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Loans Receivable, Net | 12 Months Ended
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Dec. 31, 2020
Receivables [Abstract] |
Loans Receivable, Net | Loans Receivable, Net On January 1, 2020, the Company adopted FASB ASU 2016-13, Financial Instruments - Credit Losses, which significantly changed the loan and allowance for credit loss accounting disclosures. The following loan and allowance for credit loss accounting disclosures are presented in accordance with ASC Topic 326, whereas prior periods are presented in accordance with the incurred loss model as disclosed in the Company’s 2019 Annual Report on Form 10-K. The following table presents loans receivable for each portfolio segment of loans:
(Dollars in thousands) | December 31, 2020 |  | December 31, 2019
Residential real estate | $ | 802,508 |  |  | 926,388 |
Commercial real estate | 6,315,895 |  |  | 5,579,307 |
Other commercial | 3,054,817 |  |  | 2,094,254 |
Home equity | 636,405 |  |  | 617,201 |
Other consumer | 313,071 |  |  | 295,660 |
Loans receivable | 11,122,696 |  |  | 9,512,810 |
Allowance for credit losses | (158,243) |  |  | (124,490) |
Loans receivable, net | $ | 10,964,453 |  |  | 9,388,320 |
Net deferred origination (fees) costs included in loans receivable | $ | (26,709) |  |  | (6,964) |
Net purchase accounting (discounts) premiums included in loans receivable | $ | (17,091) |  |  | (21,574) |
Accrued interest receivable on loans | $ | 53,538 |  |  | 40,962 |
Substantially all of the Company’s loans receivable are with borrowers in the Company’s geographic market areas. Although the Company has a diversified loan portfolio, a substantial portion of borrowers’ ability to service their obligations is dependent upon the economic performance in the Company’s market areas. Other than purchases through bank acquisitions, the Company had no significant purchases or sales of portfolio loans or reclassification of loans held for investment to loans held for sale during 2020, 2019 and 2018. At December 31, 2020, the Company had loans of $6,707,315,000 pledged as collateral for FHLB advances and FRB discount window. The Company is subject to regulatory limits for the amount of loans to any individual borrower and the Company is in compliance with this regulation as of December 31, 2020 and 2019. No borrower had outstanding loans or commitments exceeding 10 percent of the Company’s consolidated stockholders’ equity as of December 31, 2020. The Company has entered into transactions with its executive officers and directors and their affiliates. The aggregate amount of loans outstanding to such related parties at December 31, 2020 and 2019 was $77,634,000 and $57,825,000, respectively. During 2020, net new loans to such related parties were $35,242,000 and repayments were $15,432,000. In management’s opinion, such loans were made in the ordinary course of business and were made on substantially the same terms as those prevailing at the time for comparable transaction with other persons. Allowance for Credit Losses - Loans Receivable The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on loans. The following tables summarize the activity in the ACL:
| Year ended December 31, 2020
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Balance at beginning of period | $ | 124,490 |  |  | 10,111 |  |  | 69,496 |  |  | 36,129 |  |  | 4,937 |  |  | 3,817 |
Impact of adopting CECL | 3,720 |  |  | 3,584 |  |  | 10,533 |  |  | (13,759) |  |  | 3,400 |  |  | (38) |
Acquisitions | 49 |  |  | — |  |  | 49 |  |  | — |  |  | — |  |  | — |
Provision for credit losses | 37,637 |  |  | (4,131) |  |  | 9,324 |  |  | 29,812 |  |  | (27) |  |  | 2,659 |
Charge-offs | (13,808) |  |  | (21) |  |  | (3,497) |  |  | (4,860) |  |  | (384) |  |  | (5,046) |
