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LOANS | 3 Months Ended
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Mar. 31, 2017
Receivables [Abstract] |
LOANS | LOANS The Company’s loan portfolio is comprised of the following segments: commercial real estate, commercial and industrial, residential real estate, and consumer loans. Commercial real estate loans includes single and multi-family, commercial construction and land, and other commercial real estate classes. Commercial and industrial loans includes loans to commercial businesses, agricultural and other loans to farmers, and tax exempt loans. Residential real estate loans consists of mortgages for 1 to 4 family housing. Consumer loans include home equity loans, indirect auto and other installment lending. The Company’s lending activities are principally conducted in Maine, New Hampshire, and Vermont. Total loans include business activity loans and acquired loans. Acquired loans are those loans acquired from Lake Sunapee Bank Group. The following is a summary of total loans:
|  | March 31, 2017 |  | December 31, 2016
(In thousands) |  | Business Activities Loans |  | Acquired Loans |  | Total |  | Business Activities Loans |  | Acquired Loans |  | Total
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 8,315 |  |  | $ | 17,315 |  |  | $ | 25,630 |  |  | $ | 14,695 |  |  | $ | — |  |  | $ | 14,695 |
Commercial real estate other |  | 436,622 |  |  | 317,582 |  |  | 754,204 |  |  | 403,594 |  |  | — |  |  | 403,594 |
Total commercial real estate |  | 444,937 |  |  | 334,897 |  |  | 779,834 |  |  | 418,289 |  |  | — |  |  | 418,289 |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial other |  | 120,302 |  |  | 82,761 |  |  | 203,063 |  |  | 103,586 |  |  | — |  |  | 103,586 |
Agricultural and other loans to farmers |  | 32,621 |  |  | 643 |  |  | 33,264 |  |  | 31,808 |  |  | — |  |  | 31,808 |
Tax exempt loans |  | 31,263 |  |  | 42,405 |  |  | 73,668 |  |  | 15,846 |  |  | — |  |  | 15,846 |
Total commercial and industrial |  | 184,186 |  |  | 125,809 |  |  | 309,995 |  |  | 151,240 |  |  | — |  |  | 151,240 |
Total commercial loans |  | 629,123 |  |  | 460,706 |  |  | 1,089,829 |  |  | 569,529 |  |  | — |  |  | 569,529 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 518,556 |  |  | 636,880 |  |  | 1,155,436 |  |  | 506,612 |  |  | — |  |  | 506,612 |
Total residential real estate |  | 518,556 |  |  | 636,880 |  |  | 1,155,436 |  |  | 506,612 |  |  | — |  |  | 506,612 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 48,018 |  |  | 68,374 |  |  | 116,392 |  |  | 46,921 |  |  | — |  |  | 46,921 |
Consumer other |  | 7,131 |  |  | 3,847 |  |  | 10,978 |  |  | 6,172 |  |  | — |  |  | 6,172 |
Total consumer |  | 55,149 |  |  | 72,221 |  |  | 127,370 |  |  | 53,093 |  |  | — |  |  | 53,093 |
Net deferred loan costs and fees |  | (199 | ) |  | — |  |  | (199 | ) |  | (170 | ) |  | — |  |  | (170 | )
Total loans |  | $ | 1,202,629 |  |  | $ | 1,169,807 |  |  | $ | 2,372,436 |  |  | $ | 1,129,064 |  |  | $ | — |  |  | $ | 1,129,064 |
The carrying amount of the acquired loans at March 31, 2017 totaled $1.17 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 $17.0 million (and a note balance of $21.7 million). These loans are evaluated for impairment through the periodic reforecasting of expected cash flows. Loans considered not impaired at acquisition date had a carrying amount of $1.15 billion. The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30, Accounting for Certain Loans or Debt Securities Acquired in a Transfer:
|  | Three Months Ended March 31,
(In thousands) |  | 2017 |  | 2016
