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Loans | 12 Months Ended
--- | ---
Dec. 31, 2014
Loans |
Loans | Note 4: Loans Major classifications of loans were as follows:
|  | 2014 |  | 2013 |
Commercial |  | $ | 119,158 |  | $ | 94,736 |
Real estate - commercial |  |  | 600,629 |  |  | 560,233 |
Real estate - construction |  |  | 44,795 |  |  | 29,351 |
Real estate - residential |  |  | 370,191 |  |  | 390,201 |
Consumer |  |  | 3,504 |  |  | 2,760 |
Overdraft |  |  | 649 |  |  | 628 |
Lease financing receivables |  |  | 8,038 |  |  | 10,069 |
Other |  |  | 11,630 |  |  | 12,793 |
|  |  | 1,158,594 |  |  | 1,100,771 |
Net deferred loan fees |  |  | 738 |  |  | 485 |
|  | $ | 1,159,332 |  | $ | 1,101,256 |
It is the policy of the Company to review each prospective credit in order to determine if an adequate level of security or collateral was obtained prior to making a loan. The type of collateral, when required, will vary from liquid assets to real estate. The Company’s access to collateral, in the event of borrower default, is assured through adherence to lending laws, the Company’s lending standards and credit monitoring procedures. The Bank generally makes loans solely within its market area. There are no significant concentrations of loans where the customers’ ability to honor loan terms is dependent upon a single economic sector although the real estate related categories listed above represent 87.6% and 89.0% of the portfolio at December 31, 2014, and December 31, 2013, respectively. Aged analysis of past due loans by class of loans as of December 31, 2014, and December 31, 2013, were as follows:
. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recorded
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Investment
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90 days or
|  |  |  |  |  |  |  | 90 Days or |  |  |  |  |  |  |  |  |  |  |  |  |  | Greater Past
|  | 30-59 Days |  | 60-89 Days |  | Greater Past |  | Total Past |  |  |  |  |  |  |  |  |  |  | Due and
December 31, 2014 |  | Past |  | Past Due |  | Due |  | Due |  | Current |  | Nonaccrual |  | Total Loans |  | Accruing
Commercial |  | $ | 38 |  | $ | - |  | $ | - |  | $ | 38 |  | $ | 125,658 |  | $ | 1,500 |  | $ | 127,196 |  | $ | -
Real estate - commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied general purpose |  |  | 699 |  |  | - |  |  | - |  |  | 699 |  |  | 126,029 |  |  | 5,937 |  |  | 132,665 |  |  | -
Owner occupied special purpose |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 167,874 |  |  | 1,441 |  |  | 169,315 |  |  | -
Non-owner occupied general purpose |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 153,328 |  |  | 4,907 |  |  | 158,235 |  |  | -
Non-owner occupied special purpose |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 87,054 |  |  | 1,423 |  |  | 88,477 |  |  | -
Retail properties |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 37,780 |  |  | - |  |  | 37,780 |  |  | -
Farm |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 14,157 |  |  | - |  |  | 14,157 |  |  | -
Real estate - construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilder |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3,204 |  |  | - |  |  | 3,204 |  |  | -
Land |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,658 |  |  | - |  |  | 1,658 |  |  | -
Commercial speculative |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 13,431 |  |  | - |  |  | 13,431 |  |  | -
All other |  |  | 71 |  |  | 29 |  |  | - |  |  | 100 |  |  | 25,841 |  |  | 561 |  |  | 26,502 |  |  | -
Real estate - residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investor |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 135,273 |  |  | 1,942 |  |  | 137,215 |  |  | -
Owner occupied |  |  | 1,076 |  |  | 914 |  |  | - |  |  | 1,990 |  |  | 107,727 |  |  | 6,711 |  |  | 116,428 |  |  | -
Revolving and junior liens |  |  | 94 |  |  | 44 |  |  | - |  |  | 138 |  |  | 113,906 |  |  | 2,504 |  |  | 116,548 |  |  | -
