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LOANS | 12 Months Ended
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Dec. 31, 2016
Receivables [Abstract] |
LOANS | LOANS The Company’s loan portfolio is segregated into the following segments: commercial real estate, commercial and industrial, residential mortgage, and consumer. Commercial real estate loans include construction, single and multi-family, and other commercial real estate classes. Commercial and industrial loans include asset based lending loans, lease financing, and other commercial business loans. Residential mortgage loans include classes for 1-4 family owner occupied and construction loans. Consumer loans include home equity, direct and indirect auto and other consumer loan classes. These portfolio segments each have unique risk characteristics that are considered when determining the appropriate level for the allowance for loan losses. A substantial portion of the loan portfolio is secured by real estate in western Massachusetts, southern Vermont, northeastern New York, and in the Bank’s other New England lending areas. The ability of many of the Bank’s borrowers to honor their contracts is dependent, among other things, on the specific economy and real estate markets of these areas. Total loans include business activity loans and acquired loans. Acquired loans are those loans acquired from First Choice Bank, Parke Bank, Firestone Financial Corp., Hampden Bancorp, Inc., the New York branch acquisition, Beacon Federal Bancorp, Inc., The Connecticut Bank and Trust Company, Legacy Bancorp, Inc., and Rome Bancorp, Inc. The following is a summary of total loans:
|  | December 31, 2016 |  | December 31, 2015
(In thousands) |  | Business Activities Loans |  | Acquired Loans |  | Total |  | Business Activities Loans |  | Acquired Loans |  | Total
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 253,302 |  |  | $ | 34,207 |  |  | $ | 287,509 |  |  | $ | 210,196 |  |  | $ | 43,474 |  |  | $ | 253,670 |
Single and multi-family |  | 191,819 |  |  | 125,672 |  |  | 317,491 |  |  | 214,823 |  |  | 36,783 |  |  | 251,606 |
Other commercial real estate |  | 1,481,223 |  |  | 530,215 |  |  | 2,011,438 |  |  | 1,209,008 |  |  | 345,483 |  |  | 1,554,491 |
Total commercial real estate |  | 1,926,344 |  |  | 690,094 |  |  | 2,616,438 |  |  | 1,634,027 |  |  | 425,740 |  |  | 2,059,767 |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset based lending |  | 321,270 |  |  | — |  |  | 321,270 |  |  | 331,253 |  |  | — |  |  | 331,253 |
Other commercial and industrial loans |  | 586,832 |  |  | 153,936 |  |  | 740,768 |  |  | 495,979 |  |  | 221,031 |  |  | 717,010 |
Total commercial and industrial loans |  | 908,102 |  |  | 153,936 |  |  | 1,062,038 |  |  | 827,232 |  |  | 221,031 |  |  | 1,048,263 |
Total commercial loans |  | 2,834,446 |  |  | 844,030 |  |  | 3,678,476 |  |  | 2,461,259 |  |  | 646,771 |  |  | 3,108,030 |
Residential mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family |  | 1,583,794 |  |  | 297,355 |  |  | 1,881,149 |  |  | 1,454,233 |  |  | 332,747 |  |  | 1,786,980 |
Construction |  | 11,178 |  |  | 804 |  |  | 11,982 |  |  | 26,704 |  |  | 1,351 |  |  | 28,055 |
Total residential mortgages |  | 1,594,972 |  |  | 298,159 |  |  | 1,893,131 |  |  | 1,480,937 |  |  | 334,098 |  |  | 1,815,035 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 313,521 |  |  | 80,279 |  |  | 393,800 |  |  | 307,159 |  |  | 53,446 |  |  | 360,605 |
Auto and other |  | 478,368 |  |  | 106,012 |  |  | 584,380 |  |  | 311,328 |  |  | 130,238 |  |  | 441,566 |
Total consumer loans |  | 791,889 |  |  | 186,291 |  |  | 978,180 |  |  | 618,487 |  |  | 183,684 |  |  | 802,171 |
Total loans |  | $ | 5,221,307 |  |  | $ | 1,328,480 |  |  | $ | 6,549,787 |  |  | $ | 4,560,683 |  |  | $ | 1,164,553 |  |  | $ | 5,725,236 |
Total unamortized net costs and premiums included in the year-end total loans for business activity loans were the following:
(In thousands) |  | December 31, 2016 |  | December 31, 2015
Unamortized net loan origination costs |  | $ | 21,972 |  |  | $ | 17,448 |
Unamortized net premium on purchased loans |  | 4,849 |  |  | 4,694 |
Total unamortized net costs and premiums |  | $ | 26,821 |  |  | $ | 22,142 |
