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LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended
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Sep. 30, 2014
LOANS AND ALLOWANCE FOR LOAN LOSSES [Abstract] |
Composition of the loan portfolio by type | The composition of the loan portfolio, net of deferred origination fees and cost, and unearned income is summarized as follows (dollars in thousands):
|  | September 30, 2014 |  |  | December 31, 2013 |
Commercial and agricultural: |  |  |  |  |  |
Commercial and industrial |  | $ | 164,984 |  |  | $ | 144,787 |
Agricultural |  |  | 868 |  |  |  | 576 |
Commercial mortgages: |  |  |  |  |  |  |  |
Construction |  |  | 46,981 |  |  |  | 27,440 |
Commercial mortgages |  |  | 388,185 |  |  |  | 345,707 |
Residential mortgages |  |  | 192,870 |  |  |  | 195,997 |
Consumer loans: |  |  |  |  |  |  |  |
Credit cards |  |  | 1,621 |  |  |  | 1,756 |
Home equity lines and loans |  |  | 100,991 |  |  |  | 95,905 |
Indirect consumer loans |  |  | 196,603 |  |  |  | 164,846 |
Direct consumer loans |  |  | 21,079 |  |  |  | 18,852 |
Total loans, net of deferred origination fees and costs, and unearned income |  | $ | 1,114,182 |  |  | $ | 995,866 |
Interest receivable on loans |  |  | 2,512 |  |  |  | 2,597 |
Total recorded investment in loans |  | $ | 1,116,694 |  |  | $ | 998,463 |
Allowance for loan losses by portfolio segment | The following tables present the activity in the allowance for loan losses by portfolio segment for the three and nine-month periods ending September 30, 2014 and 2013 (dollars in thousands):
|  | Nine Months Ended |
|  | September 30, 2014 |
Allowance for loan losses |  | Commercial and Agricultural |  |  | Commercial Mortgages |  |  | Residential Mortgages |  |  | Consumer Loans |  |  | Unallocated |  |  | Total |
Beginning balance: |  | $ | 1,979 |  |  | $ | 6,243 |  |  | $ | 1,517 |  |  | $ | 3,037 |  |  | $ | - |  |  | $ | 12,776 |
Charge Offs: |  |  | (415 | ) |  |  | (1,236 | ) |  |  | (97 | ) |  |  | (1,191 | ) |  |  | - |  |  |  | (2,939 | )
Recoveries: |  |  | 331 |  |  |  | 118 |  |  |  | 28 |  |  |  | 507 |  |  |  | - |  |  |  | 984 |
Net recoveries (charge offs) |  |  | (84 | ) |  |  | (1,118 | ) |  |  | (69 | ) |  |  | (684 | ) |  |  | - |  |  |  | (1,955 | )
Provision |  |  | (183 | ) |  |  | 1,200 |  |  |  | (16 | ) |  |  | 1,329 |  |  |  | - |  |  |  | 2,330 |
Ending balance |  | $ | 1,712 |  |  | $ | 6,325 |  |  | $ | 1,432 |  |  | $ | 3,682 |  |  | $ | - |  |  | $ | 13,151 |
|  | Nine Months Ended |
|  | September 30, 2013 |
Allowance for loan losses |  | Commercial and Agricultural |  |  | Commercial Mortgages |  |  | Residential Mortgages |  |  | Consumer Loans |  |  | Unallocated |  |  | Total |
Beginning balance: |  | $ | 1,708 |  |  | $ | 4,428 |  |  | $ | 1,565 |  |  | $ | 2,706 |  |  | $ | 26 |  |  | $ | 10,433 |
Charge Offs: |  |  | (186 | ) |  |  | (44 | ) |  |  | (53 | ) |  |  | (910 | ) |  |  | - |  |  |  | (1,193 | )
Recoveries: |  |  | 454 |  |  |  | 53 |  |  |  | 65 |  |  |  | 289 |  |  |  | - |  |  |  | 861 |
Net recoveries (charge offs) |  |  | 268 |  |  |  | 9 |  |  |  | 12 |  |  |  | (621 | ) |  |  | - |  |  |  | (332 | )
Provision |  |  | 82 |  |  |  | 976 |  |  |  | (25 | ) |  |  | 748 |  |  |  | (26 | ) |  |  | 1,755 |
Ending balance |  | $ | 2,058 |  |  | $ | 5,413 |  |  | $ | 1,552 |  |  | $ | 2,833 |  |  | $ | - |  |  | $ | 11,856 |
