Note 5 - Loans Receivable | 6 Months Ended |
Jun. 30, 2014 |
Receivables [Abstract] | ' |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' |
5 | LOANS RECEIVABLE | | | | | | | | | | | | | | | | | | | | | | | |
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Loans receivable consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): |
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| | June 30, | | | December 31, | | | | | | | | | | | | | | | | | |
2014 | 2013 | | | | | | | | | | | | | | | | |
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | $ | 303,517 | | | $ | 129,308 | | | | | | | | | | | | | | | | | |
Multifamily residential | | | 44,679 | | | | 25,773 | | | | | | | | | | | | | | | | | |
Nonfarm nonresidential | | | 346,169 | | | | 168,902 | | | | | | | | | | | | | | | | | |
Farmland | | | 48,710 | | | | 2,663 | | | | | | | | | | | | | | | | | |
Construction and land development | | | 94,084 | | | | 23,891 | | | | | | | | | | | | | | | | | |
Commercial | | | 142,058 | | | | 29,033 | | | | | | | | | | | | | | | | | |
Consumer | | | 32,171 | | | | 4,368 | | | | | | | | | | | | | | | | | |
Total loans receivable | | | 1,011,388 | | | | 383,938 | | | | | | | | | | | | | | | | | |
Unearned discounts and net deferred loan costs | | | (104 | ) | | | (78 | ) | | | | | | | | | | | | | | | | |
Allowance for loan and lease losses | | | (12,392 | ) | | | (12,711 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable—net | | $ | 998,892 | | | $ | 371,149 | | | | | | | | | | | | | | | | | |
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Mortgage loans serviced for others are not included in the accompanying consolidated statements of financial condition. The unpaid principal balances of such loans at June 30, 2014 and December 31, 2013 were $22.8 million and $12.9 million, respectively. Servicing loans for others generally consists of collecting payments and disbursing payments to investors. Servicing income for the three and six months ended June 30, 2014 and 2013 was not significant. |
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As of June 30, 2014 and December 31, 2013, qualifying loans collateralized by first lien one- to four-family mortgages with balances totaling approximately $44.5 million and $50.6 million, respectively, were held in custody by the Federal Home Loan Bank of Dallas (“FHLB”) and were pledged for outstanding advances or available for future advances. The Banks also pledged substantially all of the remaining loans at June 30, 2014 under a blanket lien with the FHLB. |
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As of June 30, 2014 and December 31, 2013, qualifying loans collateralized by commercial real estate with balances of $7.1 million and $8.2 million, respectively, were pledged at the FRB. No FRB borrowings were outstanding at June 30, 2014. |
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The Company evaluated $583.4 million of net loans ($595.1 million gross loans less $11.7 million discount) purchased in conjunction with the acquisition of FNSC in accordance with the provisions of FASB ASC Topic 310-20, Nonrefundable Fees and Other Costs . The fair value discount is being accreted into interest income over the weighted average life of the loans using a constant yield method. The Company evaluated $21.7 million of net loans ($26.9 million gross loans less $5.2 million discount) purchased in conjunction with the acquisition of FNSC in accordance with the provisions of FASB ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. There have been no material changes to the fair value discount since the acquisition date of June 13, 2014 given its close proximity to quarter end. |
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Age analyses of loans as of the dates indicated, including both accruing and nonaccrual loans, are presented below (in thousands): |
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30-Jun-14 | | 30-89 Days Past Due | | | 90 Days or More Past Due | | | Current | | | Total | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | $ | 2,159 | | | $ | 2,128 | | | $ | 299,230 | | | $ | 303,517 | | | | | | | | | |
