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Loans and Allowance for Loan Losses | 12 Months Ended
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Dec. 31, 2015
Receivables [Abstract] |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | (6) Loans and Allowance for Loan Losses Loans consist of the following:
|  | As of December 31, |
(Dollars in thousands) |  | 2015 |  | 2014 |
One-to-four family residential real estate loans |  | $ | 131,930 |  | $ | 127,555 |
Construction and land loans |  |  | 15,043 |  |  | 21,950 |
Commercial real estate loans |  |  | 118,983 |  |  | 118,411 |
Commercial loans |  |  | 61,300 |  |  | 59,971 |
Agriculture loans |  |  | 71,030 |  |  | 64,316 |
Municipal loans |  |  | 7,635 |  |  | 8,982 |
Consumer loans |  |  | 19,895 |  |  | 20,044 |
Total gross loans |  |  | 425,816 |  |  | 421,229 |
Net deferred loan costs and loans in process |  |  | 29 |  |  | 281 |
Allowance for loan losses |  |  | (5,922) |  |  | (5,320) |
Loans, net |  | $ | 419,923 |  | $ | 416,190 |
In the first quarter of 2015, the Company adjusted the historical loss analysis within the evaluation of the allowance for loan losses. The Company previously used a twelve quarter historical loss rate calculated by loan class. The updated historical loss analysis uses a migration analysis to track historical losses by loan class and risk categories over a longer period of time. In the opinion of management, the adjusted historical loss analysis more accurately allocates estimated losses. The adjustments resulted in reclassifications of the allocated allowance among various loan classes compared to December 31, 2014. The adjustments to the historical loss analysis did not have a significant impact on the total allowance for loan losses balance as of December 31, 2014. The following tables provide information on the Company’s allowance for loan losses by loan class and allowance methodology:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Year ended December 31, 2015 |
|  | One-to-four family residential real estate loans |  | Construction and land loans |  | Commercial real estate loans |  | Commercial loans |  | Agriculture loans |  | Municipal loans |  | Consumer loans |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2015 |  | $ | 755 |  | $ | 762 |  | $ | 1,832 |  | $ | 836 |  | $ | 915 |  | $ | 51 |  | $ | 169 |  | $ | 5,320 |
Charge-offs |  |  | (57) |  |  | - |  |  | (13) |  |  | (78) |  |  | - |  |  | (88) |  |  | (318) |  |  | (554) |
Recoveries |  |  | 10 |  |  | 1,722 |  |  | 2 |  |  | 15 |  |  | 73 |  |  | - |  |  | 34 |  |  | 1,856 |
Provision for loan losses |  |  | 217 |  |  | (2,407) |  |  | (81) |  |  | 757 |  |  | 440 |  |  | 60 |  |  | 314 |  |  | (700) |
Balance at December 31, 2015 |  |  | 925 |  |  | 77 |  |  | 1,740 |  |  | 1,530 |  |  | 1,428 |  |  | 23 |  |  | 199 |  |  | 5,922 |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  |  | 78 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 10 |  |  | 88 |
Collectively evaluated for loss |  |  | 847 |  |  | 77 |  |  | 1,740 |  |  | 1,530 |  |  | 1,428 |  |  | 23 |  |  | 189 |  |  | 5,834 |
Total |  |  | 925 |  |  | 77 |  |  | 1,740 |  |  | 1,530 |  |  | 1,428 |  |  | 23 |  |  | 199 |  |  | 5,922 |
Loan balances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  |  | 752 |  |  | 2,220 |  |  | 2,429 |  |  | 620 |  |  | 189 |  |  | 591 |  |  | 36 |  |  | 6,837 |
Collectively evaluated for loss |  |  | 131,178 |  |  | 12,823 |  |  | 116,554 |  |  | 60,680 |  |  | 70,841 |  |  | 7,044 |  |  | 19,859 |  |  | 418,979 |
