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Credit Quality and Allowance for Loan Losses | 6 Months Ended
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Jun. 30, 2012
Credit Quality and Allowance for Loan Losses [Abstract] |
Credit Quality and Allowance for Loan Losses | 5. Credit Quality and Allowance for Loan Losses The allowance for loan losses and recorded investment in loans as of the dates indicated are as follows.
|  | As of June 30, 2012 |
(dollars in thousands) |  | Collectively Evaluated for Impairment |  |  | Individually Evaluated for Impairment |  |  | Loans Acquired with Deteriorated Credit Quality |  |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 756 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 802 |
Home equity loans and lines |  |  | 336 |  |  |  | — |  |  |  | — |  |  |  | 336 |
Commercial real estate |  |  | 1,929 |  |  |  | 89 |  |  |  | — |  |  |  | 2,018 |
Construction and land |  |  | 702 |  |  |  | 135 |  |  |  | — |  |  |  | 837 |
Multi-family residential |  |  | 103 |  |  |  | — |  |  |  | — |  |  |  | 103 |
Commercial and industrial |  |  | 792 |  |  |  | — |  |  |  | 50 |  |  |  | 842 |
Consumer |  |  | 376 |  |  |  | — |  |  |  | — |  |  |  | 376 |
Total allowance for loan losses |  | $ | 4,994 |  |  | $ | 270 |  |  | $ | 50 |  |  | $ | 5,314 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 160,749 |  |  | $ | 1,415 |  |  | $ | 11,063 |  |  | $ | 173,227 |
Home equity loans and lines |  |  | 37,441 |  |  |  | 77 |  |  |  | 4,017 |  |  |  | 41,535 |
Commercial real estate |  |  | 232,542 |  |  |  | 7,364 |  |  |  | 28,539 |  |  |  | 268,445 |
Construction and land |  |  | 59,781 |  |  |  | 2,130 |  |  |  | 4,131 |  |  |  | 66,042 |
Multi-family residential |  |  | 17,189 |  |  |  | 528 |  |  |  | 2,424 |  |  |  | 20,141 |
Commercial and industrial |  |  | 76,278 |  |  |  | 70 |  |  |  | 1,603 |  |  |  | 77,951 |
Consumer |  |  | 31,802 |  |  |  | — |  |  |  | 629 |  |  |  | 32,431 |
Total loans |  | $ | 615,782 |  |  | $ | 11,584 |  |  | $ | 52,406 |  |  | $ | 679,772 |
|  | As of December 31, 2011 |
(dollars in thousands) |  | Collectively Evaluated for Impairment |  |  | Individually Evaluated for Impairment |  |  | Loans Acquired with Deteriorated Credit Quality |  |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 706 |  |  | $ | 72 |  |  | $ | — |  |  | $ | 778 |
Home equity loans and lines |  |  | 321 |  |  |  | 15 |  |  |  | — |  |  |  | 336 |
Commercial real estate |  |  | 1,626 |  |  |  | 129 |  |  |  | — |  |  |  | 1,755 |
Construction and land |  |  | 708 |  |  |  | 196 |  |  |  | — |  |  |  | 904 |
Multi-family residential |  |  | 64 |  |  |  | — |  |  |  | — |  |  |  | 64 |
Commercial and industrial |  |  | 806 |  |  |  | 66 |  |  |  | 50 |  |  |  | 922 |
Consumer |  |  | 345 |  |  |  | — |  |  |  | — |  |  |  | 345 |
Total allowance for loan losses |  | $ | 4,576 |  |  | $ | 478 |  |  | $ | 50 |  |  | $ | 5,104 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 168,943 |  |  | $ | 1,090 |  |  | $ | 12,784 |  |  | $ | 182,817 |
Home equity loans and lines |  |  | 38,406 |  |  |  | 94 |  |  |  | 5,165 |  |  |  | 43,665 |
Commercial real estate |  |  | 190,553 |  |  |  | 2,249 |  |  |  | 34,197 |  |  |  | 226,999 |
Construction and land |  |  | 71,207 |  |  |  | 2,305 |  |  |  | 5,481 |  |  |  | 78,993 |
Multi-family residential |  |  | 16,392 |  |  |  | 529 |  |  |  | 3,204 |  |  |  | 20,125 |
Commercial and industrial |  |  | 78,495 |  |  |  | 136 |  |  |  | 4,350 |  |  |  | 82,981 |
Consumer |  |  | 29,529 |  |  |  | — |  |  |  | 1,262 |  |  |  | 30,791 |
Total loans |  | $ | 593,525 |  |  | $ | 6,403 |  |  | $ | 66,443 |  |  | $ | 666,371 |
A summary of the activity in the allowance for loan losses during the six months ended June 30, 2012 and June 30, 2011 is as follows.