The Company occasionally transfers a portion of its originated commercial loans to participating lending partners. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying consolidated balance sheets. The Company and its lending partners share proportionally in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. The Company continues to service the loans, collects cash payments from the borrowers, remits payments (net of servicing fees), and disburses required escrow funds to relevant parties. At year-end 2016 and 2015, the Company was servicing loans for participants totaling $459.3 million and $189.0 million, respectively. In 2016, the Company purchased loans aggregating $190.8 million and sold loans aggregating $307.7 million. In 2015, the Company purchased loans aggregating $124.4 million and sold loans aggregating $121.0 million. Net gains (losses) on sales of loans were $8 million, $6 million, and $4 million for the years 2016, 2015, and 2014, respectively. These amounts are included in Loan Related Income on the Consolidated Statement of Income. Most of the Company’s lending activity occurs within its primary markets in Western Massachusetts, Southern Vermont, and Northeastern New York. Most of the loan portfolio is secured by real estate, including residential mortgages, commercial mortgages, and home equity loans. Year-end loans to operators of non-residential buildings totaled $1.1 billion, or 16.8%, and $0.8 billion, or 14.7% of total loans in 2016 and 2015, respectively. There were no other concentrations of loans related to any single industry in excess of 10% of total loans at year-end 2016 or 2015. At year-end 2016, the Company had pledged loans totaling $100 million to the Federal Reserve Bank of Boston as collateral for certain borrowing arrangements. Also, residential first mortgage loans are subject to a blanket lien for FHLBB advances. See Note 12 - Borrowed Funds. At year-end 2016 and 2015, the Company’s commitments outstanding to related parties totaled $38.7 million and $3.5 million, respectively, and the loans outstanding against these commitments totaled $25.6 million and $2.1 million, respectively. Related parties include directors and executive officers of the Company and its subsidiaries and their respective affiliates in which they have a controlling interest, and immediate family members. For the years 2016 and 2015, all related party loans were performing. The carrying amount of the acquired loans at December 31, 2016 totaled $1.3 billion. A subset of these loans was determined to have evidence of credit deterioration at acquisition date, which is accounted for in accordance with ASC 310-30. These purchased credit-impaired loans presently maintain a carrying value of $46.8 million. These loans are evaluated for impairment through the periodic reforecasting of expected cash flows. Of the $46.8 million, $34.8 million are Commercial Real Estate, $3.4 million are Commercial and Industrial loans, $7.3 million are Residential Mortgages and $1.3 million are Consumer loans. The carrying amount of the acquired loans at December 31, 2015 totaled $1.2 billion. A subset of these loans was determined to have evidence of credit deterioration at acquisition date, which is accounted for in accordance with ASC 310-30. These purchased credit-impaired loans presently maintain a carrying value of $21.4 million. These loans are evaluated for impairment through the periodic reforecasting of expected cash flows. Of the $21.4 million, $15.8 million are Commercial Real Estate, $2.8 million are Commercial and Industrial loans, $2.6 million are Residential Mortgages, and $249 thousand are Consumer loans. The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality:
(In thousands) |  | 2016 |  | 2015
Balance at beginning of period |  | $ | 6,925 |  |  | $ | 2,541 |
Acquisitions |  | 6,125 |  |  | 4,777 |
Reclassification from nonaccretable difference for loans with improved cash flows |  | 2,488 |  |  | 3,640 |
Changes in expected cash flows that do not affect nonaccretable difference |  | (3,018 | ) |  | — |
Reclassification to TDR |  | (185 | ) |  | — |
Accretion |  | (3,597 | ) |  | (4,033 | )
Balance at end of period |  | $ | 8,738 |  |  | $ | 6,925 |
The following is a summary of past due loans at December 31, 2016 and 2015: Business Activities Loans
(in thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | >90 Days Past Due |  | Total Past Due |  | Current |  | Total Loans |  | Past Due > 90 days and Accruing
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 253,302 |  |  | $ | 253,302 |  |  | $ | — |
Single and multi-family |  | 618 |  |  | 110 |  |  | 624 |  |  | 1,352 |  |  | 190,467 |  |  | 191,819 |  |  | 155 |
Commercial real estate |  | 481 |  |  | 2,243 |  |  | 4,212 |  |  | 6,936 |  |  | 1,474,287 |  |  | 1,481,223 |  |  | — |
Total |  | 1,099 |  |  | 2,353 |  |  | 4,836 |  |  | 8,288 |  |  | 1,918,056 |  |  | 1,926,344 |  |  | 155 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset based lending |  | — |  |  | — |  |  | — |  |  | — |  |  | 321,270 |  |  | 321,270 |  |  | — |
Other commercial and industrial loans |  | 3,090 |  |  | 1,301 |  |  | 6,290 |  |  | 10,681 |  |  | 576,151 |  |  | 586,832 |  |  | 5 |
Total |  | 3,090 |  |  | 1,301 |  |  | 6,290 |  |  | 10,681 |  |  | 897,421 |  |  | 908,102 |  |  | 5 |
Residential mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family |  | 1,393 |  |  | 701 |  |  | 4,179 |  |  | 6,273 |  |  | 1,577,521 |  |  | 1,583,794 |  |  | 1,956 |
Construction |  | 10 |  |  | — |  |  | — |  |  | 10 |  |  | 11,168 |  |  | 11,178 |  |  | — |
Total |  | 1,403 |  |  | 701 |  |  | 4,179 |  |  | 6,283 |  |  | 1,588,689 |  |  | 1,594,972 |  |  | 1,956 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 99 |  |  | — |  |  | 2,981 |  |  | 3,080 |  |  | 310,441 |  |  | 313,521 |  |  | 306 |
Auto and other |  | 2,483 |  |  | 494 |  |  | 968 |  |  | 3,945 |  |  | 474,423 |  |  | 478,368 |  |  | 16 |
Total |  | 2,582 |  |  | 494 |  |  | 3,949 |  |  | 7,025 |  |  | 784,864 |  |  | 791,889 |  |  | 322 |
Total |  | $ | 8,174 |  |  | $ | 4,849 |  |  | $ | 19,254 |  |  | $ | 32,277 |  |  | $ | 5,189,030 |  |  | $ | 5,221,307 |  |  | $ | 2,438 |
Business Activities Loans
(in thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | >90 Days Past Due |  | Total Past Due |  | Current |  | Total Loans |  | Past Due > 90 days and Accruing
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | 58 |  |  | $ | 58 |  |  | $ | 210,138 |  |  | $ | 210,196 |  |  | $ | — |
Single and multi-family |  | 65 |  |  | 160 |  |  | 70 |  |  | 295 |  |  | 214,528 |  |  | 214,823 |  |  | — |
Commercial real estate |  | 1,523 |  |  | 831 |  |  | 3,286 |  |  | 5,640 |  |  | 1,203,368 |  |  | 1,209,008 |  |  | — |
Total |  | 1,588 |  |  | 991 |  |  | 3,414 |  |  | 5,993 |  |  | 1,628,034 |  |  | 1,634,027 |  |  | — |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset based lending |  | — |  |  | — |  |  | — |  |  | — |  |  | 331,253 |  |  | 331,253 |  |  | — |
Other commercial and industrial loans |  | 1,202 |  |  | 1,105 |  |  | 7,770 |  |  | 10,077 |  |  | 485,902 |  |  | 495,979 |  |  | 146 |
Total |  | 1,202 |  |  | 1,105 |  |  | 7,770 |  |  | 10,077 |  |  | 817,155 |  |  | 827,232 |  |  | 146 |
Residential mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family |  | 3,537 |  |  | 857 |  |  | 4,304 |  |  | 8,698 |  |  | 1,445,535 |  |  | 1,454,233 |  |  | 2,006 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,704 |  |  | 26,704 |  |  | — |
Total |  | 3,537 |  |  | 857 |  |  | 4,304 |  |  | 8,698 |  |  | 1,472,239 |  |  | 1,480,937 |  |  | 2,006 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 563 |  |  | 20 |  |  | 1,658 |  |  | 2,241 |  |  | 304,918 |  |  | 307,159 |  |  | 61 |
Auto and other |  | 1,230 |  |  | 132 |  |  | 610 |  |  | 1,972 |  |  | 309,356 |  |  | 311,328 |  |  | 59 |
Total |  | 1,793 |  |  | 152 |  |  | 2,268 |  |  | 4,213 |  |  | 614,274 |  |  | 618,487 |  |  | 120 |
Total |  | $ | 8,120 |  |  | $ | 3,105 |  |  | $ | 17,756 |  |  | $ | 28,981 |  |  | $ | 4,531,702 |  |  | $ | 4,560,683 |  |  | $ | 2,272 |
Acquired Loans
(in thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | >90 Days Past Due |  | Total Past Due |  | Acquired Credit Impaired |  | Total Loans |  | Past Due > 90 days and Accruing
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 47 |  |  | $ | 34,207 |  |  | $ | — |
Single and multi-family |  | 2 |  |  | — |  |  | 437 |  |  | 439 |  |  | 4,726 |  |  | 125,672 |  |  | — |
