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Loans Receivable and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2013

Receivables [Abstract]

Company's Loan Portfolio

A summary of the Company’s loan portfolio at September 30, 2013 and December 31, 2012 is as follows:

		September 30,				December 31,
		2013				2012
Real Estate
Commercial		$	223,883,646			$	247,495,321
Residential			113,349,382				119,033,025
Construction			335,000				4,997,991
Construction to permanent			10,225,669				4,851,768
Commercial			40,002,905				36,428,751
Consumer home equity			45,445,108				49,180,908
Consumer installment			1,991,345				2,162,718
Total Loans			435,233,055				464,150,482
Premiums on purchased loans			202,452				219,649
Net deferred costs			636,992				439,041
Allowance for loan losses			(6,216,070	)			(6,015,636	)
Loans receivable, net		$	429,856,429			$	458,793,536

Changes in the Allowance for Loan Losses for the Periods

The changes in the allowance for loan losses for the periods shown are as follows:

		Three months ended								Nine months ended
		September 30,								September 30,
		2013				2012				2013				2012
Balance, beginning of period		$	5,322,070			$	6,673,648			$	6,015,636			$	9,384,672
Provision for loan losses			1,000,000				—				970,214				(2,558,827	)
Loans charged-off			(123,143	)			(3,997	)			(840,317	)			(197,220	)
Recoveries of loans previously charged-off			17,143				22,080				70,537				63,106
Balance, end of period		$	6,216,070			$	6,691,731			$	6,216,070			$	6,691,731

Allowance for Loan Losses to Loan Portfolio Segment

The following table sets forth activity in our allowance for loan losses, by loan type, for the three months ended September 30, 2013. The following table also details the amount of loans receivable, net, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan portfolio segment.

Three months ended September 30, 2013		Commercial				Commercial Real Estate				Construction				Construction to Permanent				Residential				Consumer				Unallocated				Total
Allowance for loan losses:
Beginning Balance		$	1,721,688			$	1,953,084			$	236,484			$	23,594			$	933,961			$	243,949			$	209,310			$	5,322,070
Charge-offs			(14,571	)			—				(106,764	)			—				—				(1,808	)			—				(123,143	)
Recoveries			1,243				14,987				—				—				—				913				—				17,143
Provision			1,051,322				(166,784	)			(13,502	)			892				86,114				(14,191	)			56,149				1,000,000
Ending Balance		$	2,759,682			$	1,801,287			$	116,218			$	24,486			$	1,020,075			$	228,863			$	265,459			$	6,216,070
Ending balance: individually evaluated for impairment		$	2,200,000			$	513,112			$	116,218			$	—			$	325,690			$	1,861			$	—			$	3,156,881
Ending balance: collectively evaluated for impairment			559,682				1,288,175				—				24,486				694,385				227,002				265,459				3,059,189
Total Allowance for Loan Losses		$	2,759,682			$	1,801,287			$	116,218			$	24,486			$	1,020,075			$	228,863			$	265,459			$	6,216,070
Total Loans ending balance		$	40,002,905			$	223,883,646			$	335,000			$	10,225,669			$	113,349,382			$	47,436,453			$	—			$	435,233,055
Ending balance:
individually evaluated for impairment		$	6,109,493			$	13,442,936			$	335,000			$	1,212,951			$	8,733,016			$	653,344			$	—			$	30,486,740
Ending balance :
collectively evaluated for impairment		$	33,893,412			$	210,440,710			$	—			$	9,012,718			$	104,616,366			$	46,783,109			$	—			$	404,746,315

The following table sets forth activity in our allowance for loan losses, by loan type, for the nine months ended September 30, 2013. The following table also details the amount of loans receivable, net, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan portfolio segment.