|  | For the Six Months Ended June 30, 2012 |
(dollars in thousands) |  | Beginning Balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provision |  |  | Ending Balance |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 778 |  |  | $ | — |  |  | $ | — |  |  | $ | 24 |  |  | $ | 802 |
Home equity loans and lines |  |  | 336 |  |  |  | (15 | ) |  |  | 12 |  |  |  | 3 |  |  |  | 336 |
Commercial real estate |  |  | 1,755 |  |  |  | (1,452 | ) |  |  | — |  |  |  | 1,715 |  |  |  | 2,018 |
Construction and land |  |  | 904 |  |  |  | (151 | ) |  |  | — |  |  |  | 84 |  |  |  | 837 |
Multi-family residential |  |  | 64 |  |  |  | — |  |  |  | — |  |  |  | 39 |  |  |  | 103 |
Commercial and industrial |  |  | 922 |  |  |  | (55 | ) |  |  | 4 |  |  |  | (29 | ) |  |  | 842 |
Consumer |  |  | 345 |  |  |  | (11 | ) |  |  | 6 |  |  |  | 36 |  |  |  | 376 |
Total allowance for loan losses |  | $ | 5,104 |  |  | $ | (1,684 | ) |  | $ | 22 |  |  | $ | 1,872 |  |  | $ | 5,314 |
|  | For the Six Months Ended June 30, 2011 |
(dollars in thousands) |  | Beginning Balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provision |  |  | Ending Balance |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 641 |  |  | $ | — |  |  | $ | 10 |  |  | $ | (43 | ) |  | $ | 608 |
Home equity loans and lines |  |  | 296 |  |  |  | — |  |  |  | — |  |  |  | 13 |  |  |  | 309 |
Commercial real estate |  |  | 1,258 |  |  |  | — |  |  |  | 4 |  |  |  | 209 |  |  |  | 1,471 |
Construction and land |  |  | 666 |  |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | 659 |
Multi-family residential |  |  | 46 |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 47 |
Commercial and industrial |  |  | 746 |  |  |  | (244 | ) |  |  | 13 |  |  |  | 161 |  |  |  | 676 |
Consumer |  |  | 267 |  |  |  | (16 | ) |  |  | 3 |  |  |  | 33 |  |  |  | 287 |
Total allowance for loan losses |  | $ | 3,920 |  |  | $ | (260 | ) |  | $ | 30 |  |  | $ | 367 |  |  | $ | 4,057 |
On March 12, 2010, the Bank acquired certain assets and liabilities of the former Statewide Bank in a Federal Deposit Insurance Corporation (“FDIC”) assisted transaction. In connection with the transaction, Home Bank entered into loss sharing agreements with the FDIC which cover the acquired loan portfolio (“Covered Loans”) and repossessed assets (collectively referred to as “Covered Assets”). Under the terms of the loss sharing agreements, the FDIC will, subject to the terms and conditions of the agreements, absorb 80% of the first $41,000,000 of losses incurred on Covered Assets and 95% of losses on Covered Assets exceeding $41,000,000 during the periods specified in the loss sharing agreements. On July 15, 2011, the Company acquired GS Financial Corp. (“GSFC”), the former holding company of Guaranty Savings Bank of Metairie, Louisiana. Loans acquired in the transaction were accounted for under the purchase method of accounting. A portion of the GSFC loan portfolio was determined to have deteriorated credit quality and was recorded at their aggregate fair value of $6.2 million at the date of acquisition. Over the life of the loans acquired with deteriorated credit quality, the Company continues to estimate cash flows expected to be collected on individual loans or on pools of loans sharing common risk characteristics. The Company evaluates whether the present values of such loans have decreased and if so, a provision for loan loss is recognized. For any increases in cash flows expected to be collected, the Company adjusts the amount of accretable yield recognized on a prospective basis over the remaining life of the applicable pool of loans. Credit quality indicators on the Company’s loan portfolio, excluding loans acquired with deteriorated credit quality, as of the dates indicated are as follows.