Recoveries | 6,155 |  |  | 61 |  |  | 1,094 |  |  | 1,811 |  |  | 256 |  |  | 2,933 |
Balance at end of period | $ | 158,243 |  |  | 9,604 |  |  | 86,999 |  |  | 49,133 |  |  | 8,182 |  |  | 4,325 |
| Year ended December 31, 2019
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Balance at beginning of period | $ | 131,239 |  |  | 10,631 |  |  | 72,448 |  |  | 38,160 |  |  | 5,811 |  |  | 4,189 |
Provision for credit losses | 57 |  |  | (163) |  |  | (2,704) |  |  | (23) |  |  | (863) |  |  | 3,810 |
Charge-offs | (15,178) |  |  | (608) |  |  | (2,460) |  |  | (4,189) |  |  | (90) |  |  | (7,831) |
Recoveries | 8,372 |  |  | 251 |  |  | 2,212 |  |  | 2,181 |  |  | 79 |  |  | 3,649 |
Balance at end of period | $ | 124,490 |  |  | 10,111 |  |  | 69,496 |  |  | 36,129 |  |  | 4,937 |  |  | 3,817 |
| Year ended December 31, 2018
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Balance at beginning of period | $ | 129,568 |  |  | 10,798 |  |  | 68,515 |  |  | 39,303 |  |  | 6,204 |  |  | 4,748 |
Provision for credit losses | 9,953 |  |  | 474 |  |  | 4,343 |  |  | 1,916 |  |  | (471) |  |  | 3,691 |
Charge-offs | (17,807) |  |  | (728) |  |  | (3,469) |  |  | (5,045) |  |  | (210) |  |  | (8,355) |
Recoveries | 9,525 |  |  | 87 |  |  | 3,059 |  |  | 1,986 |  |  | 288 |  |  | 4,105 |
Balance at end of period | $ | 131,239 |  |  | 10,631 |  |  | 72,448 |  |  | 38,160 |  |  | 5,811 |  |  | 4,189 |
As a result of the adoption of the CECL accounting standard, the Company adjusted the January 1, 2020 ACL balances within each loan segment to reflect the changes from the incurred loss model to the current expected credit loss model which resulted in increases and decreases in each loan segment based on, among other factors, quantitative and qualitative assumptions and the economic forecast to estimate the provision for credit losses over the expected life of the loans. During the year ended December 31, 2020, primarily as a result of the COVID-19 pandemic, there was a significant increase in the overall ACL and increases and decreases within certain loan segments. In addition, the acquisition of SBAZ resulted in a $4,794,000 increase in the ACL due to the provision for credit losses recorded subsequent to the acquisition date. The COVID-19 pandemic significantly adjusted the economic forecast used in the ACL model including a significant increase in national and regional unemployment rates and a significant decrease in the gross domestic product (“GDP”). The sizeable charge-offs in the other consumer loan segment is driven by deposit overdraft charge-offs which typically experience high charge-off rates and the amounts were comparable to historical trends. The other segments experience routine charge-offs and recoveries, with occasional large credit relationships charge-offs and recoveries that cause fluctuations from prior prior periods. During the year ended December 31, 2020, there have been no significant changes to the types of collateral securing collateral-dependent loans. During the year ended December 31, 2020, the Company acquired loans through the SBAZ acquisition. Such loans were evaluated at acquisition date and it was determined there were PCD loans totaling $3,401,000 with an ACL of $49,000. There was also a discount associated with such loans of $13,000, which was attributable to changes in interest rates and other factors such as liquidity as of acquisition date. Aging Analysis The following tables present an aging analysis of the recorded investment in loans by loan class:
| December 31, 2020
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Accruing loans 30-59 days past due | $ | 17,123 |  |  | 6,058 |  |  | 3,854 |  |  | 4,039 |  |  | 2,130 |  |  | 1,042 |
Accruing loans 60-89 days past due | 5,598 |  |  | 584 |  |  | 2,299 |  |  | 809 |  |  | 756 |  |  | 1,150 |
