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LOANS | 6 Months Ended
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Jun. 30, 2019
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 and other commercial real estate. 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. 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 Massachusetts, southern Vermont, northeastern New York, New Jersey, 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 previous mergers and acquisitions. Acquired loans that are refinanced are transferred to business activity loans. Business activity and acquired loans are serviced, managed, and accounted for under the Company's same control environment. During the period ended June 30, 2019, the Company reclassified $176 million of aircraft loans from commercial and industrial to held-for-sale, reflecting its intent to sell the portfolio. These loans are not contained in the balances below. The following is a summary of total loans:
| June 30, 2019 |  | December 31, 2018
(In thousands) | Business Activities Loans | Acquired Loans | Total |  | Business Activities Loans | Acquired Loans | Total
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Construction | $ | 300,996 |  | $ | 58,497 |  | $ | 359,493 |  |  | $ | 327,792 |  | $ | 25,220 |  | $ | 353,012 |
Other commercial real estate | 2,358,502 |  | 1,287,352 |  | 3,645,854 |  |  | 2,260,919 |  | 786,290 |  | 3,047,209 |
Total commercial real estate | 2,659,498 |  | 1,345,849 |  | 4,005,347 |  |  | 2,588,711 |  | 811,510 |  | 3,400,221 |
Commercial and industrial loans: | 1,471,766 |  | 515,531 |  | 1,987,297 |  |  | 1,513,538 |  | 466,508 |  | 1,980,046 |
Total commercial loans | 4,131,264 |  | 1,861,380 |  | 5,992,644 |  |  | 4,102,249 |  | 1,278,018 |  | 5,380,267 |
Residential mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family | 2,268,445 |  | 596,607 |  | 2,865,052 |  |  | 2,317,716 |  | 238,952 |  | 2,556,668 |
Construction | 9,170 |  | 8,158 |  | 17,328 |  |  | 9,582 |  | 174 |  | 9,756 |
Total residential mortgages | 2,277,615 |  | 604,765 |  | 2,882,380 |  |  | 2,327,298 |  | 239,126 |  | 2,566,424 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |
Home equity | 281,254 |  | 122,576 |  | 403,830 |  |  | 289,961 |  | 86,719 |  | 376,680 |
Auto and other | 604,272 |  | 58,702 |  | 662,974 |  |  | 647,236 |  | 72,646 |  | 719,882 |
Total consumer loans | 885,526 |  | 181,278 |  | 1,066,804 |  |  | 937,197 |  | 159,365 |  | 1,096,562 |
Total loans | $ | 7,294,405 |  | $ | 2,647,423 |  | $ | 9,941,828 |  |  | $ | 7,366,744 |  | $ | 1,676,509 |  | $ | 9,043,253 |
The carrying amount of the acquired loans at June 30, 2019 totaled $2.6 billion. A subset of these loans were 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 $74.1 million (and a note balance of $169.9 million). These loans are evaluated for impairment through the periodic reforecasting of expected cash flows. Loans considered not credit-impaired at acquisition date had a carrying amount of $2.6 billion. At December 31, 2018, acquired loans maintained a carrying value of $1.7 billion and purchased credit-impaired loans totaled $47.3 million (note balance of $124.0 million). Loans considered not credit-impaired at acquisition date had a carrying amount of $1.6 billion. 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:
|  | Three Months Ended June 30,
(In thousands) |  | 2019 |  | 2018
Balance at beginning of period |  | $ | 2,139 |  |  | $ | 10,392 |
