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Loans | 12 Months Ended
--- | ---
Dec. 31, 2021
Loans |
Loans | NOTE 4: Loans ​ Major classifications of loans are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
(Dollars in thousands) |  | 2021 |  | 2020 |
Real estate – residential mortgage | ​ | $ | 217,016 | ​ | $ | 218,298 | ​
Real estate – construction 1 | ​ |  | 57,495 | ​ |  | 62,147 | ​
Commercial, financial and agricultural 2 | ​ |  | 717,730 | ​ |  | 700,215 | ​
Equity lines | ​ |  | 41,345 | ​ |  | 48,466 | ​
Consumer | ​ |  | 8,280 | ​ |  | 11,028 | ​
Consumer finance3 | ​ |  | 368,194 | ​ |  | 312,252 | ​
​ | ​ |  | 1,410,060 | ​ |  | 1,352,406 | ​
Less allowance for loan losses | ​ |  | (40,157) | ​ |  | (39,156) | ​
Loans, net | ​ | $ | 1,369,903 | ​ | $ | 1,313,250 | ​
1 | Includes the Corporation’s real estate construction lending and consumer real estate lot lending.
2 | Includes the Corporation’s commercial real estate lending, land acquisition and development lending, builder line lending and commercial business lending (which includes loans originated under the PPP).
3 | Includes the Corporation’s non-prime automobile lending and prime marine and recreational vehicle lending.
​ Consumer loans included $207,000 and $284,000 of demand deposit overdrafts at December 31, 2021 and 2020, respectively. ​ Loans acquired in business combinations are recorded in the Consolidated Balance Sheets at fair value at the acquisition date under the acquisition method of accounting. The outstanding principal balance and the carrying amount at December 31, 2021 and 2020 of loans acquired in business combinations were as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 | ​ | December 31, 2020 | ​
​ |  | Acquired Loans - |  | Acquired Loans - |  | ​ | ​ |  | Acquired Loans - |  | Acquired Loans - |  | ​ | ​ |
​ | ​ | Purchased | ​ | Purchased | ​ | Acquired Loans - | ​ | Purchased | ​ | Purchased | ​ | Acquired Loans - |
(Dollars in thousands) | ​ | Credit Impaired | ​ | Performing | ​ | Total | ​ | Credit Impaired | ​ | Performing | ​ | Total |
Outstanding principal balance | ​ | $ | 8,350 | ​ | $ | 57,862 | ​ | $ | 66,212 | ​ | $ | 12,760 | ​ | $ | 89,043 | ​ | $ | 101,803 | ​
Carrying amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate – residential mortgage | ​ | $ | 817 | ​ | $ | 9,997 | ​ | $ | 10,814 | ​ | $ | 1,473 | ​ | $ | 15,117 | ​ | $ | 16,590 | ​
Real estate – construction | ​ | ​ | — | ​ | ​ | 1,356 | ​ | ​ | 1,356 | ​ | ​ | — | ​ | ​ | 1,077 | ​ | ​ | 1,077 | ​
Commercial, financial and agricultural1 | ​ |  | 2,753 | ​ |  | 37,313 | ​ |  | 40,066 | ​ |  | 4,758 | ​ |  | 58,796 | ​ |  | 63,554 | ​
Equity lines | ​ |  | 38 | ​ |  | 6,919 | ​ |  | 6,957 | ​ |  | 80 | ​ |  | 10,182 | ​ |  | 10,262 | ​
Consumer | ​ |  | 47 | ​ |  | 1,213 | ​ |  | 1,260 | ​ |  | 48 | ​ |  | 1,924 | ​ |  | 1,972 | ​
Total acquired loans | ​ | $ | 3,655 | ​ | $ | 56,798 | ​ | $ | 60,453 | ​ | $ | 6,359 | ​ | $ | 87,096 | ​ | $ | 93,455 | ​
1 | Includes acquired loans classified by the Corporation as commercial real estate lending and commercial business lending.
