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Loans and Allowance for Credit Losses | 12 Months Ended
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Dec. 31, 2014
Receivables [Abstract] |
Loans and Allowance for Credit Losses | Changes in the allowance for credit losses were as follows (in thousands):
|  | Years Ended December 31,
|  | 2014 |  | 2013 |  | 2012
Balance, beginning of year |  | $ | 9,208 |  |  | $ | 10,133 |  |  | $ | 11,396 |
Provision charged to operations |  | 7,985 |  |  | — |  |  | 700 |
Losses charged to allowance |  | (9,834 | ) |  | (1,446 | ) |  | (2,850 | )
Recoveries |  | 949 |  |  | 521 |  |  | 887 |
Balance, end of year |  | $ | 8,308 |  |  | $ | 9,208 |  |  | $ | 10,133 |
The following table shows the summary of activities for the allowance for credit losses as of and for the years ended December 31, 2014 and 2013 by portfolio segment (in thousands):
|  | Commercial |  | Real Estate |  | Consumer |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, January 1, 2014 |  | $ | 2,444 |  |  | $ | 5,174 |  |  | $ | 1,168 |  |  | $ | 422 |  |  | $ | 9,208 |
Provision charged to operations |  | 9,660 |  |  | (1,447 | ) |  | 152 |  |  | (380 | ) |  | 7,985 |
Losses charged to allowance |  | (9,145 | ) |  | (183 | ) |  | (506 | ) |  | — |  |  | (9,834 | )
Recoveries |  | 171 |  |  | 514 |  |  | 264 |  |  | — |  |  | 949 |
Ending balance, December 31, 2014 |  | $ | 3,130 |  |  | $ | 4,058 |  |  | $ | 1,078 |  |  | $ | 42 |  |  | $ | 8,308 |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, January 1, 2013 |  | $ | 2,676 |  |  | $ | 5,877 |  |  | $ | 1,541 |  |  | $ | 39 |  |  | $ | 10,133 |
Provision charged to operations |  | 166 |  |  | (434 | ) |  | (115 | ) |  | 383 |  |  | — |
Losses charged to allowance |  | (713 | ) |  | (285 | ) |  | (448 | ) |  | — |  |  | (1,446 | )
Recoveries |  | 315 |  |  | 16 |  |  | 190 |  |  | — |  |  | 521 |
Ending balance, December 31, 2013 |  | $ | 2,444 |  |  | $ | 5,174 |  |  | $ | 1,168 |  |  | $ | 422 |  |  | $ | 9,208 |
The following is a summary of the allowance for credit losses by impairment methodology and portfolio segment as of December 31, 2014 and December 31, 2013 (in thousands):
|  | Commercial |  | Real Estate |  | Consumer |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance, December 31, 2014 |  | $ | 3,130 |  |  | $ | 4,058 |  |  | $ | 1,078 |  |  | $ | 42 |  |  | $ | 8,308 |
Ending balance: individually evaluated for impairment |  | $ | 230 |  |  | $ | 162 |  |  | $ | 220 |  |  | $ | — |  |  | $ | 612 |
Ending balance: collectively evaluated for impairment |  | $ | 2,900 |  |  | $ | 3,896 |  |  | $ | 858 |  |  | $ | 42 |  |  | $ | 7,696 |
Ending balance, December 31, 2013 |  | $ | 2,444 |  |  | $ | 5,174 |  |  | $ | 1,168 |  |  | $ | 422 |  |  | $ | 9,208 |
Ending balance: individually evaluated for impairment |  | $ | 469 |  |  | $ | 465 |  |  | $ | 73 |  |  | $ | — |  |  | $ | 1,007 |
Ending balance: collectively evaluated for impairment |  | $ | 1,975 |  |  | $ | 4,709 |  |  | $ | 1,095 |  |  | $ | 422 |  |  | $ | 8,201 |
The table above excludes the recorded investment in loans acquired with deteriorated quality of $2,465,000 with no allowance at December 31, 2013. There are no such loans at December 31, 2014. The following table shows the ending balances of loans as of December 31, 2014 and December 31, 2013 by portfolio segment and by impairment methodology (in thousands):
|  | Commercial |  | Real Estate |  | Consumer |  | Total
Loans: |  |  |  |  |  |  |  |  |  |  |  |
Ending balance, December 31, 2014 |  | $ | 128,147 |  |  | $ | 386,627 |  |  | $ | 57,668 |  |  | $ | 572,442 |
Ending balance: individually evaluated for impairment |  | $ | 7,268 |  |  | $ | 8,512 |  |  | $ | 3,046 |  |  | $ | 18,826 |
Ending balance: collectively evaluated for impairment |  | $ | 120,879 |  |  | $ | 378,115 |  |  | $ | 54,622 |  |  | $ | 553,616 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |
Ending balance, December 31, 2013 |  | $ | 118,731 |  |  | $ | 333,939 |  |  | $ | 59,846 |  |  | $ | 512,516 |
Ending balance: individually evaluated for impairment |  | $ | 1,527 |  |  | $ | 9,540 |  |  | $ | 2,290 |  |  | $ | 13,357 |
Ending balance: collectively evaluated for impairment |  | $ | 117,204 |  |  | $ | 324,399 |  |  | $ | 57,556 |  |  | $ | 499,159 |
The following table shows the loan portfolio by class allocated by management’s internal risk ratings at December 31, 2014 (in thousands):
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 78,333 |  |  | $ | 2,345 |  |  | $ | 8,329 |  |  | $ | — |  |  | $ | 89,007 |
Agricultural land and production |  | 39,140 |  |  | — |  |  | — |  |  | — |  |  | 39,140 |
Real Estate: |  |  |  |  |  |  |  |  |  |
Owner occupied |  | 170,568 |  |  | 2,778 |  |  | 3,458 |  |  | — |  |  | 176,804 |
Real estate construction and other land loans |  | 32,114 |  |  | 1,130 |  |  | 5,679 |  |  | — |  |  | 38,923 |
Commercial real estate |  | 95,831 |  |  | 215 |  |  | 10,742 |  |  | — |  |  | 106,788 |
Agricultural real estate |  | 55,018 |  |  | 2,123 |  |  | 360 |  |  | — |  |  | 57,501 |
Other real estate |  | 6,611 |  |  | — |  |  | — |  |  | — |  |  | 6,611 |
Consumer: |  |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 42,334 |  |  | 72 |  |  | 5,169 |  |  | — |  |  | 47,575 |
Consumer and installment |  | 10,072 |  |  | — |  |  | 21 |  |  | — |  |  | 10,093 |
Total |  | $ | 530,021 |  |  | $ | 8,663 |  |  | $ | 33,758 |  |  | $ | — |  |  | $ | 572,442 |
The following table shows the loan portfolio by class allocated by management’s internally assigned risk grade ratings at December 31, 2013 (in thousands):
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 81,732 |  |  | $ | 2,244 |  |  | $ | 3,106 |  |  | $ | — |  |  | $ | 87,082 |
Agricultural land and production |  | 31,649 |  |  | — |  |  | — |  |  | — |  |  | 31,649 |
Real Estate: |  |  |  |  |  |  |  |  |  |
Owner occupied |  | 144,082 |  |  | 5,229 |  |  | 7,470 |  |  | — |  |  | 156,781 |
Real estate construction and other land loans |  | 31,776 |  |  | 3,959 |  |  | 6,594 |  |  | — |  |  | 42,329 |
Commercial real estate |  | 77,589 |  |  | 3,718 |  |  | 4,810 |  |  | — |  |  | 86,117 |
Agricultural real estate |  | 42,151 |  |  | 2,013 |  |  | — |  |  | — |  |  | 44,164 |
Other real estate |  | 4,548 |  |  | — |  |  | — |  |  | — |  |  | 4,548 |
Consumer: |  |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 41,999 |  |  | 2,400 |  |  | 4,195 |  |  | — |  |  | 48,594 |
Consumer and installment |  | 10,946 |  |  | 46 |  |  | 260 |  |  | — |  |  | 11,252 |
Total |  | $ | 466,472 |  |  | $ | 19,609 |  |  | $ | 26,435 |  |  | $ | — |  |  | $ | 512,516 |
The following table shows an aging analysis of the loan portfolio by class and the time past due at December 31, 2014 (in thousands):
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 90 Days Past Due |  | Total Past Due |  | Current |  | Total Loans |  | Recorded Investment > 90 Days Accruing |  | Non-accrual
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 172 |  |  | $ | 88 |  |  | $ | — |  |  | $ | 260 |  |  | $ | 88,747 |  |  | $ | 89,007 |  |  | $ | — |  |  | $ | 7,265 |
Agricultural land and production |  | — |  |  | — |  |  | — |  |  | — |  |  | 39,140 |  |  | 39,140 |  |  | — |  |  | — |
Real estate: |  | — |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |
Owner occupied |  | 164 |  |  | — |  |  | 249 |  |  | 413 |  |  | 176,391 |  |  | 176,804 |  |  | — |  |  | 1,363 |
Real estate construction and other land loans |  | 547 |  |  | — |  |  | — |  |  | 547 |  |  | 38,376 |  |  | 38,923 |  |  | — |  |  | 547 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 106,788 |  |  | 106,788 |  |  | — |  |  | 1,468 |
Agricultural real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 57,501 |  |  | 57,501 |  |  | — |  |  | 360 |
Other real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,611 |  |  | 6,611 |  |  | — |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |
Equity loans and lines of credit |  | — |  |  | — |  |  | 227 |  |  | 227 |  |  | 47,348 |  |  | 47,575 |  |  | — |  |  | 3,030 |
Consumer and installment |  | 30 |  |  | — |  |  | — |  |  | 30 |  |  | 10,063 |  |  | 10,093 |  |  | — |  |  | 19 |
Total |  | $ | 913 |  |  | $ | 88 |  |  | $ | 476 |  |  | $ | 1,477 |  |  | $ | 570,965 |  |  | $ | 572,442 |  |  | $ | — |  |  | $ | 14,052 |
The following table shows an aging analysis of the loan portfolio by class and the time past due at December 31, 2013 (in thousands):
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 90 Days Past Due |  | Total Past Due |  | Current |  | Total Loans |  | Recorded Investment > 90 Days Accruing |  | Non- accrual
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 274 |  |  | $ | 236 |  |  | $ | — |  |  | $ | 510 |  |  | $ | 86,572 |  |  | $ | 87,082 |  |  | $ | — |  |  | $ | 1,527 |
Agricultural land and production |  | — |  |  | — |  |  | — |  |  | — |  |  | 31,649 |  |  | 31,649 |  |  | — |  |  | — |
Real estate: |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |
Owner occupied |  | 1,272 |  |  | 134 |  |  | 418 |  |  | 1,824 |  |  | 154,957 |  |  | 156,781 |  |  | — |  |  | 2,161 |
Real estate construction and other land loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,329 |  |  | 42,329 |  |  | — |  |  | 1,450 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 86,117 |  |  | 86,117 |  |  | — |  |  | 158 |
Agricultural real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 44,164 |  |  | 44,164 |  |  | — |  |  | — |
Other real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,548 |  |  | 4,548 |  |  | — |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |
Equity loans and lines of credit |  | 10 |  |  | 147 |  |  | 252 |  |  | 409 |  |  | 48,185 |  |  | 48,594 |  |  | — |  |  | 2,286 |
Consumer and installment |  | 86 |  |  | — |  |  | — |  |  | 86 |  |  | 11,166 |  |  | 11,252 |  |  | — |  |  | 4 |
Total |  | $ | 1,642 |  |  | $ | 517 |  |  | $ | 670 |  |  | $ | 2,829 |  |  | $ | 509,687 |  |  | $ | 512,516 |  |  | $ | — |  |  | $ | 7,586 |
The following table shows information related to impaired loans by class at December 31, 2014 (in thousands):
|  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance recorded: |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 6,440 |  |  | $ | 9,991 |  |  | $ | — |
Agricultural land and production |  | — |  |  | 1,722 |  |  | — |
Total commercial |  | 6,440 |  |  | 11,713 |  |  | — |
Real estate: |  |  |  |  |  |  |  |  |
Owner occupied |  | 1,188 |  |  | 1,255 |  |  | — |
Real estate construction and other land loans |  | 547 |  |  | 799 |  |  | — |
Commercial real estate |  | 1,794 |  |  | 1,794 |  |  | — |
Agricultural real estate |  | 360 |  |  | 360 |  |  | — |
Other real estate |  | — |  |  | — |  |  | — |
Total real estate |  | 3,889 |  |  | 4,208 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 2,019 |  |  | 2,707 |  |  | — |
Consumer and installment |  | — |  |  | — |  |  | — |
Total consumer |  | 2,019 |  |  | 2,707 |  |  | — |
Total with no related allowance recorded |  | 12,348 |  |  | 18,628 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 828 |  |  | 835 |  |  | 230 |
Agricultural land and production |  | — |  |  | — |  |  | — |
Total commercial |  | 828 |  |  | 835 |  |  | 230 |
Real estate: |  |  |  |  |  |  |  |  |
Owner occupied |  | 199 |  |  | 219 |  |  | 30 |
Real estate construction and other land loans |  | 3,542 |  |  | 3,542 |  |  | 72 |
Commercial real estate |  | 882 |  |  | 1,022 |  |  | 60 |
Agricultural real estate |  | — |  |  | — |  |  | — |
Other real estate |  | — |  |  | — |  |  | — |
Total real estate |  | 4,623 |  |  | 4,783 |  |  | 162 |
Consumer: |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 1,008 |  |  | 1,026 |  |  | 217 |
Consumer and installment |  | 19 |  |  | 21 |  |  | 3 |
Total consumer |  | 1,027 |  |  | 1,047 |  |  | 220 |