Acquisitions |  | 4,200 |  |  | — |
Accretion |  | (2,278 | ) |  | (6,881 | )
Net reclassifications from (to) nonaccretable difference |  | 1,464 |  |  | 4,517 |
Payments received, net |  | (105 | ) |  | (1,724 | )
Balance at end of period |  | $ | 5,420 |  |  | $ | 6,304 |
|  | Six Months Ended June 30,
(In thousands) |  | 2019 |  | 2018
Balance at beginning of period |  | $ | 2,840 |  |  | $ | 11,561 |
Acquisitions |  | 4,200 |  |  | — |
Accretion |  | (3,598 | ) |  | (10,313 | )
Net reclassifications from (to) nonaccretable difference |  | 2,129 |  |  | 7,049 |
Payments received, net |  | (160 | ) |  | (1,912 | )
Reclassification to TDR |  | 9 |  |  | — |
Disposals |  | — |  |  | (81 | )
Balance at end of period |  | $ | 5,420 |  |  | $ | 6,304 |
The following is a summary of past due loans at June 30, 2019 and December 31, 2018: Business Activities Loans
(In thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or Greater Past Due |  | Total Past Due |  | Current |  | Total Loans |  | Past Due > 90 days and Accruing
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 300,996 |  |  | $ | 300,996 |  |  | $ | — |
Other commercial real estate |  | 388 |  |  | 478 |  |  | 17,375 |  |  | 18,241 |  |  | 2,340,261 |  |  | 2,358,502 |  |  | — |
Total |  | 388 |  |  | 478 |  |  | 17,375 |  |  | 18,241 |  |  | 2,641,257 |  |  | 2,659,498 |  |  | — |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | 2,071 |  |  | 784 |  |  | 9,889 |  |  | 12,744 |  |  | 1,459,022 |  |  | 1,471,766 |  |  | 1,422 |
Residential mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family |  | 867 |  |  | 543 |  |  | 3,504 |  |  | 4,914 |  |  | 2,263,531 |  |  | 2,268,445 |  |  | 1,258 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,170 |  |  | 9,170 |  |  | — |
Total |  | 867 |  |  | 543 |  |  | 3,504 |  |  | 4,914 |  |  | 2,272,701 |  |  | 2,277,615 |  |  | 1,258 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |
Home equity |  | 191 |  |  | 582 |  |  | 979 |  |  | 1,752 |  |  | 279,502 |  |  | 281,254 |  |  | 165 |
Auto and other |  | 3,498 |  |  | 663 |  |  | 1,802 |  |  | 5,963 |  |  | 598,309 |  |  | 604,272 |  |  | — |
Total |  | 3,689 |  |  | 1,245 |  |  | 2,781 |  |  | 7,715 |  |  | 877,811 |  |  | 885,526 |  |  | 165 |
Total |  | $ | 7,015 |  |  | $ | 3,050 |  |  | $ | 33,549 |  |  | $ | 43,614 |  |  | $ | 7,250,791 |  |  | $ | 7,294,405 |  |  | $ | 2,845 |
Business Activities Loans
(In thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or Greater Past Due |  | Total Past Due |  | Current |  | Total Loans |  | Past Due > 90 days and Accruing
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 327,792 |  |  | $ | 327,792 |  |  | $ | — |
Other commercial real estate |  | 913 |  |  | 276 |  |  | 18,833 |  |  | 20,022 |  |  | 2,240,897 |  |  | 2,260,919 |  |  | 993 |
Total |  | 913 |  |  | 276 |  |  | 18,833 |  |  | 20,022 |  |  | 2,568,689 |  |  | 2,588,711 |  |  | 993 |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | 4,694 |  |  | 975 |  |  | 4,636 |  |  | 10,305 |  |  | 1,503,233 |  |  | 1,513,538 |  |  | 4 |
Residential mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family |  | 1,631 |  |  | 1,619 |  |  | 1,440 |  |  | 4,690 |  |  | 2,313,026 |  |  | 2,317,716 |  |  | 66 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,582 |  |  | 9,582 |  |  | — |
