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Loans and the Allowance for Loan Losses | 12 Months Ended
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Dec. 31, 2011
Loans and the Allowance for Loan Losses |
Loans and the Allowance for Loan Losses | ## Note 5 — Loans and the Allowance for Loan Losses The following table sets forth the composition of the Corporation's loan portfolio including net deferred fees and costs, at December 31, 2011 and 2010, respectively:
|  | 2011 |  | 2010
|  | (Dollars in Thousands)
Commercial and industrial |  | $ | 146,662 |  |  | $ | 121,034 |
Commercial real estate |  |  | 408,010 |  |  |  | 372,001 |
Construction |  |  | 39,382 |  |  |  | 49,744 |
Residential mortgage |  |  | 160,999 |  |  |  | 165,154 |
Installment |  |  | 957 |  |  |  | 511 |
Total loans |  | $ | 756,010 |  |  | $ | 708,444 |
Included in the loan balances above are net deferred loan costs of $17,000 and $258,000 at December 31, 2011 and 2010, respectively. At December 31, 2011 and 2010, loans to officers and directors aggregated approximately $10,279,000 and $5,456,000, respectively. During the year ended December 31, 2011, the Corporation made new loans to officers and directors in the amount of $6,875,000; payments by such persons during 2011 aggregated $2,052,000. Management is of the opinion that the above loans were made on the same terms and conditions as those prevailing for comparable transactions with non-related borrowers. At December 31, 2011 and 2010 loan balances of approximately $469.5 million and $435.9 million were pledged to secure short term borrowings from the Federal Reserve Bank of New York and Federal Home Loan Bank Advances. During the second quarter of 2010, the Corporation entered into a lease of its former operations facility under a direct financing lease. The lease has a 15 year term with no renewal options. According to the terms of the lease, the lessee has an obligation to purchase the property underlying the lease in either year seven (7), ten (10) or fifteen (15) at predetermined prices for those years as provided in the lease. The structure of the minimum lease payments and the purchase prices as provided in the lease provide an inducement to the lessee to purchase the property in year seven (7). At December 31, 2011 and 2010, the net investment in direct financing lease consists of a minimum lease receivable of $4,870,000 and $5,026,000, respectively, and unearned interest income of $1,123,000 and $1,317,000, respectively, for a net investment in direct financing lease of $3,747,000 and $3,709,000, respectively. The net investment in direct financing lease is carried as a component of loans in the Corporation's consolidated statements of condition. Minimum future lease receipts of the direct financing lease are as follows:
For years ending December 31, |  | (Dollars in Thousands)
2012 |  | $ | 171 |
2013 |  |  | 216 |
2014 |  |  | 216 |
2015 |  |  | 228 |
2016 |  |  | 265 |
Thereafter |  |  | 2,651 |
Total minimum future lease receipts |  | $ | 3,747 |
The following table presents information about loan receivables on non-accrual status at December 31, 2011 and 2010:
|  | 2011 |  | 2010
|  | (Dollars in Thousands)
Commercial and industrial |  | $ | 125 |  |  | $ | 456 |
Commercial real estate |  |  | 225 |  |  |  | 3,563 |
Construction |  |  | 3,044 |  |  |  | 5,865 |
Residential mortgage |  |  | 3,477 |  |  |  | 1,290 |
Total loans receivable on non-accrual status |  | $ | 6,871 |  |  | $ | 11,174 |
The Corporation continuously monitors the credit quality of its loans receivable. In addition to the internal staff, the Corporation utilizes the services of a third party loan review firm to rate the credit quality of its loans receivable. Credit quality is monitored by reviewing certain credit quality indicators. Assets classified "Pass" are deemed to possess average to superior credit quality, requiring no more than normal attention. Assets classified as "Special Mention" have generally acceptable credit quality yet possess higher risk characteristics/circumstances than satisfactory assets. Such conditions include strained liquidity, slow pay, stale financial statements, or other conditions that require more stringent attention from the lending staff. These conditions, if not corrected, may weaken the