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3. Loans (Tables)

12 Months Ended

Dec. 31, 2013

Loans Tables

Major classifications of loans

(Dollars in thousands)
	December 31, 2013			December 31, 2012
Real estate loans
Construction and land development	$	63,742		73,176
Single-family residential		195,975		195,003
Single-family residential -
Banco de la Gente stated income		49,463		52,019
Commercial		209,287		200,633
Multifamily and farmland		11,801		8,951
Total real estate loans		530,268		529,782
Loans not secured by real estate
Commercial loans		68,047		64,295
Farm loans		19		11
Consumer loans		9,593		10,148
All other loans		13,033		15,738
Total loans		620,960		619,974
Less allowance for loan losses		13,501		14,423
Total net loans	$	607,459		605,551

Age analysis of past due loans, by loan type

December 31, 2013
(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	$	3,416		5,426		8,842		54,900		63,742		-
Single-family residential		4,518		1,555		6,073		189,902		195,975		-
Single-family residential -
Banco de la Gente stated income		9,833		1,952		11,785		37,678		49,463		881
Commercial		1,643		486		2,129		207,158		209,287		-
Multifamily and farmland		177		-		177		11,624		11,801		-
Total real estate loans		19,587		9,419		29,006		501,262		530,268		881
Loans not secured by real estate
Commercial loans		424		29		453		67,594		68,047		-
Farm loans		-		-		-		19		19		-
Consumer loans		181		3		184		9,409		9,593		1
All other loans		-		-		-		13,033		13,033		-
Total loans	$	20,192		9,451		29,643		591,317		620,960		882

December 31, 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	$	1,280		6,858		8,138		65,038		73,176		-
Single-family residential		4,316		1,548		5,864		189,139		195,003		-
Single-family residential -
Banco de la Gente stated income		11,077		3,659		14,736		37,283		52,019		2,378
Commercial		1,720		1,170		2,890		197,743		200,633		-
Multifamily and farmland		7		-		7		8,944		8,951		-
Total real estate loans		18,400		13,235		31,635		498,147		529,782		2,378
Loans not secured by real estate
Commercial loans		888		66		954		63,341		64,295		23
Farm loans		-		-		-		11		11		-
Consumer loans		250		10		260		9,888		10,148		2
All other loans		-		-		-		15,738		15,738		-
Total loans	$	19,538		13,311		32,849		587,125		619,974		2,403

Non-accrual loans

(Dollars in thousands)
	December 31, 2013			December 31, 2012
Real estate loans
Construction and land development	$	6,546		9,253
Single-family residential		2,980		2,491
Single-family residential -
Banco de la Gente stated income		1,990		2,232
Commercial		2,043		3,263
Total real estate loans		13,559		17,239
Loans not secured by real estate
Commercial loans		250		344
Consumer loans		27		47
Total	$	13,836		17,630

Impaired loans

The following tables present the Bank’s impaired loans as of December 31, 2013 and 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	$	9,861		6,293		868		7,161		53		8,289
Single-family residential		7,853		1,428		5,633		7,061		123		7,859
Single-family residential -
Banco de la Gente stated income		22,034		-		21,242		21,242		1,300		21,242
Commercial		5,079		3,045		1,489		4,534		182		4,171
Multifamily and farmland		177		-		177		177		1		184
Total impaired real estate loans		45,004		10,766		29,409		40,175		1,659		41,745
Loans not secured by real estate
Commercial loans		999		257		724		981		15		826
Consumer loans		302		264		35		299		1		247
Total impaired loans	$	46,305		11,287		30,168		41,455		1,675		42,818
December 31, 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	$	17,738		11,795		680		12,475		61		12,810
Single-family residential		9,099		766		7,799		8,565		177		7,590
Single-family residential -
Banco de la Gente stated income		21,806		-		21,000		21,000		1,278		21,158
Commercial		5,830		4,569		467		5,036		6		5,433
Multifamily and farmland		193		-		193		193		1		200
Total impaired real estate loans		54,666		17,130		30,139		47,269		1,523		47,191
Loans not secured by real estate
Commercial loans		983		347		592		939		12		1,125
Consumer loans		68		-		66		66		1		41
Total impaired loans	$	55,717		17,477		30,797		48,274		1,536		48,357

Fair value measurements for impaired loans and other real estate on a non-recurring basis

(Dollars in thousands)
	Fair Value Measurements December 31, 2013			Level 1 Valuation		Level 2 Valuation		Level 3 Valuation		Total Gains/(Losses) for the Year Ended December 31, 2013
Impaired loans	$	39,780		-		-		39,780		(3,207	)
Other real estate	$	1,679		-		-		1,679		(581	)