Nine months ended September 30, 2013		Commercial				Commercial Real Estate				Construction				Construction to Permanent				Residential				Consumer				Unallocated				Total
Allowance for loan losses:
Beginning Balance		$	941,456			$	3,509,395			$	311,297			$	18,720			$	897,368			$	216,698			$	120,702			$	6,015,636
Charge-offs			(14,571	)			(290,000	)			(129,868	)			—				(385,117	)			(20,761	)			—				(840,317	)
Recoveries			3,243				44,963				20,000				—				612				1,719				—				70,537
Provision			1,829,554				(1,463,071	)			(85,211	)			5,766				507,212				31,207				144,757				970,214
Ending Balance		$	2,759,682			$	1,801,287			$	116,218			$	24,486			$	1,020,075			$	228,863			$	265,459			$	6,216,070
Ending balance: individually evaluated for impairment		$	2,200,000			$	513,112			$	116,218			$	—			$	325,690			$	1,861			$	—			$	3,156,881
Ending balance: collectively evaluated for impairment			559,682				1,288,175				—				24,486				694,385				227,002				265,459				3,059,189
Total Allowance for Loan Losses		$	2,759,682			$	1,801,287			$	116,218			$	24,486			$	1,020,075			$	228,863			$	265,459			$	6,216,070
Total Loans ending balance		$	40,002,905			$	223,883,646			$	335,000			$	10,225,669			$	113,349,382			$	47,436,453			$	—			$	435,233,055
Ending balance:
individually evaluated for impairment		$	6,109,493			$	13,442,936			$	335,000			$	1,212,951			$	8,733,016			$	653,344			$	—			$	30,486,740
Ending balance :
collectively evaluated for impairment		$	33,893,412			$	210,440,710			$	—			$	9,012,718			$	104,616,366			$	46,783,109			$	—			$	404,746,315

The following table sets forth activity in our allowance for loan losses, by loan type, for the year ended December 31, 2012. The following table also details the amount of loans receivable, net, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan portfolio segment.

2012		Commercial				Commercial Real Estate				Construction				Construction to Permanent				Residential				Consumer				Unallocated				Total
Allowance for loan losses:
Beginning Balance		$	882,062			$	4,018,746			$	867,159			$	547,333			$	2,550,588			$	458,762			$	60,022			$	9,384,672
Charge-offs			(48,414	)			(49,922	)			(101,391	)			—				(84,711	)			(785,918	)			—				(1,070,356	)
Recoveries			10,861				66,951				—				—				—				2,731				—				80,543
Provision			96,947				(526,380	)			(454,471	)			(528,613	)			(1,568,509	)			541,123				60,680				(2,379,223	)
Ending Balance		$	941,456			$	3,509,395			$	311,297			$	18,720			$	897,368			$	216,698			$	120,702			$	6,015,636
Ending balance: individually evaluated for impairment		$	33,280			$	728,607			$	120,616			$	—			$	83,543			$	2,368			$	—			$	968,414
Ending balance: collectively evaluated for impairment			908,176				2,780,788				190,681				18,720				813,825				214,330				120,702				5,047,222
Total Allowance for Loan Losses		$	941,456			$	3,509,395			$	311,297			$	18,720			$	897,368			$	216,698			$	120,702			$	6,015,636
Total Loans ending balance		$	36,428,751			$	247,495,321			$	4,997,991			$	4,851,768			$	119,033,025			$	51,343,626			$	—			$	464,150,482
Ending balance:
individually evaluated for impairment		$	219,509			$	15,909,103			$	1,862,038			$	1,258,710			$	13,567,175			$	566,543			$	—			$	33,383,078
Ending balance :
collectively evaluated for impairment		$	36,209,242			$	231,586,218			$	3,135,953			$	3,593,058			$	105,465,850			$	50,777,083			$	—			$	430,767,404

Credit Risk Exposure of Loans Receivable, by Loan Type and Credit Quality Indicator

The following table details the credit risk exposure of loans receivable, by loan type and credit quality indicator at September 30, 2013:

CREDIT RISK PROFILE BY CREDITWORTHINESS CATEGORY

		Commercial								Commercial Real Estate								Construction								Construction to Permanent								Residential Real Estate								Consumer
LTVs:		< 75%				>= 75%				< 75%				>= 75%				< 75%				>= 75%				< 75%				>= 75%				< 75%				>= 75%				< 75%				>= 75%				Other				Total
Internal Risk Rating
Pass		$	27,830,172			$	3,712,583			$	193,051,087			$	7,029,296			$	—			$	—			$	9,012,718			$	—			$	82,973,466			$	24,781,210			$	42,243,549			$	4,458,999			$	633,192			$	395,726,272
Special Mention			175,632				—				8,277,203				2,526,863				—				—				—				—				—				—				—				—				—				10,979,698
Substandard			8,284,518				—				2,733,499				10,265,698				—				335,000				—				1,212,951				2,497,660				3,097,046				42,713				58,000				—				28,527,085
		$	36,290,322			$	3,712,583			$	204,061,789			$	19,821,857			$	—			$	335,000			$	9,012,718			$	1,212,951			$	85,471,126			$	27,878,256			$	42,286,262			$	4,516,999			$	633,192			$	435,233,055

