Annual report pursuant to Section 13 and 15(d)

LOANS (Tables)

v2.4.0.6
LOANS (Tables)
 12 Months Ended
Dec. 31, 2012
Text Block [Abstract]  
Details Of Loans

The composition of loans at December 31, 2012 and 2011 is summarized as follows:

 

    December 31,  
    2012     2011  
    (In Thousands)  
Commercial, financial and agricultural   $ 1,030,990     $ 799,464  
Real estate - construction     158,361       151,218  
Real estate - mortgage:                
Owner-occupied commercial     568,041       398,601  
1-4 family mortgage     235,909       205,182  
Other mortgage     323,599       235,251  
Total real estate - mortgage     1,127,549       839,034  
Consumer     46,282       41,026  
Total Loans     2,363,182       1,830,742  
Less: Allowance for loan losses     (26,258 )     (22,030 )
Net Loans   $ 2,336,924     $ 1,808,712  
Schedule Of Allowance For Loan Losses

Changes in the allowance for loan losses during the years ended December 31, 2012, 2011 and 2010, respectively are as follows:

 

    Years Ended December 31,  
    2012     2011     2010  
    (In Thousands)  
Balance, beginning of year   $ 22,030     $ 18,077     $ 14,737  
Loans charged off     (5,755 )     (5,653 )     (7,208 )
Recoveries     883       634       198  
Provision for loan losses     9,100       8,972       10,350  
Balance, end of year   $ 26,258     $ 22,030     $ 18,077  
Changes In Allowance For Loan Losses Segregated By Loan Type

Changes in the allowance for loan losses, segregated by loan type, during the years ended December 31, 2012 and 2011, respectively, are as follows:

  

    Commercial,                                
    financial and     Real estate -     Real estate -           Qualitative        
    agricultural     construction     mortgage     Consumer     Factors     Total  
    (In Thousands)  
    Year Ended December 31, 2012  
Allowance for loan losses:                                                
Balance at December 31, 2011   $ 6,627     $ 6,542     $ 3,295     $ 531     $ 5,035     $ 22,030  
Chargeoffs     (1,106 )     (3,088 )     (660 )     (901 )     -       (5,755 )
Recoveries     125       58       692       8       -       883  
Provision     2,587       2,999       1,585       561       1,368       9,100  
Balance at December 31, 2012   $ 8,233     $ 6,511     $ 4,912     $ 199     $ 6,403     $ 26,258  

 

    December 31, 2012  
Individually Evaluated for Impairment   $ 577     $ 1,013     $ 1,921     $ -     $ -     $ 3,511  
Collectively Evaluated for Impairment     7,656       5,498       2,991       199       6,403       22,747  
                                                 
Loans:                                                
Ending Balance   $ 1,030,990     $ 158,361     $ 1,127,549     $ 46,282     $ -     $ 2,363,182  
Individually Evaluated for Impairment     3,910       14,422       18,927       135       -       37,394  
Collectively Evaluated for Impairment     1,027,080       143,939       1,108,622       46,147       -       2,325,788  

 

    Year Ended December 31, 2011  
Allowance for loan losses:                                                
Balance at December 31, 2010   $ 5,348     $ 6,373     $ 2,443     $ 749     $ 3,164     $ 18,077  
Chargeoffs     (1,096 )     (2,594 )     (1,096 )     (867 )     -       (5,653 )
Recoveries     361       180       12       81       -       634  
Provision     2,014       2,583       1,936       568       1,871       8,972  
Balance at December 31, 2011   $ 6,627     $ 6,542     $ 3,295     $ 531     $ 5,035     $ 22,030  

 

    December 31, 2011  
Individually Evaluated for Impairment   $ 1,382     $ 1,533     $ 941     $ 325     $ -     $ 4,181  
Collectively Evaluated for Impairment     5,245       5,009       2,354       206       5,035       17,849  
                                                 