Accruing loans 90 days or more past due | 1,725 |  |  | 934 |  |  | 231 |  |  | 293 |  |  | 135 |  |  | 132 |
Non-accrual loans with no ACL | 29,532 |  |  | 3,129 |  |  | 14,030 |  |  | 9,231 |  |  | 2,664 |  |  | 478 |
Non-accrual loans with ACL | 2,432 |  |  | 274 |  |  | 1,787 |  |  | 278 |  |  | 49 |  |  | 44 |
Total past due and non-accrual loans | 56,410 |  |  | 10,979 |  |  | 22,201 |  |  | 14,650 |  |  | 5,734 |  |  | 2,846 |
Current loans receivable | 11,066,286 |  |  | 791,529 |  |  | 6,293,694 |  |  | 3,040,167 |  |  | 630,671 |  |  | 310,225 |
Total loans receivable | $ | 11,122,696 |  |  | 802,508 |  |  | 6,315,895 |  |  | 3,054,817 |  |  | 636,405 |  |  | 313,071 |
| December 31, 2019
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Accruing loans 30-59 days past due | $ | 15,944 |  |  | 3,403 |  |  | 4,946 |  |  | 4,685 |  |  | 1,040 |  |  | 1,870 |
Accruing loans 60-89 days past due | 7,248 |  |  | 749 |  |  | 2,317 |  |  | 1,190 |  |  | 1,902 |  |  | 1,090 |
Accruing loans 90 days or more past due | 1,412 |  |  | 753 |  |  | 64 |  |  | 143 |  |  | — |  |  | 452 |
Non-accrual loans | 30,883 |  |  | 4,715 |  |  | 15,650 |  |  | 6,592 |  |  | 3,266 |  |  | 660 |
Total past due and non-accrual loans | 55,487 |  |  | 9,620 |  |  | 22,977 |  |  | 12,610 |  |  | 6,208 |  |  | 4,072 |
Current loans receivable | 9,457,323 |  |  | 916,768 |  |  | 5,556,330 |  |  | 2,081,644 |  |  | 610,993 |  |  | 291,588 |
Total loans receivable | $ | 9,512,810 |  |  | 926,388 |  |  | 5,579,307 |  |  | 2,094,254 |  |  | 617,201 |  |  | 295,660 |
The Company had $832,000 of interest reversed on non-accrual loans during the year ended December 31, 2020. The current year modifications that were made under the CARES Act, along with related regulatory guidance, are included in current loan receivables in the table above. Collateral-Dependent Loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The collateral on the loans is a significant portion of what secures the collateral-dependent loans and significant changes to the fair value of the collateral can impact the ACL. During 2020, there were no significant changes to the which the collateral secures the collateral-dependent loans, whether due to general deterioration or other reasons. The following table presents the amortized cost basis of collateral-dependent loans by collateral type:
| December 31, 2020
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Business assets | $ | 4,325 |  |  | — |  |  | 37 |  |  | 4,288 |  |  | — |  |  | — |
Residential real estate | 7,148 |  |  | 3,338 |  |  | 1,043 |  |  | 198 |  |  | 2,513 |  |  | 56 |
Other real estate | 16,127 |  |  | 64 |  |  | 14,738 |  |  | 1,086 |  |  | 200 |  |  | 39 |
Other | 36,855 |  |  | — |  |  | — |  |  | 36,469 |  |  | — |  |  | 386 |
Total | $ | 64,455 |  |  | 3,402 |  |  | 15,818 |  |  | 42,041 |  |  | 2,713 |  |  | 481 |
Restructured Loans A restructured loan is considered a troubled debt restructuring if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. The following tables present TDRs that occurred during the periods presented and the TDRs that occurred within the previous twelve months that subsequently defaulted during the periods presented:
| Year ended December 31, 2020
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
TDRs that occurred during the period |  |  |  |  |  |  |  |  |  |  |
Number of loans | 16 |  |  | 1 |  |  | 10 |  |  | 4 |  |  | 1 |  |  | — |
Pre-modification recorded balance | $ | 14,945 |  |  | 210 |  |  | 13,392 |  |  | 1,304 |  |  | 39 |  |  | — |
Post-modification recorded balance | $ | 14,945 |  |  | 210 |  |  | 13,392 |  |  | 1,304 |  |  | 39 |  |  | — |
TDRs that subsequently defaulted |  |  |  |  |  |  |  |  |  |  |
Number of loans | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Recorded balance | $ | 145 |  |  | — |  |  | 145 |  |  | — |  |  | — |  |  | — |
