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Loans and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2014
Loans And Allowance For Loan Losses Tables  
Schedule of non-accrual loans

The following is a summary of the non-accrual loans as of March 31, 2014 and December 31, 2013. 

 

March 31, 2014
Loans Receivable on Non-Accrual 
Commercial  $— 
Commercial Real Estate:     
Commercial Real Estate - Construction   — 
Commercial Real Estate - Other   1,501,158 
Consumer:     
Consumer Real Estate   — 
Consumer - Other   — 
Total  $1,501,158 

 

December 31, 2013 
Loans Receivable on Non-Accrual 
Commercial  $— 
Commercial Real Estate:     
Commercial Real Estate - Construction   — 
Commercial Real Estate - Other   1,507,209 
Consumer:     
Consumer Real Estate   68,231 
Consumer - Other   — 
Total  $1,575,440 
Schedule of delinquent loans, excluding mortgage loans held for sale

The following is a schedule of our delinquent loans, excluding mortgage loans held for sale, as of March 31, 2014 and December 31, 2013.

 

March 31, 2014 
   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  $439,152    40,513    —    479,665    52,753,575    53,233,240    — 
Commercial Real Estate:                                   
Commercial Real Estate -Construction   —    —    —    —    1,496,366    1,496,366    — 
Commercial Real Estate -Other   562,093    1,076,629    754,168    2,392,890    105,096,255    107,489,145    — 
Consumer:                                   
Consumer- Real Estate   388,184    —    —    388,184    60,294,322    60,682,506    — 
Consumer-Other   53,935    —    3,000    56,935    4,282,273    4,339,208    3,000 
Total  $1,443,364    1,117,142    757,168    3,317,674    223,922,791    227,240,465    3,000 

  

December 31, 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  $230,848    78,200    —    309,048    52,994,521    53,303,569    — 
Commercial Real Estate:                                   
Commercial Real Estate -Construction   —    —    —    —    1,516,545    1,516,545    — 
Commercial Real Estate -Other   689,859    226,314    754,168    1,670,341    103,070,237    104,740,578    — 
Consumer:                                   
Consumer- Real Estate   —    —    —    —    54,669,359    54,669,359    — 
Consumer-Other   24,399    —    —    24,399    4,065,854    4,090,253    — 
Total  $945,106    304,514    754,168    2,003,788    216,316,516    218,320,304    — 
Schedule of impaired loans

As of March 31, 2014 and December 31, 2013, loans individually evaluated and considered impaired are presented in the following table:

 

Impaired and Restructured Loans
For the Three Months Ended March 31, 2014		 
With no related allowance recorded:  Unpaid Principal Balance   Recorded Investments   Related Allowance 
Commercial  $672,137   $672,137   $— 
Commercial Real Estate   1,939,279    1,939,279    — 
Consumer Real Estate   273,025    273,025    — 
Consumer Other   —    —    — 
                
Total  $2,884,441   $2,884,441   $— 
                
With an allowance recorded:               
Commercial  $1,272,262   $1,272,262   $1,171,023 
Commercial Real Estate   2,126,209    2,126,209    596,038 
Consumer Real Estate   697,579    697,579    182,582 
Consumer Other   40,491    40,491    40,491 
                
Total  $4,136,541   $4,136,541   $1,990,134 
Grand Total   7,020,982    7,020,982    1,990,134 

  

Impaired and Restructured Loans
As of the Year Ended December 31, 2013		 
With no related allowance recorded:   Unpaid Principal Balance    Recorded Investments    Related Allowance 
Commercial  $471,080   $471,080   $— 
Commercial Real Estate   2,213,271    2,213,271    — 
Consumer Real Estate   200,399    200,399    — 
Consumer Other   —    —    — 
                
Total  $2,884,750   $2,884,750   $— 
                
With an allowance recorded:               
Commercial  $1,175,329   $1,175,329   $1,175,329 
Commercial Real Estate   2,191,875    2,191,875    535,766 
Consumer Real Estate   842,127    842,127    423,705 
Consumer Other   42,826    42,826    42,826 
                
Total  $4,252,157   $4,252,157   $2,177,626 
Grand Total   7,136,907    7,136,907    2,177,626 

 

The following presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the three months ended March, 2014 and 2013, respectively.

 

Average Recorded Investment and Interest Income
Impaired and Restructured Loans
For the Three Months Ended		 
   March 31, 2014   March 31, 2013 
With no related allowance recorded:  Average Recorded Investment   Interest Income Recognized   Average Recorded Investment   Interest Income Recognized 
Commercial  $356,189   $9,181   $146,596   $53,216 
Commercial   Real Estate   2,263,860    25,806    8,854,164    2,273,039 
Consumer   Real Estate   273,048    2,815    315,226    65,139 
Consumer   Other   —    —    —    — 
                     
Total  $2,893,097   $37,802   $9,315,986   $2,391,394 
                     
With an allowance recorded:                    
Commercial  $1,275,349   $15,149   $1,284,226   $183,244 
Commercial   Real Estate   2,127,449    16,206    838,568    220,680 
Consumer   Real Estate   700,091    8,639    879,389    137,741 
Consumer   Other   41,281    473    49,547    6,470 
                     
Total  $4,144,170   $40,467   $3,051,730   $548,135 
Grand Total   7,037,267    78,269    12,367,716    2,939,529 
Schedule of credit risks by category and internally assigned grades

The following table illustrates credit risks by category and internally assigned grades at March 31, 2014 and December 31, 2013.

