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Note 3 - Loans/Leases Receivable
 3 Months Ended
Mar. 31, 2015
Receivables [Abstract]  
Financing Receivables [Text Block]

NOTE 3 – LOANS/LEASES RECEIVABLE


The composition of the loan/lease portfolio as of March 31, 2015 and December 31, 2014 is presented as follows:


   

As of March 31,

   

As of December 31,

 
   

2015

   

2014

 
                 

Commercial and industrial loans

  $ 534,885,417     $ 523,927,140  

Commercial real estate loans

               

Owner-occupied commercial real estate

    263,646,328       260,069,080  

Commercial construction, land development, and other land

    60,040,330       68,118,989  

Other non owner-occupied commercial real estate

    385,995,048       373,952,353  
      709,681,706       702,140,422  
                 

Direct financing leases *

    167,244,011       166,032,416  

Residential real estate loans **

    163,739,861       158,632,492  

Installment and other consumer loans

    71,902,576       72,606,480  
      1,647,453,571       1,623,338,950  

Plus deferred loan/lease origination costs, net of fees

    6,997,665       6,664,120  
      1,654,451,236       1,630,003,070  

Less allowance for estimated losses on loans/leases

    (23,883,273 )     (23,074,365 )
    $ 1,630,567,963     $ 1,606,928,705  
                 
                 

* Direct financing leases:

               

Net minimum lease payments to be received

  $ 189,170,774     $ 188,181,432  

Estimated unguaranteed residual values of leased assets

    1,481,232       1,488,342  

Unearned lease/residual income

    (23,407,995 )     (23,637,358 )
      167,244,011       166,032,416  

Plus deferred lease origination costs, net of fees

    6,654,946       6,639,244  
      173,898,957       172,671,660  

Less allowance for estimated losses on leases

    (3,310,973 )     (3,442,915 )
    $ 170,587,984     $ 169,228,745  

*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, 2015 and 2014.


**Includes residential real estate loans held for sale totaling $789,000 and $553,000 as of March 31, 2015, and December 31, 2014, respectively.


The aging of the loan/lease portfolio by classes of loans/leases as of March 31, 2015 and December 31, 2014 is presented as follows:


   

As of March 31, 2015

 

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

  $ 528,547,287     $ 319,076     $ 27,433     $ 149,600     $ 5,842,021     $ 534,885,417  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    262,328,777       713,875       -       -       603,676       263,646,328  

Commercial Construction, Land Development, and Other Land

    59,785,010       -       -       -       255,320       60,040,330  

Other Non Owner-Occupied Commercial Real Estate

    380,729,492       24,079       -       491,558       4,749,919       385,995,048  

Direct Financing Leases

    164,964,821       1,172,622       206,922       -       899,646       167,244,011  

Residential Real Estate

    160,310,125       2,069,137       -       -       1,360,599       163,739,861  

Installment and Other Consumer

    70,778,133       241,933       38,267       26,759       817,484       71,902,576  
    $ 1,627,443,645     $ 4,540,722     $ 272,622     $ 667,917     $ 14,528,665     $ 1,647,453,571  
                                                 

As a percentage of total loan/lease portfolio

    98.78 %     0.28 %     0.02 %     0.04 %     0.88 %     100.00 %

   

As of December 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

  $ 515,616,752     $ 323,145     $ -     $ 822     $ 7,986,421     $ 523,927,140  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    259,166,743       239,771       -       -       662,566       260,069,080  

Commercial Construction, Land Development, and Other Land

    67,021,157       729,983       111,837       -       256,012       68,118,989  

Other Non Owner-Occupied Commercial Real Estate

    360,970,551       3,448,902       2,840,862       60,000       6,632,038       373,952,353  

Direct Financing Leases

    164,059,914       573,575       293,212       -       1,105,715       166,032,416  

Residential Real Estate

    154,303,644       2,528,287       475,343       25,673       1,299,545       158,632,492  

Installment and Other Consumer

    71,534,329       172,872       246,882       6,916       645,481       72,606,480  
    $ 1,592,673,090     $ 8,016,535     $ 3,968,136     $ 93,411     $ 18,587,778     $ 1,623,338,950  
                                                 

As a percentage of total loan/lease portfolio

    98.11 %     0.49 %     0.24 %     0.01 %     1.15 %     100.00 %

Nonperforming loans/leases by classes of loans/leases as of March 31, 2015 and December 31, 2014 are presented as follows:


   

As of March 31, 2015

 

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

  $ 149,600     $ 5,842,021     $ 175,966     $ 6,167,587       37.28 %

Commercial Real Estate

                                       

