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Note 6 - Allowance for Loan Losses

6 Months Ended

Jun. 30, 2020

Allowance for Credit Losses [Text Block]

Note 6. Allowance for Loan Losses

The following tables present the changes in the allowance for loan losses, by loan segment, during the periods indicated. There was no allowance related to PCI loans as of June 30, 2020.

	Three Months Ended June 30, 2020
(Amounts in thousands)	Commercial			Consumer Real Estate			Consumer and Other			Total Allowance
Total allowance
Beginning balance	$	12,075		$	7,519		$	1,543		$	21,137
Provision for (recovery of) loan losses charged to operations		2,618			(221	)		1,434			3,831
Charge-offs		(878	)		(179	)		(615	)		(1,672	)
Recoveries		94			175			193			462
Net charge-offs		(784	)		(4	)		(422	)		(1,210	)
Ending balance	$	13,909		$	7,294		$	2,555		$	23,758

	Three Months Ended June 30, 2019
(Amounts in thousands)	Commercial			Consumer Real Estate			Consumer and Other			Total Allowance
Total allowance
Beginning balance	$	10,065		$	6,856		$	1,322		$	18,243
Provision for (Recovery of) loan losses charged to operations		1,263			(68	)		390			1,585
Charge-offs		(1,514	)		(191	)		(409	)		(2,114	)
Recoveries		402			284			140			826
Net (charge-offs) recoveries		(1,112	)		93			(269	)		(1,288	)
Ending balance	$	10,216		$	6,881		$	1,443		$	18,540

	Six Months Ended June 30, 2020
(Amounts in thousands)	Commercial			Consumer Real Estate			Consumer and Other			Total Allowance
Total allowance
Beginning balance	$	10,235		$	6,325		$	1,865		$	18,425
Provision for loan losses charged to operations		4,605			924			1,802			7,331
Charge-offs		(1,146	)		(242	)		(1,478	)		(2,866	)
Recoveries		215			287			366			868
Net (charge-offs) recoveries		(931	)		45			(1,112	)		(1,998	)
Ending balance	$	13,909		$	7,294		$	2,555		$	23,758

	Six Months Ended June 30, 2019
(Amounts in thousands)	Commercial			Consumer Real Estate			Consumer and Other			Total Allowance
Total allowance
Beginning balance	$	10,499		$	6,732		$	1,036		$	18,267
Provision for loan losses charged to operations		1,157			749			899			2,805
Charge-offs		(2,006	)		(950	)		(780	)		(3,736	)
Recoveries		566			350			288			1,204
Net (charge-offs) recoveries		(1,440	)		(600	)		(492	)		(2,532	)
Ending balance	$	10,216		$	6,881		$	1,443		$	18,540

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

	June 30, 2020
(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	$	-	$	-	$	50,846	$	695
Commercial and industrial		896		-		180,981		934
Multi-family residential		944		279		103,189		1,162
Single family non-owner occupied		530		-		181,314		1,706
Non-farm, non-residential		3,803		684		700,242		8,020
Agricultural		-		-		10,380		206
Farmland		-		-		20,303		225
Total commercial loans		6,173		963		1,247,255		12,948
Consumer real estate loans
Home equity lines		-		-		106,825		752
Single family owner occupied		2,981		370		591,999		6,033
Owner occupied construction		-		-		15,311		139
Total consumer real estate loans		2,981		370		714,135		6,924
Consumer and other loans
Consumer loans		-		-		113,603		2,553
Other		-		-		4,477		-
Total consumer and other loans		-		-		118,080		2,553
Total loans, excluding PCI loans	$	9,154	$	1,333	$	2,079,470	$	22,425

	December 31, 2019
(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	$	-	$	-	$	30,334	$	245
Commercial and industrial		-		-		95,659		699
Multi-family residential		944		-		98,201		969
Single family non-owner occupied		-		-		128,520		1,323
Non-farm, non-residential		2,575		292		591,520		6,361
Agricultural		-		-		9,458		145
Farmland		-		-		16,146		201
Total commercial loans		3,519		292		969,838		9,943
Consumer real estate loans
Home equity lines		-		-		91,999		673
Single family owner occupied		3,016		353		490,712		5,175
Owner occupied construction		-		-		16,144		124
Total consumer real estate loans		3,016		353		598,855		5,972
Consumer and other loans
Consumer loans		-		-		99,199		1,865
Other		-		-		4,742		-
Total consumer and other loans		-		-		103,941		1,865
Total loans, excluding PCI loans	$	6,535	$	645	$	1,672,634	$	17,780

The following table presents the recorded investment in PCI loans and the allowance for loan losses on PCI loans, by loan pool, as of the dates indicated:

	June 30, 2020				December 31, 2019
(Amounts in thousands)	Recorded Investment		Allowance for Loan Pools With Impairment		Recorded Investment		Allowance for Loan Pools With Impairment
Commercial loans
Waccamaw commercial	$	-	$	-	$	-	$	-
Peoples commercial		-		-		4,371		-
Highlands:
1-4 family, senior-commercial		6,736		-		4,564		-
Construction & land development		1,766		-		1,956		-
Farmland and other agricultural		3,386		-		3,722		-
Multifamily		1,635		-		1,663		-
Commercial real estate		19,056		-		21,710		-
Commercial and industrial		2,421		-		2,829		-
Other		-		-		352		-
Total commercial loans		35,000		-		41,167		-
Consumer real estate loans
Waccamaw serviced home equity lines		-		-		2,121		-
Waccamaw residential		-		-		587		-
Highlands:		-		-		-		-
1-4 family, junior and HELOCS		1,253		-		2,157		-
1-4 family, senior-consumer		10,992		-		13,174		-
Consumer		948		-		1,341		-
Peoples residential		-		-		700		-
Total consumer real estate loans		13,193		-		20,080		-
Total PCI loans	$	48,193	$	-	$	61,247	$	-

Management believed the allowance was adequate to absorb probable loan losses inherent in the loan portfolio as of June 30, 2020.