Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses The Company offers a full range of commercial, real estate, and consumer loans described in further detail below. Our loan portfolio is comprised of the following categories: commercial and industrial, construction, real estate-commercial mortgage, real estate-residential mortgage, and installment. Our primary lending objective is to meet business and consumer needs in our market areas while maintaining our standards of profitability and credit quality and enhancing client relationships. All lending decisions are based upon a thorough evaluation of the financial strength and credit history of the borrower and the quality and value of the collateral securing the loan. With few exceptions, personal guarantees are required on all loans. In May 2014, Shore launched Shore Premier Finance ("SPF"), a specialty finance unit that specializes in marine financing for U.S. Coast Guard documented vessels to customers throughout the United States. Through direct marine loan originations, as well as purchases of existing portfolios of marine loans, the Company's intention is to significantly grow the installment loan portion of its loan portfolio. During 2012 and 2013, the Company purchased several portfolios of marine loans totaling $55.7 million that are classified as installment loans and during the first quarter of 2015, SPF arranged a $104.7 million marine loan portfolio purchase, of which $75.3 million were classified as installment loans and $29.4 million were commercial floor plan loans classified as commercial and industrial. The total of our loans by segment at September 30, 2015 and December 31, 2014 are as follows. (in thousands) September 30, 2015 December 31, 2014 Commercial and Industrial $ 231,754 $ 219,029 Construction 137,410 136,955 Real estate - commercial mortgage 658,189 639,163 Real estate - residential mortgage 352,345 354,017 Installment 155,423 74,821 Deferred loan fees and related costs (525 ) (1,050 ) Total loans $ 1,534,596 $ 1,422,935 Allowance for Loan Losses A rollforward of the activity within the allowance for loan losses by loan type and recorded investment in loans for the three and nine months ended September 30, 2015 and 2014 is as follows. Three Months Ended September 30, 2015 Real Estate Commercial Commercial Residential (in thousands) and Industrial Construction Mortgage Mortgage Installment Unallocated Total Allowance for loan losses: Beginning balance $ 6,589 $ 4,281 $ 6,440 $ 5,870 $ 788 $ 3,768 $ 27,736 Charge-offs (3,705 ) (1,557 ) (22 ) (312 ) (42 ) — (5,638 ) Recoveries 235 126 284 125 6 — 776 Provision (36 ) 210 (507 ) 1,161 20 (848 ) — Ending balance $ 3,083 $ 3,060 $ 6,195 $ 6,844 $ 772 $ 2,920 $ 22,874 Three Months Ended September 30, 2014 Real Estate Commercial Commercial Residential (in thousands) and Industrial Construction Mortgage Mortgage Installment Unallocated Total Allowance for loan losses: Beginning balance $ 1,528 $ 3,984 $ 7,652 $ 7,134 $ 1,560 $ 4,204 $ 26,062 Charge-offs (200 ) (943 ) (257 ) (1,020 ) (153 ) — (2,573 ) Recoveries 2,723 1,113 469 883 25 — 5,213 Provision (1,707 ) (306 ) 1,430 335 406 (142 ) 16 Ending balance $ 2,344 $ 3,848 $ 9,294 $ 7,332 $ 1,838 $ 4,062 $ 28,718 Nine Months Ended September 30, 2015 Real Estate Commercial Commercial Residential (in thousands) and Industrial Construction Mortgage Mortgage Installment Unallocated Total Allowance for loan losses: Beginning balance $ 4,605 $ 4,342 $ 6,854 $ 7,142 $ 979 $ 3,128 $ 27,050 Charge-offs (4,074 ) (2,021 ) (288 ) (782 ) (170 ) — (7,335 ) Recoveries 875 617 518 507 42 — 2,559 Provision 1,677 122 (889 ) (23 ) (79 ) (208 ) 600 Ending balance $ 3,083 $ 3,060 $ 6,195 $ 6,844 $ 772 $ 2,920 $ 22,874 Ending balance: attributable to loans individually evaluated for impairment $ 175 $ 715 $ 573 $ 2,134 $ 1 $ 3,598 Recorded investment: loans individually evaluated for impairment $ 4,236 $ 20,983 $ 25,638 $ 12,405 $ 66 Ending balance: attributable to loans collectively evaluated for