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Loans | 12 Months Ended
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Dec. 31, 2014
Loans [Abstract] |
Loans | Note 4 Loans The Company originates commercial, industrial and real estate loans to businesses and churches throughout the metropolitan St. Louis, Missouri area, Orange County, California and other selected cities in the United States. The Company does not have any particular concentration of credit in any one economic sector; however, a substantial portion of the commercial and industrial loans is extended to privately-held commercial companies in these market areas, and are generally secured by the assets of the business. The Company also has a substantial portion of real estate loans secured by mortgages that are extended to churches in its market area and selected cities in the United States. A summary of loan categories is as follows:
|  | December 31,
(In thousands) |  | 2014 |  | 2013
Commercial and industrial |  | $ | 203,350 |  | $ | 171,304
Real estate |  |  |  |  |  |
Commercial: |  |  |  |  |  |
Mortgage |  |  | 117,754 |  |  | 128,358
Construction |  |  | — |  |  | 6,632
Church, church-related: |  |  |  |  |  |
Mortgage |  |  | 305,887 |  |  | 326,832
Construction |  |  | 18,612 |  |  | 9,817
Industrial Revenue Bond |  |  | 23,348 |  |  | 9,167
Other |  |  | 395 |  |  | 67
Total loans |  | $ | 669,346 |  | $ | 652,177
The following table presents the aging of loans by loan categories at December 31, 2014:
|  |  | Performing |  |  | Nonperforming |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90 Days |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 30-59 |  |  |  | 60-89 |  |  |  | and |  |  |  | Non- |  |  |  | Total
(In thousands) |  |  | Current |  | Days |  | Days |  | Over |  | accrual |  | Loans
Commercial and industrial |  |  | $ | 203,350 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 203,350
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 117,393 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 361 |  |  |  | 117,754
Construction |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | —
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 305,760 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 127 |  |  |  | 305,887
Construction |  |  |  | 18,612 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,612
Industrial Revenue Bond |  |  |  | 23,348 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23,348
Other |  |  |  | 395 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 395
Total |  |  | $ | 668,858 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 488 |  |  | $ | 669,346
The following table presents the aging of loans by loan categories at December 31, 2013:
|  |  | Performing |  |  | Nonperforming |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90 Days |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 30-59 |  |  |  | 60-89 |  |  |  | and |  |  |  | Non- |  |  |  | Total
(In thousands) |  |  | Current |  | Days |  | Days |  | Over |  | accrual |  | Loans
Commercial and industrial |  |  | $ | 171,293 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | 171,304
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 127,879 |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 479 |  |  |  | 128,358
Construction |  |  |  | 6,632 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,632
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 325,091 |  |  |  | 434 |  |  |  | — |  |  |  | — |  |  |  | 1,307 |  |  |  | 326,832
Construction |  |  |  | 9,817 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,817
Industrial Revenue Bond |  |  |  | 9,167 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,167
Other |  |  |  | 67 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 67
Total |  |  | $ | 649,946 |  |  | $ | 434 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,797 |  |  | $ | 652,177
The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of December 31, 2014:
|  |  | Loans |  | Performing |  | Nonperforming |  |
|  |  | Subject to |  | Loans Subject to |  | Loans Subject |  |
|  |  | Normal |  | Special |  | to Special |  |
(In thousands) |  |  | Monitoring 1 |  | Monitoring2 |  | Monitoring2 |  | Total Loans
Commercial and industrial |  |  | $ | 199,837 |  |  | $ | 3,513 |  |  | $ | — |  |  | $ | 203,350 |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 103,097 |  |  |  | 14,296 |  |  |  | 361 |  |  |  | 117,754 |
Construction |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 304,219 |  |  |  | 1,541 |  |  |  | 127 |  |  |  | 305,887 |
Construction |  |  |  | 18,612 |  |  |  | — |  |  |  | — |  |  |  | 18,612 |
Industrial Revenue Bond |  |  |  | 23,348 |  |  |  | — |  |  |  | — |  |  |  | 23,348 |
Other |  |  |  | 395 |  |  |  | — |  |  |  | — |  |  |  | 395 |
Total |  |  | $ | 649,508 |  |  | $ | 19,350 |  |  | $ | 488 |  |  | $ | 669,346 |
1 | Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligation.
2 | Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention.
The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of December 31, 2013:
|  |  | Loans |  | Performing |  | Nonperforming |  |
|  |  | Subject to |  | Loans Subject to |  | Loans Subject to |  |
|  |  | Normal |  | Special |  | Special |  | Total
(In thousands) |  |  | Monitori ng 1 |  | Monitoring2 |  | Monitoring2 |  | Loans
Commercial and industrial |  |  | $ | 167,878 |  |  | $ | 3,415 |  |  | $ | 11 |  |  | $ | 171,304 |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 119,521 |  |  |  | 8,358 |  |  |  | 479 |  |  |  | 128,358 |
Construction |  |  |  | 6,632 |  |  |  | — |  |  |  | — |  |  |  | 6,632 |
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 323,291 |  |  |  | 2,234 |  |  |  | 1,307 |  |  |  | 326,832 |
Construction |  |  |  | 9,817 |  |  |  | — |  |  |  | — |  |  |  | 9,817 |
Industrial Revenue Bond |  |  |  | 9,167 |  |  |  | — |  |  |  | — |  |  |  | 9,167 |
Other |  |  |  | 67 |  |  |  | — |  |  |  | — |  |  |  | 67 |
Total |  |  | $ | 636,373 |  |  | $ | 14,007 |  |  | $ | 1,797 |  |  | $ | 652,177 |
1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligation.