Total |  | $ | 131,930 |  | $ | 15,043 |  | $ | 118,983 |  | $ | 61,300 |  | $ | 71,030 |  | $ | 7,635 |  | $ | 19,895 |  | $ | 425,816 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Year ended December 31, 2014 |
|  | One-to-four family residential real estate |  | Construction and land |  | Commercial real estate |  | Commercial loans |  | Agriculture loans |  | Municipal loans |  | Consumer loans |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2014 |  | $ | 732 |  | $ | 1,343 |  | $ | 1,970 |  | $ | 769 |  | $ | 545 |  | $ | 47 |  | $ | 134 |  | $ | 5,540 |
Charge-offs |  |  | (29) |  |  | - |  |  | - |  |  | (783) |  |  | - |  |  | - |  |  | (237) |  |  | (1,049) |
Recoveries |  |  | 12 |  |  | 166 |  |  | 4 |  |  | 2 |  |  | - |  |  | - |  |  | 45 |  |  | 229 |
Provision for loan losses |  |  | 40 |  |  | (747) |  |  | (142) |  |  | 848 |  |  | 370 |  |  | 4 |  |  | 227 |  |  | 600 |
Balance at December 31, 2014 |  |  | 755 |  |  | 762 |  |  | 1,832 |  |  | 836 |  |  | 915 |  |  | 51 |  |  | 169 |  |  | 5,320 |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  |  | 287 |  |  | - |  |  | 17 |  |  | 28 |  |  | 5 |  |  | - |  |  | 12 |  |  | 349 |
Collectively evaluated for loss |  |  | 468 |  |  | 762 |  |  | 1,815 |  |  | 808 |  |  | 910 |  |  | 51 |  |  | 157 |  |  | 4,971 |
Total |  |  | 755 |  |  | 762 |  |  | 1,832 |  |  | 836 |  |  | 915 |  |  | 51 |  |  | 169 |  |  | 5,320 |
Loan balances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  |  | 1,589 |  |  | 4,805 |  |  | 2,880 |  |  | 371 |  |  | 285 |  |  | 706 |  |  | 67 |  |  | 10,703 |
Collectively evaluated for loss |  |  | 125,966 |  |  | 17,145 |  |  | 115,531 |  |  | 59,600 |  |  | 64,031 |  |  | 8,276 |  |  | 19,977 |  |  | 410,526 |
Total |  | $ | 127,555 |  | $ | 21,950 |  | $ | 118,411 |  | $ | 59,971 |  | $ | 64,316 |  | $ | 8,982 |  | $ | 20,044 |  | $ | 421,229 |
|  | Year ended December 31, 2013 |
|  | One-to-four family residential real estate loans |  | Construction and land loans |  | Commercial real estate loans |  | Commercial loans |  | Agriculture loans |  | Municipal loans |  | Consumer loans |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2013 |  | $ | 714 |  | $ | 1,214 |  | $ | 1,313 |  | $ | 707 |  | $ | 367 |  | $ | 107 |  | $ | 159 |  | $ | 4,581 |
Charge-offs |  |  | (93) |  |  | (53) |  |  | (11) |  |  | (200) |  |  | - |  |  | (65) |  |  | (194) |  |  | (616) |
Recoveries |  |  | 202 |  |  | 523 |  |  | - |  |  | 20 |  |  | - |  |  | - |  |  | 30 |  |  | 775 |
Provision for loan losses |  |  | (91) |  |  | (341) |  |  | 668 |  |  | 242 |  |  | 178 |  |  | 5 |  |  | 139 |  |  | 800 |
Balance at December 31, 2013 |  |  | 732 |  |  | 1,343 |  |  | 1,970 |  |  | 769 |  |  | 545 |  |  | 47 |  |  | 134 |  |  | 5,540 |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  |  | 82 |  |  | 234 |  |  | 140 |  |  | 488 |  |  | - |  |  | - |  |  | 7 |  |  | 951 |
Collectively evaluated for loss |  |  | 650 |  |  | 1,109 |  |  | 1,830 |  |  | 281 |  |  | 545 |  |  | 47 |  |  | 127 |  |  | 4,589 |
Total |  |  | 732 |  |  | 1,343 |  |  | 1,970 |  |  | 769 |  |  | 545 |  |  | 47 |  |  | 134 |  |  | 5,540 |
Loan balances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  |  | 782 |  |  | 8,160 |  |  | 2,936 |  |  | 4,148 |  |  | - |  |  | 706 |  |  | 24 |  |  | 16,756 |
Collectively evaluated for loss |  |  | 124,305 |  |  | 15,616 |  |  | 116,454 |  |  | 57,235 |  |  | 62,287 |  |  | 8,140 |  |  | 18,576 |  |  | 402,613 |
Total |  | $ | 125,087 |  | $ | 23,776 |  | $ | 119,390 |  | $ | 61,383 |  | $ | 62,287 |  | $ | 8,846 |  | $ | 18,600 |  | $ | 419,369 |
