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Loans
 6 Months Ended
Jun. 30, 2012
Loans  
Loans

Note 3 – Loans

 

Major classifications of loans were as follows:

 

 

 

June 30, 2012

 

December 31, 2011

 

Commercial

 

  $

90,051

 

  $

98,099

 

Real estate - commercial

 

625,056

 

704,492

 

Real estate - construction

 

57,064

 

71,436

 

Real estate - residential

 

447,151

 

477,200

 

Consumer

 

3,321

 

3,789

 

Overdraft

 

520

 

457

 

Lease financing receivables

 

2,644

 

2,087

 

Other

 

12,235

 

11,498

 

 

 

1,238,042

 

1,369,058

 

Net deferred loan fees and costs

 

92

 

(73

)

 

 

  $

1,238,134

 

  $

1,368,985

 

 

It is the policy of the Company to review each prospective credit in order to determine whether an adequate level of security or collateral was obtained prior to making a loan.  The type of collateral, when required, varies from liquid assets to real estate.  The Company’s access to collateral, in the event of borrower default, is assured through adherence to state lending laws, the Company’s lending standards and credit monitoring procedures.  The Bank generally makes loans solely within its market area.  There are no significant concentrations of loans where the customers’ ability to honor loan terms is dependent upon a single economic sector, although the real estate related categories listed above represent 91.2% and 91.5% of the portfolio at June 30, 2012, and December 31, 2011, respectively.  The Company remains committed to overseeing and managing its loan portfolio to reduce its real estate credit concentrations in accordance with the requirements of the Consent Order with the Bank and the Office of the Comptroller of the Currency (“OCC”).  Regulatory and capital matters including the Consent Order are discussed in more detail in Note 11 of the consolidated financial statements included in this report.

 

Aged analysis of past due loans by class of loans were as follows:

 

June 30, 2012

 

30-59 Days
Past Due

 

60-89 Days
Past Due

 

90 Days or
Greater Past
Due

 

Total Past
Due

 

Current

 

Nonaccrual

 

Total
Financing
Receivables

 

Recorded
Investment
90 days or
Greater Past
Due and
Accruing

 

Commercial

 

 $

232

 

 $

87

 

 $

-

 

 $

319

 

 $

91,285

 

 $

1,091

 

 $

92,695

 

 $

-

 

Real estate - commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner occupied general purpose

 

684

 

9

 

-

 

693

 

126,477

 

6,091

 

133,261

 

-

 

Owner occupied special purpose

 

519

 

-

 

-

 

519

 

156,580

 

12,234

 

169,333

 

-

 

Non-owner occupied general purpose

 

-

 

-

 

-

 

-

 

124,526

 

21,765

 

146,291

 

-

 

Non-owner occupied special purpose

 

-

 

247

 

-

 

247

 

93,391

 

497

 

94,135

 

-

 

Retail properties

 

-

 

-

 

-

 

-

 

40,864

 

12,782

 

53,646

 

-

 

Farm

 

-

 

-

 

-

 

-

 

26,112

 

2,278

 

28,390

 

-

 

Real estate - construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Homebuilder

 

-

 

-

 

-

 

-

 

7,686

 

6,087

 

13,773

 

-

 

Land

 

-

 

-

 

-

 

-

 

8,197

 

721

 

8,918

 

-

 

Commercial speculative

 

-

 

-

 

-

 

-

 

4,603

 

10,626

 

15,229

 

-

 

All other

 

-

 

243

 

-

 

243

 

18,805

 

96

 

19,144

 

-

 

Real estate - residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor

 

1,499

 

-

 

-

 

1,499

 

153,997

 

13,631

 

169,127

 

-

 

Owner occupied

 

374

 

672

 

-

 

1,046

 

117,930

 

9,532

 

128,508

 

-

 

Revolving and junior liens

 

1,277

 

580

 

-

 

1,857

 

144,582

 

3,077

 

149,516

 

-

 

Consumer

 

6

 

-

 

-

 

6

 

3,315

 

-

 

3,321

 

-

 

All other

 

-

 

-

 

-

 

-

 

12,847

 

-

 

12,847

 

-

 

 

 

 $

4,591

 

 $

1,838

 

 $

-

 

 $

6,429

 

 $

1,131,197

 

 $

100,508

 

 $

1,238,134

 

 $

-

 

 

December 31, 2011

 

 

 

 

30-59 Days
Past Due

 

