| Loans | NOTE 6: Loans The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated.
September 30, 2016
December 31, 2015
Loans excluding PCI loans
Real estate loans
Residential
$
806,489
$
647,496
Commercial
1,682,375
1,254,782
Land, development and construction
120,331
105,276
Total real estate
2,609,195
2,007,554
Commercial
402,713
307,321
Consumer and other loans
84,767
67,500
Loans before unearned fees and deferred cost
3,096,675
2,382,375
Net unearned fees and costs
519
873
Total loans excluding PCI loans
3,097,194
2,383,248
PCI loans (note 1)
Real estate loans
Residential
74,825
86,104
Commercial
106,482
105,629
Land, development and construction
10,928
15,548
Total real estate
192,235
207,281
Commercial
4,649
2,771
Consumer and other loans
404
476
Total PCI loans
197,288
210,528
Total loans
3,294,482
2,593,776
Allowance for loan losses for loans that are not PCI loans
(25,274
)
(22,143
)
Allowance for loan losses for PCI loans
(225
)
(121
)
Total loans, net of allowance for loan losses
$
3,268,983
$
2,571,512
note 1:
Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. The table below set forth the activity in the allowance for loan losses for the periods presented.
Allowance for loan losses for loans that are not PCI loans
Allowance for loan losses on PCI loans
Total
Three months ended September 30, 2016
Balance at beginning of period
$
24,066
$
106
$
24,172
Loans charged-off
(821
)
(66
)
(887
)
Recoveries of loans previously charged-off
939
-
939
Net recoveries
118
(66
)
52
Provision for loan losses
1,090
185
1,275
Balance at end of period
$
25,274
$
225
$
25,499
Three months ended September 30, 2015
Balance at beginning of period
$
22,818
$
116
$
22,934
Loans charged-off
(893
)
(50
)
(943
)
Recoveries of loans previously charged-off
657
-
657
Net charge-offs
(236
)
(50
)
(286
)
Provision for loan losses
4
(4
)
-
Balance at end of period
$
22,586
$
62
$
22,648
Allowance for loan losses for loans that are not PCI loans
Allowance for loan losses on PCI loans
Total
Nine months ended September 30, 2016
Balance at beginning of period
$
22,143
$
121
$
22,264
Loans charged-off
(1,642
)
(66
)
(1,708
)
Recoveries of loans previously charged-off
2,247
-
2,247
Net recoveries
605
(66
)
539
Provision for loan losses
2,526
170
2,696
Balance at end of period
$
25,274
$
225
$
25,499
Nine months ended September 30, 2015
Balance at beginning of period
$
19,384
$
514
$
19,898
Loans charged-off
(2,625
)
(127
)
(2,752
)
Recoveries of loans previously charged-off
1,552
-
1,552
Net charge-offs
(1,073
)
(127
)
(1,200
)
Provision for loan losses
4,275
(325
)
3,950
Balance at end of period
$
22,586
$
62
$
22,648
The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented.
Real Estate Loans
Residential
Commercial
Land, develop., constr.
Comm. & industrial
Consumer & other
Total
Allowance for loan losses for loans that are not PCI loans:
Three months ended September 30, 2016
Beginning of the period
$
5,909
$
12,454
$
799
$
3,497
$
1,407
$
24,066
Charge-offs
(93
)
(155
)
(198
)
(138
)
(237
)
(821
)
Recoveries
496
293
15
91
44
939
Provision for loan losses
(453
)
924
133
194
292
1,090
Balance at end of period
$
5,859
$
13,516
$
749
$
3,644
$
1,506
$
25,274
Three months ended September 30, 2015
Beginning of the period
$
6,764
$
10,649
$
867
$
3,035
$
1,503
$
22,818
Charge-offs
(634
)
-
(58
)
(37
)
(164
)
(893
)
Recoveries
213
328
-
83
33
657
Provision for loan losses
(68
)
143
(221
)
24
126
4
Balance at end of period
$
6,275
$
11,120
$
588
$
3,105
$
1,498
$
22,586
Real Estate Loans
Residential
Commercial
Land, develop., constr.