Commercial real estate |  | 1,555 |  |  | — |  |  | 765 |  |  | 2,320 |  |  | 30,047 |  |  | 530,215 |  |  | — |
Total |  | 1,557 |  |  | — |  |  | 1,202 |  |  | 2,759 |  |  | 34,820 |  |  | 690,094 |  |  | — |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset based lending |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other commercial and industrial loans |  | 1,850 |  |  | 15 |  |  | 1,262 |  |  | 3,127 |  |  | 3,369 |  |  | 153,936 |  |  | 24 |
Total |  | 1,850 |  |  | 15 |  |  | 1,262 |  |  | 3,127 |  |  | 3,369 |  |  | 153,936 |  |  | 24 |
Residential mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family |  | 321 |  |  | 343 |  |  | 2,015 |  |  | 2,679 |  |  | 7,283 |  |  | 297,355 |  |  | 443 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 804 |  |  | — |
Total |  | 321 |  |  | 343 |  |  | 2,015 |  |  | 2,679 |  |  | 7,283 |  |  | 298,159 |  |  | 443 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 753 |  |  | — |  |  | 870 |  |  | 1,623 |  |  | 957 |  |  | 80,279 |  |  | 353 |
Auto and other |  | 542 |  |  | 314 |  |  | 1,686 |  |  | 2,542 |  |  | 387 |  |  | 106,012 |  |  | 791 |
Total |  | 1,295 |  |  | 314 |  |  | 2,556 |  |  | 4,165 |  |  | 1,344 |  |  | 186,291 |  |  | 1,144 |
Total |  | $ | 5,023 |  |  | $ | 672 |  |  | $ | 7,035 |  |  | $ | 12,730 |  |  | $ | 46,816 |  |  | $ | 1,328,480 |  |  | $ | 1,611 |
Acquired Loans
(in thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | >90 Days Past Due |  | Total Past Due |  | Acquired Credit Impaired |  | Total Loans |  | Past Due > 90 days and Accruing
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,298 |  |  | $ | 43,474 |  |  | $ | — |
Single and multi-family |  | — |  |  | 176 |  |  | 227 |  |  | 403 |  |  | 1,380 |  |  | 36,783 |  |  | 127 |
Commercial real estate |  | 547 |  |  | 43 |  |  | 1,368 |  |  | 1,958 |  |  | 13,087 |  |  | 345,483 |  |  |
Total |  | 547 |  |  | 219 |  |  | 1,595 |  |  | 2,361 |  |  | 15,765 |  |  | 425,740 |  |  | 127 |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset based lending |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other commercial and industrial loans |  | 1,214 |  |  | 505 |  |  | 1,420 |  |  | 3,139 |  |  | 2,775 |  |  | 221,031 |  |  | 785 |
Total |  | 1,214 |  |  | 505 |  |  | 1,420 |  |  | 3,139 |  |  | 2,775 |  |  | 221,031 |  |  | 785 |
Residential mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family |  | 2,580 |  |  | 311 |  |  | 1,880 |  |  | 4,771 |  |  | 2,572 |  |  | 332,747 |  |  | 212 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,351 |  |  | — |
Total |  | 2,580 |  |  | 311 |  |  | 1,880 |  |  | 4,771 |  |  | 2,572 |  |  | 334,098 |  |  | 212 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 82 |  |  | 277 |  |  | 837 |  |  | 1,196 |  |  | 118 |  |  | 53,446 |  |  | 111 |
Auto and other |  | 1,491 |  |  | 145 |  |  | 1,081 |  |  | 2,717 |  |  | 132 |  |  | 130,238 |  |  | 187 |
Total |  | 1,573 |  |  | 422 |  |  | 1,918 |  |  | 3,913 |  |  | 250 |  |  | 183,684 |  |  | 298 |
Total |  | $ | 5,914 |  |  | $ | 1,457 |  |  | $ | 6,813 |  |  | $ | 14,184 |  |  | $ | 21,362 |  |  | $ | 1,164,553 |  |  | $ | 1,422 |
The following is summary information pertaining to non-accrual loans at year-end 2016 and 2015:
|  | December 31, 2016 |  | December 31, 2015
(In thousands) |  | Business Activities Loans |  | Acquired Loans (1) |  | Total |  | Business Activities Loans |  | Acquired Loans (2) |  | Total
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | — |  |  | — |  |  | — |  |  | 59 |  |  | — |  |  | 59 |
Single and multi-family |  | 469 |  |  | 437 |  |  | 906 |  |  | 70 |  |  | 100 |  |  | 170 |
Other commercial real estate |  | 4,212 |  |  | 765 |  |  | 4,977 |  |  | 3,285 |  |  | 1,368 |  |  | 4,653 |
Total |  | 4,681 |  |  | 1,202 |  |  | 5,883 |  |  | 3,414 |  |  | 1,468 |  |  | 4,882 |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset based lending |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other commercial and industrial loans |  | 6,285 |  |  | 1,155 |  |  | 7,440 |  |  | 7,624 |  |  | 597 |  |  | 8,221 |
Total |  | 6,285 |  |  | 1,155 |  |  | 7,440 |  |  | 7,624 |  |  | 597 |  |  | 8,221 |