60-89 Days
Past Due

 

90 Days or
Greater Past
Due

 

Total Past
Due

 

Current

 

Nonaccrual

 

Total
Financing
Receivables

 

Recorded
Investment
90 days or
Greater Past
Due and
Accruing

 

Commercial

 

 $

161

 

 $

20

 

 $

-

 

 $

181

 

 $

98,840

 

 $

1,165

 

 $

100,186

 

 $

-

 

Real estate - commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner occupied general purpose

 

912

 

-

 

-

 

912

 

137,250

 

12,744

 

150,906

 

-

 

Owner occupied special purpose

 

-

 

39

 

-

 

39

 

172,624

 

16,564

 

189,227

 

-

 

Non-owner occupied general purpose

 

471

 

-

 

318

 

789

 

147,099

 

12,893

 

160,781

 

318

 

Non-owner occupied special purpose

 

-

 

-

 

-

 

-

 

107,425

 

1,814

 

109,239

 

-

 

Retail properties

 

-

 

-

 

-

 

-

 

42,535

 

15,897

 

58,432

 

-

 

Farm

 

197

 

-

 

-

 

197

 

34,136

 

1,574

 

35,907

 

-

 

Real estate - construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Homebuilder

 

-

 

-

 

-

 

-

 

8,725

 

10,193

 

18,918

 

-

 

Land

 

-

 

-

 

-

 

-

 

7,976

 

2,025

 

10,001

 

-

 

Commercial speculative

 

-

 

669

 

-

 

669

 

5,154

 

14,217

 

20,040

 

-

 

All other

 

-

 

74

 

-

 

74

 

17,714

 

4,689

 

22,477

 

-

 

Real estate - residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor

 

338

 

3,562

 

-

 

3,900

 

162,101

 

15,111

 

181,112

 

-

 

Owner occupied

 

3,414

 

573

 

-

 

3,987

 

119,266

 

15,059

 

138,312

 

-

 

Revolving and junior liens

 

1,525

 

166

 

-

 

1,691

 

153,244

 

2,841

 

157,776

 

-

 

Consumer

 

8

 

-

 

-

 

8

 

3,781

 

-

 

3,789

 

-

 

All other

 

-

 

-

 

-

 

-

 

11,882

 

-

 

11,882

 

-

 

 

 

 $

7,026

 

 $

5,103

 

 $

318

 

 $

12,447

 

 $

1,229,752

 

 $

126,786

 

 $

1,368,985

 

 $

318

 

 

Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.

 

The Bank had no commitments to any borrower whose loans were classified as impaired at June 30, 2012.

 

Credit Quality Indicators:

The Company categorizes loans into credit risk categories based on current financial information, overall debt service coverage, comparison against industry averages, historical payment experience, and current economic trends.  Each loan and loan relationship is examined.  This analysis includes loans with outstanding loans or commitments greater than $50,000 and excludes homogeneous loans such as home equity lines of credit and residential mortgages.  Loans with a classified risk rating are reviewed quarterly regardless of size or loan type.  The Company uses the following definitions for classified risk ratings:

 

Special Mention.  Loans classified as special mention have a potential weakness that deserves management’s close attention.  If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan at some future date.

 

Substandard.  Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any.  Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

 

Doubtful.  Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

 

Credits that are not covered by the definitions above are “pass” credits, which are not considered to be adversely rated.  Loans listed as not rated have outstanding loans or commitments less than $50,000 or are included in groups of homogeneous loans.

 

Credit Quality Indicators by class of loans as were as follows:

 

June 30, 2012

 

 

Pass

 

Special
Mention

 

Substandard 1

 

Doubtful

 

Total

 

Commercial

 

 $

86,830

 

 $

4,456

 

 $

1,409

 

 $

-

 

 $

92,695

 

Real estate - commercial

 

 

 

 

 

 

 

 

 

 

 

Owner occupied general purpose

 

116,221

 

4,893

 

12,147

 

-

 

133,261

 

Owner occupied special purpose

 

139,707

 

5,880

 

23,746

 

-

 

169,333

 

Non-owner occupied general purpose

 

95,441

 

20,607

 

30,243

 

-

 

146,291

 

Non-owner occupied special purpose

 

86,120

 

6,495

 

1,520

 

-

 

94,135

 

Retail Properties

 

31,643

 

4,524

 

17,479

 

-

 

53,646

 

Farm

 

22,964

 

