XML 23 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Allowance for Loan Losses and Impaired Loans
 3 Months Ended
Mar. 31, 2017
Receivables [Abstract]  
Allowance for Loan Losses and Impaired Loans

Note 5. Allowance for Loan Losses and Impaired Loans

Allowance for Loan Losses

The allowance for loan losses is maintained at a level believed to be sufficient to provide for estimated loan losses based on evaluating known and inherent risks in the loan portfolio. The allowance is provided based upon management’s comprehensive analysis of the pertinent factors underlying the quality of the loan portfolio. These factors include changes in the amount and composition of the loan portfolio, delinquency levels, actual loss experience, current economic conditions, and detailed analysis of individual loans for which the full collectability may not be assured. The detailed analysis includes methods to estimate the fair value of loan collateral and the existence of potential alternative sources of repayment. The allowance consists of specific and general components. The specific component is calculated on an individual basis for larger-balance, non-homogeneous loans, which are considered impaired. A specific allowance is established when the discounted cash flows, collateral value (less disposal costs), or observable market price of the impaired loan is lower than its carrying value. The specific component of the allowance for smaller-balance loans whose terms have been modified in a troubled debt restructuring (TDR) is calculated on a pooled basis considering historical experience adjusted for qualitative factors. These smaller-balance TDRs were collectively evaluated for impairment. The general component covers the remaining loan portfolio, and is based on historical loss experience adjusted for qualitative factors. The appropriateness of the allowance for loan losses on loans is estimated based upon these factors and trends identified by management at the time financial statements are prepared.

A provision for loan losses is charged against operations and is added to the allowance for loan losses based on quarterly comprehensive analyses of the loan portfolio. The allowance for loan losses is allocated to certain loan categories based on the relative risk characteristics, asset classifications and actual loss experience of the loan portfolio. While management has allocated the allowance for loan losses to various loan portfolio segments, the allowance is general in nature and is available for the loan portfolio in its entirety.

The following table presents activity in the allowance for loan losses by loan category three months ended March 31, 2017 and 2016 and the related asset balances as of March 31, 2017 and December 31, 2016:

Allowance for Loan Losses and Recorded Investment in Loans

 

    Commercial           Construction                          
    &     Commercial     &                 Consumer        
(dollars in thousands)   Agricultural     Mortgage     Development     Farmland     Residential     & Other     Total  

For the Three Months Ended March 31, 2017

              

Allowance for loan losses:

              

Balance, December 31, 2016

   $ 210     $ 600     $ 319     $ 342     $ 1,841     $ 108     $ 3,420  

Charge-offs

     —         (42 )      —         —         —         (15 )      (57 ) 

Recoveries

     27       —         56       —         15       7       105  

Provision

     (7 )      86       (26 )      59       24       (28 )      108  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance, March 31, 2017

   $ 230     $ 644     $ 349     $ 401     $ 1,880     $ 72     $ 3,576  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

For the Three Months Ended March 31, 2016

              

Allowance for loan losses:

              

Balance, December 31, 2015

   $ 136     $ 578     $ 344     $ 435     $ 1,887     $ 38     $ 3,418  

Charge-offs

     (19 )      (11 )      —         —         (22 )      (23 )      (75 ) 

Recoveries

     2       —         35       —         14       5       56  

Provision

     11       20       (44 )      (32 )      (63 )      21       (87 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance, March 31, 2016

   $ 130     $ 587     $ 335     $ 403     $ 1,816     $ 41     $ 3,312  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

March 31, 2017

              

Allowance for loan losses:

              

Ending balance

   $ 230     $ 644     $ 349     $ 401     $ 1,880     $ 72     $ 3,576  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance: individually evaluated for impairment

   $ —       $ —       $ —       $ 65     $ 163     $ —       $ 228  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance: collectively evaluated for impairment

   $ 230     $ 644     $ 349     $ 336     $ 1,717     $ 72     $ 3,348  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loans outstanding:

              

Ending balance

   $ 25,472     $ 124,359     $ 27,977     $ 33,794     $ 190,079     $ 10,688     $ 412,369  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance: individually evaluated for impairment

   $ —       $ 114     $ 388     $ 5,654     $ 1,276     $ —       $ 7,432  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance: collectively evaluated for impairment

