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Allowance for Loan Losses | 12 Months Ended
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Dec. 31, 2013
Receivables [Abstract] |
Allowance for Loan Losses |
Note 4. | Allowance for Loan Losses
Transactions in the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011 were as follows:
|  | (in thousands) |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Balance at beginning of year |  | $ | 13,075 |  |  | $ | 12,937 |  |  | $ | 16,036 |
Provision for (recovery of) loan losses |  |  | (425 | ) |  |  | 3,555 |  |  |  | 12,380 |
Loan recoveries |  |  | 2,486 |  |  |  | 376 |  |  |  | 310 |
Loan charge-offs |  |  | (4,492 | ) |  |  | (3,793 | ) |  |  | (15,789 | )
Balance at end of year |  | $ | 10,644 |  |  | $ | 13,075 |  |  | $ | 12,937 |
The following tables present, as of December 31, 2013, 2012 and 2011, the total allowance for loan losses, the allowance by impairment methodology and loans by impairment methodology.
|  | December 31, 2013 (in thousands) |
|  | Construction and Land Development |  |  | Secured by 1-4 Family Residential |  |  | Other Real Estate |  |  | Commercial and Industrial |  |  | Consumer and Other Loans |  |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, December 31, 2012 |  | $ | 2,481 |  |  | $ | 3,712 |  |  | $ | 6,163 |  |  | $ | 608 |  |  | $ | 111 |  |  | $ | 13,075 |
Charge-offs |  |  | (2,962 | ) |  |  | (260 | ) |  |  | (1,070 | ) |  |  | (37 | ) |  |  | (163 | ) |  |  | (4,492 | )
Recoveries |  |  | — |  |  |  | 823 |  |  |  | 1,304 |  |  |  | 179 |  |  |  | 180 |  |  |  | 2,486 |
Provision for (recovery of) loan losses |  |  | 3,191 |  |  |  | (1,300 | ) |  |  | (1,979 | ) |  |  | (308 | ) |  |  | (29 | ) |  |  | (425 | )
Ending Balance, December 31, 2013 |  | $ | 2,710 |  |  | $ | 2,975 |  |  | $ | 4,418 |  |  | $ | 442 |  |  | $ | 99 |  |  | $ | 10,644 |
Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  |  | 882 |  |  |  | 190 |  |  |  | 263 |  |  |  | 44 |  |  |  | — |  |  |  | 1,379 |
Collectively evaluated for impairment |  |  | 1,828 |  |  |  | 2,785 |  |  |  | 4,155 |  |  |  | 398 |  |  |  | 99 |  |  |  | 9,265 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance |  |  | 34,060 |  |  |  | 141,961 |  |  |  | 145,968 |  |  |  | 22,803 |  |  |  | 12,301 |  |  |  | 357,093 |
Individually evaluated for impairment |  |  | 6,862 |  |  |  | 3,431 |  |  |  | 11,143 |  |  |  | 258 |  |  |  | — |  |  |  | 21,694 |
Collectively evaluated for impairment |  |  | 27,198 |  |  |  | 138,530 |  |  |  | 134,825 |  |  |  | 22,545 |  |  |  | 12,301 |  |  |  | 335,399 |
|  | December 31, 2012 (in thousands) |
|  | Construction and Land Development |  |  | Secured by 1-4 Family Residential |  |  | Other Real Estate |  |  | Commercial and Industrial |  |  | Consumer and Other Loans |  |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, December 31, 2011 |  | $ | 2,843 |  |  | $ | 3,766 |  |  | $ | 5,192 |  |  | $ | 963 |  |  | $ | 173 |  |  | $ | 12,937 |
Charge-offs |  |  | (431 | ) |  |  | (761 | ) |  |  | (2,154 | ) |  |  | (261 | ) |  |  | (186 | ) |  |  | (3,793 | )
Recoveries |  |  | 1 |  |  |  | 68 |  |  |  | 64 |  |  |  | 35 |  |  |  | 208 |  |  |  | 376 |
Provision for loan losses |  |  | 68 |  |  |  | 639 |  |  |  | 3,061 |  |  |  | (129 | ) |  |  | (84 | ) |  |  | 3,555 |
Ending Balance, December 31, 2012 |  | $ | 2,481 |  |  | $ | 3,712 |  |  | $ | 6,163 |  |  | $ | 608 |  |  | $ | 111 |  |  | $ | 13,075 |
Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  |  | 567 |  |  |  | 306 |  |  |  | 930 |  |  |  | 35 |  |  |  | — |  |  |  | 1,838 |
Collectively evaluated for impairment |  |  | 1,914 |  |  |  | 3,406 |  |  |  | 5,233 |  |  |  | 573 |  |  |  | 111 |  |  |  | 11,237 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance |  |  | 43,524 |  |  |  | 134,964 |  |  |  | 176,573 |  |  |  | 20,718 |  |  |  | 7,815 |  |  |  | 383,594 |
Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  |  | 2,516 |  |  |  | 3,776 |  |  |  | 10,528 |  |  |  | 160 |  |  |  | — |  |  |  | 16,980 |
Collectively evaluated for impairment |  |  | 41,008 |  |  |  | 131,188 |  |  |  | 163,692 |  |  |  | 20,558 |  |  |  | 7,815 |  |  |  | 366,614 |
|  | December 31, 2011 (in thousands) |
|  | Construction and Land Development |  |  | Secured by 1-4 Family Residential |  |  | Other Real Estate |  |  | Commercial and Industrial |  |  | Consumer and Other Loans |  |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance, December 31, 2010 |  | $ | 4,050 |  |  | $ | 1,681 |  |  | $ | 9,187 |  |  | $ | 858 |  |  | $ | 260 |  |  | $ | 16,036 |
Charge-offs |  |  | (2,983 | ) |  |  | (4,369 | ) |  |  | (7,551 | ) |  |  | (348 | ) |  |  | (268 | ) |  |  | (15,789 | )
Recoveries |  |  | 50 |  |  |  | 6 |  |  |  | — |  |  |  | 3 |  |  |  | 251 |  |  |  | 310 |
Provision for loan losses |  |  | 1,726 |  |  |  | 6,718 |  |  |  | 3,556 |  |  |  | 450 |  |  |  | (70 | ) |  |  | 12,380 |
Ending Balance, December 31, 2011 |  | $ | 2,843 |  |  | $ | 3,766 |  |  | $ | 5,192 |  |  | $ | 963 |  |  | $ | 173 |  |  | $ | 12,937 |
Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  |  | 930 |  |  |  | 848 |  |  |  | 351 |  |  |  | 309 |  |  |  | — |  |  |  | 2,438 |
Collectively evaluated for impairment |  |  | 1,913 |  |  |  | 2,918 |  |  |  | 4,841 |  |  |  | 654 |  |  |  | 173 |  |  |  | 10,499 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance |  |  | 48,363 |  |  |  | 122,339 |  |  |  | 181,141 |  |  |  | 29,446 |  |  |  | 11,151 |  |  |  | 392,440 |
Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  |  | 7,640 |  |  |  | 6,860 |  |  |  | 10,940 |  |  |  | 480 |  |  |  | — |  |  |  | 25,920 |
Collectively evaluated for impairment |  |  | 40,723 |  |  |  | 115,479 |  |  |  | 170,201 |  |  |  | 28,966 |  |  |  | 11,151 |  |  |  | 366,520 |
Impaired loans and the related allowance at December 31, 2013, 2012 and 2011, were as follows:
|  | December 31, 2013 (in thousands) |
|  | Unpaid Principal Balance |  |  | Recorded Investment with No Allowance |  |  | Recorded Investment with Allowance |  |  | Total Recorded Investment |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 9,086 |  |  | $ | 4,259 |  |  | $ | 2,603 |  |  | $ | 6,862 |  |  | $ | 882 |  |  | $ | 5,397 |  |  | $ | 204 |
Secured by 1-4 family |  |  | 4,341 |  |  |  | 2,515 |  |  |  | 916 |  |  |  | 3,431 |  |  |  | 190 |  |  |  | 2,864 |  |  |  | 146 |
Other real estate loans |  |  | 12,385 |  |  |  | 9,455 |  |  |  | 1,688 |  |  |  | 11,143 |  |  |  | 263 |  |  |  | 7,079 |  |  |  | 441 |
Commercial and industrial |  |  | 260 |  |  |  | 114 |  |  |  | 144 |  |  |  | 258 |  |  |  | 44 |  |  |  | 669 |  |  |  | 14 |
Consumer and other loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 26,072 |  |  | $ | 16,343 |  |  | $ | 5,351 |  |  | $ | 21,694 |  |  | $ | 1,379 |  |  | $ | 16,009 |  |  | $ | 805 |
|  | December 31, 2012 (in thousands) |
|  | Unpaid Principal Balance |  |  | Recorded Investment with No Allowance |  |  | Recorded Investment with Allowance |  |  | Total Recorded Investment |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 2,947 |  |  | $ | 622 |  |  | $ | 1,894 |  |  | $ | 2,516 |  |  | $ | 567 |  |  | $ | 5,691 |  |  | $ | 99 |
Secured by 1-4 family |  |  | 4,706 |  |  |  | 1,690 |  |  |  | 2,086 |  |  |  | 3,776 |  |  |  | 306 |  |  |  | 4,821 |  |  |  | 163 |
Other real estate loans |  |  | 14,861 |  |  |  | 4,886 |  |  |  | 5,642 |  |  |  | 10,528 |  |  |  | 930 |  |  |  | 10,148 |  |  |  | 276 |
Commercial and industrial |  |  | 161 |  |  |  | — |  |  |  | 160 |  |  |  | 160 |  |  |  | 35 |  |  |  | 330 |  |  |  | 10 |
Consumer and other loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 22,675 |  |  | $ | 7,198 |  |  | $ | 9,782 |  |  | $ | 16,980 |  |  | $ | 1,838 |  |  | $ | 20,990 |  |  | $ | 548 |
|  | December 31, 2011 (in thousands) |
|  | Unpaid Principal Balance |  |  | Recorded Investment with No Allowance |  |  | Recorded Investment with Allowance |  |  | Total Recorded Investment |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 8,106 |  |  | $ | 3,531 |  |  | $ | 4,109 |  |  | $ | 7,640 |  |  | $ | 930 |  |  | $ | 7,077 |  |  | $ | 367 |
Secured by 1-4 family |  |  | 8,566 |  |  |  | 3,495 |  |  |  | 3,365 |  |  |  | 6,860 |  |  |  | 848 |  |  |  | 6,519 |  |  |  | 301 |
Other real estate loans |  |  | 15,165 |  |  |  | 8,135 |  |  |  | 2,805 |  |  |  | 10,940 |  |  |  | 351 |  |  |  | 23,918 |  |  |  | 396 |
Commercial and industrial |  |  | 480 |  |  |  | — |  |  |  | 480 |  |  |  | 480 |  |  |  | 309 |  |  |  | 660 |  |  |  | 27 |
Consumer and other loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 32,317 |  |  | $ | 15,161 |  |  | $ | 10,758 |  |  | $ | 25,920 |  |  | $ | 2,438 |  |  | $ | 38,174 |  |  | $ | 1,091 |
The “Recorded Investment” amounts in the table above represent the outstanding principal balance on each loan represented in the table. The “Unpaid Principal Balance” represents the outstanding principal balance on each loan represented in the table plus any amounts that have been charged off on each loan and/or payments that have been applied towards principal on non-accrual loans. As of December 31, 2013, loans classified as troubled debt restructurings (TDRs) and included in impaired loans in the disclosure above totaled $1.9 million. At December 31, 2013, $829 thousand of the loans classified as TDRs were performing under the restructured terms and were not considered non-performing assets. There were $6.3 million in TDRs at December 31, 2012, $1.6 million of which were performing under the restructured terms. Modified terms under TDRs may include rate reductions, extension of terms that are considered to be below market, conversion to interest only, and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. There were no loans modified under TDRs during the year ended December 31, 2013. The following table provides further information regarding loans modified under TDRs during the year ended December 31, 2012 and 2011:
|  | For the year ended December 31, 2012 (dollars in thousands) |  |  | For the year ended December 31, 2011 (dollars in thousands) |
|  | Number of Contracts |  |  | Pre-modification outstanding recorded investment |  |  | Post-modification outstanding recorded investment |  |  | Number of Contracts |  |  | Pre-modification outstanding recorded investment |  |  | Post-modification outstanding recorded investment |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 1 |  |  | $ | 701 |  |  | $ | 357 |
Secured by 1-4 family |  |  | 1 |  |  |  | 183 |  |  |  | 183 |  |  |  | 4 |  |  |  | 2,667 |  |  |  | 2,667 |
Other real estate loans |  |  | 1 |  |  |  | 2,426 |  |  |  | 2,426 |  |  |  | 14 |  |  |  | 12,829 |  |  |  | 12,855 |
Commercial and industrial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer and other loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 2 |  |  | $ | 2,609 |  |  | $ | 2,609 |  |  |  | 19 |  |  | $ | 16,197 |  |  | $ | 15,879 |
For the years ended December 31, 2013 and 2012, there were no troubled debt restructurings that subsequently defaulted within twelve months of the loan modification. The table below shows troubled debt restructurings that subsequently defaulted as of December 31, 2011:
|  | December 31, 2011 (dollars in thousands) |
|  | Number of Contracts |  |  | Recorded investment |
Real estate loans: |  |  |  |  |  |  |  |
Construction and land development |  |  | 1 |  |  | $ | 235 |
Secured by 1-4 family |  |  | — |  |  |  | — |
Other real estate loans |  |  | 3 |  |  |  | 361 |
Commercial and industrial |  |  | — |  |  |  | — |
Consumer and other loans |  |  | — |  |  |  | — |
Total |  |  | 4 |  |  | $ | 596 |
Management defines default as over ninety days past due during the twelve month period subsequent to the modification. Non-accrual loans excluded from impaired loan disclosure amounted to $14 thousand, $13 thousand and $103 thousand at December 31, 2013, 2012 and 2011, respectively. Had non-accrual loans performed in accordance with their original contract terms, the Company would have recognized additional interest income in the amount of $483 thousand, $510 thousand and $402 thousand during the years ended December 31, 2013, 2012 and 2011, respectively.

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