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Note 3 - Loans/Leases Receivable
 3 Months Ended
Mar. 31, 2014
Receivables [Abstract]  
Financing Receivables [Text Block]

NOTE 3 – LOANS/LEASES RECEIVABLE


The composition of the loan/lease portfolio as of March 31, 2014 and December 31, 2013 is presented as follows:


   

As of March 31,

2014

   

As of December 31,

2013

 
                 

Commercial and industrial loans

  $ 442,350,475     $ 431,688,129  

Commercial real estate loans

               

Owner-occupied commercial real estate

    269,483,524       261,215,912  

Commercial construction, land development, and other land

    55,194,025       57,844,902  

Other non owner-occupied commercial real estate

    354,550,656       352,692,115  
      679,228,205       671,752,929  
                 

Direct financing leases *

    139,994,059       128,901,442  

Residential real estate loans **

    148,950,217       147,356,323  

Installment and other consumer loans

    76,809,540       76,033,810  
      1,487,332,496       1,455,732,633  

Plus deferred loan/lease origination costs, net of fees

    5,247,046       4,546,925  
      1,492,579,542       1,460,279,558  

Less allowance for estimated losses on loans/leases

    (22,653,270 )     (21,448,048 )
    $ 1,469,926,272     $ 1,438,831,510  
                 
                 

* Direct financing leases:

               

Net minimum lease payments to be received

  $ 158,423,507     $ 145,662,254  

Estimated unguaranteed residual values of leased assets

    1,611,999       1,694,499  

Unearned lease/residual income

    (20,041,447 )     (18,455,311 )
      139,994,059       128,901,442  

Plus deferred lease origination costs, net of fees

    5,347,779       4,814,183  
      145,341,838       133,715,625  

Less allowance for estimated losses on leases

    (2,820,239 )     (2,517,217 )
    $ 142,521,599     $ 131,198,408  

Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors and management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three months ended March 31, 2014 and 2013.


**Includes residential real estate loans held for sale totaling $291,600 and $1,358,290 as of March 31, 2014, and December 31, 2013, respectively.


The aging of the loan/lease portfolio by classes of loans/leases as of March 31, 2014 and December 31, 2013 is presented as follows:


   

As of March 31, 2014

 

 

 

Classes of Loans/Leases

 

Current

   

30-59 Days Past

Due

   

60-89 Days Past

Due

   

Accruing Past Due

90 Days or More

   

Nonaccrual

Loans/Leases

   

Total

 
                                                 

Commercial and Industrial

  $ 440,037,552     $ 679,842     $ 82,110     $ 4,838     $ 1,546,133     $ 442,350,475  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    268,087,219       217,205       101,723       -       1,077,377       269,483,524  

Commercial Construction, Land Development, and Other Land

    53,069,537       943,219       -       -       1,181,269       55,194,025  

Other Non Owner-Occupied Commercial Real Estate

    342,951,740       246,141       1,104,646       -       10,248,129       354,550,656  

Direct Financing Leases

    136,956,753       1,684,403       120,969       735       1,231,199       139,994,059  

Residential Real Estate

    145,891,697       1,562,455       -       -       1,496,065       148,950,217  

Installment and Other Consumer

    75,402,962       429,310       104,031       2       873,235       76,809,540  
    $ 1,462,397,460     $ 5,762,575     $ 1,513,479     $ 5,575     $ 17,653,407     $ 1,487,332,496  
                                                 

As a percentage of total loan/lease portfolio

    98.32 %     0.39 %     0.10 %     0.00 %     1.19 %     100.00 %

   

As of December 31, 2013

 

Classes of Loans/Leases

 

Current

   

30-59 Days Past Due

   

60-89 Days Past Due

   

Accruing Past Due

90 Days or More

   

Nonaccrual

Loans/Leases

   

Total

 
                                                 

Commercial and Industrial

  $ 429,557,699     $ 199,949     $ 185,500     $ -     $ 1,744,981     $ 431,688,129  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    258,557,660       465,418       993,163       60,286       1,139,385       261,215,912  