The Company’s impaired loans decreased from $10.7 million at December 31, 2014 to $6.8 million at December 31, 2015. The difference between the unpaid contractual principal and the impaired loan balance is a result of charge-offs recorded against impaired loans. The difference in the Company’s non-accrual loan balances and impaired loan balances at December 31, 2015 and December 31, 2014 was related to TDRs that are current and accruing interest, but still classified as impaired. Interest income recognized on a cash basis for impaired loans was immaterial during the years 2015, 2014, and 2013. The following tables present information on impaired loans:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of December 31, 2015 |
|  | Unpaid contractual principal |  | Impaired loan balance |  | Impaired loans without an allowance |  | Impaired loans with an allowance |  | Related allowance recorded |  | Year-to- date average loan balance |  | Year-to- date interest income recognized |
One-to-four family residential real estate loans |  | $ | 752 |  | $ | 752 |  | $ | 408 |  | $ | 344 |  | $ | 78 |  | $ | 1,041 |  | $ | - |
Construction and land loans |  |  | 3,955 |  |  | 2,220 |  |  | 2,220 |  |  | - |  |  | - |  |  | 2,389 |  |  | 88 |
Commercial real estate loans |  |  | 2,429 |  |  | 2,429 |  |  | 2,429 |  |  | - |  |  | - |  |  | 2,484 |  |  | 175 |
Commercial loans |  |  | 637 |  |  | 620 |  |  | 620 |  |  | - |  |  | - |  |  | 634 |  |  | 3 |
Agriculture loans |  |  | 189 |  |  | 189 |  |  | 189 |  |  | - |  |  | - |  |  | 188 |  |  | 3 |
Municipal loans |  |  | 591 |  |  | 591 |  |  | 591 |  |  | - |  |  | - |  |  | 631 |  |  | 19 |
Consumer loans |  |  | 36 |  |  | 36 |  |  | 10 |  |  | 26 |  |  | 10 |  |  | 41 |  |  | - |
Total impaired loans |  | $ | 8,589 |  | $ | 6,837 |  | $ | 6,467 |  | $ | 370 |  | $ | 88 |  | $ | 7,408 |  | $ | 288 |
|  | As of December 31, 2014 |
|  | Unpaid contractual principal |  | Impaired loan balance |  | Impaired loans without an allowance |  | Impaired loans with an allowance |  | Related allowance recorded |  | Year-to- date average loan balance |  | Year-to- date interest income recognized |
One-to-four family residential real estate loans |  | $ | 1,589 |  | $ | 1,589 |  | $ | 167 |  | $ | 1,422 |  | $ | 287 |  | $ | 1,611 |  | $ | - |
Construction and land loans |  |  | 6,540 |  |  | 4,805 |  |  | 4,805 |  |  | - |  |  | - |  |  | 6,366 |  |  | 235 |
Commercial real estate loans |  |  | 2,880 |  |  | 2,880 |  |  | 2,833 |  |  | 47 |  |  | 17 |  |  | 3,009 |  |  | 24 |
Commercial loans |  |  | 371 |  |  | 371 |  |  | 137 |  |  | 234 |  |  | 28 |  |  | 393 |  |  | 10 |
Agriculture loans |  |  | 285 |  |  | 285 |  |  | 146 |  |  | 139 |  |  | 5 |  |  | 294 |  |  | - |
Municipal loans |  |  | 772 |  |  | 706 |  |  | 706 |  |  | - |  |  | - |  |  | 772 |  |  | 19 |
Consumer loans |  |  | 67 |  |  | 67 |  |  | 25 |  |  | 42 |  |  | 12 |  |  | 75 |  |  | - |
Total impaired loans |  | $ | 12,504 |  | $ | 10,703 |  | $ | 8,819 |  | $ | 1,884 |  | $ | 349 |  | $ | 12,520 |  | $ | 288 |
|  | As of December 31, 2013 |
|  | Unpaid contractual principal |  | Impaired loan balance |  | Impaired loans without an allowance |  | Impaired loans with an allowance |  | Related allowance recorded |  | Year-to- date average loan balance |  | Year-to- date interest income recognized |
One-to-four family residential real estate loans |  | $ | 782 |  | $ | 782 |  | $ | 326 |  | $ | 456 |  | $ | 82 |  | $ | 800 |  | $ | - |
Construction and land loans |  |  | 9,895 |  |  | 8,160 |  |  | 6,098 |  |  | 2,062 |  |  | 234 |  |  | 8,383 |  |  | 279 |
Commercial real estate loans |  |  | 2,936 |  |  | 2,936 |  |  | 278 |  |  | 2,658 |  |  | 140 |  |  | 3,046 |  |  | 18 |
Commercial loans |  |  | 4,148 |  |  | 4,148 |  |  | 154 |  |  | 3,994 |  |  | 488 |  |  | 192 |  |  | - |