Balance at beginning of period |  | $ | — |  |  | $ | — |
Acquisitions |  | 3,398 |  |  | — |
Reclassification from nonaccretable difference for loans with improved cash flows |  | — |  |  | — |
Accretion |  | (204 | ) |  | — |
Balance at end of period |  | $ | 3,194 |  |  | $ | — |
The following is a summary of past due loans at March 31, 2017 and December 31, 2016: 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
March 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,315 |  |  | $ | 8,315 |  |  | $ | — |
Commercial real estate other |  | 184 |  |  | 13 |  |  | 1,461 |  |  | 1,658 |  |  | 434,964 |  |  | 436,622 |  |  | — |
Total commercial real estate |  | 184 |  |  | 13 |  |  | 1,461 |  |  | 1,658 |  |  | 443,279 |  |  | 444,937 |  |  | — |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial other |  | 34 |  |  | 9 |  |  | 205 |  |  | 248 |  |  | 120,054 |  |  | 120,302 |  |  | — |
Agricultural and other loans to farmers |  | — |  |  | 125 |  |  | 136 |  |  | 261 |  |  | 32,360 |  |  | 32,621 |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 31,263 |  |  | 31,263 |  |  | — |
Total commercial and industrial |  | 34 |  |  | 134 |  |  | 341 |  |  | 509 |  |  | 183,677 |  |  | 184,186 |  |  | — |
Total commercial loans |  | 218 |  |  | 147 |  |  | 1,802 |  |  | 2,167 |  |  | 626,956 |  |  | 629,123 |  |  | — |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 2,963 |  |  | 173 |  |  | 508 |  |  | 3,644 |  |  | 514,912 |  |  | 518,556 |  |  | — |
Total residential real estate |  | 2,963 |  |  | 173 |  |  | 508 |  |  | 3,644 |  |  | 514,912 |  |  | 518,556 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 128 |  |  | — |  |  | — |  |  | 128 |  |  | 47,890 |  |  | 48,018 |  |  | — |
Consumer other |  | 109 |  |  | — |  |  | — |  |  | 109 |  |  | 7,022 |  |  | 7,131 |  |  | — |
Total consumer |  | 237 |  |  | — |  |  | — |  |  | 237 |  |  | 54,912 |  |  | 55,149 |  |  | — |
Net deferred loan costs and fees |  | — |  |  | — |  |  | — |  |  | — |  |  | (199 | ) |  | (199 | ) |  | — |
Total loans |  | $ | 3,418 |  |  | $ | 320 |  |  | $ | 2,310 |  |  | $ | 6,048 |  |  | $ | 1,196,581 |  |  | $ | 1,202,629 |  |  | $ | — |
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, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,695 |  |  | $ | 14,695 |  |  | $ | — |
Commercial real estate other |  | 195 |  |  | 554 |  |  | 1,665 |  |  | 2,414 |  |  | 401,180 |  |  | 403,594 |  |  | — |
Total commercial real estate |  | 195 |  |  | 554 |  |  | 1,665 |  |  | 2,414 |  |  | 415,875 |  |  | 418,289 |  |  | — |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial other |  | 61 |  |  | 45 |  |  | 201 |  |  | 307 |  |  | 103,279 |  |  | 103,586 |  |  | — |
Agricultural and other loans to farmers |  | 231 |  |  | — |  |  | — |  |  | 231 |  |  | 31,577 |  |  | 31,808 |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,846 |  |  | 15,846 |  |  | — |
Total commercial and industrial |  | 292 |  |  | 45 |  |  | 201 |  |  | 538 |  |  | 150,702 |  |  | 151,240 |  |  | — |
Total commercial loans |  | 487 |  |  | 599 |  |  | 1,866 |  |  | 2,952 |  |  | 566,577 |  |  | 569,529 |  |  | — |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 4,484 |  |  | 429 |  |  | 938 |  |  | 5,851 |  |  | 500,761 |  |  | 506,612 |  |  | — |
Total residential real estate |  | 4,484 |  |  | 429 |  |  | 938 |  |  | 5,851 |  |  | 500,761 |  |  | 506,612 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | — |  |  | — |  |  | 15 |  |  | 15 |  |  | 46,906 |  |  | 46,921 |  |  | — |
Consumer other |  | 103 |  |  | 1 |  |  | 6 |  |  | 110 |  |  | 6,062 |  |  | 6,172 |  |  | — |
