| LOANS |
NOTE 6 LOANS
The following table details the Company’s loans at March 31, 2015 and December 31, 2014: | | | March 31, | | | December 31, | | | | | 2015 | | | 2014 | | | | | (Dollars In Thousands) | | | Commercial, financial and agricultural | | $ | 1,543,531 | | | $ | 1,495,092 | | | Real estate - construction | | | 219,005 | | | | 208,769 | | | Real estate - mortgage: | | | | | | | | | | Owner-occupied commercial | | | 869,724 | | | | 793,917 | | | 1-4 family mortgage | | | 375,770 | | | | 333,455 | | | Other mortgage | | | 545,668 | | | | 471,363 | | | Subtotal: Real estate - mortgage | | | 1,791,162 | | | | 1,598,735 | | | Consumer | | | 54,154 | | | | 57,262 | | | Total Loans | | | 3,607,852 | | | | 3,359,858 | | | Less: Allowance for loan losses | | | (37,356) | | | | (35,629) | | | Net Loans | | $ | 3,570,496 | | | $ | 3,324,229 | | | | | | | | | | | | | | | | | | | | | | | Commercial, financial and agricultural | | | 42.78 | % | | | 44.50 | % | | Real estate - construction | | | 6.07 | % | | | 6.21 | % | | Real estate - mortgage: | | | | | | | | | | Owner-occupied commercial | | | 24.11 | % | | | 23.63 | % | | 1-4 family mortgage | | | 10.42 | % | | | 9.92 | % | | Other mortgage | | | 15.12 | % | | | 14.03 | % | | Subtotal: Real estate - mortgage | | | 49.65 | % | | | 47.58 | % | | Consumer | | | 1.50 | % | | | 1.71 | % | | Total Loans | | | 100.00 | % | | | 100.00 | % | The credit quality of the loan portfolio is summarized no less frequently than quarterly using categories similar to the standard asset classification system used by the federal banking agencies. The following table presents credit quality indicators for the loan loss portfolio segments and classes. These categories are utilized to develop the associated allowance for loan losses using historical losses adjusted for current economic conditions defined as follows: | ⋅ | Pass loans which are well protected by the current net worth and paying capacity of the obligor (or obligors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral. | | ⋅ | Special Mention loans with potential weakness that may, if not reversed or corrected, weaken the credit or inadequately protect the Company’s position at some future date. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification. | | ⋅ | Substandard loans that exhibit well-defined weakness or weaknesses that presently jeopardize debt repayment. These loans are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | | ⋅ | Doubtful loans that have all the weaknesses inherent in loans classified substandard, plus 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. | Loans by credit quality indicator as of March 31, 2015 and December 31, 2014 were as follows:
| | | | | | Special | | | | | | | | | | | | March 31, 2015 | | Pass | | Mention | | Substandard | | Doubtful | | Total | | | | | (In Thousands) | | | Commercial, financial and agricultural | | $ | 1,494,527 | | $ | 25,411 | | $ | 23,593 | | $ | - | | $ | 1,543,531 | | | Real estate - construction | | | 207,722 | | | 5,358 | | | 5,925 | | | - | | | 219,005 | | | Real estate - mortgage: | | | | | | | | | | | | | | | | | | Owner-occupied commercial | | | 856,894 | | | 8,353 | | | 4,477 | | | - | | | 869,724 | | | 1-4 family mortgage | | | 368,705 | | | 4,602 | | | 2,463 | | | - | | | 375,770 | | | Other mortgage | | | 532,569 | | | 8,925 | | | 4,174 | | | - | | | 545,668 | | | Total real estate mortgage | | | 1,758,168 | | | 21,880 | | | 11,114 | | | - | | | 1,791,162 | | | Consumer | | | 53,430 | | | 60 | | | 664 | | | - | | | 54,154 | | | Total | | $ | 3,513,847 | | $ | 52,709 | | $ | 41,296 | | $ | - | | $ | 3,607,852 | | | | | | | | Special | | | | | | | | | | | | December 31, 2014 | | Pass | | Mention | | Substandard | | Doubtful | | Total | | | | | (In Thousands) | | | Commercial, financial and agricultural | | $ | 1,459,356 | | $ | 25,416 | | $ | 10,320 | | $ | - | | $ | 1,495,092 | | | Real estate - construction | | | 197,727 | | | 5,332 | | | 5,710 | | | - | | | 208,769 | | | Real estate - mortgage: | | | | | | | | | | | | | | | | | | Owner-occupied commercial | | | 784,492 | | | 6,848 | | | 2,577 | | | - | | | 793,917 | | | 1-4 family mortgage | | | 326,316 | | | 4,253 | | | 2,886 | | | - | | | 333,455 | | | Other mortgage | | | 457,782 | | | 9,015 | | | 4,566 | | | - | | | 471,363 | | | Total real estate mortgage | | | 1,568,590 | | | 20,116 | | | 10,029 | | | - | | | 1,598,735 | | | Consumer | | | 56,559 | | | 37 | | | 666 | | | - | | | 57,262 | | | Total | | $ | 3,282,232 | | $ | 50,901 | | $ | 26,725 | | $ | - | | $ | 3,359,858 | |
