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Loans Receivable and Allowance for Loan Losses | 6 Months Ended
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Jun. 30, 2016
Loans Receivable and Allowance for Loan Losses [Abstract] |
Loans Receivable and Allowance for Loan Losses | 7. Loans Receivable and Allowance for Loan Losses Set forth below is selected data relating to the composition of the loan portfolio at the dates indicated: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Types of loans |
﻿ | (dollars in thousands) |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | June 30, 2016 |  |  | December 31, 2015 |
﻿Real Estate Loans: |  |  |  |  |  |  |  |  |  |  |
﻿Residential | $ | 159,872 |  | 27.5 | % |  | $ | 161,820 |  | 28.9 | %
﻿Commercial |  | 289,510 |  | 49.8 |  |  |  | 279,123 |  | 49.8 |
﻿Construction |  | 17,764 |  | 3.1 |  |  |  | 18,987 |  | 3.4 |
﻿Commercial, financial and agricultural |  | 75,835 |  | 13.0 |  |  |  | 71,090 |  | 12.7 |
﻿Consumer loans to individuals |  | 38,504 |  | 6.6 |  |  |  | 29,231 |  | 5.2 |
﻿Total loans |  | 581,485 |  | 100.0 | % |  |  | 560,251 |  | 100.0 | %
﻿Deferred fees, net |  | (265) |  |  |  |  |  | (326) |  |  |
﻿Total loans receivable |  | 581,220 |  |  |  |  |  | 559,925 |  |  |
﻿Allowance for loan losses |  | (5,798) |  |  |  |  |  | (7,298) |  |  |
﻿Net loans receivable | $ | 575,422 |  |  |  |  | $ | 552,627 |  |  |
﻿ ﻿ The following table presents information regarding loans acquired and accounted for in accordance with ASC 310-30 (in thousands): ﻿ ﻿
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ | June 30, 2016 |  | December 31, 2015
﻿ |  |  |  |  |
﻿Outstanding Balance | $ | 470 |  | $ | 498
﻿Carrying Amount | $ | 470 |  | $ | 498
﻿ There were no material increases or decreases in the expected cash flows of these loans since the acquisition date. Since December 31, 2014, for loans that were acquired with or without specific evidence of deterioration in credit quality, adjustments to the allowance for loan losses have been accounted for through the allowance for loan loss adequacy calculation. ﻿ The Company maintains a loan review system, which allows for a periodic review of our loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type and market value of collateral and financial condition of the borrowers. Specific loan loss allowances are established for identified losses based on a review of such information. A loan evaluated for impairment is considered to be impaired when, based on current information and events, it is probabl e that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans identified as impaired are evaluated independently. We do not aggregate such loans for evaluation purposes. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral-dependent. ﻿ Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential mortgage loans for impairment disclosures, unless such loans are part of a larger relationship that is impaired, or are classified as a troubled debt restructuring. ﻿ Foreclosed assets acquired in settlement of loans are carried at fair value less estimated costs to sell and are included in foreclosed real estate owned on the Consolidated Balance Sheets. As of June 30, 2016 and December 31, 2015, foreclosed real estate owned totaled $5,414,000 and $2,847,000, respectively. As of June 30, 2016, included within foreclosed real estate owned is $148,000 of consumer residential mortgages that were foreclosed on or received via a deed in lieu transaction prior to the period end. As of June 30, 2016, the Company has initiated formal foreclosure proceedings on $464,000 of consumer residential mortgages. ﻿ The following table shows the amount of loans in each category that were individually and collectively evaluated for impairment at the dates indicated: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | Real Estate Loans |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  | Commercial |  | Consumer |  |  |