| Year ended December 31, 2019
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
TDRs that occurred during the period |  |  |  |  |  |  |  |  |  |  |
Number of loans | 18 |  |  | 1 |  |  | 6 |  |  | 6 |  |  | 2 |  |  | 3 |
Pre-modification recorded balance | $ | 18,508 |  |  | 117 |  |  | 8,524 |  |  | 9,382 |  |  | 214 |  |  | 271 |
Post-modification recorded balance | $ | 18,476 |  |  | 123 |  |  | 8,524 |  |  | 9,364 |  |  | 214 |  |  | 251 |
TDRs that subsequently defaulted |  |  |  |  |  |  |  |  |  |  |
Number of loans | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Recorded balance | $ | 106 |  |  | — |  |  | 106 |  |  | — |  |  | — |  |  | — |
| Year ended December 31, 2018
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
TDRs that occurred during the period |  |  |  |  |  |  |  |  |  |  |
Number of loans | 25 |  |  | 4 |  |  | 8 |  |  | 10 |  |  | 2 |  |  | 1 |
Pre-modification recorded balance | $ | 21,995 |  |  | 724 |  |  | 12,901 |  |  | 7,813 |  |  | 252 |  |  | 305 |
Post-modification recorded balance | $ | 21,881 |  |  | 724 |  |  | 12,787 |  |  | 7,813 |  |  | 252 |  |  | 305 |
TDRs that subsequently defaulted |  |  |  |  |  |  |  |  |  |  |
Number of loans | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Recorded balance | $ | 47 |  |  | 47 |  |  | — |  |  | — |  |  | — |  |  | — |
The modifications for the loans designated as TDRs during the years ended December 31, 2020, 2019 and 2018 included one or a combination of the following: an extension of the maturity date, a reduction of the interest rate or a reduction in the principal amount. In addition to the loans designated as TDRs during the period provided in the preceding tables, the Company had TDRs with pre-modification loan balances of $2,278,000, $2,992,000 and $6,793,000 for the years ended December 31, 2020, 2019 and 2018, respectively, for which OREO was received in full or partial satisfaction of the loans. The majority of such TDRs were in commercial real estate for the year ended December 31, 2020, residential real estate for the year ended December 31, 2019, and, commercial real estate for the year ended December 31, 2018. At December 31, 2020 and 2019, the Company had $548,000 and $1,744,000, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process. At December 31, 2020 and 2019, the Company had $273,000 and $1,504,000, respectively, of OREO secured by residential real estate properties. There were $817,000 and $3,933,000 of additional unfunded commitments on TDRs outstanding at December 31, 2020 and 2019, respectively. The amount of charge-offs on TDRs during 2020, 2019 and 2018 was $453,000, $709,000 and $1,685,000, respectively. In the current year, the Company also modified loans under the CARES Act, along with related regulatory guidance, that were not classified as TDRs. In addition, the state of Montana created the Montana Loan Deferment Program for only Montana-based business that utilized Cares Act funds to provide interest payments upfront on behalf of participating borrowers. The Montana Loan Deferment Program provided modifications for customers under the CARES Act that were not classified as TDRs. Credit Quality Indicators The Company categorizes commercial real estate and other commercial loans into risk categories based on relevant information about the ability of borrowers to service their obligations. The following tables present the amortized cost in commercial real estate and other commercial loans based on the Company’s internal risk rating. The date of a modification, renewal or extension of a loan is considered for the year of origination if the terms of the loan are as favorable to the Company as the terms are for a comparable loan to other borrowers with similar credit risk.