Comm. & industrial
Consumer & other
Total
Allowance for loan losses for loans that are PCI loans:
Three months ended September 30, 2016
Beginning of the period
$
-
$
92
$
-
$
-
$
14
$
106
Charge-offs
-
-
(66
)
-
-
(66
)
Recoveries
-
-
-
-
-
-
Provision for loan losses
61
-
124
-
-
185
Balance at end of period
$
61
$
92
$
58
$
-
$
14
$
225
Three months ended September 30, 2015
Beginning of the period
$
-
$
111
$
2
$
3
$
-
$
116
Charge-offs
-
-
-
-
(50
)
(50
)
Recoveries
-
-
-
-
-
-
Provision for loan losses
-
(70
)
-
-
66
(4
)
Balance at end of period
$
-
$
41
$
2
$
3
$
16
$
62
Real Estate Loans
Residential
Commercial
Land, develop., constr.
Comm. & industrial
Consumer & other
Total
Allowance for loan losses for loans that are not PCI loans:
Nine months ended September 30, 2016
Beginning of the period
$
6,015
$
10,559
$
936
$
3,212
$
1,421
$
22,143
Charge-offs
(226
)
(421
)
(232
)
(161
)
(602
)
(1,642
)
Recoveries
1,056
590
250
210
141
2,247
Provision for loan losses
(986
)
2,788
(205
)
383
546
2,526
Balance at end of period
$
5,859
$
13,516
$
749
$
3,644
$
1,506
$
25,274
Nine months ended September 30, 2015
Beginning of the period
$
6,743
$
8,269
$
752
$
2,330
$
1,290
$
19,384
Charge-offs
(1,037
)
(60
)
(129
)
(849
)
(550
)
(2,625
)
Recoveries
800
448
4
172
128
1,552
Provision for loan losses
(231
)
2,463
(39
)
1,452
630
4,275
Balance at end of period
$
6,275
$
11,120
$
588
$
3,105
$
1,498
$
22,586
Real Estate Loans
Residential
Commercial
Land, develop., constr.
Comm. & industrial
Consumer & other
Total
Allowance for loan losses for loans that are PCI loans:
Nine months ended September 30, 2016
Beginning of the period
$
-
$
103
$
1
$
3
$
14
$
121
Charge-offs
-
-
(66
)
-
-
(66
)
Recoveries
-
-
-
-
-
-
Provision for loan losses
61
(11
)
123
(3
)
-
170
Balance at end of period
$
61
$
92
$
58
$
-
$
14
$
225
Nine months ended September 30, 2015
Beginning of the period
$
-
$
372
$
6
$
136
$
-
$
514
Charge-offs
-
(77
)
-
-
(50
)
(127
)
Recoveries
-
-
-
-
-
-
Provision for loan losses
-
(254
)
(4
)
(133
)
66
(325
)
Balance at end of period
$
-
$
41
$
2
$
3
$
16
$
62
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2016 and December 31, 2015. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material.
Real Estate Loans
As of September 30, 2016
Residential
Commercial
Land, develop., constr.
Comm. & industrial
Consumer & other
Total
Allowance for loan losses:
Ending allowance balance attributable to loans:
Individually evaluated for impairment
$
683
$
2
$
11
$
15
$
25
$
736
Collectively evaluated for impairment
5,176
13,514
738
3,629
1,481
24,538
Purchased credit impaired
61
92
58
-
14
225
Total ending allowance balance
$
5,920
$
13,608
$
807
$
3,644
$
1,520
$
25,499
Loans:
Individually evaluated for impairment
$
8,152
$
8,139
$
1,068
$
1,921
$
236
$
19,516
Collectively evaluated for impairment
798,337
1,674,236
119,263
400,792
84,531
3,077,159
Purchased credit impaired
74,825
106,482
10,928
4,649
404
197,288
Total ending loan balances
$
881,314
$
1,788,857
$
131,259
$
407,362
$
85,171
$
3,293,963
Real Estate Loans
As of December 31, 2015
Residential
Commercial
Land, develop., constr.