Total consumer |  | 103 |  |  | 1 |  |  | 21 |  |  | 125 |  |  | 52,968 |  |  | 53,093 |  |  | — |
Net deferred loan costs and fees |  | — |  |  | — |  |  | — |  |  | — |  |  | (170 | ) |  | (170 | ) |  | — |
Total loans |  | $ | 5,074 |  |  | $ | 1,029 |  |  | $ | 2,825 |  |  | $ | 8,928 |  |  | $ | 1,120,136 |  |  | $ | 1,129,064 |  |  | $ | — |
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
March 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 516 |  |  | $ | 17,315 |  |  | $ | — |
Commercial real estate other |  | 742 |  |  | 425 |  |  | — |  |  | 1,167 |  |  | 11,337 |  |  | 317,582 |  |  | — |
Total commercial real estate |  | 742 |  |  | 425 |  |  | — |  |  | 1,167 |  |  | 11,853 |  |  | 334,897 |  |  | — |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial other |  | 218 |  |  | — |  |  | — |  |  | 218 |  |  | 1,142 |  |  | 82,761 |  |  | — |
Agricultural and other loans to farmers |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 643 |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,405 |  |  | — |
Total commercial and industrial |  | 218 |  |  | — |  |  | — |  |  | 218 |  |  | 1,142 |  |  | 125,809 |  |  | — |
Total commercial loans |  | 960 |  |  | 425 |  |  | — |  |  | 1,385 |  |  | 12,995 |  |  | 460,706 |  |  | — |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 2,354 |  |  | 55 |  |  | — |  |  | 2,409 |  |  | 3,819 |  |  | 636,880 |  |  | — |
Total residential real estate |  | 2,354 |  |  | 55 |  |  | — |  |  | 2,409 |  |  | 3,819 |  |  | 636,880 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 309 |  |  | — |  |  | — |  |  | 309 |  |  | 192 |  |  | 68,374 |  |  | — |
Consumer other |  | 3 |  |  | — |  |  | — |  |  | 3 |  |  | 19 |  |  | 3,847 |  |  | — |
Total consumer |  | 312 |  |  | — |  |  | — |  |  | 312 |  |  | 211 |  |  | 72,221 |  |  | — |
Net deferred loan costs and fees |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total loans |  | $ | 3,626 |  |  | $ | 480 |  |  | $ | — |  |  | $ | 4,106 |  |  | $ | 17,025 |  |  | $ | 1,169,807 |  |  | $ | — |
Non Accrual Loans The following is summary information pertaining to non-accrual loans at March 31, 2017 and December 31, 2016:
|  | March 31, 2017 |  | December 31, 2016
(In thousands) |  | Business Activities Loans |  | Acquired Loans |  | Total |  | Business Activities Loans |  | Acquired Loans |  | Total
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | 2,354 |  |  | — |  |  | 2,354 |  |  | 2,564 |  |  | — |  |  | 2,564 |
Total commercial real estate |  | 2,354 |  |  | — |  |  | 2,354 |  |  | 2,564 |  |  | — |  |  | 2,564 |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  | 284 |  |  | — |  |  | 284 |  |  | 284 |  |  | — |  |  | 284 |
Agricultural and other loans to farmers |  | 167 |  |  | — |  |  | 167 |  |  | 31 |  |  | — |  |  | 31 |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial and industrial |  | 451 |  |  | — |  |  | 451 |  |  | 315 |  |  | — |  |  | 315 |
Total commercial loans |  | 2,805 |  |  | — |  |  | 2,805 |  |  | 2,879 |  |  | — |  |  | 2,879 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 3,066 |  |  | — |  |  | 3,066 |  |  | 3,419 |  |  | — |  |  | 3,419 |
Total residential real estate |  | 3,066 |  |  | — |  |  | 3,066 |  |  | 3,419 |  |  | — |  |  | 3,419 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 62 |  |  | — |  |  | 62 |  |  | 90 |  |  | — |  |  | 90 |
Consumer other |  | 98 |  |  | — |  |  | 98 |  |  | 108 |  |  | — |  |  | 108 |
Total consumer |  | 160 |  |  | — |  |  | 160 |  |  | 198 |  |  | — |  |  | 198 |
Total loans |  | $ | 6,031 |  |  | $ | — |  |  | $ | 6,031 |  |  | $ | 6,496 |  |  | $ | — |  |  | $ | 6,496 |
