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3. Loans (Tables)

3 Months Ended

Mar. 31, 2015

Loans Tables

Major classifications of loans

Major classifications of loans at March 31, 2015 and December 31, 2014 are summarized as follows:

(Dollars in thousands)
	March 31, 2015			December 31, 2014
Real estate loans:
Construction and land development	$	57,247		57,617
Single-family residential		207,113		206,417
Single-family residential -
Banco de la Gente stated income		46,272		47,015
Commercial		227,471		228,558
Multifamily and farmland		12,331		12,400
Total real estate loans		550,434		552,007
Loans not secured by real estate:
Commercial loans		87,055		76,262
Farm loans		5		7
Consumer loans		9,857		10,060
All other loans		13,126		13,555
Total loans		660,477		651,891
Less allowance for loan losses		10,843		11,082
Total net loans	$	649,634		640,809

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, 2015 and December 31, 2014:

March 31, 2015
(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	$	62		257		319		56,928		57,247		-
Single-family residential		4,313		1,286		5,599		201,514		207,113		-
Single-family residential -
Banco de la Gente stated income		5,727		442		6,169		40,103		46,272		-
Commercial		1,875		381		2,256		225,215		227,471		-
Multifamily and farmland		-		-		-		12,331		12,331		-
Total real estate loans		11,977		2,366		14,343		536,091		550,434		-
Loans not secured by real estate:
Commercial loans		162		-		162		86,893		87,055		-
Farm loans		-		-		-		5		5		-
Consumer loans		97		9		106		9,751		9,857		-
All other loans		-		-		-		13,126		13,126		-
Total loans	$	12,236		2,375		14,611		645,866		660,477		-
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		-

Non-accrual loans

The following table presents the Company’s non-accrual loans as of March 31, 2015 and December 31, 2014:

(Dollars in thousands)
	March 31, 2015			December 31, 2014
Real estate loans:
Construction and land development	$	565		3,854
Single-family residential		3,891		2,370
Single-family residential -
Banco de la Gente stated income		1,432		1,545
Commercial		2,755		2,598
Multifamily and farmland		99		110
Total real estate loans		8,742		10,477
Loans not secured by real estate:
Commercial loans		111		176
Consumer loans		81		75
Total	$	8,934		10,728

Impaired loans

The following tables present the Company’s impaired loans as of March 31, 2015 and December 31, 2014:

March 31, 2015
(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	$	1,174		266		647		913		35		2,554
Single-family residential		9,169		2,092		6,496		8,588		170		8,246
Single-family residential -
Banco de la Gente stated income		20,886		-		20,310		20,310		1,179		19,764
Commercial		4,824		1,794		2,701		4,495		256		4,423
Multifamily and farmland		102		-		100		100		1		105
Total impaired real estate loans		36,155		4,152		30,254		34,406		1,641		35,092
Loans not secured by real estate:
Commercial loans		152		-		136		136		3		168
Consumer loans		317		-		310		310		4		312
Total impaired loans	$	36,624		4,152		30,700		34,852		1,648		35,572

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

Changes in the allowance for loan losses

Changes in the allowance for loan losses for the three months ended March 31, 2015 and 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
Three months ended March 31, 2015
Allowance for loan losses:
Beginning balance		$	2,785				2,566				1,610				1,902				7				1,098				-				233				881				11,082
Charge-offs			(88	)			(291	)			(42	)			(2	)			-				-				-				(107	)			-				(530	)
Recoveries			5				6				22				5				-				36				-				44				-				118
Provision			56				318				(4	)			(119	)			(1	)			47				-				38				(162	)			173
Ending balance		$	2,758				2,599				1,586				1,786				6				1,181				-				208				719				10,843
Allowance for loan losses March 31, 2015:
Ending balance: individually
evaluated for impairment		$	-				82				1,145				245				-				-				-				-				-				1,472
Ending balance: collectively
evaluated for impairment			2,758				2,517				441				1,541				6				1,181				-				208				719				9,371
Ending balance		$	2,758				2,599				1,586				1,786				6				1,181				-				208				719				10,843
Loans March 31, 2015:
Ending balance		$	57,247				207,113				46,272				227,471				12,331				87,055				5				22,983				-				660,477
Ending balance: individually
evaluated for impairment		$	266				3,448				18,655				3,633				-				-				-				-				-				26,002
Ending balance: collectively
evaluated for impairment		$	56,981				203,665				27,617				223,838				12,331				87,055				5				22,983				-				634,475

(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

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

March 31, 2015
(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	$	-		13,705		-		-		-		1,026		-		1,245		-		15,976
2- High Quality		7,768		76,955		-		38,374		231		26,199		-		3,465		1,798		154,790
3- Good Quality		26,737		74,746		20,561		140,510		8,978		47,317		5		4,494		10,392		333,740
4- Management Attention		12,918		29,884		12,714		38,734		369		11,995		-		514		936		108,064
5- Watch		9,176		4,619		5,677		5,706		2,653		379		-		47		-		28,257
6- Substandard		648		7,204		7,320		4,147		100		139		-		92		-		19,650
7- Doubtful		-		-		-		-		-		-		-		-		-		-
8- Loss		-		-		-		-		-		-		-				-		-
Total	$	57,247		207,113		46,272		227,471		12,331		87,055		5		9,857		13,126		660,477
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

Analysis of loan modifications

The following tables present an analysis of loan modifications during the three months ended March 31, 2015 and 2014:

Three months ended March 31, 2015
(Dollars in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment			Post-Modification Outstanding Recorded Investment
Real estate loans
Single-family residential	1		$	146		146
Total real estate TDR loans	1			146		146
Total TDR loans	1		$	146		146

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

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