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Loans and Allowance for Loan Losses (Tables)
 6 Months Ended
Jun. 30, 2013
Loans And Allowance For Loan Losses Tables  
Schedule of non-accrual loans

The following is a summary of the non-accrual loans as of June 30, 2013 and December 31, 2012.

 

June 30, 2013  
Loans Receivable on Non-Accrual  
Commercial  $1,989 
Commercial Real Estate:     
Commercial Real Estate - Construction   — 
Commercial Real Estate - Other   1,503,109 
Consumer:     
Consumer Real Estate   95,211 
Consumer - Other   — 
Total  $1,600,309 

 

December 31, 2012  
Loans Receivable on Non-Accrual  
Commercial  $4,085 
Commercial Real Estate:     
Commercial Real Estate - Construction   — 
Commercial Real Estate - Other   3,921,750 
Consumer:     
Consumer Real Estate   67,981 
Consumer - Other   — 
Total  $3,993,816 
Schedule of Bank's delinquent loans,excluding mortgage loans held for sale

The following is a schedule of the Bank's delinquent loans, excluding mortgage loans held for sale, as of June 30, 2013 and December 31, 2012.

 

June 30, 2013  
   30-59 Days Past Due   60-89 Days Past Due   Greater Than 90 Days   Total Past Due   Current   Total Loans Receivable   Recorded Investment > 90 Days and Accruing 
Commercial  $1,472,749    —    —    1,472,749    51,461,244    52,933,993    — 
Commercial Real Estate:                                   
Commercial Real Estate -Construction   —    —    —    —    1,725,535    1,725,535    — 
Commercial Real Estate -Other   687,700    —    744,455    1,432,155    101,082,029    102,514,184    — 
Consumer:                                   
Consumer- Real Estate   85,003    150,000    —    235,003    52,635,362    52,870,365    — 
Consumer-Other   27,392    2,511    1,616    31,519    4,262,506    4,294,025    — 
Total  $2,272,844    152,511    746,071    3,171,426    211,166,676    214,338,102    — 

 

December 31, 2012  
   30-59 Days Past Due   60-89 Days Past Due   Greater Than 90 Days   Total Past Due   Current   Total Loans Receivable   Recorded Investment > 90 Days and Accruing 
Commercial  $104,766    —    —    104,766    54,559,520    54,664,286    — 
Commercial Real Estate:                                   
Commercial Real Estate -Construction   —    —    —    —    2,276,532    2,276,532    — 
Commercial Real Estate -Other   93,487    336,315    3,074,397    3,504,199    105,071,216    108,575,415    — 
Consumer:                                   
Consumer- Real Estate   —    —    —    —    46,703,454    46,703,454    — 
Consumer-Other   6,549    —    985    7,534    4,901,403    4,908,937    — 
Total  $204,802    336,315    3,075,382    3,616,499    213,512,125    217,128,624    — 

 
Schedule of loans individually evaluated and considered impaired

As of June 30, 2013 and December 31, 2012, loans individually evaluated and considered impaired are presented in the following table:

 

 

Impaired and Restructured Loans
As of June 30, 2013		  
With no related allowance recorded:  Unpaid Principal Balance   Recorded Investments   Related Allowance 
Commercial  $443,525   $443,525   $— 
Commercial Real Estate   3,077,366    3,077,366    — 
Consumer Real Estate   334,688    334,688    — 
Consumer Other   2,001    2,001    — 
                
Total  $3,857,580   $3,857,580   $— 
                
With an allowance recorded:               
 Commercial  $1,221,009   $1,221,009   $1,221,009 
Commercial Real Estate   725,848    725,848    267,836 
Consumer Real Estate   872,532    872,532    454,111 
Consumer Other   47,238    47,238    47,238 
                
Total  $2,866,627   $2,866,627   $1,990,194 
Grand Total  $6,724,207   $6,724,207   $1,990,194 

 

Impaired and Restructured Loans
As of December 31, 2012		  
With no related allowance recorded:  Unpaid Principal Balance   Recorded Investments   Related Allowance 
Commercial  $140,575   $140,575   $— 
Commercial Real Estate   5,578,231    5,578,231    — 
Consumer Real Estate   311,543    311,543    — 
Consumer Other   —    —    — 
                
Total  $6,030,349   $6,030,349   $— 
                
With an allowance recorded:               
 Commercial  $1,251,462   $1,251,462   $1,251,462 
Commercial Real Estate   3,287,773    3,287,773    169,243 
Consumer Real Estate   879,252    879,252    528,510 
Consumer Other   49,443    49,443    49,443 
                
Total  $5,467,930   $5,467,930   $1,998,658 
Grand Total  $11,498,279   $11,498,279   $1,998,658 

 

 

The following presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2013 and 2012, respectively.

 

Impaired and Restructured Loans
For the Three Months Ended		  
   June 30, 2013   June 30, 2012 
With no related allowance recorded:  Average Recorded Investment   Interest Income Recognized   Average Recorded Investment   Interest Income Recognized 
Commercial  $458,260   $3,307   $14,190   $1,575 
Commercial Real Estate   3,820,467    35,421    8,748,383    1,503,410 
Consumer Real Estate   339,948    7,418    317,031    29,316 
Consumer Other   2,001    1,713    —    — 
                     
Total  $4,620,676   $47,859   $9,079,604   $1,534,301 
                     
With an allowance recorded:                    
Commercial  $1,282,037   $15,153   $1,295,565   $29,849 
Commercial Real Estate   744,505    8,918    277,873    72,156 
Consumer Real Estate   877,942    10,517    819,425    268,044 
Consumer Other   49,425    604    49,637    3,902 
                     
Total  $2,953,909   $35,192   $2,442,500   $373,951 
Grand Total  $7,574,585   $83,051   $11,522,104   $1,908,252 

 

Impaired and Restructured Loans
For the Six Months Ended		  
   June 30, 2013   June 30, 2012 
With no related allowance recorded:  Average Recorded Investment   Interest Income Recognized   Average Recorded Investment   Interest Income Recognized 
Commercial  $456,225   $22,077   $14,044   $3,769 
Commercial Real Estate   3,751,096    1,326,406    8,747,715    1,738,669 
Consumer Real Estate   339,691    72,557    316,787    56,446 
Consumer Other   2,001    1,713    —    — 
                     
Total  $4,549,013   $1,422,753   $9,078,546   $1,798,884 
                     
With an allowance recorded:                    
Commercial  $1,279,849   $198,396   $1,294,481   $140,833 
Commercial Real Estate   743,928    203,804    277,250    90,249 
Consumer Real Estate   876,495    148,258    819,423    317,948 
Consumer Other   49,303    7,073    49,610    4,815 
                     
Total  $2,949,575   $557,531   $2,440,764   $553,845 
Grand Total  $7,498,588   $1,980,284   $11,519,310   $2,352,729 
Schedule of credit risks by category and internally assigned grades

The following table illustrates credit risks by category and internally assigned grades at June 30, 2013 and December 31, 2012.

 

June 30, 2013 
    Commercial  

Commercial Real Estate Construction

  

Commercial Real Estate Other

  

Consumer Real Estate

  

Consumer Other

   Total 
                                
Pass   $47,244,984   $1,260,268   $93,176,907   $49,339,670   $3,826,577   $194,848,406 
Watch    2,622,076    —    1,755,207    1,613,067    201,223    6,191,573 
OAEM    895,785    465,267    3,198,873    574,235    116,505    5,250,665 
Sub-Standard    2,171,148    —    4,383,197    1,343,393    149,720    8,047,458 
Doubtful    —    —    —    —    —    — 
Loss    —    —    —    —    —    — 
                                
Total   $52,933,993   $1,725,535   $102,514,184   $52,870,365   $4,294,025   $214,338,102 

 

December 31, 2012 
    Commercial  

Commercial Real Estate Construction

  

Commercial Real Estate Other

  

Consumer Real Estate

  

Consumer Other

   Total 
                                
Pass   $47,803,837   $1,806,765   $94,779,321   $41,738,572   $4,197,256   $190,325,751 
Watch    4,551,804    —    2,554,099    2,971,631    344,583    10,422,117 
OAEM    561,563    469,767    4,957,130    650,412    205,638    6,844,510 
Sub-Standard    1,747,082    —    6,284,865    1,342,839    161,460    9,536,246 
Doubtful    —    —    —    —    —    — 
Loss    —    —    —    —    —    — 
                                
Total   $54,664,286   $2,276,532   $108,575,415   $46,703,454   $4,908,937   $217,128,624 
Schedule of changes in the allowance and an allocation of the allowance by loan category

The following table sets forth the changes in the allowance and an allocation of the allowance by loan category for the three and six months ended June 30, 2013 and 2012, respectively, and December 31, 2012. The allocation of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management's judgment, should be charged-off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors in Management's Discussion and Analysis.

 

 

For the Three Months Ended
June 30, 2013		  
  

Commercial

  

Commercial Real Estate

  

Consumer Real Estate

  

Consumer Other

   Unallocated  

Total

 
Allowance for Loan Losses                              
Beginning Balance  $1,500,055   $654,283   $841,411   $82,330   $340,874   $3,418,953 
Charge-offs   (141,063)   —    —    (17,831)   —    (158,894)
Recoveries   1,445    3,000    —    411    —    4,856 
Provisions   103,204    42,478    4,921    21,811    (77,414)   95,000 
Ending Balance  $1,463,641   $699,761   $846,332   $86,721   $263,460   $3,359,915 

 

As of and for the Six Months Ended
June 30, 2013		  
 

Commercial

  

Commercial Real Estate

  

Consumer Real Estate

  

Consumer Other

   Unallocated  

Total

 
Allowance for Loan Losses                              
Beginning Balance  $1,478,450   $584,646   $890,728   $102,953   $376,067   $3,432,844 
Charge-offs   (235,016)   —    —    (17,831)   —    (252,847)
Recoveries   2,934    6,000    —    984    —    9,918 
Provisions   217,273    109,115    (44,396)   615    (112,607)   170,000 
Ending Balance   1,463,641    699,761    846,332    86,721    263,460    3,359,915 
Ending Balances:                              
Individually evaluated for impairment   1,221,009    267,836    454,111    47,238    —    1,990,194 
Collectively evaluated for impairment   242,632    431,925    392,221    39,483    263,460    1,369,721 
Ending Balances:                              
Individually evaluated for impairment   1,664,534    3,803,214    1,207,220    49,239    —    6,724,207 
Collectively evaluated for impairment  $51,269,459   $100,436,505   $51,663,145   $4,244,786   $—   $207,613,895 

 

For the Three Months Ended
June 30, 2012		  
  

Commercial

  

Commercial Real Estate

  

Consumer Real Estate

  

Consumer Other

   Unallocated  

Total

 
Allowance for Loan Losses                              
Beginning Balance  $1,693,265   $525,030   $677,329   $95,920   $242,970   $3,234,514 
Charge-offs   —    (43,734)   (26,488)   —    —    (70,222)
Recoveries   93,588    3,597    —    102    —    97,287 
Provisions   (235,296)   23,510    20,496    (4,127)   275,417    80,000 
Ending Balance  $1,551,557   $508,403   $671,337   $91,895   $518,387   $3,341,579 

 

 

For the Six Months Ended
June 30, 2012		  
  

Commercial

  

Commercial Real Estate

  

Consumer Real Estate

  

Consumer Other

   Unallocated  

Total

 
Allowance for Loan Losses                              
Beginning Balance  $1,586,510   $420,367   $450,338   $91,402   $558,267   $3,106,884 
Charge-offs   (17,152)   (43,734)   (26,488)   (230)   —    (87,604)
Recoveries   104,968    7,229    10,000    102    —    122,299 
Provisions   (122,769)   124,541    237,487    621    (39,880)   200,000 
Ending Balance   1,551,557    508,403    671,337    91,895    518,387    3,341,579 

 

For the Year Ended
December 31, 2012		  
  

Commercial

  

Commercial Real Estate

  

Consumer Real Estate

  

Consumer Other

  

Unallocated

  

 Total

 
Allowance for Loan Losses                              
Beginning Balance  $1,586,510   $420,367   $450,338   $91,402   $558,267   $3,106,884 
Charge-offs   (60,042)   (43,734)   (56,487)   (12,025)   —    (172,288)
Recoveries   109,569    13,228    10,000    15,451    —    148,248 
Provisions   (157,587)   194,785    486,877    8,125    (182,200)   350,000 
Ending Balance   1,478,450    584,646    890,728    102,953    376,067    3,432,844 
Ending Balances:                              
Individually evaluated for impairment   1,251,462    169,243    528,510    49,443    —    1,998,658 
Collectively evaluated for impairment   226,988    415,403    362,218    53,510    376,067    1,434,186 
Ending Balance:                              
Individually evaluated for impairment   1,392,037    8,866,004    1,190,795    49,443    —    11,498,279 
Collectively evaluated for impairment  $53,272,249   $101,985,943   $45,512,659   $4,859,494   $—   $205,630,345 

 
Schedule of troubled debt restructurings

 

Modification  
As of June 30, 2013  
   Number of Contracts   Outstanding Recorded Investment 
Troubled Debt Restructurings          
Commercial   1   $120,703 
Commercial Real Estate   3   $1,359,610 
Commercial Real Estate Construction   —   $— 
Consumer Real Estate –Prime   1   $109,309 
Consumer Real Estate-Subprime   —   $— 
Consumer Other   —   $— 
Troubled Debt Restructurings That Subsequently Defaulted          
Commercial   —   $— 
Commercial Real Estate   —   $— 
Commercial Real Estate Construction   —   $— 
Consumer Real Estate -Prime   —   $— 
Consumer Real Estate-Subprime   —   $— 
Consumer Other   —   $— 

 

Modification  
As of December 31, 2012  
   Number of Contracts   Outstanding Recorded Investment 
Troubled Debt Restructurings          
Commercial   1   $134,814 
Commercial Real Estate   3   $1,371,983 
Commercial Real Estate Construction   —   $— 
Consumer Real Estate –Prime   1   $111,481 
Consumer Real Estate-Subprime   —   $— 
Consumer Other   —   $— 
Troubled Debt Restructurings That Subsequently Defaulted        

 

 
Commercial   —   $— 
Commercial Real Estate   —   $— 
Commercial Real Estate Construction   —   $— 
Consumer Real Estate -Prime   —   $— 
Consumer Real Estate-Subprime   —   $— 
Consumer Other   —   $—