Commercial Construction, Land Development, and Other Land

    56,301,186       358,626       -       -       1,185,090       57,844,902  

Other Non Owner-Occupied Commercial Real Estate

    341,743,730       476,877       151,017       -       10,320,491       352,692,115  

Direct Financing Leases

    126,878,515       714,464       414,005       -       894,458       128,901,442  

Residential Real Estate

    142,353,936       3,088,516       275,262       20,126       1,618,483       147,356,323  

Installment and Other Consumer

    74,811,489       127,082       116,468       3,762       975,009       76,033,810  
    $ 1,430,204,215     $ 5,430,932     $ 2,135,415     $ 84,174     $ 17,877,897     $ 1,455,732,633  
                                                 

As a percentage of total loan/lease portfolio

    98.25 %     0.37 %     0.15 %     0.01 %     1.23 %     100.00 %

Nonperforming loans/leases by classes of loans/leases as of March 31, 2014 and December 31, 2013 are presented as follows:


   

As of March 31, 2014

 

 

 

 

 

Classes of Loans/Leases

 

Accruing Past

Due 90 Days or 

More

   

Nonaccrual

Loans/Leases *

   

Troubled Debt 

Restructurings - 

Accruing

   

Total 

Nonperforming

Loans/Leases

   

Percentage of

Total 

Nonperforming 

Loans/Leases

 
                                         

Commercial and Industrial

  $ 4,838     $ 1,546,133     $ 179,695     $ 1,730,666       9.29 %

Commercial Real Estate

                                       

Owner-Occupied Commercial Real Estate

    -       1,077,377       -       1,077,377       5.78 %

Commercial Construction, Land Development, and Other Land

    -       1,181,269       -       1,181,269       6.34 %

Other Non Owner-Occupied Commercial Real Estate

    -       10,248,129       -       10,248,129       55.00 %

Direct Financing Leases

    735       1,231,199       89,443       1,321,377       7.09 %

Residential Real Estate

    -       1,496,065       347,543       1,843,608       9.89 %

Installment and Other Consumer

    2       873,235       357,000       1,230,237       6.60 %
    $ 5,575     $ 17,653,407     $ 973,681     $ 18,632,663       100.00 %

*Nonaccrual loans/leases includes $10,666,735 of troubled debt restructurings, including $75,371 in commercial and industrial loans, $9,862,220 in commercial real estate loans, $70,144 in direct financing leases, $449,525 in residential real estate loans, and $209,475 in installment loans.


   

As of December 31, 2013

 

 

 

 

 

Classes of Loans/Leases

 

Accruing Past

 Due 90 Days or

More

   

Nonaccrual

Loans/Leases

**

   

Troubled Debt

Restructurings -

Accruing

   

Total 

Nonperforming

Loans/Leases

   

Percentage of

Total

Nonperforming

Loans/Leases

 
                                         

Commercial and Industrial

  $ -     $ 1,744,981     $ 878,381     $ 2,623,362       12.81 %

Commercial Real Estate

                                       

Owner-Occupied Commercial Real Estate

    60,286       1,139,385       -       1,199,671       5.86 %

Commercial Construction, Land Development, and Other Land

    -       1,185,090       -       1,185,090       5.79 %

Other Non Owner-Occupied Commercial Real Estate

    -       10,320,491       905,205       11,225,696       54.80 %

Direct Financing Leases

    -       894,458       -       894,458       4.37 %

Residential Real Estate

    20,126       1,618,483       371,995       2,010,604       9.82 %

Installment and Other Consumer

    3,762       975,009       367,000       1,345,771       6.57 %
    $ 84,174     $ 17,877,897     $ 2,522,581     $ 20,484,652       100.00 %

**Nonaccrual loans/leases includes $10,890,785 of troubled debt restructurings, including $77,072 in commercial and industrial loans, $10,077,501 in commercial real estate loans, $446,996 in residential real estate loans, and $289,216 in installment loans.