Residential mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family |  | $ | 2,223 |  |  | $ | 1,572 |  |  | $ | 3,795 |  |  | $ | 2,298 |  |  | $ | 1,668 |  |  | $ | 3,966 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 2,223 |  |  | 1,572 |  |  | 3,795 |  |  | 2,298 |  |  | 1,668 |  |  | 3,966 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 2,675 |  |  | 517 |  |  | 3,192 |  |  | 1,597 |  |  | 727 |  |  | 2,324 |
Auto and other |  | 952 |  |  | 895 |  |  | 1,847 |  |  | 551 |  |  | 893 |  |  | 1,444 |
Total |  | 3,627 |  |  | 1,412 |  |  | 5,039 |  |  | 2,148 |  |  | 1,620 |  |  | 3,768 |
Total non-accrual loans |  | $ | 16,816 |  |  | $ | 5,341 |  |  | $ | 22,157 |  |  | $ | 15,484 |  |  | $ | 5,353 |  |  | $ | 20,837 |
(1) At year-end 2016, acquired credit impaired loans account for $83 thousand of loans greater than 90 days past due that are not presented in the above table. (2) At year-end 2015, acquired credit impaired loans account for $39 thousand of loans greater than 90 days past due that are not presented in the above table. Loans evaluated for impairment as of December 31, 2016 and 2015 were as follows: Business Activities Loans
(In thousands) 2016 |  | Commercial real estate |  | Commercial and industrial |  | Residential mortgages |  | Consumer |  | Total
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 25,549 |  |  | $ | 5,705 |  |  | $ | 2,775 |  |  | $ | 2,703 |  |  | $ | 36,732 |
Collectively evaluated |  | 1,900,795 |  |  | 902,397 |  |  | 1,592,197 |  |  | 789,186 |  |  | 5,184,575 |
Total |  | $ | 1,926,344 |  |  | $ | 908,102 |  |  | $ | 1,594,972 |  |  | $ | 791,889 |  |  | $ | 5,221,307 |
Business Activities Loans
(In thousands) 2015 |  | Commercial real estate |  | Commercial and industrial |  | Residential mortgages |  | Consumer |  | Total
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 11,560 |  |  | $ | 7,191 |  |  | $ | 2,812 |  |  | $ | 1,810 |  |  | $ | 23,373 |
Collectively evaluated |  | 1,622,467 |  |  | 820,041 |  |  | 1,478,125 |  |  | 616,677 |  |  | 4,537,310 |
Total |  | $ | 1,634,027 |  |  | $ | 827,232 |  |  | $ | 1,480,937 |  |  | $ | 618,487 |  |  | $ | 4,560,683 |
Acquired Loans
(In thousands) 2016 |  | Commercial real estate |  | Commercial and industrial |  | Residential mortgages |  | Consumer |  | Total
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 4,256 |  |  | $ | 635 |  |  | $ | 308 |  |  | $ | 406 |  |  | $ | 5,605 |
Purchased credit-impaired loans |  | 34,820 |  |  | 3,369 |  |  | 7,283 |  |  | 1,344 |  |  | 46,816 |
Collectively evaluated |  | 651,018 |  |  | 149,932 |  |  | 290,568 |  |  | 184,541 |  |  | 1,276,059 |
Total |  | $ | 690,094 |  |  | $ | 153,936 |  |  | $ | 298,159 |  |  | $ | 186,291 |  |  | $ | 1,328,480 |
Acquired Loans
(In thousands) 2015 |  | Commercial real estate |  | Commercial and industrial |  | Residential mortgages |  | Consumer |  | Total
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 3,749 |  |  | $ | — |  |  | $ | 570 |  |  | $ | 487 |  |  | $ | 4,806 |
Purchased credit-impaired loans |  | 15,765 |  |  | 2,775 |  |  | 2,572 |  |  | 250 |  |  | 21,362 |
Collectively evaluated |  | 406,226 |  |  | 218,256 |  |  | 330,956 |  |  | 182,947 |  |  | 1,138,385 |
Total |  | $ | 425,740 |  |  | $ | 221,031 |  |  | $ | 334,098 |  |  | $ | 183,684 |  |  | $ | 1,164,553 |
The following is a summary of impaired loans at year-end 2016 and 2015 and for the years then ended: Business Activities Loans
|  | At December 31, 2016
(In thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Other commercial real estate |  | $ | 18,905 |  |  | $ | 18,905 |  |  | $ | — |
Other commercial and industrial loans |  | 382 |  |  | 382 |  |  | — |
Residential mortgages - 1-4 family |  | 2,101 |  |  | 2,101 |  |  | — |
Consumer - home equity |  | 1,605 |  |  | 1,605 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial real estate - single and multifamily |  | $ | 179 |  |  | $ | 181 |  |  | $ | 2 |
Other commercial real estate |  | 6,306 |  |  | 6,462 |  |  | 156 |
Other commercial and industrial loans |  | 5,060 |  |  | 5,324 |  |  | 264 |
Residential mortgages - 1-4 family |  | 538 |  |  | 674 |  |  | 136 |
Consumer - home equity |  | 942 |  |  | 1,098 |  |  | 156 |