Total |  | 1,631 |  |  | 1,619 |  |  | 1,440 |  |  | 4,690 |  |  | 2,322,608 |  |  | 2,327,298 |  |  | 66 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 618 |  |  | 15 |  |  | 933 |  |  | 1,566 |  |  | 288,395 |  |  | 289,961 |  |  | — |
Auto and other |  | 3,543 |  |  | 615 |  |  | 1,699 |  |  | 5,857 |  |  | 641,379 |  |  | 647,236 |  |  | — |
Total |  | 4,161 |  |  | 630 |  |  | 2,632 |  |  | 7,423 |  |  | 929,774 |  |  | 937,197 |  |  | — |
Total |  | $ | 11,399 |  |  | $ | 3,500 |  |  | $ | 27,541 |  |  | $ | 42,440 |  |  | $ | 7,324,304 |  |  | $ | 7,366,744 |  |  | $ | 1,063 |
Acquired Loans
(In thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or Greater Past Due |  | Total Past Due |  | Acquired Credit Impaired |  | Total Loans |  | Past Due > 90 days and Accruing
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,411 |  |  | $ | 58,497 |  |  | $ | — |
Other commercial real estate |  | 998 |  |  | 695 |  |  | 4,432 |  |  | 6,125 |  |  | 28,212 |  |  | 1,287,352 |  |  | 2,441 |
Total |  | 998 |  |  | 695 |  |  | 4,432 |  |  | 6,125 |  |  | 29,623 |  |  | 1,345,849 |  |  | 2,441 |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | 1,055 |  |  | 62 |  |  | 1,003 |  |  | 2,120 |  |  | 31,456 |  |  | 515,531 |  |  | 214 |
Residential mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family |  | 970 |  |  | 488 |  |  | 1,408 |  |  | 2,866 |  |  | 12,050 |  |  | 596,607 |  |  | 75 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,158 |  |  | — |
Total |  | 970 |  |  | 488 |  |  | 1,408 |  |  | 2,866 |  |  | 12,050 |  |  | 604,765 |  |  | 75 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 379 |  |  | — |  |  | 727 |  |  | 1,106 |  |  | 700 |  |  | 122,576 |  |  | 82 |
Auto and other |  | 168 |  |  | 41 |  |  | 309 |  |  | 518 |  |  | 263 |  |  | 58,702 |  |  | — |
Total |  | 547 |  |  | 41 |  |  | 1,036 |  |  | 1,624 |  |  | 963 |  |  | 181,278 |  |  | 82 |
Total |  | $ | 3,570 |  |  | $ | 1,286 |  |  | $ | 7,879 |  |  | $ | 12,735 |  |  | $ | 74,092 |  |  | $ | 2,647,423 |  |  | $ | 2,812 |
Acquired Loans
(In thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or Greater Past Due |  | Total Past Due |  | Acquired Credit Impaired |  | Total Loans |  | Past Due > 90 days and Accruing
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25,220 |  |  | $ | — |
Other commercial real estate |  | 2,603 |  |  | 1,127 |  |  | 4,183 |  |  | 7,913 |  |  | 11,994 |  |  | 786,290 |  |  | 1,652 |
Total |  | 2,603 |  |  | 1,127 |  |  | 4,183 |  |  | 7,913 |  |  | 11,994 |  |  | 811,510 |  |  | 1,652 |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | 217 |  |  | 147 |  |  | 1,515 |  |  | 1,879 |  |  | 29,539 |  |  | 466,508 |  |  | 144 |
Residential mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family |  | 1,382 |  |  | 144 |  |  | 918 |  |  | 2,444 |  |  | 4,888 |  |  | 238,952 |  |  | 75 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 174 |  |  | — |
Total |  | 1,382 |  |  | 144 |  |  | 918 |  |  | 2,444 |  |  | 4,888 |  |  | 239,126 |  |  | 75 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 290 |  |  | 148 |  |  | 751 |  |  | 1,189 |  |  | 553 |  |  | 86,719 |  |  | — |
Auto and other |  | 193 |  |  | 62 |  |  | 547 |  |  | 802 |  |  | 314 |  |  | 72,646 |  |  | 96 |
Total |  | 483 |  |  | 210 |  |  | 1,298 |  |  | 1,991 |  |  | 867 |  |  | 159,365 |  |  | 96 |
Total |  | $ | 4,685 |  |  | $ | 1,628 |  |  | $ | 7,914 |  |  | $ | 14,227 |  |  | $ | 47,288 |  |  | $ | 1,676,509 |  |  | $ | 1,967 |