Comm. & industrial
Consumer & other
Total
Allowance for loan losses:
Ending allowance balance attributable to loans:
Individually evaluated for impairment
$
402
$
478
$
164
$
7
$
29
$
1,080
Collectively evaluated for impairment
5,613
10,081
772
3,205
1,392
21,063
Purchased credit impaired
-
103
1
3
14
121
Total ending allowance balance
$
6,015
$
10,662
$
937
$
3,215
$
1,435
$
22,264
Loans:
Individually evaluated for impairment
$
8,096
$
11,482
$
2,267
$
1,057
$
273
$
23,175
Collectively evaluated for impairment
639,400
1,243,300
103,009
306,264
67,227
2,359,200
Purchased credit impaired
86,104
105,629
15,548
2,771
476
210,528
Total ending loan balance
$
733,600
$
1,360,411
$
120,824
$
310,092
$
67,976
$
2,592,903
Loans collectively evaluated for impairment reported at September 30, 2016 include loans acquired from First Southern Bank (“FSB”) on June 1, 2014 and from Gulfstream Business Bank (“GSB”) on January 17, 2014 that are not PCI loans. These loans were performing loans recorded at estimated fair value at the acquisition date. The aggregate fair value adjustment for these loans at their respective acquisition dates was approximately $17,761, or approximately 2.10% of the aggregate acquisition date balances. The amount is accreted into interest income over the remaining lives of the related loans on a level yield basis. The aggregate unamortized acquisition date fair value adjustment was approximately $7,207 and $9,354, which represents approximately 1.40% and 1.59% of the remaining outstanding balance of these acquired loans at September 30, 2016 and December 31, 2015, respectively. Management has also estimated probable incurred losses based on performance since the respective acquisition dates, and based on these estimates, has included $2,323 in the Company’s general loan allowance with respect to these acquired loans. Loans collectively evaluated for impairment reported at September 30, 2016 also include loans acquired from Community and Hometown on March 1, 2016. The acquired loans were recorded at estimated fair value at acquisition; therefore, no allowance for loan losses was recorded for these loans at September 30, 2016. The table below summarizes impaired loan data for the periods presented.
Sept. 30, 2016
Dec. 31, 2015
Performing TDRs (these are not included in nonperforming loans ("NPLs"))
$
10,528
$
10,254
Nonperforming TDRs (these are included in NPLs)
3,064
4,873
Total TDRs (these are included in impaired loans)
13,592
15,127
Impaired loans that are not TDRs
5,924
8,048
Total impaired loans
$
19,516
$
23,175
In certain situations it has become more common to restructure or modify the terms of certain loans under certain conditions (i.e. troubled debt restructure or “TDRs”). In those circumstances it may be beneficial to restructure the terms of a loan and work with the borrower for the benefit of both parties, versus forcing the property into foreclosure and having to dispose of it in a distressed sale. When the terms of a loan have been modified, usually the monthly payment and/or interest rate is reduced for generally twelve to twenty-four months. Material principal amounts on any loan modifications have not been forgiven to date. TDRs as of September 30, 2016 and December 31, 2015 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non performing loans) are presented in the tables below.
As of September 30, 2016
Accruing
Non Accrual
Total
Real estate loans:
Residential
$
7,081
$
1,073
$
8,154
Commercial
2,003
1,873
3,876
Land, development, construction
287
87
374
Total real estate loans
9,371
3,033
12,404
Commercial
952
-
952
Consumer and other
205
31
236
Total TDRs
$
10,528
$
3,064
$
13,592
As of December 31, 2015
Accruing
Non-Accrual
Total
Real estate loans:
Residential
$
5,987
$
2,108
$
8,095
Commercial
2,458
2,558
5,016
Land, development, construction
593
93
686
Total real estate loans
9,038
4,759
13,797
Commercial
991
66
1,057
Consumer and other
225
48
273
Total TDRs
$
10,254
$
4,873
$
15,127
Our policy is to return non accrual TDR loans to accrual status when all the principal and interest amounts contractually due, pursuant to its modified terms, are brought current and future payments are reasonably assured. Our policy also considers the payment history of the borrower, but is not dependent upon a specific number of payments. The Company recorded a provision for loan loss expense of $87 and $447 and partial charge offs of $51 and $169 on the TDR loans described above during the three and nine month periods ending September 30, 2016. The Company recorded a provision Loans are modified to minimize loan losses when we believe the modification will improve the borrower’s financial condition and ability to repay the loan. We typically do not forgive principal. We generally either reduce interest rates or decrease monthly payments for a temporary period of time and those reductions of cash flows are capitalized into the loan balance. We may also extend maturities, convert balloon loans to longer term amortizing loans, or vice versa, or change interest rates between variable and fixed rate . Each borrower and situation is unique and we try to accommodate the borrower and minimize the Company’s potential losses. Approximately 77% of our TDRs are current pursuant to their modified terms, and $3,064, or approximately 23% of Loans modified as TDRs during the three and nine month periods ending September 30, 2016 were $400 and $2,395. The provision of $48 and $201 for loans modified The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the periods ending September 30, 2016 and 2015.
