Note 5 - Loans Receivable | 3 Months Ended |
Mar. 31, 2015 |
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 March 31, 2015 and December 31, 2014 (in thousands): |
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| | March 31, | | | December 31, | | | | | | | | | | | | | | | | | |
2015 | 2014 | | | | | | | | | | | | | | | | |
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | $ | 315,146 | | | $ | 320,489 | | | | | | | | | | | | | | | | | |
Multifamily residential | | | 51,673 | | | | 45,181 | | | | | | | | | | | | | | | | | |
Nonfarm nonresidential | | | 336,370 | | | | 369,974 | | | | | | | | | | | | | | | | | |
Farmland | | | 50,244 | | | | 47,199 | | | | | | | | | | | | | | | | | |
Construction and land development | | | 100,918 | | | | 98,594 | | | | | | | | | | | | | | | | | |
Commercial | | | 152,913 | | | | 139,871 | | | | | | | | | | | | | | | | | |
Consumer | | | 32,613 | | | | 33,809 | | | | | | | | | | | | | | | | | |
Total loans receivable | | | 1,039,877 | | | | 1,055,117 | | | | | | | | | | | | | | | | | |
Unearned discounts and net deferred loan costs | | | (64 | ) | | | (235 | ) | | | | | | | | | | | | | | | | |
Allowance for loan and lease losses | | | (13,762 | ) | | | (13,660 | ) | | | | | | | | | | | | | | | | |
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Loans receivable—net | | $ | 1,026,051 | | | $ | 1,041,222 | | | | | | | | | | | | | | | | | |
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Loan Origination and Underwriting – The Bank employs several tools to manage risk in its loan portfolio. Prior to origination, a borrower’s ability to repay is analyzed by reviewing financial information with a comparison of the sustainability of these cash flows to the proposed loan terms, with consideration given to possible changes in underlying business and economic conditions. The financial strength and support offered by any guarantors to the loan is evaluated and any collateral offered is assessed using internal and external valuation resources. Finally, the credit request is compared against the Bank’s written and Board approved lending policies and standards. The ongoing risk in the loan portfolio is managed through regularly reviewing loans to assess key credit elements, providing for an adequate allowance for loan losses and diversifying the portfolio based on certain metrics including industry type, loan purpose and underlying source of repayment. |
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Real Estate Loans – The real estate loan portfolio consists primarily of single family residential, commercial real estate and construction loans. Loans in this category are differentiated by whether the property owner or parties unrelated to the borrower occupy the property. This difference can directly affect the sensitivity of the source of loan repayment to changes in interest rates and market conditions, which can impact the underlying collateral value. Therefore, the analysis of these credits focuses on current and forecasted economic trends in certain sub-markets, including residential, industrial, retail, office and multi-family segments. Changes in these segments are influenced by both local and national cycles, which may fluctuate in both similar and opposing directions and sustain for varying durations. These differences provide the Bank with opportunities for diversification of loans by property type, geography and other factors. |
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Commercial Loans – This portfolio includes loans with funds used for commercial purposes including loans to finance enterprise, including agricultural, working capital needs; equipment purchases; accounts receivable and inventory and other similar business needs. The risk of loans in this category is driven by the cash flow and creditworthiness of the borrowers, the monitoring of which occurs through the ongoing analysis of updated and interim financial information. Also, the terms of these loans are generally shorter than credits secured by real estate, helping to reduce the impact of changes in interest rates on the Bank’s interest rate sensitivity position. |
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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 March 31, 2015 and December 31, 2014 were $23.3 million and $23.5 million, respectively. Servicing loans for others generally consists of collecting payments and disbursing payments to investors. Servicing income for the periods ended March 31, 2015 and December 31, 2014 was not significant. |