The following is summary information pertaining to non-accrual loans at June 30, 2019 and December 31, 2018:
|  | June 30, 2019 |  | December 31, 2018
(In thousands) |  | Business Activities Loans |  | Acquired Loans |  | Total |  | Business Activities Loans |  | Acquired Loans |  | Total
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 17,375 |  |  | 1,991 |  |  | 19,366 |  |  | 17,840 |  |  | 2,531 |  |  | 20,371 |
Total |  | 17,375 |  |  | 1,991 |  |  | 19,366 |  |  | 17,840 |  |  | 2,531 |  |  | 20,371 |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | 8,467 |  |  | 789 |  |  | 9,256 |  |  | 4,632 |  |  | 1,371 |  |  | 6,003 |
Residential mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family |  | 2,246 |  |  | 1,333 |  |  | 3,579 |  |  | 1,374 |  |  | 843 |  |  | 2,217 |
Construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 2,246 |  |  | 1,333 |  |  | 3,579 |  |  | 1,374 |  |  | 843 |  |  | 2,217 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 814 |  |  | 645 |  |  | 1,459 |  |  | 933 |  |  | 751 |  |  | 1,684 |
Auto and other |  | 1,802 |  |  | 309 |  |  | 2,111 |  |  | 1,699 |  |  | 451 |  |  | 2,150 |
Total |  | 2,616 |  |  | 954 |  |  | 3,570 |  |  | 2,632 |  |  | 1,202 |  |  | 3,834 |
Total non-accrual loans |  | $ | 30,704 |  |  | $ | 5,067 |  |  | $ | 35,771 |  |  | $ | 26,478 |  |  | $ | 5,947 |  |  | $ | 32,425 |
Loans evaluated for impairment as of June 30, 2019 and December 31, 2018 were as follows: Business Activities Loans
(In thousands) |  | Commercial real estate |  | Commercial and industrial loans |  | Residential mortgages |  | Consumer |  | Total
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 22,035 |  |  | $ | 6,753 |  |  | $ | 2,841 |  |  | $ | 138 |  |  | $ | 31,767 |
Collectively evaluated for impairment |  | 2,637,463 |  |  | 1,465,013 |  |  | 2,274,774 |  |  | 885,388 |  |  | 7,262,638 |
Total |  | $ | 2,659,498 |  |  | $ | 1,471,766 |  |  | $ | 2,277,615 |  |  | $ | 885,526 |  |  | $ | 7,294,405 |
Business Activities Loans
(In thousands) |  | Commercial real estate |  | Commercial and industrial loans |  | Residential mortgages |  | Consumer |  | Total
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 23,345 |  |  | $ | 2,825 |  |  | $ | 2,089 |  |  | $ | 342 |  |  | $ | 28,601 |
Collectively evaluated for impairment |  | 2,565,366 |  |  | 1,510,713 |  |  | 2,325,209 |  |  | 936,855 |  |  | 7,338,143 |
Total |  | $ | 2,588,711 |  |  | $ | 1,513,538 |  |  | $ | 2,327,298 |  |  | $ | 937,197 |  |  | $ | 7,366,744 |
Acquired Loans
(In thousands) |  | Commercial real estate |  | Commercial and industrial loans |  | Residential mortgages |  | Consumer |  | Total
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of Period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 3,709 |  |  | $ | 372 |  |  | $ | 740 |  |  | $ | 349 |  |  | $ | 5,170 |
Purchased credit-impaired loans |  | 29,623 |  |  | 31,456 |  |  | 12,050 |  |  | 963 |  |  | 74,092 |
Collectively evaluated for impairment |  | 1,312,517 |  |  | 483,703 |  |  | 591,975 |  |  | 179,966 |  |  | 2,568,161 |
Total |  | $ | 1,345,849 |  |  | $ | 515,531 |  |  | $ | 604,765 |  |  | $ | 181,278 |  |  | $ | 2,647,423 |
Acquired Loans
(In thousands) |  | Commercial real estate |  | Commercial and industrial loans |  | Residential mortgages |  | Consumer |  | Total
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 3,980 |  |  | $ | 763 |  |  | $ | 362 |  |  | $ | 646 |  |  | $ | 5,751 |
