Accruing loans that were restructured within the twelve months ending December 31, 2013, 2012 and 2011 and defaulted during the twelve months ended December 31, 2013, 2012 and 2011 are presented in the table below. The Company considers a loan to have defaulted when it becomes 60 days or more delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to other real estate owned. A defaulted TDR is generally placed on nonaccrual and specific allowance for loan loss is assigned in accordance with the Company’s policy as disclosed in Note A.
| Number of Contracts |
Recorded Investment |
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| (Dollars in thousands) | ||||||||
|
December 31, 2013: |
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|
Residential real estate |
1 | $ | 328 | |||||
|
Commercial real estate |
1 | 1,620 | ||||||
|
December 31, 2012: |
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|
Residential real estate |
7 | $ | 913 | |||||
|
December 31, 2011: |
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|
Construction and land development |
1 | $ | 37 | |||||
|
Residential real estate |
1 | 220 | ||||||
|
Commercial and financial |
1 | 8 | ||||||