Total with an allowance recorded |  | 6,478 |  |  | 6,665 |  |  | 612 |
Total |  | $ | 18,826 |  |  | $ | 25,293 |  |  | $ | 612 |
The recorded investment in loans excludes accrued interest receivable and net loan origination fees, due to immateriality. The following table shows information related to impaired loans by class at December 31, 2013 (in thousands):
|  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance recorded: |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 350 |  |  | $ | 385 |  |  | $ | — |
Agricultural land and production |  | — |  |  | — |  |  | — |
Total commercial |  | 350 |  |  | 385 |  |  | — |
Real estate: |  |  |  |  |  |  |  |  |
Owner occupied |  | 3,160 |  |  | 4,159 |  |  | — |
Real estate construction and other land loans |  | 1,449 |  |  | 2,136 |  |  | — |
Commercial real estate |  | 502 |  |  | 891 |  |  | — |
Agricultural real estate |  | — |  |  | — |  |  | — |
Other real estate |  | — |  |  | — |  |  | — |
Total real estate |  | 5,111 |  |  | 7,186 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 2,029 |  |  | 2,826 |  |  | — |
Consumer and installment |  | 4 |  |  | 5 |  |  | — |
Total consumer |  | 2,033 |  |  | 2,831 |  |  | — |
Total with no related allowance recorded |  | 7,494 |  |  | 10,402 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 1,177 |  |  | 1,222 |  |  | 469 |
Agricultural land and production |  | — |  |  | — |  |  | — |
Total commercial |  | 1,177 |  |  | 1,222 |  |  | 469 |
Real estate: |  |  |  |  |  |  |  |  |
Owner occupied |  | 385 |  |  | 425 |  |  | 3 |
Real estate construction and other land loans |  | 4,044 |  |  | 4,044 |  |  | 462 |
Commercial real estate |  | — |  |  | — |  |  | — |
Agricultural real estate |  | — |  |  | — |  |  | — |
Other real estate |  | — |  |  | — |  |  | — |
Total real estate |  | 4,429 |  |  | 4,469 |  |  | 465 |
Consumer: |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 257 |  |  | 264 |  |  | 73 |
Consumer and installment |  | — |  |  | — |  |  | — |
Total consumer |  | 257 |  |  | 264 |  |  | 73 |
Total with an allowance recorded |  | 5,863 |  |  | 5,955 |  |  | 1,007 |
Total |  | $ | 13,357 |  |  | $ | 16,357 |  |  | $ | 1,007 |
The recorded investment in loans excludes accrued interest receivable and net loan origination fees, due to immateriality. The following presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the years ended December 31, 2014, 2013, and 2012 (in thousands):
|  | Year Ended December 31, 2014 |  | Year Ended December 31, 2013 |  | Year Ended December 31, 2012
|  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 638 |  |  | $ | — |  |  | $ | 329 |  |  | $ | — |  |  | $ | 952 |  |  | $ | — |
Total commercial |  | 638 |  |  | — |  |  | 329 |  |  | — |  |  | 952 |  |  | — |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | 2,063 |  |  | 2 |  |  | 2,321 |  |  | — |  |  | 1,053 |  |  | — |
Real estate construction and other land loans |  | 1,276 |  |  | 24 |  |  | 2,342 |  |  | — |  |  | 4,933 |  |  | — |
Commercial real estate |  | 574 |  |  | — |  |  | 279 |  |  | — |  |  | 301 |  |  | — |
Agricultural real estate |  | 28 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total real estate |  | 3,941 |  |  | 26 |  |  | 4,942 |  |  | — |  |  | 6,287 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 1,826 |  |  | — |  |  | 1,998 |  |  | — |  |  | 1,561 |  |  | — |
Consumer and installment |  | 8 |  |  | — |  |  | 9 |  |  | — |  |  | 6 |  |  | — |
Total consumer |  | 1,834 |  |  | — |  |  | 2,007 |  |  | — |  |  | 1,567 |  |  | — |
Total with no related allowance recorded |  | 6,413 |  |  | 26 |  |  | 7,278 |  |  | — |  |  | 8,806 |  |  | — |
|  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With an allowance recorded: |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  | 1,624,000 |  |  | 178,000 |  |  | 721,000 |  |  | — |  |  | 721,000 |  |  | — |
Commercial and industrial |  | 423 |  |  | — |  |  | 1,309 |  |  | 111 |  |  | 1,581 |  |  | 226 |
