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Loans and the Allowance for Loan Losses | 12 Months Ended
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Dec. 31, 2013
Loans and the Allowance for Loan Losses [Abstract] |
LOANS AND ALLOWANCE FOR LOAN LOSSES | Note 6 — 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, 2013 and 2012, respectively:
|  | 2013 |  | 2012 |
|  | (Dollars in Thousands) |
Commercial and industrial |  | $ | 229,688 |  | $ | 181,682 |
Commercial real estate |  |  | 536,539 |  |  | 497,392 |
Construction |  |  | 42,722 |  |  | 40,277 |
Residential mortgage |  |  | 150,571 |  |  | 169,094 |
Installment |  |  | 1,084 |  |  | 1,104 |
Subtotal |  |  | 960,604 |  |  | 889,549 |
Net deferred loan costs |  |  | 339 |  |  | 123 |
Total loans |  | $ | 960,943 |  | $ | 889,672 |
At December 31, 2013 and 2012, loans to officers and directors aggregated approximately $20,365,000 and $18,977,000, respectively. During the year ended December 31, 2013, the Corporation made new loans to officers and directors in the amount of $11,613,000; payments by such persons during 2013 aggregated $10,225,000. During the year ended December 31, 2012, the Corporation made new loans to officers and directors in the amount of $13,952,000; payments by such persons during 2012 aggregated $5,254,000. On March 30, 2012, the Corporation appointed Frederick S. Fish to the Board of Directors. Mr. Fish had a prior lending relationship with the Bank, the total loan to Mr. Fish of approximately $9,910,000 is included in the amount of new loan to officers and directors. 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, 2013 and 2012, loan balances of approximately $564.7 million and $532.8 million were pledged to secure short term borrowings from the Federal Reserve Bank of New York and Federal Home Loan Bank Advances. At December 31, 2013 and 2012, the net investment in direct financing lease consists of a minimum lease receivable of $4,483,000 and $4,699,000, respectively, and unearned interest income of $733,000 and $928,000, respectively, for a net investment in direct financing lease of $3,750,000 and $3,771,000, 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) |
2014 |  | $ | 216 |
2015 |  |  | 228 |
2016 |  |  | 265 |
2017 |  |  | 265 |
2018 |  |  | 265 |
Thereafter |  |  | 2,511 |
Total minimum future lease receipts |  | $ | 3,750 |
The following table presents information about loan receivables on non-accrual status at December 31, 2013 and 2012:
|  | 2013 |  | 2012 |
|  | (Dollars in Thousands)
Commercial and industrial |  | $ | 753 |  | $ | 214 |
Commercial real estate |  |  | 744 |  |  | 354 |
Construction |  |  | — |  |  | 319 |
Residential mortgage |  |  | 1,640 |  |  | 2,729 |
Total loans receivable on non-accrual status |  | $ | 3,137 |  | $ | 3,616 |
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, 2013 and 2012: Credit Quality Indicators
|  | December 31, 2013 |
|  | (Dollars in Thousands) |
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total |
Commercial and industrial |  | $ | 226,013 |  | $ | 1,719 |  | $ | 1,284 |  | $ | 672 |  | $ | 229,688 |
Commercial real estate |  |  | 509,679 |  |  | 14,544 |  |  | 12,316 |  |  | — |  |  | 536,539 |
Construction |  |  | 41,492 |  |  | — |  |  | 1,230 |  |  | — |  |  | 42,722 |
Residential mortgage |  |  | 147,379 |  |  | 978 |  |  | 2,214 |  |  | — |  |  | 150,571 |
Installment |  |  | 964 |  |  | — |  |  | 120 |  |  | — |  |  | 1,084 |
Total loans |  | $ | 925,527 |  | $ | 17,241 |  | $ | 17,164 |  | $ | 672 |  | $ | 960,604 |
Credit Quality Indicators
|  | December 31, 2012 |
|  | (Dollars in Thousands) |
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total |
Commercial and industrial |  | $ | 176,818 |  | $ | 3,281 |  | $ | 1,583 |  | $ | — |  | $ | 181,682 |
Commercial real estate |  |  | 462,266 |  |  | 18,945 |  |  | 16,181 |  |  | — |  |  | 497,392 |