2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention.
Impaired loans consist primarily of nonaccrual loans, loans greater than 90 days past due and still accruing interest and troubled debt restructurings, both performing and non-performing. Troubled debt restructuring involves the granting of a concession to a borrower experiencing financial difficulty resulting in the modification of terms of the loan, such as changes in payment schedule or interest rate. The allowance for loan losses related to impaired loans was $127,000 and $318,000 at December 31, 2014 and 2013, respectively. Nonaccrual loans were $488,000 and $1,797,000 at December 31, 2014 and 2013, respectively. Loans delinquent 90 days or more and still accruing interest were $0 at December 31, 2014 and 2013. At December 31, 2014 and 2013, there were no loans classified as troubled debt restructuring. The average balances of impaired loans during 2014, 2013 and 2012 were $1,262,000, $1,381,000 and $5,451,000, respectively. Income that would have been recognized on non-accrual loans under the original terms of the contract was $108,000, $180,000 and $381,000 for 2014, 2013 and 2012, respectively. Income that was recognized on nonaccrual loans was $77,000, $131,000 and $141,000 for 2014, 2013 and 2012 respectively. There were no foreclosed assets as of December 31, 2014 and December 31, 2013. The following table presents the recorded investment and unpaid principal balance for impaired loans at December 31, 2014:
|  |  |  |  |  |  | Related
|  |  |  |  | Unpaid |  | Allowance
|  |  | Recorded |  | Principal |  | for Loan
(In thousands) |  |  | Investment |  | Balance |  | Losses
Commercial and industrial: |  |  |  |  |  |  |
Nonaccrual |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual |  |  |  | 361 |  |  |  | 361 |  |  |  | — |
Church Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual |  |  |  | 127 |  |  |  | 127 |  |  |  | 127 |
Total impaired loans |  |  | $ | 488 |  |  | $ | 488 |  |  | $ | 127 |
The following table presents the recorded investment and unpaid principal balance for impaired loans at December 31, 2013:
|  |  |  |  |  |  | Related
|  |  |  |  | Unpaid |  | Allowance
|  |  | Recorded |  | Principal |  | for Loan
(In thousands) |  |  | Investment |  | Balance |  | Losses
Commercial and industrial: |  |  |  |  |  |  |
Nonaccrual |  |  | $ | 11 |  |  | $ | 11 |  |  | $ | 6 |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual |  |  |  | 479 |  |  |  | 479 |  |  |  | 89 |
Church Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual |  |  |  | 1,307 |  |  |  | 1,307 |  |  |  | 223 |
Total impaired loans |  |  | $ | 1,797 |  |  | $ | 1,797 |  |  | $ | 318 |
The Company does not record loans at fair value on a recurring basis. Once a loan is identified as impaired, management measures impairment in accordance with FASB ASC 310, “Allowance for Credit Losses.” At December 31, 2014, all impaired loans were evaluated based on the fair value of the collateral or present value of expected future cash flow. The fair value of the collateral is based upon an observable market price or current appraised value and therefore, the Company classifies these assets as nonrecurring Level 3. A summary of the activity in the allowance for loan losses is as follows:
|  |  | December 31, |  | Charge- |  |  |  |  |  |  | December 31,
(In thousands) |  |  | 2013 |  | Offs |  | Recoveries |  | Provision |  |  | 2014
Commercial and industrial |  |  | $ | 3,139 |  |  | $ | — |  |  | $ | 41 |  |  | $ | 335 |  |  |  | $ | 3,515 |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 3,064 |  |  |  | — |  |  |  | 222 |  |  |  | (226 | ) |  |  |  | 3,060 |
Construction |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | — |
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 4,375 |  |  |  | 76 |  |  |  | 30 |  |  |  | (313 | ) |  |  |  | 4,016 |
Construction |  |  |  | 124 |  |  |  | — |  |  |  | — |  |  |  | 16 |  |  |  |  | 140 |
Industrial Revenue Bond |  |  |  | 155 |  |  |  | — |  |  |  | — |  |  |  | 239 |  |  |  |  | 394 |
Other |  |  |  | 822 |  |  |  | 3 |  |  |  | 1 |  |  |  | (51 | ) |  |  |  | 769 |
Total |  |  | $ | 11,679 |  |  | $ | 79 |  |  | $ | 294 |  |  | $ | — |  |  |  | $ | 11,894 |
As of December 31, 2014 there were no loans to affiliates of executive officers or directors.

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