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3. Loans (Tables)

6 Months Ended

Jun. 30, 2014

Loans Tables

Major classifications of loans

Major classifications of loans at June 30, 2014 and December 31, 2013 are summarized as follows:

(Dollars in thousands)
	June 30, 2014			December 31, 2013
Real estate loans
Construction and land development	$	59,843		63,742
Single-family residential		196,192		195,975
Single-family residential -
Banco de la Gente stated income		48,165		49,463
Commercial		214,378		209,287
Multifamily and farmland		11,821		11,801
Total real estate loans		530,399		530,268
Loans not secured by real estate
Commercial loans		78,056		68,047
Farm loans		93		19
Consumer loans		10,143		9,593
All other loans		14,645		13,033
Total loans		633,336		620,960
Less allowance for loan losses		12,675		13,501
Total net loans	$	620,661		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 June 30, 2014 and December 31, 2013:

June 30, 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	$	830		4,862		5,692		54,151		59,843		-
Single-family residential		1,453		667		2,120		194,072		196,192		392
Single-family residential -
Banco de la Gente stated income		1,874		719		2,593		45,572		48,165		-
Commercial		1,652		289		1,941		212,437		214,378		-
Multifamily and farmland		169		-		169		11,652		11,821		-
Total real estate loans		5,978		6,537		12,515		517,884		530,399		392
Loans not secured by real estate
Commercial loans		1,001		49		1,050		77,006		78,056		-
Farm loans		-		-		-		93		93		-
Consumer loans		129		-		129		10,014		10,143		-
All other loans		-		-		-		14,645		14,645		-
Total loans	$	7,108		6,586		13,694		619,642		633,336		392
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 June 30, 2014 and December 31, 2013:

(Dollars in thousands)
	June 30, 2014			December 31, 2013
Real estate loans
Construction and land development	$	5,216		6,546
Single-family residential		1,563		2,980
Single-family residential -
Banco de la Gente stated income		1,780		1,990
Commercial		1,804		2,043
Total real estate loans		10,363		13,559
Loans not secured by real estate
Commercial loans		511		250
Consumer loans		47		27
Total	$	10,921		13,836

Impaired loans

The following tables present the Company’s impaired loans as of June 30, 2014 and December 31, 2013:

June 30, 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	$	6,963		3,784		2,355		6,139		56		6,502
Single-family residential		5,972		947		4,827		5,774		132		7,507
Single-family residential -
Banco de la Gente stated income		21,758		-		21,129		21,129		1,217		20,303
Commercial		4,665		2,251		2,145		4,396		256		4,463
Multifamily and farmland		169		-		169		169		1		172
Total impaired real estate loans		39,527		6,982		30,625		37,607		1,662		38,947
Loans not secured by real estate
Commercial loans		849		-		755		755		16		895
Consumer loans		303		249		51		300		1		305
Total impaired loans	$	40,679		7,231		31,431		38,662		1,679		40,147

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 and six months ended June 30, 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
Six months ended June 30, 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	)	(194	)	(140	)	(131	)	-		(193	)	-		(254	)	-		(1,172	)
Recoveries		282		60		17		161		-		26		-		82		-		628
Provision		147		(141	)	(32	)	(410	)	(30	)	179		-		180		(175	)	(282	)
Ending balance	$	3,387		2,848		1,708		1,839		7		1,081		-		253		1,552		12,675
Three months ended June 30, 2014
Allowance for loan losses:
Beginning balance	$	3,133		3,132		1,767		2,196		36		945		-		230		1,539		12,978
Charge-offs		-		(171	)	(108	)	(20	)	-		(181	)	-		(117	)	-		(597	)
Recoveries		3		52		5		101		-		21		-		45		-		227
Provision		251		(165	)	44		(438	)	(29	)	296		-		95		13		67
Ending balance	$	3,387		2,848		1,708		1,839		7		1,081		-		253		1,552		12,675
Allowance for loan losses June 30, 2014:
Ending balance: individually
evaluated for impairment	$	-		67		1,175		-		-		242		-		-		-		1,484
Ending balance: collectively
evaluated for impairment		3,387		2,781		533		1,839		7		839		-		253		1,552		11,191
Ending balance	$	3,387		2,848		1,708		1,839		7		1,081		-		253		1,552		12,675
Loans June 30, 2014:
Ending balance	$	59,843		196,192		48,165		214,378		11,821		78,056		93		24,788		-		633,336
Ending balance: individually
evaluated for impairment	$	5,297		2,325		19,287		-		-		3,307		-		250		-		30,466
Ending balance: collectively
evaluated for impairment	$	54,546		193,867		28,878		214,378		11,821		74,749		93		24,538		-		602,870

