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Loans And Allowance For Loan Losses | 12 Months Ended
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Dec. 31, 2011
Loans And Allowance For Loan Losses [Abstract] |
Loans And Allowance For Loan Losses | Note 5 - Loans and allowance for loan losses The allowance represents an amount that, in management's judgment, will be adequate to absorb any losses on existing loans that may become uncollectible. Management's judgment in determining the level of the allowance is based on evaluations of the collectability of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower's ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. Management has an established methodology used to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. For purposes of determining the allowance for loan losses, the Bank has segmented certain loans in the portfolio by product type. Within these segments, the Bank has sub-segmented its portfolio by classes within the segments, based on the associated risks within these classes. The classifications set forth below do not correspond directly to the classifications set forth in the call report (Form FFIEC 041). Management has determined that the classifications set forth below are more appropriate for use in identifying and managing risk in the loan portfolio.
Loan Segments: Commercial Commercial real estate | Loan Classes: Commercial and industrial loans Commercial mortgages – owner occupied Commercial mortgages – non-owner occupied Commercial construction
Consumer | Consumer unsecured Consumer secured
Residential | Residential mortgages
| Residential consumer construction
The evaluation also considers the following risk characteristics of each loan portfolio: Commercial loans carry risks associated with the successful operation of a business because the repayment of these loans may be dependent upon the profitability and cash flows of the business or project. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time and cannot be appraised with as much precision. Commercial real estate loans carry risks associated with a real estate project and other risks associated with the ownership of real estate. In addition, for real estate construction loans there is a risk that the project will not be finished according to schedule, the project will not be finished according to budget and the value of the collateral may, at any point in time, be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be a loan customer, may be unable to finish the construction project as planned because of financial pressure unrelated to the project. Consumer loans carry risks associated with the continued credit-worthiness of the borrower and the value of the collateral (e.g., rapidly-depreciating assets such as automobiles), or lack thereof. Consumer loans are more likely than real estate loans to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy. Unsecured consumer loans carry additional risks associated with the continued credit-worthiness of borrowers who may be unable to meet payment obligations. Residential mortgage and construction loans carry risks associated with the continued credit- worthiness of the borrower and changes in the value of the collateral. Equity lines of credit carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. The Bank's internal risk rating system is in place to grade commercial and commercial real estate loans. Category ratings are reviewed periodically by lenders and the credit review area of the Bank based on the borrower's individual situation. Additionally, internal and external monitoring and review of credits are conducted on an annual basis. Below is a summary and definition of the Bank's risk rating categories:
RATING 1 | Excellent
RATING 2 | Above Average
RATING 3 | Satisfactory
RATING 4 | Acceptable / Low Satisfactory
RATING 5 | Monitor
RATING 6 | Special Mention
RATING 7 | Substandard
RATING 8 | Doubtful
RATING 9 | Loss
Based on the above criteria, we segregate loans into the above categories for special mention, substandard, doubtful and loss from non-classified, or pass rated, loans. We review the characteristics of each rating at least annually, generally during the first quarter. The characteristics of these ratings are as follows: "Pass." These are loans having risk ratings of 1 through 4. Pass loans are to persons or business entities with an acceptable financial condition, appropriate collateral margins, appropriate cash flow to service the existing loan, and an appropriate leverage ratio. The borrower has paid all obligations as agreed and it is expected that this type of payment history will continue. When necessary, acceptable personal guarantors support the loan. "Monitor." These are loans having a risk rating of 5. Monitor loans have currently acceptable risk but may have the potential for a specific defined weakness in the borrower's operations and the borrower's ability to generate positive cash flow on a sustained basis. The borrower's recent payment history may currently or in the future be characterized by late payments. The Bank's risk exposure is mitigated by collateral supporting the loan. The collateral is considered to be well-margined, well maintained, accessible and readily marketable. "Special Mention." These are loans having a risk rating of 6. Special Mention loans have weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank's credit position at some future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. These loans do warrant more than routine monitoring due to a weakness caused by adverse events. "Substandard." These are loans having a risk rating of 7. Substandard loans are considered to have specific and well-defined weaknesses that jeopardize the viability of the Bank's credit extension. The payment history for the loan has been inconsistent and the expected or projected primary repayment source may be inadequate to service the loan. The estimated net liquidation value of the collateral pledged and/or ability of the personal guarantor(s) to pay the loan may not adequately protect the Bank. There is a distinct possibility that the Bank will sustain some loss if the deficiencies associated with the loan are not corrected in the near term. A substandard loan would not automatically meet our definition of impaired unless the loan is significantly past due and the borrower's performance and financial condition provide evidence that it is probable that the Bank will be unable to collect all amounts due. "Doubtful." These are loans having a risk rating of 8. Doubtful rated loans have all the weaknesses inherent in a loan that is classified substandard but with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high. "Loss." These are loans having a risk rating of 9. Loss rated loans are not considered collectible under normal circumstances and there is no realistic expectation for any future payment on the loan. Loss rated loans are fully charged off. The Bank grants primarily commercial, real estate, and installment loans to customers throughout its market area, which consists primarily of Region 2000 which includes the counties of Amherst, Appomattox, Bedford and Campbell and the cities of Bedford and Lynchburg, Virginia. The real estate portfolio can be affected by the condition of the local real estate market. The commercial and installment loan portfolio can be affected by the local economic conditions. A summary of loans, net is as follows:
|  | December 31,
|  | 2011 |  | 2010
Commercial | $ | 59,623 | $ | 62,786
Commercial real estate |  | 150,622 |  | 143,428
Consumer |  | 72,488 |  | 68,289
Residential |  | 42,067 |  | 51,679
Total loans |  | 324,800 |  | 326,182
Less allowance for loan losses |  | 5,612 |  | 5,467
Net loans | $ | 319,188 | $ | 320,715
The amount of overdrafts reclassified as loans was $14 and $13 as of December 31, 2011 and 2010, respectively. The Company's officers, directors and their related interests have various types of loan relationships with the Bank. The total outstanding balances of these related party loans at December 31, 2011 and 2010 were $8,914 and $6,663 respectively. During 2011, new loans and advances amounted to $4,645 and repayments amounted to $2,394. The terms and interest rates of these loans are similar to those for comparable loans with other borrowers of the Bank. The following tables set forth information regarding impaired and non-accrual loans as of December 31, 2011 and 2010:
Financing Receivables on Non-Accrual Status
(Dollars in Thousands)
|  | As of December 31,
|  | 2011 |  |  | 2010
Commercial | $ | 3,570 |  | $ | 756
Commercial Real Estate: |  |  |  |  |
Commercial Mortgages-Owner Occupied |  | 1,610 |  |  | 1,157
Commercial Mortgages-Non-Owner Occupied |  | 2,793 |  |  | 2,504
Commercial Construction |  | 782 |  |  | 923
Consumer |  |  |  |  |
Consumer Unsecured |  | - |  |  | 83
Consumer Secured |  | 415 |  |  | 1,153
Residential: |  |  |  |  |
Residential Mortgages |  | 1,205 |  |  | 1,725
Residential Consumer Construction |  | - |  |  | 65
Totals | $ | 10,375 | $ | 8,366
|  |  |  |  | Impaired Loans |  |  |  |
|  |  |  | For the Year Ended December 31, 2011 |  |
|  |  |  | Unpaid |  |  | Average |  | Interest
|  | Recorded |  | Principal | Related | Recorded |  | Income
2011 |  | Investment |  | Balance | Allowance | Investment |  | Recognized
With No Related Allowance Recorded: |  |  |  |  |  |  |  |  |  |
Commercial | $ | 3,357 | $ | 3,570 | $ | - | $ | 8,978 | $ | 118
Commercial Real Estate |  |  |  |  |  |  |  |  |  |
Commercial Mortgages-Owner |  |  |  |  |  |  |  |  |  |
Occupied |  | 2,211 |  | 3,108 |  | - |  | 2,457 |  | 124
Commercial Mortgage Non-Owner |  |  |  |  |  |  |  |  |  |
Occupied |  | 4,880 |  | 5,170 |  | - |  | 5,418 |  | 227
Commercial Construction |  | 1,103 |  | 1,103 |  | - |  | 984 |  | 38
Consumer |  |  |  |  |  |  |  |  |  |
Consumer Unsecured |  | - |  | - |  | - |  | - |  | -
Consumer Secured |  | 293 |  | 642 |  | - |  | 330 |  | 6
Residential |  |  |  |  |  |  |  |  |  |
Residential Mortgages |  | 862 |  | 1,007 |  | - |  | 633 |  | 15
Residential Consumer Construction |  | - |  | - |  | - |  | 33 |  | -
With An Allowance Recorded: |  |  |  |  |  |  |  |  |  |
Commercial | $ | 2,968 | $ | 3,052 | $ | 440 | $ | 2,170 | $ | 106
Commercial Real Estate |  |  |  |  |  |  |  |  |  |
Commercial Mortgages-Owner |  |  |  |  |  |  |  |  |  |
Occupied |  | 2,516 |  | 2,686 |  | 555 |  | 3,815 |  | 137
Commercial Mortgage Non-Owner |  |  |  |  |  |  |  |  |  |
Occupied |  | 2,590 |  | 3,129 |  | 228 |  | 1,858 |  | 117
Commercial Construction |  | 1,700 |  | 1,964 |  | 275 |  | 2,454 |  | 42
Consumer |  |  |  |  |  |  |  |  |  |
Consumer Unsecured |  | - |  | - |  | - |  | 286 |  | -
Consumer Secured |  | 942 |  | 1,021 |  | 357 |  | 699 |  | 49
Residential |  |  |  |  |  |  |  |  |  |
Residential Mortgages |  | 1,922 |  | 2,180 |  | 128 |  | 1,847 |  | 89
Residential Consumer Construction |  | - |  | - |  | - |  | - |  | -
Totals: |  |  |  |  |  |  |  |  |  |
Commercial | $ | 6,325 | $ | 6,622 | $ | 440 | $ | 11,147 | $ | 224
Commercial Real Estate |  |  |  |  |  |  |  |  |  |
Commercial Mortgages-Owner |  |  |  |  |  |  |  |  |  |
Occupied |  | 4,727 |  | 5,794 |  | 555 |  | 6,272 |  | 261
Commercial Mortgage Non-Owner |  |  |  |  |  |  |  |  |  |
Occupied |  | 7,470 |  | 8,299 |  | 228 |  | 7,275 |  | 344
Commercial Construction |  | 2,803 |  | 3,067 |  | 275 |  | 3,438 |  | 80
Consumer |  |  |  |  |  |  |  |  |  |
Consumer Unsecured |  | - |  | - |  | - |  | 286 |  | -
Consumer Secured |  | 1,235 |  | 1,663 |  | 357 |  | 1,029 |  | 55
Residential |  |  |  |  |  |  |  |  |  |
Residential Mortgages |  | 2,784 |  | 3,187 |  | 128 |  | 2,480 |  | 104
Residential Consumer Construction |  | - |  | - |  | - |  | 33 |  | -
| $ | 25,344 | $ | 28,632 | $ | 1,983 | $ | 31,960 | $ | 1,068
|  |  |  |  | Impaired Loans |  |  |  |
|  |  |  | For the Year Ended December 31, 2010 |  |
|  |  |  | Unpaid |  |  | Average |  | Interest
|  | Recorded |  | Principal | Related | Recorded |  | Income
2010 |  | Investment |  | Balance | Allowance | Investment |  | Recognized
With No Related Allowance Recorded: |  |  |  |  |  |  |  |  |  |
Commercial | $ | 14,598 | $ | 14,787 | $ | - | $ | 14,794 | $ | 687
Commercial Real Estate |  |  |  |  |  |  |  |  |  |
Commercial Mortgages-Owner |  |  |  |  |  |  |  |  |  |
Occupied |  | 2,703 |  | 2,729 |  | - |  | 2,740 |  | 177
Commercial Mortgage Non-Owner |  |  |  |  |  |  |  |  |  |
Occupied |  | 5,955 |  | 6,569 |  | - |  | 6,035 |  | 171
Commercial Construction |  | 864 |  | 864 |  | - |  | 876 |  | 45
Consumer |  |  |  |  |  |  |  |  |  |
Consumer Unsecured |  | - |  | - |  | - |  | - |  | -
Consumer Secured |  | 366 |  | 660 |  | - |  | 371 |  | 13
Residential |  |  |  |  |  |  |  |  |  |
Residential Mortgages |  | 403 |  | 613 |  | - |  | 406 |  | 8
Residential Consumer Construction |  | 65 |  | 68 |  | - |  | 66 |  | 1
With An Allowance Recorded: |  |  |  |  |  |  |  |  |  |
Commercial | $ | 1,371 | $ | 1,371 | $ | 195 | $ | 1,388 | $ | 82
Commercial Real Estate |  |  |  |  |  |  |  |  |  |
Commercial Mortgages-Owner |  |  |  |  |  |  |  |  |  |
Occupied |  | 5,114 |  | 5,144 |  | 1,218 |  | 5,184 |  | 177
Commercial Mortgage Non-Owner |  |  |  |  |  |  |  |  |  |
Occupied |  | 1,125 |  | 1,132 |  | 53 |  | 1,141 |  | 21
Commercial Construction |  | 3,208 |  | 3,355 |  | 437 |  | 3,252 |  | 103
Consumer |  |  |  |  |  |  |  |  |  |
Consumer Unsecured |  | 572 |  | 589 |  | 75 |  | 578 |  | 15
Consumer Secured |  | 456 |  | 456 |  | 195 |  | 461 |  | 25
Residential |  |  |  |  |  |  |  |  |  |
Residential Mortgages |  | 1,772 |  | 1,923 |  | 257 |  | 1,794 |  | 124
Residential Consumer Construction |  | - |  | - |  | - |  | - |  | -
Totals: |  |  |  |  |  |  |  |  |  |
Commercial | $ | 15,969 | $ | 16,158 | $ | 195 | $ | 16,182 | $ | 769
Commercial Real Estate |  |  |  |  |  |  |  |  |  |
Commercial Mortgages-Owner |  |  |  |  |  |  |  |  |  |
Occupied |  | 7,817 |  | 7,873 |  | 1,218 |  | 7,924 |  | 354
Commercial Mortgage Non-Owner |  |  |  |  |  |  |  |  |  |
Occupied |  | 7,080 |  | 7,701 |  | 53 |  | 7,176 |  | 192
Commercial Construction |  | 4,072 |  | 4,219 |  | 437 |  | 4,128 |  | 148
Consumer |  |  |  |  |  |  |  |  |  |
Consumer Unsecured |  | 572 |  | 589 |  | 75 |  | 578 |  | 15
Consumer Secured |  | 822 |  | 1,116 |  | 195 |  | 832 |  | 38
Residential |  |  |  |  |  |  |  |  |  |
Residential Mortgages |  | 2,175 |  | 2,536 |  | 257 |  | 2,200 |  | 132
Residential Consumer Construction |  | 65 |  | 68 |  | - |  | 66 |  | 1
| $ | 38,572 | $ | 40,260 | $ | 2,430 | $ | 39,086 | $ | 1,649
The following tables sets forth the allowance for loan losses activity for the years ended December 31, 2011, 2010, and 2009:
|  | Allowance for Credit Losses and Recorded Investment in Financing Receivables |
|  |  |  | For the Year Ended December 31, 2011 |  |  |  |  |
|  |  |  | Commercial |  |  |  |  |  |  |  |  |  |  |  |  |
2011 |  | Commercial |  | Real Estate |  |  | Consumer |  |  | Residential |  |  | Total |
Allowance for Credit Losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 473 |  | $ | 2,897 |  |  | $ | 1,207 |  |  | $ | 890 |  |  | $ | 5,467 |
Charge-offs |  | (702 | ) |  | (2,738 | ) |  |  | (817 | ) |  |  | (459 | ) |  |  | (4,716 | )
Recoveries |  | 16 |  |  | 3 |  |  |  | 31 |  |  |  | 4 |  |  |  | 54 |
Provision |  | 1,105 |  |  | 2,515 |  |  |  | 1,065 |  |  |  | 122 |  |  |  | 4,807 |
Ending Balance | $ | 892 |  | $ | 2,677 |  |  | $ | 1,486 |  |  | $ | 557 |  |  | $ | 5,612 |
Ending Balance: Individually |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment | $ | 440 |  | $ | 1,058 |  |  | $ | 357 |  |  | $ | 128 |  |  | $ | 1,983 |
Ending Balance: Collectively |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment |  | 452 |  |  | 1,619 |  |  |  | 1,129 |  |  |  | 429 |  |  |  | 3,629 |
Totals: | $ | 892 |  | $ | 2,677 |  |  | $ | 1,486 |  |  | $ | 557 |  |  | $ | 5,612 |
