2. LOANS

The composition of the Company’s loan portfolio, by loan class, is as follows:

($ in thousands)	September 30, 2013			December 31, 2012

Commercial	$	106,751		$	88,810
Commercial Real Estate		230,284			188,426
Agriculture		49,657			52,747
Residential Mortgage		52,844			51,266
Residential Construction		9,554			7,586
Consumer		55,870			59,393

		504,960			448,228
Allowance for loan losses		(8,792	)		(8,554	)
Net deferred origination fees and costs		1,088			775

Loans, net	$	497,256		$	440,449

The Company manages asset quality and credit risk by maintaining diversification in its loan portfolio and through review processes that include analysis of credit requests and ongoing examination of outstanding loans and delinquencies, with particular attention to portfolio dynamics and loan mix. The Company strives to identify loans experiencing difficulty early enough to correct the problems, to record charge-offs promptly based on realistic assessments of collectability and current collateral values and to maintain an adequate allowance for loan losses at all times. Asset quality reviews of loans and other non-performing assets are administered using credit risk rating standards and criteria similar to those employed by state and federal banking regulatory agencies.

Commercial loans, whether secured or unsecured, generally are made to support the short-term operations and other needs of small businesses. These loans are generally secured by the receivables, equipment, and other real property of the business and are susceptible to the related risks described above. Problem commercial loans are generally identified by periodic review of financial information that may include financial statements, tax returns, and payment history of the borrower. Based on this information, the Company may decide to take any of several courses of action including demand for repayment, requiring the borrower to provide a significant principal payment and/or additional collateral or requiring similar support from guarantors. Notwithstanding, when repayment becomes unlikely based on the borrower’s income and cash flow, repossession or foreclosure of the underlying collateral may become necessary. Collateral values may be determined by appraisals obtained through Bank approved, licensed appraisers, qualified independent third parties, purchase invoices, or other appropriate documentation.

Commercial real estate loans generally fall into two categories, owner-occupied and non-owner occupied. Loans secured by owner occupied real estate are primarily susceptible to changes in the market conditions of the related business. This may be driven by, among other things, industry changes, geographic business changes, changes in the individual financial capacity of the business owner, general economic conditions and changes in business cycles. These same risks apply to commercial loans whether secured by equipment, receivables or other personal property or unsecured. Losses on loans secured by owner occupied real estate, equipment, or other personal property generally are dictated by the value of underlying collateral at the time of default and liquidation of the collateral. When default is driven by issues related specifically to the business owner, collateral values tend to provide better repayment support and may result in little or no loss. Alternatively, when default is driven by more general economic conditions, underlying collateral generally has devalued more and results in larger losses due to default. Loans secured by non-owner occupied real estate are primarily susceptible to risks associated with swings in occupancy or vacancy and related shifts in lease rates, rental rates or room rates. Most often, these shifts are a result of changes in general economic or market conditions or overbuilding and resulting over-supply of space. Losses are dependent on the value of underlying collateral at the time of default. Values are generally driven by these same factors and influenced by interest rates and required rates of return as well as changes in occupancy costs. Collateral values may be determined by appraisals obtained through Bank approved, licensed appraisers, qualified independent third parties, sales invoices, or other appropriate means.

Agricultural loans, whether secured or unsecured, generally are made to producers and processors of crops and livestock. Repayment is primarily from the sale of an agricultural product or service. Agricultural loans are generally secured by inventory, receivables, equipment, and other real property. Agricultural loans primarily are susceptible to changes in market demand for specific commodities. This may be exacerbated by, among other things, industry changes, changes in the individual financial capacity of the business owner, general economic conditions and changes in business cycles, as well as adverse weather conditions. Problem agricultural loans are generally identified by periodic review of financial information that may include financial statements, tax returns, crop budgets, payment history, and crop inspections. Based on this information, the Company may decide to take any of several courses of action including demand for repayment, requiring the borrower to provide a significant principal payment and/or additional collateral or requiring similar support from guarantors. Notwithstanding, when repayment becomes unlikely based on the borrower’s income and cash flow, repossession or foreclosure of the underlying collateral may become necessary.