Total commercial |  | 423 |  |  | — |  |  | 1,309 |  |  | 111 |  |  | 1,581 |  |  | 226 |
Real estate: |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Owner occupied |  | 264 |  |  | — |  |  | 997 |  |  | 86 |  |  | 633 |  |  | — |
Real estate construction and other land loans |  | 3,782 |  |  | 267 |  |  | 4,295 |  |  | 329 |  |  | 6,490 |  |  | 375 |
Commercial real estate |  | 214 |  |  | 55 |  |  | — |  |  | 47 |  |  | 145 |  |  | — |
Total real estate |  | 4,260 |  |  | 322 |  |  | 5,292 |  |  | 462 |  |  | 7,268 |  |  | 375 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 303 |  |  | — |  |  | 489 |  |  | — |  |  | 600 |  |  | — |
Consumer and installment |  | 27 |  |  | — |  |  | — |  |  | — |  |  | 37 |  |  | — |
Total consumer |  | 330 |  |  | — |  |  | 489 |  |  | — |  |  | 637 |  |  | — |
Total with an allowance recorded |  | 5,013 |  |  | 322 |  |  | 7,090 |  |  | 573 |  |  | 9,486 |  |  | 601 |
Total |  | $ | 11,426 |  |  | $ | 348 |  |  | $ | 14,368 |  |  | $ | 573 |  |  | $ | 18,292 |  |  | $ | 601 |
Foregone interest on nonaccrual loans totaled $716,000, $661,000, and $693,000 for the years ended December 31, 2014, 2013, and 2012, respectively. Interest income recognized on cash basis during the years presented above was not considered significant for financial reporting purposes. Troubled Debt Restructurings: As of December 31, 2014 and 2013, the Company has a recorded investment in troubled debt restructurings of $6,600,000 and, $10,366,000, respectively. The Company has allocated $132,000 and $946,000 of specific reserves for those loans at December 31, 2014 and 2013, respectively. The Company has committed to lend no additional amounts as of December 31, 2014 to customers with outstanding loans that are classified as troubled debt restructurings. For the years ended December 31, 2014 and 2013 the terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk. During the same periods, there were no troubled debt restructurings in which the amount of principal or accrued interest owed from the borrower were forgiven. The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended December 31, 2014 (in thousands):
Troubled Debt Restructurings: |  | Number of Loans |  | Pre-Modification Outstanding Recorded Investment (1) |  | Principal Modification |  | Post Modification Outstanding Recorded Investment (2) |  | Outstanding Recorded Investment
Commercial: |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 1 |  |  | $ | 25 |  |  | $ | — |  |  | $ | 25 |  |  | $ | 25 |
Consumer: |  |  |  |  |  |  |  |  |  |
Equity loans and line of credit |  | 1 |  |  | 7 |  |  | — |  |  | 7 |  |  | 4 |
Total |  | 2 |  |  | $ | 32 |  |  | $ | — |  |  | $ | 32 |  |  | $ | 29 |
(1) | Amounts represent the recorded investment in loans before recognizing effects of the TDR, if any.
(2) | Balance outstanding after principal modification, if any borrower reduction to recorded investment.
The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended December 31, 2013 (in thousands):
Troubled Debt Restructurings: |  | Number of Loans |  | Pre-Modification Outstanding Recorded Investment (1) |  | Principal Modification |  | Post Modification Outstanding Recorded Investment (2) |  | Outstanding Recorded Investment
Real Estate: |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | 1 |  |  | $ | 620 |  |  | $ | — |  |  | $ | 620 |  |  | $ | 344 |
(1) | Amounts represent the recorded investment in loans before recognizing effects of the TDR, if any.
(2) | Balance outstanding after principal modification, if any borrower reduction to recorded investment.
A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There was no defaults on troubled debt restructurings within twelve months following the modification during the year ended December 31, 2014. There was no default on troubled debt restructurings within twelve months following the modification during the year ended December 31, 2013.

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