Total |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 25,390 |  |  | $ | 25,548 |  |  | $ | 158 |
Commercial and industrial |  | 5,442 |  |  | 5,706 |  |  | 264 |
Residential mortgages |  | 2,639 |  |  | 2,775 |  |  | 136 |
Consumer |  | 2,547 |  |  | 2,703 |  |  | 156 |
Total impaired loans |  | $ | 36,018 |  |  | $ | 36,732 |  |  | $ | 714 |
Business Activities Loans
|  | At December 31, 2015
(In thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Commercial real estate - construction |  | $ | 2,000 |  |  | $ | 2,000 |  |  | $ | — |
Other commercial real estate |  | 4,613 |  |  | 4,613 |  |  | — |
Other commercial and industrial loans |  | 5,828 |  |  | 5,828 |  |  | — |
Residential mortgages - 1-4 family |  | 1,181 |  |  | 1,181 |  |  | — |
Consumer - home equity |  | 702 |  |  | 702 |  |  | — |
Consumer - other |  | 1 |  |  | 1 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Other commercial real estate |  | $ | 4,798 |  |  | $ | 4,947 |  |  | $ | 149 |
Other commercial and industrial loans |  | 1,341 |  |  | 1,362 |  |  | 21 |
Residential mortgages - 1-4 family |  | 1,479 |  |  | 1,632 |  |  | 153 |
Consumer - home equity |  | 903 |  |  | 999 |  |  | 96 |
Consumer - other |  | 101 |  |  | 108 |  |  | 7 |
Total |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 11,411 |  |  | $ | 11,560 |  |  | $ | 149 |
Commercial and industrial |  | 7,169 |  |  | 7,190 |  |  | 21 |
Residential mortgages |  | 2,660 |  |  | 2,813 |  |  | 153 |
Consumer |  | 1,707 |  |  | 1,810 |  |  | 103 |
Total impaired loans |  | $ | 22,947 |  |  | $ | 23,373 |  |  | $ | 426 |
Acquired Loans
|  | At December 31, 2016
(In thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Other commercial real estate loans |  | $ | 547 |  |  | $ | 547 |  |  | $ | — |
Residential mortgages - 1-4 family |  | 208 |  |  | 208 |  |  | — |
Consumer - home equity |  | — |  |  | — |  |  | — |
Consumer - other |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial real estate - single and multifamily |  | $ | 1,250 |  |  | $ | 1,358 |  |  | $ | 108 |
Other commercial real estate loans |  | 2,209 |  |  | 2,351 |  |  | 142 |
Other commercial and industrial loans |  | 576 |  |  | 635 |  |  | $ | 59 |
Residential mortgages - 1-4 family |  | 89 |  |  | 100 |  |  | $ | 11 |
Consumer - home equity |  | 292 |  |  | 406 |  |  | 114 |
Total |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 4,006 |  |  | $ | 4,256 |  |  | $ | 250 |
Commercial and industrial |  | 576 |  |  | 635 |  |  | 59 |
Residential mortgages |  | 297 |  |  | 308 |  |  | 11 |
Consumer |  | 292 |  |  | 406 |  |  | 114 |
Total impaired loans |  | $ | 5,171 |  |  | $ | 5,605 |  |  | $ | 434 |
Acquired Loans
|  | December 31, 2015
(In thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Other commercial real estate loans |  | $ | 1,722 |  |  | $ | 1,722 |  |  | $ | — |
Residential mortgages - 1-4 family |  | 274 |  |  | 274 |  |  | — |
Consumer - home equity |  | 117 |  |  | 117 |  |  | — |
Consumer - other |  | 177 |  |  | 177 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial real estate - single and multifamily |  | $ | 638 |  |  | $ | 655 |  |  | $ | 17 |
Other commercial real estate loans |  | 1,964 |  |  | 2,032 |  |  | 68 |
Residential mortgages - 1-4 family |  | 266 |  |  | 296 |  |  | $ | 30 |
Consumer - home equity |  | 167 |  |  | 192 |  |  | 25 |
Total |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 4,324 |  |  | $ | 4,409 |  |  | $ | 85 |
Commercial and industrial |  | — |  |  | — |  |  | — |
Residential mortgages |  | 540 |  |  | 570 |  |  | 30 |
Consumer |  | 461 |  |  | 486 |  |  | 25 |
Total impaired loans |  | $ | 5,325 |  |  | $ | 5,465 |  |  | $ | 140 |
The following is a summary of the average recorded investment and interest income recognized on impaired loans as of December 31, 2016 and 2015: Business Activities Loans
|  | December 31, 2016 |  | December 31, 2015
(in thousands) |  | Average Recorded Investment |  | Cash Basis Interest Income Recognized |  | Average Recorded Investment |  | Cash Basis Interest Income Recognized
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate - construction |  | $ | — |  |  | $ | — |  |  | $ | 2,245 |  |  | $ | 92 |
Commercial real estate - single and multifamily |  | 36 |  |  | 1 |  |  | 60 |  |  | — |
