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Loans and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2014
Loans Receivable, Net [Abstract]  
Past Due Loans
The following table presents an aging analysis of accruing and nonaccruing loans as of March 31, 2014:
(dollars in thousands)
 
Accruing
 
 
 
 
 
 
 
 
 
 
30-59 days past due
 
60-89 days past due
 
More than 90 days past due
 
Nonaccrual
 
Total past due and nonaccrual
 
Current and accruing
 
Total Loans
PC and Originated Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and agricultural
 
$
43

 
$
—

 
$
—

 
$
450

 
$
493

 
$
65,763

 
$
66,256

Real estate - construction
 
68

 
—

 
—

 
3,437

 
3,505

 
52,599

 
56,104

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1-4 family residential
 
4,130

 
—

 
—

 
10,151

 
14,281

 
597,094

 
611,375

Commercial
 
1,760

 
324

 
355

 
19,533

 
21,972

 
267,586

 
289,558

Consumer
 
68

 
3

 
—

 
32

 
103

 
47,356

 
47,459

Total
 
$
6,069

 
$
327

 
$
355

 
$
33,603

 
$
40,354

 
$
1,030,398

 
$
1,070,752

PI loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and agricultural
 
$
97

 
$
—

 
$
2,354

 
$
—

 
$
2,451

 
$
7,271

 
$
9,722

Real estate - construction
 
54

 
—

 
4,569

 
—

 
4,623

 
6,577

 
11,200

Real estate - mortgage:
 
 
 
 
 

 
 
 
 
 
 
 
 
1-4 family residential
 
137

 
195

 
2,366

 
—

 
2,698

 
17,701

 
20,399

Commercial
 
123

 
—

 
15,440

 
—

 
15,563

 
90,989

 
106,552

Consumer
 
2

 
—

 
13

 
—

 
15

 
1,145

 
1,160

Total
 
$
413

 
$
195

 
$
24,742

 
$
—

 
$
25,350

 
$
123,683

 
$
149,033

Total Loans
 
$
6,482

 
$
522

 
$
25,097

 
$
33,603

 
$
65,704

 
$
1,154,081

 
$
1,219,785


The following table presents an aging analysis of accruing and nonaccruing loans as of December 31, 2013:
(dollars in thousands)
 
Accruing
 
 
 
 
 
 
 
 
 
 
30-59 days past due
 
60-89 days past due
 
More than 90 days past due
 
Nonaccrual
 
Total past due and nonaccrual
 
Current and accruing
 
Total Loans
PC and Originated Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and agricultural
 
$
18

 
$
43

 
$
—

 
$
516

 
$
577

 
$
60,946

 
$
61,523

Real estate - construction
 
168

 
634

 
—

 
4,677

 
5,479

 
48,711

 
54,190

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1-4 family residential
 
3,454

 
522

 
—

 
11,580

 
15,556

 
593,698

 
609,254

Commercial
 
1,765

 
77

 
—

 
18,380

 
20,222

 
261,524

 
281,746

Consumer
 
56

 
17

 
—

 
12

 
85

 
43,798

 
43,883

Total
 
$
5,461

 
$
1,293

 
$
—

 
$
35,165

 
$
41,919

 
$
1,008,677

 
$
1,050,596

PI loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and agricultural
 
$
35

 
$
16

 
$
1,977

 
$
—

 
$
2,028

 
$
8,701

 
$
10,729

Real estate - construction
 
48

 
—

 
2,758

 
—

 
2,806

 
7,087

 
9,893

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1-4 family residential
 
135

 
9

 
2,907

 
—

 
3,051

 
23,802

 
26,853

Commercial
 
903

 
—

 
17,479

 
—

 
18,382

 
94,796

 
113,178

Consumer
 
6

 
—

 
12

 
—

 
18

 
981

 
999

Total
 
$
1,127

 
$
25

 
$
25,133

 
$
—

 
$
26,285

 
$
135,367

 
$
161,652

Total Loans
 
$
6,588

 
$
1,318

 
$
25,133

 
$
35,165

 
$
68,204

 
$
1,144,044

 
$
1,212,248
Loan Credit Quality Indicators
The following table presents loans held for investment balances by risk grade as of March 31, 2014:
(dollars in thousands)
 