Financing Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance: Individually |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment | $ | 6,325 |  | $ | 15,000 |  |  | $ | 1,235 |  |  | $ | 2,784 |  |  | $ | 25,344 |
Ending Balance: Collectively |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment |  | 53,298 |  |  | 135,622 |  |  |  | 71,253 |  |  |  | 39,283 |  |  |  | 299,456 |
Totals: | $ | 59,623 |  | $ | 50,622 |  | $ | 72,488 |  | $ | 42,067 |  | $ | 324,800 |
|  | Allowance for Credit Losses and Recorded Investment in Financing Receivables
|  |  |  | For the Year Ended December 31, 2010 |  |
|  |  |  | Commercial |  |  |  |  |  |  |  |
2010 |  | Commercial |  | Real Estate |  | Consumer |  | Residential | Total
Allowance for Credit Losses: |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance: Individually |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment | $ | 195 | $ | 1,708 |  | $ | 270 |  | $ | 257 | $ | 2,430
Ending Balance: Collectively |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment |  | 278 |  | 1,189 |  |  | 937 |  |  | 633 |  | 3,037
Totals: | $ | 473 | $ | 2,897 |  | $ | 1,207 |  | $ | 890 | $ | 5,467
Financing Receivables: |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance: Individually |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment |  | 15,969 |  | 18,969 |  |  | 1,394 |  |  | 2,240 |  | 38,572
Ending Balance: Collectively |  |  |  |  |  |  |  |  |  |  |  |
evaluated for impairment |  | 46,817 |  | 124,459 |  |  | 66,895 |  | 49,439 |  | 287,610
Totals: | $ | 62,786 | $ | 143,428 | $ | 68,289 | $ | 51,679 | $ | 326,182
Allowance for loan losses: |  |  |
Beginning balance, January 1, 2009 | $ | 2,859 |
Provision for losses |  | 4,151 |
Charge-offs |  | (2,797 | )
Recoveries |  | 75 |
Ending balance, December 31, 2009 | $ | 4,288 |
Age Analysis of Past Due Financing Receivables as of December 31, 2011
|  |  |  |  |  |  |  |  |  |  |  |  |  | Recorded |
|  |  |  |  | Greater |  |  |  |  |  |  | Total | Investment
|  | 30-59 Days | 60-89 Days | than |  | Total Past |  |  |  | Financing | > 90 Days &
2011 |  | Past Due | Past Due | 90 | Days | Due |  | Current |  | Receivables | Accruing |
Commercial | $ | 532 | $ | 26 | $ | 3,570 |  | $ | 4,128 | $ | 55,495 | $ | 59,623 | $ | -
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Mortgages-Owner |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Occupied |  | 2,614 |  | 130 |  | 1,610 |  |  | 4,354 |  | 56,400 |  | 60,754 |  | -
Commercial Mortgages-Non- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  | 504 |  | 72 |  | 2,793 |  |  | 3,369 |  | 74,520 |  | 77,889 |  | -
Commercial Construction |  | 782 |  | - |  | 424 |  |  | 1,206 |  | 10,773 |  | 11,979 |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Unsecured |  | 6 |  | - |  | - |  |  | 6 |  | 3,231 |  | 3,237 |  | -
Consumer Secured |  | 202 |  | 277 |  | 415 |  |  | 894 |  | 68,357 |  | 69,251 |  | -
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgages |  | 523 |  | 162 |  | 863 |  |  | 1,548 |  | 37,884 |  | 39,432 |  | -
Residential Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | - |  | - |  | - |  |  | - |  | 2,635 |  | 2,635 |  | -
Total | $ | 5,163 | $ | 667 | $ | 9,675 |  | $ | 15,505 | $ | 309,295 | $ | 324,800 | $ | -
Age Analysis of Past Due Financing Receivables as of December 31, 2010
|  |  |  |  |  |  |  |  |  |  |  |  |  | Recorded |
|  |  |  |  | Greater |  |  |  |  |  |  | Total | Investment
|  | 30-59 Days | 60-89 Days | than |  | Total Past |  |  |  | Financing | > 90 Days &
2010 |  | Past Due | Past Due | 90 | Days | Due |  | Current |  | Receivables | Accruing |
Commercial | $ | 726 | $ | 180 | $ | 576 |  | $ | 1,482 | $ | 61,304 | $ | 62,786 | $ | -
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Mortgages-Owner |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Occupied |  | 1,390 |  | 299 |  | 553 |  |  | 2,242 |  | 62,120 |  | 64,362 |  | -
Commercial Mortgages-Non- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  | 1,169 |  | 253 |  | 2,503 |  |  | 3,925 |  | 62,619 |  | 66,544 |  | -