loan quality or inadequately protect the Corporation's credit position at some future date. Assets are classified "Substandard" if the asset has a well defined weakness that requires management's attention to a greater degree than for loans classified special mention. Such weakness, if left uncorrected, could possibly result in the compromised ability of the loan to perform to contractual requirements. An asset is classified as "Doubtful" if it is inadequately protected by the net worth and/or paying capacity of the obligor or of the collateral, if any, that secures the obligation. Assets classified as doubtful include assets for which there is a "distinct possibility" that a degree of loss will occur if the inadequacies are not corrected. All loans past due 90 days or more and all impaired loans are included in the appropriate category below. The following table presents information about the loan credit quality at December 31, 2011 and 2010: ## Credit Quality Indicators
|  | December 31, 2011
|  | (Dollars in Thousands)
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total
Commercial and industrial |  | $ | 143,048 |  |  | $ | 2,022 |  |  | $ | 1,592 |  |  | $ | — |  |  | $ | 146,662 |
Commercial real estate |  |  | 371,365 |  |  |  | 24,282 |  |  |  | 12,363 |  |  |  | — |  |  |  | 408,010 |
Construction |  |  | 36,338 |  |  |  | — |  |  |  | 3,044 |  |  |  | — |  |  |  | 39,382 |
Residential mortgage |  |  | 155,326 |  |  |  | — |  |  |  | 5,673 |  |  |  | — |  |  |  | 160,999 |
Installment |  |  | 957 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 957 |
Total loans |  | $ | 707,034 |  |  | $ | 26,304 |  |  | $ | 22,672 |  |  | $ | — |  |  | $ | 756,010 |
## Credit Quality Indicators
|  | December 31, 2010
|  | (Dollars in Thousands)
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total
Commercial and industrial |  | $ | 116,741 |  |  | $ | 1,929 |  |  | $ | 2,364 |  |  | $ | — |  |  | $ | 121,034 |
Commercial real estate |  |  | 345,096 |  |  |  | 15,383 |  |  |  | 11,522 |  |  |  | — |  |  |  | 372,001 |
Construction |  |  | 43,879 |  |  |  | — |  |  |  | 3,588 |  |  |  | 2,277 |  |  |  | 49,744 |
Residential mortgage |  |  | 161,558 |  |  |  | — |  |  |  | 3,596 |  |  |  | — |  |  |  | 165,154 |
Installment |  |  | 511 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 511 |
Total loans |  | $ | 667,785 |  |  | $ | 17,312 |  |  | $ | 21,070 |  |  | $ | 2,277 |  |  | $ | 708,444 |
The following table provides an analysis of the impaired loans at December 31, 2011 and 2010: ## Impaired Loans
|  | December 31, 2011
|  | (Dollars in Thousands)
No Related Allowance Recorded |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized
Commercial and industrial |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 292 |  |  | $ | 11 |
Commercial real estate |  |  | 2,121 |  |  |  | 2,570 |  |  |  | — |  |  |  | 3,390 |  |  |  | 149 |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,156 |  |  |  | — |
Total |  | $ | 2,121 |  |  | $ | 2,570 |  |  | $ | — |  |  | $ | 6,838 |  |  | $ | 160 |
With An Allowance Recorded |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized
Commercial real estate |  | $ | 4,180 |  |  | $ | 4,180 |  |  | $ | 567 |  |  | $ | 4,583 |  |  | $ | 258 |
Construction |  |  | 3,044 |  |  |  | 3,584 |  |  |  | 200 |  |  |  | 3,048 |  |  |  | 18 |
Residential mortgage |  |  | 4,601 |  |  |  | 4,601 |  |  |  | 318 |  |  |  | 4,572 |  |  |  | 102 |
Total |  | $ | 11,825 |  |  | $ | 12,365 |  |  | $ | 1,085 |  |  | $ | 12,203 |  |  | $ | 378 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 292 |  |  | $ | 11 |
Commercial real estate |  |  | 6,301 |  |  |  | 6,750 |  |  |  | 567 |  |  |  | 7,973 |  |  |  | 407 |
Construction |  |  | 3,044 |  |  |  | 3,584 |  |  |  | 200 |  |  |  | 6,204 |  |  |  | 18 |
Residential mortgage |  |  | 4,601 |  |  |  | 4,601 |  |  |  | 318 |  |  |  | 4,572 |  |  |  | 102 |
Total (including related allowance) |  | $ | 13,946 |  |  | $ | 14,935 |  |  | $ | 1,085 |  |  | $ | 19,041 |  |  | $ | 538 |
## Impaired Loans
|  | December 31, 2010
|  | (Dollars in Thousands)
No Related Allowance Recorded |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized
Commercial and industrial |  | $ | 1,364 |  |  | $ | 1,908 |  |  | $ | — |  |  | $ | 1,933 |  |  | $ | 87 |
