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LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Tables)
 9 Months Ended
Sep. 30, 2015
Loans and Leases Receivable Disclosure [Abstract]  
Summary of loans outstanding, by classification

Loans outstanding, by classification, are summarized as follows (in thousands):

 

    September 30,   December 31,
    2015   2014
         
Commercial, financial, and agricultural   $ 39,195     $ 33,308  
Commercial Real Estate     107,439       116,437  
Single-Family Residential     31,608       31,940  
Construction and Development     1,905       2,925  
Consumer     6,549       6,428  
      186,696       191,038  
Allowance for loan losses     2,248       2,299  
                 
    $ 184,448     $ 188,739  

 
Summary of activity in the allowance for loan losses by portfolio segment

Activity in the allowance for loan losses by portfolio segment is summarized as follows (in thousands):

 

    For the Three Month Period Ended September 30, 2015
    Commercial   Commercial Real Estate   Single-family Residential   Construction & Development   Consumer   Total
Beginning balance   $ 640     $ 1,191     $ 290     $ 9     $ 191     $ 2,321  
Provision for loan losses     60       (120 )     89       (5 )     51       75  
Loans charged-off     —         (55 )     (60 )     —         (54 )     (169 )
Recoveries on loans charged-off     4       6       1       —         10       21  
Ending Balance   $ 704     $ 1,022     $ 320     $ 4     $ 198     $ 2,248  

 

 

    For the Nine Month Period Ended September 30, 2015
    Commercial   Commercial Real Estate   Single-family Residential   Construction & Development   Consumer   Total
Beginning balance   $ 415     $ 1,366     $ 254     $ 72     $ 192     $ 2,299  
Provision for loan losses     275       (388 )     271       (74 )     116       200  
Loans charged-off     —         (138 )     (230 )     —         (165 )     (533 )
Recoveries on loans charged-off     14       182       25       6       55       282  
Ending Balance   $ 704     $ 1,022     $ 320     $ 4     $ 198     $ 2,248  

 

 

    For the Three Month Period Ended September 30, 2014
    Commercial   Commercial Real Estate   Single-family Residential   Construction & Development   Consumer   Total
Beginning balance   $ 251     $ 1,913     $ 508     $ 139     $ 147     $ 2,958  
Provision for loan losses     206       (140 )     (162 )     52       44       —    
Loans charged-off     (7 )     (108 )     (162 )     (137 )     (46 )     (460 )
Recoveries on loans charged-off     6       9       23       —         18       56  
Ending Balance   $ 456     $ 1,674     $ 207     $ 54     $ 163     $ 2,554  

 

 

    For the Nine Month Period Ended September 30, 2014
    Commercial   Commercial Real Estate   Single-family Residential   Construction & Development   Consumer   Total
Beginning balance   $ 384     $ 1,721     $ 731     $ 126     $ 195     $ 3,157  
Provision for loan losses     49       167       (352 )     65       71       —    
Loans charged-off     (7 )     (244 )     (286 )     (137 )     (144 )     (818 )
Recoveries on loans charged-off     30       30       114       —         41       215  
Ending Balance   $ 456     $ 1,674     $ 207     $ 54     $ 163     $ 2,554  

 

 

    For the Year Ended December 31, 2014
    Commercial   Commercial Real Estate   Single-family Residential   Construction & Development   Consumer   Total
Beginning balance   $ 384     $ 1,721     $ 731     $ 126     $ 195     $ 3,157  
Provision for loan losses     (12 )     27       (129 )     69       120       75  
Loans charged-off     (9 )     (562 )     (468 )     (137 )     (182 )     (1,358 )
Recoveries on loans charged-off     52       180       120       14       59       425  
Ending Balance   $ 415     $ 1,366     $ 254     $ 72     $ 192     $ 2,299
Schedule of allocation of allowance for loan losses by portfolio segment

The allocation of the allowance for loan losses by portfolio segment was as follows (in thousands):

 

    At September 30, 2015
    Commercial   Commercial Real Estate   Single-family Residential   Construction & Development   Consumer   Total
Specific Reserves:                                                
Impaired loans   $ —       $ 212     $ 100     $ —       $ —       $ 312  
Total specific reserves     —         212       100       —         —         312  
General reserves     704       810       220       4       198       1,936  
Total   $ 704     $ 1,022     $ 320     $ 4     $ 198     $ 2,248  
                                                 
Loans individually evaluated for impairment   $ —       $ 6,483     $ 424     $ —       $ —       $ 6,907  
Loans collectively evaluated for impairment     39,195       100,956       31,184       1,905       6,549       179,789  
Total   $ 39,195     $ 107,439     $ 31,608     $ 1,905     $ 6,549     $ 186,696  

