XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Loans | 3 Months Ended
--- | ---
Mar. 31, 2016
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 Federal Deposit Insurance Corporation (“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, 2016 |  |  | December 31, 2015 |
(Amounts in thousands) |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Non-covered loans held for investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 52,529 |  |  |  | 2.98 | % |  | $ | 48,896 |  |  |  | 2.86 | %
Commercial and industrial |  |  | 92,397 |  |  |  | 5.24 | % |  |  | 88,903 |  |  |  | 5.21 | %
Multi-family residential |  |  | 111,388 |  |  |  | 6.32 | % |  |  | 95,026 |  |  |  | 5.57 | %
Single family non-owner occupied |  |  | 151,595 |  |  |  | 8.60 | % |  |  | 149,351 |  |  |  | 8.75 | %
Non-farm, non-residential |  |  | 521,471 |  |  |  | 29.59 | % |  |  | 485,460 |  |  |  | 28.45 | %
Agricultural |  |  | 3,650 |  |  |  | 0.21 | % |  |  | 2,911 |  |  |  | 0.17 | %
Farmland |  |  | 27,013 |  |  |  | 1.53 | % |  |  | 27,540 |  |  |  | 1.61 | %
Total commercial loans |  |  | 960,043 |  |  |  | 54.47 | % |  |  | 898,087 |  |  |  | 52.62 | %
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 106,444 |  |  |  | 6.04 | % |  |  | 107,367 |  |  |  | 6.29 | %
Single family owner occupied |  |  | 497,530 |  |  |  | 28.23 | % |  |  | 495,209 |  |  |  | 29.02 | %
Owner occupied construction |  |  | 40,892 |  |  |  | 2.32 | % |  |  | 43,505 |  |  |  | 2.55 | %
Total consumer real estate loans |  |  | 644,866 |  |  |  | 36.59 | % |  |  | 646,081 |  |  |  | 37.86 | %
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 73,531 |  |  |  | 4.17 | % |  |  | 72,000 |  |  |  | 4.22 | %
Other |  |  | 7,451 |  |  |  | 0.43 | % |  |  | 7,338 |  |  |  | 0.43 | %
Total consumer and other loans |  |  | 80,982 |  |  |  | 4.60 | % |  |  | 79,338 |  |  |  | 4.65 | %
Total non-covered loans |  |  | 1,685,891 |  |  |  | 95.66 | % |  |  | 1,623,506 |  |  |  | 95.13 | %
Total covered loans |  |  | 76,538 |  |  |  | 4.34 | % |  |  | 83,035 |  |  |  | 4.87 | %
Total loans held for investment, net of unearned income |  | $ | 1,762,429 |  |  |  | 100.00 | % |  | $ | 1,706,541 |  |  |  | 100.00 | %
Customer overdrafts reclassified as loans totaled $1.29 million as of March 31, 2016, and $1.24 million as of December 31, 2015. Deferred loan fees totaled $3.94 million as of March 31, 2016, and $3.78 million as of December 31, 2015. For information concerning off-balance sheet financing, see Note 14, “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:
|  | March 31, 2016 |  |  | December 31, 2015 |
(Amounts in thousands) |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 6,129 |  |  | $ | 6,303 |
Commercial and industrial |  |  | 1,020 |  |  |  | 1,170 |
Multi-family residential |  |  | 100 |  |  |  | 640 |
Single family non-owner occupied |  |  | 2,258 |  |  |  | 2,674 |
Non-farm, non-residential |  |  | 12,439 |  |  |  | 14,065 |
Agricultural |  |  | 34 |  |  |  | 34 |
Farmland |  |  | 632 |  |  |  | 643 |
Total commercial loans |  |  | 22,612 |  |  |  | 25,529 |
Consumer real estate loans |  |  |  |  |  |  |  |
Home equity lines |  |  | 45,745 |  |  |  | 48,565 |
Single family owner occupied |  |  | 7,837 |  |  |  | 8,595 |
Owner occupied construction |  |  | 262 |  |  |  | 262 |
Total consumer real estate loans |  |  | 53,844 |  |  |  | 57,422 |
Consumer and other loans |  |  |  |  |  |  |  |
Consumer loans |  |  | 82 |  |  |  | 84 |
Total covered loans |  | $ | 76,538 |  |  | $ | 83,035 |
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 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:
|  | March 31, 2016 |  |  | December 31, 2015 |
|  | Carrying Balance |  |  | Unpaid Principal Balance |  |  | Carrying Balance |  |  | Unpaid Principal Balance |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Peoples Bank of Virginia |  | $ | 6,872 |  |  | $ | 11,108 |  |  | $ | 6,681 |  |  | $ | 11,249 |
Waccamaw Bank |  |  | 32,745 |  |  |  | 58,544 |  |  |  | 34,707 |  |  |  | 63,151 |
Other acquired |  |  | 1,227 |  |  |  | 1,270 |  |  |  | 1,254 |  |  |  | 1,297 |
Total PCI Loans |  | $ | 40,844 |  |  | $ | 70,922 |  |  | $ | 42,642 |  |  | $ | 75,697 |
The following tables present the activity in the accretable yield related to PCI loans, by acquisition, in the periods indicated:
|  | Three Months Ended March 31, 2016 |
|  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 3,589 |  |  | $ | 26,109 |  |  | $ | — |  |  | $ | 29,698 |
Accretion |  |  | (459 | ) |  |  | (1,484 | ) |  |  | — |  |  |  | (1,943 | )
Reclassifications from nonaccretable difference |  |  | (221 | ) |  |  | (272 | ) |  |  | — |  |  |  | (493 | )
Removals, extensions, and other events, net |  |  | 1,724 |  |  |  | 598 |  |  |  | — |  |  |  | 2,322 |
Ending balance |  | $ | 4,633 |  |  | $ | 24,951 |  |  | $ | — |  |  | $ | 29,584 |
|  | Three Months Ended March 31, 2015 |
|  | Peoples |  |  | Waccamaw |  |  | Other |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,745 |  |  | $ | 19,048 |  |  | $ | — |  |  | $ | 23,793 |
Additions |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
Accretion |  |  | (630 | ) |  |  | (1,602 | ) |  |  | — |  |  |  | (2,232 | )
Reclassifications from nonaccretable difference |  |  | 1,106 |  |  |  | 2,445 |  |  |  | — |  |  |  | 3,551 |
Removals, extensions, and other events, net |  |  | (735 | ) |  |  | (439 | ) |  |  | — |  |  |  | (1,174 | )
Ending balance |  | $ | 4,486 |  |  | $ | 19,454 |  |  | $ | — |  |  | $ | 23,940 |

X
- 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 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5066-111524 Reference 2: 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 3: 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=49124121&loc=d3e5162-111524 Reference 4: 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 5: 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=49124121&loc=d3e5074-111524 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 + Details
Name: | us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration