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Loans and Allowance for Loan Losses (Tables)
 9 Months Ended
Sep. 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 September 30, 2013 and December 31, 2012.

  

September 30, 2013 
Loans Receivable on Non-Accrual 
Commercial  $—   
Commercial Real Estate:     
Commercial Real Estate - Construction   —   
Commercial Real Estate - Other   1,503,335 
Consumer:     
Consumer Real Estate   68,231 
Consumer - Other   —   
Total  $1,571,566 

  

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 September 30, 2013 and December 31, 2012.

  

September 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  $466,341    94,101    —      560,442    57,518,758    58,079,200    —   
Commercial Real Estate:                                   
 Commercial Real Estate -Construction   —      —      —      —      1,534,898    1,534,898    —   
Commercial Real Estate -Other   2,205,842    —      747,287    2,953,129    103,090,713    106,043,842    —   
Consumer:                                   
Consumer- Real Estate   —      —      —      —      54,578,304    54,578,304    —   
Consumer-Other   35,704    6,134    3,000    44,838    4,330,000    4,374,838    3,000 
Total  $2,707,887    100,235    750,287    3,558,409    221,052,673    224,611,082    3,000 

   

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

 

 

Impaired and Restructured Loans   As of September 30, 2013
With no related allowance recorded:  Unpaid Principal Balance    Recorded
Investments		    Related Allowance  
Commercial  $479,676   $479,676   $— 
Commercial Real Estate   2,384,514    2,384,514    — 
Consumer Real Estate   308,724    308,724    — 
Consumer Other   —    —    — 
                
Total  $3,172,914   $3,172,914   $— 
                
With an allowance recorded:               
Commercial  $1,180,169   $1,180,169   $1,180,169 
Commercial Real Estate   2,176,356    2,176,356    520,246 
Consumer Real Estate   866,482    866,482    448,060 
Consumer Other   45,076   45,076    45,076 
                
Total  $4,268,083   $4,268,083   $2,193,551 
Grand Total  7,440,997   7,440,997    2,193,551 

 

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 nine months ended September 30, 2013 and 2012, respectively.

  

Impaired and Restructured Loans   For the Three Months Ended 
   September 30, 2013   September 30, 2012 
With no related allowance recorded:  Average Recorded Investment   Interest Income Recognized   Average Recorded Investment   Interest Income Recognized 
Commercial  $804,636   $8,543   $149,874   $2,714 
Commercial Real Estate   2,155,957    43,828    9,506,489    125,556 
Consumer Real Estate   309,155    3,266    313,477    2,238 
Consumer Other   —    —    —    — 
                     
Total  $3,269,748   $55,637   $9,969,840   $130,508 
                     
With an allowance recorded:                    
Commercial  $1,193,245   $14,683   $1,257,462   $20,212 
Commercial Real Estate   2,178,231    20,323    436,311    4,063 
Consumer Real Estate   869,051    11,316    848,686    7,389 
Consumer Other   45,784    646    49,540    835 
                     
Total  $4,286,311   $46,968   $2,591,999   $32,499 
Grand Total   7,556,059    102,605    12,561,839    163,007 

 

Impaired and Restructured Loans   For the Nine Months Ended  
   September 30, 2013    September 30, 2012  
With no related allowance recorded:  Average Recorded Investment

 

 

  Interest Income Recognized    Average Recorded Investment    Interest Income Recognized  
Commercial  $811,773   $25,437   $150,579   $7,979 
Commercial Real Estate   2,206,032    124,012    8,980,237    354,630 
Consumer Real Estate   310,113    10,180    314,389    9,315 
Consumer Other   —    —    —    — 
                     
Total  $3,327,918   $159,629   $9,445,205   $371,924 
                     
With an allowance recorded:  $                 
Commercial   1,226,085   $44,758   $1,271,851   $47,469 
Commercial Real Estate   2,176,966    57,605    438,821    14,655 
Consumer Real Estate   873,284    25,817    849,118    26,872 
Consumer Other   47,744    1,710    49,572    1,951 
                     
