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Contractual Obligations
At the end of 2015, the Company had contractual obligations for the following payments, by type and period due:
Contractual Obligations
(dollars in thousands)
Long-termdebt obligations
32,928
$
2,000
$
-
$
-
$
30,928
$
Operating lease obligations
8,159
1,190
2,185
1,577
3,207
Other long-termobligations
795
795
Total
41,882
$
3,190
$
2,185
$
1,577
$
34,930
$
Payments Due by Period
Total
Less Than 1
Year
1-3 Years
3-5 Years
More Than 5
Years
Nonperforming Assets
Nonperforming assets (“NPAs”) are comprised of loans for which the Company is no longer accruing interest, and
foreclosed assets including mobile homes and OREO. If the Company grants a concession to a borrower in financial
difficulty, the loan falls into the category of a troubled debt restructuring (“TDR”), which may be classified as either
nonperforming or performing depending on the loan’s accrual status. The following table presents comparative data
for the Company’s NPAs and performing TDRs as of the dates noted:
Nonperforming Assets andPerforming TDRs
(dollars in thousands)
2015
2014
2013
2012
2011
Real Estate:
1-4 family residential construction
-
$
-
$
-
$
153
$
2,244
$
Other Construction/Land
457
3,547
5,528
11,163
4,083
1-4 family - closed-end
2,298
3,042
13,168
15,381
7,605
Equity Lines
1,770
1,049
778
1,026
1,309
Multi-family residential
630
171
-
-
2,941
Commercial RE- owner occupied
2,325
3,417
5,516
5,314
7,086
Commercial RE- non-owner occupied
262
7,754
8,058
11,642
13,958
Farmland
610
51
282
1,933
6,919
TOTAL REAL ESTATE
8,352
19,031
33,330
46,612
46,145
Agricultural
-
-
470
664
-
Commercial and Industrial
710
821
2,622
4,545
7,230
Direct finance leases
-
-
-
135
591
Consumer loans
572
826
992
1,138
2,144
TOTAL NONPERFORMINGLOANS
(1)
9,634
$
20,678
$
37,414
$
53,094
$
56,110
$
Foreclosed assets
3,193
3,991
8,185
19,754
15,364
Total nonperforming assets
12,827
$
24,669
$
45,599
$
72,848
$
71,474
$
Performing TDRs
(1)
12,431
$
12,359
$
15,239
$
18,652
$
36,058
$
Nonperforming loans as a % of total gross loans and leases
0.85%
2.13% 4.66%
6.03%
7.41%
Nonperforming assets as a % of total gross loans
and leases and foreclosed assets
1.13%
2.53% 5.62%
8.10%
9.25%
(1)
Performing TDRs are not included in nonperforming loans above, nor are they included
in the numerators used to calculate the ratios disclosed in this table.
As of December 31,
At the end of 2006, prior to the recession, our NPAs totaled less than $1 million and comprised only 0.08% of total
loans and leases plus foreclosed assets. They subsequently escalated to as high as $80 million, or close to 9% of total
loans and leases plus foreclosed assets at September 30, 2009, due to deterioration in the economy and the associated
negative impact on our borrowers. By the end of 2015 total NPAs had been reduced to $12.8 million, or about 1% of
gross loans and leases plus foreclosed assets, in response to better economic conditions and our continuous concerted
efforts to improve credit quality. This contraction in NPAs includes a drop of $12 million, or 48%, during 2015,