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Loans (Tables)

9 Months Ended

Sep. 30, 2012

Loans [Abstract]

Major classifications of loans

Major classifications of loans at September 30, 2012 and December 31, 2011 are summarized as follows:

(Dollars in thousands)
	September 30, 2012			December 31, 2011
Real estate loans
Construction and land development	$	80,733		93,812
Single-family residential		249,167		267,051
Commercial		203,603		214,415
Multifamily and farmland		4,964		4,793
Total real estate loans		538,467		580,071
Commercial loans (not secured by real estate)		60,358		60,646
Farm loans (not secured by real estate)		12		-
Consumer loans (not secured by real estate)		10,303		10,490
All other loans (not secured by real estate)		16,642		19,290
Total loans		625,782		670,497
Less allowance for loan losses		16,551		16,604
Total net loans	$	609,231		653,893

Age analysis of past due loans, by loan type

The following tables present an age analysis of past due loans, by loan type, as of September 30, 2012 and December 31, 2011:

September 30, 2012
(Dollars in thousands)
	Loans 30-89 Days Past Due			Loans 90 or More Days Past Due		Total Past Due Loans		Total Current Loans		Total Loans		Accruing Loans 90 or More Days Past Due
Real estate loans
Construction and land development	$	1,513		1,846		3,359		77,374		80,733		-
Single-family residential		8,145		4,758		12,903		236,264		249,167		2,396
Commercial		743		2,492		3,235		200,368		203,603		-
Multifamily and farmland		209		-		209		4,755		4,964		-
Total real estate loans		10,610		9,096		19,706		518,761		538,467		2,396
Commercial loans (not secured by real estate)		854		18		872		59,486		60,358		-
Farm loans (not secured by real estate)		-		-		-		12		12		-
Consumer loans (not secured by real estate)		119		5		124		10,179		10,303		2
All other loans (not secured by real estate)		-		-		-		16,642		16,642		-
Total loans	$	11,583		9,119		20,702		605,080		625,782		2,398

December 31, 2011
(Dollars in thousands)
	Loans 30-89 Days Past Due			Loans 90 or More Days Past Due		Total Past Due Loans		Total Current Loans		Total Loans		Accruing Loans 90 or More Days Past Due
Real estate loans
Construction and land development	$	10,033		3,338		13,371		80,441		93,812		-
Single-family residential		16,536		6,189		22,725		244,326		267,051		2,709
Commercial		1,002		958		1,960		212,455		214,415		-
Multifamily and farmland		13		-		13		4,780		4,793		-
Total real estate loans		27,584		10,485		38,069		542,002		580,071		2,709
Commercial loans (not secured by real estate)		576		9		585		60,061		60,646		-
Consumer loans (not secured by real estate)		116		36		152		10,338		10,490		-
All other loans (not secured by real estate)		-		-		-		19,290		19,290		-
Total loans	$	28,276		10,530		38,806		631,691		670,497		2,709

Non-accrual loans

The following table presents the Company's non-accrual loans as of September 30, 2012 and December 31, 2011:

(Dollars in thousands)
	September 30, 2012			December 31, 2011
Real estate loans
Construction and land development	$	10,866		13,257
Single-family residential		4,255		5,522
Commercial		3,239		2,451
Total real estate loans		18,360		21,230
Commercial loans (not secured by real estate)		457		403
Consumer loans (not secured by real estate)		22		152
Total	$	18,839		21,785

Impaired loans

The following tables present the Company's impaired loans as of September 30, 2012 and December 31, 2011:

September 30, 2012
(Dollars in thousands)
	Unpaid Contractual Principal Balance			Recorded Investment With No Allowance		Recorded Investment With Allowance		Recorded Investment in Impaired Loans		Related Allowance		Average Outstanding Impaired Loans
Real estate loans
Construction and land development	$	28,090		12,832		7,437		20,269		1,821		13,806
Single-family residential		29,652		5,193		23,416		28,609		1,343		28,620
Commercial		7,903		6,953		317		7,270		114		5,565
Multifamily and farmland		200		200		-		200		-		201
Total impaired real estate loans		65,845		25,178		31,170		56,348		3,278		48,192
Commercial loans (not secured by real estate)		1,155		1,117		-		1,117		-		1,187
Consumer loans (not secured by real estate)		-		30		-		30		-		38
Total impaired loans	$	67,000		26,325		31,170		57,495		3,278		49,417

December 31, 2011
(Dollars in thousands)
	Unpaid Contractual Principal Balance			Recorded Investment With No Allowance		Recorded Investment With Allowance		Recorded Investment in Impaired Loans		Related Allowance		Average Outstanding Impaired Loans
Real estate loans
Construction and land development	$	28,721		14,484		6,098		20,582		3,264		17,848
Single-family residential		26,382		969		24,719		25,688		1,427		25,102
Commercial		7,717		3,845		3,139		6,984		77		4,518
Multifamily and farmland		209		-		209		209		1		214
Total impaired real estate loans		63,029		19,298		34,165		53,463		4,769		47,682
Commercial loans (not secured by real estate)		1,111		-		1,083		1,083		26		1,485
Consumer loans (not secured by real estate)		157		-		152		152		2		140
Total impaired loans	$	64,297		19,298		35,400		54,698		4,797		49,307

Changes in the allowance for loan losses

Changes in the allowance for loan losses for the nine months ended September 30, 2012 and the year ended December 31, 2011 were as follows:

Nine months ended September 30, 2012
(Dollars in thousands)
	Real Estate Loans
	Construction and Land Development			Single- Family Residential		Commercial		Multifamily and Farmland		Commercial		Farm		Consumer and All Other		Unallocated		Total
Allowance for loan losses:
Beginning balance	$	7,182		5,357		1,731		13		1,029		-		255		1,037		16,604
Charge-offs		(3,045	)	(1,149	)	(547	)	-		(498	)	-		(403	)	-		(5,642	)
Recoveries		522		71		374		-		95		-		115		-		1,177
Provision		1,733		817		(21	)	-		(18	)	-		222		1,679		4,412
Ending balance	$	6,392		5,096		1,537		13		608		-		189		2,716		16,551
Ending balance: individually
evaluated for impairment	$	1,527		1,637		114		-		-		-		-		-		3,278
Ending balance: collectively
evaluated for impairment		4,865		3,459		1,423		13		608		-		189		2,716		13,273
Ending balance	$	6,392		5,096		1,537		13		608		-		189		2,716		16,551
Loans:
Ending balance	$	80,733		249,167		203,603		4,964		60,358		12		26,945		-		625,782
Ending balance: individually
evaluated for impairment	$	19,734		23,770		6,798		-		346		-		-		-		50,648
Ending balance: collectively
evaluated for impairment	$	60,999		225,397		196,805		4,964		60,012		12		26,945		-		575,134

Year ended December 31, 2011
(Dollars in thousands)
	Real Estate Loans
	Construction and Land Development			Single- Family Residential		Commercial		Multifamily and Farmland		Commercial		Consumer and All Other		Unallocated		Total
Allowance for loan losses:
Beginning balance	$	5,774		6,097		1,409		17		1,174		430		592		15,493
Charge-offs		(7,164	)	(2,925	)	(1,271	)	-		(314	)	(586	)	-		(12,260	)
Recoveries		241		201		24		-		121		152		-		739
Provision		8,331		1,984		1,569		(4	)	48		259		445		12,632
Ending balance	$	7,182		5,357		1,731		13		1,029		255		1,037		16,604
Ending balance: individually
evaluated for impairment	$	1,250		1,289		-		-		-		-		-		2,539
Ending balance: collectively
evaluated for impairment		5,932		4,068		1,731		13		1,029		255		1,037		14,065
Ending balance	$	7,182		5,357		1,731		13		1,029		255		1,037		16,604
Loans:
Ending balance	$	93,812		267,051		214,415		4,793		60,646		29,780		-		670,497
Ending balance: individually
evaluated for impairment	$	20,280		20,661		3,845		-		-		-		-		44,786
Ending balance: collectively
evaluated for impairment	$	73,532		246,390		210,570		4,793		60,646		29,780		-		625,711

Credit risk profile of each loan type based on internally assigned risk grade

The following tables present the credit risk profile of each loan type based on internally assigned risk grades as of September 30, 2012 and December 31, 2011.

September 30, 2012
(Dollars in thousands)
	Real Estate Loans
	Construction and Land Development			Single- Family Residential		Commercial		Multifamily and Farmland		Commercial		Farm		Consumer		All Other		Total
1- Excellent Quality	$	192		23,029		-		-		954		-		1,350		-		25,525
2- High Quality		5,132		58,651		24,297		36		9,737		-		4,213		2,376		104,442
3- Good Quality		23,443		88,980		116,735		2,647		36,287		12		4,226		14,261		286,591
4- Management Attention		24,565		48,969		49,292		1,364		12,103		-		388		5		136,686
5- Watch		8,177		11,249		8,609		717		351		-		89		-		29,192
6- Substandard		19,224		18,289		4,670		200		926		-		37		-		43,346
7- Low Substandard		-		-		-		-		-		-		-		-		-
8- Doubtful		-		-		-		-		-		-		-		-		-
9- Loss		-		-		-		-		-		-		-		-		-
Total	$	80,733		249,167		203,603		4,964		60,358		12		10,303		16,642		625,782

December 31, 2011
(Dollars in thousands)
	Real Estate Loans
	Construction and Land Development			Single- Family Residential		Commercial		Multifamily and Farmland		Commercial		Consumer		All Other		Total
1- Excellent Quality	$	197		25,474		-		-		715		1,344		-		27,730
2- High Quality		5,183		64,817		25,506		50		8,801		4,070		2,774		111,201
3- Good Quality		27,675		100,388		136,137		3,448		36,585		4,259		16,509		325,001
4- Management Attention		28,138		50,253		40,312		358		12,882		429		7		132,379
5- Watch		15,923		11,767		2,795		728		622		89		-		31,924
6- Substandard		16,696		14,352		9,665		209		1,041		154		-		42,117
7- Low Substandard		-		-		-		-		-		-		-		-
8- Doubtful		-		-		-		-		-		-		-		-
9- Loss		-		-		-		-		-		145		-		145
Total	$	93,812		267,051		214,415		4,793		60,646		10,490		19,290		670,497

Analysis of TDR loans by loan type

The following table presents an analysis of TDR loans by loan type as of September 30, 2012 and December 31, 2011.

September 30, 2012
(Dollars in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment			Post-Modification Outstanding Recorded Investment
Real estate loans
Construction and land development	20		$	16,735		9,824
Single-family residential	97			10,965		10,118
Commercial	5			3,136		981
Multifamily and Farmland	1			322		200
Total real estate TDR loans	123			31,158		21,123
Commercial loans (not secured by real estate)	14			1,271		706
Consumer loans (not secured by real estate)	1			2		6
Total TDR loans	138		$	32,431		21,835

December 31, 2011
(Dollars in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment			Post-Modification Outstanding Recorded Investment
Real estate loans
Construction and land development	29		$	19,762		12,840
Single-family residential	241			25,541		24,846
Commercial	15			7,200		5,013
Multifamily and Farmland	1			322		209
Total real estate TDR loans	286			52,825		42,908
Commercial loans (not secured by real estate)	21			1,711		1,083
Consumer loans (not secured by real estate)	8			124		142
Total TDR loans	315		$	54,660		44,133

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