Other commercial real estate |  | 6,463 |  |  | 1,155 |  |  | 12,487 |  |  | 302 |
Other commercial and industrial |  | 3,349 |  |  | 131 |  |  | 3,870 |  |  | 177 |
Residential mortgages - 1-4 family |  | 2,403 |  |  | 91 |  |  | 1,353 |  |  | 38 |
Consumer-home equity |  | 612 |  |  | 5 |  |  | 442 |  |  | 13 |
Consumer-other |  | 2 |  |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate - single and multifamily |  | 15 |  |  | 6 |  |  | — |  |  | — |
Other commercial real estate |  | 7,576 |  |  | 349 |  |  | 3,214 |  |  | 132 |
Other commercial and industrial |  | 2,002 |  |  | 225 |  |  | 810 |  |  | 37 |
Residential mortgages - 1-4 family |  | 682 |  |  | 26 |  |  | 1,704 |  |  | 72 |
Consumer-home equity |  | 999 |  |  | 35 |  |  | 83 |  |  | — |
Consumer - other |  | 103 |  |  | 4 |  |  | 112 |  |  | 4 |
Total |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 14,090 |  |  | $ | 1,511 |  |  | $ | 18,006 |  |  | $ | 526 |
Commercial and industrial |  | 5,351 |  |  | 356 |  |  | 4,680 |  |  | 214 |
Residential mortgages |  | 3,085 |  |  | 117 |  |  | 3,057 |  |  | 110 |
Consumer loans |  | 1,716 |  |  | 44 |  |  | 637 |  |  | 17 |
Total impaired loans |  | $ | 24,242 |  |  | $ | 2,028 |  |  | $ | 26,380 |  |  | $ | 867 |
Acquired Loans
|  | December 31, 2016 |  | December 31, 2015
(in thousands) |  | Average Recorded Investment |  | Cash Basis Interest Income Recognized |  | Average Recorded Investment |  | Cash Basis Interest Income Recognized
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate - construction |  | $ | — |  |  | $ | — |  |  | $ | 445 |  |  | $ | 60 |
Commercial mortgages - single and multifamily |  | — |  |  | — |  |  | 2,014 |  |  | 57 |
Other commercial real estate |  | 521 |  |  | 20 |  |  | 1,721 |  |  | 37 |
Commercial business loans |  | 492 |  |  | 9 |  |  | — |  |  | — |
Residential mortgages - 1-4 family |  | 293 |  |  | 12 |  |  | 463 |  |  | 6 |
Consumer - home equity |  | — |  |  | — |  |  | 152 |  |  | 5 |
Consumer - other |  | 105 |  |  | 1 |  |  | 59 |  |  | 5 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate - construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate - single and multifamily |  | 1,064 |  |  | 115 |  |  | 623 |  |  | 33 |
Other commercial real estate |  | 2,618 |  |  | 165 |  |  | 1,384 |  |  | 96 |
Residential mortgages - 1-4 family |  | 214 |  |  | 25 |  |  | 304 |  |  | 9 |
Other commercial and industrial |  | 369 |  |  | 17 |  |  | 31 |  |  | 3 |
Consumer - home equity |  | — |  |  | — |  |  | 195 |  |  | 7 |
Total |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 4,203 |  |  | $ | 300 |  |  | $ | 6,187 |  |  | $ | 283 |
Commercial and industrial |  | 861 |  |  | 26 |  |  | 31 |  |  | 3 |
Residential mortgages |  | 507 |  |  | 37 |  |  | 767 |  |  | 15 |
Consumer loans |  | 105 |  |  | 1 |  |  | 406 |  |  | 17 |
Total impaired loans |  | $ | 5,676 |  |  | $ | 364 |  |  | $ | 7,391 |  |  | $ | 318 |
No additional funds are committed to be advanced in connection with impaired loans. Troubled Debt Restructuring Loans The Company’s loan portfolio also includes certain loans that have been modified in a Troubled Debt Restructuring (TDR), where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. TDRs are evaluated individually for impairment and may result in a specific allowance amount allocated to an individual loan. The following tables include the recorded investment and number of modifications for modified loans identified during the years-ended December 31, 2016, 2015, and 2014 respectively. The tables include the recorded investment in the loans prior to a modification and also the recorded investment in the loans after the loans were restructured. The modifications for the year-ended December 31, 2016 were attributable to interest rate concessions, maturity date extensions, modified payment terms, reamortization, and accelerated maturity. The modifications for the year-ended December 31, 2015 were attributable to interest rate concessions, maturity date extensions, modified payment terms, reamortization, and accelerated maturity. The modifications for the year-ended December 31, 2014 were attributable to interest rate concessions, debt consolidations, and changes to payment terms.
