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LOANS | 3 Months Ended
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Mar. 31, 2018
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 commercial construction and land development and other commercial real estate loans. Commercial and industrial loans includes loans to commercial businesses, agricultural, and tax exempt loans. Residential real estate loans consists of mortgages for 1-4 family housing. Consumer loans include home equity loans 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, 2018 |  | December 31, 2017
(in thousands) |  | Business Activities Loans |  | Acquired Loans |  | Total |  | Business Activities Loans |  | Acquired Loans |  | Total
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 31,073 |  |  | $ | 14,800 |  |  | $ | 45,873 |  |  | $ | 28,892 |  |  | $ | 16,781 |  |  | $ | 45,673 |
Other commercial real estate |  | 512,093 |  |  | 266,755 |  |  | 778,848 |  |  | 505,119 |  |  | 275,954 |  |  | 781,073 |
Total Commercial Real Estate |  | 543,166 |  |  | 281,555 |  |  | 824,721 |  |  | 534,011 |  |  | 292,735 |  |  | 826,746 |
Commercial and Industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Commercial |  | 210,304 |  |  | 65,198 |  |  | 275,502 |  |  | 198,051 |  |  | 68,069 |  |  | 266,120 |
Agricultural |  | 26,309 |  |  | — |  |  | 26,309 |  |  | 27,588 |  |  | — |  |  | 27,588 |
Tax exempt |  | 43,092 |  |  | 42,302 |  |  | 85,394 |  |  | 42,365 |  |  | 43,350 |  |  | 85,715 |
Total Commercial and Industrial |  | 279,705 |  |  | 107,500 |  |  | 387,205 |  |  | 268,004 |  |  | 111,419 |  |  | 379,423 |
Total Commercial Loans |  | 822,871 |  |  | 389,055 |  |  | 1,211,926 |  |  | 802,015 |  |  | 404,154 |  |  | 1,206,169 |
Residential Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 588,465 |  |  | 544,512 |  |  | 1,132,977 |  |  | 591,411 |  |  | 564,271 |  |  | 1,155,682 |
Total Residential Real Estate |  | 588,465 |  |  | 544,512 |  |  | 1,132,977 |  |  | 591,411 |  |  | 564,271 |  |  | 1,155,682 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 52,100 |  |  | 57,766 |  |  | 109,866 |  |  | 51,376 |  |  | 62,217 |  |  | 113,593 |
Other consumer |  | 7,580 |  |  | 2,070 |  |  | 9,650 |  |  | 7,828 |  |  | 2,341 |  |  | 10,169 |
Total Consumer |  | 59,680 |  |  | 59,836 |  |  | 119,516 |  |  | 59,204 |  |  | 64,558 |  |  | 123,762 |
Total Loans |  | $ | 1,471,016 |  |  | $ | 993,403 |  |  | $ | 2,464,419 |  |  | $ | 1,452,630 |  |  | $ | 1,032,983 |  |  | $ | 2,485,613 |
The carrying amount of the acquired loans at March 31, 2018 totaled $993.4 million. 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 $12.1 million (and a note balance of $16.6 million). These loans are evaluated for impairment through the periodic reforecasting of expected cash flows. Acquired loans considered not impaired at acquisition date had a carrying amount of $981.3 million as of March 31, 2018. 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) |  | 2018 |  | 2017
Balance at beginning of period |  | $ | 3,509 |  |  | $ | — |
Acquisitions |  | — |  |  | 3,398 |
Reclassification from nonaccretable difference for loans with improved cash flows |  | 199 |  |  | — |
Changes in expected cash flows that do not affect the nonaccretable difference |  | — |  |  | — |
Reclassification to troubled debt restructurings |  | — |  |  | — |
Accretion |  | (361 | ) |  | (204 | )
Balance at end of period |  | $ | 3,347 |  |  | $ | 3,194 |
The following is a summary of past due loans at March 31, 2018 and December 31, 2017: 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, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | 2 |  |  | $ | 566 |  |  | $ | 568 |  |  | $ | 30,505 |  |  | $ | 31,073 |  |  | $ | — |
Other commercial real estate |  | 1,008 |  |  | 158 |  |  | 6,656 |  |  | 7,822 |  |  | 504,271 |  |  | 512,093 |  |  | — |
Total Commercial Real Estate |  | 1,008 |  |  | 160 |  |  | 7,222 |  |  | 8,390 |  |  | 534,776 |  |  | 543,166 |  |  | — |
Commercial and Industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Commercial |  | 829 |  |  | 12 |  |  | 506 |  |  | 1,347 |  |  | 208,957 |  |  | 210,304 |  |  | — |
Agricultural |  | 39 |  |  | 88 |  |  | 101 |  |  | 228 |  |  | 26,081 |  |  | 26,309 |  |  | 2 |
Tax exempt |  | — |  |  | — |  |  | — |  |  | — |  |  | 43,092 |  |  | 43,092 |  |  | — |
Total Commercial and Industrial |  | 868 |  |  | 100 |  |  | 607 |  |  | 1,575 |  |  | 278,130 |  |  | 279,705 |  |  | 2 |
Total Commercial Loans |  | 1,876 |  |  | 260 |  |  | 7,829 |  |  | 9,965 |  |  | 812,906 |  |  | 822,871 |  |  | 2 |
Residential Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 624 |  |  | 810 |  |  | 3,772 |  |  | 5,206 |  |  | 583,259 |  |  | 588,465 |  |  | — |
Total Residential Real Estate |  | 624 |  |  | 810 |  |  | 3,772 |  |  | 5,206 |  |  | 583,259 |  |  | 588,465 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 174 |  |  | 28 |  |  | 349 |  |  | 551 |  |  | 51,549 |  |  | 52,100 |  |  | — |
Other consumer |  | 132 |  |  | 2 |  |  | — |  |  | 134 |  |  | 7,446 |  |  | 7,580 |  |  | — |
Total Consumer |  | 306 |  |  | 30 |  |  | 349 |  |  | 685 |  |  | 58,995 |  |  | 59,680 |  |  | — |
Total Loans |  | $ | 2,806 |  |  | $ | 1,100 |  |  | $ | 11,950 |  |  | $ | 15,856 |  |  | $ | 1,455,160 |  |  | $ | 1,471,016 |  |  | $ | 2 |
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, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | 637 |  |  | $ | 637 |  |  | $ | 28,255 |  |  | $ | 28,892 |  |  | $ | — |
Other commercial real estate |  | 965 |  |  | 1,659 |  |  | 5,065 |  |  | 7,689 |  |  | 497,430 |  |  | 505,119 |  |  | 119 |
Total Commercial Real Estate |  | 965 |  |  | 1,659 |  |  | 5,702 |  |  | 8,326 |  |  | 525,685 |  |  | 534,011 |  |  | 119 |
Commercial and Industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Commercial |  | 186 |  |  | 329 |  |  | 702 |  |  | 1,217 |  |  | 196,834 |  |  | 198,051 |  |  | 21 |
Agricultural |  | 42 |  |  | 159 |  |  | 198 |  |  | 399 |  |  | 27,189 |  |  | 27,588 |  |  | 155 |
Tax exempt |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,365 |  |  | 42,365 |  |  | — |
Total Commercial and Industrial |  | 228 |  |  | 488 |  |  | 900 |  |  | 1,616 |  |  | 266,388 |  |  | 268,004 |  |  | 176 |
Total Commercial Loans |  | 1,193 |  |  | 2,147 |  |  | 6,602 |  |  | 9,942 |  |  | 792,073 |  |  | 802,015 |  |  | 295 |
Residential Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 3,096 |  |  | 711 |  |  | 975 |  |  | 4,782 |  |  | 586,629 |  |  | 591,411 |  |  | — |
Total Residential Real Estate |  | 3,096 |  |  | 711 |  |  | 975 |  |  | 4,782 |  |  | 586,629 |  |  | 591,411 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 515 |  |  | — |  |  | 199 |  |  | 714 |  |  | 50,662 |  |  | 51,376 |  |  | 199 |
Other consumer |  | 36 |  |  | 24 |  |  | — |  |  | 60 |  |  | 7,768 |  |  | 7,828 |  |  | — |
Total Consumer |  | 551 |  |  | 24 |  |  | 199 |  |  | 774 |  |  | 58,430 |  |  | 59,204 |  |  | 199 |
Total Loans |  | $ | 4,840 |  |  | $ | 2,882 |  |  | $ | 7,776 |  |  | $ | 15,498 |  |  | $ | 1,437,132 |  |  | $ | 1,452,630 |  |  | $ | 494 |
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, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 260 |  |  | $ | 14,800 |  |  | $ | — |
Other commercial real estate |  | 411 |  |  | — |  |  | 305 |  |  | 716 |  |  | 8,350 |  |  | 266,755 |  |  | — |
Total Commercial Real Estate |  | 411 |  |  | — |  |  | 305 |  |  | 716 |  |  | 8,610 |  |  | 281,555 |  |  | — |