(Dollars in thousands)
	Fair Value Measurements December 31, 2012			Level 1 Valuation		Level 2 Valuation		Level 3 Valuation		Total Gains/(Losses) for the Year Ended December 31, 2012
Impaired loans	$	46,738		-		-		46,738		(6,875	)
Other real estate	$	6,254		-		-		6,254		(1,136	)

Changes in the allowance for loan losses

Changes in the allowance for loan losses for the year ended December 31, 2013 were as follows:

(Dollars in thousands)
	Real Estate Loans
	Construction and Land Development			Single- Family Residential		Single- Family Residential - Banco de la Gente Stated Income		Commercial		Multifamily and Farmland		Commercial		Farm		Consumer and All Other		Unallocated		Total
Allowance for loan losses:
Beginning balance	$	4,399		3,231		1,998		2,049		28		1,088		-		245		1,385		14,423
Charge-offs		(777	)	(1,724	)	(272	)	(445	)	-		(502	)	-		(652	)	-		(4,372	)
Recoveries		377		111		141		50		-		44		-		143		-		866
Provision		(781	)	1,505		(4	)	565		9		439		-		509		342		2,584
Ending balance	$	3,218		3,123		1,863		2,219		37		1,069		-		245		1,727		13,501
Ending balance: individually
evaluated for impairment	$	-		39		1,268		171		-		-		-		-		-		1,478
Ending balance: collectively
evaluated for impairment		3,218		3,084		595		2,048		37		1,069		-		245		1,727		12,023
Ending balance	$	3,218		3,123		1,863		2,219		37		1,069		-		245		1,727		13,501
Loans:
Ending balance	$	63,742		195,975		49,463		209,287		11,801		68,047		19		22,626		-		620,960
Ending balance: individually
evaluated for impairment	$	6,293		3,127		19,958		3,767		-		256		-		265		-		33,666
Ending balance: collectively
evaluated for impairment	$	57,449		192,848		29,505		205,520		11,801		67,791		19		22,361		-		587,294

Changes in the allowance for loan losses for the year ended December 31, 2012 were as follows:

(Dollars in thousands)
	Real Estate Loans
	Construction and Land Development			Single- Family Residential		Single- Family Residential - Banco de la Gente Stated Income		Commercial		Multifamily and Farmland		Commercial		Farm		Consumer and All Other		Unallocated		Total
Allowance for loan losses:
Beginning balance	$	7,182		3,253		2,104		1,731		13		1,029		-		255		1,037		16,604
Charge-offs		(4,728	)	(886	)	(668	)	(937	)	-		(555	)	-		(557	)	-		(8,331	)
Recoveries		528		72		-		374		-		104		-		148		-		1,226
Provision		1,417		792		562		881		15		510		-		399		348		4,924
Ending balance	$	4,399		3,231		1,998		2,049		28		1,088		-		245		1,385		14,423
Ending balance: individually
evaluated for impairment	$	24		84		1,254		-		-		-		-		-		-		1,362
Ending balance: collectively
evaluated for impairment		4,375		3,147		744		2,049		28		1,088		-		245		1,385		13,061
Ending balance	$	4,399		3,231		1,998		2,049		28		1,088		-		245		1,385		14,423
Loans:
Ending balance	$	73,176		195,003		52,019		200,633		8,951		64,295		11		25,886		-		619,974
Ending balance: individually
evaluated for impairment	$	11,961		3,885		20,024		4,569		-		346		-		-		-		40,785
Ending balance: collectively
evaluated for impairment	$	61,215		191,118		31,995		196,064		8,951		63,949		11		25,886		-		579,189

Changes in the allowance for loan losses for the year ended December 31, 2011 were as follows:

(Dollars in thousands)
	Real Estate Loans
	Construction and Land Development			Single- Family Residential		Single- Family Residential - Banco de la Gente Stated Income		Commercial		Multifamily and Farmland		Commercial		Consumer and All Other		Unallocated		Total
Allowance for loan losses:
Beginning balance	$	5,774		3,992		2,105		1,409		17		1,174		430		592		15,493
Charge-offs		(7,164	)	(2,233	)	(692	)	(1,271	)	-		(314	)	(586	)	-		(12,260	)
Recoveries		241		184		17		24		-		121		152		-		739
Provision		8,331		1,310		674		1,569		(4	)	48		259		445		12,632
Ending balance	$	7,182		3,253		2,104		1,731		13		1,029		255		1,037		16,604
Ending balance: individually
evaluated for impairment	$	1,250		46		1,243		-		-		-		-		-		2,539
Ending balance: collectively
evaluated for impairment		5,932		3,207		861		1,731		13		1,029		255		1,037		14,065
Ending balance	$	7,182		3,253		2,104		1,731		13		1,029		255		1,037		16,604
Loans:
Ending balance	$	93,812		212,993		54,058		214,415		4,793		60,646		29,780		-		670,497
Ending balance: individually
evaluated for impairment	$	20,280		2,352		18,309		3,845		-		-		-		-		44,786
Ending balance: collectively
evaluated for impairment	$	73,532		210,641		35,749		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 December 31, 2013 and 2012.