CREDIT RISK PROFILE

		Commercial				Commercial Real Estate				Construction				Construction to Permanent				Residential Real Estate				Consumer				Totals
Performing		$	33,893,412			$	216,488,334			$	—			$	9,012,718			$	107,754,676			$	47,343,058			$	414,492,198
Non Performing			6,109,493				7,395,312				335,000				1,212,951				5,594,706				93,395				20,740,857
Total		$	40,002,905			$	223,883,646			$	335,000			$	10,225,669			$	113,349,382			$	47,436,453			$	435,233,055

The following table details the credit risk exposure of loans receivable, by loan type and credit quality indicator at December 31, 2012:

CREDIT RISK PROFILE BY CREDITWORTHINESS CATEGORY

		Commercial								Commercial Real Estate								Construction								Construction to Permanent								Residential Real Estate								Consumer
LTVs:		< 75%				>= 75%				< 75%				>= 75%				< 75%				>= 75%				< 75%				>= 75%				< 75%				>= 75%				< 75%				>= 75%				Other				Total
Internal Risk Rating
Pass		$	25,563,777			$	1,241,109			$	203,149,356			$	9,182,622			$	—			$	—			$	3,593,058			$	—			$	77,368,459			$	25,617,355			$	46,102,332			$	3,752,752			$	765,469			$	396,336,289
Special Mention			7,234,814				164,191				11,554,971				5,374,265				3,135,953				—				—				—				5,310,178				—				98,530				564,175				—				33,437,077
Substandard			2,014,401				210,459				8,503,630				9,730,477				—				1,862,038				—				1,258,710				2,524,186				8,212,847				2,368				58,000				—				34,377,116
		$	34,812,992			$	1,615,759			$	223,207,957			$	24,287,364			$	3,135,953			$	1,862,038			$	3,593,058			$	1,258,710			$	85,202,823			$	33,830,202			$	46,203,230			$	4,374,927			$	765,469			$	464,150,482

CREDIT RISK PROFILE

		Commercial				Commercial Real Estate				Construction				Construction to Permanent				Residential Real Estate				Consumer				Totals
Performing		$	36,209,242			$	237,764,844			$	3,135,953			$	3,593,058			$	108,295,992			$	51,341,258			$	440,340,347
Non Performing			219,509				9,730,477				1,862,038				1,258,710				10,737,033				2,368				23,810,135
Total		$	36,428,751			$	247,495,321			$	4,997,991			$	4,851,768			$	119,033,025			$	51,343,626			$	464,150,482

Delinquency Status, of Non-Accrual Loans and Past Due Loans

The following table sets forth the detail, and delinquency status, of non-accrual loans and past due loans at September 30, 2013:

		Non-Accrual and Past Due Loans
		Non-Accrual Loans
		31-60 Days Past Due				61-90 Days Past Due				Greater Than 90 Days				Total Past Due				Current				>90 Days Past Due and Accruing				Total Non- Accrual and Past Due Loans
Commercial
Substandard		$	—			$	—			$	6,109,493			$	6,109,493			$	—			$	749,999			$	6,859,492
Total Commercial		$	—			$	—			$	6,109,493			$	6,109,493			$	—			$	749,999			$	6,859,492
Commercial Real Estate
Pass		$	—			$	—			$	—			$	—			$	—			$	214,005			$	214,005
Substandard		$	—			$	—			$	7,395,312			$	7,395,312			$	—			$	847,562			$	8,242,874
Total Commercial Real Estate		$	—			$	—			$	7,395,312			$	7,395,312			$	—			$	1,061,567			$	8,456,879
Construction
Substandard		$	—			$	—			$	335,000			$	335,000			$	—			$	—			$	335,000
Total Construction		$	—			$	—			$	335,000			$	335,000			$	—			$	—			$	335,000
Construction to Permanent
Substandard		$	—			$	—			$	—			$	—			$	1,212,951			$	—			$	1,212,951
Total Construction to Permanent		$	—			$	—			$	—			$	—			$	1,212,951			$	—			$	1,212,951
Residential Real Estate
Substandard		$	—			$	—			$	5,209,929			$	5,209,929			$	384,777			$	—			$	5,594,706
Total Residential Real Estate		$	—			$	—			$	5,209,929			$	5,209,929			$	384,777			$	—			$	5,594,706
Consumer
Substandard		$	—			$	33,534			$	59,861			$	93,395			$	—			$	—			$	93,395
Total Consumer		$	—			$	33,534			$	59,861			$	93,395			$	—			$	—			$	93,395
Total		$	—			$	33,534			$	19,109,595			$	19,143,129			$	1,597,728			$	1,811,566			$	22,552,423