Consumer |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3,504 |  |  | - |  |  | 3,504 |  |  | -
All other 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 13,017 |  |  | - |  |  | 13,017 |  |  | -
|  | $ | 1,978 |  | $ | 987 |  | $ | - |  | $ | 2,965 |  | $ | 1,129,441 |  | $ | 26,926 |  | $ | 1,159,332 |  | $ | -
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recorded
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Investment
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90 days or
|  |  |  |  |  |  |  | 90 Days or |  |  |  |  |  |  |  |  |  |  |  |  |  | Greater Past
|  | 30-59 Days |  | 60-89 Days |  | Greater Past |  | Total Past |  |  |  |  |  |  |  |  |  |  | Due and
December 31, 2013 |  | Past |  | Past Due |  | Due |  | Due |  | Current |  | Nonaccrual |  | Total Loans |  | Accruing
Commercial |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 104,778 |  | $ | 27 |  | $ | 104,805 |  | $ | -
Real estate - commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied general purpose |  |  | 290 |  |  | 526 |  |  | - |  |  | 816 |  |  | 117,938 |  |  | 3,180 |  |  | 121,934 |  |  | -
Owner occupied special purpose |  |  | 511 |  |  | - |  |  | - |  |  | 511 |  |  | 164,277 |  |  | 7,671 |  |  | 172,459 |  |  | -
Non-owner occupied general purpose |  |  | 218 |  |  | - |  |  | - |  |  | 218 |  |  | 132,331 |  |  | 5,708 |  |  | 138,257 |  |  | -
Non-owner occupied special purpose |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 73,325 |  |  | 661 |  |  | 73,986 |  |  | -
Retail properties |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 34,034 |  |  | 3,144 |  |  | 37,178 |  |  | -
Farm |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 16,419 |  |  | - |  |  | 16,419 |  |  | -
Real estate - construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilder |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3,515 |  |  | 168 |  |  | 3,683 |  |  | -
Land |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4,436 |  |  | 209 |  |  | 4,645 |  |  | -
Commercial speculative |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 11,235 |  |  | 1,913 |  |  | 13,148 |  |  | -
All other |  |  | 32 |  |  | - |  |  | - |  |  | 32 |  |  | 7,404 |  |  | 439 |  |  | 7,875 |  |  | -
Real estate - residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investor |  |  | 581 |  |  | 171 |  |  | - |  |  | 752 |  |  | 140,926 |  |  | 6,615 |  |  | 148,293 |  |  | -
Owner occupied |  |  | 4,414 |  |  | 308 |  |  | 87 |  |  | 4,809 |  |  | 106,184 |  |  | 5,967 |  |  | 116,960 |  |  | 87
Revolving and junior liens |  |  | 650 |  |  | 76 |  |  | - |  |  | 726 |  |  | 121,013 |  |  | 3,209 |  |  | 124,948 |  |  | -
Consumer |  |  | 5 |  |  | - |  |  | - |  |  | 5 |  |  | 2,755 |  |  | - |  |  | 2,760 |  |  | -
All other 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 13,906 |  |  | - |  |  | 13,906 |  |  | -
|  | $ | 6,701 |  | $ | 1,081 |  | $ | 87 |  | $ | 7,869 |  | $ | 1,054,476 |  | $ | 38,911 |  | $ | 1,101,256 |  | $ | 87
1. The “All other” class includes overdrafts and net deferred loan fees and costs. Credit Quality Indicators: The Company categorizes loans into credit risk categories based on current financial information, overall debt service coverage, comparison against industry averages, historical payment experience, and current economic trends. This analysis includes loans with outstanding balanc es or commitments greater than $50,000 and excludes homogeneous loans such as home equity lines of credit and residential mortgages. Loans with a classified risk rating are reviewed quarterly regardless of size or loan type. The Company uses the following definitions for classified risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Credits that are not covered by the definitions above are pass credits, which are not considered to be adversely rated. Loans listed as not rated have outstanding loans or commitments less than $50,000 or are included in groups of homogeneous loans. Credit Quality Indicators by class of loans as of December 31, 2014, and December 31, 2013, were as follows:
December 31, 2014 |  |  |  |  | Special |  |  |  |  |  |  |  |  |
|  | Pass |  | Mention |  | Substandard 1 |  | Doubtful |  | Total
Commercial |  | $ | 118,845 |  | $ | 3,948 |  | $ | 4,403 |  | $ | - |  | $ | 127,196
Real estate - commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied general purpose |  |  | 124,936 |  |  | 253 |  |  | 7,476 |  |  | - |  |  | 132,665
Owner occupied special purpose |  |  | 154,225 |  |  | 11,607 |  |  | 3,483 |  |  | - |  |  | 169,315
Non-owner occupied general purpose |  |  | 148,212 |  |  | 3,235 |  |  | 6,788 |  |  | - |  |  | 158,235
Non-owner occupied special purpose |  |  | 78,957 |  |  | 8,097 |  |  | 1,423 |  |  | - |  |  | 88,477
Retail Properties |  |  | 36,779 |  |  | 1,001 |  |  | - |  |  | - |  |  | 37,780
Farm |  |  | 14,157 |  |  | - |  |  | - |  |  | - |  |  | 14,157
Real estate - construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilder |  |  | 3,204 |  |  | - |  |  | - |  |  | - |  |  | 3,204
Land |  |  | 1,658 |  |  | - |  |  | - |  |  | - |  |  | 1,658
Commercial speculative |  |  | 9,947 |  |  | - |  |  | 3,484 |  |  | - |  |  | 13,431
All other |  |  | 25,941 |  |  | - |  |  | 561 |  |  | - |  |  | 26,502
Real estate - residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investor |  |  | 134,952 |  |  | - |  |  | 2,263 |  |  | - |  |  | 137,215
Owner occupied |  |  | 109,085 |  |  | - |  |  | 7,343 |  |  | - |  |  | 116,428
Revolving and junior liens |  |  | 112,647 |  |  | 188 |  |  | 3,713 |  |  | - |  |  | 116,548
Consumer |  |  | 3,503 |  |  | - |  |  | 1 |  |  | - |  |  | 3,504
All other |  |  | 13,017 |  |  | - |  |  | - |  |  | - |  |  | 13,017
Total |  | $ | 1,090,065 |  | $ | 28,329 |  | $ | 40,938 |  | $ | - |  | $ | 1,159,332
December 31, 2013 |  |  |  |  | Special |  |  |  |  |  |  |  |  |
|  | Pass |  | Mention |  | Substandard 1 |  | Doubtful |  | Total
Commercial |  | $ | 96,371 |  | $ | 7,953 |  | $ | 481 |  | $ | - |  | $ | 104,805
Real estate - commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied general purpose |  |  | 105,683 |  |  | 9,048 |  |  | 7,203 |  |  | - |  |  | 121,934
Owner occupied special purpose |  |  | 162,586 |  |  | 1,968 |  |  | 7,905 |  |  | - |  |  | 172,459
Non-owner occupied general purpose |  |  | 122,844 |  |  | 1,826 |  |  | 13,587 |  |  | - |  |  | 138,257
Non-owner occupied special purpose |  |  | 59,674 |  |  | 9,840 |  |  | 4,472 |  |  | - |  |  | 73,986
Retail Properties |  |  | 30,059 |  |  | 2,989 |  |  | 4,130 |  |  | - |  |  | 37,178
Farm |  |  | 16,419 |  |  | - |  |  | - |  |  | - |  |  | 16,419
Real estate - construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilder |  |  | 1,745 |  |  | 1,770 |  |  | 168 |  |  | - |  |  | 3,683
Land |  |  | 4,436 |  |  | - |  |  | 209 |  |  | - |  |  | 4,645
Commercial speculative |  |  | 7,674 |  |  | 3,561 |  |  | 1,913 |  |  | - |  |  | 13,148
All other |  |  | 7,109 |  |  | 32 |  |  | 734 |  |  | - |  |  | 7,875
Real estate - residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investor |  |  | 135,136 |  |  | 3,407 |  |  | 9,750 |  |  | - |  |  | 148,293
Owner occupied |  |  | 109,261 |  |  | - |  |  | 7,699 |  |  | - |  |  | 116,960
Revolving and junior liens |  |  | 120,589 |  |  | 388 |  |  | 3,971 |  |  | - |  |  | 124,948
Consumer |  |  | 2,759 |  |  | - |  |  | 1 |  |  | - |  |  | 2,760
All other |  |  | 13,906 |  |  | - |  |  | - |  |  | - |  |  | 13,906
Total |  | $ | 996,251 |  | $ | 42,782 |  | $ | 62,223 |  | $ | - |  | $ | 1,101,256
1 The substandard credit quality indicator includes both potential problem loans that are currently performing and nonperforming loans Impaired loans by class of loan as of December 31 were as follows:
|  | December 31, 2014 |  | December 31, 2013
|  |  |  |  | Unpaid |  |  |  |  |  |  | Unpaid |  |
|  | Recorded |  | Principal |  | Related |  | Recorded |  | Principal |  | Related
|  | Investment |  | Balance |  | Allowance |  | Investment |  | Balance |  | Allowance