Loans evaluated for impairment as of March 31, 2017 and December 31, 2016 were as follows: Business Activities Loans
(In thousands) |  | Commercial real estate |  | Commercial and industrial |  | Residential real estate |  | Consumer |  | Total
March 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 4,191 |  |  | $ | 722 |  |  | $ | 1,700 |  |  | $ | 641 |  |  | $ | 7,254 |
Collectively evaluated |  | 440,746 |  |  | 183,464 |  |  | 516,856 |  |  | 54,508 |  |  | 1,195,574 |
Total |  | $ | 444,937 |  |  | $ | 184,186 |  |  | $ | 518,556 |  |  | $ | 55,149 |  |  | $ | 1,202,828 |
Business Activities Loans
(In thousands) |  | Commercial real estate |  | Commercial and industrial |  | Residential real estate |  | Consumer |  | Total
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 4,481 |  |  | $ | 486 |  |  | $ | 1,709 |  |  | $ | 33 |  |  | $ | 6,709 |
Collectively evaluated |  | 413,808 |  |  | 150,754 |  |  | 504,903 |  |  | 53,060 |  |  | 1,122,525 |
Total |  | $ | 418,289 |  |  | $ | 151,240 |  |  | $ | 506,612 |  |  | $ | 53,093 |  |  | $ | 1,129,234 |
Acquired Loans
(In thousands) |  | Commercial real estate |  | Commercial and industrial |  | Residential real estate |  | Consumer |  | Total
March 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Purchased credit-impaired loans |  | 11,853 |  |  | 1,142 |  |  | 3,819 |  |  | 211 |  |  | 17,025 |
Collectively evaluated |  | 323,044 |  |  | 124,667 |  |  | 633,061 |  |  | 72,010 |  |  | 1,152,782 |
Total |  | $ | 334,897 |  |  | $ | 125,809 |  |  | $ | 636,880 |  |  | $ | 72,221 |  |  | $ | 1,169,807 |
The following is a summary of impaired loans at March 31, 2017 and December 31, 2016: Business Activities Loans
|  | March 31, 2017
(In thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | 2,471 |  |  | 2,612 |  |  | — |
Commercial other |  | 251 |  |  | 254 |  |  | — |
Agricultural and other loans to farmers |  | 256 |  |  | 256 |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 1,380 |  |  | 1,496 |  |  | — |
Home equity |  | 589 |  |  | 589 |  |  | — |
Consumer other |  | 44 |  |  | 44 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | 1,720 |  |  | 3,699 |  |  | 302 |
Commercial other |  | 215 |  |  | 365 |  |  | 172 |
Agricultural and other loans to farmers |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 320 |  |  | 320 |  |  | 45 |
Home equity |  | — |  |  | — |  |  | — |
Consumer other |  | 8 |  |  | 8 |  |  | 8 |
Total |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 4,191 |  |  | $ | 6,311 |  |  | $ | 302 |
Commercial and industrial |  | 722 |  |  | 875 |  |  | 172 |
Residential real estate |  | 1,700 |  |  | 1,816 |  |  | 45 |
Consumer |  | 641 |  |  | 641 |  |  | 8 |
Total impaired loans |  | $ | 7,254 |  |  | $ | 9,643 |  |  | $ | 527 |
Business Activities Loans
|  | December 31, 2016
(In thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | 2,831 |  |  | 2,919 |  |  | — |
Commercial other |  | 130 |  |  | 130 |  |  | — |
Agricultural and other loans to farmers |  | 139 |  |  | 139 |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 1,387 |  |  | 1,504 |  |  | — |
Home equity |  | 16 |  |  | 16 |  |  | — |
Consumer other |  | 2 |  |  | 2 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | 1,650 |  |  | 3,575 |  |  | 193 |
Commercial other |  | 217 |  |  | 367 |  |  | 173 |
Agricultural and other loans to farmers |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 322 |  |  | 322 |  |  | 49 |
Home equity |  | — |  |  | — |  |  | — |
Consumer other |  | 15 |  |  | 15 |  |  | 9 |
Total |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 4,481 |  |  | $ | 6,494 |  |  | $ | 193 |
Commercial and industrial |  | 486 |  |  | 636 |  |  | 173 |