impairment $ 2,908 $ 2,345 $ 5,622 $ 4,710 $ 771 $ 2,920 $ 19,276 Recorded investment: loans collectively evaluated for impairment $ 227,518 $ 116,427 $ 632,551 $ 339,940 $ 155,357 Nine Months Ended September 30, 2014 Real Estate Commercial Commercial Residential (in thousands) and Industrial Construction Mortgage Mortgage Installment Unallocated Total Allowance for loan losses: Beginning balance $ 2,404 $ 9,807 $ 10,135 $ 7,914 $ 521 $ 4,250 $ 35,031 Charge-offs (1,361 ) (6,370 ) (2,466 ) (3,276 ) (678 ) — (14,151 ) Recoveries 2,993 2,396 737 1,441 155 — 7,722 Provision (1,692 ) (1,985 ) 888 1,253 1,840 (188 ) 116 Ending balance $ 2,344 $ 3,848 $ 9,294 $ 7,332 $ 1,838 $ 4,062 $ 28,718 Ending balance: attributable to loans individually evaluated for impairment $ 463 $ 602 $ 2,096 $ 2,244 $ 47 $ 5,452 Recorded investment: loans individually evaluated for impairment $ 2,051 $ 6,246 $ 27,430 $ 17,627 $ 115 Ending balance: attributable to loans collectively evaluated for impairment $ 1,881 $ 3,246 $ 7,198 $ 5,088 $ 1,791 $ 4,062 $ 23,266 Recorded investment: loans collectively evaluated for impairment $ 203,865 $ 125,260 $ 607,838 $ 329,488 $ 62,047 Management believes the allowance for loan losses as of September 30, 2015 is adequate to absorb losses inherent in the portfolio. However, the allowance is subject to regulatory examinations and determination as to adequacy, which may take into account such factors as the methodology used to calculate the allowance and the size of the allowance in comparison to peer banks identified by regulatory agencies. Such agencies may require us to recognize additions to the allowance for loan losses based on their judgments about information available at the time of the examinations. Impaired Loans Total impaired loans were $63.3 million and $48.9 million at September 30, 2015 , and December 31, 2014 , respectively. The Company continues to resolve its troubled loans through charge-offs, curtailments, pay offs, and returns of loans to performing status. Collateral dependent impaired loans were $57.9 million and $43.3 million at September 30, 2015 , and December 31, 2014 , respectively, and are measured at the fair value of the underlying collateral less costs to sell. Impaired loans for which no allowance is provided totaled $40.7 million and $29.1 million at September 30, 2015 , and December 31, 2014 , respectively. Loans written down to their estimated fair value of collateral less the costs to sell account for $22.0 million and $7.6 million of the impaired loans for which no allowance has been provided as of September 30, 2015 , and December 31, 2014 , respectively. The weighted average age of appraisals for collateral dependent loans is 0.94 and 0.56 years at September 30, 2015 and December 31, 2014 , respectively. The remaining impaired loans for which no allowance is provided are expected to be fully covered by the fair value of the collateral, and therefore, no loss is expected on these loans. The following charts show recorded investment, unpaid balance, and related allowance, as of September 30, 2015 and December 31, 2014 , as well as average investment and interest recognized for the three and nine months ended September 30, 2015 and 2014 , for impaired loans by major segment and class. September 30, 2015 Three Months Ended Nine Months Ended Recorded Unpaid Related Average Interest Average Interest (in thousands) Investment Balance Allowance Investment Recognized Investment Recognized With no related allowance recorded: Commercial & Industrial $ 3,950 $ 4,878 $ — $ 4,017 $ 4 $ 4,063 $ 13 Construction 1-4 family residential construction — — — — — — — Commercial construction 15,425 17,055 — 15,528 — 15,611 — Real estate Commercial Mortgage Owner occupied 12,336 12,553 — 12,711 88 12,771 264 Non-owner occupied 4,172 7,971 — 5,324 8 5,355 15 Residential Mortgage Secured by 1-4 family 1st lien 3,747 4,272 — 4,302 5 4,344 15 Junior lien 1,024 1,513 — 1,241 1 1,272 3 Installment 65 130 — 70 — 70 — $ 40,719 $ 48,372 $ — $ 43,193 $ 106 $ 43,486 $ 310 With an allowance recorded: Commercial & Industrial $ 286 $ 286 $ 175 $ 304 $ — $ 317 $ — Construction 1-4 family residential construction — — — — — — — Commercial construction 5,558 5,558 715 5,577 50 5,628 148 Real estate Commercial Mortgage Owner occupied 5,526 5,526 524 5,565 50 5,609 145 Non-owner occupied 3,604 3,604 49 3,612 47 3,633 141 Residential Mortgage Secured by 1-4 family 1st lien 5,933 6,040 1,392 5,965 38 6,216 123 Junior lien 1,701 1,701 742 1,742 11 1,748 34 Installment 1 1 1 1 — 1 — $ 22,609 $ 22,716 $ 3,598 $ 22,766 $ 196 $ 23,152 $ 591 Total: Commercial & Industrial $ 4,236 $ 5,164 $ 175 $ 4,321 $ 4 $ 4,380 $ 13 Construction 20,983 22,613 715 21,105 50 21,239 148 Real estate Commercial mortgage 25,638 29,654 573 27,212 193 27,368 565 Residential mortgage 12,405 13,526 2,134 13,250 55 13,580 175 Installment 66 131 1 71 — 71 — Total $ 63,328 $ 71,088 $ 3,598 $ 65,959 $ 302 $ 66,638 $ 901 December 31, 2014 Three Months Ended Nine Months Ended Recorded Unpaid Related Average Interest Average Interest (in thousands) Investment Balance Allowance Investment Recognized Investment Recognized With no related allowance recorded: Commercial & Industrial $ 1,082 $ 2,245 $ — $ 1,403 $ 2 $ 1,439 $ 5 Construction 1-4 family residential construction — — — — — — — Commercial construction 4,273 6,765 — 4,853 14 4,897 41 Real estate Commercial Mortgage Owner occupied 12,319 12,692 — 14,663 102 14,780 302 Non-owner occupied 3,550 8,130 — 4,331 4 4,381 12 Residential Mortgage Secured by 1-4 family 1st lien 6,447 7,104 — 7,713 16 7,768 47 Junior lien 1,372 2,729 — 2,333 1 2,347 4 Installment 11 32 — 15 — 15 — $ 29,054 $ 39,697 $ — $ 35,311 $ 139 $ 35,627 $ 411 With an allowance recorded: Commercial & Industrial $ 565 $ 564 $ 412 $ 764 $ 1 $ 774 $ 4 Construction 1-4 family residential construction — — — — — — — Commercial construction 6,379 6,380 887 1,824 13 2,075 46 Real estate Commercial Mortgage Owner occupied 5,313 5,313 379 6,259 59 6,314 174 Non-owner occupied 487 487 100 3,886 — 3,906 — Residential Mortgage Secured by 1-4 family 1st lien 4,970 4,981 1,009 5,770 50 5,792 150 Junior lien 1,987 2,013 708 2,641 5 2,650 9 Installment 104 104 47 104 2 104 4 $ 19,805 $ 19,842 $ 3,542 $ 21,248 $ 130 $ 21,615 $ 387 Total: Commercial & Industrial $ 1,647 $ 2,809 $ 412 $ 2,167 $ 3 $ 2,213 $ 9 Construction 10,652 13,145 887 6,677 27 6,972 87 Real estate Commercial mortgage 21,669 26,622 479 29,139 165 29,381 488 Residential mortgage 14,776 16,827 1,717 18,457 72 18,557 210 Installment 115 136 47 119 2 119 4 Total $ 48,859 $ 59,539 $ 3,542 $ 56,559 $ 269 $ 57,242 $ 798 Non-performing Assets Non-performing assets consist of loans 90 days past due and still accruing interest, nonaccrual loans, and other real estate owned and repossessed assets. Our non-performing assets ratio, defined as the ratio of non-performing assets to gross loans plus loans held for sale plus other real estate owned and repossessed assets was 2.94% and 2.95% at September 30, 2015 and December 31, 2014 , respectively. The Company’s largest borrower, as measured by total exposure, was downgraded to substandard in the third quarter of 2014, and was placed into nonaccrual status during the second quarter of 2015. Non-performing assets as of September 30, 2015 and December 31, 2014 , were as follows. (in thousands) September 30, 2015 December 31, 2014 Loans 90 days past due and still accruing interest $ — $ — Nonaccrual loans, including nonaccrual impaired loans 34,378 21,507 Other real estate owned and repossessed assets 12,450 21,721 Non-performing assets $ 46,828 $ 43,228 A reconciliation of nonaccrual loans to impaired loans as of September 30, 2015 and December 31, 2014 is as follows. (in thousands) September 30, 2015 December 31, 2014 Nonaccrual loans, including nonaccrual impaired loans 34,378 21,507 TDRs on accrual 27,523 25,028 Impaired loans on accrual 1,427 2,324 Total impaired loans $ 63,328 $ 48,859 Nonaccrual loans were $34.4 million at