With no related allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,500 |  | $ | 2,114 |  | $ | - |  | $ | 27 |  | $ | 34 |  | $ | -
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied general purpose |  |  | 7,125 |  |  | 7,870 |  |  | - |  |  | 2,543 |  |  | 3,006 |  |  | -
Owner occupied special purpose |  |  | 1,798 |  |  | 1,941 |  |  | - |  |  | 3,371 |  |  | 4,117 |  |  | -
Non-owner occupied general purpose |  |  | 4,831 |  |  | 5,653 |  |  | - |  |  | 5,428 |  |  | 6,709 |  |  | -
Non-owner occupied special purpose |  |  | 1,423 |  |  | 1,930 |  |  | - |  |  | 661 |  |  | 919 |  |  | -
Retail properties |  |  | - |  |  | - |  |  | - |  |  | 3,144 |  |  | 3,811 |  |  | -
Farm |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilder |  |  | 1,791 |  |  | 1,791 |  |  | - |  |  | 2,016 |  |  | 2,016 |  |  | -
Land |  |  | - |  |  | - |  |  | - |  |  | 209 |  |  | 308 |  |  | -
Commercial speculative |  |  | - |  |  | - |  |  | - |  |  | 738 |  |  | 742 |  |  | -
All other |  |  | 291 |  |  | 323 |  |  | - |  |  | 4 |  |  | 35 |  |  | -
Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investor |  |  | 2,595 |  |  | 3,024 |  |  | - |  |  | 5,984 |  |  | 8,338 |  |  | -
Owner occupied |  |  | 11,419 |  |  | 12,816 |  |  | - |  |  | 9,179 |  |  | 10,451 |  |  | -
Revolving and junior liens |  |  | 2,238 |  |  | 3,541 |  |  | - |  |  | 1,771 |  |  | 2,313 |  |  | -
Consumer |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total impaired loans with no recorded allowance |  |  | 35,011 |  |  | 41,003 |  |  | - |  |  | 35,075 |  |  | 42,799 |  |  | -
With an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied general purpose |  |  | - |  |  | - |  |  | - |  |  | 730 |  |  | 792 |  |  | 264
Owner occupied special purpose |  |  | - |  |  | - |  |  | - |  |  | 4,300 |  |  | 4,702 |  |  | 759
Non-owner occupied general purpose |  |  | 76 |  |  | 76 |  |  | 21 |  |  | 939 |  |  | 1,030 |  |  | 129
Non-owner occupied special purpose |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Retail properties |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Farm |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilder |  |  | - |  |  | - |  |  | - |  |  | 168 |  |  | 604 |  |  | 76
Land |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial speculative |  |  | - |  |  | - |  |  | - |  |  | 1,175 |  |  | 1,808 |  |  | 17
All other |  |  | 270 |  |  | 306 |  |  | 98 |  |  | 436 |  |  | 468 |  |  | 262
Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investor |  |  | 135 |  |  | 145 |  |  | 24 |  |  | 684 |  |  | 913 |  |  | 160
Owner occupied |  |  | 23 |  |  | 65 |  |  | 38 |  |  | 1,565 |  |  | 1,831 |  |  | 170
Revolving and junior liens |  |  | 371 |  |  | 405 |  |  | 97 |  |  | 1,498 |  |  | 1,848 |  |  | 558
Consumer |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total impaired loans with a recorded allowance |  |  | 875 |  |  | 997 |  |  | 278 |  |  | 11,495 |  |  | 13,996 |  |  | 2,395
Total impaired loans |  | $ | 35,886 |  | $ | 42,000 |  | $ | 278 |  | $ | 46,570 |  | $ | 56,795 |  | $ | 2,395
Average recorded investment and interest income recognized on impaired loans by class of loan for the years ending December 31, were as follows:
|  | Year to date |  | Year to date |  | Year to date
|  | December 31, 2014 |  | December 31, 2013 |  | December 31, 2012
|  | Average |  | Interest |  | Average |  | Interest |  | Average |  | Interest
|  | Recorded |  | Income |  | Recorded |  | Income |  | Recorded |  | Income
|  | Investment |  | Recognized |  | Investment |  | Recognized |  | Investment |  | Recognized
With no related allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 764 |  | $ | - |  | $ | 112 |  | $ | - |  | $ | 354 |  | $ | -
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied general purpose |  |  | 4,834 |  |  | 104 |  |  | 3,508 |  |  | 3 |  |  | 4,616 |  |  | -
Owner occupied special purpose |  |  | 2,584 |  |  | 45 |  |  | 5,275 |  |  | - |  |  | 9,893 |  |  | -
Non-owner occupied general purpose |  |  | 5,130 |  |  | - |  |  | 9,892 |  |  | 75 |  |  | 11,329 |  |  | 270
