3. Loans Held for Investment

3 Months Ended

Mar. 31, 2014

Loans Held For Investment

3. Loans Held for Investment

	2014		2013
Construction/Land Development	$	70,648	$	68,512
Farmland		12,532		13,197
Real Estate		155,774		154,628
Multi-Family		11,693		11,797
Commercial Real Estate		116,583		113,415
Home Equity – closed end		9,451		10,228
Home Equity – open end		47,187		47,358
Commercial & Industrial – Non-Real Estate		25,953		25,903
Consumer		8,847		10,163
Dealer Finance		25,253		20,572
Credit Cards		2,406		2,680
Total	$	486,327	$	478,453

Loans outstanding at March 31, 2014 and December 31, 2013 are summarized as follows:

The following is a summary of information pertaining to impaired loans (in thousands):

			Unpaid				Average		Interest
March 31, 2014	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
Impaired loans without a valuation allowance:
Construction/Land Development	$	6,898	$	6,898	$	-	$	5,781	$	29
Farmland		1,457		1,457		-		1,470		12
Real Estate		48		48		-		394		1
Multi-Family		-		-		-		-		-
Commercial Real Estate		1,457		1,457		-		799		23
Home Equity – closed end		308		308		-		283		6
Home Equity – open end		-		-		-		20		-
Commercial & Industrial – Non-Real Estate		279		279		-		116		4
Consumer		-		-		-		-		-
Credit cards		-		-		-		-		-
Dealer Finance		-		-		-		-		-
		10,447		10,447				8,865		75
Impaired loans with a valuation allowance
Construction/Land Development		11,408		10,738		1,604		10,510		55
Farmland		-		-		-		-		-
Real Estate		1,036		1,036		157		901		7
Multi-Family		-		-		-		-		-
Commercial Real Estate		1,047		1,047		214		1,168		2
Home Equity – closed end		180		180		22		340		8
Home Equity – open end		100		100		12		90		-
Commercial & Industrial – Non-Real Estate		-		-		-		141		-
Consumer		-		-		-		1		-
Credit cards		-		-		-		-		-
Dealer Finance		-		-		-		-		-
		13,771		13,101		2,009		13,151		72
Total impaired loans	$	24,218	$	23,548	$	2,009	$	20,014	$	147

The Recorded Investment is defined as the principal balance less principal payments and charge-offs.

			Unpaid				Average		Interest
December 31, 2013	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
Impaired loans without a valuation allowance:
Construction/Land Development	$	3,960	$	4,543	$	-	$	5,750	$	153
Farmland		1,459		1,459		-		1,475		67
Real Estate		49		49		-		529		3
Multi-Family		-		-		-		-		-
Commercial Real Estate		851		851		-		616		56
Home Equity – closed end		308		308		-		284		25
Home Equity – open end		-		-		-		20		-
Commercial & Industrial – Non-Real Estate		242		242		-		64		12
Consumer		-		-		-		-		-
Credit cards		-		-		-		-		-
Dealer Finance		-		-		-		-		-
		6,869		7,452				8,738		316
Impaired loans with a valuation allowance
Construction/Land Development		8,291		9,716		1,560		10,855		175
Farmland		-		-		-		-		-
Real Estate		1,145		1,145		154		966		48
Multi-Family		-		-		-		-		-
Commercial Real Estate		818		1,118		282		1,171		4
Home Equity – closed end		180		180		17		409		3
Home Equity – open end		100		100		9		93		5
Commercial & Industrial – Non-Real Estate		-		-		-		141		-
Consumer		2		2		-		1		1
Credit cards		-		-		-		-		-
Dealer Finance		-		-		-		-		-
		10,536		12,261		2,022		13,636		236
Total impaired loans	$	17,405	$	19,713	$	2,022	$	22,374	$	552