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As of March 31, 2015 and December 31, 2014, qualifying loans collateralized by first lien one- to four-family mortgages with balances totaling approximately $38.1 million and $41.4 million, respectively, were held in custody by the FHLB and were pledged for outstanding advances or available for future advances. The Bank also pledged certain of its remaining loans at March 31, 2015 and December 31, 2014 under a blanket lien with the FHLB. |
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As of March 31, 2015, the Bank did not have any loans pledged with the Federal Reserve (“FRB”). At December 31, 2014, qualifying loans collateralized by commercial real estate with balances of $6.8 million were pledged at the FRB. No FRB borrowings were outstanding at March 31, 2015 or December 31, 2014. |
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The Company evaluated $583.6 million of net loans ($595.1 million gross loans less $11.5 million discount) purchased in conjunction with the acquisition in 2014 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. |
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The Company evaluated $21.1 million of net loans ($26.9 million gross loans less $5.8 million discount) purchased in conjunction with the acquisition in 2014 of FNSC in accordance with the provisions of FASB ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. The following table reflects the carrying amount of purchased credit impaired (“PCI”) loans, which are included in the loan categories above (in thousands): |
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| | 31-Mar-15 | | | 13-Jun-14 | | | | | | | | | | | | | | | | | |
One- to four-family residential | | $ | 4,208 | | | $ | 4,728 | | | | | | | | | | | | | | | | | |
Multifamily residential | | | -- | | | | -- | | | | | | | | | | | | | | | | | |
Nonfarm nonresidential | | | 9,106 | | | | 10,790 | | | | | | | | | | | | | | | | | |
Farmland | | | 86 | | | | 95 | | | | | | | | | | | | | | | | | |
Construction and land development | | | 3,300 | | | | 3,432 | | | | | | | | | | | | | | | | | |
Commercial | | | 1,502 | | | | 1,882 | | | | | | | | | | | | | | | | | |
Consumer | | | 111 | | | | 178 | | | | | | | | | | | | | | | | | |
Total carrying value of PCI loans | | $ | 18,313 | | | $ | 21,105 | | | | | | | | | | | | | | | | | |
Outstanding principal balance of PCI loans | | $ | 21,492 | | | $ | 26,942 | | | | | | | | | | | | | | | | | |
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The following table reflects the carrying amount of the fair value adjustments for purchased loans with evidence of credit deterioration as of June 13, 2014 (in thousands). |
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Contractually required principal and interest | | $ | 29,704 | | | | | | | | | | | | | | | | | | | | | |
Nonaccretable differences | | | (6,293 | ) | | | | | | | | | | | | | | | | | | | | |
Cash flows expected to be collected | | | 23,411 | | | | | | | | | | | | | | | | | | | | | |
Accretable differences | | | (2,306 | ) | | | | | | | | | | | | | | | | | | | | |
Day 1 Fair Value | | $ | 21,105 | | | | | | | | | | | | | | | | | | | | | |
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The following table documents changes as of March 31, 2015, to the amount of accretable yield (in thousands). There was no accretable yield at March 31, 2014. |
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| | 2015 | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1 | | $ | 2,165 | | | | | | | | | | | | | | | | | | | | | |
Accretable difference acquired | | | -- | | | | | | | | | | | | | | | | | | | | | |
Accretion | | | (295 | ) | | | | | | | | | | | | | | | | | | | | |
Reclassification from nonaccretable difference | | | 47 | | | | | | | | | | | | | | | | | | | | | |
Changes in expected cash flows that do not affect nonaccretable differences | | | (31 | ) | | | | | | | | | | | | | | | | | | | | |
Transfers to real estate owned | | | 12 | | | | | | | | | | | | | | | | | | | | | |
Balance at March 31, 2015 | | $ | 1,898 | | | | | | | | | | | | | | | | | | | | | |
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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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31-Mar-15 | | 30-89 Days Past Due | | | 90 Days or More Past Due | | | Current | | | Total | | | | | | | | | |