   $ 25,472     $ 124,245     $ 27,589     $ 28,140     $ 188,803     $ 10,688     $ 404,937  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

December 31, 2016

              

Allowance for loan losses:

              

Ending balance

   $ 210     $ 600     $ 319     $ 342     $ 1,841     $ 108     $ 3,420  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance: individually evaluated for impairment

   $ —       $ —       $ —       $ 57     $ 184     $ —       $ 241  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance: collectively evaluated for impairment

   $ 210     $ 600     $ 319     $ 285     $ 1,657     $ 108     $ 3,179  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loans outstanding:

              

Ending balance

   $ 26,086     $ 128,515     $ 26,464     $ 33,531     $ 187,188     $ 10,184     $ 411,968  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance: individually evaluated for impairment

   $ —       $ 114     $ 580     $ 5,030     $ 1,533     $ —       $ 7,257  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance: collectively evaluated for impairment

   $ 26,086     $ 128,401     $ 25,884     $ 28,501     $ 185,655     $ 10,184     $ 404,711  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As of March 31, 2017 and December 31, 2016, the Bank had no unallocated reserves included in the allowance for loan losses.

 

Management closely monitors the quality of the loan portfolio and has established a loan review process designed to help grade the quality of the Bank’s loan portfolio. The Bank’s loan ratings coincide with the “Substandard,” “Doubtful” and “Loss” classifications used by federal regulators in their examination of financial institutions. Generally, an asset is considered Substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. Substandard assets include those characterized by the distinct possibility that the insured financial institution will sustain some loss if the deficiencies are not corrected. Assets classified as Doubtful have all the weaknesses inherent in assets classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Assets classified as Loss are those considered uncollectible, and of such little value that its continuance on the books is not warranted. Assets that do not currently expose the insured financial institutions to sufficient risk to warrant classification in one of the aforementioned categories but otherwise possess weaknesses are designated “Special Mention.” Management also maintains a listing of loans designated “Watch”. These loans represent borrowers with declining earnings, strained cash flow, increasing leverage and/or weakening market fundamentals that indicate above average risk. As of March 31, 2017 and December 31, 2016, respectively, the Bank had no loans graded “Doubtful” or “Loss” included in the balance of total loans outstanding.

The following table lists the loan grades utilized by the Bank and the corresponding total of outstanding loans in each category as of March 31, 2017 and December 31, 2016:

Credit Risk Profile by Internally Assigned Grades

 

    Loan Grades        
                Special              
(dollars in thousands)   Pass     Watch     Mention     Substandard     Total  

March 31, 2017

          

Real Estate Secured:

          

1-4 residential construction

   $ 4,496     $ 102     $ —       $ —       $ 4,598  

Commercial construction

     3,776       125       —         —         3,901  

Land development & other land

     18,242       356       —         880       19,478  

Farmland

     23,385       4,723       659       5,027       33,794  

1-4 residential mortgage

     123,814       11,954       —         2,300       138,068  

Multifamily

     26,038       1,313       —         —         27,351  

Home equity and second mortgage

     23,341       1,210       —         109       24,660  

Commercial mortgage

     102,446       13,136       3,086       5,691       124,359  

Non-Real Estate Secured:

          

Commercial & agricultural

     22,673       2,219       431       149       25,472  

Civic organizations

     3,928       —         —         —         3,928  

Consumer-auto

     1,588       19       —         —         1,607  

Consumer-other

     5,017       131       —         5       5,153  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 358,744     $ 35,288     $ 4,176     $ 14,161     $ 412,369  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     Loan Grades         
                   Special                
(dollars in thousands)    Pass      Watch      Mention      Substandard      Total  

December 31, 2016

               

Real Estate Secured:

               

1-4 residential construction

    $ 4,056      $ 370      $ —        $ —        $ 4,426  

Commercial construction

      2,603        —          —          —          2,603  

Land development & other land

      18,000        532        —          903        19,435  

Farmland

      23,201        5,276        —          5,054        33,531  

1-4 residential mortgage

      122,301        11,517        —          2,111        135,929  

Multifamily

      25,365        1,321        —          —          26,686  

Home equity and second mortgage

      23,219        1,243        —          111        24,573  

Commercial mortgage

      105,317        13,449        3,353        6,396        128,515  

Non-Real Estate Secured:

               

