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Loans | 3 Months Ended
--- | ---
Mar. 31, 2015
Loans Receivable, Net [Abstract] |
Loans | Loans The following summarizes the Company’s major classifications for loans (in thousands):
| March 31, 2015 | December 31, 2014
Residential real estate | $ | 1,303,258 |  | $ | 1,294,576 |
Home equity – junior liens | 143,670 |  | 145,604 |
Commercial and industrial | 124,342 |  | 132,641 |
Commercial real estate | 1,019,562 |  | 1,036,738 |
Consumer | 38,436 |  | 39,705 |
DDA overdrafts | 3,203 |  | 2,802 |
Gross loans | 2,632,471 |  | 2,652,066 |
Allowance for loan losses | (20,179 | ) | (20,150 | )
Net loans | $ | 2,612,292 |  | $ | 2,631,916 |
Construction loans of $17.5 million and $23.0 million are included within residential real estate loans at March 31, 2015 and December 31, 2014, respectively. Construction loans of $30.6 million and $28.7 million are included within commercial real estate loans at March 31, 2015 and December 31, 2014, 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 Bancorp, Inc. ("Virginia Savings") and Community Financial Corporation ("Community") acquisitions (in thousands):
| Virginia |  |
| Savings | Community | Total
March 31, 2015 |  |  |
Outstanding loan balance | $ | 37,270 |  | $ | 217,603 |  | $ | 254,873 |
Credit-impaired loans: |  |  |
Carrying value | 1,979 |  | 14,627 |  | 16,606 |
Contractual principal and interest | 2,419 |  | 20,189 |  | 22,608 |
December 31, 2014 |  |  |
Outstanding loan balance | $ | 38,345 |  | $ | 219,923 |  | $ | 258,268 |
Credit-impaired loans: |  |  |
Carrying value | 1,964 |  | 15,365 |  | 17,329 |
Contractual principal and interest | 2,407 |  | 23,277 |  | 25,684 |
Changes in the accretable yield of the credit-impaired loans for the three months ended March 31, 2015 is as follows (in thousands):
| Virginia Savings |  | Community |  | Total
|  | Carrying |  |  | Carrying |  |  | Carrying
| Accretable | Amount |  | Accretable | Amount |  | Accretable | Amount
| Yield | of Loans |  | Yield | of Loans |  | Yield | of Loans
Balance at the beginning of the period | $ | 428 |  | $ | 1,964 |  |  | $ | 9,906 |  | $ | 15,365 |  |  | $ | 10,334 |  | $ | 17,329 |
Accretion | (58 | ) | 58 |  |  | (669 | ) | 669 |  |  | (727 | ) | 727 |
Net reclassifications to accretable yield from |  |  |  |  |  |  |  |
non-accretable yield | — |  | — |  |  | — |  | — |  |  | — |  | — |
Payments received, net | — |  | (43 | ) |  | — |  | (860 | ) |  | — |  | (903 | )
Disposals | — |  | — |  |  | (461 | ) | (547 | ) |  | (461 | ) | (547 | )
Balance at the end of period | $ | 370 |  | $ | 1,979 |  |  | $ | 8,776 |  | $ | 14,627 |  |  | $ | 9,146 |  | $ | 16,606 |
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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