Multifamily residential | | | -- | | | | -- | | | | 44,679 | | | | 44,679 | | | | | | | | | |
Nonfarm nonresidential | | | 172 | | | | 2,025 | | | | 343,972 | | | | 346,169 | | | | | | | | | |
Farmland | | | -- | | | | 641 | | | | 48,069 | | | | 48,710 | | | | | | | | | |
Construction and land development | | | 117 | | | | 601 | | | | 93,366 | | | | 94,084 | | | | | | | | | |
Commercial | | | 132 | | | | 80 | | | | 141,846 | | | | 142,058 | | | | | | | | | |
Consumer | | | 194 | | | | 34 | | | | 31,943 | | | | 32,171 | | | | | | | | | |
Total | | $ | 2,774 | | | $ | 5,509 | | | $ | 1,003,105 | | | $ | 1,011,388 | | | | | | | | | |
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31-Dec-13 | | 30-89 Days Past Due | | | 90 Days or More Past Due | | | Current | | | Total | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | $ | 3,511 | | | $ | 1,664 | | | $ | 124,133 | | | $ | 129,308 | | | | | | | | | |
Multifamily residential | | | -- | | | | -- | | | | 25,773 | | | | 25,773 | | | | | | | | | |
Nonfarm nonresidential | | | 176 | | | | 2,340 | | | | 166,386 | | | | 168,902 | | | | | | | | | |
Farmland | | | -- | | | | 666 | | | | 1,997 | | | | 2,663 | | | | | | | | | |
Construction and land development | | | 30 | | | | 2,133 | | | | 21,728 | | | | 23,891 | | | | | | | | | |
Commercial | | | -- | | | | 348 | | | | 28,685 | | | | 29,033 | | | | | | | | | |
Consumer | | | -- | | | | 19 | | | | 4,349 | | | | 4,368 | | | | | | | | | |
Total | | $ | 3,717 | | | $ | 7,170 | | | $ | 373,051 | | | $ | 383,938 | | | | | | | | | |
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As of June 30, 2014, there was $1.2 million of purchased credit impaired loans acquired in the merger with FNSC that were 90 days or more past due and accruing. There were no loans over 90 days past due and still accruing at December 31, 2013. Restructured loans totaled $2.5 million and $2.6 million as of June 30, 2014 and December 31, 2013, respectively, with $2.0 million and $2.1 million of such restructured loans on nonaccrual status at June 30, 2014 and December 31, 2013, respectively. |
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The following table presents age analyses of nonaccrual loans as of the dates indicated (in thousands): |
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30-Jun-14 | | 30-89 Days Past Due | | | 90 Days or More Past Due | | | Current | | | Total | | | | | | | | | |
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One- to four-family residential | | $ | 530 | | | $ | 1,767 | | | $ | 1,976 | | | $ | 4,273 | | | | | | | | | |
Nonfarm nonresidential | | | 140 | | | | 1,272 | | | | 1,797 | | | | 3,209 | | | | | | | | | |
Farmland | | | -- | | | | 641 | | | | 111 | | | | 752 | | | | | | | | | |
Construction and land development | | | 9 | | | | 584 | | | | 29 | | | | 622 | | | | | | | | | |
Commercial | | | -- | | | | -- | | | | 321 | | | | 321 | | | | | | | | | |
Consumer | | | -- | | | | 7 | | | | 17 | | | | 24 | | | | | | | | | |
Total | | $ | 679 | | | $ | 4,271 | | | $ | 4,251 | | | $ | 9,201 | | | | | | | | | |
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31-Dec-13 | | 30-89 Days Past Due | | | 90 Days or More Past Due | | | Current | | | Total | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | $ | 637 | | | $ | 1,664 | | | $ | 1,957 | | | $ | 4,258 | | | | | | | | | |
Nonfarm nonresidential | | | -- | | | | 2,340 | | | | 1,717 | | | | 4,057 | | | | | | | | | |
Farmland | | | -- | | | | 666 | | | | 116 | | | | 782 | | | | | | | | | |
Construction and land development | | | -- | | | | 2,133 | | | | 334 | | | | 2,467 | | | | | | | | | |
Commercial | | | -- | | | | 348 | | | | 2 | | | | 350 | | | | | | | | | |
Consumer | | | -- | | | | 19 | | | | 5 | | | | 24 | | | | | | | | | |
Total | | $ | 637 | | | $ | 7,170 | | | $ | 4,131 | | | $ | 11,938 | | | | | | | | | |
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The following tables summarize information pertaining to impaired loans as of June 30, 2014 and December 31, 2013 and for the three and six months ended June 30, 2014 and 2013 (in thousands). Purchased credit impaired loans acquired in the merger with FNSC are not included these tables. |