|  | June 30, 2012 |
(dollars in thousands) |  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Total |
One- to four-family first mortgage |  | $ | 156,056 |  |  | $ | 2,365 |  |  | $ | 3,743 |  |  | $ | — |  |  | $ | 162,164 |
Home equity loans and lines |  |  | 36,773 |  |  |  | 209 |  |  |  | 536 |  |  |  | — |  |  |  | 37,518 |
Commercial real estate |  |  | 225,015 |  |  |  | 3,695 |  |  |  | 11,196 |  |  |  | — |  |  |  | 239,906 |
Construction and land |  |  | 58,518 |  |  |  | 651 |  |  |  | 2,742 |  |  |  | — |  |  |  | 61,911 |
Multi-family residential |  |  | 16,906 |  |  |  | 227 |  |  |  | 584 |  |  |  | — |  |  |  | 17,717 |
Commercial and industrial |  |  | 72,975 |  |  |  | 3,280 |  |  |  | 93 |  |  |  | — |  |  |  | 76,348 |
Consumer |  |  | 31,734 |  |  |  | 56 |  |  |  | 12 |  |  |  | — |  |  |  | 31,802 |
Total loans |  | $ | 597,977 |  |  | $ | 10,483 |  |  | $ | 18,906 |  |  | $ | — |  |  | $ | 627,366 |
|  | December 31, 2011 |
(dollars in thousands) |  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Total |
One- to four-family first mortgage |  | $ | 165,997 |  |  | $ | 2,595 |  |  | $ | 1,441 |  |  | $ | — |  |  | $ | 170,033 |
Home equity loans and lines |  |  | 37,849 |  |  |  | 320 |  |  |  | 331 |  |  |  | — |  |  |  | 38,500 |
Commercial real estate |  |  | 176,651 |  |  |  | 11,435 |  |  |  | 4,716 |  |  |  | — |  |  |  | 192,802 |
Construction and land |  |  | 69,537 |  |  |  | 1,595 |  |  |  | 2,380 |  |  |  | — |  |  |  | 73,512 |
Multi-family residential |  |  | 16,164 |  |  |  | 228 |  |  |  | 529 |  |  |  | — |  |  |  | 16,921 |
Commercial and industrial |  |  | 74,823 |  |  |  | 3,621 |  |  |  | 187 |  |  |  | — |  |  |  | 78,631 |
Consumer |  |  | 29,429 |  |  |  | 22 |  |  |  | 78 |  |  |  | — |  |  |  | 29,529 |
Total loans |  | $ | 570,450 |  |  | $ | 19,816 |  |  | $ | 9,662 |  |  | $ | — |  |  | $ | 599,928 |
The above classifications follow regulatory guidelines and can generally be described as follows:
• |  | Pass loans are of satisfactory quality.
• |  | Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities and possible reduction in the collateral values.
• |  | Substandard loans have an existing specific and well-defined weakness that may include poor liquidity and deterioration of financial performance. Such loans may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary.
• |  | Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable.