Commercial & agricultural

      22,719        2,333        485        549        26,086  

Civic organizations

      3,603        —          —          —          3,603  

Consumer-auto

      1,400        21        —          —          1,421  

Consumer-other

      5,015        105        —          40        5,160  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 356,799      $ 36,167      $ 3,838      $ 15,164      $ 411,968  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Loans may be placed in nonaccrual status when, in management’s opinion, the borrower may be unable to meet payments as they become due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received. Payments received are first applied to principal, and any remaining funds are then applied to interest. Loans are removed from nonaccrual status when they are deemed a loss and charged to the allowance, transferred to foreclosed assets, or returned to accrual status based upon performance consistent with the original terms of the loan or a subsequent restructuring thereof.

The following table presents an age analysis of nonaccrual and past due loans by category as of March 31, 2017 and December 31, 2016:

Analysis of Past Due and Nonaccrual Loans

 

                                        90+ Days        
                90 Days or                       Past Due        
    30-59 Days     60-89 Days     More Past     Total Past           Total     and Still     Nonaccrual  
(dollars in thousands)   Past Due     Past Due     Due     Due     Current     loans     Accruing     Loans  

March 31, 2017

                

Real Estate Secured:

                

1-4 residential construction

   $ —       $ —       $ —       $ —       $ 4,598     $ 4,598     $ —       $ —    

Commercial construction

     —         —         —         —         3,901       3,901       —         —    

Land development & other land

     394       —         —         394       19,084       19,478       —         623  

Farmland

     190       778       —         968       32,826       33,794       —         4,022  

1-4 residential mortgage

     877       174       48       1,099       136,969       138,068       —         59  

Multifamily

     —         —         —         —         27,351       27,351       —         —    

Home equity and second mortgage

     210       —         5       215       24,445       24,660       —         5  

Commercial mortgage

     171       12       306       489       123,870       124,359       —         439  

Non-Real Estate Secured:

                

Commercial & agricultural

     28       48       25       101       25,371       25,472       —         30  

Civic organizations

     —         —         —         —         3,928       3,928       —         —    

Consumer-auto

     —         —         —         —         1,607       1,607       —         —    

Consumer-other

     —         —         5       5       5,148       5,153       —         5  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 1,870     $ 1,012     $ 389     $ 3,271     $ 409,098     $ 412,369     $ —       $ 5,183  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                               90+ Days         
                   90 Days or                           Past Due         
(dollars in thousands)    30-59 Days      60-89 Days      More Past      Total Past             Total      and Still      Nonaccrual  
     Past Due      Past Due      Due      Due      Current      loans      Accruing      Loans  

December 31, 2016

                        

Real Estate Secured:

                        

1-4 residential construction

    $ —        $ —        $ —        $ —        $ 4,426      $ 4,426      $ —        $ —    

Commercial construction

      —          —          —          —          2,603        2,603        —          —    

Land development & other land

      —          —          390        390        19,045        19,435        —          647  

Farmland

      343        —          —          343        33,188        33,531        —          3,310  

1-4 residential mortgage

      315        48        14        377        135,552        135,929        —          26  

Multifamily

      —          —          —          —          26,686        26,686        —          —    

Home equity and second mortgage

      98        —          5        103        24,470        24,573        —          5  

Commercial mortgage

      25        227        426        678        127,837        128,515        —          640  

Non-Real Estate Secured:

                        

Commercial & agricultural

      67        —          25        92        25,994        26,086        —          31  

Civic organizations

      —          —          —          —          3,603        3,603        —          —    

Consumer-auto

      5        —          —          5        1,416        1,421        —          —    

Consumer-other

      —          6        —          6        5,154        5,160        —          5  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 853      $ 281      $ 860      $ 1,994      $ 409,974      $ 411,968      $ —        $ 4,664  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Impaired Loans

A loan is considered impaired when it is probable that the Bank will be unable to collect all contractual principal and interest payments due in accordance with the original or modified terms of the loan agreement. Smaller balance homogenous loans may be collectively evaluated for impairment. Non-homogenous impaired loans are either measured based on the estimated fair value of the collateral less estimated cost to sell if the loan is considered collateral dependent, or measured based on the present value of expected future cash flows if not collateral dependent. The valuation of real estate collateral is subjective in nature and may be adjusted in future periods because of changes in economic conditions. Management considers third-party appraisals, as well as independent fair market value assessments in determining the estimated fair value of particular properties. In addition, as certain of these third-party appraisals and independent fair market value assessments are only updated periodically, changes in the values of specific properties may have occurred subsequent to the most recent appraisals. Accordingly, the amounts of any such potential changes and any related adjustments are generally recorded at the time such information is received. When the measurement of the impaired loan is less than the recorded investment in the loan, impairment is recognized by creating or adjusting an allocation of the allowance for loan losses and uncollected accrued interest is reversed against interest income. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance.