$6.1 million of the commercial substandard loans reported above was subsequently modified and brought current as to principal and interest.

The following table sets forth the detail, and delinquency status, of non-accrual loans and past due loans at December 31, 2012:

		Non-Accrual and Past Due Loans
		Non-Accrual Loans
		31-60 Days Past Due				61-90 Days Past Due				Greater Than 90 Days				Total Past Due				Current				>90 Days Past Due and Accruing				Total Non- Accrual and Past Due Loans
Commercial
Special Mention		$	—			$	—			$	—			$	—			$	—			$	300,000			$	300,000
Substandard			—				—				182,258				182,258				37,251				500,000				719,509
Total Commercial		$	—			$	—			$	182,258			$	182,258			$	37,251			$	800,000			$	1,019,509
Commercial Real Estate
Pass		$	—			$	—			$	—			$	—			$	—			$	566,936			$	566,936
Substandard			—				—				7,629,819				7,629,819				2,100,658				867,361				10,597,838
Total Commercial Real Estate		$	—			$	—			$	7,629,819			$	7,629,819			$	2,100,658			$	1,434,297			$	11,164,774
Construction
Substandard		$	—			$	—			$	1,862,038			$	1,862,038			$	—			$	—			$	1,862,038
Total Construction		$	—			$	—			$	1,862,038			$	1,862,038			$	—			$	—			$	1,862,038
Construction to Permanent
Substandard		$	—			$	—			$	—			$	—			$	1,258,710			$	—			$	1,258,710
Total Construction to Permanent		$	—			$	—			$	—			$	—			$	1,258,710			$	—			$	1,258,710
Residential Real Estate
Substandard		$	—			$	358,123			$	10,231,542			$	10,589,665			$	147,368			$	—			$	10,737,033
Total Residential Real Estate		$	—			$	358,123			$	10,231,542			$	10,589,665			$	147,368			$	—			$	10,737,033
Consumer
Substandard		$	—			$	—			$	—			$	—			$	2,368			$	—			$	2,368
Total Consumer		$	—			$	—			$	—			$	—			$	2,368			$	—			$	2,368
Total		$	—			$	358,123			$	19,905,657			$	20,263,780			$	3,546,355			$	2,234,297			$	26,044,432

Delinquency Status of Loans Receivable, by Performing and Non-Performing Loans

The following table sets forth the detail and delinquency status of loans receivable, by performing and non-performing loans at September 30, 2013.