3,148

 

2,278

 

-

 

28,390

 

Real estate - construction

 

 

 

 

 

 

 

 

 

 

 

Homebuilder

 

3,764

 

2,741

 

7,268

 

-

 

13,773

 

Land

 

5,772

 

-

 

3,146

 

-

 

8,918

 

Commercial speculative

 

2,587

 

-

 

12,642

 

-

 

15,229

 

All other

 

16,130

 

2,885

 

129

 

-

 

19,144

 

Real estate - residential

 

 

 

 

 

 

 

 

 

 

 

Investor

 

131,224

 

18,705

 

19,198

 

-

 

169,127

 

Owner occupied

 

114,603

 

493

 

13,412

 

-

 

128,508

 

Revolving and junior leins

 

144,782

 

410

 

4,324

 

-

 

149,516

 

Consumer

 

3,314

 

-

 

7

 

-

 

3,321

 

All other

 

12,627

 

220

 

-

 

-

 

12,847

 

Total

 

 $

1,013,729

 

 $

75,457

 

 $

148,948

 

 $

-

 

 $

1,238,134

 

 

December 31, 2011

 

 

Pass

 

Special Mention

 

Substandard 1

 

Doubtful

 

Total

 

Commercial

 

 $

94,456

 

 $

3,350

 

 $

2,380

 

 $

-

 

 $

100,186

 

Real estate - commercial

 

 

 

 

 

 

 

 

 

 

 

Owner occupied general purpose

 

115,175

 

11,695

 

24,036

 

-

 

150,906

 

Owner occupied special purpose

 

154,650

 

5,254

 

29,323

 

-

 

189,227

 

Non-owner occupied general purpose

 

102,178

 

19,292

 

39,311

 

-

 

160,781

 

Non-owner occupied special purpose

 

85,931

 

6,017

 

17,291

 

-

 

109,239

 

Retail Properties

 

26,391

 

11,660

 

20,381

 

-

 

58,432

 

Farm

 

26,629

 

5,605

 

3,673

 

-

 

35,907

 

Real estate - construction

 

 

 

 

 

 

 

 

 

 

 

Homebuilder

 

4,206

 

2,905

 

11,807

 

-

 

18,918

 

Land

 

3,755

 

3,032

 

3,214

 

-

 

10,001

 

Commercial speculative

 

1,306

 

-

 

18,734

 

-

 

20,040

 

All other

 

17,448

 

303

 

4,726

 

-

 

22,477

 

Real estate - residential

 

 

 

 

 

 

 

 

 

 

 

Investor

 

119,494

 

28,478

 

33,140

 

-

 

181,112

 

Owner occupied

 

118,658

 

271

 

19,383

 

-

 

138,312

 

Revolving and junior leins

 

151,928

 

821

 

5,027

 

-

 

157,776

 

Consumer

 

3,776

 

-

 

13

 

-

 

3,789

 

All other

 

10,755

 

1,127

 

-

 

-

 

11,882

 

Total

 

 $

1,036,736

 

 $

99,810

 

 $

232,439

 

 $

-

 

 $

1,368,985

 

 

1 The substandard credit quailty indicator includes both potential problem loans that are currently performing and nonperforming loans

 

Impaired loans by class of loan as of June 30, 2012 were as follows:

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

As of June 30, 2012

 

June 30, 2012

 

 

 

Recorded
Investment

 

Unpaid
Principal
Balance

 

Related
Allowance

 

Average
Recorded
Investment

 

Interest
Income
Recognized

 

With no related allowance recorded

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 $

597

 

 $

639

 

  $

-

 

  $

555

 

  $

-

 

Commercial real estate

 

 

 

 

 

 

 

 

 

 

 

Owner occupied general purpose

 

4,092

 

4,538

 

-

 

4,425

 

-

 

Owner occupied special purpose

 

8,435

 

9,531

 

-

 

10,521

 

-

 

Non-owner occupied general purpose

 

16,029

 

20,826

 

-

 

12,165

 

135

 

Non-owner occupied special purpose

 

497

 

640

 

-

 

938

 

-

 

Retail properties

 

5,462

 

8,343

 

-

 

5,024

 

-

 

Farm

 

2,081

 

2,087

 

-

 

1,580

 

-

 

Construction

 

 

 

 

 

 

 

 

 

 

 

Homebuilder

 

6,394

 

11,200

 

-

 

8,533

 

55

 

Land

 

