |  |  | $ | 78 |  |  |  | — |  |  | $ | — |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 312 |
Owner occupied construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 1 |  |  | $ | 78 |  |  |  | 2 |  |  | $ | 312 |
|  | Nine Months Ended September 30, |
|  | 2015 |  |  | 2014 |
(Amounts in thousands) |  | Total Contracts |  |  | Pre-Modification Recorded Investment |  |  | Total Contracts |  |  | Pre-Modification Recorded Investment |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family non-owner occupied |  |  | 1 |  |  | $ | 78 |  |  |  | — |  |  | $ | — |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 312 |
Owner occupied construction |  |  | 1 |  |  |  | 353 |  |  |  | — |  |  |  | — |
Total |  |  | 2 |  |  | $ | 431 |  |  |  | 2 |  |  | $ | 312 |
Other real estate owned (“OREO”) consists of properties acquired through foreclosure. The following table presents information related to OREO as of the dates indicated:
|  | September 30, 2015 |  |  | December 31, 2014 |
(Amounts in thousands) |  |  |  |  |  |
Non-covered OREO |  | $ | 5,088 |  |  | $ | 6,638 |
Covered OREO |  |  | 4,079 |  |  |  | 6,324 |
Total OREO |  | $ | 9,167 |  |  | $ | 12,962 |
Non-covered OREO secured by residential real estate |  | $ | 2,280 |  |  | $ | 6,155 |
Residential real estate loans in the foreclosure process(1) |  |  | 3,138 |  |  |  | 4,561 |
(1) | The recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction.

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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953791-111525 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e4975-111524 + Details
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