Loans:                                                
Ending Balance   $ 799,464     $ 151,218     $ 839,034     $ 41,026     $ -     $ 1,830,742  
Individually Evaluated for Impairment     5,578       16,262       14,866       547       -       37,253  
Collectively Evaluated for Impairment     793,886       134,956       824,168       40,479       -       1,793,489  
Loans By Credit Quality Indicator

Loans by credit quality indicator as of December 31, 2012 and 2011 were as follows: 

 

          Special                    
December 31, 2012   Pass     Mention     Substandard     Doubtful     Total  
    (In Thousands)  
Commercial, financial and agricultural   $ 1,004,043     $ 19,172     $ 7,775     $ -     $ 1,030,990  
Real estate - construction     121,168       22,771       14,422       -       158,361  
Real estate - mortgage:                                        
Owner-occupied commercial     555,536       4,142       8,363       -       568,041  
1-4 family mortgage     223,152       6,379       6,378       -       235,909  
Other mortgage     312,473       6,674       4,452       -       323,599  
Total real estate mortgage     1,091,161       17,195       19,193       -       1,127,549  
Consumer     46,076       71       135       -       46,282  
Total   $ 2,262,448     $ 59,209     $ 41,525     $ -     $ 2,363,182  

 

          Special                    
December 31, 2011   Pass     Mention     Substandard     Doubtful     Total  
    (In Thousands)  
Commercial, financial and agricultural   $ 780,270     $ 11,775     $ 7,419     $ -     $ 799,464  
Real estate - construction     117,244       14,472       19,502       -       151,218  
Real estate - mortgage:                                        
Owner-occupied commercial     385,084       7,333       6,184       -       398,601  
1-4 family mortgage     194,447       4,835       5,900       -       205,182  
Other mortgage     224,807       7,034       3,410       -       235,251  
Total real estate mortgage     804,338       19,202       15,494       -       839,034  
Consumer     40,353       96       577       -       41,026  
Total   $ 1,742,205     $ 45,545     $ 42,992     $ -     $ 1,830,742  
Loans By Performance Status

Loans by performance status as of December 31, 2012 and 2011 are as follows:

  

December 31, 2012   Performing     Nonperforming     Total  
    (In Thousands)  
Commercial, financial and agricultural   $ 1,030,714     $ 276     $ 1,030,990  
Real estate - construction     151,901       6,460       158,361  
Real estate - mortgage:                        
Owner-occupied commercial     565,255       2,786       568,041  
1-4 family mortgage     235,456       453       235,909  
Other mortgage     323,359       240       323,599  
Total real estate mortgage     1,124,070       3,479       1,127,549  
Consumer     46,139       143       46,282  
Total   $ 2,352,824     $ 10,358     $ 2,363,182  

 

December 31, 2011   Performing     Nonperforming     Total  
    (In Thousands)  
Commercial, financial and agricultural   $ 798,285     $ 1,179     $ 799,464  
Real estate - construction     141,155       10,063       151,218  
Real estate - mortgage:                        
Owner-occupied commercial     397,809       792       398,601  
1-4 family mortgage     204,512       670       205,182  
Other mortgage     234,558       693       235,251  
Total real estate mortgage     836,879       2,155       839,034  
Consumer     40,651       375       41,026  
Total   $ 1,816,970     $ 13,772     $ 1,830,742  
Loans By Past Due Status

Loans by past due status as of December 31, 2012 and 2011 are as follows: 

 

December 31, 2012   Past Due Status (Accruing Loans)                    
                      Total Past                    
    30-59 Days     60-89 Days     90+ Days     Due     Non-Accrual     Current     Total Loans  
    (In Thousands)  
                                           