In addition, residential loans are classified using an inter-agency regulatory methodology that incorporates the extent of delinquencies and loan-to-value ratios. These classifications were the most current available as of the dates indicated and were generally updated within the quarter. Loans acquired with deteriorated credit quality are excluded from the schedule of credit quality indicators. Age analysis of past due loans, excluding loans acquired with deteriorated credit quality, as of the dates indicated is as follows.
|  | June 30, 2012 |
(dollars in thousands) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater Than 90 Days Past Due |  |  | Total Past Due |  |  | Current Loans |  |  | Total Loans |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 4,185 |  |  | $ | 986 |  |  | $ | 1,797 |  |  | $ | 6,968 |  |  | $ | 155,196 |  |  | $ | 162,164 |
Home equity loans and lines |  |  | 42 |  |  |  | — |  |  |  | 272 |  |  |  | 314 |  |  |  | 37,204 |  |  |  | 37,518 |
Commercial real estate |  |  | 271 |  |  |  | — |  |  |  | 7,797 |  |  |  | 8,068 |  |  |  | 231,838 |  |  |  | 239,906 |
Construction and land |  |  | 165 |  |  |  | — |  |  |  | 1,347 |  |  |  | 1,512 |  |  |  | 60,399 |  |  |  | 61,911 |
Multi-family residential |  |  | 921 |  |  |  | — |  |  |  | 584 |  |  |  | 1,505 |  |  |  | 16,212 |  |  |  | 17,717 |
Total real estate loans |  |  | 5,584 |  |  |  | 986 |  |  |  | 11,797 |  |  |  | 18,367 |  |  |  | 500,849 |  |  |  | 519,216 |
Other loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 308 |  |  |  | 75 |  |  |  | — |  |  |  | 383 |  |  |  | 75,965 |  |  |  | 76,348 |
Consumer |  |  | 104 |  |  |  | 92 |  |  |  | 12 |  |  |  | 208 |  |  |  | 31,594 |  |  |  | 31,802 |
Total other loans |  |  | 412 |  |  |  | 167 |  |  |  | 12 |  |  |  | 591 |  |  |  | 107,559 |  |  |  | 108,150 |
Total loans |  | $ | 5,996 |  |  | $ | 1,153 |  |  | $ | 11,809 |  |  | $ | 18,958 |  |  | $ | 608,408 |  |  | $ | 627,366 |
|  | December 31, 2011 |
(dollars in thousands) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater Than 90 Days Past Due |  |  | Total Past Due |  |  | Current Loans |  |  | Total Loans |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 3,740 |  |  | $ | 451 |  |  | $ | 2,053 |  |  | $ | 6,244 |  |  | $ | 163,789 |  |  | $ | 170,033 |
Home equity loans and lines |  |  | 242 |  |  |  | — |  |  |  | 171 |  |  |  | 413 |  |  |  | 38,087 |  |  |  | 38,500 |
Commercial real estate |  |  | 1,384 |  |  |  | 704 |  |  |  | 1,862 |  |  |  | 3,950 |  |  |  | 188,852 |  |  |  | 192,802 |
Construction and land |  |  | 1,376 |  |  |  | 13 |  |  |  | 812 |  |  |  | 2,201 |  |  |  | 71,311 |  |  |  | 73,512 |
Multi-family residential |  |  | 944 |  |  |  | — |  |  |  | 707 |  |  |  | 1,651 |  |  |  | 15,270 |  |  |  | 16,921 |
Total real estate loans |  |  | 7,686 |  |  |  | 1,168 |  |  |  | 5,605 |  |  |  | 14,459 |  |  |  | 477,309 |  |  |  | 491,768 |
Other loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 309 |  |  |  | 95 |  |  |  | — |  |  |  | 404 |  |  |  | 78,227 |  |  |  | 78,631 |
Consumer |  |  | 216 |  |  |  | 38 |  |  |  | 50 |  |  |  | 304 |  |  |  | 29,225 |  |  |  | 29,529 |
Total other loans |  |  | 525 |  |  |  | 133 |  |  |  | 50 |  |  |  | 708 |  |  |  | 107,452 |  |  |  | 108,160 |
Total loans |  | $ | 8,211 |  |  | $ | 1,301 |  |  | $ | 5,655 |  |  | $ | 15,167 |  |  | $ | 584,761 |  |  | $ | 599,928 |
Excluding acquired loans, as of June 30, 2012 and December 31, 2011, the Company did not have any loans greater than 90 days past due and accruing. The following is a summary of information pertaining to impaired loans excluding acquired loans as of the dates indicated.