﻿ | Residential |  | Commercial |  | Construction |  | Loans |  | Loans |  | Total
﻿June 30, 2016 | (In thousands)
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ Individually evaluated for impairment | $ | 25 |  | $ | 2,817 |  | $ | - |  | $ | - |  | $ | - |  | $ | 2,842
﻿Loans acquired with deteriorated credit quality |  | 130 |  |  | 340 |  |  | - |  |  | - |  |  | - |  |  | 470
﻿ Collectively evaluated for impairment |  | 159,717 |  |  | 286,353 |  |  | 17,764 |  |  | 75,835 |  |  | 38,504 |  |  | 578,173
﻿Total Loans | $ | 159,872 |  | $ | 289,510 |  | $ | 17,764 |  | $ | 75,835 |  | $ | 38,504 |  | $ | 581,485
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | Real Estate Loans |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  | Commercial |  | Consumer |  |  |
﻿ | Residential |  | Commercial |  | Construction |  | Loans |  | Loans |  | Total
﻿ | (In thousands)
﻿December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Individually evaluated for impairment | $ | 28 |  | $ | 8,660 |  | $ | - |  | $ | 42 |  | $ | - |  | $ | 8,730
﻿Loans acquired with deteriorated credit quality |  | 140 |  |  | 358 |  |  | - |  |  | - |  |  | - |  |  | 498
﻿Collectively evaluated for impairment |  | 161,652 |  |  | 270,105 |  |  | 18,987 |  |  | 71,048 |  |  | 29,231 |  |  | 551,023
﻿Total Loans | $ | 161,820 |  | $ | 279,123 |  | $ | 18,987 |  | $ | 71,090 |  | $ | 29,231 |  | $ | 560,251
﻿ ﻿ The following table includes the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized during the time within the period that the impaired loans were impaired. ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  | Unpaid |  |  |
﻿ | Recorded |  | Principal |  | Associated
﻿ | Investment |  | Balance |  | Allowance
﻿June 30, 2016 |  |  |  |  | (in thousands) |  |
﻿With no related allowance recorded: |  |  |  |  |  |  |  |
﻿Real Estate Loans |  |  |  |  |  |  |  |
﻿ Residential | $ | 155 |  | $ | 159 |  | $ | -
﻿ Commercial |  | 3,083 |  |  | 3,939 |  |  | -
﻿Subtotal |  | 3,238 |  |  | 4,098 |  |  | -
﻿With an allowance recorded: |  |  |  |  |  |  |  |
﻿Real Estate Loans |  |  |  |  |  |  |  |
﻿Commercial |  | 74 |  |  | 1,020 |  |  | 15
﻿Subtotal |  | 74 |  |  | 1,020 |  |  | 15
﻿Total: |  |  |  |  |  |  |  |
﻿Real Estate Loans |  |  |  |  |  |  |  |
﻿ Residential |  | 155 |  |  | 159 |  |  | -
﻿ Commercial |  | 3,157 |  |  | 4,959 |  |  | 15
﻿Total Impaired Loans | $ | 3,312 |  | $ | 5,118 |  | $ | 15
﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  | Unpaid |  |  |
﻿ | Recorded |  | Principal |  | Associated
﻿ | Investment |  | Balance |  | Allowance
﻿December 31, 2015 |  |  |  |  | (in thousands) |  |
﻿With no related allowance recorded: |  |  |  |  |  |  |  |
﻿Real Estate Loans |  |  |  |  |  |  |  |
﻿Residential | $ | 168 |  | $ | 173 |  | $ | -
﻿Commercial |  | 2,644 |  |  | 4,610 |  |  | -
﻿Commercial, financial and agriculture |  | 43 |  |  | 43 |  |  | -
﻿Subtotal |  | 2,855 |  |  | 4,826 |  |  | -
﻿With an allowance recorded: |  |  |  |  |  |  |  |
﻿Real Estate Loans |  |  |  |  |  |  |  |
﻿Commercial |  | 6,373 |  |  | 6,446 |  |  | 1,613
﻿Subtotal |  | 6,373 |  |  | 6,446 |  |  | 1,613
﻿Total: |  |  |  |  |  |  |  |
﻿Real Estate Loans |  |  |  |  |  |  |  |
﻿Residential |  | 168 |  |  | 173 |  |  | -
﻿Commercial |  | 9,017 |  |  | 11,056 |  |  | 1,613
﻿Commercial, financial and agriculture |  | 43 |  |  | 43 |  |  | -
﻿Total Impaired Loans | $ | 9,228 |  | $ | 11,272 |  | $ | 1,613
﻿ ﻿ ﻿ ﻿ ﻿ The following information for impaired loans is presented (in thousands) for the six months ended June 30, 2016 and 2015: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Average Recorded |  | Interest Income
﻿ | Investment |  | Recognized
﻿ | 2016 |  | 2015 |  | 2016 |  | 2015
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Real Estate Loans: |  |  |  |  |  |  |  |  |  |  |
﻿Residential | $ | 161 |  | $ | 232 |  | $ | 2 |  | $ | 2
﻿Commercial |  | 3,218 |  |  | 11,333 |  |  | 57 |  |  | 465
﻿Total | $ | 3,379 |  | $ | 11,565 |  | $ | 59 |  | $ | 467