| December 31, 2020
(Dollars in thousands) | Total |  | Pass |  | Special Mention |  | Substandard |  | Doubtful/ Loss
Commercial real estate loans |  |  |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |  |  |
2020 | $ | 1,496,094 |  |  | 1,490,947 |  |  | — |  |  | 5,147 |  |  | — |
2019 | 1,077,461 |  |  | 1,069,503 |  |  | — |  |  | 7,958 |  |  | — |
2018 | 914,506 |  |  | 874,673 |  |  | — |  |  | 39,833 |  |  | — |
2017 | 723,448 |  |  | 696,371 |  |  | — |  |  | 27,077 |  |  | — |
2016 | 496,275 |  |  | 481,392 |  |  | — |  |  | 14,883 |  |  | — |
Prior | 1,488,281 |  |  | 1,450,596 |  |  | — |  |  | 37,574 |  |  | 111 |
Revolving loans | 119,830 |  |  | 116,548 |  |  | — |  |  | 3,282 |  |  | — |
Total | $ | 6,315,895 |  |  | 6,180,030 |  |  | — |  |  | 135,754 |  |  | 111 |
Other commercial loans 1 |  |  |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |  |  |
2020 | $ | 1,366,664 |  |  | 1,341,316 |  |  | 19,564 |  |  | 5,784 |  |  | — |
2019 | 304,430 |  |  | 284,981 |  |  | 12,582 |  |  | 6,864 |  |  | 3 |
2018 | 241,222 |  |  | 234,988 |  |  | — |  |  | 6,233 |  |  | 1 |
2017 | 269,857 |  |  | 264,651 |  |  | — |  |  | 5,114 |  |  | 92 |
2016 | 179,225 |  |  | 177,164 |  |  | — |  |  | 2,056 |  |  | 5 |
Prior | 218,306 |  |  | 206,431 |  |  | — |  |  | 11,329 |  |  | 546 |
Revolving loans | 475,113 |  |  | 467,929 |  |  | 54 |  |  | 7,112 |  |  | 18 |
Total | $ | 3,054,817 |  |  | 2,977,460 |  |  | 32,200 |  |  | 44,492 |  |  | 665 |
______________________________ 1 Includes PPP loans. For residential real estate, home equity and other consumer loan segments, the Company evaluates credit quality primarily on the aging status of the loan. The following tables present the amortized cost of residential real estate, home equity and other consumer loans based on payment performance:
| December 31, 2020
(Dollars in thousands) | Total |  | Performing |  | 30-89 Days Past Due |  | Non-Accrual and 90 Days or More Past Due
Residential real estate loans |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |
2020 | $ | 208,679 |  |  | 207,432 |  |  | 1,247 |  |  | — |
2019 | 181,924 |  |  | 179,915 |  |  | 2,009 |  |  | — |
2018 | 100,273 |  |  | 99,135 |  |  | 556 |  |  | 582 |
2017 | 76,394 |  |  | 75,527 |  |  | 867 |  |  | — |
2016 | 53,819 |  |  | 52,905 |  |  | 87 |  |  | 827 |
Prior | 179,085 |  |  | 174,281 |  |  | 1,876 |  |  | 2,928 |
Revolving loans | 2,334 |  |  | 2,334 |  |  | — |  |  | — |
Total | $ | 802,508 |  |  | 791,529 |  |  | 6,642 |  |  | 4,337 |
Home equity loans |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |
2020 | $ | 89 |  |  | 89 |  |  | — |  |  | — |
2019 | 807 |  |  | 771 |  |  | — |  |  | 36 |
2018 | 1,782 |  |  | 1,782 |  |  | — |  |  | — |
2017 | 1,452 |  |  | 1,426 |  |  | 26 |  |  | — |
2016 | 1,016 |  |  | 1,016 |  |  | — |  |  | — |
Prior | 14,025 |  |  | 13,042 |  |  | 463 |  |  | 520 |
Revolving loans | 617,234 |  |  | 612,545 |  |  | 2,397 |  |  | 2,292 |
Total | $ | 636,405 |  |  | 630,671 |  |  | 2,886 |  |  | 2,848 |
Other consumer loans |  |  |  |  |  |  |
Term loans by origination year |  |  |  |  |  |  |
2020 | $ | 131,302 |  |  | 131,098 |  |  | 158 |  |  | 46 |
2019 | 66,327 |  |  | 65,921 |  |  | 170 |  |  | 236 |
2018 | 42,827 |  |  | 42,557 |  |  | 212 |  |  | 58 |
2017 | 16,287 |  |  | 16,202 |  |  | 38 |  |  | 47 |
2016 | 10,519 |  |  | 10,409 |  |  | 48 |  |  | 62 |