Period ending
Period ending
September 30, 2016
September 30, 2015
Number
Recorded
Number
Recorded
of loans
investment
of loans
investment
Residential
2
$
170
3
$
596
Commercial real estate
2
948
3
1,364
Land, development, construction
-
-
1
95
Commercial and Industrial
-
-
-
-
Consumer and other
-
-
-
-
Total
4
$
1,118
7
$
2,055
The Company recorded a provision for loan loss expense of $12, $25, $86 and $123 and partial charge offs of $20, $28, $73 and $125 on TDR loans that subsequently defaulted as described above during the three and nine month periods ending September 30, 2016 The following tables present loans individually evaluated for impairment by class of loans as of September 30, 2016 and December 31, 2015, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance due to partial charge-offs.
As of September 30, 2016
Unpaid principal balance
Recorded investment
Allowance for loan losses allocated
With no related allowance recorded:
Residential real estate
$
3,981
$
3,881
$
-
Commercial real estate
8,356
7,838
-
Land, development, construction
1,070
881
-
Commercial and industrial
1,506
1,468
-
Consumer, other
89
86
-
With an allowance recorded:
Residential real estate
4,449
4,271
683
Commercial real estate
401
301
2
Land, development, construction
213
187
11
Commercial and industrial
452
453
15
Consumer, other
169
150
25
Total
$
20,686
$
19,516
$
736
As of December 31, 2015
Unpaid principal balance
Recorded investment
Allowance for loan losses allocated
With no related allowance recorded:
Residential real estate
$
5,784
$
5,465
$
-
Commercial real estate
9,595
9,202
-
Land, development, construction
1,869
1,229
-
Commercial and industrial
585
577
-
Consumer, other
109
103
-
With an allowance recorded:
Residential real estate
2,682
2,631
402
Commercial real estate
2,538
2,280
478
Land, development, construction
1,065
1,038
164
Commercial and industrial
484
480
7
Consumer, other
179
170
29
Total
$
24,890
$
23,175
$
1,080
Three months ended September 30, 2016
Average of impaired loans
Interest income recognized during impairment
Cash basis interest income recognized
Real estate loans:
Residential
$
8,356
$
67
$
-
Commercial
10,530
24
-
Land, development, construction
1,148
4
-
Total real estate loans
20,034
95
-
Commercial and industrial
1,923
12
-
Consumer and other loans
243
3
-
Total
$
22,200
$
110
$
-
Nine months ended September 30, 2016
Average of impaired loans
Interest income recognized during impairment
Cash basis interest income recognized
Real estate loans:
Residential
$
8,447
$
185
$
-
Commercial
12,744
101
-
Land, development, construction
1,650
20
-
Total real estate loans
22,841
306
-
Commercial and industrial
1,806
35
-
Consumer and other loans
260
8
-
Total
$
24,907
$
349
$
-
Three months ended September 30, 2015
Average of impaired loans
Interest income recognized during impairment
Cash basis interest income recognized
Real estate loans:
Residential
$
8,446
$
61
$
-
Commercial
10,938
66
-
Land, development, construction
1,802
7
-
Total real estate loans
21,186
134
-
Commercial and industrial
871
10
-
Consumer and other loans
295
3
-
Total
$
22,352
$
147
$
-
Nine months ended September 30, 2015
Average of impaired loans
Interest income recognized during impairment
Cash basis interest income recognized
Real estate loans:
Residential
$
8,789
$
184
$
-
Commercial
10,808
193
-
Land, development, construction
1,990
21
-
Total real estate loans
21,587
398
-
Commercial and industrial
924
27
-
Consumer and other loans
345
11
-
Total
$
22,856
$
436
$
-
Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30.