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| | 30-Jun-14 | | | 31-Dec-13 | |
| | Unpaid Principal Balance | | | Recorded Investment | | | Valuation Allowance | | | Unpaid Principal Balance | | | Recorded Investment | | | Valuation Allowance | |
Impaired loans with a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | $ | 1,187 | | | $ | 1,036 | | | $ | 179 | | | $ | 1,213 | | | $ | 1,085 | | | $ | 279 | |
Multifamily residential | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | |
Nonfarm nonresidential | | | 2,509 | | | | 2,296 | | | | 660 | | | | 3,287 | | | | 3,105 | | | | 1,119 | |
Farmland | | | 621 | | | | 489 | | | | 127 | | | | 623 | | | | 495 | | | | 133 | |
Construction and land development | | | 275 | | | | 168 | | | | 118 | | | | 1,865 | | | | 1,505 | | | | 631 | |
Commercial | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | |
Consumer | | | 16 | | | | 16 | | | | 16 | | | | -- | | | | -- | | | | -- | |
| | | 4,608 | | | | 4,005 | | | | 1,100 | | | | 6,988 | | | | 6,190 | | | | 2,162 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans without avaluation allowance: | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | 4,521 | | | | 3,726 | | | | -- | | | | 4,430 | | | | 3,668 | | | | -- | |
Multifamily residential | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | |
Nonfarm nonresidential | | | 1,690 | | | | 913 | | | | -- | | | | 1,077 | | | | 952 | | | | -- | |
Farmland | | | 545 | | | | 263 | | | | -- | | | | 554 | | | | 287 | | | | -- | |
Construction and land development | | | 607 | | | | 539 | | | | -- | | | | 1,189 | | | | 962 | | | | -- | |
Commercial | | | 371 | | | | 321 | | | | -- | | | | 388 | | | | 350 | | | | -- | |
Consumer | | | 12 | | | | 8 | | | | -- | | | | 27 | | | | 24 | | | | -- | |
| | | 7,746 | | | | 5,770 | | | | -- | | | | 7,665 | | | | 6,243 | | | | -- | |
Total impaired loans | | $ | 12,354 | | | $ | 9,775 | | | $ | 1,100 | | | $ | 14,653 | | | $ | 12,433 | | | $ | 2,162 | |
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| | Three and Six Months Ended June 30, 2014 | | | | | | | | | |
| | Average | | | Average | | | Interest | | | Interest | | | | | | | | | |
Recorded | Recorded | Income | Income | | | | | | | | |
Investment | Investment | Recognized | Recognized | | | | | | | | |
| | (Three Months) | | | (Six Months) | | | (Three Months) | | | (Six Months) | | | | | | | | | |
Impaired loans with a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | $ | 1,100 | | | $ | 1,095 | | | $ | 2 | | | $ | 5 | | | | | | | | | |
Multifamily residential | | | -- | | | | -- | | | | -- | | | | -- | | | | | | | | | |
Nonfarm nonresidential | | | 2,498 | | | | 2,700 | | | | -- | | | | -- | | | | | | | | | |
Farmland | | | 491 | | | | 492 | | | | -- | | | | -- | | | | | | | | | |
Construction and land development | | | 481 | | | | 822 | | | | -- | | | | -- | | | | | | | | | |
Commercial | | | 126 | | | | 84 | | | | -- | | | | -- | | | | | | | | | |
Consumer | | | 14 | | | | 9 | | | | -- | | | | -- | | | | | | | | | |
| | | 4,710 | | | | 5,202 | | | | 2 | | | | 5 | | | | | | | | | |
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Impaired loans without a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | 3,495 | | | | 3,553 | | | | 1 | | | | 1 | | | | | | | | | |
Multifamily residential | | | -- | | | | -- | | | | -- | | | | -- | | | | | | | | | |
Nonfarm nonresidential | | | 1,095 | | | | 1,047 | | | | -- | | | | -- | | | | | | | | | |
Farmland | | | 269 | | | | 275 | | | | -- | | | | -- | | | | | | | | | |
Construction and land development | | | 689 | | | | 780 | | | | 2 | | | | 3 | | | | | | | | | |
Commercial | | | 332 | | | | 338 | | | | -- | | | | -- | | | | | | | | | |
Consumer | | | 12 | | | | 16 | | | | -- | | | | -- | | | | | | | | | |
| | | 5,892 | | | | 6,009 | | | | 3 | | | | 4 | | | | | | | | | |
Total impaired loans | | $ | 10,602 | | | $ | 11,211 | | | $ | 5 | | | $ | 9 | | | | | | | | | |
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Interest based on original terms | | | | | | | | | | $ | 275 | | | $ | 345 | | | | | | | | | |