​ The following table presents a summary of the change in the accretable yield of loans classified as PCI loans: ​ ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
(Dollars in thousands) |  | 2021 |  | 2020 |
Accretable yield, balance at beginning of period | ​ | $ | 4,048 | ​ | $ | 4,721 | ​
Acquisition of Peoples | ​ |  | — | ​ |  | 3,372 | ​
Accretion | ​ |  | (2,472) | ​ |  | (3,032) | ​
Sale of PCI loan pool | ​ | ​ | — | ​ | ​ | (323) | ​
Reclassification of nonaccretable difference due to improvement in expected cash flows | ​ |  | 794 | ​ |  | 521 | ​
Other changes, net | ​ |  | 741 | ​ |  | (1,211) | ​
Accretable yield, balance at end of period | ​ | $ | 3,111 | ​ | $ | 4,048 | ​
​ Loans on nonaccrual status at December 31, 2021 and 2020 were as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
(Dollars in thousands) |  | 2021 |  | 2020 |
Real estate – residential mortgage | ​ | $ | 315 | ​ | $ | 276 | ​
Commercial, financial and agricultural: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial business lending | ​ |  | 2,122 | ​ |  | 2,428 | ​
Equity lines | ​ |  | 104 | ​ |  | 191 | ​
Consumer | ​ |  | 3 | ​ |  | 107 | ​
Consumer finance: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Automobiles | ​ | ​ | 380 | ​ | ​ | 402 | ​
Marine and recreational vehicles | ​ |  | — | ​ |  | — | ​
Total loans on nonaccrual status | ​ | $ | 2,924 | ​ | $ | 3,404 | ​
​ The past due status of loans as of December 31, 2021 was as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 90+ Days |
​ | ​ | 30 - 59 Days | ​ | 60 - 89 Days | ​ | 90+ Days | ​ | Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Past Due and |
(Dollars in thousands) | ​ | Past Due | ​ | Past Due | ​ | Past Due | ​ | Past Due | ​ | PCI | ​ | Current1 | ​ | Total Loans | ​ | Accruing |
Real estate – residential mortgage | ​ | $ | 963 | ​ | $ | 325 | ​ | $ | 429 | ​ | $ | 1,717 | ​ | $ | 817 | ​ | $ | 214,482 | ​ | $ | 217,016 | ​ | $ | 129 | ​
Real estate – construction: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction lending | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | 39,252 | ​ |  | 39,252 | ​ |  | — | ​
Consumer lot lending | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | 18,243 | ​ |  | 18,243 | ​ |  | — | ​
Commercial, financial and agricultural: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate lending | ​ |  | — | ​ |  | 39 | ​ |  | — | ​ |  | 39 | ​ | ​ | 2,753 | ​ |  | 525,121 | ​ |  | 527,913 | ​ |  | — | ​
Land acquisition and development lending | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | 27,609 | ​ |  | 27,609 | ​ |  | — | ​
Builder line lending | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | 30,499 | ​ |  | 30,499 | ​ |  | — | ​
Commercial business lending | ​ |  | 8 | ​ |  | — | ​ |  | — | ​ |  | 8 | ​ | ​ | — | ​ |  | 131,701 | ​ |  | 131,709 | ​ |  | — | ​
Equity lines | ​ |  | 55 | ​ |  | 31 | ​ |  | 49 | ​ |  | 135 | ​ | ​ | 38 | ​ |  | 41,172 | ​ |  | 41,345 | ​ |  | 49 | ​
Consumer | ​ |  | 12 | ​ |  | — | ​ |  | — | ​ |  | 12 | ​ | ​ | 47 | ​ |  | 8,221 | ​ |  | 8,280 | ​ |  | — | ​
Consumer finance: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Automobiles | ​ | ​ | 6,519 | ​ | ​ | 1,008 | ​ | ​ | 380 | ​ | ​ | 7,907 | ​ | ​ | — | ​ | ​ | 314,160 | ​ | ​ | 322,067 | ​ | ​ | — | ​
Marine and recreational vehicles | ​ |  | 32 | ​ |  | — | ​ |  | — | ​ |  | 32 | ​ | ​ | — | ​ |  | 46,095 | ​ |  | 46,127 | ​ |  | — | ​
Total | ​ | $ | 7,589 | ​ | $ | 1,403 | ​ | $ | 858 | ​ | $ | 9,850 | ​ | $ | 3,655 | ​ | $ | 1,396,555 | ​ | $ | 1,410,060 | ​ | $ | 178 | ​
1 | For the purposes of the table above, “Current” includes loans that are 1-29 days past due. |
