Quarterly report pursuant to Section 13 or 15(d)

LOANS, NET

v2.4.0.8
LOANS, NET
9 Months Ended
Sep. 30, 2014
Receivables [Abstract]  
LOANS, NET

NOTE 3 – LOANS, NET

 

Loan Portfolio Composition. The composition of the loan portfolio was as follows:

 

(Dollars in Thousands)   September 30, 2014     December 31, 2013  
Commercial, Financial and Agricultural   $ 133,756     $ 126,607  
Real Estate – Construction     38,121          31,012  
Real Estate – Commercial Mortgage     501,863       533,871  
Real Estate – Residential(1)     308,295       309,692  
Real Estate – Home Equity     228,968       227,922  
Consumer     203,372       159,500  
Loans, Net of Unearned Income   $ 1,414,375     $ 1,388,604  

 

  (1) Includes loans in process with outstanding balances of $5.5 million and $6.8 million at September 30, 2014 and December 31, 2013, respectively.

 

Net deferred fees included in loans were $1.5 million at September 30, 2014 and December 31, 2013.

 

The Company has pledged a blanket floating lien on all 1-4 family residential mortgage loans, commercial real estate mortgage loans, and home equity loans to support available borrowing capacity at the FHLB of Atlanta and has pledged a blanket floating lien on all consumer loans, commercial loans, and construction loans to support available borrowing capacity at the Federal Reserve Bank of Atlanta.

 

Nonaccrual Loans. Loans are generally placed on nonaccrual status if principal or interest payments become 90 days past due and/or management deems the collectability of the principal and/or interest to be doubtful. Loans are returned to accrual status when the principal and interest amounts contractually due are brought current or when future payments are reasonably assured.

 

The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans.

 

    September 30, 2014     December 31, 2013  
(Dollars in Thousands)   Nonaccrual     90 + Days     Nonaccrual     90 + Days  
Commercial, Financial and Agricultural   $ 933     $ —     $ 188     $ —  
Real Estate – Construction     860       —       426       —  
Real Estate – Commercial Mortgage     11,920       —       25,227       —  
Real Estate – Residential     7,416       —       6,440       —  
Real Estate – Home Equity     2,018       —       4,084       —  
Consumer     335       62       599       —  
Total   $ 23,482     $ 62     $ 36,964     $ —  

Loan Portfolio Aging. A loan is defined as a past due loan when one full payment is past due or a contractual maturity is over 30 days past due (“DPD”).

 

The following table presents the aging of the recorded investment in past due loans by class of loans.

 

 

(Dollars in Thousands)

  30-59
DPD
    60-89
DPD
    90 +
DPD
    Total
Past Due
    Total
Current
    Total
Loans
 
September 30, 2014                                                
Commercial, Financial and Agricultural   $ 296     $ 59     $ —     $ 355     $ 132,468     $ 133,756  
Real Estate – Construction     —       —       —       —       37,261       38,121  
Real Estate – Commercial Mortgage     711       26       —       737       489,206       501,863  
Real Estate – Residential     1,193       1,094       —       2,287       298,592       308,295  
Real Estate – Home Equity     255       119       —       374       226,576       228,968  
Consumer     795       178       62       1,035       202,002       203,372  
Total   $ 3,250     $ 1,476     $ 62     $ 4,788     $ 1,386,105     $ 1,414,375  
                                                 
December 31, 2013                                                
Commercial, Financial and Agricultural   $ 258     $ 100     $ —     $ 358     $ 126,062     $ 126,607  
Real Estate – Construction     —       —       —       —       30,587       31,012  
Real Estate – Commercial Mortgage     1,548       672       —       2,220       506,424       533,871  
Real Estate – Residential     1,647       1,090       —       2,737       300,514       309,692  
Real Estate – Home Equity     848       212       —       1,060       222,778       227,922  
Consumer     1,127       244       —       1,371       157,529       159,500  
Total   $ 5,428     $ 2,318     $ —     $ 7,746     $ 1,343,894     $ 1,388,604  

Allowance for Loan Losses. The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing portfolio of loans.  Loans are charged-off to the allowance when facts and circumstances of the individual loan confirm the loan is not fully collectible and the loss is reasonably quantifiable.