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Interest income recognized on a cash basis on impaired loans | | | | | | | | | | $ | -- | | | $ | -- | | | | | | | | | |
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| | Three and Six Months Ended June 30, 2013 | | | | | | | | | |
| | Average | | | Average | | | Interest | | | Interest | | | | | | | | | |
Recorded | Recorded | Income | Income | | | | | | | | |
Investment | Investment | Recognized | Recognized | | | | | | | | |
| | (Three Months) | | | (Six Months) | | | (Three Months) | | | (Six Months) | | | | | | | | | |
Impaired loans with a valuation allowance: | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | $ | 2,403 | | | $ | 1,985 | | | $ | 2 | | | $ | 5 | | | | | | | | | |
Multifamily residential | | | 1,479 | | | | 986 | | | | -- | | | | -- | | | | | | | | | |
Nonfarm nonresidential | | | 2,165 | | | | 2,382 | | | | -- | | | | -- | | | | | | | | | |
Farmland | | | 505 | | | | 378 | | | | -- | | | | -- | | | | | | | | | |
Construction and land development | | | 1,055 | | | | 864 | | | | -- | | | | -- | | | | | | | | | |
Commercial | | | -- | | | | -- | | | | -- | | | | -- | | | | | | | | | |
Consumer | | | -- | | | | 1 | | | | -- | | | | -- | | | | | | | | | |
| | | 7,607 | | | | 6,596 | | | | 2 | | | | 5 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans without a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | 4,063 | | | | 4,948 | | | | -- | | | | -- | | | | | | | | | |
Multifamily residential | | | -- | | | | 1,153 | | | | -- | | | | -- | | | | | | | | | |
Nonfarm nonresidential | | | 2,160 | | | | 3,065 | | | | -- | | | | -- | | | | | | | | | |
Farmland | | | 319 | | | | 460 | | | | -- | | | | -- | | | | | | | | | |
Construction and land development | | | 1,285 | | | | 1,741 | | | | -- | | | | -- | | | | | | | | | |
Commercial | | | 24 | | | | 23 | | | | -- | | | | -- | | | | | | | | | |
Consumer | | | 16 | | | | 19 | | | | -- | | | | -- | | | | | | | | | |
| | | 7,867 | | | | 11,409 | | | | -- | | | | -- | | | | | | | | | |
Total impaired loans | | $ | 15,474 | | | $ | 18,005 | | | $ | 2 | | | $ | 5 | | | | | | | | | |
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Interest based on original terms | | | | | | | | | | $ | 353 | | | $ | 488 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Interest income recognized on a cash basis on impaired loans | | | | | | | | | | $ | -- | | | $ | -- | | | | | | | | | |
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Credit Quality Indicators. As part of the on-going monitoring of the credit quality of the Bank’s loan portfolio, the Banks categorize loans into risk categories based on available and relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. First Federal analyzes loans individually by assigning a credit risk rating to loans on at least an annual basis for non-homogeneous loans over $250,000. FNB and Heritage assign a credit rating to loans at origination and review these ratings periodically thereafter. The Banks use the following definitions for risk ratings: |
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Pass. Loans rated as pass generally meet or exceed normal credit standards and are rated on a scale from 1 to 5, with 1 being the highest quality loan and 5 being a pass/watch loan. Factors influencing the level of pass grade include repayment source and strength, collateral, borrower cash flows, existence of and strength of guarantors, industry/business sector, financial trends, performance history, etc. |
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Special Mention. Loans rated as special mention, while still adequately protected by the borrower’s repayment capability, exhibit distinct weakening trends. If left unchecked or uncorrected, these potential weaknesses may result in deteriorated prospects of repayment. These exposures require management’s close attention so as to avoid becoming adversely classified credits. |
