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Loans | 12 Months Ended
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Dec. 31, 2013
Loans Receivable, Net [Abstract] |
Loans | LOANS The following summarizes the Company’s major classifications for loans (in thousands):
| December 31, 2013 | December 31, 2012
Residential real estate | $ | 1,207,150 |  | $ | 1,031,435 |
Home equity – junior liens | 143,390 |  | 143,110 |
Commercial and industrial | 164,484 |  | 108,739 |
Commercial real estate | 1,040,866 |  | 821,970 |
Consumer | 46,402 |  | 36,564 |
DDA overdrafts | 3,905 |  | 4,551 |
Gross loans | 2,606,197 |  | 2,146,369 |
Allowance for loan losses | (20,575 | ) | (18,809 | )
Net loans | $ | 2,585,622 |  | $ | 2,127,560 |
Construction loans of $17.3 million and $15.4 million are included within residential real estate loans at December 31, 2013 and December 31, 2012, respectively. Construction loans of $24.0 million and $15.4 million are included within commercial real estate loans at December 31, 2013 and December 31, 2012, respectively. The Company’s commercial and residential real estate construction loans are primarily secured by real estate within the Company’s principal markets. These loans were originated under the Company’s loan policy, which is focused on the risk characteristics of the loan portfolio, including construction loans. Adequate consideration has been given to these loans in establishing the Company’s allowance for loan losses. The following table details the loans acquired in conjunction with the Virginia Savings and Community acquisitions (in thousands):
| Virginia Savings | Community | Total
December 31, 2013 |  |  |
Outstanding loan balance | $ | 48,833 |  | $ | 279,890 |  | $ | 328,723 |
Credit-impaired loans: |  |  |
Carrying value | 3,182 |  | 26,330 |  | 29,512 |
Contractual principal and interest | 3,932 |  | 38,566 |  | 42,498 |
December 31, 2012 |  |  |
Outstanding loan balance | $ | 65,219 |  | $ | — |  | $ | 65,219 |
Credit-impaired loans: |  |  |
Carrying value | 7,018 |  | — |  | 7,018 |
Contractual principal and interest | 10,759 |  | — |  | 10,759 |
Changes in the accretable yield and the carrying amount of the credit-impaired loans for the year December 31, 2013 is as follows (in thousands):
| Virginia Savings | Community | Total
| Accretable Yield | Carrying Amount of Loans | Accretable Yield | Carrying Amount of Loans | Accretable Yield | Carrying Amount of Loans
Balance at the beginning of the period | $ | 1,823 |  | $ | 7,018 |  | $ | — |  | $ | — |  | $ | 1,823 |  | $ | 7,018 |
Acquired | — |  | — |  | 5,469 |  | 30,756 |  | 5,469 |  | 30,756 |
Additions | 9 |  | 17 |  | 596 |  | 5,281 |  | 605 |  | 5,298 |
Accretion | (901 | ) | 901 |  | (2,575 | ) | 2,575 |  | (3,476 | ) | 3,476 |
Net reclassifications to accretable from non-accretable | 1,088 |  | — |  | 7,358 |  | — |  | 8,446 |  | — |
Payments received, net | — |  | (4,725 | ) | — |  | (12,282 | ) | — |  | (17,007 | )
Disposals | (1,321 | ) | (29 | ) | (459 | ) | — |  | (1,780 | ) | (29 | )
Balance at the end of period | $ | 698 |  | $ | 3,182 |  | $ | 10,389 |  | $ | 26,330 |  | $ | 11,087 |  | $ | 29,512 |
Increases in expected cash flow subsequent to the acquisition are recognized first as a reduction of any previous impairment, then prospectively through adjustment of the yield on the loans or pools over its remaining life, while decreases in expected cash flows are recognized as impairment through a provision for loan loss and an increase in the allowance for purchased credit-impaired loans.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5074-111524 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5066-111524 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Article 4 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5162-111524 + Details
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