 

March 31, 2014 
    Commercial   Commercial Real Estate Construction   Commercial Real Estate Other   Consumer Real Estate   Consumer Other   Total 
                                
Pass   $48,604,552   $1,038,849   $99,285,909   $57,737,138   $4,015,946   $210,682,394 
Watch    1,743,295    —    1,817,148    1,138,771    177,803    4,877,017 
OAEM    848,885    457,517    2,166,152    836,308    76,727    4,385,589 
Sub-Standard    2,036,508    —    4,219,936    970,289    68,732    7,295,465 
Doubtful    —    —    —    —    —    — 
Loss    —    —    —    —    —    — 
                                
Total   $53,233,240   $1,496,366   $107,489,145   $60,682,506   $4,339,208   $227,240,465 

 

December 31, 2013 
    Commercial   Commercial Real Estate Construction   Commercial Real Estate Other   Consumer Real Estate   Consumer Other   Total 
                                
Pass   $48,383,912   $1,516,545   $95,942,918   $50,846,709   $3,703,400   $200,393,484 
Watch    1,962,292    —    1,902,129    1,933,566    191,081    5,989,068 
OAEM    546,938    —    2,234,023    654,076    76,097    3,511,134 
Sub-Standard    2,410,427    —    4,661,508    1,235,008    119,675    8,426,618 
Doubtful    —    —    —    —    —    — 
Loss    —    —    —    —    —    — 
                                
Total   $53,303,569   $1,516,545   $104,740,578   $54,669,359   $4,090,253   $218,320,304 
Schedule of changes in allowance for loan losses

The following table sets forth the changes in the allowance and an allocation of the allowance by loan category at March 31, 2014 and December 31, 2013.

 

March 31, 2014 
   Commercial   Commercial Real Estate   Consumer Real Estate   Consumer Other   Unallocated   Total 
Allowance for Loan Losses                              
Beginning Balance  $1,398,184   $966,781   $641,194   $80,214   $205,904   $3,292,277 
Charge-offs   —    (3,953)   —    (2,065)   —    (6,018)
Recoveries   —    7,100    —    206    —    7,306 
Provisions   (3,097)   (11,658)   (235,833)   4,963    275,625    30,000 
Ending Balance   1,395,087    958,270    405,361    83,318    481,529    3,323,565 
Ending Balances:                              
Individually evaluated for impairment   1,171,023    596,038    182,582    40,491    —    1,990,134 
Collectively evaluated for impairment   224,064    362,232    222,779    42,827    481,529    1,333,431 
Ending Balances:                              
Individually evaluated for impairment   1,944,399    4,065,488    970,604    40,491    —    7,020,982 
Collectively evaluated for impairment  $51,288,841   $104,920,023   $59,711,902   $4,298,717   $—   $220,219,483 

 

December 31, 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   (245,599)   —    —    (145,802)   —    (391,401)
Recoveries   23,004    15,348    —    4,982    —    43,334 
Provisions   142,329    366,787    (249,534)   118,081    (170,163)   207,500 
Ending Balance   1,398,184    966,781    641,194    80,214    205,904    3,292,277 
Ending Balances:                              
Individually evaluated for impairment   1,175,329    535,766    423,705    42,826    —    2,177,626 
Collectively evaluated for impairment   222,855    431,015    217,489    37,388    205,904    1,114,651 
Ending Balance:                              
Individually evaluated for impairment   1,646,409    4,405,146    1,042,526    42,826    —    7,136,907 
Collectively evaluated for impairment  $51,657,160   $101,851,977   $53,626,833   $4,047,427   $—   $211,183,397 
Schedule of troubled debt restructurings

Restructured loans (loans, still accruing interest, which have been renegotiated at below-market interest rates or for which other concessions have been granted) were $1,184,994 and $1,196,341 at March 31, 2014 and December 31, 2013, respectively, and are illustrated in the following table.

 

Modification 
As of March 31, 2014 
   Number of Contracts   Pre-Modification Outstanding Recorded Investment   Post-Modification Outstanding Recorded Investment 
Troubled Debt Restructurings               
Commercial   1   $101,773   $101,773 
Commercial Real Estate   3   $1,083,221   $1,083,221 
Commercial Real Estate Construction   —   $—   $— 
Consumer Real Estate –Prime   —   $—   $— 
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, 2013 
   Number of Contracts   Pre-Modification Outstanding Recorded Investment   Post-Modification Outstanding Recorded Investment 
Troubled Debt Restructurings               
Commercial   1   $106,194   $106,194 
Commercial Real Estate   3   $1,090,147   $1,090,147 
Commercial Real Estate Construction   —   $—   $— 
Consumer Real Estate –Prime   —   $—   $— 
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   —   $—   $—