September 30, 2015 compared to $21.5 million at December 31, 2014 . The large increase in nonaccrual loans was primarily due to the decision by management to move the Company's largest remaining substandard relationship into nonaccrual during the second quarter of 2015. If income on nonaccrual loans had been recorded under original terms, $1.0 million and $918 thousand of additional interest income would have been recorded for the nine months ended September 30, 2015 and 2014 respectively. The following table provides a rollforward of nonaccrual loans for the nine months ended September 30, 2015 . Real Estate (in thousands) Commercial & Industrial Construction Commercial Mortgage Residential Mortgage Installment Total Balance at December 31, 2014 $ 1,494 $ 3,621 $ 8,190 $ 8,191 $ 11 $ 21,507 Transfers in 7,255 16,690 2,796 3,991 114 30,846 Transfers to OREO — (14 ) (1,384 ) (2,383 ) — (3,781 ) Charge-offs (4,074 ) (2,021 ) (288 ) (782 ) (170 ) (7,335 ) Payments (670 ) (2,309 ) (987 ) (1,780 ) 111 (5,635 ) Return to accrual — (476 ) (672 ) (76 ) — (1,224 ) Balance at September 30, 2015 $ 4,005 $ 15,491 $ 7,655 $ 7,161 $ 66 $ 34,378 Age Analysis of Past Due Loans An age analysis of past due loans as of September 30, 2015 and December 31, 2014 is as follows. September 30, 2015 90 Days or More Past 30-59 Days 60-89 Days 90 Days Total Total Due and (in thousands) Past Due Past Due Past Due Past Due Current Loans Accruing Commercial & Industrial $ 153 $ — $ 4,005 $ 4,158 $ 227,596 $ 231,754 $ — Construction 1-4 family residential construction — 271 — 271 24,912 25,183 — Commercial construction 9 — 15,491 15,500 96,727 112,227 — Real estate Commercial Mortgage Owner occupied 1,404 — 4,139 5,543 245,280 250,823 — Non-owner occupied — — 3,516 3,516 403,850 407,366 — Residential Mortgage Secured by 1-4 family 1st lien — 233 5,467 5,700 218,438 224,138 — Junior lien 126 — 1,694 1,820 126,387 128,207 — Installment — 196 66 262 155,161 155,423 — Deferred loan fees and related costs — — — — (525 ) (525 ) — Total $ 1,692 $ 700 $ 34,378 $ 36,770 $ 1,497,826 $ 1,534,596 $ — December 31, 2014 90 Days or More Past 30-59 Days 60-89 Days 90 Days Total Total Due and (in thousands) Past Due Past Due Past Due Past Due Current Loans Accruing Commercial & Industrial $ 648 $ — $ 1,494 $ 2,142 $ 216,887 $ 219,029 $ — Construction 1-4 family residential construction — — — — 17,989 17,989 — Commercial construction 66 395 3,621 4,082 114,884 118,966 — Real estate Commercial Mortgage Owner occupied 4,567 364 4,417 9,348 241,426 250,774 — Non-owner occupied 504 63 3,773 4,340 384,049 388,389 — Residential Mortgage Secured by 1-4 family 1st lien 1,905 266 5,940 8,111 217,656 225,767 — Junior lien 264 — 2,251 2,515 125,735 128,250 — Installment — — 11 11 74,810 74,821 — Deferred loan fees and related costs — — — — (1,050 ) (1,050 ) — Total $ 7,954 $ 1,088 $ 21,507 $ 30,549 $ 1,392,386 $ 1,422,935 $ — Credit Quality The following tables provide information on September 30, 2015 and December 31, 2014 about the credit quality of the loan portfolio using the Company’s internal rating system as an indicator. September 30, 2015 Special Nonaccrual (in thousands) Pass Substandard Total Commercial & Industrial $ 217,895 $ 8,187 $ 1,667 $ 4,005 $ 231,754 Construction 1-4 family residential construction 24,791 392 — — 25,183 Commercial construction 89,486 7,182 68 15,491 112,227 Real estate Commercial Mortgage Owner occupied 228,188 15,189 3,307 4,139 250,823 Non-owner occupied 387,580 7,482 8,788 3,516 407,366 Residential Mortgage Secured by 1-4 family 1st lien 201,301 13,433 3,937 5,467 224,138 Junior lien 119,841 4,928 1,744 1,694 128,207 Installment 154,299 1,001 57 66 155,423 Deferred loan fees and related costs (525 ) — — — (525 ) Total $ 1,422,856 $ 57,794 $ 19,568 $ 34,378 $ 1,534,596 December 31, 2014 Special Nonaccrual (in thousands) Pass Substandard Total Commercial & Industrial $ 195,564 $ 14,455 $ 7,516 $ 1,494 $ 219,029 Construction 1-4 family residential construction 17,623 366 — — 