|  | Modifications by Class For the twelve months ending December 31, 2016
|  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment (In thousands) |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Commercial - Single and multifamily |  | 5 |  |  | $ | 437 |  |  | $ | 437 |
Commercial - Other |  | 5 |  |  | 16,651 |  |  | 16,651 |
Commercial and industrial - Other |  | 4 |  |  | 555 |  |  | 555 |
Residential - 1-4 Family |  | 2 |  |  | 5 |  |  | 5 |
Consumer - Home Equity |  | 1 |  |  | 117 |  |  | 117 |
|  | 17 |  |  | $ | 17,765 |  |  | $ | 17,765 |
|  | Modifications by Class For the twelve months ending December 31, 2015
|  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment (In thousands) |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Commercial - Construction |  | 1 |  |  | $ | 123 |  |  | $ | 123 |
Commercial - Single and multifamily |  | 2 |  |  | 307 |  |  | 307 |
Commercial - Other |  | 4 |  |  | 8,577 |  |  | 7,274 |
Commercial and industrial - Other |  | 6 |  |  | 9,041 |  |  | 8,904 |
Consumer - Other |  | 1 |  |  | 999 |  |  | 999 |
|  | 14 |  |  | $ | 19,047 |  |  | $ | 17,607 |
|  | Modifications by Class For the twelve months ending December 31, 2014
|  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment (In thousands) |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Commercial - Single and multifamily |  | 1 |  |  | $ | 623 |  |  | $ | 623 |
Commercial - Other |  | 10 |  |  | 9,190 |  |  | 9,190 |
Residential - 1-4 Family |  | 5 |  |  | 600 |  |  | 598 |
Residential - Construction |  | 1 |  |  | 102 |  |  | 102 |
|  | 17 |  |  | $ | 10,515 |  |  | $ | 10,513 |
The following tables disclose the recorded investment and number of modifications for TDRs for the prior years where a concession was made and the borrower subsequently defaulted in the respective reporting period. For the year ended 2016, there were no loans that were restructured that had subsequently defaulted during the period.
|  | Modifications that subsequently defaulted for the twelve months ending December 31, 2015
|  | Number of Contracts |  | Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |
Commercial - Single and multifamily |  | 1 |  |  | $ | — |
Commercial - Other |  | 1 |  |  | 373 |
Commercial and industrial - Other |  | 4 |  |  | 6,579 |
Residential - 1-4 Family |  | 2 |  |  | 169 |
|  | 8 |  |  | $ | 7,121 |
|  | Modifications that subsequently defaulted for the twelve months ending December 31, 2014
|  | Number of Contracts |  | Recorded Investment
Troubled Debt Restructurings |  |  |  |
Commercial and industrial - Other |  | 2 |  |  | $ | 101 |
|  | 2 |  |  | $ | 101 |
The following table presents the Company’s TDR activity in 2016 and 2015:
(In thousands) |  | 2016 |  | 2015
Balance at beginning of year |  | $ | 22,048 |  |  | $ | 16,714 |
Principal payments |  | (5,870 | ) |  | (5,460 | )
TDR status change (1) |  | 2,235 |  |  | — |
Other reductions (2) |  | (2,348 | ) |  | (3,160 | )
Newly identified TDRs |  | 17,764 |  |  | 13,954 |
Balance at end of year |  | $ | 33,829 |  |  | $ | 22,048 |
________________________________
(1) | TDR status change classification represents TDR loans with a specified interest rate equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk and the loan was on current payment status and not impaired based on the terms specified by the restructuring agreement.
(2) Other reductions classification consists of transfer to other real estate owned, charge-offs to loans, and other loan sale payoffs. The evaluation of certain loans individually for specific impairment includes loans that were previously classified as TDRs or continue to be classified as TDRs.

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