Changes in the allowance for estimated losses on loans/leases by portfolio segment for the three months ended March 31, 2014 and 2013, respectively, are presented as follows:


   

Three Months Ended March 31, 2014

 
   

 

Commercial and

Industrial

   

Commercial Real

Estate

   

Direct Financing 

Leases

   

Residential Real 

Estate

   

Installment and

Other Consumer

   

Total

 
                                                 

Balance, beginning

  $ 5,648,774     $ 10,705,434     $ 2,517,217     $ 1,395,849     $ 1,180,774     $ 21,448,048  

Provisions (credits) charged to expense

    976,790       (229,985 )     352,647       (4,355 )     (935 )     1,094,162  

Loans/leases charged off

    (4,023 )     (4,098 )     (65,733 )     (2,712 )     (2,755 )     (79,321 )

Recoveries on loans/leases previously charged off

    26,117       116,306       16,108       103       31,747       190,381  

Balance, ending

  $ 6,647,658     $ 10,587,657     $ 2,820,239     $ 1,388,885     $ 1,208,831     $ 22,653,270  

   

Three Months Ended March 31, 2013

 
   

 

Commercial and 

Industrial

   

Commercial

 Real Estate

   

Direct Financing

 Leases

   

Residential Real

 Estate

   

Installment and

Other Consumer

   

Total

 
                                                 

Balance, beginning

  $ 4,531,545     $ 11,069,502     $ 1,990,395     $ 1,070,328     $ 1,263,434     $ 19,925,204  

Provisions (credits) charged to expense

    (87,807 )     1,114,294       378,623       8,899       (356,227 )     1,057,782  

Loans/leases charged off

    (215 )     -       (73,049 )     (112,891 )     (116,612 )     (302,767 )

Recoveries on loans/leases previously charged off

    22,741       5,157       554       -       60,791       89,243  

Balance, ending

  $ 4,466,264     $ 12,188,953     $ 2,296,523     $ 966,336     $ 851,386     $ 20,769,462  

The allowance for estimated losses on loans/leases by impairment evaluation and by portfolio segment as of March 31, 2014 and December 31, 2013 is presented as follows:


   

As of March 31, 2014

 
   

Commercial and

Industrial

   

Commercial

Real Estate

   

Direct Financing

Leases

   

Residential Real

Estate

   

Installment and

Other Consumer

   

Total

 
                                                 

Allowance for loans/leases individually evaluated for impairment

  $ 732,427     $ 2,712,472     $ 298,303     $ 224,972     $ 396,897     $ 4,365,071  

Allowance for loans/leases collectively evaluated for impairment

    5,915,231       7,875,185       2,521,936       1,163,913       811,934       18,288,199  
    $ 6,647,658     $ 10,587,657     $ 2,820,239     $ 1,388,885     $ 1,208,831     $ 22,653,270  
                                                 
                                                 

Loans/leases individually evaluated for impairment

  $ 1,400,758     $ 12,076,304     $ 1,320,642     $ 1,843,608     $ 1,230,235     $ 17,871,547  

Loans/leases collectively evaluated for impairment

    440,949,717       667,151,901       138,673,417       147,106,609       75,579,305       1,469,460,949  
    $ 442,350,475     $ 679,228,205     $ 139,994,059     $ 148,950,217     $ 76,809,540     $ 1,487,332,496  
                                                 
                                                 

Allowance as a percentage of loans/leases individually evaluated for impairment

    52.29 %     22.46 %     22.59 %     12.20 %     32.26 %     24.42 %

Allowance as a percentage of loans/leases collectively evaluated for impairment

    1.34 %     1.18 %     1.82 %     0.79 %     1.07 %     1.24 %
      1.50 %     1.56 %     2.01 %     0.93 %     1.57 %     1.52 %

   

As of December 31, 2013

 
   

Commercial and 

Industrial

   

Commercial 

Real Estate

   

Direct Financing 

Leases

   