Total  $4,324,079   $129,890   $2,609,362   $90,947 
Grand Total   7,651,997    289,519    12,054,567    462,871 
Schedule of credit risks by category and internally assigned grades

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

 

September 30, 2013 
   Commercial   Commercial   Real Estate   Construction   Commercial   Real Estate   Other   Consumer   Real Estate   Consumer Other   Total 
                         
Pass   $52,845,940   $1,071,881   $97,311,970   $50,563,982   $3,967,506   $205,761,279 
Watch    2,432,124    —    2,378,723    1,986,480    167,443    6,964,770 
OAEM   341,321    463,017    1,534,350    717,912    112,026    3,168,626 
Sub-Standard   2,459,815    —    4,818,799    1,309,930    127,863    8,716,407 
Doubtful    —    —    —    —    —    — 
Loss    —    —    —    —    —    — 
                               
Total   $58,079,200   $1,534,898   $106,043,842   $54,578,304   $4,374,838   $224,611,082 

 

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 nine months ended September 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 September 30, 2013  
    Commercial    Commercial Real Estate    Consumer Real Estate    Consumer Other    Unallocated    Total 
Allowance for Loan Losses                              
Beginning Balance  $1,463,641   $699,761   $846,332   $86,721   $263,460   $3,359,915 
Charge-offs   —    —    —    (24,980)   —    (24,980)
Recoveries   20,070    5,849    —    793    —    26,712 
Provisions   (63,485)   251,063    (214,286)   20,805    30,903    25,000 
Ending Balance   1,420,226    956,673    632,046    83,339    294,363    3,386,647 

 

As of and for the Nine Months Ended September 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)   —    —    (42,811)   —    (277,827)
Recoveries   23,003    11,849    —    1,778    —    36,630 
Provisions   153,789    360,178    (258,682)   21,419    (81,704)   195,000 
Ending Balance   1,420,226    956,673    632,046    83,339    294,363    3,386,647 
Allowance for Loan Losses Ending Balances:                              
Individually evaluated for impairment   1,180,169    520,246    448,060    45,076    —    2,193,551 
Collectively evaluated for impairment   240,057    436,427    183,986    38,263    294,363    1,193,096 
Investment in Loans Ending Balances:                              
Individually evaluated for impairment   1,659,845    4,560,870    1,175,206    45,076    —    7,440,997 
Collectively evaluated for impairment  $56,419,355   $103,017,870   $53,403,098   $4,329,762   $—   $217,170,085 

    

For the Three Months Ended September 30, 2012 
    Commercial    Commercial Real Estate    Consumer Real Estate    Consumer Other    Unallocated    Total 
Allowance for Loan Losses                              
Beginning Balance  $1,551,557   $508,403   $671,337   $91,895   $518,387   $3,341,579 
Charge-offs   (42,883)   —    —    (10,895)   —    (53,778)
Recoveries   2,665    3,000    —    15,349    —    21,014 
Provisions   (171,358)   (192,853)   (99,832)   (15,730)   559,773    80,000 
Ending Balance   1,339,981    318,550    571,505    80,619    1,078,160    3,388,815 

  

 

For the Nine Months Ended September 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   (60,035)   (43,734)   (26,488)   (11,125)   —    (141,382)
Recoveries   107,633    10,229    10,000    15,451    —    143,313 
Provisions   (294,127)   (68,312)   137,655    (15,109)   519,893    280,000 
Ending Balance   1,339,981    318,550    571,505    80,619    1,078,160    3,388,815 

  

As of and 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 
Allowance for Loan Losses 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 
Investment in Loans Ending Balances:                              
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 September 30, 2013  
   Number of   Contracts   Outstanding   Recorded Investment 
Troubled Debt Restructurings          
Commercial   1   $113,513 
Commercial Real Estate   3   $1,220,539 
Commercial Real Estate Construction   —   $— 
Consumer Real Estate –Prime   1   $108,325 
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   —   $—