|  | Three Months Ended |
|  | September 30, 2014 |
Allowance for loan losses |  | Commercial and Agricultural |  |  | Commercial Mortgages |  |  | Residential Mortgages |  |  | Consumer Loans |  |  | Unallocated |  |  | Total |
Beginning balance: |  | $ | 1,749 |  |  | $ | 6,912 |  |  | $ | 1,498 |  |  | $ | 3,473 |  |  | $ | - |  |  | $ | 13,632 |
Charge Offs: |  |  | (60 | ) |  |  | (878 | ) |  |  | (90 | ) |  |  | (415 | ) |  |  | - |  |  |  | (1,443 | )
Recoveries: |  |  | 138 |  |  |  | 35 |  |  |  | - |  |  |  | 200 |  |  |  | - |  |  |  | 373 |
Net recoveries (charge offs) |  |  | 78 |  |  |  | (843 | ) |  |  | (90 | ) |  |  | (215 | ) |  |  | - |  |  |  | (1,070 | )
Provision |  |  | (115 | ) |  |  | 256 |  |  |  | 24 |  |  |  | 424 |  |  |  | - |  |  |  | 589 |
Ending balance |  | $ | 1,712 |  |  | $ | 6,325 |  |  | $ | 1,432 |  |  | $ | 3,682 |  |  | $ | - |  |  | $ | 13,151 |
|  | Three Months Ended |
|  | September 30, 2013 |
Allowance for loan losses |  | Commercial and Agricultural |  |  | Commercial Mortgages |  |  | Residential Mortgages |  |  | Consumer Loans |  |  | Unallocated |  |  | Total |
Beginning balance: |  | $ | 1,879 |  |  | $ | 5,134 |  |  | $ | 1,515 |  |  | $ | 2,792 |  |  | $ | - |  |  | $ | 11,320 |
Charge Offs: |  |  | (167 | ) |  |  | (44 | ) |  |  | - |  |  |  | (512 | ) |  |  | - |  |  |  | (723 | )
Recoveries: |  |  | 158 |  |  |  | 34 |  |  |  | 27 |  |  |  | 166 |  |  |  | - |  |  |  | 385 |
Net recoveries (charge-offs) |  |  | (9 | ) |  |  | (10 | ) |  |  | 27 |  |  |  | (346 | ) |  |  | - |  |  |  | (338 | )
Provision |  |  | 188 |  |  |  | 289 |  |  |  | 10 |  |  |  | 387 |  |  |  | - |  |  |  | 874 |
Ending balance |  | $ | 2,058 |  |  | $ | 5,413 |  |  | $ | 1,552 |  |  | $ | 2,833 |  |  | $ | - |  |  | $ | 11,856 |
Allowance for loan losses and the recorded investment in loans based on impairment method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2014 and December 31, 2013 (dollars in thousands):
| September 30, 2014 |
Allowance for loan losses | Commercial and Agricultural |  | Commercial Mortgages |  | Residential Mortgages |  | Consumer Loans |  | Unallocated |  | Total |
Ending allowance balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 68 |  |  | $ | 188 |  |  | $ | - |  |  | $ | 1 |  |  | $ | - |  |  | $ | 257 |
Collectively evaluated for impairment |  |  | 1,644 |  |  |  | 5,199 |  |  |  | 1,419 |  |  |  | 3,681 |  |  |  | - |  |  |  | 11,943 |
Loans acquired with deteriorated credit quality |  |  | - |  |  |  | 938 |  |  |  | 13 |  |  |  | - |  |  |  | - |  |  |  | 951 |
Total ending allowance balance |  | $ | 1,712 |  |  | $ | 6,325 |  |  | $ | 1,432 |  |  | $ | 3,682 |  |  | $ | - |  |  | $ | 13,151 |
| December 31, 2013 |
Allowance for loan losses | Commercial and Agricultural |  | Commercial Mortgages |  | Residential Mortgages |  | Consumer Loans |  | Unallocated |  | Total |
Ending allowance balance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 576 |  |  | $ | 466 |  |  | $ | - |  |  | $ | 4 |  |  | $ | - |  |  | $ | 1,046 |
Collectively evaluated for impairment |  |  | 1,403 |  |  |  | 4,407 |  |  |  | 1,497 |  |  |  | 3,033 |  |  |  | - |  |  |  | 10,340 |
Loans acquired with deteriorated credit quality |  |  | - |  |  |  | 1,370 |  |  |  | 20 |  |  |  | - |  |  |  | - |  |  |  | 1,390 |