Loans by performance status as of March 31, 2015 and December 31, 2014 were as follows: | March 31, 2015 | | Performing | | Nonperforming | | Total | | | | | | | | | | | | | | | | | (In Thousands) | | | Commercial, financial and agricultural | | $ | 1,542,818 | | $ | 713 | | $ | 1,543,531 | | | Real estate - construction | | | 213,732 | | | 5,273 | | | 219,005 | | | Real estate - mortgage: | | | | | | | | | | | | Owner-occupied commercial | | | 869,000 | | | 724 | | | 869,724 | | | 1-4 family mortgage | | | 374,804 | | | 966 | | | 375,770 | | | Other mortgage | | | 545,094 | | | 574 | | | 545,668 | | | Total real estate mortgage | | | 1,788,898 | | | 2,264 | | | 1,791,162 | | | Consumer | | | 53,490 | | | 664 | | | 54,154 | | | Total | | $ | 3,598,938 | | $ | 8,914 | | $ | 3,607,852 | | | December 31, 2014 | | Performing | | Nonperforming | | Total | | | | | (In Thousands) | | | Commercial, financial and agricultural | | $ | 1,493,995 | | $ | 1,097 | | $ | 1,495,092 | | | Real estate - construction | | | 203,720 | | | 5,049 | | | 208,769 | | | Real estate - mortgage: | | | | | | | | | | | | Owner-occupied commercial | | | 793,234 | | | 683 | | | 793,917 | | | 1-4 family mortgage | | | 331,859 | | | 1,596 | | | 333,455 | | | Other mortgage | | | 470,404 | | | 959 | | | 471,363 | | | Total real estate mortgage | | | 1,595,497 | | | 3,238 | | | 1,598,735 | | | Consumer | | | 56,596 | | | 666 | | | 57,262 | | | Total | | $ | 3,349,808 | | $ | 10,050 | | $ | 3,359,858 | |
Loans by past due status as of March 31, 2015 and December 31, 2014 were as follows: | March 31, 2015 | | Past Due Status (Accruing Loans) | | | | | | | | | | | | | | | | | | | | | | | Total Past | | | | | | | | | | | | | | 30-59 Days | | 60-89 Days | | 90+ Days | | Due | | Non-Accrual | | Current | | Total Loans | | | | | (In Thousands) | | | Commercial, financial and agricultural | | $ | 88 | | $ | 84 | | $ | 553 | | $ | 725 | | $ | 160 | | $ | 1,542,646 | | $ | 1,543,531 | | | Real estate - construction | | | - | | | - | | | - | | | - | | | 5,273 | | | 213,732 | | | 219,005 | | | Real estate - mortgage: | | | | | | | | | | | | | | | | | | | | | | | | Owner-occupied commercial | | | - | | | - | | | - | | | - | | | 724 | | | 869,000 | | | 869,724 | | | 1-4 family mortgage | | | 430 | | | 165 | | | - | | | 595 | | | 966 | | | 374,209 | | | 375,770 | | | Other mortgage | | | - | | | - | | | - | | | - | | | 574 | | | 545,094 | | | 545,668 | | | Total real estate - mortgage | | | 430 | | | 165 | | | - | | | 595 | | | 2,264 | | | 1,788,303 | | | 1,791,162 | | | Consumer | | | 31 | | | 8 | | | - | | | 39 | | | 664 | | | 53,451 | | | 54,154 | | | Total | | $ | 549 | | $ | 257 | | $ | 553 | | $ | 1,359 | | $ | 8,361 | | $ | 3,598,132 | | $ | 3,607,852 | |
| December 31, 2014 | | Past Due Status (Accruing Loans) | | | | | | | | | | | | | | | | | | | | | | | Total Past | | | | | | | | | | | | | | 30-59 Days | | 60-89 Days | | 90+ Days | | Due | | Non-Accrual | | Current | | Total Loans | | | | | (In Thousands) | | | Commercial, financial and agricultural | | $ | 1,388 | | $ | 3,490 | | $ | 925 | | $ | 5,803 | | $ | 172 | | $ | 1,489,117 | | $ | 1,495,092 | | | Real estate - construction | | | - | | | - | | | - | | | - | | | 5,049 | | | 203,720 | | | 208,769 | | | Real estate - mortgage: | | | | | | | | | | | | | | | | | | | | | | | | Owner-occupied commercial | | | - | | | - | | | - | | | - | | | 683 | | | 793,234 | | | 793,917 | | | 1-4 family mortgage | | | 14 | | | - | | | - | | | 14 | | | 1,596 | | | 331,845 | | | 333,455 | | | Other mortgage | | | - | | | - | | | - | | | - | | | 959 | | | 470,404 | | | 471,363 | | | Total real estate - mortgage | | | 14 | | | - | | | - | | | 14 | | | 3,238 | | | 1,595,483 | | | 1,598,735 | | | Consumer | | | 21 | | | - | | | - | | | 