Commercial real estate |  |  | 3,984 |  |  |  | 4,625 |  |  |  | — |  |  |  | 4,274 |  |  |  | 78 |
Construction |  |  | 5,865 |  |  |  | 8,642 |  |  |  | — |  |  |  | 6,855 |  |  |  | 112 |
Residential mortgage |  |  | 1,462 |  |  |  | 1,765 |  |  |  | — |  |  |  | 1,711 |  |  |  | 27 |
Total |  | $ | 12,675 |  |  | $ | 16,940 |  |  | $ | — |  |  | $ | 14,773 |  |  | $ | 304 |
With An Allowance Recorded |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized
Commercial real estate |  | $ | 4,180 |  |  | $ | 4,180 |  |  | $ | 618 |  |  | $ | 4,181 |  |  | $ | 204 |
Residential mortgage |  |  | 1,354 |  |  |  | 1,354 |  |  |  | 21 |  |  |  | 1,356 |  |  |  | 76 |
Total |  | $ | 5,534 |  |  | $ | 5,534 |  |  | $ | 639 |  |  | $ | 5,537 |  |  | $ | 280 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 1,364 |  |  | $ | 1,908 |  |  | $ | — |  |  | $ | 1,933 |  |  | $ | 87 |
Commercial real estate |  |  | 8,164 |  |  |  | 8,805 |  |  |  | 618 |  |  |  | 8,455 |  |  |  | 282 |
Construction |  |  | 5,865 |  |  |  | 8,642 |  |  |  | — |  |  |  | 6,855 |  |  |  | 112 |
Residential mortgage |  |  | 2,816 |  |  |  | 3,119 |  |  |  | 21 |  |  |  | 3,067 |  |  |  | 103 |
Total (including related allowance) |  | $ | 18,209 |  |  | $ | 22,474 |  |  | $ | 639 |  |  | $ | 20,310 |  |  | $ | 584 |
The Corporation defines an impaired loan as a loan for which it is probable, based on information available at the determination date, that the Corporation will not collect all amounts due under the contractual terms of the loan. At December 31, 2011, impaired loans were primarily collateral dependent, and totaled $13.9 million. Specific reserves of $1.1 million were assigned to impaired loans of $11.8 million. Other impaired loans in the amount of $2.1 million had no specific reserve. At December 31, 2009 average impaired loans were $6.9 million and related interest income recognized was $267,000. Loans are considered to have been modified in a troubled debt restructuring when due to a borrower's financial difficulties, the Corporation makes certain concessions to the borrower that it would not otherwise consider. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. Generally, a non-accrual loan that has been modified in a troubled debt restructuring remains on non-accrual status for a period of six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower's ability to meet the revised payment schedule is uncertain, the loan remains on non-accrual status. Included in impaired loans at December 31, 2011 are loans that are deemed troubled debt restructurings. Of these loans, $7.5 million, 81% of which are included in the tables above, are performing under the restructured terms and are accruing interest. The following table provides an analysis of the aging of loans, including deferred fees and costs, that are past due at December 31, 2011 and 2010: ## Aging Analysis
|  | December 31, 2011
|  | (Dollars in Thousands)
|  | 30 – 59 Days Past Due |  | 60 – 89 Days Past Due |  | Greater Than 90 Days |  | Total Past Due |  | Current |  | Total Loans Receivable |  | Loans Receivable > 90 Days And Accruing
Commercial and Industrial |  | $ | 137 |  |  | $ | 1,544 |  |  | $ | 125 |  |  | $ | 1,806 |  |  | $ | 144,856 |  |  | $ | 146,662 |  |  | $ | — |
Commercial Real Estate |  |  | 1,331 |  |  |  | 5,335 |  |  |  | 1,254 |  |  |  | 7,920 |  |  |  | 400,090 |  |  |  | 408,010 |  |  |  | 1,029 |
Construction |  |  | — |  |  |  | — |  |  |  | 3,044 |  |  |  | 3,044 |  |  |  | 36,338 |  |  |  | 39,382 |  |  |  | — |
Residential Mortgage |  |  | 2,174 |  |  |  | 99 |  |  |  | 3,477 |  |  |  | 5,750 |  |  |  | 155,249 |  |  |  | 160,999 |  |  |  | — |
Installment |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | 16 |  |  |  | 941 |  |  |  | 957 |  |  |  | — |
Total |  | $ | 3,658 |  |  | $ | 6,978 |  |  | $ | 7,900 |  |  | $ | 18,536 |  |  | $ | 737,474 |  |  | $ | 756,010 |  |  | $ | 1,029 |
## Aging Analysis
|  | December 31, 2010
|  | (Dollars in Thousands)
|  | 30 – 59 Days Past Due |  | 60 – 89 Days Past Due |  | Greater Than 90 Days |  | Total Past Due |  | Current |  | Total Loans Receivable |  | Loans Receivable > 90 Days And Accruing
Commercial and Industrial |  | $ | 1,509 |  |  | $ | 476 |  |  | $ | 456 |  |  | $ | 2,441 |  |  | $ | 118,593 |  |  | $ | 121,034 |  |  | $ | — |