As of March 31, 2017 and December 31, 2016, respectively, the recorded investment in impaired loans totaled $13.9 million and $13.3 million. The total amount of collateral-dependent impaired loans at March 31, 2017 and December 31, 2016, respectively, was $4.4 million and $4.0 million. As of March 31, 2017 and December 31, 2016, respectively, $4.5 million and $4.4 million of the recorded investment in impaired loans did not have a related allowance. The Bank had $10.0 million and $10.0 million in troubled debt restructured loans included in impaired loans at March 31, 2017 and December 31, 2016, respectively.

The categories of non-accrual loans and impaired loans overlap, although they are not coextensive. The Bank considers all circumstances regarding the loan and borrower on an individual basis when determining whether an impaired loan should be placed on non-accrual status, such as the financial strength of the borrower, the estimated collateral value, reasons for the delay, payment record, the amount past due and the number of days past due.

In 2015, management began collectively evaluating performing TDRs with a loan balance of $250,000 or less for impairment. As of March 31, 2017 and December 31, 2016, respectively, $6.5 million and $6.1 million of TDRs included in the following table were evaluated collectively for impairment and were deemed to have $387 thousand and $315 thousand of related allowance.

The following table is a summary of information related to impaired loans as of March 31, 2017 and December 31, 2016:

Impaired Loans

 

                          Three months ended  
            Unpaid             Average      Interest  
     Recorded      Principal      Related      Recorded      Income  
(dollars in thousands)    Investment1      Balance      Allowance      Investment      Recognized  

March 31, 2017

               

With no related allowance recorded:

               

1-4 Residential Construction

    $ —        $ —        $ —        $ —        $ —    

Land development & other land

      388        388        —          389        —    

Farmland

      4,039        4,039        —          4,074        6  

1-4 residential mortgage

      —          —          —          —          —    

Home equity and second mortgage

      —          —          —          —          —    

Commercial mortgage

      114        114        —          114        —    

Commercial & agricultural

      —          —          —          —          —    

Consumer & other

      —          —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Subtotal

      4,541        4,541        —          4,577        6  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

With an allowance recorded:

               

1-4 Residential Construction

      —          —          —          —          —    

Land development & other land

      425        425        25        429        3  

Farmland

      1,915        1,915        83        2,013        23  

1-4 residential mortgage

      5,922        6,079        441        6,094        78  

Home equity and second mortgage

      173        178        10        178        2  

Commercial mortgage

      828        963        50        917        9  

Commercial & agricultural

      99        99        6        106        2  

Consumer & other

      1        1        —          3        —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Subtotal

      9,363        9,660        615        9,740        117  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Totals:

               

1-4 Residential Construction

      —          —          —          —          —    

Land development & other land

      813        813        25        818        3  

Farmland

      5,954        5,954        83        6,087        29  

1-4 residential mortgage

      5,922        6,079        441        6,094        78  

Home equity and second mortgage

      173        178        10        178        2  

Commercial mortgage

      942        1,077        50        1,031        9  

Commercial & agricultural

      99        99        6        106        2  

Consumer & other

      1        1        —          3        —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 13,904      $ 14,201      $ 615      $ 14,317      $ 123  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

1  Recorded investment is the loan balance, net of any charge-offs
            Unpaid             Average      Interest  
     Recorded      Principal      Related      Recorded      Income  
(dollars in thousands)    Investment1      Balance      Allowance      Investment      Recognized  

December 31, 2016

               

With no related allowance recorded:

               

1-4 Residential Construction

    $ —        $ —        $ —        $ —        $ —    

Land development & other land

      581        581        —          840        17  

Farmland

      3,660        3,660        —          4,170        18  

1-4 residential mortgage

      —          —          —          347        10  

Home equity and second mortgage

      —          —          —          —          —    

Commercial mortgage

      114        114        —          115        4  

Commercial & agricultural

      —          —          —          —          —    

Consumer & other

      —          —          —          —          1  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Subtotal