Commercial Construction |  | - |  | - |  | 923 |  |  | 923 |  | 11,599 |  | 12,522 |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Unsecured |  | 8 |  | - |  | 83 |  |  | 91 |  | 2,824 |  | 2,915 |  | -
Consumer Secured |  | 564 |  | 230 |  | 731 |  |  | 1,525 |  | 63,849 |  | 65,374 |  | -
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgages |  | 1,072 |  | 68 |  | 793 |  |  | 1,933 |  | 39,7834 |  | 41,767 |  | -
Residential Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | - |  | - |  | 65 |  |  | 65 |  | 9,847 |  | 9,912 |  | -
Total | $ | 4,929 | $ | 1,030 | $ | 6,227 |  | $ | 12,186 | $ | 313,996 | $ | 326,182 | $ | -
|  |  |  |  |  | Credit Loss Disclosures |  |  |  |
|  |  |  | Credit Quality Information - by Class |  |  |
|  |  |  |  |  | December 31, 2011 |  |  |  |
2011 |  |  |  |  |  | Special |  |  |  |  |  |
|  | Pass |  | Monitor |  | Mention | Substandard | Doubtful |  | Totals
Commercial | $ | 47,021 | $ | 3,978 | $ | 2,901 | $ | 5,723 | $ | - | $ | 59,623
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |
Commercial Mortgages-Owner |  |  |  |  |  |  |  |  |  |  |  |
Occupied |  | 48,622 |  | 3,003 |  | 4,696 |  | 4,283 |  | 150 |  | 60,754
Commercial Mortgages-Non-Owner |  |  |  |  |  |  |  |  |  |  |  |
Occupied |  | 63,934 |  | 3,326 |  | 3,159 |  | 7,470 |  | - |  | 77,889
Commercial Construction |  | 9,000 |  | 176 |  | - |  | 2,803 |  | - |  | 11,979
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Consumer Unsecured |  | 3,237 |  | - |  | - |  | - |  | - |  | 3,237
Consumer Secured |  | 67,295 |  | 488 |  | 304 |  | 1,164 |  | - |  | 69,251
Residential: |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgages |  | 35,543 |  | 557 |  | 548 |  | 2,784 |  | - |  | 39,432
Residential Consumer Construction |  | 2,635 |  | - |  | - |  | - |  | - |  | 2,635
Totals | $ | 277,287 | $ | 11,528 | $ | 11,608 | $ | 24,227 | $ | 150 | $ | 324,800
|  |  |  |  |  | Credit Loss Disclosures |  |  |  |
|  |  |  | Credit Quality Information - by Class |  |  |
|  |  |  |  |  | December 31, 2010 |  |  |  |
2010 |  |  |  |  |  | Special |  |  |  |  |  |
|  | Pass |  | Monitor |  | Mention | Substandard | Doubtful |  | Totals
Commercial | $ | 41,328 | $ | 2,732 | $ | 9,471 | $ | 9,075 | $ | 180 | $ | 62,786
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |
Commercial Mortgages-Owner |  |  |  |  |  |  |  |  |  |  |  |
Occupied |  | 50,485 |  | 5,535 |  | 1,378 |  | 6,814 |  | 150 |  | 64,362
Commercial Mortgages-Non-Owner |  |  |  |  |  |  |  |  |  |  |  |
Occupied |  | 52,004 |  | 2,337 |  | 6,354 |  | 5,849 |  | - |  | 66,544
Commercial Construction |  | 7,571 |  | 855 |  | 1,446 |  | 2,650 |  | - |  | 12,522
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Consumer Unsecured |  | 2,805 |  | - |  | 1 |  | 34 |  | 75 |  | 2,915
Consumer Secured |  | 63,225 |  | 475 |  | 349 |  | 1,325 |  | - |  | 65,374
Residential: |  |  |  |  |  |  |  |  |  |  |  |
Residential Mortgages |  | 38,504 |  | 77 |  | - |  | 3,014 |  | 172 |  | 41,767
Residential Consumer Construction |  | 9,475 |  | - |  | 372 |  | 65 |  | - |  | 9,912
Totals | $ | 265,397 | $ | 12,011 | $ | 19,371 | $ | 28,826 | $ | 577 | $ | 326,182
Troubled Debt Restructurings (TDRs)
For the Year Ended December 31, 2011
|  | Pre- | Post | -
|  | Modification |  | Modification
|  | Outstanding |  | Outstanding
Troubled Debt | Number of | Recorded |  | Recorded
Restructurings | Contracts | Investment |  | Investment
Commercial Real Estate | 5 | $2,718 | $ | 2,718
The five contracts referenced above were modified in the form of interest rate reductions. After modification, each loan was individually reevaluated for impairment. As a result of the evaluation, it was determined that there was no additional impact to the allowance for loan loss. For the Year Ended December 31, 2011
Troubled Debt |  |  |
Restructurings That | Number |  |
Subsequently | of |  | Recorded
Defaulted | Contracts |  | Investment
Commercial | 2 | $ | 3,596
Consumer | 1 |  | 30
Total | 3 | $ | 3,626

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