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3. Loans (Tables)

12 Months Ended

Dec. 31, 2014

Loans Tables

Major classifications of loans

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

(Dollars in thousands)
	December 31, 2014			December 31, 2013
Real estate loans:
Construction and land development	$	57,617		63,742
Single-family residential		206,417		195,975
Single-family residential -
Banco de la Gente stated income		47,015		49,463
Commercial		228,558		209,287
Multifamily and farmland		12,400		11,801
Total real estate loans		552,007		530,268
Loans not secured by real estate:
Commercial loans		76,262		68,047
Farm loans		7		19
Consumer loans		10,060		9,593
All other loans		13,555		13,033
Total loans		651,891		620,960
Less allowance for loan losses		11,082		13,501
Total net loans	$	640,809		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 December 31, 2014 and 2013:

December 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	$	294		3,540		3,834		53,783		57,617		-
Single-family residential		5,988		268		6,256		200,161		206,417		-
Single-family residential -
Banco de la Gente stated income		8,998		610		9,608		37,407		47,015		-
Commercial		3,205		366		3,571		224,987		228,558		-
Multifamily and farmland		85		-		85		12,315		12,400		-
Total real estate loans		18,570		4,784		23,354		528,653		552,007		-
Loans not secured by real estate:
Commercial loans		241		49		290		75,972		76,262		-
Farm loans		-		-		-		7		7		-
Consumer loans		184		-		184		9,876		10,060		-
All other loans		-		-		-		13,555		13,555		-
Total loans	$	18,995		4,833		23,828		628,063		651,891		-
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 Bank’s non-accrual loans as of December 31, 2014 and 2013:

(Dollars in thousands)
	December 31, 2014			December 31, 2013
Real estate loans:
Construction and land development	$	3,854		6,546
Single-family residential		2,370		2,980
Single-family residential -
Banco de la Gente stated income		1,545		1,990
Commercial		2,598		2,043
Multifamily and farmland		110		-
Total real estate loans		10,477		13,559
Loans not secured by real estate:
Commercial loans		176		250
Consumer loans		75		27
Total	$	10,728		13,836

Impaired loans

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

December 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	$	5,481		3,639		555		4,194		31		5,248
Single-family residential		6,717		933		5,540		6,473		154		7,430
Single-family residential -
Banco de la Gente stated income		21,243		-		20,649		20,649		1,191		19,964
Commercial		4,752		1,485		2,866		4,351		272		4,399
Multifamily and farmland		111		-		110		110		1		154
Total impaired real estate loans		38,304		6,057		29,720		35,777		1,649		37,195
Loans not secured by real estate:
Commercial loans		218		-		201		201		4		641
Consumer loans		318		-		313		313		5		309
Total impaired loans	$	38,840		6,057		30,234		36,291		1,658		38,145

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

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

(Dollars in thousands)
	Fair Value Measurements December 31, 2014			Level 1 Valuation		Level 2 Valuation		Level 3 Valuation		Total Gains/(Losses) for the Year Ended December 31, 2014
Impaired loans	$	34,633		-		-		34,633		(1,444	)
Other real estate	$	2,016		-		-		2,016		(622	)
(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	)

Changes in the allowance for loan losses

Changes in the allowance for loan losses for the year ended December 31, 2014 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	$	3,218		3,123		1,863		2,219		37		1,069		-		245		1,727		13,501
Charge-offs		(884	)	(309	)	(190	)	(290	)	-		(430	)	-		(534	)	-		(2,637	)
Recoveries		428		72		16		171		-		54		-		176		-		917
Provision		23		(320	)	(79	)	(198	)	(30	)	405		-		346		(846	)	(699	)
Ending balance	$	2,785		2,566		1,610		1,902		7		1,098		-		233		881		11,082
Ending balance: individually
evaluated for impairment	$	-		82		1,155		260		-		-		-		-		-		1,497
Ending balance: collectively
evaluated for impairment		2,785		2,484		455		1,642		7		1,098		-		233		881		9,585
Ending balance	$	2,785		2,566		1,610		1,902		7		1,098		-		233		881		11,082
Loans:
Ending balance	$	57,617		206,417		47,015		228,558		12,400		76,262		7		23,615		-		651,891
Ending balance: individually
evaluated for impairment	$	3,639		2,298		18,884		3,345		-		-		-		-		-		28,166
Ending balance: collectively
evaluated for impairment	$	53,978		204,119		28,131		225,213		12,400		76,262		7		23,615		-		623,725

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
Allowance for loan losses:
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

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, 2014 and 2013.

December 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	$	-		15,099		-		-		-		924		-		1,232		-		17,255
2- High Quality		6,741		74,367		-		39,888		241		18,730		-		3,576		1,860		145,403
3- Good Quality		24,641		74,453		21,022		142,141		8,376		44,649		7		4,549		8,055		327,893
4- Management Attention		13,013		30,954		12,721		36,433		1,001		11,312		-		566		3,640		109,640
5- Watch		9,294		5,749		5,799		6,153		2,672		383		-		46		-		30,096
6- Substandard		3,928		5,795		7,473		3,943		110		264		-		87		-		21,600
7- Doubtful		-		-		-		-		-		-		-		-		-		-
8- Loss		-		-		-		-		-		-		-		4		-		4
Total	$	57,617		206,417		47,015		228,558		12,400		76,262		7		10,060		13,555		651,891
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 TDR loans by loan type

The following tables present an analysis of loan modifications during the years ended December 31, 2014 and 2013:

Year ended December 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		$	291		266
Single-family residential	2			849		845
Single-family residential -
Banco de la Gente stated income	3			281		278
Total real estate TDR loans	6			1,421		1,389
Total TDR loans	6		$	1,421		1,389

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

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