21 | | | 666 | | | 56,575 | | | 57,262 | | | Total | | $ | 1,423 | | $ | 3,490 | | $ | 925 | | $ | 5,838 | | $ | 9,125 | | $ | 3,344,895 | | $ | 3,359,858 | | The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb credit losses inherent in the loan portfolio. The amount of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio, credit concentrations, trends in historical loss experience, specific impaired loans, economic conditions, and other risks inherent in the portfolio. Allowances for impaired loans are generally determined based on collateral values or the present value of the estimated cash flows. The allowance is increased by a provision for loan losses, which is charged to expense, and reduced by charge-offs, net of recoveries. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the allowance for losses on loans. Such agencies may require the Company to recognize adjustments to the allowance based on their judgments about information available to them at the time of their examination. The methodology utilized for the calculation of the allowance for loan losses is divided into four distinct categories. Those categories include allowances for non-impaired loans (ASC 450), impaired loans (ASC 310), external qualitative factors, and internal qualitative factors. A description of each category of the allowance for loan loss methodology is listed below.
Non-Impaired Loans. Non-impaired loans are grouped into homogeneous loan pools by loan type and are the following: commercial and industrial, construction and development, commercial real estate, second lien home equity lines of credit, and all other loans. Each loan pool is stratified by internal risk rating and multiplied by a loss allocation percentage derived from the loan pool historical loss rate. The historical loss rate is based on an age weighted 5 year history of net charge-offs experienced by pool, with the most recent net charge-off experience given a greater weighting. This results in the expected loss rate per year, adjusted by a qualitative adjustment factor and a years-to-impairment factor, for each pool of loans to derive the total amount of allowance for non-impaired loans.
Impaired Loans. Loans are considered impaired when based on current information and events it is probable that the Bank will be unable to collect all amounts due according to the original terms of the loan agreement. The collection of all amounts due according to contractual terms means that both the contractual interest and principal payments of a loan will be collected as scheduled in the loan agreement. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, at the loan’s observable market price or the fair value of the underlying collateral. The fair value of collateral, reduced by costs to sell on a discounted basis, is used if a loan is collateral-dependent. Fair value estimates for specifically impaired collateral-dependent loans are derived from appraised values based on the current market value or “as is” value of the property, normally from recently received and reviewed appraisals. Appraisals are obtained from certified and licensed appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by our credit administration department, and values are adjusted downward to reflect anticipated disposition costs. Once this estimated net realizable value has been determined, the value used in the impairment assessment is updated for each impaired loan. As subsequent events dictate and estimated net realizable values decline, required reserves may be established or further adjustments recorded.
External Qualitative Factors. The determination of the portion of the allowance for loan losses relating to external qualitative factors is based on consideration of the following factors: gross domestic product growth rate, changes in prime rate, delinquency trends, peer delinquency trends, year over year loan growth and state unemployment rate trends. Data for the three most recent periods is utilized in the calculation for each external qualitative component. The factors have a consistent weighted methodology to calculate the amount of allowance due to external qualitative factors.