 

The following table details the activity in the allowance for loan losses by portfolio class. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

 

 

(Dollars in Thousands)

  Commercial,
Financial,
Agricultural
    Real Estate
Construction
    Real Estate
Commercial
Mortgage
    Real Estate
Residential
    Real Estate
Home
Equity
    Consumer     Unallocated     Total  
Three Months Ended September 30, 2014                                                                
Beginning Balance   $ 706     $ 1,267     $ 6,147     $ 8,214     $ 3,066     $ 1,143     $ —     $ 20,543  
Provision for Loan Losses     387       (280 )     386       (505 )     331       105       —       424  
Charge-Offs     (86 )     —       (1,208 )     (212 )     (621 )     (386 )     —       (2,513 )
Recoveries     28       2       213       93       37       266       —       639  
Net Charge-Offs     (58 )     2       (955 )     (119 )     (584 )     (120 )     —       (1,874 )
Ending Balance   $ 1,035     $ 989     $ 5,538     $ 7,590     $ 2,813     $ 1,128     $ —     $ 19,093  
                                                                 
Nine Months Ended
September 30, 2014
                                                               
Beginning Balance   $ 699     $ 1,580     $ 7,710     $ 9,073     $ 3,051     $ 982     $ —     $ 23,095  
Provision for Loan Losses     371       (598 )     267       (385 )     1,048       579       —       1,282  
Charge-Offs     (183 )     —       (2,831 )     (1,638 )     (1,399 )     (1,212 )     —       (7,263 )
Recoveries     148       7       392       540       113       779       —       1,979  
Net Charge-Offs     (35 )     7       (2,439 )     (1,098 )     (1,286 )     (433 )     —       (5,284 )
Ending Balance   $ 1,035     $ 989     $ 5,538     $ 7,590     $ 2,813     $ 1,128     $ —     $ 19,093  
                                                                 
Three Months Ended September 30, 2013                                                                
Beginning Balance   $ 895     $ 2,243     $ 9,951     $ 9,258     $ 2,879     $ 1,042     $ 1,026     $ 27,294  
Provision for Loan Losses     (171 )     (237 )     (630 )     1,044       277       297       (25 )     555  
Charge-Offs     (138 )     (278 )     (882 )     (1,178 )     (362 )     (674 )     —       (3,512 )
Recoveries     87       1       167       167       13       238       —       673  
Net Charge-Offs     (51 )     (277 )     (715 )     (1,011 )     (349 )     (436 )     —       (2,839 )
Ending Balance   $ 673     $ 1,729     $ 8,606     $ 9,291     $ 2,807     $ 903     $ 1,001     $ 25,010  
                                                                 
Nine Months Ended
September 30, 2013
                                                               
Beginning Balance   $ 1,253     $ 2,856     $ 11,081     $ 8,678     $ 2,945     $ 1,327     $ 1,027     $ 29,167  
Provision for Loan Losses     (345 )     (130 )     151       2,868       404       153       (26 )     3,075  
Charge-Offs     (411 )     (998 )     (2,975 )     (2,914 )     (797 )     (1,321 )     —       (9,416 )
Recoveries     176       1       349       659       255       744       —       2,184  
Net Charge-Offs     (235 )     (997 )     (2,626 )     (2,255 )     (542 )     (577 )     —       (7,232 )
Ending Balance   $ 673     $ 1,729     $ 8,606     $ 9,291     $ 2,807     $ 903     $ 1,001     $ 25,010  

The following table details the amount of the allowance for loan losses by portfolio class disaggregated on the basis of the Company’s impairment methodology.