|  | For the Six Months Ended June 30, 2012 |
(dollars in thousands) |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 1,044 |  |  | $ | 1,044 |  |  | $ | — |  |  | $ | 829 |  |  | $ | 28 |
Home equity loans and lines |  |  | 77 |  |  |  | 77 |  |  |  | — |  |  |  | 78 |  |  |  | 2 |
Commercial real estate |  |  | 7,221 |  |  |  | 7,221 |  |  |  | — |  |  |  | 2,329 |  |  |  | 92 |
Construction and land |  |  | 1,001 |  |  |  | 1,001 |  |  |  | — |  |  |  | 546 |  |  |  | 29 |
Multi-family residential |  |  | 528 |  |  |  | 528 |  |  |  | — |  |  |  | 528 |  |  |  | — |
Commercial and industrial |  |  | 70 |  |  |  | 70 |  |  |  | — |  |  |  | 60 |  |  |  | 1 |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 9,941 |  |  | $ | 9,941 |  |  | $ | — |  |  | $ | 4,370 |  |  | $ | 152 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 371 |  |  | $ | 371 |  |  | $ | 46 |  |  | $ | 522 |  |  | $ | 12 |
Home equity loans and lines |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |
Commercial real estate |  |  | 143 |  |  |  | 143 |  |  |  | 89 |  |  |  | 447 |  |  |  | — |
Construction and land |  |  | 1,129 |  |  |  | 1,129 |  |  |  | 135 |  |  |  | 1,469 |  |  |  | 22 |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial and industrial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 55 |  |  |  | — |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 1,643 |  |  | $ | 1,643 |  |  | $ | 270 |  |  | $ | 2,499 |  |  | $ | 34 |
Total impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 1,415 |  |  | $ | 1,415 |  |  | $ | 46 |  |  | $ | 1,351 |  |  | $ | 40 |
Home equity loans and lines |  |  | 77 |  |  |  | 77 |  |  |  | — |  |  |  | 84 |  |  |  | 2 |
Commercial real estate |  |  | 7,364 |  |  |  | 7,364 |  |  |  | 89 |  |  |  | 2,776 |  |  |  | 92 |
Construction and land |  |  | 2,130 |  |  |  | 2,130 |  |  |  | 135 |  |  |  | 2,015 |  |  |  | 51 |
Multi-family residential |  |  | 528 |  |  |  | 528 |  |  |  | — |  |  |  | 528 |  |  |  | — |
Commercial and industrial |  |  | 70 |  |  |  | 70 |  |  |  | — |  |  |  | 115 |  |  |  | 1 |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 11,584 |  |  | $ | 11,584 |  |  | $ | 270 |  |  | $ | 6,869 |  |  | $ | 186 |
|  | For the Year Ended December 31, 2011 |
(dollars in thousands) |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 540 |  |  | $ | 540 |  |  | $ | — |  |  | $ | 745 |  |  | $ | 28 |
Home equity loans and lines |  |  | 79 |  |  |  | 79 |  |  |  | — |  |  |  | 58 |  |  |  | 3 |
Commercial real estate |  |  | 1,747 |  |  |  | 1,747 |  |  |  | — |  |  |  | 996 |  |  |  | 60 |
Construction and land |  |  | 734 |  |  |  | 734 |  |  |  | — |  |  |  | 672 |  |  |  | 40 |
Multi-family residential |  |  | 529 |  |  |  | 529 |  |  |  | — |  |  |  | 41 |  |  |  | 25 |
Commercial and industrial |  |  | 70 |  |  |  | 70 |  |  |  | — |  |  |  | 55 |  |  |  | 4 |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 3,699 |  |  | $ | 3,699 |  |  | $ | — |  |  | $ | 2,567 |  |  | $ | 160 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 550 |  |  | $ | 550 |  |  | $ | 72 |  |  | $ | 78 |  |  | $ | 38 |
Home equity loans and lines |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 10 |  |  |  | 1 |
Commercial real estate |  |  | 501 |  |  |  | 501 |  |  |  | 129 |  |  |  | 301 |  |  |  | 14 |
Construction and land |  |  | 1,572 |  |  |  | 1,572 |  |  |  | 196 |  |  |  | 510 |  |  |  | 88 |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25 |  |  |  | — |
