TROUBLED DEBT RESTRUCTURINGS

9 Months Ended

Sep. 30, 2018

Troubled Debt Restructurings

TROUBLED DEBT RESTRUCTURINGS

NOTE 8 TROUBLED DEBT RESTRUCTURINGS:

At September 30, 2018 there were $5.5 million in loans that are classified as troubled debt restructurings compared to $6.9 million at December 31, 2017. The following table presents information related to loans modified as troubled debt restructurings during the nine and three months ended September 30, 2018 and 2017.

	For the nine months ended September 30, 2018						For the nine months ended September 30, 2017
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		—	$	—	$	—		—	$	—	$	—
Construction and land Development		—		—		—		—		—		—
Residential 1-4 family		—		—		—		—		—		—
Multifamily		—		—		—		—		—		—
Farmland		—		—		—		—		—		—
Total real estate loans		—		—		—		—		—		—
Commercial		—		—		—		1		443		443
Agriculture		—		—		—		—		—		—
Consumer installment loans		—		—		—		—		—		—
All other loans		—		—		—		—		—		—
Total		—	$	—	$	—		1	$	443	$	443

During the nine and three months ended September 30, 2018, the Company did not modify any loans that were considered to be troubled debt restructurings.

During the nine months ended September 30, 2017, the Company modified the terms of one loan for which the modification was considered to be a troubled debt restructuring. The interest rate was not modified on this loan; however, the payment terms and maturity date were changed.

During the three months ended September 30, 2017, the Company modified no loans that were considered to be troubled debt restructurings.

No loans previously modified as troubled debt restructurings defaulted during the nine months ended September 30, 2018.

There were no loans modified as troubled debt restructurings that defaulted during the three months ended September 30, 2018 and 2017, which were within twelve months of their modification date. Generally, a troubled debt restructuring is considered to be in default once it becomes 90 days or more past due following a modification.

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.