Residential Real 

Estate

   

Installment and

Other Consumer

   

Total

 
                                                 

Allowance for loans/leases individually evaluated for impairment

  $ 927,453     $ 3,174,704     $ 192,847     $ 246,266     $ 467,552     $ 5,008,822  

Allowance for loans/leases collectively evaluated for impairment

    4,721,321       7,530,730       2,324,370       1,149,583       713,222       16,439,226  
    $ 5,648,774     $ 10,705,434     $ 2,517,217     $ 1,395,849     $ 1,180,774     $ 21,448,048  
                                                 

Loans/leases individually evaluated for impairment

  $ 1,761,850     $ 12,956,915     $ 894,458     $ 2,116,747     $ 1,350,450     $ 19,080,420  

Loans/leases collectively evaluated for impairment

    429,926,279       658,796,014       128,006,984       145,239,576       74,683,360       1,436,652,213  
    $ 431,688,129     $ 671,752,929     $ 128,901,442     $ 147,356,323     $ 76,033,810     $ 1,455,732,633  
                                                 

Allowance as a percentage of loans/leases individually evaluated for impairment

    52.64 %     24.50 %     21.56 %     11.63 %     34.62 %     26.25 %

Allowance as a percentage of loans/leases collectively evaluated for impairment

    1.10 %     1.14 %     1.82 %     0.79 %     0.95 %     1.14 %
      1.31 %     1.59 %     1.95 %     0.95 %     1.55 %     1.47 %

Information for impaired loans/leases is presented in the tables below. The recorded investment represents customer balances net of any partial charge-offs recognized on the loan/lease. The unpaid principal balance represents the recorded balance outstanding on the loan/lease prior to any partial charge-offs.


Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three months ended March 31, 2014 are presented as follows:


Classes of Loans/Leases

 

Recorded 

Investment

   

Unpaid 

Principal

Balance

   

Related 

Allowance

   

Average 

Recorded 

Investment

   

Interest Income

Recognized

   

Interest Income 

Recognized for 

Cash Payments 

Received

 
                                                 

Impaired Loans/Leases with No Specific Allowance Recorded:

                                               

Commercial and Industrial

  $ 441,945     $ 517,833     $ -     $ 482,151     $ 1,888     $ 1,888  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    389,876       389,876       -       436,412       -       -  

Commercial Construction, Land Development, and Other Land

    2,124,350       2,247,550       -       2,127,392       -       -  

Other Non Owner-Occupied Commercial Real Estate

    1,983,846       1,983,846       -       2,376,752       13,283       13,283  

Direct Financing Leases

    619,800       619,800       -       586,567       -       -  

Residential Real Estate

    977,436       977,436       -       1,222,955       1,455       1,455  

Installment and Other Consumer

    833,338       833,338       -       897,665       890       890  
    $ 7,370,591     $ 7,569,679     $ -     $ 8,129,894     $ 17,516     $ 17,516  
                                                 

Impaired Loans/Leases with Specific Allowance Recorded:

                                               

Commercial and Industrial

  $ 958,813     $ 1,449,488     $ 732,427     $ 910,410     $ -     $ -  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    224,892       224,892       117,555       112,438       -       -  

Commercial Construction, Land Development, and Other Land

    685,292       796,492       477,293       685,834       -       -  

Other Non Owner-Occupied Commercial Real Estate

    6,668,048       7,373,330       2,117,624       6,682,038       -       -  

Direct Financing Leases

    700,842       700,842       298,303       467,524       -       -  

Residential Real Estate

    866,172       866,172       224,972       793,141       774       774  

Installment and Other Consumer

    396,897       396,897       396,897       397,897       -       -  
    $ 10,500,956     $ 11,808,113     $ 4,365,071     $ 10,049,282     $ 774     $ 774  
                                                 

Total Impaired Loans/Leases:

                                               

Commercial and Industrial

  $ 1,400,758     $ 1,967,321     $ 732,427     $ 1,392,561     $ 1,888     $ 1,888  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    614,768       614,768       117,555       548,850       -       -  

Commercial Construction, Land Development, and Other Land

    2,809,642       3,044,042       477,293       2,813,226       -       -  

Other Non Owner-Occupied Commercial Real Estate

    8,651,894       9,357,176       2,117,624       9,058,790       13,283       13,283  

Direct Financing Leases

    1,320,642       1,320,642       298,303       1,054,091       -       -  

Residential Real Estate

    1,843,608       1,843,608       224,972       2,016,096       2,229       2,229  

Installment and Other Consumer

    1,230,235       1,230,235       396,897       1,295,562       890       890  
    $ 17,871,547     $ 19,377,792     $ 4,365,071     $ 18,179,176     $ 18,290     $ 18,290  

Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates.


Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three months ended March 31, 2013 are presented as follows:


Classes of Loans/Leases

 

Recorded

Investment

   

Unpaid

Principal

Balance

   

Related

Allowance

   

Average

Recorded

Investment

   

Interest Income

Recognized

   

Interest Income

Recognized for

Cash Payments

Received

 
                                                 

Impaired Loans/Leases with No Specific Allowance Recorded:

                                               

Commercial and Industrial

  $ 402,621     $ 775,004     $ -     $ 767,929     $ 1,924     $ 1,924  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    498,946       498,946       -       507,451       -       -  

Commercial Construction, Land Development, and Other Land

    -       -       -       -       -       -  

Other Non Owner-Occupied Commercial Real Estate

    47,958       47,958       -       3,198,617       40,116       40,116  

Direct Financing Leases

    789,346       789,346       -       831,677       -       -  

Residential Real Estate

    630,324       630,324       -       810,583       -       -  

Installment and Other Consumer

    196,615       196,615       -       187,590       2,093       2,093  
    $ 2,565,810     $ 2,938,193     $ -     $ 6,303,847     $ 44,133     $ 44,133  
                                                 

Impaired Loans/Leases with Specific Allowance Recorded:

                                               

Commercial and Industrial

  $ 211,400     $ 264,334     $ 498,260     $ 216,133     $ -     $ -  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    -       -       -       -       -       -  

Commercial Construction, Land Development, and Other Land

    3,929,839       3,929,839       1,154,155       3,933,530       2,703       2,703  

Other Non Owner-Occupied Commercial Real Estate

    9,983,944       10,236,903       2,353,684       10,046,487       4,501       4,501  

Direct Financing Leases

    421,590       421,590       325,294       273,192       -       -  

Residential Real Estate

    305,612       305,612       95,232       308,841       -       -  

Installment and Other Consumer

    927,467       927,467       117,131       629,810       333       333  
    $ 15,779,852     $ 16,085,745     $ 4,543,756     $ 15,407,993     $ 7,537     $ 7,537  
                                                 

Total Impaired Loans/Leases:

                                               

Commercial and Industrial

  $ 614,021     $ 1,039,338     $ 498,260     $ 984,062     $ 1,924     $ 1,924  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    498,946       498,946       -       507,451       -       -  

Commercial Construction, Land Development, and Other Land

    3,929,839       3,929,839       1,154,155       3,933,530       2,703       2,703  

Other Non Owner-Occupied Commercial Real Estate

    10,031,902       10,284,861       2,353,684       13,245,104       44,617       44,617  

Direct Financing Leases

    1,210,936       1,210,936       325,294       1,104,869       -       -  

Residential Real Estate

    935,936       935,936       95,232       1,119,424       -       -  

Installment and Other Consumer

    1,124,082       1,124,082       117,131       817,400       2,426       2,426  
    $ 18,345,662     $ 19,023,938     $ 4,543,756     $ 21,711,840     $ 51,670     $ 51,670  

Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates.


Loans/leases, by classes of financing receivable, considered to be impaired as of December 31, 2013 are presented as follows:


Classes of Loans/Leases

 

Recorded

Investment

   

Unpaid

 Principal

Balance

   

Related

Allowance

 
                         

Impaired Loans/Leases with No Specific Allowance Recorded:

                       

Commercial and Industrial

  $ 492,622     $ 568,951     $ -  

Commercial Real Estate

                       

Owner-Occupied Commercial Real Estate

    392,542       392,542       -  

Commercial Construction, Land Development, and Other Land

    1,943,168       2,054,368       -  

Other Non Owner-Occupied Commercial Real Estate

    1,790,279       1,902,279       -  

Direct Financing Leases

    557,469       557,469       -  

Residential Real Estate

    1,071,927       1,071,927       -  

Installment and Other Consumer

    509,667       509,667       -  
    $ 6,757,674     $ 7,057,203     $ -  
                         

Impaired Loans/Leases with Specific Allowance Recorded:

                       

Commercial and Industrial

  $ 1,269,228     $ 1,956,755     $ 927,453  

Commercial Real Estate

                       

Owner-Occupied Commercial Real Estate

    159,247       159,247       67,498  

Commercial Construction, Land Development, and Other Land

    888,547       1,011,747       503,825  

Other Non Owner-Occupied Commercial Real Estate

    7,783,132       8,488,414       2,603,381  

Direct Financing Leases

    336,989       336,989       192,847  

Residential Real Estate

    1,044,820       1,044,820       246,266  

Installment and Other Consumer

    840,783       840,783       467,552  
    $ 12,322,746     $ 13,838,755     $ 5,008,822  
                         

Total Impaired Loans/Leases:

                       

Commercial and Industrial

  $ 1,761,850     $ 2,525,706     $ 927,453  

Commercial Real Estate

                       

Owner-Occupied Commercial Real Estate

    551,789       551,789       67,498  

Commercial Construction, Land Development, and Other Land

    2,831,715       3,066,115       503,825  

Other Non Owner-Occupied Commercial Real Estate

    9,573,411       10,390,693       2,603,381  

Direct Financing Leases

    894,458       894,458       192,847  

Residential Real Estate

    2,116,747       2,116,747       246,266  

Installment and Other Consumer

    1,350,450       1,350,450       467,552  
    $ 19,080,420     $ 20,895,958     $ 5,008,822  

Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates.


For commercial and industrial and commercial real estate loans, the Company’s credit quality indicator is internally assigned risk ratings. Each commercial loan is assigned a risk rating upon origination. The risk rating is reviewed every 15 months, at a minimum, and on an as needed basis depending on the specific circumstances of the loan.


For direct financing leases, residential real estate loans, and installment and other consumer loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated daily by the Company’s loan system.


For each class of financing receivable, the following presents the recorded investment by credit quality indicator as of March 31, 2014 and December 31, 2013:


   

As of March 31, 2014

 
           

Commercial Real Estate

         
                   

Non Owner-Occupied

         

Internally Assigned Risk Rating

 

Commercial and

Industrial

   

Owner-Occupied 

Commercial Real 

Estate

   

Commercial

Construction,

Land

Development,

and 

Other Land

   

Other Commercial

 Real Estate

   

Total

 
                                         

Pass (Ratings 1 through 5)

  $ 419,982,030     $ 250,623,915     $ 50,250,005     $ 327,819,856     $ 1,048,675,806  

Special Mention (Rating 6)

    12,464,206       10,356,128       -       1,765,205       24,585,539  

Substandard (Rating 7)

    9,904,239       8,503,481       4,944,020       24,965,595       48,317,335  

Doubtful (Rating 8)

    -       -       -       -       -  
    $ 442,350,475     $ 269,483,524     $ 55,194,025     $ 354,550,656     $ 1,121,578,680  

   

As of March 31, 2014

 

Delinquency Status *

 

Direct Financing

Leases

   

Residential Real

Estate

   

Installment and 

Other Consumer

   

Total

 
                                 