December 31, 2013
(Dollars in thousands)
	Real Estate Loans
	Construction and Land Development			Single- Family Residential		Single- Family Residential - Banco de la Gente Stated Income		Commercial		Multifamily and Farmland		Commercial		Farm		Consumer		All Other		Total
1- Excellent Quality	$	7		15,036		-		-		-		365		-		1,270		-		16,678
2- High Quality		7,852		60,882		-		33,340		715		8,442		-		3,519		2,139		116,889
3- Good Quality		22,899		73,118		22,255		123,604		7,882		44,353		19		4,061		8,565		306,756
4- Management Attention		14,464		34,090		8,369		42,914		286		13,704		-		358		2,329		116,514
5- Watch		8,163		6,806		8,113		5,190		2,741		320		-		50		-		31,383
6- Substandard		10,357		6,043		10,726		4,239		177		863		-		330		-		32,735
7- Doubtful		-		-		-		-		-		-		-		-		-		-
8- Loss		-		-		-		-		-		-		-		5		-		5
Total	$	63,742		195,975		49,463		209,287		11,801		68,047		19		9,593		13,033		620,960
December 31, 2012
(Dollars in thousands)
	Real Estate Loans
	Construction and Land Development			Single- Family Residential		Single- Family Residential - Banco de la Gente Stated Income		Commercial		Multifamily and Farmland		Commercial		Farm		Consumer		All Other		Total
1- Excellent Quality	$	11		24,662		-		-		-		672		-		1,239		-		26,584
2- High Quality		4,947		56,829		-		27,511		32		9,260		-		4,122		2,317		105,018
3- Good Quality		24,952		62,018		24,724		114,001		4,975		40,814		11		4,186		13,416		289,097
4- Management Attention		18,891		35,727		11,366		47,603		3,039		11,844		-		392		5		128,867
5- Watch		9,580		9,504		3,597		6,911		712		976		-		134		-		31,414
6- Substandard		14,795		6,263		12,332		4,607		193		729		-		70		-		38,989
7- Low Substandard		-		-		-		-		-		-		-		-		-		-
8- Doubtful		-		-		-		-		-		-		-		-		-		-
9- Loss		-		-		-		-		-		-		-		5		-		5
Total	$	73,176		195,003		52,019		200,633		8,951		64,295		11		10,148		15,738		619,974

Analysis of TDR loans by loan type

The following table presents an analysis of TDR loans by loan type as of December 31, 2013.

December 31, 2013
(Dollars in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment			Post-Modification Outstanding Recorded Investment
Real estate loans
Construction and land development	15		$	10,222		6,528
Single-family residential	20			1,281		1,754
Single-family residential -
Banco de la Gente stated income	91			10,038		8,605
Commercial	10			3,775		4,272
Multifamily and farmland	1			322		177
Total real estate TDR loans	137			25,638		21,336
Loans not secured by real estate
Commercial loans	7			519		344
Consumer loans	3			284		266
Total TDR loans	147		$	26,441		21,946

The following table presents an analysis of 2013 loan modifications included in the December 31, 2013 TDR table above.

Year ended December 31, 2013
(Dollars in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment			Post-Modification Outstanding Recorded Investment
Real estate loans
Construction and land development	2		$	841		824
Single-family residential -
Banco de la Gente stated income	7			796		788
Total real estate TDR loans	9			1,637		1,612
Total TDR loans	9		$	1,637		1,612

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

December 31, 2012
(Dollars in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment			Post-Modification Outstanding Recorded Investment
Real estate loans
Construction and land development	11		$	10,465		6,633
Single-family residential	33			3,014		4,084
Single-family residential -
Banco de la Gente stated income	122			13,459		12,170
Commercial	4			1,457		682
Multifamily and farmland	-			-		-
Total real estate TDR loans	170			28,395		23,569
Loans not secured by real estate
Commercial loans	9			511		368
Consumer loans	1			2		-
Total TDR loans	180		$	28,908		23,937

The following table presents an analysis of 2012 loan modifications included in the December 31, 2012 TDR table above.

Year ended December 31, 2012
(Dollars in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment			Post-Modification Outstanding Recorded Investment
Real estate loans
Single-family residential	5		$	674		673
Single-family residential -
Banco de la Gente stated income	20			2,046		1,992
Total real estate TDR loans	25			2,720		2,665
Loans not secured by real estate
Commercial loans	1			14		13
Total TDR loans	26		$	2,734		2,678

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 33

-URI http://asc.fasb.org/extlink&oid=28368275&loc=SL6953676-111524

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