Agriculture loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal loans |  |  | 772 |  |  | 706 |  |  | 706 |  |  | - |  |  | - |  |  | 772 |  |  | 20 |
Consumer loans |  |  | 24 |  |  | 24 |  |  | 6 |  |  | 18 |  |  | 7 |  |  | 26 |  |  | - |
Total impaired loans |  | $ | 18,557 |  | $ | 16,756 |  | $ | 7,568 |  | $ | 9,188 |  | $ | 951 |  | $ | 13,219 |  | $ | 317 |
The Company’s key credit quality indicator is a loan’s performance status, defined as accruing or non-accruing. Performing loans are considered to have a lower risk of loss. Non-accrual loans are those which the Company believes have a higher risk of loss. The accrual of interest on non-performing loans is discontinued at the time the loan is ninety days delinquent, unless the credit is well secured and in process of collection. Loans are placed on non-accrual or are charged off at an earlier date if collection of principal or interest is considered doubtful. There were no loans ninety days delinquent and accruing interest at December 31, 2015 or December 31, 2014. The following tables present information on the Company’s past due and non-accrual loans by loan class:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of December 31, 2015 |
|  | 30-59 days delinquent and accruing |  |  | 60-89 days delinquent and accruing |  |  | 90 days or more delinquent and accruing |  |  | Total past due loans accruing |  |  | Non-accrual loans |  |  | Total past due and non- accrual loans |  |  | Total loans not past due |
One-to-four family residential real estate loans |  | $ | 70 |  |  | $ | 712 |  |  | $ | - |  |  | $ | 782 |  |  | $ | 749 |  |  | $ | 1,531 |  |  | $ | 130,399 |
Construction and land loans |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 614 |  |  |  | 618 |  |  |  | 14,425 |
Commercial real estate loans |  |  | 240 |  |  |  | - |  |  |  | - |  |  |  | 240 |  |  |  | 47 |  |  |  | 287 |  |  |  | 118,696 |
Commercial loans |  |  | 90 |  |  |  | 40 |  |  |  | - |  |  |  | 130 |  |  |  | 583 |  |  |  | 713 |  |  |  | 60,587 |
Agriculture loans |  |  | 174 |  |  |  | 5 |  |  |  | - |  |  |  | 179 |  |  |  | 139 |  |  |  | 318 |  |  |  | 70,712 |
Municipal loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,635 |
Consumer loans |  |  | 65 |  |  |  | 2 |  |  |  | - |  |  |  | 67 |  |  |  | 36 |  |  |  | 103 |  |  |  | 19,792 |
Total |  | $ | 643 |  |  | $ | 759 |  |  | $ | - |  |  | $ | 1,402 |  |  | $ | 2,168 |  |  | $ | 3,570 |  |  | $ | 422,246 |
Percent of gross loans |  |  | 0.15 | % |  |  | 0.18 | % |  |  | 0.00 | % |  |  | 0.33 | % |  |  | 0.51 | % |  |  | 0.84 | % |  |  | 99.16 | %
|  | As of December 31, 2014 |
|  | 30-59 days delinquent and accruing |  |  | 60-89 days delinquent and accruing |  |  | 90 days or more delinquent and accruing |  |  | Total past due loans accruing |  |  | Non- accrual loans |  |  | Total past due and non- accrual loans |  |  | Total loans not past due |
One-to-four family residential real estate loans |  | $ | 127 |  |  | $ | 50 |  |  | $ | - |  |  | $ | 177 |  |  | $ | 1,585 |  |  | $ | 1,762 |  |  | $ | 125,793 |
Construction and land loans |  |  | 163 |  |  |  | - |  |  |  | - |  |  |  | 163 |  |  |  | 1,322 |  |  |  | 1,485 |  |  |  | 20,465 |
Commercial real estate loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,488 |  |  |  | 2,488 |  |  |  | 115,923 |
Commercial loans |  |  | 34 |  |  |  | - |  |  |  | - |  |  |  | 34 |  |  |  | 234 |  |  |  | 268 |  |  |  | 59,703 |
Agriculture loans |  |  | 510 |  |  |  | 1 |  |  |  | - |  |  |  | 511 |  |  |  | 285 |  |  |  | 796 |  |  |  | 63,520 |