Purchased credit-impaired loans |  | 11,994 |  |  | 29,539 |  |  | 4,888 |  |  | 867 |  |  | 47,288 |
Collectively evaluated for impairment |  | 795,536 |  |  | 436,206 |  |  | 233,876 |  |  | 157,852 |  |  | 1,623,470 |
Total |  | $ | 811,510 |  |  | $ | 466,508 |  |  | $ | 239,126 |  |  | $ | 159,365 |  |  | $ | 1,676,509 |
The following is a summary of impaired loans at June 30, 2019 and December 31, 2018: Business Activities Loans
|  | June 30, 2019
(In thousands) |  | Recorded Investment (1) |  | Unpaid Principal Balance (2) |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Other commercial real estate |  | $ | 21,538 |  |  | $ | 33,028 |  |  | $ | — |
Commercial and industrial loans |  | 5,319 |  |  | 10,807 |  |  | — |
Residential mortgages - 1-4 family |  | 1,244 |  |  | 1,407 |  |  | — |
Consumer - home equity |  | 35 |  |  | 240 |  |  | — |
Consumer - other |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Other commercial real estate |  | $ | 513 |  |  | $ | 525 |  |  | $ | 7 |
Commercial and industrial loans |  | 1,343 |  |  | 1,349 |  |  | 42 |
Residential mortgages - 1-4 family |  | 1,613 |  |  | 1,739 |  |  | 78 |
Consumer - home equity |  | 92 |  |  | 101 |  |  | 7 |
Consumer - other |  | 11 |  |  | 11 |  |  | — |
Total |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 22,051 |  |  | $ | 33,553 |  |  | $ | 7 |
Commercial and industrial loans |  | 6,662 |  |  | 12,156 |  |  | 42 |
Residential mortgages |  | 2,857 |  |  | 3,146 |  |  | 78 |
Consumer |  | 138 |  |  | 352 |  |  | 7 |
Total impaired loans |  | $ | 31,708 |  |  | $ | 49,207 |  |  | $ | 134 |
(1) The Recorded Investment represents the face amount of the loan increased or decreased by applicable accrued interest, net deferred loan fees and costs, and unamortized premium or discount, and reflects direct charge-offs. These amounts are components of total loans and other assets on the Consolidated Balance Sheet. (2) The Unpaid Principal Balance represents the customer's legal obligation to the Company. Business Activities Loans
|  | December 31, 2018
(In thousands) |  | Recorded Investment (1) |  | Unpaid Principal Balance (2) |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Other commercial real estate loans |  | $ | 22,606 |  |  | $ | 31,038 |  |  | $ | — |
Commercial and industrial loans |  | 1,584 |  |  | 2,566 |  |  | — |
Residential mortgages - 1-4 family |  | 443 |  |  | 441 |  |  | — |
Consumer - home equity |  | 230 |  |  | 242 |  |  | — |
Consumer - other |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Other commercial real estate loans |  | $ | 666 |  |  | $ | 670 |  |  | $ | 9 |
Commercial and industrial loans |  | 1,251 |  |  | 1,235 |  |  | 49 |
Residential mortgages - 1-4 family |  | 1,663 |  |  | 1,779 |  |  | 128 |
Consumer - home equity |  | 100 |  |  | 106 |  |  | 10 |
Consumer - other |  | 13 |  |  | 13 |  |  | 1 |
Total |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 23,272 |  |  | $ | 31,708 |  |  | $ | 9 |
Commercial and industrial loans |  | 2,835 |  |  | 3,801 |  |  | 49 |
Residential mortgages |  | 2,106 |  |  | 2,220 |  |  | 128 |
Consumer |  | 343 |  |  | 361 |  |  | 11 |
Total impaired loans |  | $ | 28,556 |  |  | $ | 38,090 |  |  | $ | 197 |
(1) The Recorded Investment represents the face amount of the loan increased or decreased by applicable accrued interest, net deferred loan fees and costs, and unamortized premium or discount, and reflects direct charge-offs. This amount is a component of total loans on the Consolidated Balance Sheet. (2) The Unpaid Principal Balance represents the customer's legal obligation to the Company. Acquired Loans