 

    At December 31, 2014
    Commercial   Commercial Real Estate   Single-family Residential   Construction & Development   Consumer   Total
Specific Reserves:                                                
Impaired loans   $ —       $ 91     $ 51     $ —       $ —       $ 142  
Total specific reserves     —         91       51       —         —         142  
General reserves     415       1,275       203       72       192       2,157  
Total   $ 415     $ 1,366     $ 254     $ 72     $ 192     $ 2,299  
                                                 
Loans individually evaluated for impairment   $ —       $ 9,787     $ 280     $ 219     $ —       $ 10,286  
Loans collectively evaluated for impairment     33,308       106,650       31,660       2,706       6,428       180,752  
Total   $ 33,308     $ 116,437     $ 31,940     $ 2,925     $ 6,428     $ 191,038  

 
Schedule of impaired loans by class of loan

The following table presents impaired loans by class of loan (in thousands):

 

    At September 30, 2015
    Impaired Loans - With Allowance   Impaired Loans - With no Allowance
    Unpaid Principal   Recorded Investment   Allowance for Loan Losses Allocated   Unpaid Principal   Recorded Investment
Residential:                                        
First mortgages   $ —       $ —       $ —       $ —       $ —    
HELOC’s and equity     134       134       100       310       290  
Commercial                                        
Secured     —         —         —         —         —    
Unsecured     —         —         —         —         —    
Commercial Real Estate:                                        
Owner occupied     408       408       18       8,210       4,010  
Non-owner occupied     691       691       194       1,428       1,374  
Multi-family     —         —         —         —         —    
Construction and Development:                                        
Construction     —         —         —         —         —    
Improved Land     —         —         —         —         —    
Unimproved Land     —         —         —         —         —    
Consumer and Other     —         —         —         —         —    
Total   $ 1,233     $ 1,233     $ 312     $ 9,948     $ 5,674  

 

The following table presents the average recorded investment and interest income recognized on impaired loans by class of loan (in thousands):

 

    Nine Months Ended   Nine Months Ended
    September 30, 2015   September 30, 2014
    Average Recorded Investment   Interest Income Recognized   Average Recorded Investment   Interest Income Recognized
                                 
Residential:                                
First mortgages   $ —       $ —       $ 231     $ —    
HELOC’s and equity     212       34       274       24  
Commercial:                                
Secured     —         —         —         —    
Unsecured     —         —         —         —    
Commercial Real Estate:                                
Owner occupied     8,802       296       5,637       603  
Non-owner occupied     2,294       179       2,216       79  
Multi-family     —         —         97       51  
Construction and Development:                                
Construction     —         —         292       27  
Improved Land     —         —         —         —    
Unimproved Land     —         —         —         —    
Consumer and Other     —         —         —         —    
Total   $ 11,308     $ 509     $ 8,747     $ 784  

 

    At December 31, 2014
    Impaired Loans - With Allowance   Impaired Loans - With no Allowance        
    Unpaid Principal   Recorded Investment   Allowance for Loan Losses Allocated   Unpaid Principal   Recorded Investment   Average Recorded Investment   Interest Income Recognized
Residential:                                                        
First mortgages   $ —       $ —       $ —       $ —       $ —       $ —       $ —    
HELOC’s and equity     102       102       51       178       178       86       35  
Commercial                                                        
Secured     —         —         —         —         —         —         —    
Unsecured     —         —         —         —         —         —         —    
Commercial Real Estate:                                                        
Owner occupied     81       81       81       8,014       7,457       7,575       717  
Non-owner occupied     —         —         —         2,388       2,154       2,228       165  
Multi-family     95       95       10       —         —         97       69  
Construction and Development                                                      .  
Construction     —         —         —         356       219       292       30  
Improved Land     —         —         —         —         —         —         —    
Consumer and Other     —         —                 —         —         —         —    
Total   $ 278     $ 278     $ 142     $ 10,936     $ 10,008     $ 10,278     $ 1,016  

 
Schedule of aging analysis of loan portfolio

The following table is an aging analysis of our loan portfolio (in thousands):

 