﻿ The following information for impaired loans is presented (in thousands) for the three months ended June 30, 2016 and 2015: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Average Recorded |  | Interest Income
﻿ | Investment |  | Recognized
﻿ | 2016 |  | 2015 |  | 2016 |  | 2015
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Real Estate Loans: |  |  |  |  |  |  |  |  |  |  |
﻿Residential | $ | 157 |  | $ | 236 |  | $ | 1 |  | $ | 1
﻿Commercial |  | 3,146 |  |  | 11,382 |  |  | 25 |  |  | 69
﻿Total | $ | 3,303 |  | $ | 11,618 |  | $ | 26 |  | $ | 70
﻿ ﻿ Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of financial difficulties experienced by the borrower, who could not obtain comparable terms from alternate financing sources. As of June 30, 2016, troubled debt restructured loans totaled $1.6 million and resulted in specific reserves of $15,000. As of December 31, 2015, troubled debt restructured loans totaled $6.8 million and resulted in specific reserves of $1,613,000. For the period ended June 30, 2016, there were no new loans identified as troubled debt restructurings, and one loan with a balance of $2.5 million was transferred to Foreclosed Real Estate Owned as a result of foreclosure. During 2016, the Company has recognized write-downs of $2,519,000 on loans that were previously identified as troubled debt restructurings. ﻿ For the period ended June 30, 2015, there was one residential mortgage loan identified as troubled debt restructuring due to the deferral of unpaid principal and interest. The balance of this loan was $5,000 on June 30, 2015. During the 2015 period, the Company recognized write-downs in the amount of $373,000 on two loans previously identified as troubled debt restructures with a carrying value of $2.3 million as of June 30, 2015.
﻿ |  |  |
Management uses an eight point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first four categories are considered not criticized, and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due are considered Substandard. Any portion of a loan that has been charged off is placed in the Loss category. ﻿ To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Bank has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as non performance, repossession, or death occurs to raise awareness of a possible credit event. The Company’s Loan Review Department is responsible for the timely and accurate risk rating of the loans on an ongoing basis. Every credit which must be approved by Loan Committee or the Board of Directors is assigned a risk rating at time of consideration. Loan Review also annually reviews relationships of $1,000,000 and over to assign or re-affirm risk ratings. Loans in the Substandard categories that are collectively evaluated for impairment are given separate consideration in the determination of the allowance. ﻿ ﻿ ﻿ The following table presents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard, Doubtful and Loss within the internal risk rating system as of June 30, 2016 and December 31, 2015 (in thousands): ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  | Special |  |  |  |  |  | Doubtful |  |
﻿ | Pass |  | Mention |  | Substandard |  | or Loss |  | Total
﻿June 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Commercial real estate loans | $ | 280,926 |  | $ | 3,327 |  | $ | 5,257 |  | $ | - |  | $ | 289,510
﻿Commercial loans |  | 75,835 |  |  | - |  |  | - |  |  | - |  |  | 75,835
﻿Total | $ | 356,761 |  | $ | 3,327 |  | $ | 5,257 |  | $ | - |  | $ | 365,345
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  | Special |  |  |  |  |  | Doubtful |  |
﻿ | Pass |  | Mention |  | Substandard |  | or Loss |  | Total
﻿December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Commercial real estate loans | $ | 267,892 |  | $ | 1,837 |  | $ | 9,394 |  | $ | - |  | $ | 279,123
﻿Commercial loans |  | 71,047 |  |  | - |  |  | 43 |  |  | - |  |  | 71,090
﻿Total | $ | 338,939 |  | $ | 1,837 |  | $ | 9,437 |  | $ | - |  | $ | 350,213