​ The table above includes nonaccrual loans that are current of $2.24 million and 90+ days past due of $680,000. ​ The past due status of loans as of December 31, 2020 was as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 90+ Days |
​ | ​ | 30 - 59 Days | ​ | 60 - 89 Days | ​ | 90+ Days | ​ | Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Past Due and |
(Dollars in thousands) | ​ | Past Due | ​ | Past Due | ​ | Past Due | ​ | Past Due | ​ | PCI | ​ | Current1 | ​ | Total Loans | ​ | Accruing |
Real estate – residential mortgage | ​ | $ | 1,100 | ​ | $ | 154 | ​ | $ | 176 | ​ | $ | 1,430 | ​ | $ | 1,473 | ​ | $ | 215,395 | ​ | $ | 218,298 | ​ | $ | 145 | ​
Real estate – construction: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction lending | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | 49,659 | ​ |  | 49,659 | ​ |  | — | ​
Consumer lot lending | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | 12,488 | ​ |  | 12,488 | ​ |  | — | ​
Commercial, financial and agricultural: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate lending | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | 4,758 | ​ |  | 437,145 | ​ |  | 441,903 | ​ |  | — | ​
Land acquisition and development lending | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | 37,724 | ​ |  | 37,724 | ​ |  | — | ​
Builder line lending | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | 18,194 | ​ |  | 18,194 | ​ |  | — | ​
Commercial business lending | ​ |  | 24 | ​ |  | — | ​ |  | — | ​ |  | 24 | ​ | ​ | — | ​ |  | 202,370 | ​ |  | 202,394 | ​ |  | — | ​
Equity lines | ​ |  | 52 | ​ |  | — | ​ |  | — | ​ |  | 52 | ​ | ​ | 80 | ​ |  | 48,334 | ​ |  | 48,466 | ​ |  | — | ​
Consumer | ​ |  | 2 | ​ |  | — | ​ |  | — | ​ |  | 2 | ​ | ​ | 48 | ​ |  | 10,978 | ​ |  | 11,028 | ​ |  | — | ​
Consumer finance: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Automobiles | ​ | ​ | 8,231 | ​ | ​ | 967 | ​ | ​ | 402 | ​ | ​ | 9,600 | ​ | ​ | — | ​ | ​ | 263,106 | ​ | ​ | 272,706 | ​ | ​ | — | ​
Marine and recreational vehicles | ​ |  | 18 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18 | ​ | ​ | — | ​ | ​ | 39,528 | ​ | ​ | 39,546 | ​ | ​ | — | ​
Total | ​ | $ | 9,427 | ​ | $ | 1,121 | ​ | $ | 578 | ​ | $ | 11,126 | ​ | $ | 6,359 | ​ | $ | 1,334,921 | ​ | $ | 1,352,406 | ​ | $ | 145 | ​
1 | For the purposes of the table above, “Current” includes loans that are 1-29 days past due. |
​ The table above includes nonaccrual loans that are current of $2.86 million, 30-59 days past due of $115,000 and 90+ days past due of $433,000. ​ Loan modifications that were classified as TDRs, and the recorded investment in those loans at the time of their modification, during the years ended December 31, 2021 and 2020 and 2019 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​
​ | ​ | Number of | ​ | Recorded | ​ | Number of | ​ | Recorded | ​ | Number of | ​ | Recorded | ​
(Dollars in thousands) | ​ | Loans | ​ | Investment | ​ | Loans | ​ | Investment | ​ | Loans | ​ | Investment | ​
Real estate – residential mortgage |  | 1 | ​ | $ | 4 | ​ | 2 | ​ | $ | 176 |  | 2 | ​ | $ | 95 | ​
Equity lines |  | — | ​ | ​ | — | ​ | 1 | ​ |  | 84 |  | — | ​ | ​ | — | ​
Consumer |  | — | ​ | ​ | — | ​ | — | ​ | ​ | — |  | 1 | ​ | ​ | 121 | ​
Total |  | 1 | ​ | $ | 4 | ​ | 3 | ​ | $ | 260 |  | 3 | ​ | $ | 216 | ​