|  | June 30, 2019
(In thousands) |  | Recorded Investment (1) |  | Unpaid Principal Balance (2) |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Other commercial real estate loans |  | $ | 2,664 |  |  | $ | 5,544 |  |  | $ | — |
Commercial and industrial loans |  | 343 |  |  | 594 |  |  | — |
Residential mortgages - 1-4 family |  | 658 |  |  | 656 |  |  | — |
Consumer - home equity |  | 243 |  |  | 1,448 |  |  | — |
Consumer - other |  | 16 |  |  | 14 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Other commercial real estate loans |  | $ | 1,066 |  |  | $ | 1,071 |  |  | $ | 84 |
Commercial and industrial loans |  | 29 |  |  | 30 |  |  | — |
Residential mortgages - 1-4 family |  | 88 |  |  | 113 |  |  | 8 |
Consumer - home equity |  | 50 |  |  | 50 |  |  | — |
Consumer - other |  | 41 |  |  | 39 |  |  | 7 |
Total |  |  |  |  |  |  |  | x |
Commercial real estate |  | $ | 3,730 |  |  | $ | 6,615 |  |  | $ | 84 |
Commercial and industrial loans |  | 372 |  |  | 624 |  |  | — |
Residential mortgages |  | 746 |  |  | 769 |  |  | 8 |
Consumer |  | 350 |  |  | 1,551 |  |  | 7 |
Total impaired loans |  | $ | 5,198 |  |  | $ | 9,559 |  |  | $ | 99 |
(1) The Recorded Investment represents the face amount of the loan increased or decreased by applicable accrued interest, net deferred loan fees and costs, and unamortized premium or discount, and reflects direct charge-offs. This amount is a component of total loans on the Consolidated Balance Sheet. (2) The Unpaid Principal Balance represents the customer's legal obligation to the Company. Acquired Loans
|  | December 31, 2018
(In thousands) |  | Recorded Investment (1) |  | Unpaid Principal Balance (2) |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Other commercial real estate loans |  | $ | 3,055 |  |  | $ | 5,959 |  |  | $ | — |
Other commercial and industrial loans |  | 538 |  |  | 644 |  |  | — |
Residential mortgages - 1-4 family |  | 271 |  |  | 324 |  |  | — |
Consumer - home equity |  | 399 |  |  | 1,053 |  |  | — |
Consumer - other |  | — |  |  | 11 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Other commercial real estate loans |  | $ | 925 |  |  | $ | 947 |  |  | $ | 9 |
Commercial and industrial loans |  | 228 |  |  | 232 |  |  | 4 |
Residential mortgages - 1-4 family |  | 94 |  |  | 117 |  |  | 36 |
Consumer - home equity |  | 205 |  |  | 196 |  |  | 41 |
Consumer - other |  | 43 |  |  | 40 |  |  | 7 |
Total |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 3,980 |  |  | $ | 6,906 |  |  | $ | 9 |
Commercial and industrial loans |  | 766 |  |  | 876 |  |  | 4 |
Residential mortgages |  | 365 |  |  | 441 |  |  | 36 |
Consumer |  | 647 |  |  | 1,300 |  |  | 48 |
Total impaired loans |  | $ | 5,758 |  |  | $ | 9,523 |  |  | $ | 97 |
(1) The Recorded Investment represents the face amount of the loan increased or decreased by applicable accrued interest, net deferred loan fees and costs, and unamortized premium or discount, and reflects direct charge-offs. This amount is a component of total loans on the Consolidated Balance Sheet. (2) The Unpaid Principal Balance represents the customer's legal obligation to the Company. The following is a summary of the average recorded investment and interest income recognized on impaired loans as of June 30, 2019 and 2018: Business Activities Loans