﻿ ﻿ ﻿ For residential real estate loans, construction loans and consumer loans, the Company evaluates credit quality based on the performance of the individual credits. The following table presents the recorded investment in the loan classes based on payment activity as of June 30, 2016 and December 31, 2015 (in thousands): ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | Performing |  | Nonperforming |  | Total
﻿June 30, 2016 |  |  |  |  |  |  |  |
﻿Residential real estate loans | $ | 159,424 |  | $ | 448 |  | $ | 159,872
﻿Construction |  | 17,764 |  |  | - |  |  | 17,764
﻿Consumer loans |  | 38,504 |  |  | - |  |  | 38,504
﻿Total | $ | 215,692 |  | $ | 448 |  | $ | 216,140
﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | Performing |  | Nonperforming |  | Total
﻿December 31, 2015 |  |  |  |  |  |  |  |
﻿Residential real estate loans | $ | 161,380 |  | $ | 440 |  | $ | 161,820
﻿Construction |  | 18,987 |  |  | - |  |  | 18,987
﻿Consumer loans |  | 29,231 |  |  | - |  |  | 29,231
﻿Total | $ | 209,598 |  | $ | 440 |  | $ | 210,038
﻿ Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of June 30, 2016 and December 31, 2015 (in thousands): ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | Current |  | 31-60 Days Past Due |  | 61-90 Days Past Due |  | Greater than 90 Days Past Due and still accruing |  | Non-Accrual |  | Total Past Due and Non-Accrual |  | Total Loans
﻿June 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Real Estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Residential | $ | 158,225 |  | $ | 1,166 |  | $ | 33 |  | $ | - |  | $ | 448 |  | $ | 1,647 |  | $ | 159,872
﻿Commercial |  | 288,438 |  |  | 327 |  |  | - |  |  | - |  |  | 745 |  |  | 1,072 |  |  | 289,510
﻿Construction |  | 17,764 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 17,764
﻿Commercial loans |  | 75,780 |  |  | - |  |  | 55 |  |  | - |  |  | - |  |  | 55 |  |  | 75,835
﻿Consumer loans |  | 38,412 |  |  | 76 |  |  | 16 |  |  | - |  |  | - |  |  | 92 |  |  | 38,504
﻿Total | $ | 578,619 |  | $ | 1,569 |  | $ | 104 |  | $ | - |  | $ | 1,193 |  | $ | 2,866 |  | $ | 581,485
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | Current |  | 31-60 Days Past Due |  | 61-90 Days Past Due |  | Greater than 90 Days Past Due and still accruing |  | Non-Accrual |  | Total Past Due and Non-Accrual |  | Total Loans
﻿December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Real Estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Residential | $ | 160,683 |  | $ | 646 |  | $ | 51 |  | $ | - |  | $ | 440 |  | $ | 1,137 |  | $ | 161,820
﻿Commercial |  | 272,125 |  |  | 310 |  |  | 39 |  |  | - |  |  | 6,649 |  |  | 6,998 |  |  | 279,123
﻿Construction |  | 18,959 |  |  | 28 |  |  | - |  |  | - |  |  | - |  |  | 28 |  |  | 18,987
﻿Commercial loans |  | 71,043 |  |  | 4 |  |  | - |  |  | - |  |  | 43 |  |  | 47 |  |  | 71,090
﻿Consumer loans |  | 29,179 |  |  | 41 |  |  | 11 |  |  | - |  |  | - |  |  | 52 |  |  | 29,231
﻿Total | $ | 551,989 |  | $ | 1,029 |  | $ | 101 |  | $ | - |  | $ | 7,132 |  | $ | 8,262 |  | $ | 560,251
﻿ ﻿ The following table presents the allowance for loan losses by the classes of the loan portfolio: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿(In thousands) | Residential Real Estate |  | Commercial Real Estate |  | Construction |  | Commercial |  | Consumer |  | Total
﻿Beginning balance, December 31, 2015 | $ | 1,069 |  | $ | 5,506 |  | $ | 90 |  | $ | 397 |  | $ | 236 |  | $ | 7,298
﻿Charge Offs |  | (17) |  |  | (2,642) |  |  | - |  |  | - |  |  | (30) |  |  | (2,689)
﻿Recoveries |  | 2 |  |  | 2 |  |  | - |  |  | - |  |  | 35 |  |  | 39
﻿Provision for loan losses |  | (78) |  |  | 1,325 |  |  | (31) |  |  | (104) |  |  | 38 |  |  | 1,150
﻿Ending balance, June 30, 2016 | $ | 976 |  | $ | 4,191 |  | $ | 59 |  | $ | 293 |  | $ | 279 |  | $ | 5,798
﻿Ending balance individually evaluated for impairment | $ | - |  | $ | 15 |  | $ | - |  | $ | - |  | $ | - |  | $ | 15