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One- to four-family residential | | $ | 6,375 | | | $ | 2,783 | | | $ | 305,988 | | | $ | 315,146 | | | | | | | | | |
Multifamily residential | | | -- | | | | -- | | | | 51,673 | | | | 51,673 | | | | | | | | | |
Nonfarm nonresidential | | | 917 | | | | 972 | | | | 334,481 | | | | 336,370 | | | | | | | | | |
Farmland | | | 735 | | | | 628 | | | | 48,881 | | | | 50,244 | | | | | | | | | |
Construction and land development | | | 375 | | | | 625 | | | | 99,918 | | | | 100,918 | | | | | | | | | |
Commercial | | | 1,105 | | | | 628 | | | | 151,180 | | | | 152,913 | | | | | | | | | |
Consumer | | | 302 | | | | 70 | | | | 32,241 | | | | 32,613 | | | | | | | | | |
Total | | $ | 9,809 | | | $ | 5,706 | | | $ | 1,024,362 | | | $ | 1,039,877 | | | | | | | | | |
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31-Dec-14 | | 30-89 Days Past Due | | | 90 Days or More Past Due | | | Current | | | Total | | | | | | | | | |
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One- to four-family residential | | $ | 4,966 | | | $ | 3,545 | | | $ | 311,978 | | | $ | 320,489 | | | | | | | | | |
Multifamily residential | | | -- | | | | -- | | | | 45,181 | | | | 45,181 | | | | | | | | | |
Nonfarm nonresidential | | | 3,350 | | | | 2,449 | | | | 364,175 | | | | 369,974 | | | | | | | | | |
Farmland | | | 15 | | | | 628 | | | | 46,556 | | | | 47,199 | | | | | | | | | |
Construction and land development | | | 127 | | | | 649 | | | | 97,818 | | | | 98,594 | | | | | | | | | |
Commercial | | | 517 | | | | 497 | | | | 138,857 | | | | 139,871 | | | | | | | | | |
Consumer | | | 379 | | | | 47 | | | | 33,383 | | | | 33,809 | | | | | | | | | |
Total | | $ | 9,354 | | | $ | 7,815 | | | $ | 1,037,948 | | | $ | 1,055,117 | | | | | | | | | |
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As of March 31, 2015 and December 31, 2014, there were $1.3 million and $2.2 million, respectively, of PCI loans acquired in the merger with FNSC that were 90 days or more past due and accruing. There were no other loans that were 90 days or more past due and accruing at March 31, 2015 and one loan of $353,000 past due 90 days and still accruing at December 31, 2014. Restructured loans totaled $2.4 million and $2.5 million as of March 31, 2015 and December 31, 2014, respectively, with $2.1 million and $1.9 million of such restructured loans on nonaccrual status at March 31, 2015 and December 31, 2014, 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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31-Mar-15 | | 30-89 Days Past Due | | | 90 Days or More Past Due | | | Current | | | Total | | | | | | | | | |
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One- to four-family residential | | $ | 1,158 | | | $ | 2,207 | | | $ | 1,581 | | | $ | 4,946 | | | | | | | | | |
Nonfarm nonresidential | | | 94 | | | | 901 | | | | 2,055 | | | | 3,050 | | | | | | | | | |
Farmland | | | -- | | | | 628 | | | | 103 | | | | 731 | | | | | | | | | |
Construction and land development | | | -- | | | | 581 | | | | 18 | | | | 599 | | | | | | | | | |
Commercial | | | 143 | | | | 92 | | | | 301 | | | | 536 | | | | | | | | | |
Consumer | | | 1 | | | | 45 | | | | 21 | | | | 67 | | | | | | | | | |
Total | | $ | 1,396 | | | $ | 4,454 | | | $ | 4,079 | | | $ | 9,929 | | | | | | | | | |
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31-Dec-14 | | 30-89 Days Past Due | | | 90 Days or More Past Due | | | Current | | | Total | | | | | | | | | |
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One- to four-family residential | | $ | 1,121 | | | $ | 2,572 | | | $ | 1,266 | | | $ | 4,959 | | | | | | | | | |
Nonfarm nonresidential | | | 131 | | | | 1,379 | | | | 1,603 | | | | 3,113 | | | | | | | | | |
Farmland | | | -- | | | | 628 | | | | 106 | | | | 734 | | | | | | | | | |
Construction and land development | | | -- | | | | 605 | | | | 19 | | | | 624 | | | | | | | | | |
Commercial | | | -- | | | | -- | | | | 306 | | | | 306 | | | | | | | | | |
Consumer | | | 5 | | | | 14 | | | | 15 | | | | 34 | | | | | | | | | |
Total | | $ | 1,257 | | | $ | 5,198 | | | $ | 3,315 | | | $ | 9,770 | | | | | | | | | |
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The following tables summarize information pertaining to impaired loans as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014 (in thousands). The tables below do not include ASC 310-30 PCI loans which are disclosed separately in the loans receivable footnote. |
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| | 31-Mar-15 | | | 31-Dec-14 | |
