The following table summarizes the recorded investment in loans modified in a TDR both before and after their  modification during the respective period. 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 $0.6 million. Other decreases in the post modification outstanding recorded  investment were due to principal payments made by the borrower at the date of modification. In certain circumstances, the  Company may require the borrower to reduce the principal balance in order to grant an extension or renewal of the loan. The following table summarizes the recorded investment in loans modified in a TDR within 2011 for which there was a  payment default (defined as 90 days or more past due) during the respective period.  page 60 Year ended December 31, 2011 Number of Recorded ($ in thousands) Contracts investment TDRs: Commercial and industrial — — Construction and land development Commercial real estate: Owner occupied 2 1,172 Other 1 1,201 Total commercial real estate 3 2,373 Residential real estate: Consumer mortgages — — Investment property Total residential real estate — — Consumer installment Total  3 2,373 Year ended December 31, 2011 Pre- Post - modification modification Number outstanding outstanding of recorded recorded ($ in thousands) contracts investment investment TDRs: Commercial and industrial 2 $ 791 523 Construction and land development 3 4,925 4,894 Commercial real estate: Owner occupied 5 3,127 2,840 Other 1 1,229 1,229 Total commercial real estate 6 4,356 4,069 Residential real estate: Consumer mortgages — — — Investment property 1 391 391 Total residential real estate Consumer installment — — — Total  12 $ 10,463 9,877