Total ending allowance balance |  | $ | 1,979 |  |  | $ | 6,243 |  |  | $ | 1,517 |  |  | $ | 3,037 |  |  | $ | - |  |  | $ | 12,776 |
|  | September 30, 2014 |
Loans: |  | Commercial and Agricultural |  |  | Commercial Mortgages |  |  | Residential Mortgages |  |  | Consumer Loans |  |  | Total |
Loans individually evaluated for impairment |  | $ | 1,318 |  |  | $ | 12,477 |  |  | $ | 108 |  |  | $ | 124 |  |  | $ | 14,027 |
Loans collectively evaluated for impairment |  |  | 164,288 |  |  |  | 418,721 |  |  |  | 193,020 |  |  |  | 320,868 |  |  |  | 1,096,897 |
Loans acquired with deteriorated credit quality |  |  | 607 |  |  |  | 4,917 |  |  |  | 246 |  |  |  | - |  |  |  | 5,770 |
Total ending loans balance |  | $ | 166,213 |  |  | $ | 436,115 |  |  | $ | 193,374 |  |  | $ | 320,992 |  |  | $ | 1,116,694 |
|  | December 31, 2013 |
Loans: |  | Commercial and Agricultural |  |  | Commercial Mortgages |  |  | Residential Mortgages |  |  | Consumer Loans |  |  | Total |
Loans individually evaluated for impairment |  | $ | 2,946 |  |  | $ | 10,703 |  |  | $ | 117 |  |  | $ | 131 |  |  | $ | 13,897 |
Loans collectively evaluated for impairment |  |  | 142,108 |  |  |  | 354,636 |  |  |  | 196,147 |  |  |  | 281,979 |  |  |  | 974,870 |
Loans acquired with deteriorated credit quality |  |  | 678 |  |  |  | 8,757 |  |  |  | 261 |  |  |  | - |  |  |  | 9,696 |
Total ending loans balance |  | $ | 145,732 |  |  | $ | 374,096 |  |  | $ | 196,525 |  |  | $ | 282,110 |  |  | $ | 998,463 |
Summary of impaired financing receivables | The following tables present loans individually evaluated for impairment recognized by class of loans as of September 30, 2014 and December 31, 2013, the average recorded investment and interest income recognized by class of loans as of the three and nine-month periods ended September 30, 2014 and 2013 (dollars in thousands):
|  | September 30, 2014 |  |  | December 31, 2013 |
With no related allowance recorded: |  | Unpaid Principal Balance |  |  | Recorded Investment |  |  | Allowance for Loan Losses Allocated |  |  | Unpaid Principal Balance |  |  | Recorded Investment |  |  | Allowance for Loan Losses Allocated |
Commercial and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 1,247 |  |  | $ | 1,250 |  |  | $ | - |  |  | $ | 1,906 |  |  | $ | 1,909 |  |  | $ | - |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  | 1,936 |  |  |  | 1,919 |  |  |  | - |  |  |  | 2,329 |  |  |  | 2,319 |  |  |  | - |
Commercial mortgages |  |  | 9,437 |  |  |  | 9,331 |  |  |  | - |  |  |  | 7,406 |  |  |  | 7,439 |  |  |  | - |
Residential mortgages |  |  | 108 |  |  |  | 108 |  |  |  | - |  |  |  | 117 |  |  |  | 117 |  |  |  | - |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 67 |  |  |  | 69 |  |  |  | - |  |  |  | 71 |  |  |  | 73 |  |  |  | - |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 68 |  |  |  | 68 |  |  |  | 68 |  |  |  | 1,037 |  |  |  | 1,037 |  |  |  | 576 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages |  |  | 1,237 |  |  |  | 1,227 |  |  |  | 188 |  |  |  | 951 |  |  |  | 945 |  |  |  | 466 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 55 |  |  |  | 55 |  |  |  | 1 |  |  |  | 58 |  |  |  | 58 |  |  |  | 4 |
Total |  | $ | 14,155 |  |  | $ | 14,027 |  |  | $ | 257 |  |  | $ | 13,875 |  |  | $ | 13,897 |  |  | $ | 1,046 |
|  | Nine Months Ended September 30, 2014 |  |  | Nine Months Ended September 30, 2013 |  |  | Three Months Ended September 30, 2014 |  |  | Three Months Ended September 30, 2013 |