Residential mortgage loans, which are secured by real estate, are primarily susceptible to four risks; non-payment due to diminished or lost income, over-extension of credit, a lack of borrower’s cash flow to sustain payments, and shortfalls in collateral value. In general, non-payment is usually due to loss of employment and follows general economic trends in the economy, particularly the upward movement in the unemployment rate, loss of collateral value, and demand shifts.

Construction loans, whether owner occupied or non-owner occupied residential development loans, are not only susceptible to the related risks described above but the added risks of construction, including cost over-runs, mismanagement of the project, or lack of demand and market changes experienced at time of completion. Losses are primarily related to underlying collateral value and changes therein as described above. Problem construction loans are generally identified by periodic review of financial information that may include financial statements, tax returns and payment history of the borrower. Based on this information the Company may decide to take any of several courses of action including demand for repayment, requiring the borrower to provide a significant principal payment and/or additional collateral or requiring similar support from guarantors, or repossession or foreclosure of the underlying collateral. Collateral values may be determined by appraisals obtained through Bank approved, licensed appraisers, qualified independent third parties, purchase invoices, or other appropriate documentation.

Consumer loans, whether unsecured or secured are primarily susceptible to four risks; non-payment due to diminished or lost income, over-extension of credit, a lack of borrower’s cash flow to sustain payments, and shortfall in collateral value. In general, non-payment is usually due to loss of employment and will follow general economic trends in the economy, particularly the upward movements in the unemployment rate, loss of collateral value, and demand shifts.

Collateral values may be determined by appraisals obtained through Bank approved, licensed appraisers, qualified independent third parties, purchase invoices, or other appropriate documentation. Collateral valuations are obtained at origination of the credit and periodically thereafter (generally every 3 – 6 months depending on the collateral type), once repayment is questionable, and the loan has been deemed classified.

As of September 30, 2013, approximately 46% in principal amount of the Company’s loans were secured by commercial real estate, which consists primarily of construction and land development loans and loans secured by commercial properties. Approximately 10% in principal amount of the Company’s loans were residential mortgage loans. Approximately 2% in principal amount of the Company’s loans were residential construction loans. Approximately 10% in principal amount of the Company’s loans were for agriculture and 21% in principal amount of the Company’s loans were for general commercial uses including professional, retail and small businesses. Approximately 11% in principal amount of the Company’s loans were consumer loans.

Once a loan becomes delinquent and repayment becomes questionable, a Company collection officer will address collateral shortfalls with the borrower and attempt to obtain additional collateral or a principal payment. If this is not forthcoming and payment in full is unlikely, the Company will consider the loan to be collateral dependent and will estimate its probable loss, using a recent valuation as appropriate to the underlying collateral less estimated costs of sale, and charge-off the loan down to the estimated net realizable amount. Depending on the length of time until final collection, the Company may periodically revalue the underlying collateral and take additional charge-offs as warranted. Revaluations may occur as often as every 3-12 months depending on the underlying collateral and volatility of values. Final charge-offs or recoveries are taken when collateral is liquidated and actual loss is known. Unpaid balances on loans after or during collection and liquidation may also be pursued through legal action and attachment of wages or judgment liens on the borrower's other assets.

At September 30, 2013 and December 31, 2012, all loans were pledged under a blanket collateral lien to secure actual and potential borrowings from the Federal Home Loan Bank and the Federal Reserve Bank.

Non-accrual and Past Due Loans

The Company’s non-accrual loans by loan class, as of September 30, 2013 and December 31, 2012 were as follows:

($ in thousands)	September 30, 2013		December 31, 2012

Commercial	$	2,633	$	2,853
Commercial Real Estate		1,943		1,879
Residential Mortgage		2,216		2,095
Residential Construction		99		—
Consumer		231		441

	$	7,122	$	7,268

Non-accrual loans amounted to $7,122,000 at September 30, 2013 and were comprised of seven residential mortgage loans totaling $2,216,000, two residential construction loans totaling $99,000, five commercial real estate loans totaling $1,943,000, nine commercial loans totaling $2,633,000 and five consumer loans totaling $231,000. Non-accrual loans amounted to $7,268,000 at December 31, 2012 and were comprised of seven residential mortgage loans totaling $2,095,000, five commercial real estate loans totaling $1,879,000, eleven commercial loans totaling $2,853,000 and seven consumer loans totaling $441,000. It is generally the Company’s policy to charge-off the portion of any non-accrual loan that the Company does not expect to collect by writing the loan down to the estimated net realizable value of the underlying collateral.

An age analysis of past due loans, segregated by loan class, as of September 30, 2013 and December 31, 2012 is as follows:

($ in thousands)	30-59 Days Past Due		60-89 Days Past Due		90 Days or more Past Due		Total Past Due		Current		Total Loans
September 30, 2013
Commercial	$	129	$	145	$	89	$	363	$	106,388	$	106,751
Commercial Real Estate		341		51		531		923		229,361		230,284
Agriculture		—		—		—		—		49,657		49,657
Residential Mortgage		1,690		212		123		2,025		50,819		52,844
Residential Construction		40		9		—		49		9,505		9,554
Consumer		33		46		39		118		55,752		55,870
Total	$	2,233	$	463	$	782	$	3,478	$	501,482	$	504,960

December 31, 2012
Commercial	$	2,255	$	—	$	170	$	2,425	$	86,385	$	88,810
Commercial Real Estate		1,272		—		566		1,838		186,588		188,426
Agriculture		—		—		—		—		52,747		52,747
Residential Mortgage		570		103		335		1,008		50,258		51,266
Residential Construction		53		—		—		53		7,533		7,586
Consumer		8		747		126		881		58,512		59,393
Total	$	4,158	$	850	$	1,197	$	6,205	$	442,023	$	448,228

The Company had no loans 90 days or more past due and still accruing at September 30, 2013 and December 31, 2012.

Impaired Loans

A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement, including scheduled interest payments. Loans to be considered for impairment include non-accrual loans, troubled debt restructurings and loans with a risk rating of 6 (substandard) or worse. Once identified, impaired loans are measured individually for impairment using one of three methods: present value of expected cash flows discounted at the loan’s effective interest rate; the loan’s observable market price; fair value of collateral if the loan is collateral dependent. In general, any portion of the recorded investment in a collateral dependent loan in excess of the fair value of the collateral that can be identified as uncollectible, and is, therefore, deemed a confirmed loss, is promptly charged-off against the allowance for loan losses.

Impaired loans, segregated by loan class, as of September 30, 2013 and December 31, 2012 were as follows:

($ in thousands)	Unpaid Contractual Principal Balance		Recorded Investment with no Allowance		Recorded Investment with Allowance		Total Recorded Investment		Related Allowance
September 30, 2013
Commercial	$	3,724	$	2,469	$	941	$	3,410	$	107
Commercial Real Estate		3,081		1,943		1,135		3,078		20
Agriculture		—		—		—		—		—
Residential Mortgage		6,596		2,216		3,431		5,647		622
Residential Construction		1,129		99		856		955		252
Consumer		921		291		612		903		74
Total	$	15,451	$	7,018	$	6,975	$	13,993	$	1,075

December 31, 2012
Commercial	$	3,628	$	2,769	$	519	$	3,288	$	95
Commercial Real Estate		3,629		1,872		1,170		3,042		26
Agriculture		—		—		—		—		—
Residential Mortgage		5,831		1,860		2,963		4,823		417
Residential Construction		1,148		—		1,097		1,097		433
Consumer		1,416		502		629		1,131		101
Total	$	15,652	$	7,003	$	6,378	$	13,381	$	1,072

The average recorded investment in impaired loans and the amount of interest income recognized on impaired loans during the three-month periods ended September 30, 2013 and September 30, 2012 was as follows:

($ in thousands)	Three Months Ended September 30, 2013				Three Months Ended September 30, 2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Commercial	$	3,335	$	10	$	3,713	$	8
Commercial Real Estate		3,341		22		5,019		23
Agriculture		—		—		449		—
Residential Mortgage		5,796		42		4,446		39
Residential Construction		961		10		1,137		12
Consumer		896		14		949		4
Total	$	14,329	$	98	$	15,713	$	86

The average recorded investment in impaired loans and the amount of interest income recognized on impaired loans during the nine-month periods ended September 30, 2013 and September 30, 2012 was as follows:

($ in thousands)	Nine Months Ended September 30, 2013				Nine Months Ended September 30, 2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Commercial	$	3,342	$	29	$	3,689	$	28
Commercial Real Estate		3,180		65		4,745		68
Agriculture		—		—		1,517		—
Residential Mortgage		5,267		103		4,374		98
Residential Construction		1,027		33		1,178		38
Consumer		974		30		874		21
Total	$	13,790	$	260	$	16,377	$	253

None of the interest on impaired loans was recognized using a cash basis of accounting for the three-month and nine-month periods ended September 30, 2013 and September 30, 2012.

Troubled Debt Restructurings

The Company’s loan portfolio includes certain loans that have been modified in a Troubled Debt Restructuring (“TDR”), which are loans on which concessions in terms have been granted because of the borrowers’ financial difficulties. These concessions may include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are placed on non-accrual status at the time of restructure and may only be returned to accruing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months.

When a loan is modified, it is measured based upon the present value of future cash flows discounted at the contractual interest rate of the original loan agreement, or the fair value of collateral less selling costs if the loan is collateral dependent. If the value of the modified loan is less than the recorded investment in the loan, impairment is recognized through a specific allowance or a charge-off of the loan.

The Company had $9,903,000 and $8,863,000 in TDR loans as of September 30, 2013 and December 31, 2012, respectively. Specific reserves for TDR loans totaled $978,000 and $939,000 as of September 30, 2013 and December 31, 2012, respectively. TDR loans performing in compliance with modified terms totaled $6,798,000 and $6,040,000 as of September 30, 2013 and December 31, 2012, respectively. There are no commitments to advance more funds on existing TDR loans as of September 30, 2013.

Loans modified as troubled debt restructurings during the three-month periods ended September 30, 2013 and September 30, 2012 were as follows:

($ in thousands)	Three Months Ended September 30, 2013
	Number of Contracts		Pre-modification outstanding recorded investment		Post-modification outstanding recorded investment
Commercial		1	$	149	$	149
Consumer		3		233		233
Total		4	$	382	$	382

($ in thousands)	Three Months Ended September 30, 2012
	Number of Contracts		Pre-modification outstanding recorded investment		Post-modification outstanding recorded investment
Consumer		2	$	142	$	142
Total		2	$	142	$	142

Loans modified as troubled debt restructurings during the nine-month periods ended September 30, 2013 and September 30, 2012 were as follows:

($ in thousands)	Nine Months Ended September 30, 2013
	Number of Contracts		Pre-modification outstanding recorded investment		Post-modification outstanding recorded investment
Commercial		2	$	393	$	393
Residential Mortgage		1		568		377
Consumer		3		233		233
Total		6	$	1,194	$	1,003

($ in thousands)	Nine months Ended September 30, 2012
	Number of Contracts		Pre-modification outstanding recorded investment		Post-modification outstanding recorded investment
Commercial		4	$	361	$	361
Commercial Real Estate		1		1,188		1,188
Residential Mortgage		1		806		806
Consumer		6		572		572
Total		12	$	2,927	$	2,927

The loan modifications generally involved reductions in the interest rate, payment extensions, forgiveness of principal, and forbearance. There were no loans modified as a troubled debt restructuring within the previous 12 months for which there was a payment default during the three-month periods ended September 30, 2013 and September 30, 2012. There were no loans modified as a troubled debt restructuring within the previous 12 months for which there was a payment default during the nine-month period ended September 30, 2013. There was one commercial loan with a recorded investment of $136,000 that was modified as a troubled debt restructuring within the previous 12 months and for which there was a payment default during the nine-month period ended September 30, 2012.

Credit Quality Indicators

All loans are rated using the credit risk ratings and criteria adopted by the Company. Risk ratings are adjusted as future circumstances warrant. All credits risk rated 1, 2, 3 or 4 equate to a Pass as indicated by Federal and State regulatory agencies; a 5 equates to a Special Mention; a 6 equates to Substandard; a 7 equates to Doubtful; and 8 equates to a Loss. For the definitions of each risk rating, see Note 4 to our condensed consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012.

The following table presents the risk ratings by loan class as of September 30, 2013 and December 31, 2012.

($ in thousands)	Pass		Special Mention		Substandard		Doubtful		Loss		Total
September 30, 2013
Commercial	$	97,650	$	3,898	$	5,203	$	—	$	—	$	106,751
Commercial Real Estate		213,267		6,687		10,330		—		—		230,284
Agriculture		46,993		—		2,664		—		—		49,657
Residential Mortgage		48,650		796		3,398		—		—		52,844
Residential Construction		8,020		—		1,534		—		—		9,554
Consumer		49,360		4,214		2,296		—		—		55,870
Total	$	463,940	$	15,595	$	25,425	$	—	$	—	$	504,960

December 31, 2012
Commercial	$	78,078	$	4,393	$	6,339	$	—	$	—	$	88,810
Commercial Real Estate		170,676		9,049		8,701		—		—		188,426
Agriculture		49,613		172		2,962		—		—		52,747
Residential Mortgage		45,962		604		4,700		—		—		51,266
Residential Construction		5,512		1,212		862		—		—		7,586
Consumer		51,444		4,822		3,054		73		—		59,393
Total	$	401,285	$	20,252	$	26,618	$	73	$	—	$	448,228

Allowance for Loan Losses

The following table details activity in the allowance for loan losses by loan class for the three-month and nine-month periods ended September 30, 2013.

Three-month period ended September 30, 2013
($ in thousands)	Commercial			Commercial Real Estate		Agriculture			Residential Mortgage			Residential Construction			Consumer			Unallocated			Total
Balance as of June, 30, 2013	$	2,869		$	2,037	$	748		$	1,054		$	503		$	1,041		$	474		$	8,726
Provision for loan losses		191			309		(137	)		(127	)		(70	)		126			(292	)		—

Charge-offs		(1	)		—		—			—			—			(115	)		—			(116	)
Recoveries		25			—		—			145			1			11			—			182
Net charge-offs		24			—		—			145			1			(104	)		—			66
Balance as of September 30, 2013	$	3,084		$	2,346	$	611		$	1,072		$	434		$	1,063		$	182		$	8,792

Nine-month period ended September 30, 2013
($ in thousands)	Commercial			Commercial Real Estate			Agriculture			Residential Mortgage			Residential Construction			Consumer			Unallocated		Total
Balance as of December 31, 2012	$	2,899		$	1,723		$	915		$	1,148		$	724		$	1,110		$	35	$	8,554
Provision for loan losses		149			575			(306	)		100			(207	)		342			147		800

Charge-offs		(113	)		(3	)		(1	)		(333	)		(127	)		(491	)		—		(1,068	)
Recoveries		149			51			3			157			44			102			—		506
Net charge-offs		36			48			2			(176	)		(83	)		(389	)		—		(562	)
Balance as of September 30, 2013	$	3,084		$	2,346		$	611		$	1,072		$	434		$	1,063		$	182	$	8,792

The following table details the allowance for loan losses allocated to loans individually and collectively evaluated for impairment by loan class as of September 30, 2013.

($ in thousands)	Commercial		Commercial Real Estate		Agriculture		Residential Mortgage		Residential Construction		Consumer		Unallocated		Total
Period-end amount allocated to:	$		$		$		$		$		$		$		$
Loans individually evaluated for impairment		107		20		—		622		252		74		—		1,075
Loans collectively evaluated for impairment		2,977		2,326		611		450		182		989		182		7,717
Ending Balance	$	3,084	$	2,346	$	611	$	1,072	$	434	$	1,063	$	182	$	8,792

The following table details activity in the allowance for loan losses by loan class for the three-month and nine-month periods ended September 30, 2012.

Three-month period ended September 30, 2012
($ in thousands)	Commercial			Commercial Real Estate			Agriculture			Residential Mortgage			Residential Construction			Consumer			Unallocated		Total
Balance as of June 30, 2012	$	2,782		$	2,062		$	1,126		$	1,616		$	934		$	1,101		$	163	$	9,784
Provision for loan losses		341			203			(244	)		223			(102	)		100			304		825

Charge-offs		(25	)		(4	)		—			(833	)		—			(34	)		—		(896	)
Recoveries		41			—			—			—			36			27			—		104
Net charge-offs		16			(4	)		—			(833	)		36			(7	)		—		(792	)
Balance as of September 30, 2012		3,139			2,261			882			1,006			868			1,194			467		9,817

