TROUBLED DEBT RESTRUCTURINGS

3 Months Ended

Mar. 31, 2012

TROUBLED DEBT RESTRUCTURINGS

TROUBLED DEBT RESTRUCTURINGS

NOTE 23 — TROUBLED DEBT RESTRUCTURINGS

The troubled debt restructurings (TDR’s) amounted to $34,757,588 at March 31, 2012.   The accruing TDR’s were $24,732,532 and the non-accruing TDR’s were $10,025,056 at March 31, 2012.

The following chart represents the troubled debt restructurings incurred during the quarter ended March 31, 2012:

		For the three months ended
		March 31, 2012
		Pre-Modification		Post-Modification
		Outstanding		Outstanding
	Number	Recorded		Recorded
	of Contracts	Investment		Investment
Troubled Debt Restructurings
Residential Real Estate	2	$	720,046	$	679,134
Commercial Real Estate	1	851,587		851,587
Totals	3	$	1,571,633	$	1,530,721

During the three months ended March 31, 2012, the Bank modified three loans that were considered to be troubled debt restructurings.   We extended the terms for 3 of these loans and the interest rate was lowered for 3 of these loans.

There were no loans that were determined to be troubled debt restructurings during the previous four quarters that subsequently defaulted during the quarter ended March 31, 2012.

In the determination of the allowance for loan losses, management considers troubled debt restructurings and subsequent defaults in these restructurings by performing the usual process for all loans in determining the allowance for loan loss.