		Performing (Accruing) Loans
		31-60 Days Past Due				61-90 Days Past Due				Total Past Due				Current				Total Performing Loans				Total Non- Accrual and Past Due Loans				Total Loans
Commercial
Pass		$	—			$	25,000			$	25,000			$	31,517,755			$	31,542,755			$	—			$	31,542,755
Special Mention			17,403				—				17,403				158,229				175,632				—				175,632
Substandard			—				—				—				1,425,026				1,425,026				6,859,492				8,284,518
Total Commercial		$	17,403			$	25,000			$	42,403			$	33,101,010			$	33,143,413			$	6,859,492			$	40,002,905
Commercial Real Estate
Pass		$	—			$	—			$	—			$	199,866,378			$	199,866,378			$	214,005			$	200,080,383
Special Mention			—				—				—				10,804,066				10,804,066				—				10,804,066
Substandard			—				—				—				4,756,323				4,756,323				8,242,874				12,999,197
Total Commercial Real Estate		$	—			$	—			$	—			$	215,426,767			$	215,426,767			$	8,456,879			$	223,883,646
Construction
Pass		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Special Mention			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				335,000				335,000
Total Construction		$	—			$	—			$	—			$	—			$	—			$	335,000			$	335,000
Construction to Permanent
Pass		$	—			$	—			$	—			$	9,012,718			$	9,012,718			$	—			$	9,012,718
Special Mention			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				1,212,951				1,212,951
Total Construction to Permanent		$	—			$	—			$	—			$	9,012,718			$	9,012,718			$	1,212,951			$	10,225,669
Residential Real Estate
Pass		$	86,107			$	—			$	86,107			$	107,668,569			$	107,754,676			$	—			$	107,754,676
Special Mention			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				5,594,706				5,594,706
Total Residential Real Estate		$	86,107			$	—			$	86,107			$	107,668,569			$	107,754,676			$	5,594,706			$	113,349,382
Consumer
Pass		$	—			$	—			$	—			$	47,335,740			$	47,335,740			$	—			$	47,335,740
Special Mention			—				—				—				—				—				—				—
Substandard			—				—				—				7,318				7,318				93,395				100,713
Total Consumer		$	—			$	—			$	—			$	47,343,058			$	47,343,058			$	93,395			$	47,436,453
Total		$	103,510			$	25,000			$	128,510			$	412,552,122			$	412,680,632			$	22,552,423			$	435,233,055

The following table sets forth the detail and delinquency status of loans receivable, net, by performing and non-performing loans at December 31, 2012.

		Performing (Accruing) Loans
		31-60 Days Past Due				Greater Than 60 Days				Total Past Due				Current				Total Performing Loans				Total Non- Accrual and Past Due Loans				Total Loans
Commercial
Pass		$	10,171			$	—			$	10,171			$	26,494,715			$	26,504,886			$	300,000			$	26,804,886
Special Mention			—				—				—				7,399,006				7,399,006				—				7,399,006
Substandard			—				—				—				1,505,350				1,505,350				719,509				2,224,859
Total Commercial		$	10,171			$	—			$	10,171			$	35,399,071			$	35,409,242			$	1,019,509			$	36,428,751
Commercial Real Estate
Pass		$	—			$	—			$	—			$	211,765,042			$	211,765,042			$	566,936			$	212,331,978
Special Mention			—				—				—				16,929,236				16,929,236				—				16,929,236
Substandard			—				—				—				7,636,269				7,636,269				10,597,838				18,234,107
Total Commercial Real Estate		$	—			$	—			$	—			$	236,330,547			$	236,330,547			$	11,164,774			$	247,495,321
Construction
Special Mention		$	—			$	—			$	—			$	3,135,953			$	3,135,953			$	—			$	3,135,953
Substandard			—				—				—				—				—				1,862,038				1,862,038
Total Construction		$	—			$	—			$	—			$	3,135,953			$	3,135,953			$	1,862,038			$	4,997,991
Construction to Permanent
Pass		$	—			$	—			$	—			$	3,593,058			$	3,593,058			$	—			$	3,593,058
Substandard			—				—				—				—				—				1,258,710				1,258,710
Total Construction to Permanent		$	—			$	—			$	—			$	3,593,058			$	3,593,058			$	1,258,710			$	4,851,768
Residential Real Estate
Pass		$	40,838			$	—			$	40,838			$	102,944,976			$	102,985,814			$	—			$	102,985,814
Special Mention			—				—				—				5,310,178				5,310,178				—				5,310,178
Substandard			—				—				—				—				—				10,737,033				10,737,033
Total Residential Real Estate		$	40,838			$	—			$	40,838			$	108,255,154			$	108,295,992			$	10,737,033			$	119,033,025
Consumer
Pass		$	—			$	12,443			$	12,443			$	50,608,110			$	50,620,553			$	—			$	50,620,553
Special Mention			—				—				—				662,705				662,705				—				662,705
Substandard			—				—				—				58,000				58,000				2,368				60,368
Total Consumer		$	—			$	12,443			$	12,443			$	51,328,815			$	51,341,258			$	2,368			$	51,343,626
Total		$	51,009			$	12,443			$	63,452			$	438,042,598			$	438,106,050			$	26,044,432			$	464,150,482

Summarizes Impaired Loans

The following table summarizes impaired loans as of September 30, 2013:

		Recorded Investment				Unpaid Principal Balance				Related Allowance
With no related allowance recorded:
Commercial		$	9,050			$	103,309			$	—
Commercial Real Estate			10,154,788				10,863,318				—
Construction			—				—				—
Construction to Permanent			1,212,951				1,425,000
Residential			8,087,483				8,215,052				—
Consumer			651,483				672,679				—
Total:		$	20,115,755			$	21,279,358			$	—
With an allowance recorded:
Commercial		$	6,100,443			$	6,166,667			$	2,200,000
Commercial Real Estate			3,288,148				3,606,643				513,112
Construction			335,000				486,625				116,218
Construction to Permanent			—				—				—
Residential			645,533				2,647,198				325,690
Consumer			1,861				2,098				1,861
Total:		$	10,370,985			$	12,909,231			$	3,156,881
Commercial		$	6,109,493			$	6,269,976			$	2,200,000
Commercial Real Estate			13,442,936				14,469,961				513,112
Construction			335,000				486,625				116,218
Construction to Permanent			1,212,951				1,425,000				—
Residential			8,733,016				10,862,250				325,690
Consumer			653,344				674,777				1,861
Total:		$	30,486,740			$	34,188,589			$	3,156,881

Impaired loans consist of non-accrual loans, TDRs and loans that were previously classified as TDRs that have been upgraded.

The following table summarizes impaired loans as of December 31, 2012:

		Recorded Investment				Unpaid Principal Balance				Related Allowance
With no related allowance recorded:
Commercial		$	46,301			$	131,195			$	—
Commercial Real Estate			12,328,103				13,369,985				—
Construction			—				—				—
Construction to Permanent			1,258,710				1,425,000				—
Residential			10,760,965				12,786,388				—
Consumer			564,175				564,175				—
Total:		$	24,958,254			$	28,276,743			$	—
With an allowance recorded:
Commercial		$	173,208			$	350,000			$	33,280
Commercial Real Estate			3,581,000				3,606,947				728,607
Construction			1,862,038				2,013,663				120,616
Construction to Permanent			—				—				—
Residential			2,806,210				2,806,766				83,543
Consumer			2,368				2,506				2,368
Total:		$	8,424,824			$	8,779,882			$	968,414
Commercial		$	219,509			$	481,195			$	33,280
Commercial Real Estate			15,909,103				16,976,932				728,607
Construction			1,862,038				2,013,663				120,616
Construction to Permanent			1,258,710				1,425,000				—
Residential			13,567,175				15,593,154				83,543
Consumer			566,543				566,681				2,368
Total:		$	33,383,078			$	37,056,625			$	968,414

Total Troubled Debt Restructured Loans

The following table presents the total troubled debt restructured loans as of September 30, 2013:

		Accrual								Non-accrual								Total
		# of								# of								# of
		Loans				Amount				Loans				Amount				Loans				Amount
Commercial Real Estate			—			$	—				1			$	1,880,000				1			$	1,880,000
Residential Real Estate			—				—				1				500,000				1				500,000
Construction to permanent			1				1,003,299				1				1,212,951				2				2,216,250
Total Troubled Debt Restructurings			1			$	1,003,299				3			$	3,592,951				4			$	4,596,250

The following table presents the total troubled debt restructured loans as of December 31, 2012:

		Accrual								Non-accrual								Total
		# of								# of								# of
		Loans				Amount				Loans				Amount				Loans				Amount
Commercial Real Estate			—			$	—				2			$	4,255,658				2			$	4,255,658
Residential Real Estate			—				—				3				5,519,232				3				5,519,232
Construction to permanent			—				—				1				1,258,710				1				1,258,710
Commercial			—				—				1				37,251				1				37,251
Consumer home equity			1				564,175				—				—				1				564,175
Total Troubled Debt Restructurings			1			$	564,175				7			$	11,070,851				8			$	11,635,026

Summarizes Loans that were Modified in a Troubled Debt Restructuring

No loans were modified in a troubled debt restructuring during the three months ended September 30, 2013. The following table summarizes loans that were modified in a troubled debt restructuring during the nine months ended September 30, 2013.

		Nine months ended September 30, 2013
		Number of Relationships				Pre-Modification Outstanding Recorded Investment				Number of Relationships				Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings
Construction to permanent			2				4,730,324				2				4,698,372
Total Troubled Debt Restructurings			2			$	4,730,324				2			$	4,698,372

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