| | 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 | | $ | 1,176 | | | $ | 1,020 | | | $ | 201 | | | $ | 1,030 | | | $ | 1,204 | | | $ | 251 | |
Nonfarm nonresidential | | | 2,523 | | | | 2,196 | | | | 550 | | | | 2,531 | | | | 2,225 | | | | 580 | |
Farmland | | | 619 | | | | 481 | | | | 120 | | | | 620 | | | | 484 | | | | 123 | |
Construction and land development | | | 276 | | | | 168 | | | | 45 | | | | 276 | | | | 168 | | | | 45 | |
Commercial | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | |
Consumer | | | 16 | | | | 15 | | | | 11 | | | | 16 | | | | 15 | | | | 12 | |
| | | 4,610 | | | | 3,880 | | | | 927 | | | | 4,473 | | | | 4,096 | | | | 1,011 | |
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Impaired loans without a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | 4,996 | | | | 4,176 | | | | -- | | | | 4,732 | | | | 4,237 | | | | -- | |
Nonfarm nonresidential | | | 1,669 | | | | 855 | | | | -- | | | | 1,619 | | | | 888 | | | | -- | |
Farmland | | | 537 | | | | 250 | | | | -- | | | | 537 | | | | 250 | | | | -- | |
Construction and land development | | | 585 | | | | 513 | | | | -- | | | | 507 | | | | 540 | | | | -- | |
Commercial | | | 596 | | | | 536 | | | | -- | | | | 362 | | | | 306 | | | | -- | |
Consumer | | | 56 | | | | 51 | | | | -- | | | | 15 | | | | 19 | | | | -- | |
| | | 8,439 | | | | 6,381 | | | | -- | | | | 7,772 | | | | 6,240 | | | | -- | |
Total impaired loans | | $ | 13,049 | | | $ | 10,261 | | | $ | 927 | | | $ | 12,245 | | | $ | 10,336 | | | $ | 1,011 | |
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| | Three Months Ended March 31, | | | | | | | | | |
| | 2015 | | | 2014 | | | | | | | | | |
| | Average Recorded Investment | | | Interest Income Recognized | | | Average Recorded Investment | | | Interest Income Recognized | | | | | | | | | |
Impaired loans with a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | $ | 1,112 | | | $ | 2 | | | $ | 1,125 | | | $ | 2 | | | | | | | | | |
Nonfarm nonresidential | | | 2,211 | | | | -- | | | | 2,903 | | | | -- | | | | | | | | | |
Farmland | | | 483 | | | | -- | | | | 494 | | | | -- | | | | | | | | | |
Construction and land development | | | 168 | | | | -- | | | | 1,149 | | | | -- | | | | | | | | | |
Commercial | | | -- | | | | -- | | | | 125 | | | | -- | | | | | | | | | |
Consumer | | | 15 | | | | -- | | | | 6 | | | | -- | | | | | | | | | |
| | | 3,989 | | | | 2 | | | | 5,802 | | | | 2 | | | | | | | | | |
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Impaired loans without a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | 4,207 | | | | -- | | | | 3,465 | | | | 1 | | | | | | | | | |
Nonfarm nonresidential | | | 872 | | | | -- | | | | 1,114 | | | | -- | | | | | | | | | |
Farmland | | | 250 | | | | -- | | | | 281 | | | | -- | | | | | | | | | |
Construction and land development | | | 527 | | | | 2 | | | | 900 | | | | -- | | | | | | | | | |
Commercial | | | 421 | | | | -- | | | | 347 | | | | -- | | | | | | | | | |
Consumer | | | 35 | | | | -- | | | | 20 | | | | -- | | | | | | | | | |
| | | 6,312 | | | | 2 | | | | 6,127 | | | | 1 | | | | | | | | | |
Total impaired loans | | $ | 10,301 | | | $ | 4 | | | $ | 11,929 | | | $ | 3 | | | | | | | | | |
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Interest based on original terms | | | | | | $ | 182 | | | | | | | $ | 192 | | | | | | | | | |
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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 Bank categorizes 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. The Bank analyzes loans individually by assigning a credit risk rating to loans on at least an annual basis for non-homogeneous loans over $250,000. The Bank uses the following definitions for risk ratings: |
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Pass. Loans rated as pass generally meet or exceed normal credit standards. 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 Bank 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 March 31, 2015 and December 31, 2014, the risk categories of loans are as follows (in thousands): |
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| | 31-Mar-15 | | | | | |
| | Pass | | | Special Mention | | | Substandard | | | Not Rated | | | Total | | | | | |
One- to four-family residential | | $ | 226,240 | | | $ | 1,440 | | | $ | 11,656 | | | $ | 75,810 | | | $ | 315,146 | | | | | |
Multifamily residential | | | 51,673 | | | | -- | | | | -- | | | | -- | | | | 51,673 | | | | | |