Commercial and Industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Commercial |  | 208 |  |  | 97 |  |  | 148 |  |  | 453 |  |  | 459 |  |  | 65,198 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,302 |  |  | — |
Total Commercial and Industrial |  | 208 |  |  | 97 |  |  | 148 |  |  | 453 |  |  | 459 |  |  | 107,500 |  |  | — |
Total Commercial Loans |  | 619 |  |  | 97 |  |  | 453 |  |  | 1,169 |  |  | 9,069 |  |  | 389,055 |  |  | — |
Residential Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 1,376 |  |  | 204 |  |  | 771 |  |  | 2,351 |  |  | 3,168 |  |  | 544,512 |  |  | — |
Total Residential Real Estate |  | 1,376 |  |  | 204 |  |  | 771 |  |  | 2,351 |  |  | 3,168 |  |  | 544,512 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 292 |  |  | 46 |  |  | 80 |  |  | 418 |  |  | 25 |  |  | 57,766 |  |  | — |
Other consumer |  | 3 |  |  | — |  |  | — |  |  | 3 |  |  | 3 |  |  | 2,070 |  |  | — |
Total Consumer |  | 295 |  |  | 46 |  |  | 80 |  |  | 421 |  |  | 28 |  |  | 59,836 |  |  | — |
Total Loans |  | $ | 2,290 |  |  | $ | 347 |  |  | $ | 1,304 |  |  | $ | 3,941 |  |  | $ | 12,265 |  |  | $ | 993,403 |  |  | $ | — |
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, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 124 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 133 |  |  | $ | 258 |  |  | $ | 16,781 |  |  | $ | — |
Other commercial real estate |  | 278 |  |  | — |  |  | 411 |  |  | 689 |  |  | 8,397 |  |  | 275,954 |  |  | — |
Total Commercial Real Estate |  | 402 |  |  | 9 |  |  | 411 |  |  | 822 |  |  | 8,655 |  |  | 292,735 |  |  | — |
Commercial and Industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Commercial |  | 125 |  |  | 14 |  |  | 49 |  |  | 188 |  |  | 632 |  |  | 68,069 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 43,350 |  |  | — |
Total Commercial and Industrial |  | 125 |  |  | 14 |  |  | 49 |  |  | 188 |  |  | 632 |  |  | 111,419 |  |  | — |
Total Commercial Loans |  | 527 |  |  | 23 |  |  | 460 |  |  | 1,010 |  |  | 9,287 |  |  | 404,154 |  |  | — |
Residential Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 752 |  |  | 388 |  |  | 614 |  |  | 1,754 |  |  | 3,259 |  |  | 564,271 |  |  | — |
Total Residential Real Estate |  | 752 |  |  | 388 |  |  | 614 |  |  | 1,754 |  |  | 3,259 |  |  | 564,271 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 125 |  |  | 117 |  |  | 80 |  |  | 322 |  |  | 38 |  |  | 62,217 |  |  | 16 |
Other consumer |  | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 3 |  |  | 2,341 |  |  | — |
Total Consumer |  | 127 |  |  | 117 |  |  | 80 |  |  | 324 |  |  | 41 |  |  | 64,558 |  |  | 16 |
Total Loans |  | $ | 1,406 |  |  | $ | 528 |  |  | $ | 1,154 |  |  | $ | 3,088 |  |  | $ | 12,587 |  |  | $ | 1,032,983 |  |  | $ | 16 |
Non-Accrual Loans The following is summary information pertaining to non-accrual loans at March 31, 2018 and December 31, 2017:
|  | March 31, 2018 |  | December 31, 2017
(in thousands) |  | Business Activities Loans |  | Acquired Loans |  | Total |  | Business Activities Loans |  | Acquired Loans |  | Total
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 566 |  |  | $ | — |  |  | $ | 566 |  |  | $ | 637 |  |  | $ | — |  |  | $ | 637 |
Other commercial real estate |  | 7,401 |  |  | 455 |  |  | 7,856 |  |  | 7,146 |  |  | 560 |  |  | 7,706 |
Total Commercial Real Estate |  | 7,967 |  |  | 455 |  |  | 8,422 |  |  | 7,783 |  |  | 560 |  |  | 8,343 |
Commercial and Industrial: |  |  |  |  |  |  |  |  |  |  |  |
Other Commercial |  | 1,532 |  |  | 528 |  |  | 2,060 |  |  | 703 |  |  | 463 |  |  | 1,166 |
Agricultural |  | 244 |  |  | — |  |  | 244 |  |  | 43 |  |  | — |  |  | 43 |
Tax exempt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Commercial and Industrial |  | 1,776 |  |  | 528 |  |  | 2,304 |  |  | 746 |  |  | 463 |  |  | 1,209 |
Total Commercial Loans |  | 9,743 |  |  | 983 |  |  | 10,726 |  |  | 8,529 |  |  | 1,023 |  |  | 9,552 |
Residential Real Estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 6,527 |  |  | 2,021 |  |  | 8,548 |  |  | 3,408 |  |  | 858 |  |  | 4,266 |
Total Residential Real Estate |  | 6,527 |  |  | 2,021 |  |  | 8,548 |  |  | 3,408 |  |  | 858 |  |  | 4,266 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 624 |  |  | 277 |  |  | 901 |  |  | 130 |  |  | 217 |  |  | 347 |
Other consumer |  | 109 |  |  | 55 |  |  | 164 |  |  | 95 |  |  | 58 |  |  | 153 |
Total Consumer |  | 733 |  |  | 332 |  |  | 1,065 |  |  | 225 |  |  | 275 |  |  | 500 |
Total Loans |  | $ | 17,003 |  |  | $ | 3,336 |  |  | $ | 20,339 |  |  | $ | 12,162 |  |  | $ | 2,156 |  |  | $ | 14,318 |
Loans evaluated for impairment as of March 31, 2018 and December 31, 2017 were as follows: Business Activities Loans
(in thousands) |  | Commercial real estate |  | Commercial and industrial |  | Residential real estate |  | Consumer |  | Total
March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 7,641 |  |  | $ | 1,504 |  |  | $ | 4,386 |  |  | $ | 362 |  |  | $ | 13,893 |
Collectively evaluated |  | 535,525 |  |  | 278,201 |  |  | 584,079 |  |  | 59,318 |  |  | 1,457,123 |
Total |  | $ | 543,166 |  |  | $ | 279,705 |  |  | $ | 588,465 |  |  | $ | 59,680 |  |  | $ | 1,471,016 |
Business Activities Loans
(in thousands) |  | Commercial real estate |  | Commercial and industrial |  | Residential real estate |  | Consumer |  | Total
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 7,604 |  |  | $ | 626 |  |  | $ | 1,404 |  |  | $ | 13 |  |  | $ | 9,647 |
Collectively evaluated |  | 526,407 |  |  | 267,378 |  |  | 590,007 |  |  | 59,191 |  |  | 1,442,983 |
Total |  | $ | 534,011 |  |  | $ | 268,004 |  |  | $ | 591,411 |  |  | $ | 59,204 |  |  | $ | 1,452,630 |
Acquired Loans
(in thousands) |  | Commercial real estate |  | Commercial and industrial |  | Residential real estate |  | Consumer |  | Total
March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 133 |  |  | $ | 598 |  |  | $ | 503 |  |  | $ | — |  |  | $ | 1,234 |
Purchased Credit Impaired |  | 8,610 |  |  | 459 |  |  | 3,168 |  |  | 28 |  |  | 12,265 |
Collectively evaluated |  | 272,812 |  |  | 106,443 |  |  | 540,841 |  |  | 59,808 |  |  | 979,904 |
Total |  | $ | 281,555 |  |  | $ | 107,500 |  |  | $ | 544,512 |  |  | $ | 59,836 |  |  | $ | 993,403 |
Acquired Loans
(in thousands) |  | Commercial real estate |  | Commercial and industrial |  | Residential real estate |  | Consumer |  | Total
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 241 |  |  | $ | 571 |  |  | $ | 271 |  |  | $ | 63 |  |  | $ | 1,146 |
Purchased Credit Impaired |  | 8,655 |  |  | 632 |  |  | 3,259 |  |  | 41 |  |  | 12,587 |
Collectively evaluated |  | 283,839 |  |  | 110,216 |  |  | 560,741 |  |  | 64,454 |  |  | 1,019,250 |
Total |  | $ | 292,735 |  |  | $ | 111,419 |  |  | $ | 564,271 |  |  | $ | 64,558 |  |  | $ | 1,032,983 |
The following is a summary of impaired loans at March 31, 2018 and December 31, 2017: Business Activities Loans
|  | March 31, 2018
(in thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 566 |  |  | $ | 2,491 |  |  | $ | — |
Commercial real estate other |  | 5,933 |  |  | 5,944 |  |  | — |
Commercial other |  | 962 |  |  | 966 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 3,586 |  |  | 3,603 |  |  | — |
Home equity |  | 362 |  |  | 463 |  |  | — |
Consumer other |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | 1,142 |  |  | 1,204 |  |  | 433 |
Commercial other |  | 542 |  |  | 544 |  |  | 132 |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 800 |  |  | 801 |  |  | 84 |
Home equity |  | — |  |  | — |  |  | — |
Consumer other |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |
Commercial real estate |  | $ | 7,641 |  |  | $ | 9,639 |  |  | $ | 433 |
Commercial and industrial |  | 1,504 |  |  | 1,510 |  |  | 132 |
Residential real estate |  | 4,386 |  |  | 4,404 |  |  | 84 |
Consumer |  | 362 |  |  | 463 |  |  | — |
Total impaired loans |  | $ | 13,893 |  |  | $ | 16,016 |  |  | $ | 649 |
Acquired Loans
|  | March 31, 2018
(in thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | 133 |  |  | 245 |  |  | — |
Commercial other |  | 176 |  |  | 175 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 503 |  |  | 507 |  |  | — |
Home equity |  | — |  |  | — |  |  | — |
Consumer other |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | — |  |  | — |  |  | — |
Commercial other |  | 422 |  |  | 436 |  |  | 121 |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | — |  |  | — |  |  | — |
Home equity |  | — |  |  | — |  |  | — |
Consumer other |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |
Commercial real estate |  | $ | 133 |  |  | $ | 245 |  |  | $ | — |
Commercial and industrial |  | 598 |  |  | 611 |  |  | 121 |
Residential real estate |  | 503 |  |  | 507 |  |  | — |
Consumer |  | — |  |  | — |  |  | — |
Total impaired loans |  | $ | 1,234 |  |  | $ | 1,363 |  |  | $ | 121 |
Business Activities Loans
|  | December 31, 2017
(in thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | 5,896 |  |  | 5,903 |  |  | — |
Commercial other |  | 218 |  |  | 217 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 1,247 |  |  | 1,260 |  |  | — |
Home equity |  | 13 |  |  | 13 |  |  | — |
Consumer other |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |
Construction and land development |  | $ | 637 |  |  | $ | 2,563 |  |  | $ | 59 |
Commercial real estate other |  | 1,071 |  |  | 1,132 |  |  | 388 |
Commercial other |  | 408 |  |  | 408 |  |  | 3 |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 157 |  |  | 157 |  |  | 9 |
Home equity |  | — |  |  | — |  |  | — |
Consumer other |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |
Commercial real estate |  | $ | 7,604 |  |  | $ | 9,598 |  |  | $ | 447 |
Commercial and industrial |  | 626 |  |  | 625 |  |  | 3 |
Residential real estate |  | 1,404 |  |  | 1,417 |  |  | 9 |
Consumer |  | 13 |  |  | 13 |  |  | — |
Total impaired loans |  | $ | 9,647 |  |  | $ | 11,653 |  |  | $ | 459 |
Acquired Loans
|  | December 31, 2017
(in thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 241 |  |  | 352 |  |  | — |
Other commercial |  | 571 |  |  | 584 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt |  | — |  |  | — |  |  | — |
Residential mortgages |  | 271 |  |  | 278 |  |  | — |
Home equity |  | 63 |  |  | 156 |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | — |  |  | — |  |  | — |
Other commercial |  | — |  |  | — |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt |  | — |  |  | — |  |  | — |
Residential mortgages |  | — |  |  | — |  |  | — |
Home equity |  | — |  |  | — |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |
Commercial real estate |  | $ | 241 |  |  | $ | 352 |  |  | $ | — |
Commercial and industrial |  | 571 |  |  | 584 |  |  | — |
Residential real estate |  | 271 |  |  | 278 |  |  | — |
Consumer |  | 63 |  |  | 156 |  |  | — |
Total impaired loans |  | $ | 1,146 |  |  | $ | 1,370 |  |  | $ | — |
The following is a summary of the average recorded investment and interest income recognized on impaired loans as of March 31, 2018 and 2017: Business Activities Loans
|  | Three Months Ended March 31, 2018 |  | Three Months Ended March 31, 2017
(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 |  | $ | 589 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | 5,937 |  |  | — |  |  | 2,592 |  |  | 34 |
Commercial other |  | 1,334 |  |  | — |  |  | 226 |  |  | 3 |
Agricultural |  | — |  |  | — |  |  | 192 |  |  | 2 |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 3,591 |  |  | — |  |  | 1,500 |  |  | 22 |