Commercial and industrial |  |  | 66 |  |  |  | 66 |  |  |  | 66 |  |  |  | 130 |  |  |  | 3 |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | — |
Total |  | $ | 2,704 |  |  | $ | 2,704 |  |  | $ | 478 |  |  | $ | 1,056 |  |  | $ | 144 |
Total impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 1,090 |  |  | $ | 1,090 |  |  | $ | 72 |  |  | $ | 823 |  |  | $ | 66 |
Home equity loans and lines |  |  | 94 |  |  |  | 94 |  |  |  | 15 |  |  |  | 68 |  |  |  | 4 |
Commercial real estate |  |  | 2,249 |  |  |  | 2,249 |  |  |  | 129 |  |  |  | 1,297 |  |  |  | 74 |
Construction and land |  |  | 2,305 |  |  |  | 2,305 |  |  |  | 196 |  |  |  | 1,182 |  |  |  | 128 |
Multi-family residential |  |  | 529 |  |  |  | 529 |  |  |  | — |  |  |  | 66 |  |  |  | 25 |
Commercial and industrial |  |  | 136 |  |  |  | 136 |  |  |  | 66 |  |  |  | 185 |  |  |  | 7 |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | — |
Total |  | $ | 6,403 |  |  | $ | 6,403 |  |  | $ | 478 |  |  | $ | 3,623 |  |  | $ | 304 |
A summary of information pertaining to nonaccrual Noncovered Loans as of dates indicated is as follows.
(dollars in thousands) |  | June 30, 2012 |  |  | December 31, 2011 |
Nonaccrual loans (1): |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 2,977 |  |  | $ | 4,298 |
Home equity loans and lines |  |  | 272 |  |  |  | 191 |
Commercial real estate |  |  | 9,658 |  |  |  | 4,194 |
Construction and land |  |  | 1,470 |  |  |  | 813 |
Multi-family residential |  |  | 1,383 |  |  |  | 1,322 |
Commercial and industrial |  |  | 70 |  |  |  | 139 |
Consumer |  |  | 12 |  |  |  | 50 |
Total |  | $ | 15,842 |  |  | $ | 11,007 |
(1) | Includes $8.8 million and $7.2 million in acquired loans from GSFC as of June 30, 2012 and December 31, 2011, respectively.
As of June 30, 2012, the Company was not committed to lend additional funds to any customer whose loan was classified as impaired. Troubled Debt Restructurings During the course of its lending operations, the Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and to minimize risk of loss. These concessions may include restructuring the terms of a customer loan to alleviate the burden of the customer’s near-term cash requirements. Effective January 1, 2011, the Company adopted the provisions of ASU No. 2011-02, Receivables (Topic 310): A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring, which provides clarification on the determination of whether loan restructurings are considered troubled debt restructurings (“TDRs”). In accordance with the ASU, in order to be considered a TDR, the Company must conclude that the restructuring of a loan to a borrower who is experiencing financial difficulties constitutes a “concession”. The Company defines a concession as a modification of existing terms granted to a borrower for economic or legal reasons related to the borrower’s financial difficulties that the Company would otherwise not consider. The concession is either granted through an agreement with the customer or is imposed by a court or law. Concessions include modifying original loan terms to reduce or defer cash payments required as part of the loan agreement, including but not limited to:
• |  | a reduction of the stated interest rate for the remaining original life of the debt,
• |  | an extension of the maturity date or dates at an interest rate lower than the current market rate for new debt with similar risk characteristics,
• |  | a reduction of the face amount or maturity amount of the debt, or
• |  | a reduction of accrued interest receivable on the debt.