Nonfarm nonresidential | | | 316,177 | | | | 4,352 | | | | 14,935 | | | | 906 | | | | 336,370 | | | | | |
Farmland | | | 48,572 | | | | -- | | | | 1,192 | | | | 480 | | | | 50,244 | | | | | |
Construction and land development | | | 96,239 | | | | 101 | | | | 2,350 | | | | 2,228 | | | | 100,918 | | | | | |
Commercial | | | 137,549 | | | | -- | | | | 5,230 | | | | 10,134 | | | | 152,913 | | | | | |
Consumer | | | 25,365 | | | | 6 | | | | 201 | | | | 7,041 | | | | 32,613 | | | | | |
Total | | $ | 901,815 | | | $ | 5,899 | | | $ | 35,564 | | | $ | 96,599 | | | $ | 1,039,877 | | | | | |
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| | 31-Dec-14 | | | | | |
| | Pass | | | Special Mention | | | Substandard | | | Not Rated | | | Total | | | | | |
One- to four-family residential | | $ | 231,002 | | | $ | 1,833 | | | $ | 11,792 | | | $ | 75,862 | | | $ | 320,489 | | | | | |
Multifamily residential | | | 45,181 | | | | -- | | | | -- | | | | -- | | | | 45,181 | | | | | |
Nonfarm nonresidential | | | 349,672 | | | | 4,378 | | | | 15,585 | | | | 339 | | | | 369,974 | | | | | |
Farmland | | | 46,002 | | | | -- | | | | 1,197 | | | | -- | | | | 47,199 | | | | | |
Construction and land development | | | 93,841 | | | | 105 | | | | 2,375 | | | | 2,273 | | | | 98,594 | | | | | |
Commercial | | | 135,547 | | | | -- | | | | 4,059 | | | | 265 | | | | 139,871 | | | | | |
Consumer | | | 27,702 | | | | 6 | | | | 191 | | | | 5,910 | | | | 33,809 | | | | | |
Total | | $ | 928,947 | | | $ | 6,322 | | | $ | 35,199 | | | $ | 84,649 | | | $ | 1,055,117 | | | | | |
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As of March 31, 2015 and December 31, 2014, the Bank 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 Bank assesses 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 March 31, 2015 and December 31, 2014: (dollars in thousands) |
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31-Mar-15 | | Number of Accruing TDR Loans | | | Balance | | | Number of Nonaccrual TDR Loans | | | Balance | | | Total Number of TDR Loans | | | Total Balance | |
One- to four-family residential | | | 2 | | | $ | 249 | | | | 11 | | | $ | 952 | | | | 13 | | | $ | 1,201 | |
Nonfarm nonresidential | | | -- | | | | -- | | | | 3 | | | | 500 | | | | 3 | | | | 500 | |
Farmland | | | -- | | | | -- | | | | 1 | | | | 250 | | | | 1 | | | | 250 | |
Construction and land development | | | 1 | | | | 83 | | | | 2 | | | | 391 | | | | 3 | | | | 474 | |
Consumer | | | -- | | | | -- | | | | 2 | | | | 15 | | | | 2 | | | | 15 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 3 | | | $ | 332 | | | | 19 | | | $ | 2,108 | | | | 22 | | | $ | 2,440 | |
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31-Dec-14 | | Number of Accruing TDR Loans | | | Balance | | | Number of Nonaccrual TDR Loans | | | Balance | | | Total Number of TDR Loans | | | Total Balance | |
One- to four-family residential | | | 4 | | | $ | 482 | | | | 9 | | | $ | 726 | | | | 13 | | | $ | 1,208 | |
Nonfarm nonresidential | | | -- | | | | -- | | | | 3 | | | | 511 | | | | 3 | | | | 511 | |
Farmland | | | -- | | | | -- | | | | 1 | | | | 250 | | | | 1 | | | | 250 | |
Construction and land development | | | 1 | | | | 84 | | | | 2 | | | | 396 | | | | 3 | | | | 480 | |
Consumer | | | -- | | | | -- | | | | 2 | | | | 15 | | | | 2 | | | | 15 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 5 | | | $ | 566 | | | | 17 | | | $ | 1,898 | | | | 22 | | | $ | 2,464 | |
|
No loans receivable were restructured as TDRs during the three months ended March 31, 2015. Loans receivable that were restructured as TDRs during the three months ended March 31, 2014 were as follows: (dollars in thousands) |
|
| | Three Months Ended March 31, 2014 | | | | | |
| | Number of | | | Balance | | | Balance at | | | Nature of Modification | | | | | |
| | Loans | | | Prior to TDR | | | March 31, 2014 | | | Payment Term (1) | | | Other | | | | | |
One- to four-family residential | | | 1 | | | $ | 103 | | | $ | 100 | | | $ | 103 | | | $ | -- | | | | | |
Consumer | | | 1 | | | | 11 | | | $ | 11 | | | $ | 11 | | | $ | -- | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 2 | | | $ | 114 | | | $ | 111 | | | $ | 114 | | | $ | -- | | | | | |
|
| -1 | Concessions represent skipped payments/maturity date extensions or amortization term extensions. | | | | | | | | | | | | | | | | | | | | | | |
|
There were no loans receivable for which a payment default occurred during the three months ended March 31, 2015 or 2014 that had been modified as a TDR within 12 months or less of the payment default. |