﻿Ending balance collectively evaluated for impairment | $ | 976 |  | $ | 4,176 |  | $ | 59 |  | $ | 293 |  | $ | 279 |  | $ | 5,783
﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿(In thousands) | Residential Real Estate |  | Commercial Real Estate |  | Construction |  | Commercial |  | Consumer |  | Total
﻿Beginning balance, March 31, 2016 | $ | 1,077 |  | $ | 5,758 |  | $ | 109 |  | $ | 446 |  | $ | 252 |  | $ | 7,642
﻿Charge Offs |  | (17) |  |  | (2,513) |  |  | - |  |  | - |  |  | (23) |  |  | (2,553)
﻿Recoveries |  | 1 |  |  | - |  |  | - |  |  | - |  |  | 8 |  |  | 9
﻿Provision for loan losses |  | (85) |  |  | 946 |  |  | (50) |  |  | (153) |  |  | 42 |  |  | 700
﻿Ending balance, June 30, 2016 | $ | 976 |  | $ | 4,191 |  | $ | 59 |  | $ | 293 |  | $ | 279 |  | $ | 5,798
﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿(In thousands) | Residential Real Estate |  | Commercial Real Estate |  | Construction |  | Commercial |  | Consumer |  | Total
﻿Beginning balance, December 31, 2014 | $ | 1,323 |  | $ | 3,890 |  | $ | 222 |  | $ | 256 |  | $ | 184 |  | $ | 5,875
﻿Charge Offs |  | (113) |  |  | (827) |  |  | - |  |  | - |  |  | (43) |  |  | (983)
﻿Recoveries |  | 4 |  |  | - |  |  | - |  |  | - |  |  | 11 |  |  | 15
﻿Provision for loan losses |  | (129) |  |  | 1,089 |  |  | (125) |  |  | 149 |  |  | 56 |  |  | 1,040
﻿Ending balance, June 30, 2015 | $ | 1,085 |  | $ | 4,152 |  | $ | 97 |  | $ | 405 |  | $ | 208 |  | $ | 5,947
﻿Ending balance individually evaluated for impairment | $ | - |  | $ | 802 |  | $ | - |  | $ | - |  | $ | - |  | $ | 802
﻿Ending balance collectively evaluated for impairment | $ | 1,085 |  | $ | 3,350 |  | $ | 97 |  | $ | 405 |  | $ | 208 |  | $ | 5,145
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿(In thousands) | Residential Real Estate |  | Commercial Real Estate |  | Construction |  | Commercial |  | Consumer |  | Total
﻿Beginning balance, March 31, 2015 | $ | 1,353 |  | $ | 3,994 |  | $ | 115 |  | $ | 353 |  | $ | 192 |  | $ | 6,007
﻿Charge Offs |  | (26) |  |  | (434) |  |  | - |  |  | - |  |  | (28) |  |  | (488)
﻿Recoveries |  | 2 |  |  | - |  |  | - |  |  | - |  |  | 6 |  |  | 8
﻿Provision for loan losses |  | (244) |  |  | 592 |  |  | (18) |  |  | 52 |  |  | 38 |  |  | 420
﻿Ending balance, June 30, 2015 | $ | 1,085 |  | $ | 4,152 |  | $ | 97 |  | $ | 405 |  | $ | 208 |  | $ | 5,947
﻿ ﻿
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The Company’s primary business activity as of June 30, 2016 and December 31, 2015 is with customers located in northeastern Pennsylvania. Accordingly, the Company has extended credit primarily to commercial entities and individuals in this area whose ability to honor their contracts is influenced by the region’s economy. ﻿ As of June 30, 2016, the Company considered its concentration of credit risk to be acceptable. The highest concentrations are in commercial rentals with $51.4 million of loans outstanding, or 8.8% of total loans outstanding, and the hospitality/lodging industry with loans outstanding of $50.4 million, or 8.7% of loans outstanding. During 2016, the Company recognized a write down of $3,000 in the named concentrations. ﻿ Gross realized gains and gross realized losses on sales of residential mortgage loans were $54,000 and $0, respectively, in the first six months of 201 6 compared to $40,000 and $0, respectively, in the same period in 2015. The proceeds from the sales of residential mortgage loans totaled $1.7 million and $1.8 million for the six months ended June 30, 2016 and 2015, respectively. ﻿ Gross realized gains and gross realized losses on sales of residential mortgage loans were $22,000 and $0, respectively, for the three months ended June 30, 2016 compared to $16,000 and $0, respectively, in the same period in 2015. The proceeds from the sales of residential mortgage loans totaled $726,000 and $1.0 million for the three months ended June 30, 2016 and 2015, respectively.

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