Home equity |  | 444 |  |  | — |  |  | 590 |  |  | — |
Consumer other |  | — |  |  | — |  |  | 44 |  |  | 1 |
With an allowance recorded: |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | 1,144 |  |  | — |  |  | 1,723 |  |  | — |
Commercial other |  | 187 |  |  | — |  |  | 216 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 802 |  |  | — |  |  | 321 |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |
Consumer other |  | — |  |  | — |  |  | 9 |  |  | — |
Total |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 7,670 |  |  | $ | — |  |  | $ | 4,315 |  |  | $ | 34 |
Commercial and industrial |  | 1,521 |  |  | — |  |  | 634 |  |  | 5 |
Residential real estate |  | 4,393 |  |  | — |  |  | 1,821 |  |  | 22 |
Consumer |  | 444 |  |  | — |  |  | 643 |  |  | 1 |
Total impaired loans |  | $ | 14,028 |  |  | $ | — |  |  | $ | 7,413 |  |  | $ | 62 |
Acquired Loans
|  | Three Months Ended March 31, 2018 |  | Three Months Ended March 31, 2017
(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 |  | 133 |  |  | — |  |  | — |  |  | — |
Commercial other |  | 161 |  |  | 1 |  |  | — |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 508 |  |  | — |  |  | — |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |
Consumer other |  | — |  |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate other |  | — |  |  | — |  |  | — |  |  | — |
Commercial other |  | 434 |  |  | — |  |  | — |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | — |  |  | — |  |  | — |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |
Consumer other |  | — |  |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 133 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial and industrial |  | 595 |  |  | 1 |  |  | — |  |  | — |
Residential real estate |  | 508 |  |  | — |  |  | — |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |
Total impaired loans |  | $ | 1,236 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
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, 2018 and for the three months ended March 31, 2017, 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, 2018 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, 2017 were attributable to interest rate concessions, maturity date extensions, or a combination of both.
|  | Three Months Ended March 31, 2018
(Dollars in thousands) |  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Commercial installment |  | 2 |  |  | $ | 452 |  |  | $ | 448 |
Agricultural |  | 1 |  |  | 2 |  |  | 2 |
Commercial real estate |  | 1 |  |  | 167 |  |  | — |
Residential real estate |  | 5 |  |  | 1,105 |  |  | 1,099 |
Consumer other |  | 1 |  |  | 1 |  |  | 1 |
Total |  | 10 |  |  | $ | 1,727 |  |  | $ | 1,550 |
|  | 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 installment |  | 1 |  |  | $ | 80 |  |  | $ | 80 |
Residential real estate |  | 2 |  |  | 575 |  |  | 574 |
Consumer other |  | 1 |  |  | 38 |  |  | 37 |
Total |  | 4 |  |  | $ | 693 |  |  | $ | 691 |
For the three months ended March 31, 2018, there were no loans 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. Foreclosure As of March 31, 2018, the Company maintained foreclosed residential real estate property with a fair value of $216 thousand. Additionally, residential mortgage loans collateralized by real estate property that are in the process of foreclosure as of March 31, 2018 and December 31, 2017 totaled $1.6 million and $843 thousand, respectively. As of December 31, 2017, foreclosed residential real estate property totaled $122 thousand. Mortgage Banking Total residential loans included held for sale loans of $4.8 million and $13.4 million at March 31, 2018 and December 31, 2017, respectively.

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