|  | Six Months Ended June 30, 2019 |  | Six Months Ended June 30, 2018
(In thousands) |  | Average Recorded Investment |  | Cash Basis Interest Income Recognized |  | Average Recorded Investment |  | Cash Basis Interest Income Recognized
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |
Other commercial real estate loans |  | $ | 20,877 |  |  | $ | 213 |  |  | $ | 29,092 |  |  | $ | 326 |
Commercial and industrial loans |  | 1,775 |  |  | 304 |  |  | 4,467 |  |  | 201 |
Residential mortgages - 1-4 family |  | 574 |  |  | 23 |  |  | 942 |  |  | 26 |
Consumer - home equity |  | 196 |  |  | 1 |  |  | 1,754 |  |  | 4 |
Consumer - other |  | — |  |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Other commercial real estate loans |  | $ | 569 |  |  | $ | 12 |  |  | $ | 1,786 |  |  | $ | 47 |
Commercial and industrial loans |  | 1,468 |  |  | 64 |  |  | 1,279 |  |  | 83 |
Residential mortgages - 1-4 family |  | 1,633 |  |  | 37 |  |  | 1,409 |  |  | 32 |
Consumer - home equity |  | 95 |  |  | 3 |  |  | 45 |  |  | 1 |
Consumer - other |  | 12 |  |  | — |  |  | 16 |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 21,446 |  |  | $ | 225 |  |  | $ | 30,878 |  |  | $ | 373 |
Commercial and industrial loans |  | 3,243 |  |  | 368 |  |  | 5,746 |  |  | 284 |
Residential mortgages |  | 2,207 |  |  | 60 |  |  | 2,351 |  |  | 58 |
Consumer loans |  | 303 |  |  | 4 |  |  | 1,815 |  |  | 5 |
Total impaired loans |  | $ | 27,199 |  |  | $ | 657 |  |  | $ | 40,790 |  |  | $ | 720 |
Acquired Loans
|  | Six Months Ended June 30, 2019 |  | Six Months Ended June 30, 2018
(In thousands) |  | Average Recorded Investment |  | Cash Basis Interest Income Recognized |  | Average Recorded Investment |  | Cash Basis Interest Income Recognized
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |
Other commercial real estate loans |  | $ | 2,607 |  |  | $ | 82 |  |  | $ | 2,306 |  |  | $ | 111 |
Commercial and industrial loans |  | 522 |  |  | 32 |  |  | 349 |  |  | 27 |
Residential mortgages - 1-4 family |  | 362 |  |  | 12 |  |  | 1,505 |  |  | 6 |
Consumer - home equity |  | 557 |  |  | 5 |  |  | 760 |  |  | — |
Consumer - other |  | 5 |  |  | — |  |  | 17 |  |  | 1 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Other commercial real estate loans |  | $ | 965 |  |  | $ | 33 |  |  | $ | 3,020 |  |  | $ | 89 |
Commercial and industrial loans |  | 30 |  |  | 1 |  |  | 287 |  |  | 17 |
Residential mortgages - 1-4 family |  | 90 |  |  | 4 |  |  | 77 |  |  | 2 |
Consumer - home equity |  | 50 |  |  | 1 |  |  | 320 |  |  | 5 |
Consumer - other |  | 42 |  |  | 1 |  |  | — |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 3,572 |  |  | $ | 115 |  |  | $ | 5,326 |  |  | $ | 200 |
Commercial and industrial loans |  | 552 |  |  | 33 |  |  | 636 |  |  | 44 |
Residential mortgages |  | 452 |  |  | 16 |  |  | 1,582 |  |  | 8 |
Consumer loans |  | 654 |  |  | 7 |  |  | 1,097 |  |  | 6 |
Total impaired loans |  | $ | 5,230 |  |  | $ | 171 |  |  | $ | 8,641 |  |  | $ | 258 |
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 identified during the three and six months ended June 30, 2019 and June 30, 2018. The table includes 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 three and six months ended June 30, 2019 and 2018 were attributable to interest rate concessions, principal concessions, maturity date extensions, modified payment terms, reamortization, and accelerated maturity.