Commercial Real Estate |  |  | 4,290 |  |  |  | 2,229 |  |  |  | 3,563 |  |  |  | 10,082 |  |  |  | 361,919 |  |  |  | 372,001 |  |  |  | — |
Construction |  |  | 170 |  |  |  | 449 |  |  |  | 5,865 |  |  |  | 6,484 |  |  |  | 43,260 |  |  |  | 49,744 |  |  |  | — |
Residential Mortgage |  |  | 1,814 |  |  |  | 309 |  |  |  | 2,004 |  |  |  | 4,127 |  |  |  | 161,027 |  |  |  | 165,154 |  |  |  | 714 |
Installment |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 502 |  |  |  | 511 |  |  |  | — |
Total |  | $ | 7,792 |  |  | $ | 3,463 |  |  | $ | 11,888 |  |  | $ | 23,143 |  |  | $ | 685,301 |  |  | $ | 708,444 |  |  | $ | 714 |
The following table details the amount of loans receivable that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan loss that is allocated to each loan portfolio segment: ## Allowance for loan and lease losses
|  | December 31, 2011 (Dollars in Thousands)
|  | C & I |  | Comm R/E |  | Construction |  | Res Mtge |  | Installment |  | Unallocated |  | Total
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | — |  |  | $ | 567 |  |  | $ | 200 |  |  | $ | 318 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,085 |
Collectively evaluated for impairment |  |  | 1,527 |  |  |  | 5,405 |  |  |  | 507 |  |  |  | 945 |  |  |  | 51 |  |  |  | 82 |  |  |  | 8,517 |
Total |  | $ | 1,527 |  |  | $ | 5,972 |  |  | $ | 707 |  |  | $ | 1,263 |  |  | $ | 51 |  |  | $ | 82 |  |  | $ | 9,602 |
Loans Receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 953 |  |  | $ | 12,769 |  |  | $ | 3,044 |  |  | $ | 5,050 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,816 |
Collectively evaluated for impairment |  |  | 145,709 |  |  |  | 395,241 |  |  |  | 36,338 |  |  |  | 155,949 |  |  |  | 957 |  |  |  | — |  |  |  | 734,194 |
Total |  | $ | 146,662 |  |  | $ | 408,010 |  |  | $ | 39,382 |  |  | $ | 160,999 |  |  | $ | 957 |  |  | $ | — |  |  | $ | 756,010 |
## Allowance for loan and lease losses
|  | December 31, 2010
|  | (Dollars in Thousands)
|  | C & I |  | Comm R/E |  | Construction |  | Res Mtge |  | Installment |  | Unallocated |  | Total
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | — |  |  | $ | 618 |  |  | $ | — |  |  | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 639 |
Collectively evaluated for impairment |  |  | 1,272 |  |  |  | 5,097 |  |  |  | 551 |  |  |  | 1,017 |  |  |  | 52 |  |  |  | 239 |  |  |  | 8,228 |
Total |  | $ | 1,272 |  |  | $ | 5,715 |  |  | $ | 551 |  |  | $ | 1,038 |  |  | $ | 52 |  |  | $ | 239 |  |  | $ | 8,867 |
Loans Receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 2,748 |  |  | $ | 11,960 |  |  | $ | 5,865 |  |  | $ | 1,354 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,927 |
Collectively evaluated for impairment |  |  | 118,286 |  |  |  | 360,041 |  |  |  | 43,879 |  |  |  | 163,800 |  |  |  | 511 |  |  |  | — |  |  |  | 686,517 |
Total |  | $ | 121,034 |  |  | $ | 372,001 |  |  | $ | 49,744 |  |  | $ | 165,154 |  |  | $ | 511 |  |  | $ | — |  |  | $ | 708,444 |
The Corporation's allowance for loan losses is analyzed quarterly and many factors are considered, including growth in the portfolio, delinquencies, nonaccrual loan levels, and other factors inherent in the extension of credit. There have been no material changes to the allowance for loan loss methodology as disclosed in the Corporation's previous Annual Reports. A summary of the activity in the allowance for loan losses is as follows:
|  | Year Ended December 31, 2011
|  | (Dollars in thousands)
|  | C & I |  | Comm R/E |  | Construction |  | Res Mtg |  | Installment |  | Unallocated |  | Total
Balance at January 1, |  | $ | 1,272 |  |  | $ | 5,715 |  |  | $ | 551 |  |  | $ | 1,038 |  |  | $ | 52 |  |  | $ | 239 |  |  | $ | 8,867 |
Loans charged-off |  |  | (186 | ) |  |  | (1,168 | ) |  |  | (631 | ) |  |  | (23 | ) |  |  | (20 | ) |  |  | — |  |  |  | (2,028 | )
Recoveries |  |  | 240 |  |  |  | 15 |  |  |  | — |  |  |  | 53 |  |  |  | 7 |  |  |  | — |  |  |  | 315 |
Provision for loan losses |  |  | 201 |  |  |  | 1,410 |  |  |  | 787 |  |  |  | 195 |  |  |  | 12 |  |  |  | (157 | ) |  |  | 2,448 |
Balance at December 31, |  | $ | 1,527 |  |  | $ | 5,972 |  |  | $ | 707 |  |  | $ | 1,263 |  |  | $ | 51 |  |  | $ | 82 |  |  | $ | 9,602 |
|  | For the Year Ended December 31,
|  | 2011 |  | 2010 |  | 2009