|  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 1,566 |  |  | $ | 26 |  |  | $ | 1,529 |  |  | $ | 52 |  |  | $ | 1,309 |  |  | $ | 11 |  |  | $ | 1,599 |  |  | $ | 17 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  | 2,231 |  |  |  | 76 |  |  |  | 3,626 |  |  |  | 64 |  |  |  | 1,924 |  |  |  | 26 |  |  |  | 2,576 |  |  |  | 22 |
Commercial mortgages |  |  | 6,806 |  |  |  | 211 |  |  |  | 5,629 |  |  |  | 184 |  |  |  | 7,909 |  |  |  | 82 |  |  |  | 5,564 |  |  |  | 66 |
Residential mortgages |  |  | 114 |  |  |  | - |  |  |  | 127 |  |  |  | - |  |  |  | 110 |  |  |  | - |  |  |  | 124 |  |  |  | - |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 72 |  |  |  | 2 |  |  |  | 41 |  |  |  | 2 |  |  |  | 69 |  |  |  | 1 |  |  |  | 60 |  |  |  | 1 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 784 |  |  |  | - |  |  |  | 640 |  |  |  | - |  |  |  | 144 |  |  |  | - |  |  |  | 819 |  |  |  | - |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages |  |  | 912 |  |  |  | - |  |  |  | 847 |  |  |  | - |  |  |  | 1,233 |  |  |  | - |  |  |  | 1,333 |  |  |  | - |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 58 |  |  |  | 3 |  |  |  | 43 |  |  |  | 2 |  |  |  | 56 |  |  |  | 1 |  |  |  | 58 |  |  |  | 1 |
Direct consumer loans |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 12,543 |  |  | $ | 318 |  |  | $ | 12,486 |  |  | $ | 304 |  |  | $ | 12,754 |  |  | $ | 121 |  |  | $ | 12,133 |  |  | $ | 107 |
Cash basis interest income approximates interest income recognized.
Recorded investment in past due and non-accrual status by class of loans | The following tables present the recorded investment in past due and non-accrual status by class of loans as of September 30, 2014 and December 31, 2013 (dollars in thousands):
September 30, 2014 |  | Current |  |  | 30-89 Days Past Due |  |  | 90 Days or more Past Due and accruing |  |  | Loans acquired with deteriorated credit quality |  |  | Non-Accrual (1) |  |  | Total |
Commercial and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 164,207 |  |  | $ | 206 |  |  | $ | - |  |  | $ | 607 |  |  | $ | 324 |  |  | $ | 165,344 |
Agricultural |  |  | 869 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 869 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  | 44,710 |  |  |  | - |  |  |  | 1,447 |  |  |  | 774 |  |  |  | 152 |  |  |  | 47,083 |
Commercial mortgages |  |  | 378,459 |  |  |  | 2,542 |  |  |  | 1,077 |  |  |  | 4,143 |  |  |  | 2,811 |  |  |  | 389,032 |
Residential mortgages |  |  | 187,777 |  |  |  | 2,219 |  |  |  | - |  |  |  | 246 |  |  |  | 3,132 |  |  |  | 193,374 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 1,601 |  |  |  | 17 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 1,621 |
Home equity lines and loans |  |  | 100,153 |  |  |  | 608 |  |  |  | - |  |  |  | - |  |  |  | 465 |  |  |  | 101,226 |
Indirect consumer loans |  |  | 195,291 |  |  |  | 1,426 |  |  |  | - |  |  |  | - |  |  |  | 286 |  |  |  | 197,003 |
Direct consumer loans |  |  | 21,042 |  |  |  | 61 |  |  |  | - |  |  |  | - |  |  |  | 39 |  |  |  | 21,142 |
Total |  | $ | 1,094,109 |  |  | $ | 7,079 |  |  | $ | 2,527 |  |  | $ | 5,770 |  |  | $ | 7,209 |  |  | $ | 1,116,694 |
(1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of September 30, 2014.
