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3. Loans (Tables)

3 Months Ended

Mar. 31, 2014

Loans Tables

Major classifications of loans

Major classifications of loans at March 31, 2014 and December 31, 2013 are summarized as follows:

(Dollars in thousands)
	March 31, 2014			December 31, 2013
Real estate loans
Construction and land development	$	61,162		63,742
Single-family residential		196,447		195,975
Single-family residential -
Banco de la Gente stated income		48,926		49,463
Commercial		211,882		209,287
Multifamily and farmland		11,566		11,801
Total real estate loans		529,983		530,268
Loans not secured by real estate
Commercial loans		65,456		68,047
Farm loans		16		19
Consumer loans		9,440		9,593
All other loans		13,145		13,033
Total loans		618,040		620,960
Less allowance for loan losses		12,978		13,501
Total net loans	$	605,062		607,459

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 March 31, 2014 and December 31, 2013:

March 31, 2014
(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	$	735		4,986		5,721		55,441		61,162		-
Single-family residential		4,358		988		5,346		191,101		196,447		10
Single-family residential -
Banco de la Gente stated income		8,004		763		8,767		40,159		48,926		-
Commercial		767		941		1,708		210,174		211,882		-
Multifamily and farmland		132		-		132		11,434		11,566		-
Total real estate loans		13,996		7,678		21,674		508,309		529,983		10
Loans not secured by real estate
Commercial loans		448		78		526		64,930		65,456		49
Farm loans		-		-		-		16		16		-
Consumer loans		120		1		121		9,319		9,440		1
All other loans		-		-		-		13,145		13,145		-
Total loans	$	14,564		7,757		22,321		595,719		618,040		60
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

Non-accrual loans

The following table presents the Company’s non-accrual loans as of March 31, 2014 and December 31, 2013:

(Dollars in thousands)
	March 31, 2014			December 31, 2013
Real estate loans
Construction and land development	$	5,279		6,546
Single-family residential		2,537		2,980
Single-family residential -
Banco de la Gente stated income		1,708		1,990
Commercial		1,770		2,043
Total real estate loans		11,294		13,559
Loans not secured by real estate
Commercial loans		224		250
Consumer loans		50		27
Total	$	11,568		13,836

Impaired loans

The following tables present the Company’s impaired loans as of March 31, 2014 and December 31, 2013:

March 31, 2014
(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	$	7,107		5,465		741		6,206		45		6,683
Single-family residential		7,438		1,835		5,009		6,844		129		8,041
Single-family residential -
Banco de la Gente stated income		21,955		-		21,380		21,380		1,229		20,223
Commercial		4,983		2,854		1,605		4,459		187		4,497
Multifamily and farmland		171		-		171		171		1		174
Total impaired real estate loans		41,654		10,154		28,906		39,060		1,591		39,618
Loans not secured by real estate
Commercial loans		971		253		696		949		7		965
Consumer loans		317		257		58		315		1		307
Total impaired loans	$	42,942		10,664		29,660		40,324		1,599		40,890

December 31, 2013
(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

Changes in the allowance for loan losses

Changes in the allowance for loan losses for the three months ended March 31, 2014 and 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
Three months ended March 31, 2014
Allowance for loan losses:
Beginning balance	$	3,218		3,123		1,863		2,219		37		1,069		-		245		1,727		13,501
Charge-offs		(260	)	(22	)	(32	)	(111	)	-		(12	)	-		(138	)	-		(575	)
Recoveries		279		9		12		60		-		5		-		36		-		401
Provision		(104	)	22		(76	)	28		(1	)	(117	)	-		87		(188	)	(349	)
Ending balance	$	3,133		3,132		1,767		2,196		36		945		-		230		1,539		12,978
Allowance for loan losses March 31, 2014:
Ending balance: individually
evaluated for impairment	$	-		68		1,187		174		-		-		-		-		-		1,429
Ending balance: collectively
evaluated for impairment		3,133		3,064		580		2,022		36		945		-		230		1,539		11,549
Ending balance	$	3,133		3,132		1,767		2,196		36		945		-		230		1,539		12,978
Loans March 31, 2014:
Ending balance	$	61,162		196,447		48,926		211,882		11,566		65,456		16		22,585		-		618,040
Ending balance: individually
evaluated for impairment	$	5,464		3,220		19,625		3,577		-		253		-		257		-		32,396
Ending balance: collectively
evaluated for impairment	$	55,698		193,227		29,301		208,305		11,566		65,203		16		22,328		-		585,644

(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
Three months ended March 31, 2013
Allowance for loan losses:
Beginning balance	$	4,399		3,231		1,998		2,049		28		1,088		-		245		1,385		14,423
Charge-offs		(497	)	(364	)	(152	)	-		-		(21	)	-		(147	)	-		(1,181	)
Recoveries		1		18		-		48		-		11		-		35		-		113
Provision		882		297		130		(286	)	2		131		-		99		(198	)	1,057
Ending balance	$	4,785		3,182		1,976		1,811		30		1,209		-		232		1,187		14,412
Allowance for loan losses March 31, 2013:
Ending balance: individually
evaluated for impairment	$	102		110		1,245		-		-		247		-		-		-		1,704
Ending balance: collectively
evaluated for impairment		4,683		3,072		731		1,811		30		962		-		232		1,187		12,708
Ending balance	$	4,785		3,182		1,976		1,811		30		1,209		-		232		1,187		14,412
Loans March 31, 2013:
Ending balance	$	72,389		194,557		51,410		192,355		9,401		65,058		27		24,768		-		609,965
Ending balance: individually
evaluated for impairment	$	9,594		4,616		20,102		3,971		-		347		-		-		-		38,630
Ending balance: collectively
evaluated for impairment	$	62,795		189,941		31,308		188,384		9,401		64,711		27		24,768		-		571,335

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 March 31, 2014 and December 31, 2013:

March 31, 2014
(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	$	-		14,330		-		-		-		403		-		1,374		-		16,107
2- High Quality		8,513		63,063		-		33,394		698		8,302		-		3,436		2,026		119,432
3- Good Quality		23,551		72,892		21,827		125,258		6,378		38,225		16		3,945		8,848		300,940
4- Management Attention		13,359		33,715		8,104		38,895		1,594		16,837		-		310		2,271		115,085
5- Watch		7,402		6,530		7,454		10,376		2,725		864		-		30		-		35,381
6- Substandard		8,337		5,917		11,541		3,959		171		796		-		341		-		31,062
7- Doubtful		-		-		-		-		-		29		-		-		-		29
8- Loss		-		-		-		-		-		-		-		4		-		4
Total	$	61,162		196,447		48,926		211,882		11,566		65,456		16		9,440		13,145		618,040
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

Analysis of loan modifications

The following table presents an analysis of loan modifications during the three months ended March 31, 2014:

Three months ended March 31, 2014
(Dollars in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment			Post-Modification Outstanding Recorded Investment
Real estate loans
Construction and land development	1		$	316		316
Single-family residential	1			737		737
Single-family residential -
Banco de la Gente stated income	6			497		497
Total real estate TDR loans	8			1,550		1,550
Total TDR loans	8		$	1,550		1,550

The following table presents an analysis of loan modifications during the three months ended March 31, 2013:

Three months ended March 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	1		$	117		117
Single-family residential -
Banco de la Gente stated income	3			332		331
Total real estate TDR loans	4			449		448
Total TDR loans	4		$	449		448

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