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Substandard. Loans rated as substandard are inadequately protected by the current sound net worth and paying capacity of the borrower or the collateral pledged, if any. These assets must have a well-defined weakness based on objective evidence and be characterized by the distinct possibility that the Banks will sustain some loss if the deficiencies are not corrected. |
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Doubtful. Loans rated as doubtful have all the weaknesses inherent in a substandard asset. In addition, these weaknesses make collection or liquidation in full highly questionable and improbable, based on existing circumstances. |
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Loss. Loans rated as a loss are considered uncollectible and of such little value that continuance as an asset is not warranted. A loss classification does not mean that an asset has no recovery or salvage value, but that it is not practical or desirable to defer writing off or reserving all or a portion of the asset, even though partial recovery may be effected in the future. |
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Based on analyses performed at June 30, 2014 and December 31, 2013, the risk categories of loans are as follows (in thousands): |
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| | 30-Jun-14 | | | | | |
| | Pass | | | Special | | | Substandard | | | Not Rated | | | Total | | | | | |
Mention | | | | |
One- to four-family residential | | $ | 210,651 | | | $ | 448 | | | $ | 10,582 | | | $ | 81,836 | | | $ | 303,517 | | | | | |
Multifamily residential | | | 44,679 | | | | -- | | | | -- | | | | -- | | | | 44,679 | | | | | |
Nonfarm nonresidential | | | 333,991 | | | | 4,436 | | | | 7,278 | | | | 464 | | | | 346,169 | | | | | |
Farmland | | | 47,457 | | | | -- | | | | 1,253 | | | | -- | | | | 48,710 | | | | | |
Construction and land development | | | 88,301 | | | | 110 | | | | 2,543 | | | | 3,130 | | | | 94,084 | | | | | |
Commercial | | | 140,752 | | | | -- | | | | 971 | | | | 335 | | | | 142,058 | | | | | |
Consumer | | | 26,457 | | | | 6 | | | | 220 | | | | 5,488 | | | | 32,171 | | | | | |
Total | | $ | 892,288 | | | $ | 5,000 | | | $ | 22,847 | | | $ | 91,253 | | | $ | 1,011,388 | | | | | |
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| | 31-Dec-13 | | | | | |
| | Pass | | | Special | | | Substandard | | | Not Rated | | | Total | | | | | |
Mention | | | | |
One- to four-family residential | | $ | 34,333 | | | $ | 329 | | | $ | 6,371 | | | $ | 88,275 | | | $ | 129,308 | | | | | |
Multifamily residential | | | 25,773 | | | | -- | | | | -- | | | | -- | | | | 25,773 | | | | | |
Nonfarm nonresidential | | | 159,629 | | | | 4,490 | | | | 4,057 | | | | 726 | | | | 168,902 | | | | | |
Farmland | | | 1,491 | | | | -- | | | | 1,172 | | | | -- | | | | 2,663 | | | | | |
Construction and land development | | | 18,241 | | | | 295 | | | | 2,770 | | | | 2,585 | | | | 23,891 | | | | | |
Commercial | | | 28,555 | | | | -- | | | | 350 | | | | 128 | | | | 29,033 | | | | | |
Consumer | | | 151 | | | | -- | | | | 45 | | | | 4,172 | | | | 4,368 | | | | | |
Total | | $ | 268,173 | | | $ | 5,114 | | | $ | 14,765 | | | $ | 95,886 | | | $ | 383,938 | | | | | |
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As of June 30, 2014 and December 31, 2013, the Banks did not have any loans classified as doubtful or loss. |
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Troubled Debt Restructurings. Troubled debt restructurings (“TDRs”) are loans where the contractual terms on the loan have been modified and both of the following conditions exist: (i) the borrower is experiencing financial difficulty and (ii) the restructuring constitutes a concession that the Bank would not otherwise make. The Banks assess all loan modifications to determine if the modifications constitute a TDR. Restructurings resulting in an insignificant delay in payment are not considered to be TDRs. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. All TDRs are considered impaired loans. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. |
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The following table summarizes TDRs as of June 30, 2014 and December 31, 2013: (dollars in thousands) |