Internal Qualitative Factors. The determination of the portion of the allowance for loan losses relating to internal qualitative factors is based on the consideration of criteria which includes the following: number of extensions and deferrals, single pay and interest only loans, current financial information, credit concentrations and risk grade accuracy. A self-assessment for each of the criteria is made with a consistent weighted methodology used to calculate the amount of allowance required for internal qualitative factors. The following table presents an analysis of the allowance for loan losses by portfolio segment as of March 31, 2015 and December 31, 2014, and changes in the allowance for loan losses for the three months ended March 31, 2015 and March 31, 2014. The total allowance for loan losses is disaggregated into those amounts associated with loans individually evaluated and those associated with loans collectively evaluated. | | | Commercial, | | | | | | | | | | | | | | | | | financial and | | Real estate - | | Real estate - | | | | | | | | | | | agricultural | | construction | | mortgage | | Consumer | | Total | | | | | (In Thousands) | | | | | Three Months Ended March 31, 2015 | | | Allowance for loan losses: | | | | | | | | | | | | | | | | | | Balance at December 31, 2014 | | $ | 16,079 | | $ | 6,395 | | $ | 12,112 | | $ | 1,043 | | $ | 35,629 | | | Charge-offs | | | (77) | | | (382) | | | (433) | | | (5) | | | (897) | | | Recoveries | | | 19 | | | 99 | | | 101 | | | - | | | 219 | | | Provision | | | 836 | | | (223) | | | 1,766 | | | 26 | | | 2,405 | | | Balance at March 31, 2015 | | $ | 16,857 | | $ | 5,889 | | $ | 13,546 | | $ | 1,064 | | $ | 37,356 | | | | | Three Months Ended March 31, 2014 | | | Allowance for loan losses: | | | | | | | | | | | | | | | | | | Balance at December 31, 2013 | | $ | 13,576 | | $ | 6,078 | | $ | 10,065 | | $ | 944 | | $ | 30,663 | | | Charge-offs | | | (1,222) | | | (23) | | | (4) | | | (58) | | | (1,307) | | | Recoveries | | | 45 | | | 8 | | | 4 | | | 1 | | | 58 | | | Provision | | | 1,106 | | | 278 | | | 772 | | | 158 | | | 2,314 | | | Balance at March 31, 2014 | | $ | 13,505 | | $ | 6,341 | | $ | 10,837 | | $ | 1,045 | | $ | 31,728 | | | | | As of March 31, 2015 | | | Allowance for loan losses: | | | | | | | | | | | | | | | | | | Individually Evaluated for Impairment | | $ | 2,191 | | $ | 1,240 | | $ | 1,407 | | $ | 664 | | $ | 5,502 | | | Collectively Evaluated for Impairment | | | 14,666 | | | 4,649 | | | 12,139 | | | 400 | | | 31,854 | | | | | | | | | | | | | | | | | | | | | Loans: | | | | | | | | | | | | | | | | | | Ending Balance | | $ | 1,543,531 | | $ | 219,005 | | $ | 1,791,162 | | $ | 54,154 | | $ | 3,607,852 | | | Individually Tested for Impairment | | | 23,991 | | | 5,980 | | | 14,489 | | | 691 | | | 45,151 | | | Collectively Evaluated for Impairment | | | 1,519,540 | | | 213,025 | | | 1,776,673 | | | 53,463 | | | 3,562,701 | | | | | As of December 31, 2014 | | | Allowance for loan losses: | | | | | | | | | | | | | | | | | | Individually Evaluated for Impairment | | $ | 1,344 | | $ | 1,448 | | $ | 1,636 | | $ | 666 | | $ | 5,094 | | | Collectively Evaluated for Impairment | | | 14,735 | | | 4,947 | | | 10,476 | | | 377 | | | 30,535 | | | | | | | | | | | | | | | | | | | | | Loans: | | | | | | | | | | | | | | | | | | Ending Balance | | $ | 1,495,092 | | $ | 208,769 | | $ | 1,598,735 | | $ | 57,262 | | $ | 3,359,858 | | | Individually Evaluated for Impairment | | | 10,350 | | | 5,680 | | | 10,029 | | | 666 | | | 26,725 | | | Collectively Evaluated for Impairment | | | 1,484,742 | | | 203,089 | | | 1,588,706 | | | 56,596 | | | 3,333,133 | |