Municipal loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 65 |  |  |  | 65 |  |  |  | 8,917 |
Consumer loans |  |  | 128 |  |  |  | 65 |  |  |  | - |  |  |  | 193 |  |  |  | 67 |  |  |  | 260 |  |  |  | 19,784 |
Total |  | $ | 962 |  |  | $ | 116 |  |  | $ | - |  |  | $ | 1,078 |  |  | $ | 6,046 |  |  | $ | 7,124 |  |  | $ | 414,105 |
Percent of gross loans |  |  | 0.23 | % |  |  | 0.03 | % |  |  | 0.00 | % |  |  | 0.26 | % |  |  | 1.44 | % |  |  | 1.69 | % |  |  | 98.31 | %
Under the original terms of the Company’s non-accrual loans, interest earned on such loans for the years 2015, 2014 and 2013, would have increased interest income by $99,000, $525,000 and $511,000, respectively. No interest income related to non-accrual loans was included in interest income for the years ended December 31, 2015, 2014 and 2013.
The Company also categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis. Non-classified loans generally include those loans that are expected to be repaid in accordance with contractual loan terms. Classified loans are those that are assigned a special mention, substandard or doubtful risk rating using the following definitions: Special Mention: Loans are currently protected by the current net worth and paying capacity of the obligor or of the collateral pledged but potentially weak. These loans constitute an undue and unwarranted credit risk, but not to the point of justifying a classification of substandard. The credit risk may be relatively minor, yet constitutes an unwarranted risk in light of the circumstances surrounding a specific asset. Substandard: Loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged. Loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The following table provides information on the Company’s risk categories by loan class:
|  | As of December 31, 2015 |  | As of December 31, 2014 |
(Dollars in thousands) |  | Nonclassified |  | Classified |  | Nonclassified |  | Classified |
One-to-four family residential real estate loans |  | $ | 130,575 |  | $ | 1,355 |  | $ | 123,823 |  | $ | 3,732 |
Construction and land loans |  |  | 14,429 |  |  | 614 |  |  | 18,815 |  |  | 3,135 |
Commercial real estate loans |  |  | 111,016 |  |  | 7,967 |  |  | 111,428 |  |  | 6,983 |
Commercial loans |  |  | 58,862 |  |  | 2,438 |  |  | 57,122 |  |  | 2,849 |
Agriculture loans |  |  | 68,186 |  |  | 2,844 |  |  | 63,101 |  |  | 1,215 |
Municipal loans |  |  | 7,635 |  |  | - |  |  | 8,894 |  |  | 88 |
Consumer loans |  |  | 19,839 |  |  | 56 |  |  | 19,977 |  |  | 67 |
Total |  | $ | 410,542 |  | $ | 15,274 |  | $ | 403,160 |  | $ | 18,069 |
At December 31, 2015, the Company had ten loan relationships consisting of fourteen outstanding loans totaling $5.3 million that were classified as TDRs compared to ten relationships consisting of fifteen outstanding loans totaling $5.4 million that were classified as TDRs at December 31, 2014. During 2015, the Company classified a $2.0 million commercial real estate loan relationship as a TDR after agreeing to a bankruptcy plan with the borrower. The bankruptcy plan restarted the amortization period of the loans which extended the maturities. The commercial real estate loan relationship totaled $4.4 million in 2012 when the loans were placed on non-accrual status after the borrower declared bankruptcy. The outstanding balances have been partially paid down with proceeds from asset sales and cash flows from the properties securing the loans during the bankruptcy process and under the terms of the restructuring agreement. The relationship was returned to accrual status during 2015 based on a satisfactory payment performance by the borrower under the revised terms of the bankruptcy plan. The Company also classified a $50,000 agriculture loan relationship consisting of two loans as a TDR after extending the maturity of the loans during 2015. Since all of the loans were adequately secured, no charge-offs or impairments were recorded against the principal as of December 31, 2015. During 2015, a land loan relationship consisting of three loans totaling $1.6 million, which was previously classified as a TDR during 2012, paid off with proceeds from the sale of assets and a new loan originated at market terms on the remaining assets. Also during 2015, a $78,000 commercial loan, which was classified as a TDR during 2014, paid off. During 2014, the Company classified a $128,000 commercial real estate loan, a $146,000 agriculture loan, and two commercial loans totaling $59,000 and $78,000, as TDRs after modifying the amortization schedule of the loans to align with the borrowers’ cash flows. Since the loans were adequately secured, no impairment was recorded against the principal as of December 31, 2014. During 2013, the Company classified a $278,000 commercial real estate loan as a TDR after modifying the loan payments to interest only in order to allow the borrower additional time to liquidate the properties securing the loan. Since the loan was adequately secured, no impairment was recorded against the principal as of December 31, 2013. The Company evaluates each TDR individually and returns the loan to accrual status when a payment history is established after the restructuring and future payments are reasonably assured. There were no loans modified as TDRs for which there was a payment default within 12 months of modification as of December 31, 2015, 2014 and 2013. At December 31, 2015, there was a commitment of $84,000 to lend additional funds on one construction and land loan classified as a TDR. The Company had no allowance recorded against loans classified as TDRs at December 31, 2015 or December 31, 2014. The following table presents information on loans that were classified as TDRs:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of December 31, 2015 |  | As of December 31, 2014 |
|  | Number of |  | Non-accrual |  | Accruing |  | Number of |  | Non-accrual |  | Accruing |
|  | loans |  | balance |  | balance |  | loans |  | balance |  | balance |
One-to-four family residential real estate loans |  |  | 2 |  | $ | 55 |  | $ | 3 |  |  | 1 |  | $ | - |  | $ | 4 |
Construction and land loans |  |  | 4 |  |  | 600 |  |  | 1,606 |  |  | 7 |  |  | 613 |  |  | 3,483 |
Commercial real estate loans |  |  | 3 |  |  | - |  |  | 2,382 |  |  | 2 |  |  | - |  |  | 392 |
Commerical loans |  |  | 1 |  |  | - |  |  | 37 |  |  | 2 |  |  | - |  |  | 137 |
Agriculture |  |  | 2 |  |  | - |  |  | 50 |  |  | 1 |  |  | 146 |  |  | - |
Municipal loans |  |  | 2 |  |  | - |  |  | 591 |  |  | 2 |  |  | - |  |  | 641 |
Total troubled debt restructurings |  |  | 14 |  | $ | 655 |  | $ | 4,669 |  |  | 15 |  | $ | 759 |  | $ | 4,657 |
The Company had loans and unfunded commitments to directors and officers, and to affiliated parties, at December 31, 2015 and 2014. A summary of such loans and unfunded commitments is as follows:
(Dollars in thousands) |  |  |  |
Balance at December 31, 2014 |  | $ | 10,310 |
New loans |  |  | 1,580 |
Repayments |  |  | (390) |
Balance at December 31, 2015 |  | $ | 11,500 |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5066-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5162-111524 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5074-111524 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 + Details
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