​ One TDR during the year ended December 31, 2021, three of the TDRs during the year ended December 31, 2020 and two TDRs during the year ended December 31, 2019 included modifications of the loan’s payment structure. One TDR during the year ended December 31, 2019 included modifications of the loan’s interest rate. There were no TDRs in the years ended December 31, 2021, 2020 or 2019 that included a reduction in principal as part of the loan’s modification. ​ All TDRs are considered impaired loans and are individually evaluated in the determination of the allowance for loan losses. A TDR payment default occurs when, within 12 months of the original TDR modification, either a full or partial charge-off occurs or a TDR becomes 90 days or more past due. The specific reserve associated with a TDR is reevaluated when a TDR payment default occurs. There were no TDR payment defaults during the years ended December 31, 2021, 2020 and 2019. ​ Impaired loans, which included TDRs of $2.69 million, and the related allowance at December 31, 2021 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
​ | ​ | ​ | ​ | Recorded | ​ | Recorded | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | Investment | ​ | Investment | ​ | ​ | ​ | Average | ​ | ​ |
​ | ​ | Unpaid | ​ | in Loans | ​ | in Loans | ​ | ​ | ​ | Balance- | ​ | Interest | ​
​ | ​ | Principal | ​ | without | ​ | with | ​ | Related | ​ | Impaired | ​ | Income | ​
(Dollars in thousands) | ​ | Balance | ​ | Specific Reserve | ​ | Specific Reserve | ​ | Allowance | ​ | Loans | ​ | Recognized |
Real estate – residential mortgage | ​ | $ | 1,689 | ​ | $ | 550 | ​ | $ | 1,035 | ​ | $ | 63 | ​ | $ | 1,560 | ​ | $ | 64 | ​
Commercial, financial and agricultural: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate lending | ​ |  | 1,389 | ​ |  | — | ​ |  | 1,390 | ​ |  | 103 | ​ |  | 1,393 | ​ |  | 72 | ​
Commercial business lending | ​ |  | 2,234 | ​ |  | — | ​ |  | 2,123 | ​ |  | 489 | ​ |  | 2,257 | ​ |  | — | ​
Equity lines | ​ |  | 118 | ​ |  | 110 | ​ |  | — | ​ |  | — | ​ |  | 119 | ​ |  | 4 | ​
Total | ​ | $ | 5,430 | ​ | $ | 660 | ​ | $ | 4,548 | ​ | $ | 655 | ​ | $ | 5,329 | ​ | $ | 140 | ​
​ Impaired loans, which included TDRs of $3.58 million, and the related allowance at December 31, 2020 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
​ | ​ | ​ | ​ | Recorded | ​ | Recorded | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | Investment | ​ | Investment | ​ | ​ | ​ | Average | ​ | ​ |
​ | ​ | Unpaid | ​ | in Loans | ​ | in Loans | ​ | ​ | ​ | Balance- | ​ | Interest | ​
​ | ​ | Principal | ​ | without | ​ | with | ​ | Related | ​ | Impaired | ​ | Income | ​
(Dollars in thousands) | ​ | Balance | ​ | Specific Reserve | ​ | Specific Reserve | ​ | Allowance | ​ | Loans | ​ | Recognized |
Real estate – residential mortgage | ​ | $ | 2,326 | ​ | $ | 931 | ​ | $ | 1,279 | ​ | $ | 77 | ​ | $ | 2,353 | ​ | $ | 105 | ​
Commercial, financial and agricultural: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate lending | ​ |  | 1,397 | ​ |  | — | ​ |  | 1,397 | ​ |  | 89 | ​ |  | 1,404 | ​ |  | 73 | ​
Commercial business lending | ​ |  | 2,430 | ​ |  | — | ​ |  | 2,428 | ​ |  | 585 | ​ |  | 2,573 | ​ |  | — | ​
Equity lines | ​ |  | 120 | ​ |  | 111 | ​ |  | — | ​ |  | — | ​ |  | 119 | ​ |  | 2 | ​
Consumer | ​ |  | 147 | ​ |  | — | ​ |  | 132 | ​ |  | 128 | ​ |  | 154 | ​ |  | 3 | ​
Total | ​ | $ | 6,420 | ​ | $ | 1,042 | ​ | $ | 5,236 | ​ | $ | 879 | ​ | $ | 6,603 | ​ | $ | 183 | ​
​

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- Definition The entire disclosure for claims held for amounts due a company, excluding disclosure for allowance for credit losses. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Also excludes disclosure for financing receivables. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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