Pass
 
Special Mention
 
Substandard
 
Doubtful
 
 
 
 
(Ratings 1-5)
 
(Rating 6)
 
(Rating 7)
 
(Rating 8)
 
Total
Commercial and agricultural
 
$
70,782

 
$
1,180

 
$
4,016

 
$
—

 
$
75,978

Real estate - construction
 
54,331

 
3,275

 
9,698

 
—

 
67,304

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
1-4 family residential
 
601,449

 
9,234

 
21,091

 
—

 
631,774

Commercial
 
310,951

 
29,466

 
55,693

 
—

 
396,110

Consumer
 
48,205

 
39

 
66

 
309

 
48,619

Total
 
$
1,085,718

 
$
43,194

 
$
90,564

 
$
309

 
$
1,219,785

The following table presents loans held for investment balances by risk grade as of December 31, 2013:
(dollars in thousands)
 
Pass
 
Special Mention
 
Substandard
 
Doubtful
 
 
 
 
(Ratings 1-5)
 
(Rating 6)
 
(Rating 7)
 
(Rating 8)
 
Total
Commercial and agricultural
 
$
67,277

 
$
1,262

 
$
3,713

 
$
—

 
$
72,252

Real estate - construction
 
50,138

 
3,984

 
9,961

 
—

 
64,083

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
1-4 family residential
 
601,304

 
10,887

 
23,916

 
—

 
636,107

Commercial
 
307,661

 
29,711

 
57,552

 
—

 
394,924

Consumer
 
44,450

 
40

 
47

 
345

 
44,882

Total
 
$
1,070,830

 
$
45,884

 
$
95,189

 
$
345

 
$
1,212,248
Schedule of Impaired Loans Receivables
The following table summarizes information relative to impaired loans for the dates indicated:
 
 
March 31, 2014
 
December 31, 2013
(dollars in thousands)
 
Balance
 
Associated Reserves
 
Balance
 
Associated Reserves
Impaired loans, not individually reviewed for impairment
 
$
4,670

 
$
—

 
$
4,612

 
$
—

Impaired loans, individually reviewed, with no impairment
 
33,317

 
—

 
39,865

 
—

Impaired loans, individually reviewed, with impairment
 
8,112

 
1,119

 
2,965

 
927

Total impaired loans, excluding purchased impaired *
 
$
46,099

 
$
1,119

 
$
47,442

 
$
927

 
 
 
 
 
 
 
 
 
Purchased impaired loans with subsequent deterioration
 
$
138,789

 
5,237

 
$
161,307

 
5,560

Purchased impaired loans with no subsequent deterioration
 
$
10,244

 
—

 
$
344

 
—

Total Reserves
 
 
 
$
6,356

 
 
 
$
6,487

 
 
 
 
 
 
 
 
 
Average impaired loans calculated using a simple average
 
$
46,771

 
 
 
$
65,527

 
 
* Included at March 31, 2014 and December 31, 2013 were $12.5 million and $12.1 million, respectively, in restructured and performing loans.
Schedule of Loans, Non Accrual Status
The following table presents loans held for investment on nonaccrual status by loan class for the dates indicated:
(dollars in thousands)
 
 
 
 
 
 
March 31, 2014
 
December 31, 2013
Loans held for investment:
 
 
 
 
Commercial and agricultural
 
$
450

 
$
516

Real estate - construction
 
3,437

 
4,677

Real estate - mortgage:
 
 
 
 
1-4 family residential
 
10,151

 
11,580

Commercial
 
19,533

 
18,380

Consumer
 
32

 
12

Total nonaccrual loans
 
$
33,603

 
$
35,165

Loans more than 90 days delinquent, still on accrual
 
355

 
—

Total nonperforming loans
 
$
33,958

 
$
35,165
Impaired Loans
The following table presents individually reviewed impaired loans and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding reserve for impaired loan losses as of March 31, 2014:
 
 
 
 
Unpaid
 
 
(dollars in thousands)
 
Recorded
 
Principal
 
Related
 
 
Investment
 
Balance
 
Allowance
With no related allowance recorded:
 
 
 
 
 
 
  Commercial and agricultural
 
$
242

 
$
485

 
$
—

  Real estate - construction
 
2,677

 
3,195

 
—

  Real estate - mortgage:
 
 
 
 
 
 
1-4 family residential
 
9,064

 
11,740

 
—

Commercial
 
21,334

 
25,856

 
—

  Consumer
 
—

 
—

 
—

Total
 
$
33,317

 
$
41,276

 
$
—

With an allowance recorded:
 
 
 
 
 
 
  Commercial and agricultural
 
$
—

 
$
—

 
$
—

  Real estate - construction
 
648

 
956

 
73

  Real estate - mortgage:
 
 
 
 
 
 
1-4 family residential
 
3,920

 
4,207

 
561

Commercial
 
3,544

 
4,555

 
485

  Consumer
 
—

 
—

 
—

Total
 
$
8,112

 
$
9,718

 
$
1,119

Total individually evaluated impaired loans
 
 
 
 
 
 
  Commercial and agricultural
 
$
242

 
$
485

 
$
—

  Real estate - construction
 
3,325

 
4,151

 
73

  Real estate - mortgage:
 
 
 
 
 
 
1-4 family residential
 
12,984

 
15,947

 
561

Commercial
 
24,878

 
30,411

 
485

  Consumer
 
—

 
—

 
—

Total
 
$
41,429

 
$
50,994

 
$
1,119

 
 
 
 
 
 
 
PI loans with subsequent credit deterioration:
 
 
 
 
 
 
  Commercial and agricultural
 
$
5,425

 
$
4,278

 
$
638

  Real estate - construction
 
9,946

 
10,919

 
1,148

  Real estate - mortgage:
 
 
 
 
 
 
     1-4 family residential
 
16,031

 
17,460

 
390

     Commercial
 
106,248

 
114,322

 
2,871

  Consumer
 
1,139

 
737

 
190

Total
 
$
138,789

 
$
147,716

 
$
5,237

The following table presents individually reviewed impaired loans, and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding reserve for impaired loan losses as of December 31, 2013:
 
 
 
 
Unpaid
 
 
(dollars in thousands)
 
Recorded
 
Principal
 
Related
 
 
Investment
 
Balance
 
Allowance
With no related allowance recorded:
 
 
 
 
 
 
  Commercial and agricultural
 
$
398

 
$
643

 
$
—

  Real estate - construction
 
4,734

 
8,893

 
—

  Real estate - mortgage:
 
 
 
 
 
 
1-4 family residential
 
11,154

 
14,431

 
—

Commercial
 
23,579

 
28,905

 
—

  Consumer
 
—

 
—

 
—

Total
 
$
39,865

 
$
52,872

 
$
—

With an allowance recorded:
 
 
 
 
 
 
  Commercial and agricultural
 
$
—

 
$
—

 
$
—

  Real estate - construction
 
—

 
—

 
—

  Real estate - mortgage:
 
 
 
 
 
 
1-4 family residential
 
2,965

 
3,032

 
927

Commercial
 
—

 
—

 
—

  Consumer
 
—

 
—

 
—

Total
 
$
2,965

 
$
3,032

 
$
927

Total individually evaluated impaired loans
 
 
 
 
 
 
  Commercial and agricultural
 
$
398

 
$
643

 
$
—

  Real estate - construction
 
4,734

 
8,893

 
—

  Real estate - mortgage:
 
 
 
 
 
 
1-4 family residential
 
14,119

 
17,463

 
927

Commercial
 
23,579

 
28,905

 
—

  Consumer
 
—

 
—

 
—

Total
 
$
42,830

 
$
55,904

 
$
927

PI loans with subsequent credit deterioration:
 
 
 
 
 
 
  Commercial and agricultural
 
$
10,729

 
$
10,344

 
$
382

  Real estate - construction
 
9,792

 
11,216

 
1,015

  Real estate - mortgage:
 
 
 
 
 
 
     1-4 family residential
 
26,628

 
28,143

 
724

     Commercial
 
113,178

 
121,813

 
3,251

  Consumer
 
980

 
785

 
188

Total
 
$
161,307

 
$
172,301

 
$
5,560
Impaired Loans, Average Recorded Investment and Interest Income
The following summary includes impaired loans individually reviewed. Average recorded investment and interest income recognized on impaired loans, segregated by portfolio segment, is shown in the following tables as of March 31, 2014 and March 31, 2013:
 
 
For Three Months Ended
 
For Three Months Ended
 
 
March 31, 2014
 
March 31, 2013
 
 
Average
 
Interest
 
Average
 
Interest
(dollars in thousands)
 
Recorded
 
Income
 
Recorded
 
Income
 
 
Investment
 
Recognized
 
Investment
 
Recognized
With no related allowance recorded:
 
 
 
 
 
 
 
 
  Commercial and agricultural
 
$
242

 
$
—

 
$
886

 
$
—

  Real estate - construction
 
2,688

 
10

 
9,233

 
—

  Real estate - mortgage:
 
 
 
 
 
 
 
 
1-4 family residential
 
9,050

 
28

 
13,472

 
26

Commercial
 
21,503

 
89

 
34,010

 
87

  Consumer
 
—

 
—

 
—

 
—

Total
 
$
33,483

 
$
127

 
$
57,601

 
$
113

With an allowance recorded:
 
 
 
 
 
 
 
 
  Commercial and agricultural
 
$
—

 
$
—

 
$
917

 
$
5

  Real estate - construction
 
650

 
2

 
2,111

 
—

  Real estate - mortgage:
 
 
 
 
 
 
 
 
1-4 family residential
 
3,829

 
19

 
4,666

 
8

Commercial
 
3,552

 
30

 
8,663

 
4

  Consumer
 
—

 
—

 
—

 
—

Total
 
$
8,031

 
$
51

 
$
16,357

 
$
17

Total:
 
 
 
 
 
 
 
 
  Commercial and agricultural
 
$
242

 
$
—

 
$
1,803

 
$
5

  Real estate - construction
 
3,338

 
12

 
11,344

 
—

  Real estate - mortgage:
 
 
 
 
 
 
 
 
1-4 family residential
 
12,879

 
47

 
18,138

 
34

Commercial
 
25,055

 
119

 
42,673

 
91

  Consumer
 
—

 
—

 
—

 
—

Total
 
$
41,514

 
$
178

 
$
73,958

 
$
130

 
 
 
 
 
 
 
 
 
Schedule of Loans Receivable, Acquired Loans
The following table presents the balance of all Granite Purchased Loans:
 
 
At March 31, 2014
(dollars in thousands)
 
Purchased Impaired
 
Purchased Contractual
 
Total Purchased Loans
 
Unpaid
Principal
Balance
Commercial and agricultural
 
$
9,722

 
$
4,044

 
$
13,766

 
$
12,654

Real estate - construction
 
11,200

 
—

 
11,200

 
12,218

Real estate - mortgage:
 
 
 
 
 
 
 
 
   1-4 family residential
 
20,399

 
25,041

 
45,440

 
47,829

   Commercial
 
106,552

 
365

 
106,917

 
114,984

Consumer
 
1,160

 
—

 
1,160

 
766

       Total
 
$
149,033

 
$
29,450

 
$
178,483

 
$
188,451

 
 
At December 31, 2013
(dollars in thousands)
 
Purchased Impaired
 
Purchased Contractual
 
Total
Purchased Loans
 
Unpaid
Principal
Balance
Commercial and agricultural
 
$
10,729

 
$
5,948

 
$
16,677

 
$
16,452

Real estate - construction
 
9,892

 
—

 
9,892

 
11,368

Real estate - mortgage:
 
 
 
 
 
 
 
 
   1-4 family residential
 
26,854

 
22,127

 
48,981

 
51,359

   Commercial
 
113,178

 
373

 
113,551

 
122,197

Consumer
 
998

 
—

 
998

 
798

       Total
 
$
161,651

 
$
28,448

 
$
190,099

 
$
202,174
Deteriorated Loans Acquired, Accretable Yield Movement Schedule
The tables below include only those Granite Purchased Loans accounted for under the expected cash flow method (PI loans) for the periods indicated. These tables do not include PC loans, including Granite Purchased PC loans or purchased performing residential mortgage loans.
 
 
For Three Months Ended
 
For Three Months Ended
 
 
March 31, 2014
 
March 31, 2013
 
 
Purchased Impaired
 
Purchased Impaired
(dollars in thousands)
 
Carrying
Amount
 
Future
Accretion
 
Carrying
Amount
 
Future Accretion
Balance, beginning of period
 
$
161,651

 
$
29,987

 
$
228,392

 
$
30,299

  Accretion
 
2,665

 
(2,665
)
 
4,203

 
(4,203
)
  Increase in future accretion
 
—

 
1,005

 
—

 
—

  Reclassification of loans and adjustments
 
(4,180
)
 
—

 
—

 
—

  Payments received
 
(11,081
)
 
—

 
(25,928
)
 
—

  Foreclosed and transferred to OREO
 
(22
)
 
—

 
(783
)
 
—

Subtotal before allowance
 
149,033

 
28,327

 
205,884

 
26,096

Allowance for credit losses
 
(5,237
)
 
—

 
(5,373
)
 
—

Net carrying amount, end of period
 
$
143,796

 
$
28,327

 
$
200,511

 
$
26,096
Allowance for Loan Losses
An analysis of the changes in the ALL is as follows:
 
 
For Three Months Ended
(dollars in thousands)
 
March 31, 2014
 
March 31, 2013
Balance, beginning of period
 
$
26,785

 
$
29,314

Provision for (recovery of) losses charged to continuing operations
 
(684
)
 
110

Net recoveries (charge-offs):
 
 
 
 
Charge-offs
 
(1,977
)
 
(3,010
)
Recoveries
 
1,915

 
3,227

Net recoveries (charge-offs)
 
(62
)
 
217

Balance, end of period
 
$
26,039

 
$
29,641

Annualized net charge-offs (recoveries) during the period to average loans
 
0.02
%
 
(0.08
)%
Annualized net charge-offs (recoveries) during the period to ALL
 
0.97
%
 
(2.93
)%
Allowance for loan losses to loans held for investment
 
2.13
%
 
2.66
 %
Allowance for Loan Losses by Portfolio Segment
The following table presents ALL activity by portfolio segment for the three months ended March 31, 2014:
 
 
 
 
 
 
Real Estate - Mortgage
 
 
 
 
(dollars in thousands)
 
Commercial and Agricultural
 
Real Estate - Construction
 
1-4 Family Residential
 
Commercial
 
Consumer
 
Total

 
 
 
 
 
 
 
 
 
 
 
 
ALL:
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
$
2,931

 
$
5,233

 
$
8,869

 
$
7,195

 
$
2,557

 
$
26,785

Charge-offs
 
(389
)
 
(533
)
 
(484
)
 
(66
)
 
(505
)
 
(1,977
)
Recoveries
 
392

 
964

 
235

 
66

 
258

 
1,915

Provision
 
507

 
(356
)
 
(697
)
 
(229
)
 
91

 
(684
)
Ending balance
 
$
3,441

 
$
5,308

 
$
7,923

 
$
6,966

 
$
2,401

 
$
26,039


The following table presents ALL activity by portfolio segment for the three months ended March 31, 2013:
 
 
 
 
 
 
Real Estate - Mortgage
 
 
 
 
(dollars in thousands)
 
Commercial and Agricultural
 
Real Estate - Construction
 
1-4 Family Residential
 
Commercial
 
Consumer
 
Total
ALL:
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
$
3,238

 
$
4,987

 
$
8,701

 
$
9,627

 
$
2,761

 
$
29,314

Charge-offs
 
(319
)
 
(344
)
 
(632
)
 
(891
)
 
(824
)
 
(3,010
)
Recoveries
 
278

 
796

 
185

 
932

 
1,036

 
3,227

Provision
 
176

 
155

 
549

 
(377
)
 
(393
)
 
110

Ending balance
 
$
3,373

 
$
5,594

 
$
8,803

 
$
9,291

 
$
2,580

 
$
29,641

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for Loan Losses, Impairment Methodology
The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at March 31, 2014:
 
 
 
 
 
 
Real Estate - Mortgage
 
 
 
 
(dollars in thousands)
 
Commercial and Agricultural
 
Real Estate - Construction
 
1-4 Family Residential
 
Commercial
 
Consumer
 
Total
ALL:
 
 
 
 
 
 
 
 
 
 
 
 
  Individually evaluated for impairment
 
$
—

 
$
73

 
$
561

 
$
485

 
$
—

 
$
1,119

  Collectively evaluated for impairment
 
2,803

 
4,087

 
6,972

 
3,610

 
2,211

 
19,683

  PI loans evaluated for credit impairment
 
638

 
1,148

 
390

 
2,871

 
190

 
5,237

  PI loans with no credit deterioration
 
—

 
—

 
—

 
—

 
—

 
—

Total ALL
 
$
3,441

 
$
5,308

 
$
7,923

 
$
6,966

 
$
2,401

 
$
26,039

Loans held for investment
 
 
 
 
 
 
 
 
 
 
 
 
  Individually evaluated for impairment
 
$
242

 
$
3,326

 
$
12,997

 
$
24,878

 
$
—

 
$
41,443

  Collectively evaluated for impairment
 
66,014

 
52,778

 
598,378

 
264,680

 
47,459

 
1,029,309

  PI loans with subsequent credit deterioration
 
5,425

 
9,946

 
16,031

 
106,248

 
1,139

 
138,789

  PI loans with no credit deterioration
 
4,297

 
1,254

 
4,368

 
304

 
21

 
10,244

Total loans
 
$
75,978

 
$
67,304

 
$
631,774

 
$
396,110

 
$
48,619

 
$
1,219,785

The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at December 31, 2013:
 
 
 
 
 
 
Real Estate - Mortgage
 
 
 
 
(dollars in thousands)
 
Commercial and Agricultural
 
Real Estate - Construction
 
1-4 Family Residential
 
Commercial
 
Consumer
 
Total
ALL:
 
 
 
 
 
 
 
 
 
 
 
 
  Individually evaluated for impairment
 
$
—

 
$
—

 
$
927

 
$
—

 
$
—

 
$
927

  Collectively evaluated for impairment
 
2,549

 
4,218

 
7,218

 
3,944

 
2,369

 
20,298

  PI loans evaluated for credit impairment
 
382

 
1,015

 
724

 
3,251

 
188

 
5,560

  PI loans with no credit deterioration
 
—

 
—

 
—

 
—

 
—

 
—

Total ALL
 
$
2,931

 
$
5,233

 
$
8,869

 
$
7,195

 
$
2,557

 
$
26,785

Loans held for investment
 
 
 
 
 
 
 
 
 
 
 
 
  Individually evaluated for impairment
 
$
398

 
$
4,734

 
$
14,119

 
$
23,579

 
$
—

 
$
42,830

  Collectively evaluated for impairment
 
61,125

 
49,457

 
595,135

 
258,167

 
43,883

 
1,007,767

  PI loans with subsequent credit deterioration
 
10,729

 
9,792

 
26,628

 
113,178

 
980

 
161,307

  PI loans with no credit deterioration
 
—

 
100

 
225

 
—

 
19

 
344

Total loans
 
$
72,252

 
$
64,083

 
$
636,107

 
$
394,924

 
$
44,882

 
$
1,212,248
Troubled Debt Restructurings on Loans
The following table presents a breakdown of troubled debt restructurings that were restructured during the three months ended March 31, 2014 and March 31, 2013, segregated by portfolio segment:
 
 
For Three Months Ended March 31, 2014
 
For Three Months Ended March 31, 2013
 
 
 
 
Pre-Modification
 
Post-Modification
 
 
 
Pre-Modification
 
Post-Modification
 
 
 
 
Outstanding
 
Outstanding
 
 
 
Outstanding
 
Outstanding
(dollars in thousands)
 
Number
 
Recorded
 
Recorded
 
Number
 
Recorded
 
Recorded
 
 
of Loans
 
Investment
 
Investment
 
of Loans
 
Investment
 
Investment
Commercial and agricultural
 
1

 
$
11

 
$
11

 
—

 
$
—

 
$
—

Real estate - construction
 
—

 
—

 
—

 
—

 
—

 
—

Real estate - mortgage:
 
 
 
 
 
 
 
 
 
 
 
 
   1-4 family residential
 
5

 
735

 
732

 
4

 
1,777

 
1,773

   Commercial
 
—

 
—

 
—

 
1

 
1,151

 
807

Consumer
 
—

 
—

 
—

 
—

 
—

 
—

    Total
 
6

 
$
746

 
$
743

 
5

 
$
2,928

 
$
2,580