|  | (Dollars in Thousands)
Balance at the beginning of year |  | $ | 8,867 |  |  | $ | 8,711 |  |  | $ | 6,254 |
Provision for loan losses |  |  | 2,448 |  |  |  | 5,076 |  |  |  | 4,597 |
Loans charged-off |  |  | (2,028 | ) |  |  | (4,940 | ) |  |  | (2,152 | )
Recoveries on loans previously charged-off |  |  | 315 |  |  |  | 20 |  |  |  | 12 |
Balance at the end of year |  | $ | 9,602 |  |  | $ | 8,867 |  |  | $ | 8,711 |
The amount of interest income that would have been recorded on non-accrual loans in 2011, 2010 and 2009 had payments remained in accordance with the original contractual terms was $378,000, $598,000 and $431,000, respectively. At December 31, 2011, there were no commitments to lend additional funds to borrowers whose loans were non-accrual or contractually past due in excess of 90 days and still accruing interest. The policy of the Corporation is to generally grant commercial, mortgage and installment loans to New Jersey residents and businesses within its market area. The borrowers' abilities to repay their obligations are dependent upon various factors including the borrowers' income and net worth, cash flows generated by the borrowers' underlying collateral, value of the underlying collateral, and priority of the lender's lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the control of the Corporation. The Corporation is therefore subject to risk of loss. The Corporation believes its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for loan losses are provided for all known and inherent risks. Collateral and/or personal guarantees are required for a large majority of the Corporation's loans. The following table presents information about the troubled debt restructurings (TDRs) by class transacted during the period indicated:
|  | Year Ended December 31, 2011
|  | Number of Loans |  | Pre-restructuring Outstanding Recorded Investment |  | Post-restructuring Outstanding Recorded Investment
|  | (Dollars in Thousands)
Troubled debt restructurings: |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate |  |  | 1 |  |  | $ | 1,719 |  |  | $ | 1,318 |
Residential Mortgage |  |  | 5 |  |  |  | 1,624 |  |  |  | 1,575 |
Total |  |  | 6 |  |  | $ | 3,343 |  |  | $ | 2,893 |
The Corporation charged off $450,000 in connection with loan modifications at the time of the modification during the twelve months ended December 31, 2011. The Corporation had no loans modified as a TDR within the previous twelve months that subsequently defaulted during the twelve months ended December 31, 2011. The Corporation adopted ASU No. 2011-02 on July 1, 2011 which provides additional guidance to creditors for evaluating whether a modification or restructuring of a receivable is a troubled debt restructuring. In general, a modification or restructuring of a loan constitutes a TDR if the Corporation grants a concession to a borrower experiencing financial difficulty. Loans modified in TDRs are placed on non-accrual status until the Corporation determines that future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate performance according to the restructured terms for a period of at least six months. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower's ability to meet the revised payment schedule is uncertain, the loan remains on non-accrual status. Loans modified in a troubled debt restructuring totaled $11.1 million at December 31, 2011 of which $3.7 million were on non-accrual status. The remaining loans modified were current at the time of the restructuring and have complied with the terms of their restructure agreement. In an effort to proactively manage delinquent loans, the Corporation has selectively extended to certain borrowers concessions such as rate reductions, extension of maturity dates, principal or interest forgiveness, adjusted repayment terms, forbearance agreements, or combinations of two or more of these concessions. As of December 31, 2011, loans on which concessions were made with respect to adjusted repayment terms amounted to $1.7 million. Loans on which combinations of two or more concessions were made amounted to $9.4 million. The concessions granted included principal concessions, rate reduction, adjusted repayment, extended maturity and payment deferral.

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