The following table presents details of the Company’s impaired loans as of March 31, 2015 and December 31, 2014, respectively. Loans which have been fully charged off do not appear in the table. | | | March 31, 2015 | | | | | | | | | | | | | | For the three months | | | | | | | | | | | | | | ended March 31, 2015 | | | | | | | | | | | | | | | | | Interest | | | | | | | | Unpaid | | | | | Average | | Income | | | | | Recorded | | Principal | | Related | | Recorded | | Recognized | | | | | Investment | | Balance | | Allowance | | Investment | | in Period | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In Thousands) | | | With no allowance recorded: | | | | | | | | | | | | | | | | | | Commercial, financial and agricultural | | $ | 3,137 | | $ | 3,248 | | $ | - | | $ | 3,127 | | $ | 43 | | | Real estate - construction | | | 1,615 | | | 1,618 | | | - | | | 1,641 | | | 7 | | | Real estate - mortgage: | | | | | | | | | | | | | | | | | | Owner-occupied commercial | | | 4,731 | | | 4,947 | | | - | | | 3,610 | | | 48 | | | 1-4 family mortgage | | | 1,474 | | | 1,768 | | | - | | | 1,059 | | | 6 | | | Other mortgage | | | 1,981 | | | 2,154 | | | - | | | 1,971 | | | 33 | | | Total real estate - mortgage | | | 8,186 | | | 8,869 | | | - | | | 6,640 | | | 87 | | | Consumer | | | 27 | | | 33 | | | - | | | 18 | | | - | | | Total with no allowance recorded | | | 12,965 | | | 13,768 | | | - | | | 11,426 | | | 137 | | | | | | | | | | | | | | | | | | | | | With an allowance recorded: | | | | | | | | | | | | | | | | | | Commercial, financial and agricultural | | | 20,854 | | | 20,854 | | | 2,191 | | | 20,705 | | | 348 | | | Real estate - construction | | | 4,365 | | | 4,845 | | | 1,240 | | | 4,392 | | | - | | | Real estate - mortgage: | | | | | | | | | | | | | | | | | | Owner-occupied commercial | | | 3,028 | | | 3,028 | | | 237 | | | 3,040 | | | 36 | | | 1-4 family mortgage | | | 1,082 | | | 1,082 | | | 487 | | | 1,083 | | | 11 | | | Other mortgage | | | 2,193 | | | 2,193 | | | 683 | | | 2,609 | | | 19 | | | Total real estate - mortgage | | | 6,303 | | | 6,303 | | | 1,407 | | | 6,732 | | | 66 | | | Consumer | | | 664 | | | 664 | | | 664 | | | 664 | | | - | | | Total with allowance recorded | | | 32,186 | | | 32,666 | | | 5,502 | | | 32,493 | | | 414 | | | | | | | | | | | | | | | | | | | | | Total Impaired Loans: | | | | | | | | | | | | | | | | | | Commercial, financial and agricultural | | | 23,991 | | | 24,102 | | | 2,191 | | | 23,832 | | | 391 | | | Real estate - construction | | | 5,980 | | | 6,463 | | | 1,240 | | | 6,033 | | | 7 | | | Real estate - mortgage: | | | | | | | | | | | | | | | | | | Owner-occupied commercial | | | 7,759 | | | 7,975 | | | 237 | | | 6,650 | | | 84 | | | 1-4 family mortgage | | | 2,556 | | | 2,850 | | | 487 | | | 2,142 | | | 17 | | | Other mortgage | | | 4,174 | | | 4,347 | | | 683 | | | 4,580 | | | 52 | | | Total real estate - mortgage | | | 14,489 | | | 15,172 | | | 1,407 | | | 13,372 | | | 153 | | | Consumer | | | 691 | | | 697 | | | 664 | | | 682 | | | - | | | Total impaired loans | | $ | 45,151 | | $ | 46,434 | | $ | 5,502 | | $ | 43,919 | | $ | 551 | | | | | December 31, 2014 | | | | | | | | | | | | | | | For the twelve months | | | | | | | | | | | | | | | ended December 31, 2014 | | | | | | | | | | | | | | | | | Interest | | | | | | | | Unpaid | | | | | Average | | Income | | | | | Recorded | | Principal | | Related | | Recorded | | Recognized | | | | | Investment | | Balance | | Allowance | | Investment | | In Period | | | | | | | | | | | | | | | | | | | | | | | (In