 

 

(Dollars in Thousands)

  Commercial,
Financial,
Agricultural
    Real Estate
Construction
    Real Estate
Commercial
Mortgage
    Real Estate
Residential
    Real Estate
Home
Equity
    Consumer     Unallocated     Total  
September 30, 2014                                                                
Period-end amount Allocated to:                                                                
Loans Individually Evaluated for Impairment   $ 576     $ 94     $ 3,359     $ 2,526     $ 471     $ 12     $ —     $ 7,038  
Loans Collectively Evaluated for Impairment     459       895       2,179       5,064       2,342       1,116       —       12,055  
Ending Balance   $ 1,035     $ 989     $ 5,538     $ 7,590     $ 2,813     $ 1,128     $ —     $ 19,093  
                                                                 
December 31, 2013                                                                
Period-end amount Allocated to:                                                                
Loans Individually Evaluated for Impairment   $ 75     $ 66     $ 4,336     $ 2,047     $ 682     $ 23     $ —     $ 7,229  
Loans Collectively Evaluated for Impairment     624       1,514       3,374       7,026       2,369       959       —       15,866  
Ending Balance   $ 699     $ 1,580     $ 7,710     $ 9,073     $ 3,051     $ 982     $ —     $ 23,095  
                                                                 
September 30, 2013                                                                
Period-end amount Allocated to:                                                                
Loans Individually Evaluated for Impairment   $ 218     $ 124     $ 5,045     $ 2,184     $ 508     $ 31     $ —     $ 8,110  
Loans Collectively Evaluated for Impairment     455       1,605       3,561       7,107       2,299       872       1,001       16,900  
Ending Balance   $ 673     $ 1,729     $ 8,606     $ 9,291     $ 2,807     $ 903     $ 1,001     $ 25,010  
                                                                 

The Company’s recorded investment in loans related to each balance in the allowance for loan losses by portfolio class and disaggregated on the basis of the Company’s impairment methodology was as follows:

 

 

(Dollars in Thousands)

  Commercial,
Financial,
Agricultural
    Real Estate
Construction
    Real Estate
  Commercial
Mortgage
    Real Estate
Residential
    Real Estate
Home
Equity
    Consumer       Unallocated   Total  
September 30, 2014                                                
Individually Evaluated for Impairment   $ 1,489     $ 835     $ 37,524     $ 22,087     $ 2,796     $ 271     $ —     $ 65,002  
Collectively Evaluated for Impairment     132,267       37,286       464,339       286,208       226,172       203,101       —       1,349,373  
Total   $ 133,756     $ 38,121     $ 501,863     $ 308,295     $ 228,968     $ 203,372     $ —     $ 1,414,375  
                                                                 
December 31, 2013                                                                
Individually Evaluated for Impairment   $ 1,580     $ 557     $ 49,973     $ 20,470     $ 3,359     $ 355     $ —     $ 76,294  
Collectively Evaluated for Impairment     125,027       30,455       483,898       289,222       224,563       159,145       —       1,312,310  
Total   $ 126,607     $ 31,012     $ 533,871     $ 309,692     $ 227,922     $ 159,500     $ —     $   1,388,604  
                                                                 
September 30, 2013                                                                
Individually Evaluated for Impairment   $ 3,546     $ 773     $ 57,820     $ 20,894     $ 3,977     $ 416     $ —     $ 87,426  
Collectively Evaluated for Impairment     119,707       30,681       512,916       290,137       226,235       150,740       —       1,330,416  
Total   $ 123,253     $ 31,454     $ 570,736     $ 311,031     $ 230,212     $ 151,156     $ —     $ 1,417,842  

 

Impaired Loans. Loans are deemed to be impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts due (principal and interest payments), according to the contractual terms of the loan agreement. Loans, for which the terms have been modified, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired.

 

The following table presents loans individually evaluated for impairment by class of loans.

 

 

(Dollars in Thousands)

  Unpaid Principal Balance     Recorded Investment With No Allowance     Recorded
Investment
With Allowance
    Related Allowance  
September 30, 2014                                
Commercial, Financial and Agricultural   $ 1,489     $ 195     $ 1,294     $ 576  
Real Estate – Construction     835       —       835       94  
Real Estate – Commercial Mortgage     37,524       11,062       26,462       3,359  
Real Estate – Residential     22,087       5,265       16,822       2,526  
Real Estate – Home Equity     2,796       792       2,004       471  
Consumer     271       20       251       12  
Total   $ 65,002     $ 17,334     $ 47,668     $ 7,038  
                                 
December 31, 2013                                
Commercial, Financial and Agricultural   $ 1,580     $ 443     $ 1,137     $ 75  
Real Estate – Construction     557       —       557       66  
Real Estate – Commercial Mortgage     49,973       19,860       30,113       4,336  
Real Estate – Residential     20,470       4,330       16,140       2,047  
Real Estate – Home Equity     3,359       646       2,713       682  
Consumer     355       90       265       23  
Total   $ 76,294     $ 25,369     $ 50,925     $ 7,229  

 

The following table summarizes the average recorded investment and interest income recognized by class of impaired loans.