Non-owner occupied special purpose |  |  | 1,042 |  |  | - |  |  | 569 |  |  | - |  |  | 928 |  |  | -
Retail properties |  |  | 1,572 |  |  | - |  |  | 5,962 |  |  | - |  |  | 6,683 |  |  | -
Farm |  |  | - |  |  | - |  |  | 1,259 |  |  | - |  |  | 1,798 |  |  | -
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilder |  |  | 1,903 |  |  | 82 |  |  | 3,085 |  |  | 97 |  |  | 7,413 |  |  | 119
Land |  |  | 105 |  |  | - |  |  | 232 |  |  | - |  |  | 1,140 |  |  | -
Commercial speculative |  |  | 369 |  |  | - |  |  | 1,501 |  |  | - |  |  | 5,907 |  |  | -
All other |  |  | 147 |  |  | - |  |  | 41 |  |  | - |  |  | 2,193 |  |  | -
Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investor |  |  | 4,290 |  |  | 43 |  |  | 5,576 |  |  | - |  |  | 4,075 |  |  | -
Owner occupied |  |  | 10,299 |  |  | 187 |  |  | 9,284 |  |  | 209 |  |  | 10,635 |  |  | 249
Revolving and junior liens |  |  | 2,004 |  |  | 6 |  |  | 1,570 |  |  | 6 |  |  | 1,428 |  |  | 4
Consumer |  |  | - |  |  | - |  |  | 11 |  |  | - |  |  | 11 |  |  | -
Total impaired loans with no recorded allowance |  |  | 35,043 |  |  | 467 |  |  | 47,877 |  |  | 390 |  |  | 68,403 |  |  | 642
With an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | - |  |  | - |  |  | 283 |  |  | - |  |  | 610 |  |  | -
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied general purpose |  |  | 365 |  |  | - |  |  | 872 |  |  | - |  |  | 4,499 |  |  | -
Owner occupied special purpose |  |  | 2,150 |  |  | - |  |  | 4,277 |  |  | - |  |  | 4,106 |  |  | -
Non-owner occupied general purpose |  |  | 508 |  |  | - |  |  | 1,859 |  |  | - |  |  | 5,588 |  |  | -
Non-owner occupied special purpose |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 217 |  |  | -
Retail properties |  |  | - |  |  | - |  |  | 876 |  |  | - |  |  | 6,531 |  |  | -
Farm |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 248 |  |  | -
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilder |  |  | 84 |  |  | - |  |  | 97 |  |  | - |  |  | 1,115 |  |  | -
Land |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial speculative |  |  | 587 |  |  | - |  |  | 2,748 |  |  | - |  |  | 4,495 |  |  | -
All other |  |  | 353 |  |  | - |  |  | 458 |  |  | - |  |  | 430 |  |  | -
Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investor |  |  | 410 |  |  | - |  |  | 2,713 |  |  | - |  |  | 8,514 |  |  | -
Owner occupied |  |  | 794 |  |  | 1 |  |  | 3,737 |  |  | - |  |  | 7,141 |  |  | 40
Revolving and junior liens |  |  | 934 |  |  | - |  |  | 1,981 |  |  | - |  |  | 1,908 |  |  | -
Consumer |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total impaired loans with a recorded allowance |  |  | 6,185 |  |  | 1 |  |  | 19,901 |  |  | - |  |  | 45,402 |  |  | 40
Total impaired loans |  | $ | 41,228 |  | $ | 468 |  | $ | 67,778 |  | $ | 390 |  | $ | 113,805 |  | $ | 682
Troubled debt restructurings (“TDRs”) are loans for which the contractual terms have been modified and both of these conditions exist: (1) there is a concession to the borrower and (2) the borrower is experiencing financial difficulties. Loans are restructured on a case-by-case basis during the loan collection process with modifications generally initiated at the request of the borrower. These modifications may include reduction in interest rates, extension of term, deferrals of principal, and other modifications. The Bank participates in the U.S. Department of the Treasury’s (the “Treasury”) Home Affordable Modification Program (“HAMP”) which gives qualifying homeowners an opportunity to refinance into more affordable monthly payments. The specific allocation of the allowance for loan losses on a TDR is determined by either discounting the modified cash flows at the original effective rate of the loan before modification or is based on the underlying collateral value less costs to sell, if repayment of the loan is collateral-dependent. If the resulting amount is less than the recorded book value, the Bank either establishes