17,989 Commercial construction 88,970 9,077 17,298 3,621 118,966 Real estate Commercial Mortgage Owner occupied 218,436 22,289 5,632 4,417 250,774 Non-owner occupied 369,745 9,778 5,093 3,773 388,389 Residential Mortgage Secured by 1-4 family 1st lien 194,104 20,191 5,532 5,940 225,767 Junior lien 118,061 5,686 2,252 2,251 128,250 Installment 73,700 1,002 108 11 74,821 Deferred loan fees and related costs (1,050 ) — — — (1,050 ) Total $ 1,275,153 $ 82,844 $ 43,431 $ 21,507 $ 1,422,935 Modifications Loans meeting the criteria to be classified as Troubled Debt Restructurings (“TDRs”) are included in impaired loans. As of September 30, 2015 and December 31, 2014 , loans classified as TDRs were $29.1 million and $28.4 million , respectively. The following table shows the loans classified as TDRs by management at September 30, 2015 and December 31, 2014 . (in thousands except number of contracts) September 30, 2015 December 31, 2014 Recorded Recorded Troubled Debt Restructurings Number of Contracts Number of Contracts Commercial & Industrial 3 $ 231 2 $ 153 Construction 1-4 family residential construction — — — — Commercial construction 5 6,400 13 8,905 Real estate Commercial Mortgage Owner occupied 13 13,723 11 13,619 Non-owner occupied 4 4,259 1 264 Residential Mortgage Secured by 1-4 family, 1st lien 10 3,215 10 4,156 Secured by 1-4 family, junior lien 7 1,227 7 1,292 Installment — — 1 4 Total 42 $ 29,055 45 $ 28,393 Of total TDRs, $27.5 million was accruing and $1.5 million was nonaccruing at September 30, 2015 and $25.0 million was accruing and $3.4 million was nonaccruing at December 31, 2014 . Loans that are on nonaccrual status at the time of the restructuring generally remain on nonaccrual status for approximately six months before management considers whether such loans may return to accrual status. TDRs in nonaccrual status may be returned to accrual status after a period of performance under which the borrower demonstrates the ability and willingness to repay the loan in accordance with the modified terms. For the nine months ended September 30, 2015 , $22 thousand of the nonaccrual TDRs were returned to accrual status; $576 thousand of the nonaccrual TDRs were returned to accrual status during the year ended December 31, 2014 . The following table shows a rollforward of accruing and nonaccruing TDRs for the nine months ended September 30, 2015 . (in thousands) Accruing Nonaccruing Total Balance at December 31, 2014 $ 25,028 $ 3,365 $ 28,393 Charge-offs — (149 ) (149 ) Payments (1,531 ) (2,353 ) (3,884 ) New TDR designation 4,545 150 4,695 Release TDR designation — — — Transfer (519 ) 519 — Balance at September 30, 2015 $ 27,523 $ 1,532 $ 29,055 The allowance for loan losses allocated to TDRs was $1.6 million and $1.9 million at September 30, 2015 and December 31, 2014 , respectively. There were $149 thousand TDRs charged off and there was $144 thousand allocated portion of allowance for loan losses associated with TDRs charged off, during the nine months ended September 30, 2015 . The total of TDRs charged off and the allocated portion of allowance for loan losses associated with TDRs charged off were $3.2 million and $2.9 million , respectively, during the year ended December 31, 2014 . The following table shows a summary of the primary reason and pre- and post-modification outstanding recorded investment for loan modifications that were classified as TDRs during the three and nine months ended September 30, 2015 and September 30, 2014 . These tables include modifications made to existing TDRs as well as new modifications that are considered TDRs for the periods presented. TDRs made with a below market rate that also include a modification of loan structure are included under rate change. Three Months Ended September 30, 2015 (in thousands except number of contracts) Rate Structure Number of Contracts Pre- Post- Number of Contracts Pre- Post- Troubled Debt Restructurings Commercial & Industrial — $ — $ — 1 $ 123 $ 123 Construction 1-4 family