Construction |  |  | 38,303 |  |  | 810 |  |  | 1,164 |  |  | — |  |  | 40,277 |
Residential mortgage |  |  | 163,769 |  |  | 993 |  |  | 4,332 |  |  | — |  |  | 169,094 |
Installment |  |  | 967 |  |  | — |  |  | 137 |  |  | — |  |  | 1,104 |
Total loans |  | $ | 842,123 |  | $ | 24,029 |  | $ | 23,397 |  | $ | — |  | $ | 889,549 |
The following table provides an analysis of the impaired loans at December 31, 2013 and 2012:
|  | December 31, 2013 |
|  | (Dollars in Thousands) |
No Related Allowance Recorded |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized |
Commercial and industrial |  | $ | 449 |  | $ | 449 |  | $ | — |  | $ | 494 |  | $ | 25 |
Commercial real estate |  |  | 10,482 |  |  | 10,783 |  |  | — |  |  | 10,658 |  |  | 496 |
Residential mortgage |  |  | 1,858 |  |  | 2,000 |  |  | — |  |  | 1,892 |  |  | 94 |
Installment |  |  | 120 |  |  | 120 |  |  | — |  |  | 128 |  |  | 6 |
Total |  | $ | 12,909 |  | $ | 13,352 |  | $ | — |  | $ | 13,172 |  | $ | 621 |
With An Allowance Recorded |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized |
Commercial and industrial |  | $ | 672 |  | $ | 672 |  | $ | 300 |  | $ | 687 |  | $ | 43 |
Commercial real estate |  |  | 4,344 |  |  | 4,344 |  |  | 115 |  |  | 4,359 |  |  | 200 |
Total |  | $ | 5,016 |  | $ | 5,016 |  | $ | 415 |  | $ | 5,046 |  | $ | 243 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 1,121 |  | $ | 1,121 |  | $ | 300 |  | $ | 1,181 |  | $ | 68 |
Commercial real estate |  |  | 14,826 |  |  | 15,127 |  |  | 115 |  |  | 15,017 |  |  | 696 |
Residential mortgage |  |  | 1,858 |  |  | 2,000 |  |  | — |  |  | 1,892 |  |  | 94 |
Installment |  |  | 120 |  |  | 120 |  |  | — |  |  | 128 |  |  | 6 |
Total (including related allowance) |  | $ | 17,925 |  | $ | 18,368 |  | $ | 415 |  | $ | 18,218 |  | $ | 864 |
|  | December 31, 2012 |
|  | (Dollars in Thousands) |
No Related Allowance Recorded |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized |
Commercial and industrial |  | $ | 731 |  | $ | 731 |  | $ | — |  | $ | 834 |  | $ | 46 |
Commercial real estate |  |  | 5,886 |  |  | 6,187 |  |  | — |  |  | 6,182 |  |  | 349 |
Construction |  |  | 3,600 |  |  | 3,600 |  |  | — |  |  | 3,600 |  |  | 92 |
Residential mortgage |  |  | 422 |  |  | 422 |  |  | — |  |  | 439 |  |  | 22 |
Total |  | $ | 10,639 |  | $ | 10,940 |  | $ | — |  | $ | 11,055 |  | $ | 509 |
With An Allowance Recorded |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized |
Commercial real estate |  | $ | 4,180 |  | $ | 4,180 |  | $ | 493 |  | $ | 4,179 |  | $ | 138 |
Residential mortgage |  |  | 1,255 |  |  | 1,255 |  |  | 152 |  |  | 1,289 |  |  | 40 |
Total |  | $ | 5,435 |  | $ | 5,435 |  | $ | 645 |  | $ | 5,468 |  | $ | 178 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 731 |  | $ | 731 |  | $ | — |  | $ | 834 |  | $ | 46 |
Commercial real estate |  |  | 10,066 |  |  | 10,367 |  |  | 493 |  |  | 10,361 |  |  | 487 |
Construction |  |  | 3,600 |  |  | 3,600 |  |  | — |  |  | 3,600 |  |  | 92 |
Residential mortgage |  |  | 1,677 |  |  | 1,677 |  |  | 152 |  |  | 1,728 |  |  | 62 |
Total (including related allowance) |  | $ | 16,074 |  | $ | 16,375 |  | $ | 645 |  | $ | 16,523 |  | $ | 687 |
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, 2013 are loans that are deemed troubled debt restructurings. Of these loans, $5.7 million or 87.4% at December 31,2013 and $6.2 million or 91.0% at December 31,2012, 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, excluding deferred fees and costs, that are past due at December 31, 2013 and 2012: Aging Analysis
|  | December 31, 2013 |
|  | (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 |  | $ | 18 |  | $ | — |  | $ | 753 |  | $ | 771 |  | $ | 228,917 |  | $ | 229,688 |  | $ | — |
Commercial Real Estate |  |  | 221 |  |  | — |  |  | 744 |  |  | 965 |  |  | 535,574 |  |  | 536,539 |  |  | — |
Construction |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,722 |  |  | 42,722 |  |  | — |
