content_image/198168.jpg content_image/198167.jpg
The following table summarizes the recorded investment in loans modified in a TDR both before and after their modification during the respective period. 

<img src='content_image/198168.jpg'>

The majority of the loans modified in a TDR during the year ended December 31, 2011 included delays in required payments of principal and/or interest or where the only concession granted by the Company was that the interest rate at renewal was not considered to be a market rate. Only two modifications during the year ended December 31, 2011 were A/B note restructurings, where the B note was charged off. Total charge-offs related to B notes during the year ended December 31, 2011 were approximately $0.6 million. Other decreases in the post modification outstanding recorded investment were due to principal payments made by the borrower at the date of modification. In certain circumstances, the Company may require the borrower to reduce the principal balance in order to grant an extension or renewal of the loan. 

The following table summarizes the recorded investment in loans modified in a TDR within 2011 for which there was a payment default (defined as 90 days or more past due) during the respective period. 

<img src='content_image/198167.jpg'>