(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
Six months ended June 30, 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		(715	)	(636	)	(224	)	(275	)	-		(382	)	-		(281	)	-		(2,513	)
Recoveries		26		43		70		50		-		25		-		78		-		292
Provision		1,015		666		80		34		6		91		-		187		(252	)	1,827
Ending balance	$	4,725		3,304		1,924		1,858		34		822		-		229		1,133		14,029
Three months ended June 30, 2013
Allowance for loan losses:
Beginning balance	$	4,785		3,182		1,976		1,811		30		1,209		-		232		1,187		14,412
Charge-offs		(218	)	(274	)	(72	)	(275	)	-		(361	)	-		(134	)	-		(1,334	)
Recoveries		25		24		70		2		-		14		-		43		-		178
Provision		133		372		(50	)	320		4		(40	)	-		88		(54	)	773
Ending balance	$	4,725		3,304		1,924		1,858		34		822		-		229		1,133		14,029
Allowance for loan losses June 30, 2013:
Ending balance: individually
evaluated for impairment	$	6		343		1,234		-		-		-		-		-		-		1,583
Ending balance: collectively
evaluated for impairment		4,719		2,961		690		1,858		34		822		-		229		1,133		12,446
Ending balance	$	4,725		3,304		1,924		1,858		34		822		-		229		1,133		14,029
Loans June 30, 2013:
Ending balance	$	70,112		192,601		50,454		191,368		10,918		66,161		24		26,434		-		608,072
Ending balance: individually
evaluated for impairment	$	7,626		3,480		19,912		3,125		-		-		-		279		-		34,422
Ending balance: collectively
evaluated for impairment	$	62,486		189,121		30,542		188,243		10,918		66,161		24		26,155		-		573,650

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 June 30, 2014 and December 31, 2013:

June 30, 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	$	-		15,376		-		-		-		720		-		1,386		-		17,482
2- High Quality		8,224		66,361		-		37,883		682		11,404		-		3,659		1,972		130,185
3- Good Quality		23,249		71,086		21,528		129,951		6,621		51,697		93		4,424		10,439		319,088
4- Management Attention		12,949		32,416		8,293		35,900		1,643		12,452		-		575		2,234		106,462
5- Watch		7,355		5,914		7,040		6,661		2,706		944		-		20		-		30,640
6- Substandard		8,066		5,039		11,304		3,983		169		770		-		77		-		29,408
7- Doubtful		-		-		-		-		-		-		-		-		-		-
8- Loss		-		-		-		-		-		69		-		2		-		71
Total	$	59,843		196,192		48,165		214,378		11,821		78,056		93		10,143		14,645		633,336
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 six months ended June 30, 2014:

Six months ended June 30, 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			734		734
Single-family residential -
Banco de la Gente stated income	6			494		494
Total real estate TDR loans	8			1,544		1,544
Total TDR loans	8		$	1,544		1,544

The following tables present an analysis of loan modifications during the three and six months ended June 30, 2013:

Three months ended June 30, 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		$	724		712
Single-family residential	2			78		78
Single-family residential -
Banco de la Gente stated income	1			140		138
Total real estate TDR loans	4			942		928
Total TDR loans	4		$	942		928

Six months ended June 30, 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		829
Single-family residential	2			78		78
Single-family residential -
Banco de la Gente stated income	4			472		469
Total real estate TDR loans	8			1,391		1,376
Total TDR loans	8		$	1,391		1,376

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