a valuation allowance (i.e. specific reserve) as a component of the allowance for loan losses or charges off the impaired balance if it determines that such amount is a confirmed loss. This method is used consistently for all segments of the portfolio. The allowance for loan losses also includes an allowance based on a loss migration analysis for each loan category on loans that are not individually evaluated for specific impairment. All loans charged-off, including TDRs charged-off, are factored into this calculation by portfolio segment. TDRs that were modified during the period are summarized as follows:
|  | TDR Modifications |
|  | Twelve months ended December 31, 2014 |
|  | # of |  | Pre-modification |  | Post-modification |
|  | contracts |  | recorded investment |  | recorded investment |
Troubled debt restructurings |  |  |  |  |  |  |  |  |
Real estate - commercial |  |  |  |  |  |  |  |  |
Other 1 |  | 2 |  | $ | 1,320 |  | $ | 1,106 |
Bifurcate 2 |  | 1 |  |  | 675 |  |  | 357 |
Real estate - residential |  |  |  |  |  |  |  |  |
Investor |  |  |  |  |  |  |  |  |
Other 1 |  | 2 |  |  | 237 |  |  | 221 |
Owner occupied |  |  |  |  |  |  |  |  |
Other 1 |  | 1 |  |  | 136 |  |  | 133 |
HAMP 3 |  | 2 |  |  | 250 |  |  | 218 |
Deferral 4 |  | 2 |  |  | 344 |  |  | 224 |
Revolving and junior liens |  |  |  |  |  |  |  |  |
Other 1 |  | 5 |  |  | 343 |  |  | 334 |
|  | 15 |  | $ | 3,305 |  | $ | 2,593 |
|  | TDR Modifications |
|  | Twelve months ended December 31, 2013 |
|  | # of |  | Pre-modification |  | Post-modification |
|  | contracts |  | recorded investment |  | recorded investment |
Troubled debt restructurings |  |  |  |  |  |  |  |  |
Real estate - commercial |  |  |  |  |  |  |  |  |
Deferral 4 |  | 1 |  | $ | 610 |  | $ | 433 |
Real estate - residential |  |  |  |  |  |  |  |  |
Investor |  |  |  |  |  |  |  |  |
Other 1 |  | 1 |  |  | 54 |  |  | 54 |
Owner occupied |  |  |  |  |  |  |  |  |
Deferral 4 |  | 1 |  |  | 137 |  |  | 136 |
|  | 3 |  | $ | 801 |  | $ | 623 |
1 Other: Change of terms from bankruptcy court 2 Bifurcate: Refers to an “A/B” restructure separated into two notes, charging off the entire B portion of the note. 3 HAMP: Home Affordable Modification Program 4 Deferral: Refers to the deferral of principal TDRs are classified as being in default on a case-by-case basis when they fail to be in compliance with the modified terms. The following table presents TDRs that defaulted during the periods shown and were restructured within the 12 month period prior to default.
|  | TDR Default Activity |  | TDR Default Activity
|  | Twelve months ended December 31, 2014 |  | Twelve months ended December 31, 2013
Troubled debt restructurings that |  | # of |  | Pre-modification outstanding |  | # of |  | Pre-modification outstanding
Subsequently Defaulted |  | contracts |  | recorded investment |  | contracts |  | recorded investment
Real estate - commercial |  |  |  |  |  |  |  |  |  |
Owner occupied special purpose |  | - |  | $ | - |  | 1 |  | $ | 610
Real estate - residential |  |  |  |  |  |  |  |  |  |
Investor |  | - |  |  | - |  | 1 |  |  | 155
Owner occupied |  | 1 |  |  | 137 |  | 2 |  |  | 312
Revolving and junior liens |  | 2 |  |  | 210 |  | - |  |  | -
|  | 3 |  | $ | 347 |  | 4 |  | $ | 1,077
The Bank had no commitments to borrowers whose loans were classified as impaired at December 31, 2014. Loans to principal officers, directors, and their affiliates, which are made in the ordinary course of business, were as follows at December 31:
|  | 2014 |  | 2013 |
Beginning balance |  | $ | 6,414 |  | $ | 3,586 |
New loans |  |  | 41,810 |  |  | 27,616 |
Repayments and other reductions |  |  | (38,295) |  |  | (24,831) |
Change in related party status |  |  | (2,136) |  |  | 43 |
Ending balance |  | $ | 7,793 |  | $ | 6,414 |
No loans to principal officers, directors, and their affiliates were past due greater than 90 days at either December 31, 2014, or December 31, 2013.

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