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2014     2013     2014     2013  
(Dollars in Thousands)   Average Recorded Investment     Total Interest Income     Average Recorded Investment     Total Interest Income     Average Recorded Investment     Total Interest Income     Average Recorded Investment     Total Interest Income  
Commercial, Financial and Agricultural   $ 1,433       15     $ 2,750       34     $ 1,482       50     $ 2,633       110  
Real Estate - Construction     828       1       935       2       738       4       1,317       5  
Real Estate - Commercial Mortgage     39,020       381       59,657       510       42,671       1,298       60,785       1,575  
Real Estate - Residential     22,180       284       20,992       217       21,610       800       21,353       637  
Real Estate - Home Equity     2,680       18       4,050       19       2,906       52       4,056       54  
Consumer     293       2       472       3       314       7       529       7  
Total   $ 66,434       701     $ 88,856       785     $ 69,721       2,211     $ 90,673       2,388  

 

Credit Risk Management. The Company has adopted comprehensive lending policies, underwriting standards and loan review procedures designed to maximize loan income within an acceptable level of risk. Management and the Board of Directors review and approve these policies and procedures on a regular basis (at least annually).

 

Reporting systems have been implemented to monitor loan originations, loan quality, concentrations of credit, loan delinquencies and nonperforming loans and potential problem loans. Management and the Credit Risk Oversight Committee periodically review our lines of business to monitor asset quality trends and the appropriateness of credit policies. In addition, total borrower exposure limits are established and concentration risk is monitored. As part of this process, the overall composition of the portfolio is reviewed to gauge diversification of risk, client concentrations, industry group, loan type, geographic area, or other relevant classifications of loans. Specific segments of the loan portfolio are monitored and reported to the Board on a quarterly basis and have strategic plans in place to supplement Board approved credit policies governing exposure limits and underwriting standards. Detailed below are the types of loans within the Company’s loan portfolio and risk characteristics unique to each.


Commercial, Financial, and Agricultural – Loans in this category are primarily made based on identified cash flows of the borrower with consideration given to underlying collateral and personal or other guarantees. Lending policy establishes debt service coverage ratio limits that require a borrower’s cash flow to be sufficient to cover principal and interest payments on all new and existing debt. The majority of these loans are secured by the assets being financed or other business assets such as accounts receivable, inventory, or equipment. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy guidelines.

 

Real Estate Construction – Loans in this category consist of short-term construction loans, revolving and non-revolving credit lines and construction/permanent loans made to individuals and investors to finance the acquisition, development, construction or rehabilitation of real property. These loans are primarily made based on identified cash flows of the borrower or project and generally secured by the property being financed, including 1-4 family residential properties and commercial properties that are either owner-occupied or investment in nature. These properties may include either vacant or improved property. Construction loans are generally based upon estimates of costs and value associated with the completed project. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy guidelines. The disbursement of funds for construction loans is made in relation to the progress of the project and as such these loans are closely monitored by on-site inspections.

 

Real Estate Commercial Mortgage – Loans in this category consists of commercial mortgage loans secured by property that is either owner-occupied or investment in nature. These loans are primarily made based on identified cash flows of the borrower or project with consideration given to underlying real estate collateral and personal guarantees. Lending policy establishes debt service coverage ratios and loan to value ratios specific to the property type. Collateral values are determined based upon third party appraisals and evaluations.

 

Real Estate Residential – Residential mortgage loans held in the Company’s loan portfolio are made to borrowers that demonstrate the ability to make scheduled payments with full consideration to underwriting factors such as current income, employment status, current assets, and other financial resources, credit history, and the value of the collateral. Collateral consists of mortgage liens on 1-4 family residential properties. Collateral values are determined based upon third party appraisals and evaluations. The Company does not originate sub-prime loans.