      4,355        4,355        —          5,472        50  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

With an allowance recorded:

               

1-4 Residential Construction

      —          —          —          —          —    

Land development & other land

      193        193        10        201        16  

Farmland

      1,679        1,679        73        1,705        84  

1-4 residential mortgage

      5,964        6,121        414        6,375        294  

Home equity and second mortgage

      174        179        9        254        8  

Commercial mortgage

      838        974        44        1,035        39  

Commercial & agricultural

      113        113        6        155        9  

Consumer & other

      4        4        —          10        1  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Subtotal

      8,965        9,263        556        9,735        451  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Totals:

               

1-4 Residential Construction

      —          —          —          —          —    

Land development & other land

      774        774        10        1,041        33  

Farmland

      5,339        5,339        73        5,875        102  

1-4 residential mortgage

      5,964        6,121        414        6,722        304  

Home equity and second mortgage

      174        179        9        254        8  

Commercial mortgage

      952        1,088        44        1,150        43  

Commercial & agricultural

      113        113        6        155        9  

Consumer & other

      4        4        —          10        2  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 13,320      $ 13,618      $ 556      $ 15,207      $ 501  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

1  Recorded investment is the loan balance, net of any charge-offs

Troubled Debt Restructuring

A troubled debt restructured loan is a loan for which the Bank, for reasons related to the borrower’s financial difficulties, grants a concession to the borrower that the Bank would not otherwise consider.

The loan terms which have been modified or restructured due to a borrower’s financial difficulty, include but are not limited to: a reduction in the stated interest rate; an extension of the maturity at an interest rate below current market; a reduction in the face amount of the debt; a reduction in the accrued interest; or re-aging, extensions, deferrals and renewals. Troubled debt restructured loans are considered impaired loans.

The following table sets forth information with respect to the Bank’s troubled debt restructurings as of March 31, 2017 and March 31, 2016:

For the Three Months Ended March 31, 2017

 

(dollars in thousands)    TDRs identified during the period      TDRs identified in the last twelve
months that subsequently defaulted(1)		  
     Number
of
contracts		      Pre-
modification
outstanding
recorded
investment		      Post-
modification
outstanding
recorded
investment		      Number
of
contracts		      Pre-
modification
outstanding
recorded
investment		      Post-
modification
outstanding
recorded
investment		  

Land development & other land

      —        $ —        $ —          —        $ —        $ —    

Farmland

      1        150        150        —          —          —    

1-4 residential mortgage

      —          —          —          —          —          —    

Commercial mortgage

      —          —          —          —          —          —    

Commercial & agricultural

      —          —          —          —          —          —    

Consumer & other

      —          —          —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      1      $ 150      $ 150        —        $ —        $ —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

During the three months ended March 31, 2017, one loan was modified that was considered to be a TDRs. Term concession only was granted and no additional funds were advanced. No TDRs identified in the last twelve months subsequently defaulted in the quarter ended March 31, 2017.

 

(1) Loans past due 30 days or more are considered to be in default.

For the Three Months Ended March 31, 2016

 

(dollars in thousands)    TDRs identified during the period      TDRs identified in the last twelve
months that subsequently defaulted(1)		  
            Pre-      Post-             Pre-      Post-  
            modification      modification             modification      modification  
     Number      outstanding      outstanding      Number      outstanding      outstanding  
     of      recorded      recorded      of      recorded      recorded  
     contracts      investment      investment      contracts      investment      investment  

Land development & other land

      —        $ —        $ —          —        $ —        $ —    

Farmland

      —          —          —          —          —          —    

1-4 residential mortgage

      4        394        408        —          —          —    

Commercial mortgage

      —          —          —          —          —          —    

Commercial & agricultural

      —          —          —          —          —          —    

Consumer & other

      —          —          —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      4      $ 394      $ 408        —        $ —        $ —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

During the three months ended March 31, 2016, four loans were modified that were considered to be TDRs. Term concessions only were granted for four loans; and additional funds were advanced for one loan to pay real estate taxes and closing costs. No TDRs identified in the twelve months prior to March 31, 2016 subsequently defaulted in the quarter ended March 31, 2016.

 

(1) Loans past due 30 days or more are considered to be in default.