December 31, 2013 |  | Current |  |  | 30-89 Days Past Due |  |  | 90 Days or more Past Due and accruing |  |  | Loans acquired with deteriorated credit quality |  |  | Non-Accrual (1) |  |  | Total |
Commercial and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 143,100 |  |  | $ | 29 |  |  | $ | - |  |  | $ | 678 |  |  | $ | 1,348 |  |  | $ | 145,155 |
Agricultural |  |  | 577 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 577 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  | 24,742 |  |  |  | - |  |  |  | 1,454 |  |  |  | 774 |  |  |  | 540 |  |  |  | 27,510 |
Commercial mortgages |  |  | 335,123 |  |  |  | 1,138 |  |  |  | - |  |  |  | 7,983 |  |  |  | 2,342 |  |  |  | 346,586 |
Residential mortgages |  |  | 187,448 |  |  |  | 5,458 |  |  |  | - |  |  |  | 261 |  |  |  | 3,358 |  |  |  | 196,525 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 1,729 |  |  |  | 9 |  |  |  | 19 |  |  |  | - |  |  |  | - |  |  |  | 1,757 |
Home equity lines and loans |  |  | 95,349 |  |  |  | 150 |  |  |  | - |  |  |  | - |  |  |  | 635 |  |  |  | 96,134 |
Indirect consumer loans |  |  | 163,810 |  |  |  | 1,235 |  |  |  | - |  |  |  | - |  |  |  | 249 |  |  |  | 165,294 |
Direct consumer loans |  |  | 18,830 |  |  |  | 50 |  |  |  | - |  |  |  | - |  |  |  | 45 |  |  |  | 18,925 |
Total |  | $ | 970,708 |  |  | $ | 8,069 |  |  | $ | 1,473 |  |  | $ | 9,696 |  |  | $ | 8,517 |  |  | $ | 998,463 |
(1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2013.
Loans by class modified as troubled debt restructurings | The following table presents loans by class modified as troubled debt restructurings that occurred during the nine months ended September 30, 2014 and September 30, 2013 (dollars in thousands):
Nine months ended September 30, 2014 |  | Number of Loans |  |  | Pre-Modification Outstanding Recorded Investment |  |  | Post-Modification Outstanding Recorded Investment |
Troubled debt restructurings: |  |  |  |  |  |  |  |  |
Commercial and agricultural: |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 3 |  |  | $ | 908 |  |  | $ | 908 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages |  |  | 3 |  |  |  | 2,236 |  |  |  | 2,192 |
Total |  |  | 6 |  |  | $ | 3,144 |  |  | $ | 3,100 |
Nine months ended September 30, 2013 |  |  |  |  |  |  |  |  |
Troubled debt restructurings: |  |  |  |  |  |  |  |  |
Commercial and agricultural: |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 4 |  |  | $ | 841 |  |  | $ | 841 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages |  |  | 1 |  |  |  | 133 |  |  |  | 133 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 3 |  |  |  | 134 |  |  |  | 134 |
Total |  |  | 8 |  |  | $ | 1,108 |  |  | $ | 1,108 |
The troubled debt restructurings described above did not increase the allowance for loan losses and resulted in less than $0.1 million in charge offs during the nine months ended September 30, 2014. The troubled debt restructurings described above increased the allowance for loan losses by less than $0.1 million and resulted in no charge offs during the nine months ended September 30, 2013. There were no payment defaults on any loans previously modified as troubled debt restructurings during the nine months ending September 30, 2014 or September 30, 2013, within twelve months following the modification. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ended September 30, 2014 and September 30, 2013 (dollars in thousands):
Three months ended September 30, 2014 |  | Number of Loans |  |  | Pre-Modification Outstanding Recorded Investment |  |  | Post-Modification Outstanding Recorded Investment |
Troubled debt restructurings: |  |  |  |  |  |  |  |  |
Commercial and agricultural: |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 2 |  |  | $ | 405 |  |  | $ | 405 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages |  |  | 1 |  |  |  | 1,869 |  |  |  | 1,869 |
Total |  |  | 3 |  |  | $ | 2,274 |  |  | $ | 2,274 |
Three months ended September 30, 2013 |  |  |  |  |  |  |  |  |
Troubled debt restructurings: |  |  |  |  |  |
Consumer loans: |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 1 |  |  | $ | 31 |  |  | $ | 31 |
Total |  |  | 1 |  |  | $ | 31 |  |  | $ | 31 |
Risk category of the recorded investment of loans by class of loans | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Loans listed as not rated are included in groups of homogeneous loans. Based on the analyses performed as of September 30, 2014 and December 31, 2013, the risk category of the recorded investment of loans by class of loans is as follows (dollars in thousands):
|  | September 30, 2014 |
|  | Not Rated |  |  | Pass |  |  | Loans acquired with deteriorated credit quality |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Total |
Commercial and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | - |  |  | $ | 154,618 |  |  | $ | 607 |  |  | $ | 6,671 |  |  | $ | 3,380 |  |  | $ | 68 |  |  | $ | 165,344 |
Agricultural |  |  | - |  |  |  | 869 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 869 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  | - |  |  |  | 42,829 |  |  |  | 774 |  |  |  | 3,328 |  |  |  | 152 |  |  |  | - |  |  |  | 47,083 |
Commercial mortgages |  |  | - |  |  |  | 362,160 |  |  |  | 4,143 |  |  |  | 12,088 |  |  |  | 10,491 |  |  |  | 150 |  |  |  | 389,032 |
Residential mortgages |  |  | 189,739 |  |  |  | - |  |  |  | 246 |  |  |  | - |  |  |  | 3,389 |  |  |  | - |  |  |  | 193,374 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 1,621 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,621 |
Home equity lines and loans |  |  | 100,761 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 465 |  |  |  | - |  |  |  | 101,226 |
Indirect consumer loans |  |  | 196,717 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 286 |  |  |  | - |  |  |  | 197,003 |
Direct consumer loans |  |  | 21,103 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 39 |  |  |  |  |  |  |  | 21,142 |
Total |  | $ | 509,941 |  |  | $ | 560,476 |  |  | $ | 5,770 |  |  | $ | 22,087 |  |  | $ | 18,202 |  |  | $ | 218 |  |  | $ | 1,116,694 |
|  | December 31, 2013 |
|  | Not Rated |  |  | Pass |  |  | Loans acquired with deteriorated credit quality |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Total |
Commercial and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | - |  |  | $ | 133,615 |  |  | $ | 678 |  |  | $ | 5,117 |  |  | $ | 4,724 |  |  | $ | 1,021 |  |  | $ | 145,155 |
Agricultural |  |  | - |  |  |  | 577 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 577 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  | - |  |  |  | 23,087 |  |  |  | 774 |  |  |  | 2,783 |  |  |  | 866 |  |  |  | - |  |  |  | 27,510 |
Commercial mortgages |  |  | - |  |  |  | 313,956 |  |  |  | 7,983 |  |  |  | 13,611 |  |  |  | 11,036 |  |  |  | - |  |  |  | 346,586 |
Residential mortgages |  |  | 192,995 |  |  |  | - |  |  |  | 261 |  |  |  | - |  |  |  | 3,269 |  |  |  | - |  |  |  | 196,525 |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 1,757 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,757 |
Home equity lines and loans |  |  | 95,422 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 712 |  |  |  | - |  |  |  | 96,134 |
Indirect consumer loans |  |  | 165,045 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 249 |  |  |  | - |  |  |  | 165,294 |
Direct consumer loans |  |  | 18,880 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 45 |  |  |  | - |  |  |  | 18,925 |
Total |  | $ | 474,099 |  |  | $ | 471,235 |  |  | $ | 9,696 |  |  | $ | 21,511 |  |  | $ | 20,901 |  |  | $ | 1,021 |  |  | $ | 998,463 |
Recorded investment in residential and consumer loans based on payment activity | The following table presents the recorded investment in residential and consumer loans based on payment activity as of September 30, 2014 and December 31, 2013 (dollars in thousands):
| September 30, 2014 |
|  |  | Consumer Loans |
| Residential Mortgages |  | Credit Card |  | Home Equity Lines and Loans |  | Indirect Consumer Loans |  | Other Direct Consumer Loans |
Performing |  | $ | 190,242 |  |  | $ | 1,621 |  |  | $ | 100,761 |  |  | $ | 196,717 |  |  | $ | 21,103 |
Non-Performing |  |  | 3,132 |  |  |  | - |  |  |  | 465 |  |  |  | 286 |  |  |  | 39 |
Total |  | $ | 193,374 |  |  | $ | 1,621 |  |  | $ | 101,226 |  |  | $ | 197,003 |  |  | $ | 21,142 |
| December 31, 2013 |
|  |  | Consumer Loans |
| Residential Mortgages |  | Credit Card |  | Home Equity Lines and Loans |  | Indirect Consumer Loans |  | Other Direct Consumer Loans |
Performing |  | $ | 193,167 |  |  | $ | 1,757 |  |  | $ | 95,499 |  |  | $ | 165,045 |  |  | $ | 18,880 |
Non-Performing |  |  | 3,358 |  |  |  | - |  |  |  | 635 |  |  |  | 249 |  |  |  | 45 |
Total |  | $ | 196,525 |  |  | $ | 1,757 |  |  | $ | 96,134 |  |  | $ | 165,294 |  |  | $ | 18,925 |
Summary of changes in contractually required principal and interest on loans acquired | The table below summarizes the changes in total contractually required principal and interest cash payments, management's estimate of expected total cash payments and carrying value of the PCI loans from January 1, 2014 to September 30, 2014 and July 1, 2014 to September 30, 2014 (dollars in thousands):
Nine months ended September 30, 2014 |  | Balance at December 31, 2013 |  |  | Income Accretion |  |  | All Other Adjustments |  |  | Balance at September 30, 2014 |
Contractually required principal and interest |  | $ | 11,230 |  |  | $ | - |  |  | $ | (4,359 | ) |  | $ | 6,871 |
Contractual cash flows not expected to be collected (non accretable discount) |  |  | (543 | ) |  |  | - |  |  |  | (43 | ) |  |  | (586 | )
Cash flows expected to be collected |  |  | 10,687 |  |  |  | - |  |  |  | (4,402 | ) |  |  | 6,285 |
Interest component of expected cash flows (accretable yield) |  |  | (991 | ) |  |  | 464 |  |  |  | 12 |  |  |  | (515 | )
Fair value of loans acquired with deteriorating credit quality |  | $ | 9,696 |  |  | $ | 464 |  |  | $ | (4,390 | ) |  | $ | 5,770 |
Three months ended September 30, 2014 |  | Balance at June 30, 2014 |  |  | Income Accretion |  |  | All Other Adjustments |  |  | Balance at September 30, 2014 |
Contractually required principal and interest |  | $ | 10,057 |  |  | $ | - |  |  | $ | (3,186 | ) |  | $ | 6,871 |
Contractual cash flows not expected to be collected (non accretable discount) |  |  | (486 | ) |  |  | - |  |  |  | (100 | ) |  |  | (586 | )
Cash flows expected to be collected |  |  | 9,571 |  |  |  | - |  |  |  | (3,286 | ) |  |  | 6,285 |
Interest component of expected cash flows (accretable yield) |  |  | (673 | ) |  |  | 120 |  |  |  | 38 |  |  |  | (515 | )
Fair value of loans acquired with deteriorating credit quality |  | $ | 8,898 |  |  | $ | 120 |  |  | $ | (3,248 | ) |  | $ | 5,770 |

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