Residential Mortgage |  |  | 990 |  |  | 258 |  |  | 1,640 |  |  | 2,888 |  |  | 147,683 |  |  | 150,571 |  |  | — |
Installment |  |  | 5 |  |  | — |  |  | — |  |  | 5 |  |  | 1,079 |  |  | 1,084 |  |  | — |
Total |  | $ | 1,234 |  | $ | 258 |  | $ | 3,137 |  | $ | 4,629 |  | $ | 955,975 |  | $ | 960,604 |  | $ | — |
Aging Analysis
|  | December 31, 2012 |
|  | (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 |  | $ | 590 |  | $ | — |  |  | 216 |  |  | 806 |  | $ | 180,876 |  | $ | 181,682 |  | $ | — |
Commercial Real Estate |  |  | 1,012 |  |  | 703 |  |  | 354 |  |  | 2,069 |  |  | 495,323 |  |  | 497,392 |  |  | — |
Construction |  |  | — |  |  | — |  |  | 319 |  |  | 319 |  |  | 39,958 |  |  | 40,277 |  |  | — |
Residential Mortgage |  |  | 2,017 |  |  | 628 |  |  | 2,784 |  |  | 5,429 |  |  | 163,665 |  |  | 169,094 |  |  | 55 |
Installment |  |  | 23 |  |  | — |  |  | — |  |  | 23 |  |  | 1,081 |  |  | 1,104 |  |  | — |
Total |  | $ | 3,642 |  | $ | 1,331 |  | $ | 3,673 |  | $ | 8,646 |  | $ | 880,903 |  | $ | 889,549 |  | $ | 55 |
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, 2013 (Dollars in Thousands) |
|  | C & I |  | Comm R/E |  | Construction |  | Res Mtge |  | Installment |  | Unallocated |  | Total |
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 300 |  | $ | 115 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 415 |
Collectively evaluated for impairment |  |  | 1,398 |  |  | 5,631 |  |  | 362 |  |  | 990 |  |  | 146 |  |  | 1,391 |  |  | 9,918 |
Total |  | $ | 1,698 |  | $ | 5,746 |  | $ | 362 |  | $ | 990 |  | $ | 146 |  | $ | 1,391 |  | $ | 10,333 |
Loans Receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 1,121 |  | $ | 14,826 |  | $ | — |  | $ | 1,858 |  | $ | 120 |  | $ | — |  | $ | 17,925 |
Collectively evaluated for impairment |  |  | 226,450 |  |  | 505,361 |  |  | 41,493 |  |  | 135,031 |  |  | 839 |  |  | — |  |  | 909,174 |
Loans acquired with discounts related to credit quality |  |  | 2,117 |  |  | 16,352 |  |  | 1,229 |  |  | 13,682 |  |  | 125 |  |  | — |  |  | 33,505 |
Total |  | $ | 229,688 |  | $ | 536,539 |  | $ | 42,722 |  | $ | 150,571 |  | $ | 1,084 |  | $ | — |  | $ | 960,604 |
Allowance for loan and lease losses
|  | December 31, 2012 (Dollars in Thousands) |
|  | C & I |  | Comm R/E |  | Construction |  | Res Mtge |  | Installment |  | Unallocated |  | Total |
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | — |  | $ | 493 |  | $ | — |  | $ | 152 |  | $ | — |  | $ | — |  | $ | 645 |
Collectively evaluated for impairment |  |  | 2,419 |  |  | 4,719 |  |  | 313 |  |  | 1,376 |  |  | 114 |  |  | 651 |  |  | 9,592 |
Total |  | $ | 2,419 |  | $ | 5,212 |  | $ | 313 |  | $ | 1,528 |  | $ | 114 |  | $ | 651 |  | $ | 10,237 |
Loans Receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 731 |  | $ | 10,066 |  | $ | 3,600 |  | $ | 1,677 |  | $ | — |  | $ | — |  | $ | 16,074 |
Collectively evaluated for impairment |  |  | 176,913 |  |  | 466,411 |  |  | 34,572 |  |  | 146,508 |  |  | 973 |  |  | — |  |  | 825,377 |
Loans acquired with discounts related to credit quality |  |  | 4,038 |  |  | 20,915 |  |  | 2,105 |  |  | 20,909 |  |  | 131 |  |  | — |  |  | 48,098 |
Total |  | $ | 181,682 |  | $ | 497,392 |  | $ | 40,277 |  | $ | 169,094 |  | $ | 1,104 |  | $ | — |  | $ | 889,549 |
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, 2013 |
|  | (Dollars in thousands) |
|  | C & I |  | Comm R/E |  | Construction |  | Res Mtg |  | Installment |  | Unallocated |  | Total |
Balance at January 1, |  | $ | 2,424 |  | $ | 5,323 |  | $ | 313 |  | $ | 1,532 |  | $ | 113 |  | $ | 532 |  | $ | 10,237 |
Loans charged-off |  |  | (6) |  |  | (126) |  |  | — |  |  | (175) |  |  | (22) |  |  | — |  |  | (329) |
Recoveries |  |  | 41 |  |  | 28 |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 75 |
Provision for loan losses |  |  | (761) |  |  | 521 |  |  | 49 |  |  | (367) |  |  | 49 |  |  | 859 |  |  | 350 |
