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Note 3 - Loans/Leases Receivable | 3 Months Ended
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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.

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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953791-111525 + Details
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