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Loans
9 Months Ended
Sep. 30, 2011
Loans [Abstract] 
Loans

(6) Loans

Loans at September 30, 2011 and December 31, 2010 classified by type are as follows:

 

     September 30,
2011		      December 31,
2010		  
     (Dollars in thousands)  

Real estate loans:

      

Construction and land development

    $ 71,282       $ 90,267   

Secured by farmland

      31,844         26,694   

Secured by residential properties

      117,691         120,183   

Secured by nonfarm, nonresidential properties

      211,719         218,028   

Consumer installment

      5,233         4,096   

Credit cards and related plans

      2,229         2,261   

Commercial and all other loans:

      

Commercial and industrial

      44,185         60,242   

Loans to finance agricultural production

      20,902         28,217   

All other loans

      16,639         17,863   
  

 

 

     

 

 

  
     521,724         567,851   

Less deferred fees and costs, net

      98         220   
  

 

 

     

 

 

  
   $ 521,626       $ 567,631   
  

 

 

     

 

 

  

Included in the above:

      

Nonaccrual loans

    $ 20,741       $ 15,896   

Restructured loans 1

      7,877         6,193   

 

1. Restructured loans include loans restructured and still accruing. There were $3,387 in restructured loans included in nonaccrual total. The Company is not committed to advance additional funds on restructured loans.

The Company, through its normal lending activity, originates and maintains loans receivable that are substantially concentrated in the Eastern region of North Carolina, where its offices are located. The Company's policy calls for collateral or other forms of repayment assurance to be received from the borrower at the time of loan origination. Such collateral or other form of repayment assurance is subject to changes in economic value due to various factors beyond the control of the Company, and such changes could be significant.

At September 30, 2011 and December 31, 2010, included in real estate loans were loans collateralized by owner-occupied residential real estate of approximately $57.7 million and $55.5 million, respectively.

Loans with a book value of approximately $27.2 million at September 30, 2011 are pledged as eligible collateral for FHLB advances. Loans with a book value of approximately $30.1 million at December 31, 2010 were pledged as eligible collateral for FHLB advances.