Balance at December 31, |  | $ | 1,698 |  | $ | 5,746 |  | $ | 362 |  | $ | 990 |  | $ | 146 |  | $ | 1,391 |  | $ | 10,333 |
|  | Year Ended December 31, 2012 |
|  | (Dollars in thousands) |
|  | C & I |  | Comm R/E |  | Construction |  | Res Mtg |  | Installment |  | Unallocated |  | Total |
Balance at January 1, |  | $ | 1,527 |  | $ | 5,972 |  | $ | 707 |  | $ | 1,263 |  | $ | 51 |  | $ | 82 |  | $ | 9,602 |
Loans charged-off |  |  | — |  |  | (57) |  |  | — |  |  | (454) |  |  | (16) |  |  | — |  |  | (527) |
Recoveries |  |  | — |  |  | 80 |  |  | 540 |  |  | 210 |  |  | 7 |  |  | — |  |  | 837 |
Provision for loan losses |  |  | 892 |  |  | (783) |  |  | (934) |  |  | 509 |  |  | 72 |  |  | 569 |  |  | 325 |
Balance at December 31, |  | $ | 2,419 |  | $ | 5,212 |  | $ | 313 |  | $ | 1,528 |  | $ | 114 |  | $ | 651 |  | $ | 10,237 |
|  | For the Year Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
|  | (Dollars in Thousands) |
Balance at the beginning of year |  | $ | 10,237 |  | $ | 9,602 |  | $ | 8,867 |
Provision for loan losses |  |  | 350 |  |  | 325 |  |  | 2,448 |
Loans charged-off |  |  | (329) |  |  | (527) |  |  | (2,028) |
Recoveries on loans previously charged-off |  |  | 75 |  |  | 837 |  |  | 315 |
Balance at the end of year |  | $ | 10,333 |  | $ | 10,237 |  | $ | 9,602 |
The amount of interest income that would have been recorded on non-accrual loans in 2013, 2012 and 2011 had payments remained in accordance with the original contractual terms was $104,000, $187,000 and $378,000, respectively. At December 31, 2013, 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, or whose terms have been modified in troubled debt restructurings. 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 tables present information about the troubled debt restructurings (TDRs) by class transacted during the period indicated:
|  | Year Ended December 31, 2013 |
|  | Number of Loans |  | Pre-restructuring Outstanding Recorded Investment |  | Post-restructuring Outstanding Recorded Investment |
|  | (Dollars in Thousands) |
Troubled debt restructurings: |  |  |  |  |  |  |  |  |  |
Commercial Real Estate |  |  | — |  | $ | — |  | $ | — |
Residential Mortgage |  |  | — |  |  | — |  |  | — |
Installment |  |  | — |  |  | — |  |  | — |
Total |  |  | — |  | $ | — |  | $ | — |
|  | Year Ended December 31, 2012 |
|  | Number of Loans |  | Pre-restructuring Outstanding Recorded Investment |  | Post-restructuring Outstanding Recorded Investment |
|  | (Dollars in Thousands) |
Troubled debt restructurings: |  |  |  |  |  |  |  |  |  |
Commercial Real Estate |  |  | 1 |  | $ | 225 |  | $ | 225 |
Residential Mortgage |  |  | 1 |  |  | 714 |  |  | 675 |
Installment |  |  | 1 |  |  | 1,354 |  |  | 1,354 |
Total |  |  | 3 |  | $ | 2,293 |  | $ | 2,254 |
The Corporation had no loans charged off in connection with loan modifications at the time of the modification during the twelve months ended December 31, 2013 and 2012. The Corporation had no loan modified as a TDR within the previous twelve months that subsequently defaulted during the twelve months ended December 31, 2013. The Corporation had one loan that defaulted during the twelve months ended December 31, 2012 that had previously been modified as a TDR within the previous twelve months. ASU No. 2011-02 provides 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 $6.6 million at December 31, 2013 of which $826,000 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, 2013, loans on which concessions were made with respect to adjusted repayment terms amounted to $1.5 million. Loans on which combinations of two or more concessions were made amounted to $5.1 million. The concessions granted included principal concessions, rate reduction, adjusted repayment, extended maturity and payment deferral.

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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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