residential construction — — — — — — Commercial construction — — — — — — Real estate Commercial Mortgage Owner occupied — — — — — — Non-owner occupied — — — — — — Residential Mortgage Secured by 1-4 family, 1st lien — — — — — — Secured by 1-4 family, junior lien — — — — — — Installment — — — — — — Total — $ — $ — 1 $ 123 $ 123 Three Months Ended September 30, 2014 (in thousands except number of contracts) Rate Structure Number of Contracts Pre- Post- Number of Contracts Pre- Post- Troubled Debt Restructurings Commercial & Industrial — $ — $ — — $ — $ — Construction 1-4 family residential construction — — — — — — Commercial construction — — — — — — Real estate Commercial Mortgage Owner occupied — — — 1 279 241 Non-owner occupied — — — — — — Residential Mortgage Secured by 1-4 family, 1st lien — — — 2 375 84 Secured by 1-4 family, junior lien — — — 2 889 795 Installment — — — — — — Total — $ — $ — 5 $ 1,543 $ 1,120 Nine Months Ended September 30, 2015 (in thousands except number of contracts) Rate Structure Number of Contracts Pre- Post- Number of Contracts Pre- Post- Troubled Debt Restructurings Commercial & Industrial — $ — $ — 1 $ 123 $ 123 Construction 1-4 family residential construction — — — — — — Commercial construction — — — — — — Real estate Commercial Mortgage Owner occupied 2 704 391 — — — Non-owner occupied — — — 3 4,606 4,031 Residential Mortgage Secured by 1-4 family, 1st lien — — — 1 28 28 Secured by 1-4 family, junior lien — — — 1 122 122 Installment — — — — — — Total 2 $ 704 $ 391 6 $ 4,879 $ 4,304 Nine Months Ended September 30, 2014 (in thousands except number of contracts) Rate Structure Number of Contracts Pre- Post- Number of Contracts Pre- Post- Troubled Debt Restructurings Commercial & Industrial — $ — $ — 1 $ 68 $ 68 Construction 1-4 family residential construction — — — — — — Commercial construction — — — — — — Real estate Commercial Mortgage Owner occupied 1 451 451 1 279 241 Non-owner occupied — — — — — — Residential Mortgage Secured by 1-4 family, 1st lien — — — 4 783 310 Secured by 1-4 family, junior lien — — — 3 891 797 Installment — — — — — — Total 1 $ 451 $ 451 9 $ 2,021 $ 1,416 For the three and nine months ended September 30, 2015 and 2014 , the Company had no loans for which there was a payment default and subsequent movement to nonaccrual status, that were modified as TDR’s within the previous twelve months. Loans that are considered TDRs are considered specifically impaired and the primary consideration for measurement of impairment is the present value of the expected cash flows. However, given the prevalence of real estate secured loans in the Company’s portfolio of troubled assets, the majority of the Company’s TDR loans are ultimately considered collateral-dependent. As a practical expedient, impairments are, therefore, calculated based upon the estimated fair value of the underlying collateral. Observable market prices for the sale of the respective notes are not considered as a basis for impairment for any of the Company’s loans as of September 30, 2015 and December 31, 2014. In determining the estimated fair value of collateral dependent impaired loans, the Company uses third party appraisals and, if necessary, utilizes a proprietary database of its own historical property appraisals in conjunction with external data and applies a relevant discount derived from analysis of appraisals of similar property type, vintage, and geographic location (for example, in situations where the most recent available appraisal is aged and an updated appraisal has not yet been received). The Company does not participate in any government or company sponsored TDR programs and holds no corresponding assets. Rather, loans are individually modified in situations where the Company believes it will minimize the probability of losses to the Company. Additionally, the Company had no commitments to lend additional funds to debtors owing receivables whose terms have been modified in TDRs at September 30, 2015 and December 31, 2014. |