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Troubled Debt Restructurings
 9 Months Ended
Sep. 30, 2012
Troubled Debt Restructurings [Abstract]  
Troubled Debt Restructurings

NOTE 8  TROUBLED DEBT RESTRUCTURINGS:

 

The following table presents information related to loans modified as troubled debt restructurings during the nine and three months ended September 30, 2012 and 2011.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended

September 30, 2012

 

 

For the nine months ended

September 30, 2011

 

 

 

 

 

Troubled Debt Restructurings

(Dollars are in thousands)

 

# of Loans

 

Pre-Mod. Recorded Investment

 

Post-Mod.

Recorded

Investment

 

 

# of

Loans

 

Pre-Mod.

Recorded Investment

 

Post-Mod.

Recorded

Investment

Real estate secured:

 

 

 

 

 

 

 

 

 

 

 

  Commercial
7 

$
991 

$
791 

 
8 

$
6,956 

$
6,928 

  Construction and land

   Development

-

 

-

 

-

 
1 

 
29 

 
28 

  Residential 1-4 family
35 

 
2,052 

 
1,964 

 
8 

 
641 

 
626 

  Multifamily

-

 

-

 

-

 
1 

 
342 

 
342 

  Farmland

-

 

-

 

-

 

-

 

-

 

-

     Total real estate loans
42 

 
3,043 

 
2,755 

 
18 

 
7,968 

 
7,924 

Commercial

-

 

-

 

-

 
6 

 
1,111 

 
1,096 

Agriculture

-

 

-

 

-

 
2 

 
390 

 
390 

Consumer installment loans
3 

 
25 

 
19 

 
8 

 
159 

 
152 

All other loans

-

 

-

 

-

 

-

 

-

 

-

Total
45 

$
3,068 

$
2,774 

 
34 

$
9,628 

$
9,562 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

September 30, 2012

 

 

For the three months ended

September 30, 2011

 

 

 

 

 

Troubled Debt Restructurings

(Dollars are in thousands)

 

# of Loans

 

Pre-Mod. Recorded Investment

 

Post-Mod.

Recorded

Investment

 

 

# of

Loans

 

Pre-Mod.

Recorded Investment

 

Post-Mod.

Recorded

Investment

Real estate secured:

 

 

 

 

 

 

 

 

 

 

 

  Commercial

-

$

-

$

-

 
4 

$
3,585 

$
3,577 

  Construction and land

   Development

-

 

-

 

-

 

-

 

-

 

-

  Residential 1-4 family

-

 

-

 

-

 
4 

 
312 

 
298 

  Multifamily

-

 

-

 

-

 
1 

 
342 

 
342 

  Farmland

-

 

-

 

-

 

-

 

-

 

-

     Total real estate loans

-

 

-

 

-

 
9 

 
4,239 

 
4,217 

Commercial

-

 

-

 

-

 
5 

 
1,074 

 
1,063 

Agriculture

-

 

-

 

-

 
1 

 
90 

 
90 

Consumer installment loans

-

 

-

 

-

 
4 

 
92 

 
91 

All other loans

-

 

-

 

-

 

-

 

-

 

-

Total

-

$

-

$

-

 
19 

$
5,495 

$
5,461 

 

 

 

 

 

 

 

 

 

 

 

 

 

During the nine months ended September 30, 2012, the Company modified 45 loans that were considered to be troubled debt restructurings.   We extended the terms for 6 of these loans and the interest rate was lowered for 35 of these loans.  During the nine months ended September 30, 2011, the Company modified 34 loans that were considered to be troubled debt restructurings.   We extended the terms for 17 of these loans and the interest rate was lowered for 15 of these loans.

 

 

 

 

 

 

 

The following table presents information related to loans to modified as a troubled debt restructurings that defaulted during the nine and three months ended September 30, 2012 and 2011, and within twelve months of their modification date.  A troubled debt restructuring is considered to be in default once it becomes 90 days or more past due following a modification.

 

 

 

 

 

 

 

 

 

Troubled Debt Restructurings

For the nine months ended

 

For the nine months ended

That Subsequently Defaulted

September 30, 2012

 

September 30, 2011

During the Period

# of

 

Recorded

 

# of

 

Recorded

(Dollars are in thousands)

Loans

 

Investment

 

Loans

 

Investment

Real estate secured:

 

 

 

 

 

 

 

  Commercial
4 

$
1,859 

 

-

$

-

  Construction and land development

-

 

-

 

-

 

-

  Residential 1-4 family
2 

 
633 

 

-

 

-

  Multifamily
1 

 
163 

 

-

 

-

  Farmland

-

 

-

 

-

 

-

     Total real estate loans
7 

 
2,655 

 

-

 

-

Commercial

-

 

-

 

-

 

-

Agriculture
1 

 
300 

 

-

 

-

Consumer installment loans

-

 

-

 

-

 

-

All other loans

-

 

-

 

-

 

-

Total
8 

$
2,955 

 

-

$

-

 

 

 

 

 

 

 

 

Troubled Debt Restructurings

For the three months ended

 

For the three months ended

That Subsequently Defaulted

September 30, 2012

 

September 30, 2011

During the Period

# of

 

Recorded

 

# of

 

Recorded

(Dollars are in thousands)

Loans

 

Investment

 

Loans

 

Investment

Real estate secured:

 

 

 

 

 

 

 

  Commercial

-

$

-

 

-

$

-

  Construction and land development

-

 

-

 

-

 

-

  Residential 1-4 family
1 

 
522 

 

-

 

-

  Multifamily
1 

 
163 

 

-

 

-

  Farmland

-

 

-

 

-

 

-

     Total real estate loans
2 

 
685 

 

-

 

-

Commercial

-

 

-

 

-

 

-

Agriculture

-

 

-

 

-

 

-

Consumer installment loans

-

 

-

 

-

 

-

All other loans

-

 

-

 

-

 

-

Total
2 

$
685 

 

-

$

-

 

 

 

 

 

 

 

 

In determination of the allowance for loan losses, management considers troubled debt restructurings and subsequent defaults in these restructurings in its estimate.  The Company evaluates all troubled debt restructurings for possible further impairment.  As a result, the allowance may be increased, adjustments may be made in the allocation of the allowance, or charge-offs may be taken to further writedown the carrying value of the loan.  At September 30, 2012 there were $21.8 million in loans that are classified as troubled debt restructurings compared to $29.1 million at December 31, 2011.