Nine-month period ended September 30, 2012
($ in thousands)	Commercial			Commercial Real Estate			Agriculture			Residential Mortgage			Residential Construction			Consumer			Unallocated		Total
Balance as of December 31, 2011	$	3,598		$	1,747		$	1,934		$	1,135		$	1,198		$	796		$	—	$	10,408
Provision for loan losses		367			860			(940	)		735			(429	)		991			467		2,051

Charge-offs		(1,104	)		(346	)		(115	)		(864	)		(161	)		(668	)		—		(3,258	)
Recoveries		278			—			3			—			260			75			—		616
Net charge-offs		(826	)		(346	)		(112	)		(864	)		99			(593	)		—		(2,642	)
Balance as of September 30, 2012		3,139			2,261			882			1,006			868			1,194			467		9,817

The following table details the allowance for loan losses allocated to loans individually and collectively evaluated for impairment by loan class as of September 30, 2012.

($ in thousands)	Commercial		Commercial Real Estate		Agriculture		Residential Mortgage		Residential Construction		Consumer		Unallocated		Total
Period-end amount allocated to:
Loans individually evaluated for impairment		152		19		—		497		563		86		—		1,317
Loans collectively evaluated for impairment		2,987		2,242		882		509		305		1,108		467		8,500
Ending Balance	$	3,139	$	2,261	$	882	$	1,006	$	868	$	1,194	$	467	$	9,817

The following table details activity in the allowance for loan losses and the amount allocated to loans individually and collectively evaluated for impairment as of and for the period ended December 31, 2012.

($ in thousands)	Commercial			Commercial Real Estate			Agriculture			Residential Mortgage			Residential Construction			Consumer			Unallocated		Total
Balance as of December 31, 2011	$	3,598		$	1,747		$	1,934		$	1,135		$	1,198		$	796		$	—	$	10,408
Provision for loan losses		2,493			351			(907	)		877			(648	)		1,075			35		3,276

Charge-offs		(3,498	)		(375	)		(116	)		(864	)		(167	)		(875	)		—		(5,895	)
Recoveries		306			—			4			—			341			114			—		765
Net charge-offs		(3,192	)		(375	)		(112	)		(864	)		174			(761	)		—		(5,130	)
Balance as of December 31, 2012		2,899			1,723			915			1,148			724			1,110			35		8,554
Period-end amount allocated to:
Loans individually evaluated for impairment		95			26			—			417			433			101			—		1,072
Loans collectively evaluated for impairment		2,804			1,697			915			731			291			1,009			35		7,482
Balance as of December 31, 2012	$	2,899		$	1,723		$	915		$	1,148		$	724		$	1,110		$	35	$	8,554

The Company’s investment in loans as of September 30, 2013, September 30, 2012, and December 31, 2012 related to each balance in the allowance for loan losses by loan class and disaggregated on the basis of the Company’s impairment methodology was as follows:

($ in thousands)	Commercial		Commercial Real Estate		Agriculture		Residential Mortgage		Residential Construction		Consumer		Total
September 30, 2013
Loans individually evaluated for impairment	$	3,410	$	3,078	$	—	$	5,647	$	955	$	903	$	13,993
Loans collectively evaluated for impairment		103,341		227,206		49,657		47,197		8,599		54,967		490,967
Ending Balance	$	106,751	$	230,284	$	49,657	$	52,844	$	9,554	$	55,870	$	504,960

September 30, 2012
Loans individually evaluated for impairment	$	3,604	$	4,800	$	—	$	4,905	$	1,147	$	864	$	15,320
Loans collectively evaluated for impairment		90,284		187,950		49,103		44,747		6,435		60,008		438,527
Ending Balance	$	93,888	$	192,750	$	49,103	$	49,652	$	7,582	$	60,872	$	453,847

December 31, 2012
Loans individually evaluated for impairment	$	3,288	$	3,042	$	—	$	4,823	$	1,097	$	1,131	$	13,381
Loans collectively evaluated for impairment		85,522		185,384		52,747		46,443		6,489		58,262		434,847
Ending Balance	$	88,810	$	188,426	$	52,747	$	51,266	$	7,586	$	59,393	$	448,228