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30-Jun-14 | | Number of | | | Balance | | | Number of | | | Balance | | | Total | | | Total Balance | |
Accruing | Nonaccrual | Number of |
TDR Loans | TDR Loans | TDR Loans |
One- to four-family residential | | | 4 | | | $ | 489 | | | | 9 | | | $ | 740 | | | | 13 | | | $ | 1,229 | |
Nonfarm nonresidential | | | -- | | | | -- | | | | 3 | | | | 532 | | | | 3 | | | | 532 | |
Farmland | | | -- | | | | -- | | | | 1 | | | | 263 | | | | 1 | | | | 263 | |
Construction and land development | | | 1 | | | | 85 | | | | 3 | | | | 410 | | | | 4 | | | | 495 | |
Consumer | | | -- | | | | -- | | | | 2 | | | | 16 | | | | 2 | | | | 16 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 5 | | | $ | 574 | | | | 18 | | | $ | 1,961 | | | | 23 | | | $ | 2,535 | |
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31-Dec-13 | | Number of | | | Balance | | | Number of | | | Balance | | | Total | | | Total Balance | |
Accruing | Nonaccrual | Number of |
TDR Loans | TDR Loans | TDR Loans |
One- to four-family residential | | | 4 | | | $ | 495 | | | | 8 | | | $ | 658 | | | | 12 | | | $ | 1,153 | |
Nonfarm nonresidential | | | -- | | | | -- | | | | 3 | | | | 556 | | | | 3 | | | | 556 | |
Farmland | | | -- | | | | -- | | | | 1 | | | | 287 | | | | 1 | | | | 287 | |
Construction and land development | | | -- | | | | -- | | | | 4 | | | | 569 | | | | 4 | | | | 569 | |
Consumer | | | -- | | | | -- | | | | 1 | | | | 5 | | | | 1 | | | | 5 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 4 | | | $ | 495 | | | | 17 | | | $ | 2,075 | | | | 21 | | | $ | 2,570 | |
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Loans receivable that were restructured as TDRs during the three and six months ended June 30, 2014 and six months ended June, 30 2013 were as follows. There were no loans restructured as TDRs during the three months ended June 30, 2013: (dollars in thousands) |
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| | Three Months Ended June 30, 2014 | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | Nature of Modification | | | | | |
| | Number of Loans | | | Balance Prior to TDR | | | Balance at | | | Payment Term (1) | | | Other (2) | | | | | |
30-Jun-14 | | | | |
Construction and land development | | | 1 | | | $ | 85 | | | $ | 85 | | | $ | -- | | | $ | 85 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 1 | | | $ | 85 | | | $ | 85 | | | $ | -- | | | $ | 85 | | | | | |
|
| | Six Months Ended June 30, 2014 | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | Nature of Modification | | | | | |
| | Number of Loans | | | Balance Prior to TDR | | | Balance at | | | Payment Term (1) | | | Other (2) | | | | | |
30-Jun-14 | | | | |
One- to four-family residential | | | 1 | | | $ | 103 | | | $ | 98 | | | $ | 103 | | | $ | -- | | | | | |
Construction and land development | | | 1 | | | | 85 | | | | 85 | | | | -- | | | | 85 | | | | | |
Consumer | | | 1 | | | | 11 | | | | 11 | | | | 11 | | | | -- | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 3 | | | $ | 199 | | | $ | 194 | | | $ | 114 | | | $ | 85 | | | | | |
|
| | Six Months Ended June 30, 2013 | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | Nature of Modification | | | | | |
| | Number of Loans | | | Balance Prior to TDR | | | Balance at | | | Payment Term (1) | | | Other | | | | | |
30-Jun-13 | | | | |
One- to four-family residential | | | 1 | | | $ | 6 | | | $ | 6 | | | $ | 6 | | | $ | -- | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 1 | | | $ | 6 | | | $ | 6 | | | $ | 6 | | | $ | -- | | | | | |
|
| -1 | Concessions represent skipped payments/maturity date extensions or amortization term extensions. | | | | | | | | | | | | | | | | | | | | | | |
| -2 | The borrower did not have the financial ability to refinance at another bank at renewal. | | | | | | | | | | | | | | | | | | | | | | |
|
There were no loans receivable for which a payment default occurred during the three and six months ended June 30, 2014 or 2013 that had been modified as a TDR within 12 months or less of the payment default. |