Owner-Occupied Commercial Real Estate

    -       603,676       -       603,676       3.65 %

Commercial Construction, Land Development, and Other Land

    -       255,320       -       255,320       1.54 %

Other Non Owner-Occupied Commercial Real Estate

    491,558       4,749,919       -       5,241,477       31.68 %

Direct Financing Leases

    -       899,646       223,552       1,123,198       6.79 %

Residential Real Estate

    -       1,360,599       485,968       1,846,567       11.16 %

Installment and Other Consumer

    26,759       817,484       462,146       1,306,389       7.90 %
    $ 667,917     $ 14,528,665     $ 1,347,632     $ 16,544,214       100.00 %

*Nonaccrual loans/leases includes $4,128,435 of troubled debt restructurings, including $1,352,908 in commercial and industrial loans, $2,213,166 in commercial real estate loans, $56,644 in direct financing leases, $502,108 in residential real estate loans, and $3,609 in installment loans.


   

As of December 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

  $ 822     $ 7,986,421     $ 235,926     $ 8,223,169       40.91 %

Commercial Real Estate

                          $ -          

Owner-Occupied Commercial Real Estate

    -       662,566       -     $ 662,566       3.30 %

Commercial Construction, Land Development, and Other Land

    -       256,012       -     $ 256,012       1.27 %

Other Non Owner-Occupied Commercial Real Estate

    60,000       6,632,038       -     $ 6,692,038       33.29 %

Direct Financing Leases

    -       1,105,715       233,557     $ 1,339,272       6.66 %

Residential Real Estate

    25,673       1,299,545       489,183     $ 1,814,401       9.02 %

Installment and Other Consumer

    6,916       645,481       462,552     $ 1,114,949       5.55 %
    $ 93,411     $ 18,587,778     $ 1,421,218     $ 20,102,407       100.00 %

**Nonaccrual loans/leases includes $5,013,041 of troubled debt restructurings, including $1,227,537 in commercial and industrial loans, $3,214,468 in commercial real estate loans, $61,144 in direct financing leases, $506,283 in residential real estate loans, and $3,609 in installment loans.


Changes in the allowance for estimated losses on loans/leases by portfolio segment for the three months ended March 31, 2015 and 2014, respectively, are presented as follows:


   

Three Months Ended March 31, 2015

 
                                                 
   

Commercial and Industrial

   

Commercial Real Estate

   

Direct Financing Leases

   

Residential Real Estate

   

Installment and Other Consumer

   

Total

 
                                                 

Balance, beginning

  $ 8,750,317     $ 8,353,386     $ 3,442,915     $ 1,525,952     $ 1,001,795     $ 23,074,365  

Provisions (credits) charged to expense

    388,641       835,894       403,452       71,802       10,667       1,710,456  

Loans/leases charged off

    (200,301 )     (351,076 )     (547,492 )     -       (8,794 )     (1,107,663 )

Recoveries on loans/leases previously charged off

    154,992       -       12,098       -       39,025       206,115  

Balance, ending

  $ 9,093,649     $ 8,838,204     $ 3,310,973     $ 1,597,754     $ 1,042,693     $ 23,883,273  

   

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  

The allowance for estimated losses on loans/leases by impairment evaluation and by portfolio segment as of March 31, 2015 and December 31, 2014 is presented as follows:


   

As of March 31, 2015

 
   

Commercial and Industrial

   

Commercial Real Estate

   

Direct Financing Leases

   

Residential Real Estate

   

Installment and Other Consumer

   

Total

 
                                                 

Allowance for impaired loans/leases

  $ 2,513,023     $ 828,837     $ 283,485     $ 180,160     $ 267,430     $ 4,072,935  

Allowance for nonimpaired loans/leases

    6,580,626       8,009,367       3,027,488       1,417,594       775,263       19,810,338  
    $ 9,093,649     $ 8,838,204     $ 3,310,973     $ 1,597,754     $ 1,042,693     $ 23,883,273  
                                                 
                                                 

Impaired loans/leases

  $ 5,301,166     $ 5,495,701     $ 1,123,198     $ 1,846,567     $ 1,337,145     $ 15,103,777  

Nonimpaired loans/leases

    529,584,251       704,186,005       166,120,813       161,893,294       70,565,431       1,632,349,794  
    $ 534,885,417     $ 709,681,706     $ 167,244,011     $ 163,739,861     $ 71,902,576     $ 1,647,453,571  
                                                 
                                                 

Allowance as a percentage of impaired loans/leases

    47.41 %     15.08 %     25.24 %     9.76 %     20.00 %     26.97 %

Allowance as a percentage of nonimpaired loans/leases

    1.24 %     1.14 %     1.82 %     0.88 %     1.10 %     1.21 %
      1.70 %     1.25 %     1.98 %     0.98 %     1.45 %     1.45 %

   

As of December 31, 2014

 
   

Commercial and Industrial

   