Thousands) | | | With no allowance recorded: | | | | | | | | | | | | | | | | | | Commercial, financial and agricultural | | $ | 7,059 | | $ | 7,059 | | $ | - | | $ | 7,104 | | $ | 406 | | | Real estate - construction | | | 1,527 | | | 1,527 | | | - | | | 1,493 | | | 40 | | | Real estate - mortgage: | | | | | | | | | | | | | | | | | | Owner-occupied commercial | | | 1,576 | | | 1,576 | | | - | | | 236 | | | 12 | | | 1-4 family mortgage | | | 542 | | | 592 | | | - | | | 592 | | | 19 | | | Other mortgage | | | 1,944 | | | 1,944 | | | - | | | 2,283 | | | 142 | | | Total real estate - mortgage | | | 4,062 | | | 4,112 | | | - | | | 3,111 | | | 173 | | | Consumer | | | - | | | - | | | - | | | - | | | - | | | Total with no allowance recorded | | | 12,648 | | | 12,698 | | | - | | | 11,708 | | | 619 | | | | | | | | | | | | | | | | | | | | | With an allowance recorded: | | | | | | | | | | | | | | | | | | Commercial, financial and agricultural | | | 3,291 | | | 3,291 | | | 1,344 | | | 3,262 | | | 156 | | | Real estate - construction | | | 4,153 | | | 4,633 | | | 1,448 | | | 4,382 | | | 19 | | | Real estate - mortgage: | | | | | | | | | | | | | | | | | | Owner-occupied commercial | | | 1,001 | | | 1,001 | | | 160 | | | 1,140 | | | 29 | | | 1-4 family mortgage | | | 2,344 | | | 2,344 | | | 694 | | | 2,743 | | | 56 | | | Other mortgage | | | 2,622 | | | 2,622 | | | 782 | | | 2,767 | | | 84 | | | Total real estate - mortgage | | | 5,967 | | | 5,967 | | | 1,636 | | | 6,650 | | | 169 | | | Consumer | | | 666 | | | 666 | | | 666 | | | 681 | | | - | | | Total with allowance recorded | | | 14,077 | | | 14,557 | | | 5,094 | | | 14,975 | | | 344 | | | | | | | | | | | | | | | | | | | | | Total Impaired Loans: | | | | | | | | | | | | | | | | | | Commercial, financial and agricultural | | | 10,350 | | | 10,350 | | | 1,344 | | | 10,366 | | | 562 | | | Real estate - construction | | | 5,680 | | | 6,160 | | | 1,448 | | | 5,875 | | | 59 | | | Real estate - mortgage: | | | | | | | | | | | | | | | | | | Owner-occupied commercial | | | 2,577 | | | 2,577 | | | 160 | | | 1,376 | | | 41 | | | 1-4 family mortgage | | | 2,886 | | | 2,936 | | | 694 | | | 3,335 | | | 75 | | | Other mortgage | | | 4,566 | | | 4,566 | | | 782 | | | 5,050 | | | 226 | | | Total real estate - mortgage | | | 10,029 | | | 10,079 | | | 1,636 | | | 9,761 | | | 342 | | | Consumer | | | 666 | | | 666 | | | 666 | | | 681 | | | - | | | Total impaired loans | | $ | 26,725 | | $ | 27,255 | | $ | 5,094 | | $ | 26,683 | | $ | 963 | | Troubled Debt Restructurings (“TDR”) at March 31, 2015, December 31, 2014 and March 31, 2014 totaled $8.3 million, $9.0 million and $13.5 million, respectively. At March 31, 2015, the Company had a related allowance for loan losses of $1.2 million allocated to these TDRs, compared to $1.0 million at December 31, 2014 and $2.1 million at March 31, 2014. All loans classified as TDRs were performing as agreed under the terms of their restructured plans as of March 31, 2015. There were ten TDR loans to one borrower totaling $4.1 million in payment default status as of March 31, 2014. There were no modifications made to new TDRs or renewals of existing TDRs for the three months ended March 31, 2015 and 2014. There were no TDRs which defaulted during the three months ended March 31, 2015 and 2014, and which were modified in the previous twelve months (i.e., the twelve months prior to default). For purposes of this disclosure, default is defined as 90 days past due and still accruing or placement on nonaccrual status.
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