721

 

1,491

 

-

 

1,373

 

-

 

Commercial speculative

 

6,403

 

10,397

 

-

 

7,976

 

-

 

All other

 

96

 

319

 

-

 

2,202

 

-

 

Residential

 

 

 

 

 

 

 

 

 

 

 

Investor

 

3,455

 

12,581

 

-

 

3,218

 

-

 

Owner occupied

 

9,592

 

12,093

 

-

 

10,736

 

93

 

Revolving and junior liens

 

1,752

 

2,188

 

-

 

1,621

 

1

 

Consumer

 

-

 

-

 

 

 

-

 

-

 

Total impaired loans with no recorded allowance

 

65,606

 

96,873

 

-

 

70,867

 

284

 

With an allowance recorded

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

494

 

551

 

239

 

573

 

-

 

Commercial real estate

 

 

 

 

 

 

 

 

 

 

 

Owner occupied general purpose

 

1,999

 

2,768

 

346

 

4,992

 

-

 

Owner occupied special purpose

 

3,799

 

5,764

 

411

 

3,879

 

-

 

Non-owner occupied general purpose

 

9,490

 

12,081

 

519

 

8,943

 

-

 

Non-owner occupied special purpose

 

-

 

-

 

-

 

217

 

-

 

Retail properties

 

7,320

 

10,480

 

1,319

 

9,316

 

-

 

Farm

 

197

 

197

 

112

 

346

 

-

 

Construction

 

 

 

 

 

 

 

 

 

 

 

Homebuilder

 

2,376

 

3,665

 

51

 

2,290

 

-

 

Land

 

-

 

-

 

-

 

-

 

-

 

Commercial speculative

 

4,223

 

5,465

 

1,182

 

4,446

 

-

 

All other

 

-

 

-

 

-

 

190

 

-

 

Residential

 

 

 

 

 

 

 

 

 

 

 

Investor

 

10,176

 

10,637

 

940

 

11,231

 

-

 

Owner occupied

 

5,511

 

6,040

 

508

 

6,942

 

63

 

Revolving and junior liens

 

1,386

 

1,404

 

720

 

1,369

 

-

 

Consumer

 

-

 

-

 

-

 

-

 

-

 

Total impaired loans with a recorded allowance

 

46,971

 

59,052

 

6,347

 

54,734

 

63

 

Total impaired loans

 

 $

112,577

 

 $

155,925

 

  $

6,347

 

  $

125,601

 

  $

347

 

 

Impaired loans by class of loans were as follows:

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

As of December 31, 2011

 

June 30, 2011

 

 

 

Recorded
Investment

 

Unpaid
Principal
Balance

 

Related
Allowance

 

Average
Recorded
Investment

 

Interest
Income
Recognized

 

With no related allowance recorded

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

512

 

$

560

 

$

-

 

$

177

 

$

-

 

Commercial real estate

 

 

 

 

 

 

 

 

 

 

 

Owner occupied general purpose

 

4,759

 

6,538

 

-

 

6,542

 

-

 

Owner occupied special purpose

 

12,606

 

15,862

 

-

 

12,486

 

-

 

Non-owner occupied general purpose

 

8,301

 

11,734

 

-

 

10,809

 

76

 

Non-owner occupied special purpose

 

1,380

 

1,545

 

-

 

2,852

 

15

 

Retail properties

 

4,586

 

5,920

 

-

 

10,290

 

129

 

Farm

 

1,078

 

1,198

 

-

 

907

 

-

 

Construction

 

 

 

 

 

 

 

 

 

 

 

Homebuilder

 

10,672

 

17,643

 

-

 

16,636

 

67

 

Land

 

2,025

 

6,222

 

-

 

8,270

 

8

 

Commercial speculative

 

9,549

 

27,134

 

-

 

6,102

 

-

 

All other

 

4,309

 

6,576

 

-

 

5,030

 

-

 

Residential

 

 

 

 

 

 

 

 

 

 

 

Investor

 

2,981

 

11,927

 

-

 

8,443

 

10

 

Owner occupied

 

11,880

 

13,487

 

-

 

14,248

 

136

 

Revolving and junior liens

 

1,489

 

1,693

 

-

 

1,184

 

2

 

Consumer

 

-

 

-

 

 

 

4

 

-

 

Total impaired loans with no recorded allowance

 

76,127

 

128,039

 

-

 

103,980

 

443

 

With an allowance recorded

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

653

 

740

 

392

 

3,352

 

-

 

Commercial real estate

 

 

 

 

 

 

 

 

 

 

 

Owner occupied general purpose

 

7,985

 

8,291

 

1,397

 

10,000

 

-

 

Owner occupied special purpose

 

3,958

 

5,448

 

407

 

9,713

 

-

 

Non-owner occupied general purpose

 

8,397

 

9,942

 

2,187

 

11,750

 

-

 

Non-owner occupied special purpose

 

434

 

437

 

98

 

5,367

 

-

 

Retail properties

 

11,311

 

12,389

 

3,506

 

14,883

 

-

 

Farm

 

496

 

496

 

28

 

-

 

-

 

Construction

 

 

 

 

 

 

 

 

 

 

 

Homebuilder

 

2,204

 

2,816

 

376

 

7,792

 

-

 

Land

 

-

 

-

 

-

 

5,622

 

-

 

Commercial speculative

 

4,668

 

5,371

 

1,683

 

10,615

 

-

 

All other

 

380

 

422

 

225

 

381

 

-

 

Residential

 

 

 

 

 

 

 

 

 

 

 

Investor

 

12,287

 

12,844

 

1,808

 

9,950

 

9

 

Owner occupied

 

8,373

 

9,762

 

626

 

9,203

 

92

 

Revolving and junior liens

 

1,352

 

1,656

 

321

 

860

 

-

 

Consumer

 

-

 

-

 

-

 

-

 

-

 

Total impaired loans with a recorded allowance

 

62,498

 

70,614

 

13,054

 

99,488

 

101

 

Total impaired loans

 

$

138,625

 

$

198,653

 

$

13,054

 

$

203,468

 

$

544

 

 

 

Troubled debt restructurings (“TDR”) are loans for which the contractual terms have been modified and both of these conditions exist: (1) there is a concession to the borrower and (2) the borrower is experiencing financial difficulties.  Loans are restructured on a case-by-case basis during the loan collection process with modifications generally initiated at the request of the borrower.  These modifications may include reduction in interest rates, extension of term, deferrals of principal, and other modifications.  The Bank does participate in the U.S. Department of the Treasury’s (the “Treasury”) Home Affordable Modification Program (“HAMP”) which gives qualifying homeowners an opportunity to refinance into more affordable monthly payments.

 

The specific allocation of the allowance for loan losses on TDR is determined by either discounting the modified cash flows at the original effective rate of the loan before modification or is based on the underlying collateral value less costs to sell, if repayment of the loan is collateral-dependent. If the resulting amount is less than the recorded book value, the Bank either establishes a valuation allowance (i.e. specific reserve) as a component of the allowance for loan losses or charges off the impaired balance if it determines that such amount is a confirmed loss. This method is used consistently for all segments of the portfolio. The allowance for loan losses also includes an allowance based on a loss migration analysis for each loan category for loans that are not individually evaluated for specific impairment. All loans charged-off, including TDR charged-off, are factored into this calculation by portfolio segment.

 

TDR outstanding by class are summarized as follows:

 

 

 

As of June 30, 2012

 

 

 

TDR Modifications

 

TDR Modifications

 

 

 

Accruing interest

 

Nonaccrual

 

 

 

 

 

 

 

 

 

 

 

 

 

# of
contracts

 

Recorded
investment

 

# of
contracts

 

Recorded
investment

 

Troubled debt restructurings

 

 

 

 

 

 

 

 

 

Commercial

 

-

 

$

-

 

1

 

$

17

 

Real estate - commercial

 

 

 

 

 

 

 

 

 

Owner occupied special purpose

 

-

 

-

 

1

 

359

 

Non-owner occupied general purpose

 

2

 

3,754

 

4

 

4,513

 

Non-owner occupied special purpose

 

-

 

-

 

2

 

497

 

Real estate - construction

 

 

 

 

 

 

 

 

 

Homebuilder

 

2

 

2,683

 

1

 

1,342

 

Commercial speculative

 

-

 

-

 

1

 

425

 

Real estate - residential

 

 

 

 

 

 

 

 

 

Investor

 

-

 

-

 

4

 

1,108

 

Owner occupied

 

35

 

5,571

 

19

 

3,034

 

Revolving and junior liens

 

1

 

61

 

-

 

-

 

 

 

40

 

$

12,069

 

33

 

$

11,295

 

 

 

 

 