    At September 30, 2015
    30- 59 Days Past Due   60- 89 Days Past Due   Over 90 Days Past Due   Total Past Due   Current   Total Loans Receivable   Recorded Investment > 90 Days and  Accruing   Nonaccrual
Residential:                                                                
First mortgages   $ —       $ 526     $ 950     $ 1,476     $ 21,459     $ 22,935     $ —       $ 1,454  
HELOC’s and equity     229       24       182       435       8,238       8,673       —         256  
Commercial:                     —                                            
Secured     30       —         —         30       32,565       32,595       —         —    
Unsecured     —         —         —         —         6,600       6,600       —         —    
Commercial Real Estate:                                                                
Owner occupied     906       689       —         1,595       51,154       52,749       —         1,693  
Non-owner occupied     401       —         —         401       49,400       49,801       —         930  
Multi-family     —         —         —         —         4,889       4,889       —         —    
Construction and  Development:                                                                
Construction     —         —         —         —         1,905       1,905       —         —    
Improved Land     —         —         —         —         —         —         —         —    
Consumer and Other     1       14       6       21       6,528       6,549       —         6  
Total   $ 1,567     $ 1,253     $ 1,138     $ 3,958     $ 182,738     $ 186,696     $ —       $ 4,339  

 

    At December 31, 2014
    30- 59 Days Past Due   60- 89 Days Past Due   Over 90 Days Past Due   Total Past Due   Current   Total Loans Receivable   Recorded Investment > 90 Days and  Accruing   Nonaccrual
Residential:                                                                
First mortgages   $ 2,273     $ 1,190     $ 1,036     $ 4,499     $ 19,960     $ 24,459     $ 35     $ 1,513  
HELOC’s and equity     60       550       184       794       6,687       7,481       —         286  
Commercial:                                                                
Secured     —         187       —         187       28,232       28,419       —         —    
Unsecured     —         —         —         —         4,889       4,889       —         —    
Commercial Real Estate:                                                                
Owner occupied     767       —         228       995       59,065       60,060       —         1,222  
Non-owner occupied     1,429       588       84       2,101       42,425       44,526       —         1,026  
Multi-family     35       327       95       457       11,394       11,851       —         95  
Construction and  Development:                                                                
Construction     —         —         —         —         2,759       2,759       —         —    
Improved Land     103       —         —         103       63       166       —         —    
Consumer and Other     6       22       18       46       6,382       6,428       —         18  
Total   $ 4,673     $ 2,864     $ 1,645     $ 9,182     $ 181,856     $ 191,038     $ 35     $ 4,160  

 
Schedule of loan portfolio by risk rating

The following table presents our loan portfolio by risk rating (in thousands):

 

    At September 30, 2015
    Total   Pass Credits   Special Mention   Substandard   Doubtful
Single-Family Residential:                                        
First mortgages   $ 22,935     $ 21,589     $ —       $ 1,346     $ —    
HELOC’s and equity     8,673       7,954       106       519       94  
Commercial, financial, and agricultural:                                        
Secured     32,595       32,565       —         30       —    
Unsecured     6,600       6,600       —         —         —    
Commercial Real Estate:                                        
Owner occupied     52,749       45,498       5,369       1,882       —    
Non-owner occupied     49,801       47,651       140       2,010       —    
Multi-family     4,889       4,581       308       —         —    
Construction and Development:                                        
Construction     1,905       1,905       —         —         —    
Improved Land     —         —         —         —         —    
Consumer     6,549       6,531       —         13       5  
Total   $ 186,696     $ 174,874     $ 5,923     $ 5,800     $ 99  

 

    At December 31, 2014
    Total   Pass Credits   Special Mention   Substandard   Doubtful
Single-Family Residential:                                        
First mortgages   $ 24,459     $ 22,168     $ —       $ 2,291     $ —    
HELOC’s and equity     7,481       6,346       557       476       102  
Commercial, financial, and agricultural:                                        
Secured     28,419       28,419       —         —         —    
Unsecured     4,889       4,889       —         —         —    
Commercial Real Estate:                                        
Owner occupied     60,060       50,603       4,673       4,702       82  
Non-owner occupied     44,526       37,750       4,805       1,971       —    
Multi-family     11,851       10,353       1,368       130       —    
Construction and Development:                                        
Construction     2,759       2,540       —         219       —    
Improved Land     166       127       39       —         —    
Consumer     6,428       6,392       5       13       18  
Total   $ 191,038     $ 169,587     $ 11,447     $ 9,802     $ 202  

 
Schedule of troubled debt restructurings

During the three and nine months ended September 30, 2014, the Company modified one loan that was considered to be a troubled debt restructuring. We extended the terms and decreased the interest rate on these loans (dollars in thousands).

 

Extended Terms and Decreased Interest Rate            
    Nine Months Ended September 30, 2015
    Number of Loans   Pre-Modification Recorded Investment   Post-Modification Recorded Investment
Residential:                        
Residential mortgages     5     $ 445     $ 445  
Total     5     $ 445     $ 445