|  | Three Months Ended June 30, 2019
(Dollars in thousands) |  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Commercial real estate |  | — |  |  | $ | — |  |  | $ | — |
Commercial and industrial |  | 2 |  |  | 282 |  |  | 279 |
Total |  | 2 |  |  | $ | 282 |  |  | $ | 279 |
|  | Six Months Ended June 30, 2019
(Dollars in thousands) |  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Commercial real estate |  | 2 |  |  | $ | 145 |  |  | $ | 145 |
Commercial and industrial |  | 3 |  |  | 475 |  |  | 472 |
Total |  | 5 |  |  | $ | 620 |  |  | $ | 617 |
|  | Three Months Ended June 30, 2018
(Dollars in thousands) |  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Commercial and industrial |  | — |  |  | $ | — |  |  | $ | — |
Residential - 1-4 Family |  | — |  |  | — |  |  | — |
Total |  | — |  |  | $ | — |  |  | $ | — |
|  | Six Months Ended June 30, 2018
(Dollars in thousands) |  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  | 19 |
Commercial and industrial |  | 4 |  |  | 1,995 |  |  | 1,924 |
Residential - 1-4 Family |  | 1 |  |  | 118 |  |  | 118 |
Total |  | 5 |  |  | $ | 2,113 |  |  | $ | 2,042 |
The following table discloses the recorded investments and numbers of modifications for TDRs where a concession has been made within the previous 12 months, that then defaulted in the respective reporting period. There were no TDRs that defaulted within 12 months of modifications during the three and six months ended June 30, 2019. For the three and six months ended June 30, 2018, there were two loans that were restructured that had subsequently defaulted during the period.
| Modifications that Subsequently Defaulted
| Three Months Ended June 30, 2018
(Dollars in thousands) | Number of Contracts |  | Recorded Investment
Troubled Debt Restructurings |  |  |
Commercial real estate | 1 |  |  | 5,992 |
Commercial and industrial | 1 |  |  | 1,065 |
| Modifications that Subsequently Defaulted
| Six Months Ended June 30, 2018
(Dollars in thousands) | Number of Contracts |  | Recorded Investment
Troubled Debt Restructurings |  |  |
Commercial real estate | 1 |  |  | 5,992 |
Commercial and industrial | 1 |  |  | 1,065 |
The following table presents the Company’s TDR activity for the three and six months ended June 30, 2019 and 2018:
|  | Three Months Ended June 30,
(In thousands) |  | 2019 |  | 2018
Balance at beginning of the period |  | $ | 25,185 |  |  | $ | 43,105 |
Principal payments |  | (375 | ) |  | (2,511 | )
TDR status change (1) |  | — |  |  | — |
Other reductions (2) |  | — |  |  | (7,088 | )
Newly identified TDRs |  | 279 |  |  | — |
Balance at end of the period |  | $ | 25,089 |  |  | $ | 33,506 |
|  | Six Months Ended June 30,
(In thousands) |  | 2019 |  | 2018
Balance at beginning of the period |  | $ | 27,415 |  |  | $ | 41,990 |
Principal payments |  | (1,788 | ) |  | (3,150 | )
TDR status change (1) |  | — |  |  | — |
Other reductions (2) |  | (1,155 | ) |  | (7,376 | )
Newly identified TDRs |  | 617 |  |  | 2,042 |
Balance at end of the period |  | $ | 25,089 |  |  | $ | 33,506 |
_________________________________ (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, payoffs, charge-offs, and advances to loans. The evaluation of certain loans individually for specific impairment includes loans that were previously classified as TDRs or continue to be classified as TDRs. As of June 30, 2019, the Company maintained foreclosed residential real estate property with a fair value of $154 thousand. Additionally, residential mortgage loans collateralized by real estate property that are in the process of foreclosure as of June 30, 2019 and December 31, 2018 totaled $5.4 million and $3.2 million, respectively. As of December 31, 2018, the Company maintained no foreclosed residential real estate property.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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