As of December 31, 2011

 

 

 

TDR Modifications

 

TDR Modifications

 

 

 

Accruing interest

 

Nonaccrual

 

 

 

 

 

 

 

 

 

 

 

 

 

# of
contracts

 

Recorded
investment

 

# of
contracts

 

Recorded
investment

 

Troubled debt restructurings

 

 

 

 

 

 

 

 

 

Commercial

 

-

 

$

-

 

1

 

$

17

 

Real estate - commercial

 

 

 

 

 

 

 

 

 

Owner occupied general purpose

 

-

 

-

 

2

 

147

 

Owner occupied special purpose

 

-

 

-

 

2

 

377

 

Non-owner occupied general purpose

 

2

 

3,805

 

4

 

2,488

 

Non-owner occupied special purpose

 

-

 

-

 

1

 

434

 

Real estate - construction

 

 

 

 

 

 

 

 

 

Homebuilder

 

2

 

2,683

 

6

 

4,474

 

Land

 

-

 

-

 

1

 

737

 

Commercial speculative

 

-

 

-

 

1

 

65

 

Real estate - residential

 

 

 

 

 

 

 

 

 

Investor

 

1

 

157

 

6

 

1,931

 

Owner occupied

 

34

 

5,194

 

30

 

5,519

 

 

 

39

 

$

11,839

 

54

 

$

16,189

 

 

TDR that were modified during the period are summarized as follows:

 

 

 

TDR Modifications

 

TDR Modifications

 

 

 

Three months ended 6/30/12

 

Six months ended 6/30/12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accruing interest:

 

# of
contracts

 

Pre-modification
recorded investment

 

Post-modification
recorded investment

 

# of
contracts

 

Pre-modification
recorded investment

 

Post-modification
recorded investment

 

Troubled debt restructurings

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate - residential

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferral1

 

-

 

$

-

 

$

-

 

1

 

$

108

 

$

108

 

Revolving and junior liens

 

 

 

 

 

 

 

 

 

 

 

 

 

HAMP2

 

1

 

117

 

61

 

1

 

117

 

61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

$

117

 

$

61

 

2

 

$

225

 

$

169

 

 

 

 

 

TDR Modifications

 

TDR Modifications

 

 

 

Three months ended 6/30/12

 

Six months ended 6/30/12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual:

 

# of
contracts

 

Pre-modification
recorded investment

 

Post-modification
recorded investment

 

# of
contracts

 

Pre-modification
recorded investment

 

Post-modification
recorded investment

 

Troubled debt restructurings

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate - commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest3

 

1

 

$

2,921

 

$

2,772

 

1

 

$

2,921

 

$

2,772

 

Bifurcate4

 

1

 

209

 

207

 

1

 

209

 

207

 

Real estate - construction

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest3

 

-

 

-

 

-

 

1

 

425

 

460

 

Real estate - residential

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor

 

 

 

 

 

 

 

 

 

 

 

 

 

Bifurcate4

 

1

 

337

 

90

 

1

 

337

 

90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

$

3,467

 

$

3,069

 

4

 

$

3,892

 

$

3,529

 

 

 

 

1 Deferral: Refers to the deferral of principal

2 HAMP: Home Affordable Modification Program

3 Interest: Interest rate concession below normal market

4 Bifurcate: Refers to an “A/B” restructure separated into two notes, charging off the entire B portion of the note.

 

TDR are classified as being in default on a case-by-case basis when they fail to be in compliance with the modified terms.  There was no TDR default activity within 12 months of restructure for the three months or six months ending June 30, 2012.  The following table presents TDR that defaulted during the periods shown and were restructured within the 12 month period prior to default:

 

 

 

TDR Default Activity

 

TDR Default Activity

 

 

 

Three Months ending 6/30/11

 

Six Months ending 6/30/11

 

Troubled debt restructurings that
Subsequently Defaulted

 

# of
contracts

 

Pre-modification outstanding
recorded investment

 

# of
contracts

 

Pre-modification outstanding
recorded investment

 

Real estate - construction

 

 

 

 

 

 

 

 

 

Commercial speculative

 

1

 

$

68

 

1

 

$

68

 

Real estate - residential

 

 

 

 

 

 

 

 

 

Investor

 

-

 

-

 

1

 

196

 

Owner occupied

 

6

 

928

 

11

 

1,804

 

 

 

7

 

$

996

 

13

 

$

2,068