Residential real estate |  | 1,709 |  |  | 1,826 |  |  | 49 |
Consumer |  | 33 |  |  | 33 |  |  | 9 |
Total impaired loans |  | $ | 6,709 |  |  | $ | 8,989 |  |  | $ | 424 |
The following is a summary of the average recorded investment and interest income recognized on impaired loans as of March 31, 2017 and 2016: Business Activities Loan
|  | Three Months Ended March 31, 2017 |  | Three Months Ended March 31, 2016
(in thousands) |  | Average Recorded Investment |  | Cash Basis Interest Income Recognized |  | Average Recorded Investment |  | Cash Basis Interest Income Recognized
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | 2,592 |  |  | 34 |  |  | 1,932 |  |  | 22 |
Commercial other |  | 226 |  |  | 3 |  |  | 98 |  |  | 2 |
Agricultural and other loans to farmers |  | 192 |  |  | 2 |  |  | 141 |  |  | 3 |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 1,500 |  |  | 22 |  |  | 1,079 |  |  | 21 |
Home equity |  | 590 |  |  | — |  |  | 17 |  |  | — |
Consumer other |  | 44 |  |  | 1 |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | 1,111 |  |  | $ | — |
Commercial real estate other |  | 1,723 |  |  | — |  |  | 529 |  |  | — |
Commercial other |  | 216 |  |  | — |  |  | 223 |  |  | — |
Agricultural and other loans to farmers |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 321 |  |  | — |  |  | 767 |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |
Consumer other |  | 9 |  |  | — |  |  | 8 |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 4,315 |  |  | $ | 34 |  |  | $ | 3,572 |  |  | $ | 22 |
Commercial and industrial |  | 634 |  |  | 5 |  |  | 462 |  |  | 5 |
Residential real estate |  | 1,821 |  |  | 22 |  |  | 1,846 |  |  | 21 |
Consumer |  | 643 |  |  | 1 |  |  | 25 |  |  | — |
Total impaired loans |  | $ | 7,413 |  |  | $ | 62 |  |  | $ | 5,905 |  |  | $ | 48 |
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 months ended March 31, 2017 and for the three months ended March 31, 2016, respectively. 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 months ended March 31, 2017 were attributable to interest rate concessions, maturity date extensions, reamortization or a combination of two concessions. The modifications for the three months ending March 31, 2016 were attributable to interest rate concessions, maturity date extensions or a combination of both.
|  | Three Months Ended March 31, 2017
(Dollars in thousands) |  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Commercial other |  | 1 |  |  | $ | 80 |  |  | $ | 80 |
Residential mortgages |  | 2 |  |  | 575 |  |  | 574 |
Consumer other |  | 1 |  |  | 38 |  |  | 37 |
Total |  | 4 |  |  | $ | 693 |  |  | $ | 691 |
|  | Three Months Ended March 31, 2016
(Dollars in thousands) |  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |
Commercial real estate |  | 2 |  |  | $ | 395 |  |  | $ | 394 |
Agricultural and other loans to farmers |  | 2 |  |  | 30 |  |  | 25 |
Total |  | 4 |  |  | $ | 425 |  |  | $ | 419 |
For the three months ended March 31, 2017, there were no loans that were restructured that had subsequently defaulted during the period. 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 March 31, 2017, the Company maintained foreclosed residential real estate property with a fair value of $363 thousand. Additionally, residential mortgage loans collateralized by real estate property that are in the process of foreclosure as of March 31, 2017 and December 31, 2016 totaled $2.0 million and $2.4 million, respectively. As of December 31, 2016, foreclosed residential real estate property totaled $90 thousand.

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