Commercial, financial and agricultural   $ 1,699     $ 385     $ -     $ 2,084     $ 276     $ 1,028,630     $ 1,030,990  
Real estate - construction     -       -       -       -       6,460       151,901       158,361  
Real estate - mortgage:                                                        
Owner-occupied commercial     1,480       10       -       1,490       2,786       563,765       568,041  
1-4 family mortgage     420       16       -       436       453       235,020       235,909  
Other mortgage     516       -       -       516       240       322,843       323,599  
Total real estate -                                                        
mortgage     2,416       26       -       2,442       3,479       1,121,628       1,127,549  
Consumer     108       -       8       116       135       46,031       46,282  
Total   $ 4,223     $ 411     $ 8     $ 4,642     $ 10,350     $ 2,348,190     $ 2,363,182  

 

December 31, 2011   Past Due Status (Accruing Loans)                    
                      Total Past                    
    30-59 Days     60-89 Days     90+ Days     Due     Non-Accrual     Current     Total Loans  
    (In Thousands)  
Commercial, financial and agricultural   $ -     $ -     $ -     $ -     $ 1,179     $ 798,285     $ 799,464  
Real estate - construction     2,234       -       -       2,234       10,063       138,921       151,218  
Real estate - mortgage:                                                        
Owner-occupied commercial     -       -       -       -       792       397,809       398,601  
1-4 family mortgage     2,107       -       -       2,107       670       202,405       205,182  
Other mortgage     -       -       -       -       693       234,558       235,251  
Total real estate - mortgage     2,107       -       -       2,107       2,155       834,772       839,034  
Consumer     -       84       -       84       375       40,567       41,026  
Total   $ 4,341     $ 84     $ -     $ 4,425     $ 13,772     $ 1,812,545     $ 1,830,742  
Details Of Company's Impaired Loans

The following table presents details of the Company’s impaired loans as of December 31, 2012 and 2011, respectively. Loans which have been fully charged off do not appear in the tables.

 

December 31, 2012
                               
          Unpaid           Average     Interest Income  
    Recorded     Principal     Related     Recorded     Recognized  
    Investment     Balance     Allowance     Investment     in Period  
    (In Thousands)  
With no allowance recorded:                                        
Commercial, financial and agricultural   $ 2,602     $ 2,856     $ -     $ 2,313     $ 105  
Real estate - construction     6,872       7,894       -       7,631       188  
Real estate - mortgage:                                        
Owner-occupied commercial     5,111       5,361       -       5,411       145  
1-4 family mortgage     2,166       2,388       -       2,177       108  
Other mortgage     4,151       4,249       -       4,206       275  
Total real estate - mortgage     11,428       11,998       -       11,794       528  
Consumer     135       344       -       296       6  
Total with no allowance recorded     21,037       23,092       -       22,034       827  
                                         
With an allowance recorded:                                        
Commercial, financial and agricultural     1,308       1,308       577       1,325       90  
Real estate - construction     7,550       8,137       1,013       6,961       154  
Real estate - mortgage:                                        
Owner-occupied commercial     3,195       3,195       779       3,277       77  
1-4 family mortgage     4,002       4,002       1,007       4,001       139  
Other mortgage     302       302       135       307       20  
Total real estate - mortgage     7,499       7,499       1,921       7,585       236  
Consumer     -       -       -       -       -  
Total with allowance recorded     16,357       16,944       3,511       15,871       480  
                                         
Total Impaired Loans:                                        
Commercial, financial and agricultural     3,910       4,164       577       3,638       195  
Real estate - construction     14,422       16,031       1,013       14,592       342  
Real estate - mortgage:                                        
Owner-occupied commercial     8,306       8,556       779       8,688       222  
1-4 family mortgage     6,168       6,390       1,007       6,178       247  
Other mortgage     4,453       4,551       135       4,513       295  
Total real estate - mortgage     18,927       19,497       1,921       19,379       764  
Consumer     135       344       -       296       6  
Total impaired loans   $ 37,394     $ 40,036     $ 3,511     $ 37,905     $ 1,307  

  

December 31, 2011
                               
          Unpaid           Average     Interest Income  
    Recorded     Principal     Related     Recorded     Recognized in  
    Investment     Balance     Allowance     Investment     Period  
    (In Thousands)  
With no allowance recorded:                                        
Commercial, financial and agricultural   $ 1,264     $ 1,264     $ -     $ 1,501     $ 74  
Real estate - construction     11,583       12,573       -       10,406       226  
Owner-occupied commercial     2,493       2,493       -       2,523       153  
1-4 family mortgage     1,293       1,293       -       1,241       44  
Other mortgage     2,837       2,837       -       2,746       162  
Total real estate - mortgage     6,623       6,623       -       6,510       359  
Consumer     173       173       -       173       6  
Total with no allowance recorded     19,643       20,633       -       18,590       665  
                                         
With an allowance recorded:                                        
Commercial, financial and agricultural     4,314       4,314       1,382       4,156       226  
Real estate - construction     4,679       4,679       1,482       3,987       94  
Real estate - mortgage:                                        
Owner-occupied commercial     3,515       3,515       88       3,504       365  
1-4 family mortgage     4,397       4,397       904       4,484       198  
Other mortgage     331       331       -       337       22  
Total real estate - mortgage     8,243       8,243       992       8,325       585  
Consumer     374       624       325       425       -  
Total with allowance recorded     17,610       17,860       4,181       16,893       905  
                                         
Total Impaired Loans:                                        
Commercial, financial and agricultural     5,578       5,578       1,382       5,657       300  
Real estate - construction     16,262       17,252       1,482       14,393       320  
Real estate - mortgage:                                        
Owner-occupied commercial     6,008       6,008       88       6,027       518  
1-4 family mortgage     5,690       5,690       904       5,725       242  
Other mortgage     3,168       3,168       -       3,083       184  
Total real estate - mortgage     14,866       14,866       992       14,835       944  
Consumer     547       797       325       598       6  
Total impaired loans   $ 37,253     $ 38,493     $ 4,181     $ 35,483     $ 1,570  
Analysis Of Troubled Debt Restructuring

The following table presents an analysis of TDRs as of December 31, 2012 and 2011.

 

    December 31, 2012     December 31, 2011  
          Pre-     Post-           Pre-     Post-  
          Modification     Modification           Modification     Modification  
          Outstanding     Outstanding           Outstanding     Outstanding  
    Number of     Recorded     Recorded     Number of     Recorded     Recorded  
    Contracts     Investment     Investment     Contracts     Investment     Investment  
    (In Thousands)  
Troubled Debt Restructurings                                                
Commercial, financial and agricultural     2     $ 1,168     $ 1,168       2     $ 1,369     $ 1,369  
Real estate - construction     15       3,213       3,213       -       -       -  
Real estate - mortgage:                                                
Owner-occupied commercial     3       3,121       3,121       3       2,785       2,785  
1-4 family mortgage     5       1,709       1,709       -       -       -  
Other mortgage     1       302       302       1       331       331  
Total real estate mortgage     9       5,132       5,132       4       3,116       3,116  
Consumer     -       -       -       -       -       -  
      26     $ 9,513     $ 9,513       6     $ 4,485     $ 4,485  

 

    Number of     Recorded           Number of     Recorded        
    Contracts     Investment           Contracts     Investment        
                                     
Troubled Debt Restructurings                                    
That Subsequently Defaulted Commercial, financial and agricultural     -     $ -             -     $ -        
Real estate - construction     -       -             -       -        
Real estate - mortgage:                                            
Owner-occupied commercial     3       2,786               -       -          
1-4 family mortgage     -       -               -       -          
Other mortgage     -       -               -       -          
Total real estate - mortgage     3       2,786               -       -          
Consumer     -       -               -       -          
      3     $ 2,786               -     $ -  
Schedule Of Changes In Related Party Loans

Changes in related party loans for the years ended December 31, 2012 and 2011 are as follows:

 

    Years Ended December 31,  
    2012     2011  
    (In Thousands)  
Balance, beginning of year   $ 9,047     $ 6,825  
Advances     7,630       7,926  
Repayments     (8,096 )     (4,204 )
Participations     3,819       (1,500 )
Balance, end of year   $ 12,400     $ 9,047