Nonperforming loans were as follows:
Sept. 30, 2016
Dec. 31, 2015
Non accrual loans
$
19,704
$
20,833
Loans past due over 90 days and still accruing interest
-
-
Total non performing loans
$
19,704
$
20,833
The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of September 30, 2016 and December 31, 2015, excluding purchased credit impaired loans:
As of September 30, 2016
Nonaccrual
Loans past due over 90 days still accruing
Residential real estate
$
7,005
$
-
Commercial real estate
9,335
-
Land, development, construction
1,289
-
Commercial
1,668
-
Consumer, other
407
-
Total
$
19,704
$
-
As of December 31, 2015
Nonaccrual
Loans past due over 90 days still accruing
Residential real estate
$
9,540
$
-
Commercial real estate
9,145
-
Land, development, construction
1,608
-
Commercial
187
-
Consumer, other
353
-
Total
$
20,833
$
-
The following table presents the aging of the recorded investment in past due loans as of September 30, 2016 and December 31, 2015, excluding purchased credit impaired loans:
Accruing Loans
Total
30 - 59 days past due
60 - 89 days past due
Greater than 90 days past due
Total Past Due
Loans Not Past Due
Nonaccrual Loans
As of September 30, 2016
Residential real estate
$
806,489
$
4,307
$
2,329
$
-
$
6,636
$
792,848
$
7,005
Commercial real estate
1,682,375
1,506
829
-
2,335
1,670,705
9,335
Land/dev/construction
120,331
1,068
39
-
1,107
117,935
1,289
Commercial
402,713
642
180
-
822
400,223
1,668
Consumer
84,767
329
26
-
355
84,005
407
$
3,096,675
$
7,852
$
3,403
$
-
$
11,255
$
3,065,716
$
19,704
Accruing Loans
Total
30 - 59 days past due
60 - 89 days past due
Greater than 90 days past due
Total Past Due
Loans Not Past Due
Nonaccrual Loans
As of December 31, 2015
Residential real estate
$
647,496
$
2,118
$
3,089
$
-
$
5,207
$
632,749
$
9,540
Commercial real estate
1,254,782
4,647
2,170
-
6,817
1,238,820
9,145
Land/dev/construction
105,276
280
595
-
875
102,793
1,608
Commercial
307,321
1,101
348
-
1,449
305,685
187
Consumer
67,500
285
90
-
375
66,772
353
$
2,382,375
$
8,431
$
6,292
$
-
$
14,723
$
2,346,819
$
20,833
Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on at least an annual basis. The Company uses the following definitions for risk ratings: Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. The following table presents the risk category of loans by class of loans based on the most recent analysis performed, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30, as of September 30, 2016 and December 31, 2015. The increase in loans categorized as special mention between the periods presented is due to the acquisitions of Community and Hometown on March 1, 2016.
As of September 30, 2016
Loan Category
Pass
Special Mention
Substandard
Doubtful
Residential real estate
$
776,343
$
12,357
$
17,789
$
-
Commercial real estate
1,568,768
88,257
25,350
-
Land/dev/construction
107,742
10,510
2,079
-
Commercial
393,811
5,503
3,399
-
Consumer
83,846
274
647
-
Total
$
2,930,510
$
116,901
$
49,264
$
-
As of December 31, 2015
Loan Category
Pass
Special Mention
Substandard
Doubtful
Residential real estate
$
620,313
$
9,585
$
17,598
$ -
Commercial real estate
1,174,990
47,885
31,907
-
Land/dev/construction
95,885
5,896
3,495
-
Commercial
299,742
4,077
3,502
-
Consumer
66,683
297
520
-
Total
$
2,257,613
$
67,740
$
57,022
$
-
The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential and consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential and consumer loans, excluding purchased credit impaired loans, based on payment activity as of September 30, 2016 and December 31, 2015:
As of September 30, 2016
Residential
Consumer
Performing
$
799,484
$
84,360
Nonperforming
7,005
407
Total
$
806,489
$
84,767
As of December 31, 2015
Residential
Consumer
Performing
$
637,956
$
67,147
Nonperforming
9,540
353
Total
$
647,496
$
67,500
Purchased Credit Impaired (“PCI”) loans: Income is recognized on PCI loans pursuant to ASC Topic 310-30. A portion of the fair value discount has been ascribed as an accretable yield that is accreted into interest income over the estimated remaining life of the loans. The remaining non-accretable difference represents cash flows not expected to be collected. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of September 30, 2016 and December 31, 2015. Contractually required principal and interest payments have been adjusted for estimated prepayments.
Sept. 30, 2016
Dec. 31, 2015
Contractually required principal and interest
$
316,667
$
332,570
Non-accretable difference
(19,290
)
(19,452
)
Cash flows expected to be collected
297,377
313,118
Accretable yield
(100,089
)
(102,590
)
Carrying value of acquired loans
197,288
210,528
Allowance for loan losses
(225
)
(121
)
Carrying value less allowance for loan losses
$
197,063
$
210,407
We adjusted our estimates of future expected losses, cash flows and renewal assumptions during the current quarter. These adjustments resulted in an increase in expected cash flows and accretable yield, and a decrease in the non-accretable difference. We reclassified approximately $1,130, $6,722, $4,731 and $19,147 from non-accretable
Activity during the
Effect of
income
all other
three month period ending September 30, 2016
Jun. 30, 2016
acquisitions
accretion
adjustments
Sept. 30, 2016
Contractually required principal and interest
$
344,464
$
-
$
-
$
(27,797
)
$
316,667
Non-accretable difference
(20,462
)
-
-
1,172
(19,290
)
Cash flows expected to be collected
324,002
-
-
(26,625
)
297,377
Accretable yield
(107,143
)
-
7,795
(741
)
(100,089
)
Carry value of acquired loans
$
216,859
$
-
$
7,795
$
(27,366
)
$
197,288
Activity during the
Effect of
income
all other
nine month period ending September 30, 2016
Dec. 31, 2015
acquisitions
accretion
adjustments
Sept. 30, 2016
Contractually required principal and interest
$
332,570
$
73,005
$
-
$
(88,908
)
$
316,667
Non-accretable difference
(19,452
)
(9,295
)
-
9,457
(19,290
)
Cash flows expected to be collected
313,118
63,710
-
(79,451
)
297,377
Accretable yield
(102,590
)
(18,585
)
24,750
(3,664
)
(100,089
)
Carry value of acquired loans
$
210,528
$
45,125
$
24,750
$
(83,115
)
$
197,288
Activity during the
Effect of
income
all other
three month period ending September 30, 2015
Jun. 30, 2015
acquisitions
accretion
adjustments
Sept. 30, 2015
Contractually required principal and interest
$
379,776
$
-
$
-
$
(24,456
)
$
355,320
Non-accretable difference
(25,188
)
-
-
5,190
(19,998
)
Cash flows expected to be collected
354,588
-
-
(19,266
)
335,322
Accretable yield
(107,059
)
-
9,898
(6,383
)
(103,544
)
Carry value of acquired loans
$
247,529
$
-
$
9,898
$
(25,649
)
$
231,778
Activity during the
Effect of
income
all other
nine month period ending September 30, 2015
Dec. 31, 2014
acquisitions
accretion
adjustments
Sept. 30, 2015
Contractually required principal and interest
$
460,836
$
-
$
-
$
(105,516
)
$
355,320
Non-accretable difference
(68,757
)
-
-
48,759
(19,998
)
Cash flows expected to be collected
392,079
-
-
(56,757
)
335,322
Accretable yield
(115,313
)
-
31,226
(19,457
)
(103,544
)
Carry value of acquired loans
$
276,766
$
-
$
31,226
$
(76,214
)
$
231,778 |