Prior | 18,692 |  |  | 17,334 |  |  | 1,155 |  |  | 203 |
Revolving loans | 27,117 |  |  | 26,704 |  |  | 411 |  |  | 2 |
Total | $ | 313,071 |  |  | 310,225 |  |  | 2,192 |  |  | 654 |
Additional Disclosures The implementation of FASB ASU 2016-13, Financial Instruments - Credit Losses significantly changed disclosures related to loans and, as a result, certain disclosures are no longer required. The following tables represent disclosures for the prior period presented that are no longer required as of January 1, 2020, but are included in this Annual Report on Form 10-K since the Company is required to disclose comparative information. The following table disclosed the recorded investment in loans and the balance in the allowance separated by loans individually evaluated and collectively evaluated for impairment:
| December 31, 2019
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Loans receivable |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 94,504 |  |  | 7,804 |  |  | 58,609 |  |  | 21,475 |  |  | 3,745 |  |  | 2,871 |
Collectively evaluated for impairment | 9,418,306 |  |  | 918,584 |  |  | 5,520,698 |  |  | 2,072,779 |  |  | 613,456 |  |  | 292,789 |
Total loans receivable | $ | 9,512,810 |  |  | 926,388 |  |  | 5,579,307 |  |  | 2,094,254 |  |  | 617,201 |  |  | 295,660 |
Allowance for loan and lease losses |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 95 |  |  | — |  |  | 73 |  |  | 10 |  |  | — |  |  | 12 |
Collectively evaluated for impairment | 124,395 |  |  | 10,111 |  |  | 69,423 |  |  | 36,119 |  |  | 4,937 |  |  | 3,805 |
Total allowance for loan and lease losses | $ | 124,490 |  |  | 10,111 |  |  | 69,496 |  |  | 36,129 |  |  | 4,937 |  |  | 3,817 |
The following table disclosed information related to impaired loans:
| At or for the Year ended December 31, 2019
(Dollars in thousands) | Total |  | Residential Real Estate |  | Commercial Real Estate |  | Other Commercial |  | Home Equity |  | Other Consumer
Loans with a specific valuation allowance |  |  |  |  |  |  |  |  |  |  |
Recorded balance | $ | 5,388 |  |  | — |  |  | 5,343 |  |  | 10 |  |  | — |  |  | 35 |
Unpaid principal balance | 5,388 |  |  | — |  |  | 5,343 |  |  | 10 |  |  | — |  |  | 35 |
Specific valuation allowance | 95 |  |  | — |  |  | 73 |  |  | 10 |  |  | — |  |  | 12 |
Average balance | 10,378 |  |  | 409 |  |  | 6,341 |  |  | 3,490 |  |  | 24 |  |  | 114 |
Loans without a specific valuation allowance |  |  |  |  |  |  |  |  |  |  |
Recorded balance | 89,116 |  |  | 7,804 |  |  | 53,266 |  |  | 21,465 |  |  | 3,745 |  |  | 2,836 |
Unpaid principal balance | 99,355 |  |  | 9,220 |  |  | 57,735 |  |  | 24,758 |  |  | 4,494 |  |  | 3,148 |
Average balance | 93,338 |  |  | 9,879 |  |  | 59,107 |  |  | 18,079 |  |  | 3,486 |  |  | 2,787 |
Total |  |  |  |  |  |  |  |  |  |  |
Recorded balance | $ | 94,504 |  |  | 7,804 |  |  | 58,609 |  |  | 21,475 |  |  | 3,745 |  |  | 2,871 |
Unpaid principal balance | 104,743 |  |  | 9,220 |  |  | 63,078 |  |  | 24,768 |  |  | 4,494 |  |  | 3,183 |
Specific valuation allowance | 95 |  |  | — |  |  | 73 |  |  | 10 |  |  | — |  |  | 12 |
Average balance | 103,716 |  |  | 10,288 |  |  | 65,448 |  |  | 21,569 |  |  | 3,510 |  |  | 2,901 |
Interest income recognized on impaired loans for the year ended December 31, 2019 was not significant.

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