Commercial Real Estate

   

Direct Financing Leases

   

Residential Real Estate

   

Installment and Other Consumer

   

Total

 
                                                 

Allowance for impaired loans/leases

  $ 3,300,199     $ 1,170,020     $ 356,996     $ 151,663     $ 265,795     $ 5,244,673  

Allowance for nonimpaired loans/leases

    5,450,118       7,183,366       3,085,919       1,374,289       736,000       17,829,692  
    $ 8,750,317     $ 8,353,386     $ 3,442,915     $ 1,525,952     $ 1,001,795     $ 23,074,365  
                                                 

Impaired loans/leases

  $ 7,279,709     $ 7,433,383     $ 1,339,272     $ 1,788,729     $ 1,165,548     $ 19,006,641  

Nonimpaired loans/leases

    516,647,431       694,707,039       164,693,144       156,843,763       71,440,932       1,604,332,309  
    $ 523,927,140     $ 702,140,422     $ 166,032,416     $ 158,632,492     $ 72,606,480     $ 1,623,338,950  
                                                 

Allowance as a percentage of impaired loans/leases

    45.33 %     15.74 %     26.66 %     8.48 %     22.80 %     27.59 %

Allowance as a percentage of nonimpaired loans/leases

    1.05 %     1.03 %     1.87 %     0.88 %     1.03 %     1.11 %
      1.67 %     1.19 %     2.07 %     0.96 %     1.38 %     1.42 %

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, 2015 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

  $ 331,612     $ 425,636     $ -     $ 1,352,320     $ 1,849     $ 1,849  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    173,131       269,354       -       189,621       -       -  

Commercial Construction, Land Development, and Other Land

    171,186       511,204       -       171,186       -       -  

Other Non Owner-Occupied Commercial Real Estate

    290,577       1,528,456       -       1,102,174       -       -  

Direct Financing Leases

    665,735       665,735       -       1,009,487       4,109       4,109  

Residential Real Estate

    981,608       1,017,186       -       1,089,298       483       483  

Installment and Other Consumer

    726,050       726,050       -       698,685       -       -  
    $ 3,339,899     $ 5,143,621     $ -     $ 5,612,771     $ 6,441     $ 6,441  
                                                 

Impaired Loans/Leases with Specific Allowance Recorded:

                                               

Commercial and Industrial

  $ 4,969,554     $ 4,973,392     $ 2,513,023     $ 4,938,115     $ -     $ -  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    454,980       454,980       15,154       468,590       -       -  

Commercial Construction, Land Development, and Other Land

    197,225       209,225       46,570       197,526       -       -  

Other Non Owner-Occupied Commercial Real Estate

    4,208,602       4,655,235       767,113       4,335,446       -       -  

Direct Financing Leases

    457,463       457,463       283,485       380,548       -       -  

Residential Real Estate

    864,957       864,957       180,160       728,349       2,830       2,830  

Installment and Other Consumer

    611,096       611,096       267,430       552,663       2,260       2,260  
    $ 11,763,877     $ 12,226,348     $ 4,072,935     $ 11,601,237     $ 5,090     $ 5,090  
                                                 

Total Impaired Loans/Leases:

                                               

Commercial and Industrial

  $ 5,301,166     $ 5,399,028     $ 2,513,023     $ 6,290,435     $ 1,849     $ 1,849  

Commercial Real Estate

                                               

Owner-Occupied Commercial Real Estate

    628,111       724,334       15,154       658,211       -       -  

Commercial Construction, Land Development, and Other Land

    368,411       720,429       46,570       368,712       -       -  

Other Non Owner-Occupied Commercial Real Estate

    4,499,179       6,183,691       767,113       5,437,620       -       -  

Direct Financing Leases

    1,123,198       1,123,198       283,485       1,390,035       4,109       4,109  

Residential Real Estate

    1,846,565       1,882,143       180,160       1,817,647       3,313       3,313  

Installment and Other Consumer

    1,337,146       1,337,146       267,430       1,251,348       2,260       2,260  
    $ 15,103,776     $ 17,369,969     $ 4,072,935     $ 17,214,008     $ 11,531     $ 11,531  

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, 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 December 31, 2014 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

  $ 246,308     $ 342,391     $ -  

Commercial Real Estate

                       

Owner-Occupied Commercial Real Estate

    67,415       163,638       -  

Commercial Construction, Land Development, and Other Land

    31,936       143,136       -  

Other Non Owner-Occupied Commercial Real Estate

    491,717       491,717       -  

Direct Financing Leases

    561,414       561,414       -  

Residential Real Estate

    1,060,770       1,060,770       -  

Installment and Other Consumer

    671,319       671,319       -  
    $ 3,130,879     $ 3,434,385     $ -  
                         

Impaired Loans/Leases with Specific Allowance Recorded:

                       

Commercial and Industrial

  $ 7,033,401     $ 8,190,495     $ 3,300,199  

Commercial Real Estate

                       

Owner-Occupied Commercial Real Estate

    620,896       620,896       4,462  

Commercial Construction, Land Development, and Other Land

    337,076       577,894       12,087  

Other Non Owner-Occupied Commercial Real Estate

    5,884,343       6,583,934       1,153,471  

Direct Financing Leases

    777,858       777,858       356,996  

Residential Real Estate

    727,959       763,537       151,663  

Installment and Other Consumer

    494,229       494,229       265,795  
    $ 15,875,762     $ 18,008,843     $ 5,244,673  
                         

Total Impaired Loans/Leases:

                       

Commercial and Industrial

  $ 7,279,709     $ 8,532,886     $ 3,300,199  

Commercial Real Estate

                       

Owner-Occupied Commercial Real Estate

    688,311       784,534       4,462  

Commercial Construction, Land Development, and Other Land

    369,012       721,030       12,087  

Other Non Owner-Occupied Commercial Real Estate

    6,376,060       7,075,651       1,153,471  

Direct Financing Leases

    1,339,272       1,339,272       356,996  

Residential Real Estate

    1,788,729       1,824,307       151,663  

Installment and Other Consumer

    1,165,548       1,165,548       265,795  
    $ 19,006,641     $ 21,443,228     $ 5,244,673  

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, 2015 and December 31, 2014:


   

As of March 31, 2015

 
           

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)

  $ 498,723,676     $ 249,094,668     $ 57,664,537     $ 368,990,982     $ 1,174,473,863  

Special Mention (Rating 6)

    21,123,731       12,312,076       70,511       6,064,699       39,571,017  

Substandard (Rating 7)

    15,038,010       2,239,584       2,305,282       10,939,367       30,522,243  

Doubtful (Rating 8)

    -       -       -       -       -  
    $ 534,885,417     $ 263,646,328     $ 60,040,330     $ 385,995,048     $ 1,244,567,123  

   

As of March 31, 2015

 

Delinquency Status *

 

Direct Financing Leases

   

Residential Real Estate

   

Installment and Other Consumer

   

Total

 
                                 

Performing

  $ 166,120,813     $ 161,893,294     $ 70,596,187     $ 398,610,294  

Nonperforming

    1,123,198       1,846,567       1,306,389       4,276,154  
    $ 167,244,011     $ 163,739,861     $ 71,902,576     $ 402,886,448  

   

As of December 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)

  $ 491,883,568     $ 245,237,462     $ 65,691,737     $ 354,581,419     $ 1,157,394,186  

Special Mention (Rating 6)

    17,034,909       12,637,930       -       3,285,191       32,958,030  

Substandard (Rating 7)

    15,008,663       2,193,688       2,427,252       16,085,743       35,715,346  

Doubtful (Rating 8)

    -       -       -       -       -  
    $ 523,927,140     $ 260,069,080     $ 68,118,989     $ 373,952,353     $ 1,226,067,562  

   

As of December 31, 2014

 

Delinquency Status *

 

Direct Financing Leases

   

Residential Real Estate

   

Installment and Other Consumer

   

Total

 
                                 

Performing

  $ 164,693,144     $ 156,818,091     $ 71,491,531     $ 393,002,766  

Nonperforming

    1,339,272       1,814,401       1,114,949       4,268,622  
    $ 166,032,416     $ 158,632,492     $ 72,606,480     $ 397,271,388  

*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, 2015 and December 31, 2014, troubled debt restructurings (“TDRs”) totaled $5,476,067 and $6,434,259, respectively.


For each class of financing receivable, the following presents the number and recorded investment of TDRs, by type of concession, that were restructured during the three months ended March 31, 2015 and 2014. 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, 2015

   

For the three months ended March 31, 2014

 

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

                                                               

Direct Financing Leases

    -     $ -     $ -     $ -       1     $ 89,443     $ 89,443     $ -  
      -     $ -     $ -     $ -       1     $ 89,443     $ 89,443     $ -  
                                                                 

CONCESSION - Extension of Maturity

                                                               

Direct Financing Leases

    -     $ -     $ -     $ -       1     $ 70,144     $ 70,144     $ 24,246  
      -     $ -     $ -     $ -       1     $ 70,144     $ 70,144     $ 24,246  
                                                                 

TOTAL

    -     $ -     $ -       -       2     $ 159,587     $ 159,587       24,246  

Of the TDRs reported above, one with post-modification recorded investments totaling $70,144 was on nonaccrual as of March 31, 2014.


For the three months ended March 31, 2015 and 2014, none of the Company’s TDRs 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.