In its determination of whether the customer is experiencing financial difficulties, the Company considers numerous indicators, including, but not limited to:
• |  | whether the customer is currently in default on its existing loan, or is in an economic position where it is probable the customer will be in default on its loan in the foreseeable future without a modification,
• |  | whether the customer has declared or is in the process of declaring bankruptcy,
• |  | whether there is substantial doubt about the customer’s ability to continue as a going concern,
• |  | whether, based on its projections of the customer’s current capabilities, the Company believes the customer’s future cash flows will be insufficient to service the debt, including interest, in accordance with the contractual terms of the existing agreement for the foreseeable future, and
• |  | whether, without modification, the customer cannot obtain sufficient funds from other sources at an effective interest rate equal to the current market rate for similar debt for a non-troubled debtor.
If the Company concludes that both a concession has been granted and the concession was granted to a customer experiencing financial difficulties, the Company identifies the loan as a TDR. For purposes of the determination of an allowance for loan losses on TDRs, such loans are reviewed for specific impairment in accordance with the Company’s allowance for loan loss methodology. If it is determined that losses are probable on such TDRs, either because of delinquency or other credit quality indicators, the Company specifically allocates a portion of the allowance for loan losses to these loans. Information about the Company’s TDRs is presented in the following tables.
|  | As of June 30, 2012 |
(dollars in thousands) |  | Current |  |  | Past Due Greater Than 30 Days |  |  | Nonaccrual TDRs |  |  | Total TDRs |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | 303 |  |  | $ | — |  |  | $ | — |  |  | $ | 303 |
Home equity loans and lines |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial real estate |  |  | 308 |  |  |  | — |  |  |  | 1,274 |  |  |  | 1,582 |
Construction and land |  |  | 191 |  |  |  | — |  |  |  | — |  |  |  | 191 |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | 678 |  |  |  | 678 |
Total real estate loans |  |  | 802 |  |  |  | — |  |  |  | 1,952 |  |  |  | 2,754 |
Other loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 12 |
Consumer |  |  | 37 |  |  |  | — |  |  |  | — |  |  |  | 37 |
Total other loans |  |  | 49 |  |  |  | — |  |  |  | — |  |  |  | 49 |
Total loans |  | $ | 851 |  |  | $ | — |  |  | $ | 1,952 |  |  | $ | 2,803 |
|  | As of December 31, 2011 |
(dollars in thousands) |  | Current |  |  | Past Due Greater Than 30 Days |  |  | Nonaccrual TDRs |  |  | Total TDRs |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family first mortgage |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Home equity loans and lines |  |  | 15 |  |  |  | — |  |  |  | — |  |  |  | 15 |
Commercial real estate |  |  | 319 |  |  |  | — |  |  |  | 117 |  |  |  | 436 |
Construction and land |  |  | 198 |  |  |  | — |  |  |  | — |  |  |  | 198 |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total real estate loans |  |  | 532 |  |  |  | — |  |  |  | 117 |  |  |  | 649 |
Other loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | 22 |
Consumer |  |  | 44 |  |  |  | — |  |  |  | — |  |  |  | 44 |
Total other loans |  |  | 66 |  |  |  | — |  |  |  | — |  |  |  | 66 |
Total loans |  | $ | 598 |  |  | $ | — |  |  | $ | 117 |  |  | $ | 715 |
None of the TDRs defaulted subsequent to the restructuring through the date the financial statements were issued. The Company restructured as TDRs three loans totaling $2.3 million during the second quarter of 2012.

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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 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 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=7512638&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 11 -URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5162-111524 Reference 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 13 -Subparagraph d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: 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=7512638&loc=d3e5066-111524 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 + Details
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