 

Real Estate Home Equity – Home equity loans and lines are made to qualified individuals and are generally secured by senior or junior mortgage liens on owner-occupied 1-4 family homes or vacation homes. Borrower qualifications include favorable credit history combined with supportive income and debt ratio requirements and combined loan to value ratios within established policy guidelines. Collateral values are determined based upon third party appraisals and evaluations.

 

Consumer Loans – This loan portfolio includes personal installment loans, direct and indirect automobile financing, and overdraft lines of credit. The majority of the consumer loan portfolio consists of indirect and direct automobile loans. Lending policy establishes maximum debt to income ratios, minimum credit scores, and includes guidelines for verification of applicants’ income and receipt of credit reports.

 

Credit Quality Indicators. As part of the ongoing monitoring of the Company’s loan portfolio quality, management categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment performance, credit documentation, and current economic/market trends, among other factors.  Risk ratings are assigned to each loan and revised as needed through established monitoring procedures for individual loan relationships over a predetermined amount and review of smaller balance homogenous loan pools.  The Company uses the definitions noted below for categorizing and managing its criticized loans.  Loans categorized as “Pass” do not meet the criteria set forth for the Special Mention, Substandard, or Doubtful categories and are not considered criticized.

 

Special Mention – Loans in this category are presently protected from loss, but weaknesses are apparent which, if not corrected, could cause future problems.  Loans in this category may not meet required underwriting criteria and have no mitigating factors.  More than the ordinary amount of attention is warranted for these loans.

 

Substandard – Loans in this category exhibit well-defined weaknesses that would typically bring normal repayment into jeopardy. These loans are no longer adequately protected due to well-defined weaknesses that affect the repayment capacity of the borrower.  The possibility of loss is much more evident and above average supervision is required for these loans.

 

Doubtful – Loans in this category have all the weaknesses inherent in a loan categorized as Substandard, with the 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 following table presents the risk category of loans by segment.

                         
(Dollars in Thousands)   Commercial,
Financial,
Agriculture
    Real Estate     Consumer     Total
Criticized
Loans
 
September 30, 2014                                
Special Mention   $ 4,225     $ 43,372     $ 179     $ 47,776  
Substandard     3,994       84,526       910       89,430  
Doubtful     420       —       —       420  
Total Criticized Loans   $ 8,639     $ 127,898     $ 1,089     $ 137,626  
                                 
December 31, 2013                                
Special Mention   $ 3,656     $ 45,870     $ 115     $ 49,641  
Substandard     4,243       108,990       1,496       114,729  
Doubtful     —       900       —       900  
Total Criticized Loans   $ 7,899     $ 155,760     $ 1,611     $ 165,270  

 

Troubled Debt Restructurings (“TDRs”). TDRs are loans in which the borrower is experiencing financial difficulty and the Company has granted an economic concession to the borrower that it would not otherwise consider. In these instances, as part of a work-out alternative, the Company will make concessions including the extension of the loan term, a principal moratorium, a reduction in the interest rate, or a combination thereof. The impact of the TDR modifications and defaults are factored into the allowance for loan losses on a loan-by-loan basis as all TDRs are, by definition, impaired loans.  Thus, specific reserves are established based upon the results of either a discounted cash flow analysis or the underlying collateral value, if the loan is deemed to be collateral dependent. In the limited circumstances that a loan is removed from TDR classification it is the Company’s policy to also remove it from the impaired loan category, but to continue to individually evaluate loan impairment based on the contractual terms specified by the loan agreement.

The following table presents loans classified as TDRs.

 

    September 30, 2014     December 31, 2013  
(Dollars in Thousands)   Accruing     Nonaccruing     Accruing     Nonaccruing  
Commercial, Financial and Agricultural   $ 783     $ —     $ 1,511     $ —  
Real Estate – Construction     —       —       156       —  
Real Estate – Commercial Mortgage     24,916       4,645       24,735       10,308  
Real Estate – Residential     15,756       1,556       16,441       458  
Real Estate – Home Equity     1,856       181       1,576       241  
Consumer     267       —       345       —  
Total TDRs   $ 43,578     $ 6,382     $ 44,764     $ 11,007  

Loans classified as TDRs during the periods indicated are presented in the table below. The modifications made during the reporting period involved either an extension of the loan term, an interest rate adjustment, or a principal moratorium, and the financial impact of these modifications was not material.

