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Loans and Allowance for Loan Losses | 9 Months Ended
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Sep. 30, 2016
Receivables [Abstract] |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] |
| 3. | Loans and Allowance for Loan Losses
Loans consisted of the following as of the dates indicated below:
|  | September 30, |  | December 31, |
(Dollars in thousands) |  | 2016 |  | 2015 |
One-to-four family residential real estate |  | $ | 133,714 |  | $ | 131,930 |
Construction and land |  |  | 16,084 |  |  | 15,043 |
Commercial real estate |  |  | 116,395 |  |  | 118,983 |
Commercial loans |  |  | 61,580 |  |  | 61,300 |
Agriculture loans |  |  | 80,632 |  |  | 71,030 |
Municipal loans |  |  | 7,132 |  |  | 7,635 |
Consumer loans |  |  | 20,038 |  |  | 19,895 |
Total gross loans |  |  | 435,575 |  |  | 425,816 |
Net deferred loan (fees) costs and loans in process |  |  | (14) |  |  | 29 |
Allowance for loan losses |  |  | (5,507) |  |  | (5,922) |
Loans, net |  | $ | 430,054 |  | $ | 419,923 |
The following tables provide information on the Company’s activity in the allowance for loan losses by loan class:
|  | Three and nine months ended September 30, 2016 |
|  | One-to-four |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | residential |  | Construction |  | Commercial |  | Commercial |  | Agriculture |  | Municipal |  | Consumer |  |  |
(Dollars in thousands) |  | real estate |  | and land |  | real estate |  | loans |  | loans |  | loans |  | loans |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at July 1, 2016 |  | $ | 584 |  | $ | 89 |  | $ | 1,776 |  | $ | 1,393 |  | $ | 1,600 |  | $ | 23 |  | $ | 187 |  | $ | 5,652 |
Charge-offs |  |  | (14) |  |  | - |  |  | - |  |  | - |  |  | (215) |  |  | - |  |  | (89) |  |  | (318) |
Recoveries |  |  | 3 |  |  | - |  |  | - |  |  | 9 |  |  | - |  |  | - |  |  | 11 |  |  | 23 |
Provision for loan losses |  |  | 36 |  |  | (7) |  |  | (40) |  |  | (28) |  |  | 88 |  |  | - |  |  | 101 |  |  | 150 |
Balance at September 30, 2016 |  |  | 609 |  |  | 82 |  |  | 1,736 |  |  | 1,374 |  |  | 1,473 |  |  | 23 |  |  | 210 |  |  | 5,507 |
Balance at January 1, 2016 |  | $ | 925 |  | $ | 77 |  | $ | 1,740 |  | $ | 1,530 |  | $ | 1,428 |  | $ | 23 |  | $ | 199 |  | $ | 5,922 |
Charge-offs |  |  | (14) |  |  | - |  |  | - |  |  | (306) |  |  | (298) |  |  | - |  |  | (374) |  |  | (992) |
Recoveries |  |  | 8 |  |  | - |  |  | - |  |  | 29 |  |  | - |  |  | 6 |  |  | 34 |  |  | 77 |
Provision for loan losses |  |  | (310) |  |  | 5 |  |  | (4) |  |  | 121 |  |  | 343 |  |  | (6) |  |  | 351 |  |  | 500 |
Balance at September 30, 2016 |  |  | 609 |  |  | 82 |  |  | 1,736 |  |  | 1,374 |  |  | 1,473 |  |  | 23 |  |  | 210 |  |  | 5,507 |
|  | Three and nine months ended September 30, 2015 |
|  | One-to-four |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | residential |  | Construction |  | Commercial |  | Commercial |  | Agriculture |  | Municipal |  | Consumer |  |  |
(Dollars in thousands) |  | real estate |  | and land |  | real estate |  | loans |  | loans |  | loans |  | loans |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at July 1, 2015 |  | $ | 1,325 |  | $ | 99 |  | $ | 1,539 |  | $ | 1,756 |  | $ | 1,102 |  | $ | 21 |  | $ | 176 |  | $ | 6,018 |
Charge-offs |  |  | (48) |  |  | - |  |  | - |  |  | (68) |  |  | - |  |  | - |  |  | (88) |  |  | (204) |
Recoveries |  |  | 3 |  |  | 2 |  |  | - |  |  | 10 |  |  | - |  |  | - |  |  | 7 |  |  | 22 |
Provision for loan losses |  |  | (172) |  |  | (3) |  |  | 129 |  |  | (113) |  |  | 144 |  |  | 1 |  |  | 114 |  |  | 100 |
Balance at September 30, 2015 |  |  | 1,108 |  |  | 98 |  |  | 1,668 |  |  | 1,585 |  |  | 1,246 |  |  | 22 |  |  | 209 |  |  | 5,936 |
Balance at January 1, 2015 |  | $ | 755 |  | $ | 762 |  | $ | 1,832 |  | $ | 836 |  | $ | 915 |  | $ | 51 |  | $ | 169 |  | $ | 5,320 |
Charge-offs |  |  | (57) |  |  | - |  |  | - |  |  | (78) |  |  | - |  |  | (88) |  |  | (230) |  |  | (453) |
Recoveries |  |  | 8 |  |  | 1,721 |  |  | 2 |  |  | 13 |  |  | - |  |  | - |  |  | 25 |  |  | 1,769 |
Provision for loan losses |  |  | 402 |  |  | (2,385) |  |  | (166) |  |  | 814 |  |  | 331 |  |  | 59 |  |  | 245 |  |  | (700) |
Balance at September 30, 2015 |  |  | 1,108 |  |  | 98 |  |  | 1,668 |  |  | 1,585 |  |  | 1,246 |  |  | 22 |  |  | 209 |  |  | 5,936 |
The following tables provide information on the Company’s activity in the allowance for loan losses by loan class and allowance methodology:
|  | As of September 30, 2016 |
|  | One-to-four |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | residential |  | Construction |  | Commercial |  | Commercial |  | Agriculture |  | Municipal |  | Consumer |  |  |
(Dollars in thousands) |  | real estate |  | and land |  | real estate |  | loans |  | loans |  | loans |  | loans |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  |  | - |  |  | - |  |  | - |  |  | 13 |  |  | 2 |  |  | - |  |  | 22 |  |  | 37 |
Collectively evaluated for loss |  |  | 609 |  |  | 82 |  |  | 1,736 |  |  | 1,361 |  |  | 1,471 |  |  | 23 |  |  | 188 |  |  | 5,470 |
Total |  |  | 609 |  |  | 82 |  |  | 1,736 |  |  | 1,374 |  |  | 1,473 |  |  | 23 |  |  | 210 |  |  | 5,507 |
Loan balances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  |  | 309 |  |  | 2,006 |  |  | 2,517 |  |  | 114 |  |  | 675 |  |  | 345 |  |  | 110 |  |  | 6,076 |
Collectively evaluated for loss |  |  | 133,405 |  |  | 14,078 |  |  | 113,878 |  |  | 61,466 |  |  | 79,957 |  |  | 6,787 |  |  | 19,928 |  |  | 429,499 |
Total |  | $ | 133,714 |  | $ | 16,084 |  | $ | 116,395 |  | $ | 61,580 |  | $ | 80,632 |  | $ | 7,132 |  | $ | 20,038 |  | $ | 435,575 |
|  | As of December 31, 2015 |
|  | One-to-four |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | residential |  | Construction |  | Commercial |  | Commercial |  | Agriculture |  | Municipal |  | Consumer |  |  |
(Dollars in thousands) |  | real estate |  | and land |  | real estate |  | loans |  | loans |  | loans |  | loans |  | Total |
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 |
The Company recorded net loan charge-offs of $915,000 during the first nine months of 2016 compared to net loan recoveries of $1.3 million during the first nine months of 2015. The net loan charge-offs during the first nine months of 2016 were primarily related to an agriculture loan relationship which was subject to a trouble debt restructuring (“TDR”) and the liquidation of the assets securing a previously identified and impaired commercial loan. The charge-off associated with this commercial loan exceeded the related allowance recorded at March 31, 2016, which contributed to the provision for loan losses during the second quarter of 2016. The net loan recoveries during the first nine months of 2015 were primarily associated with the recovery of $1.7 million on a $4.3 million construction loan which was fully charged-off during 2010 and 2011. As of September 30, 2016, the Company has recovered approximately $2.4 million of the loan and continues to pursue collection of the remaining amount. The Company’s impaired loans decreased from $6.8 million at December 31, 2015 to $6.1 million at September 30, 2016. 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 September 30, 2016 and December 31, 2015, was related to TDRs that are current and accruing interest, but still classified as impaired. Interest income recognized on a cash basis was immaterial during the nine months ended September 30, 2016 and 2015. The following tables present information on impaired loans:
(Dollars in thousands) |  | As of September 30, 2016 |
|  |  |  |  |  | Impaired |  |  |  |  |  |  |  | Year-to- |
|  | Unpaid |  |  |  | loans |  | Impaired |  | Related |  | Year-to- |  | date interest |
|  | contractual |  | Impaired |  | without an |  | loans with |  | allowance |  | date average |  | income |
|  | principal |  | loan balance |  | allowance |  | an allowance |  | recorded |  | loan balance |  | recognized |
One-to-four family residential real estate |  | $ | 309 |  | $ | 309 |  | $ | 309 |  | $ | - |  | $ | - |  | $ | 323 |  | $ | 6 |
Construction and land |  |  | 3,741 |  |  | 2,006 |  |  | 2,006 |  |  | - |  |  | - |  |  | 2,101 |  |  | 56 |
Commercial real estate |  |  | 2,517 |  |  | 2,517 |  |  | 2,517 |  |  | - |  |  | - |  |  | 2,618 |  |  | 383 |
Commercial loans |  |  | 114 |  |  | 114 |  |  | 62 |  |  | 52 |  |  | 13 |  |  | 138 |  |  | 2 |
Agriculture loans |  |  | 891 |  |  | 676 |  |  | 224 |  |  | 452 |  |  | 2 |  |  | 686 |  |  | 4 |
Municipal loans |  |  | 345 |  |  | 345 |  |  | 345 |  |  | - |  |  | - |  |  | 456 |  |  | 10 |
Consumer loans |  |  | 110 |  |  | 110 |  |  | 62 |  |  | 48 |  |  | 22 |  |  | 116 |  |  | - |
Total impaired loans |  | $ | 8,027 |  | $ | 6,077 |  | $ | 5,525 |  | $ | 552 |  | $ | 37 |  | $ | 6,438 |  | $ | 461 |
(Dollars in thousands) |  | As of December 31, 2015 |
|  |  |  |  |  | Impaired |  | Impaired |  |  |  |  |  | Year-to |
|  | Unpaid |  |  |  | loans |  | loans with |  | Related |  | Year-to |  | -date interest |
|  | contractual |  | Impaired |  | without an |  | an |  | allowance |  | -date average |  | income |
|  | principal |  | loan balance |  | allowance |  | allowance |  | recorded |  | loan balance |  | recognized |
One-to-four family residential real estate |  | $ | 752 |  | $ | 752 |  | $ | 408 |  | $ | 344 |  | $ | 78 |  | $ | 1,041 |  | $ | - |
Construction and land |  |  | 3,955 |  |  | 2,220 |  |  | 2,220 |  |  | - |  |  | - |  |  | 2,389 |  |  | 88 |
Commercial real estate |  |  | 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 |
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 September 30, 2016 or December 31, 2015. The following tables present information on the Company’s past due and non-accrual loans by loan class:
(Dollars in thousands) |  | As of September 30, 2016 |
|  | 30-59 days |  |  | 60-89 days |  |  | 90 days or |  |  |  |  |  |  |  |  |  |  |  |  |
|  | delinquent |  |  | delinquent |  |  | more |  |  | Total past |  |  |  |  |  | Total past |  |  |  |
|  | and |  |  | and |  |  | delinquent |  |  | due loans |  |  | Non-accrual |  |  | due and non- |  |  | Total loans |
|  | accruing |  |  | accruing |  |  | and accruing |  |  | accruing |  |  | loans |  |  | accrual loans |  |  | not past due |
One-to-four family residential real estate |  | $ | 263 |  |  | $ | 120 |  |  | $ | - |  |  | $ | 383 |  |  | $ | 122 |  |  | $ | 505 |  |  | $ | 133,209 |
Construction and land |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 602 |  |  |  | 606 |  |  |  | 15,478 |
Commercial real estate |  |  | 332 |  |  |  | 90 |  |  |  | - |  |  |  | 422 |  |  |  | 237 |  |  |  | 659 |  |  |  | 115,736 |
Commercial loans |  |  | 256 |  |  |  | - |  |  |  | - |  |  |  | 256 |  |  |  | 90 |  |  |  | 346 |  |  |  | 61,234 |
Agriculture loans |  |  | 83 |  |  |  | - |  |  |  | - |  |  |  | 83 |  |  |  | 631 |  |  |  | 714 |  |  |  | 79,918 |
Municipal loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,132 |
Consumer loans |  |  | 88 |  |  |  | 10 |  |  |  | - |  |  |  | 98 |  |  |  | 110 |  |  |  | 208 |  |  |  | 19,830 |
Total |  | $ | 1,026 |  |  | $ | 220 |  |  | $ | - |  |  | $ | 1,246 |  |  | $ | 1,792 |  |  | $ | 3,038 |  |  | $ | 432,537 |
Percent of gross loans |  |  | 0.24 | % |  |  | 0.05 | % |  |  | 0.00 | % |  |  | 0.29 | % |  |  | 0.41 | % |  |  | 0.70 | % |  |  | 99.30 | %
(Dollars in thousands) |  | As of December 31, 2015 |
|  | 30-59 days |  |  | 60-89 days |  |  | 90 days or |  |  |  |  |  |  |  |  |  |  |  |  |
|  | delinquent |  |  | delinquent |  |  | more |  |  | Total past |  |  |  |  |  | Total past |  |  |  |
|  | and |  |  | and |  |  | delinquent |  |  | due loans |  |  | Non-accrual |  |  | due and non- |  |  | Total loans |
|  | accruing |  |  | accruing |  |  | and accruing |  |  | accruing |  |  | loans |  |  | accrual loans |  |  | not past due |
One-to-four family residential real estate |  | $ | 70 |  |  | $ | 712 |  |  | $ | - |  |  | $ | 782 |  |  | $ | 749 |  |  | $ | 1,531 |  |  | $ | 130,399 |
Construction and land |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 614 |  |  |  | 618 |  |  |  | 14,425 |
Commercial real estate |  |  | 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 | %
Under the original terms of the Company’s non-accrual loans, interest earned on such loans for the nine months ended September 30, 2016 and 2015 would have increased interest income by $43,000 and $121,000, respectively. No interest income related to non-accrual loans was included in interest income for the nine months ended September 30, 2016 and 2015. 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 such protection is 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 September 30, 2016 |  | As of December 31, 2015 |
(Dollars in thousands) |  | Nonclassified |  | Classified |  | Nonclassified |  | Classified |
One-to-four family residential real estate |  | $ | 133,069 |  | $ | 645 |  | $ | 130,575 |  | $ | 1,355 |
Construction and land |  |  | 15,267 |  |  | 817 |  |  | 14,429 |  |  | 614 |
Commercial real estate |  |  | 107,317 |  |  | 9,078 |  |  | 111,016 |  |  | 7,967 |
Commercial loans |  |  | 58,379 |  |  | 3,201 |  |  | 58,862 |  |  | 2,438 |
Agriculture loans |  |  | 74,039 |  |  | 6,593 |  |  | 68,186 |  |  | 2,844 |
Municipal loans |  |  | 7,132 |  |  | - |  |  | 7,635 |  |  | - |
Consumer loans |  |  | 19,913 |  |  | 125 |  |  | 19,839 |  |  | 56 |
Total |  |  | 415,116 |  |  | 20,459 |  |  | 410,542 |  |  | 15,274 |
At September 30, 2016, the Company had eleven loan relationships consisting of seventeen outstanding loans that were classified as TDRs. During the third quarter of 2016, the Company classified a $302,000 agriculture loan relationship consisting of three loans as a TDR after extending the maturities of the loans. The collateral securing the loans was deemed to be insufficient, resulting in a charge-off of $215,000. During the second quarter of 2016, the Company classified an $8,000 commercial loan as a TDR after modifying the payments to interest only. Also during the second quarter of 2016, the Company classified an $188,000 one-to-four family residential real estate loan as a TDR after agreeing to a loan modification which adjusted the payment schedule. No loan modifications were classified as TDRs during the first quarter of 2016. The Company recorded charge-offs of $215,000 and a provision for loan loss of $2,000 against TDRs during the three and nine months ended September 30, 2016. No loan modifications were classified as TDRs during the third quarter of 2015. During the second quarter of 2015, the Company classified a commercial loan relationship consisting of $2.7 million in real estate and land loans 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 of the loans. During the first quarter of 2015, the Company classified a $44,000 agriculture loan relationship consisting of two loans as a TDR after extending the maturity of the loans. During the first nine months of 2016, a $56,000 one-to-four family residential real estate loan and a $25,000 agriculture loan, which were both classified as TDRs during 2015, were paid off. During the first nine months of 2015, a land loan relationship consisting of three loans totaling $1.6 million, which was previously classified as a TDR during 2012, was paid off with proceeds from the sale of assets and a new loan on the remaining assets was originated at market terms. The Company did not record any charge-offs or provision for loan losses during the three and nine months ended September 30, 2015. 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 September 30, 2016 and 2015. At September 30, 2016, 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 September 30, 2016 or December 31, 2015. There were no loans modified as TDRs in the process of foreclosure at September 30, 2016 or December 31, 2015. The following table presents information on loans that are classified as TDRs:
|  | As of September 30, 2016 |  | As of December 31, 2015 |
|  | Number of |  | Non-accrual |  | Accruing |  | Number of |  | Non-accrual |  | Accruing |
|  | loans |  | balance |  | balance |  | loans |  | balance |  | balance |
One-to-four family residential real estate |  |  | 2 |  | $ | - |  | $ | 187 |  |  | 2 |  | $ | 55 |  | $ | 3 |
Construction and land |  |  | 4 |  |  | 590 |  |  | 1,404 |  |  | 4 |  |  | 600 |  |  | 1,606 |
Commercial real estate |  |  | 3 |  |  | - |  |  | 2,280 |  |  | 3 |  |  | - |  |  | 2,382 |
Commercial loans |  |  | 2 |  |  | - |  |  | 24 |  |  | 1 |  |  | - |  |  | 37 |
Agriculture |  |  | 4 |  |  | 302 |  |  | 45 |  |  | 2 |  |  | - |  |  | 50 |
Municipal loans |  |  | 2 |  |  | - |  |  | 345 |  |  | 2 |  |  | - |  |  | 591 |
Total troubled debt restructurings |  |  | 17 |  | $ | 892 |  | $ | 4,285 |  |  | 14 |  | $ | 655 |  | $ | 4,669 |

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