Performing

  $ 138,672,682     $ 147,106,609     $ 75,579,303     $ 361,358,594  

Nonperforming

    1,321,377       1,843,608       1,230,237       4,395,222  
    $ 139,994,059     $ 148,950,217     $ 76,809,540     $ 365,753,816  

   

As of December 31, 2013

 
           

Commercial Real Estate

         
                   

Non Owner-Occupied

         

Internally Assigned Risk Rating

 

Commercial and

Industrial

   

Owner-Occupied 

Commercial Real

Estate

   

Commercial

Construction,

Land

Development,

and 

Other Land

   

Other Commercial

Real Estate

   

Total

 
                                         

Pass (Ratings 1 through 5)

  $ 407,294,743     $ 250,028,731     $ 51,868,919     $ 326,168,882     $ 1,035,361,275  

Special Mention (Rating 6)

    11,355,713       8,318,232       1,588,086       3,310,017       24,572,048  

Substandard (Rating 7)

    13,037,673       2,868,949       4,387,897       23,213,216       43,507,735  

Doubtful (Rating 8)

    -       -       -       -       -  
    $ 431,688,129     $ 261,215,912     $ 57,844,902     $ 352,692,115     $ 1,103,441,058  

   

As of December 31, 2013

 

Delinquency Status *

 

Direct Financing

Leases

   

Residential Real

Estate

   

Installment and

Other Consumer

   

Total

 
                                 

Performing

  $ 128,006,984     $ 145,345,719     $ 74,688,039     $ 348,040,742  

Nonperforming

    894,458       2,010,604       1,345,771       4,250,833  
    $ 128,901,442     $ 147,356,323     $ 76,033,810     $ 352,291,575  

*Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing troubled debt restructurings.


As of March 31, 2014 and December 31, 2013, troubled debt restructurings totaled $11,640,416 and $13,413,366, respectively.


For each class of financing receivable, the following presents the number and recorded investment of troubled debt restructurings, by type of concession, that were restructured during the three months ended March 31, 2014 and 2013. The difference between the pre-modification recorded investment and the post-modification recorded investment would be any partial charge-offs at the time of the restructuring.


   

For the three months ended March 31, 2014

   

For the three months ended March 31, 2013

 

Classes of Loans/Leases

 

Number of

Loans /

Leases

   

Pre-

Modification

Recorded

Investment

   

Post-

Modification

Recorded

Investment

   

Specific

Allowance

   

Number of 

Loans / 

Leases

   

Pre-

Modification

Recorded

Investment

   

Post-

Modification

Recorded

Investment

   

Specific

Allowance

 
                                                                 

CONCESSION - Significant payment delay

                                                               

Owner-Occupied Commercial Real Estate

    -     $ -     $ -     $ -       1     $ 47,958     $ 47,958     $ -  

Direct Financing Leases

    1     $ 89,443     $ 89,443     $ -       -     $ -     $ -     $ -  
      1     $ 89,443     $ 89,443     $ -       1     $ 47,958     $ 47,958     $ -  
                                                                 

CONCESSION - Extension of maturity

                                                               

Commercial and Industrial

    -     $ -     $ -     $ -       3     $ 809,494     $ 809,494     $ 188,700  

Direct Financing Leases

    1     $ 70,144     $ 70,144     $ 24,246       -     $ -     $ -     $ -  
      1     $ 70,144     $ 70,144     $ 24,246       3     $ 809,494     $ 809,494     $ 188,700  
                                                                 

TOTAL

    2     $ 159,587     $ 159,587     $ 24,246       4     $ 857,452     $ 857,452     $ 188,700  

Of the troubled debt restructurings reported above, one with a post-modification recorded investment totaling $70,144 was on nonaccrual as of March 31, 2014, and two with post-modification recorded investments totaling $80,426 were on nonaccrual as of March 31, 2013.


For the three months ended March 31, 2014 and 2013, none of the Company’s troubled debt restructurings had redefaulted within 12 months subsequent to restructure where default is defined as delinquency of 90 days or more and/or placement on nonaccrual status.