 

                         
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2014     2014  
(Dollars in Thousands)   Number
of
Contracts
    Pre-Modified
Recorded
Investment
    Post-Modified
Recorded
Investment
    Number
of
Contracts
    Pre-Modified
Recorded
Investment
    Post-Modified
Recorded
Investment
 
Commercial, Financial and Agricultural     —     $ —     $ —       1     $ 51     $ 54  
Real Estate - Construction     —       —       —       —       —       —  
Real Estate - Commercial Mortgage     1       303       1,125       3       947       1,769  
Real Estate - Residential     2       201       182       8       1,308       1,390  
Real Estate - Home Equity     5       453       438       8       701       686  
Consumer     —       —       —       1       34       33  
Total TDRs     8     $ 957     $ 1,745       21     $ 3,041     $ 3,932  

 

                         
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2013     2013  
(Dollars in Thousands)   Number
of
Contracts
    Pre-Modified
Recorded
Investment
    Post-Modified
Recorded
Investment
    Number
of
Contracts
    Pre-Modified
Recorded
Investment
    Post-Modified
Recorded
Investment
 
Commercial, Financial and Agricultural     —     $ —     $ —       4     $ 294     $ 337  
Real Estate - Construction     —       —       —       —       —       —  
Real Estate - Commercial Mortgage     3       4,264       4,250       12       9,385       9,403  
Real Estate - Residential     6       581       642       16       1,757       1,856  
Real Estate - Home Equity     2       85       85       8       429       427  
Consumer     —       —       —       6       112       93  
Total TDRs     11     $ 4,930     $ 4,977       46     $ 11,977     $ 12,116  

 

 

Loans modified as TDRs within the previous 12 months that have subsequently defaulted during the periods indicated are presented in the table below.

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2014     2014  
(Dollars in Thousands)   Number of
Contracts
    Post-Modified
Recorded
Investment(1)
    Number of
Contracts
    Post-Modified
Recorded
Investment(1)
 
Commercial, Financial and Agricultural     —     $ —       —     $ —  
Real Estate - Construction     —       —       —       —  
Real Estate - Commercial Mortgage     —       —       —       —  
Real Estate - Residential     3       334       4       451  
Real Estate - Home Equity     —       —       1       153  
Consumer     —       —       —       —  
Total TDRs     3     $ 334       5     $ 604  

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2013     2013  
(Dollars in Thousands)   Number of
Contracts
    Post-Modified
Recorded
Investment(1)
    Number of
Contracts
    Post-Modified
Recorded
Investment(1)
 
Commercial, Financial and Agricultural     —     $ —       1     $ 83  
Real Estate - Construction     —       —       —       366  
Real Estate - Commercial Mortgage     1       304       2       728  
Real Estate - Residential     5       445       7       50  
Real Estate - Home Equity     1       50       1       —  
Consumer     —       —       —       —  
Total TDRs     7     $ 799       11     $ 1,227  

 

  (1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable.

 

The following table provides information on how TDRs were modified during the periods indicated.

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2014     2014  
(Dollars in Thousands)   Number of
Contracts
    Recorded
Investment(1)
    Number of
Contracts
    Recorded
Investment(1)
 
Extended amortization     2     $ 158       8     $ 1,736  
Interest rate adjustment     —       —       1       156  
Extended amortization and interest rate adjustment     2       231       5       488  
Other     4       1,356       7       1,552  
Total TDRs     8     $ 1,745       21     $ 3,932  

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2013     2013  
(Dollars in Thousands)   Number of
Contracts
    Recorded
Investment(1)
    Number of
Contracts
    Recorded
Investment(1)
 
Extended amortization     4     $ 2,633       13     $ 3,924  
Interest rate adjustment     1       97       8       883  
Extended amortization and interest rate adjustment     4       473       16       5,263  
Principal Moratorium     1       1,700       1       1,700  
Other     1       74       8       346  
Total TDRs     11     $ 4,977       46     $ 12,116  

 

(1)   Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable