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LOANS | 9 Months Ended
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Sep. 30, 2019
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 include multi-family, commercial construction and land development, and other commercial real estate classes. Commercial and industrial loans include loans to commercial and agricultural businesses and tax exempt entities. Residential real estate loans consist of mortgages for 1-to-4 family housing. Consumer loans include home equity loans, auto and other installment loans. 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 previously acquired from other institutions. The following is a summary of total loans:
|  | September 30, 2019 |  | December 31, 2018
(in thousands) |  | Business Activities Loans |  | Acquired Loans |  | Total |  | Business Activities Loans |  | Acquired Loans |  | Total
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 28,802 |  |  | $ | 2,064 |  |  | $ | 30,866 |  |  | $ | 23,754 |  |  | $ | 2,890 |  |  | $ | 26,644 |
Other commercial real estate |  | 672,885 |  |  | 220,022 |  |  | 892,907 |  |  | 555,980 |  |  | 244,075 |  |  | 800,055 |
Total commercial real estate |  | 701,687 |  |  | 222,086 |  |  | 923,773 |  |  | 579,734 |  |  | 246,965 |  |  | 826,699 |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 239,894 |  |  | 40,490 |  |  | 280,384 |  |  | 234,757 |  |  | 52,470 |  |  | 287,227 |
Agricultural |  | 21,206 |  |  | — |  |  | 21,206 |  |  | 22,317 |  |  | — |  |  | 22,317 |
Tax exempt |  | 66,043 |  |  | 35,073 |  |  | 101,116 |  |  | 56,588 |  |  | 38,738 |  |  | 95,326 |
Total commercial and industrial |  | 327,143 |  |  | 75,563 |  |  | 402,706 |  |  | 313,662 |  |  | 91,208 |  |  | 404,870 |
Total commercial loans |  | 1,028,830 |  |  | 297,649 |  |  | 1,326,479 |  |  | 893,396 |  |  | 338,173 |  |  | 1,231,569 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 730,516 |  |  | 412,936 |  |  | 1,143,452 |  |  | 670,189 |  |  | 474,509 |  |  | 1,144,698 |
Total residential real estate |  | 730,516 |  |  | 412,936 |  |  | 1,143,452 |  |  | 670,189 |  |  | 474,509 |  |  | 1,144,698 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 58,556 |  |  | 37,600 |  |  | 96,156 |  |  | 57,898 |  |  | 45,291 |  |  | 103,189 |
Other consumer |  | 10,234 |  |  | 985 |  |  | 11,219 |  |  | 9,414 |  |  | 1,357 |  |  | 10,771 |
Total consumer |  | 68,790 |  |  | 38,585 |  |  | 107,375 |  |  | 67,312 |  |  | 46,648 |  |  | 113,960 |
Total loans |  | $ | 1,828,136 |  |  | $ | 749,170 |  |  | $ | 2,577,306 |  |  | $ | 1,630,897 |  |  | $ | 859,330 |  |  | $ | 2,490,227 |
The carrying amount of the acquired loans at September 30, 2019 totaled $749.2 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 $8.4 million (and total note balances of $11.5 million). These loans are evaluated for impairment through the periodic reforecasting of expected cash flows. Acquired loans considered not impaired at the acquisition date had a carrying amount of $740.8 million as of September 30, 2019. 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 September 30,
(in thousands) |  | 2019 |  | 2018
Balance at beginning of period |  | $ | 4,195 |  |  | $ | 2,807 |
Reclassification from non-accretable difference for loans with (decreased) improved cash flows |  | (126 | ) |  | 1,985 |
Accretion |  | (581 | ) |  | (315 | )
Balance at end of period |  | $ | 3,488 |  |  | $ | 4,477 |
|  | Nine Months Ended September 30,
(in thousands) |  | 2019 |  | 2018
Balance at beginning of period |  | $ | 4,377 |  |  | $ | 3,509 |
Reclassification from non-accretable difference for loans with improved cash flows |  | 498 |  |  | 2,031 |
Accretion |  | (1,387 | ) |  | (1,063 | )
Balance at end of period |  | $ | 3,488 |  |  | $ | 4,477 |
The following is a summary of past due loans at September 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
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | 73 |  |  | $ | 73 |  |  | $ | 28,729 |  |  | $ | 28,802 |  |  | $ | 73 |
Other commercial real estate |  | 985 |  |  | 56 |  |  | 6,773 |  |  | 7,814 |  |  | 665,071 |  |  | 672,885 |  |  | — |
Total commercial real estate |  | 985 |  |  | 56 |  |  | 6,846 |  |  | 7,887 |  |  | 693,800 |  |  | 701,687 |  |  | 73 |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 772 |  |  | 64 |  |  | 1,145 |  |  | 1,981 |  |  | 237,913 |  |  | 239,894 |  |  | — |
Agricultural |  | 121 |  |  | 72 |  |  | 25 |  |  | 218 |  |  | 20,988 |  |  | 21,206 |  |  | — |
Tax exempt |  | — |  |  | — |  |  | — |  |  | — |  |  | 66,043 |  |  | 66,043 |  |  | — |
Total commercial and industrial |  | 893 |  |  | 136 |  |  | 1,170 |  |  | 2,199 |  |  | 324,944 |  |  | 327,143 |  |  | — |
Total commercial loans |  | 1,878 |  |  | 192 |  |  | 8,016 |  |  | 10,086 |  |  | 1,018,744 |  |  | 1,028,830 |  |  | 73 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 399 |  |  | 345 |  |  | 871 |  |  | 1,615 |  |  | 728,901 |  |  | 730,516 |  |  | 71 |
Total residential real estate |  | 399 |  |  | 345 |  |  | 871 |  |  | 1,615 |  |  | 728,901 |  |  | 730,516 |  |  | 71 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 131 |  |  | 65 |  |  | 315 |  |  | 511 |  |  | 58,045 |  |  | 58,556 |  |  | — |
Other consumer |  | 2 |  |  | 7 |  |  | — |  |  | 9 |  |  | 10,225 |  |  | 10,234 |  |  | — |
Total consumer |  | 133 |  |  | 72 |  |  | 315 |  |  | 520 |  |  | 68,270 |  |  | 68,790 |  |  | — |
Total loans |  | $ | 2,410 |  |  | $ | 609 |  |  | $ | 9,202 |  |  | $ | 12,221 |  |  | $ | 1,815,915 |  |  | $ | 1,828,136 |  |  | $ | 144 |
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
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | 12 |  |  | $ | 190 |  |  | $ | 2,064 |  |  | $ | — |
Other commercial real estate |  | 434 |  |  | — |  |  | 240 |  |  | 674 |  |  | 4,859 |  |  | 220,022 |  |  | 72 |
Total commercial real estate |  | 446 |  |  | — |  |  | 240 |  |  | 686 |  |  | 5,049 |  |  | 222,086 |  |  | 72 |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | — |  |  | 41 |  |  | 750 |  |  | 791 |  |  | 249 |  |  | 40,490 |  |  | 387 |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 35,073 |  |  | — |
Total commercial and industrial |  | — |  |  | 41 |  |  | 750 |  |  | 791 |  |  | 249 |  |  | 75,563 |  |  | 387 |
Total commercial loans |  | 446 |  |  | 41 |  |  | 990 |  |  | 1,477 |  |  | 5,298 |  |  | 297,649 |  |  | 459 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 245 |  |  | 519 |  |  | 874 |  |  | 1,638 |  |  | 3,093 |  |  | 412,936 |  |  | 47 |
Total residential real estate |  | 245 |  |  | 519 |  |  | 874 |  |  | 1,638 |  |  | 3,093 |  |  | 412,936 |  |  | 47 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 356 |  |  | 133 |  |  | 180 |  |  | 669 |  |  | 19 |  |  | 37,600 |  |  | 37 |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 985 |  |  | — |
Total consumer |  | 356 |  |  | 133 |  |  | 180 |  |  | 669 |  |  | 19 |  |  | 38,585 |  |  | 37 |
Total loans |  | $ | 1,047 |  |  | $ | 693 |  |  | $ | 2,044 |  |  | $ | 3,784 |  |  | $ | 8,410 |  |  | $ | 749,170 |  |  | $ | 543 |
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 and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 23,754 |  |  | $ | 23,754 |  |  | $ | — |
Other commercial real estate |  | 1,146 |  |  | — |  |  | 6,725 |  |  | 7,871 |  |  | 548,109 |  |  | 555,980 |  |  | — |
Total commercial real estate |  | 1,146 |  |  | — |  |  | 6,725 |  |  | 7,871 |  |  | 571,863 |  |  | 579,734 |  |  | — |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 395 |  |  | 60 |  |  | 402 |  |  | 857 |  |  | 233,900 |  |  | 234,757 |  |  | 50 |
Agricultural |  | 65 |  |  | 6 |  |  | 25 |  |  | 96 |  |  | 22,221 |  |  | 22,317 |  |  | — |
Tax exempt |  | — |  |  | — |  |  | — |  |  | — |  |  | 56,588 |  |  | 56,588 |  |  | — |
Total commercial and industrial |  | 460 |  |  | 66 |  |  | 427 |  |  | 953 |  |  | 312,709 |  |  | 313,662 |  |  | 50 |
Total commercial loans |  | 1,606 |  |  | 66 |  |  | 7,152 |  |  | 8,824 |  |  | 884,572 |  |  | 893,396 |  |  | 50 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 3,565 |  |  | 641 |  |  | 1,309 |  |  | 5,515 |  |  | 664,674 |  |  | 670,189 |  |  | — |
Total residential real estate |  | 3,565 |  |  | 641 |  |  | 1,309 |  |  | 5,515 |  |  | 664,674 |  |  | 670,189 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 72 |  |  | — |  |  | — |  |  | 72 |  |  | 57,826 |  |  | 57,898 |  |  | — |
Other consumer |  | 17 |  |  | — |  |  | 11 |  |  | 28 |  |  | 9,386 |  |  | 9,414 |  |  | — |
Total consumer |  | 89 |  |  | — |  |  | 11 |  |  | 100 |  |  | 67,212 |  |  | 67,312 |  |  | — |
Total loans |  | $ | 5,260 |  |  | $ | 707 |  |  | $ | 8,472 |  |  | $ | 14,439 |  |  | $ | 1,616,458 |  |  | $ | 1,630,897 |  |  | $ | 50 |
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 and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 164 |  |  | $ | 2,890 |  |  | $ | — |
Other commercial real estate |  | 631 |  |  | 99 |  |  | 211 |  |  | 941 |  |  | 6,143 |  |  | 244,075 |  |  | — |
Total commercial real estate |  | 631 |  |  | 99 |  |  | 211 |  |  | 941 |  |  | 6,307 |  |  | 246,965 |  |  | — |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 149 |  |  | 26 |  |  | 494 |  |  | 669 |  |  | 679 |  |  | 52,470 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 38,738 |  |  | — |
Total commercial and industrial |  | 149 |  |  | 26 |  |  | 494 |  |  | 669 |  |  | 679 |  |  | 91,208 |  |  | — |
Total commercial loans |  | 780 |  |  | 125 |  |  | 705 |  |  | 1,610 |  |  | 6,986 |  |  | 338,173 |  |  | — |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 3,419 |  |  | 254 |  |  | 1,792 |  |  | 5,465 |  |  | 3,095 |  |  | 474,509 |  |  | — |
Total residential real estate |  | 3,419 |  |  | 254 |  |  | 1,792 |  |  | 5,465 |  |  | 3,095 |  |  | 474,509 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 198 |  |  | — |  |  | 66 |  |  | 264 |  |  | 22 |  |  | 45,291 |  |  | 7 |
Other consumer |  | 17 |  |  | — |  |  | — |  |  | 17 |  |  | 3 |  |  | 1,357 |  |  | 189 |
Total consumer |  | 215 |  |  | — |  |  | 66 |  |  | 281 |  |  | 25 |  |  | 46,648 |  |  | 196 |
Total loans |  | $ | 4,414 |  |  | $ | 379 |  |  | $ | 2,563 |  |  | $ | 7,356 |  |  | $ | 10,106 |  |  | $ | 859,330 |  |  | $ | 196 |
Non-Accrual Loans The following is summary information pertaining to non-accrual loans at September 30, 2019 and December 31, 2018:
|  | September 30, 2019 |  | December 31, 2018
(in thousands) |  | Business Activities Loans |  | Acquired Loans |  | Total |  | Business Activities Loans |  | Acquired Loans |  | Total
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Other commercial real estate |  | 8,172 |  |  | 346 |  |  | 8,518 |  |  | 7,873 |  |  | 282 |  |  | 8,155 |
Total commercial real estate |  | 8,173 |  |  | 346 |  |  | 8,519 |  |  | 7,874 |  |  | 282 |  |  | 8,156 |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 1,268 |  |  | 575 |  |  | 1,843 |  |  | 1,423 |  |  | 643 |  |  | 2,066 |
Agricultural |  | 234 |  |  | — |  |  | 234 |  |  | 265 |  |  | — |  |  | 265 |
Tax exempt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial and industrial |  | 1,502 |  |  | 575 |  |  | 2,077 |  |  | 1,688 |  |  | 643 |  |  | 2,331 |
Total commercial loans |  | 9,675 |  |  | 921 |  |  | 10,596 |  |  | 9,562 |  |  | 925 |  |  | 10,487 |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  | 3,277 |  |  | 2,063 |  |  | 5,340 |  |  | 4,213 |  |  | 2,997 |  |  | 7,210 |
Total residential real estate |  | 3,277 |  |  | 2,063 |  |  | 5,340 |  |  | 4,213 |  |  | 2,997 |  |  | 7,210 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  | 564 |  |  | 154 |  |  | 718 |  |  | 246 |  |  | 201 |  |  | 447 |
Other consumer |  | 25 |  |  | — |  |  | 25 |  |  | 90 |  |  | 1 |  |  | 91 |
Total consumer |  | 589 |  |  | 154 |  |  | 743 |  |  | 336 |  |  | 202 |  |  | 538 |
Total loans |  | $ | 13,541 |  |  | $ | 3,138 |  |  | $ | 16,679 |  |  | $ | 14,111 |  |  | $ | 4,124 |  |  | $ | 18,235 |
Loans evaluated for impairment as of September 30, 2019 and December 31, 2018 are, as follows: Business Activities Loans
(in thousands) |  | Commercial real estate |  | Commercial and industrial |  | Residential real estate |  | Consumer |  | Total
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 8,759 |  |  | $ | 1,323 |  |  | $ | 2,643 |  |  | $ | 13 |  |  | $ | 12,738 |
Collectively evaluated |  | 692,928 |  |  | 325,820 |  |  | 727,873 |  |  | 68,777 |  |  | 1,815,398 |
Total |  | $ | 701,687 |  |  | $ | 327,143 |  |  | $ | 730,516 |  |  | $ | 68,790 |  |  | $ | 1,828,136 |
Acquired Loans
(in thousands) |  | Commercial real estate |  | Commercial and industrial |  | Residential real estate |  | Consumer |  | Total
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 257 |  |  | $ | 414 |  |  | $ | 973 |  |  | $ | — |  |  | $ | 1,644 |
Purchased credit impaired |  | 5,049 |  |  | 249 |  |  | 3,093 |  |  | 19 |  |  | 8,410 |
Collectively evaluated |  | 216,780 |  |  | 74,900 |  |  | 408,870 |  |  | 38,566 |  |  | 739,116 |
Total |  | $ | 222,086 |  |  | $ | 75,563 |  |  | $ | 412,936 |  |  | $ | 38,585 |  |  | $ | 749,170 |
Business Activities Loans
(in thousands) |  | Commercial real estate |  | Commercial and industrial |  | Residential real estate |  | Consumer |  | Total
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 9,835 |  |  | $ | 1,445 |  |  | $ | 2,562 |  |  | $ | 13 |  |  | $ | 13,855 |
Collectively evaluated |  | 569,899 |  |  | 312,217 |  |  | 667,627 |  |  | 67,299 |  |  | 1,617,042 |
Total |  | $ | 579,734 |  |  | $ | 313,662 |  |  | $ | 670,189 |  |  | $ | 67,312 |  |  | $ | 1,630,897 |
Acquired Loans
(in thousands) |  | Commercial real estate |  | Commercial and industrial |  | Residential real estate |  | Consumer |  | Total
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 188 |  |  | $ | 426 |  |  | $ | 744 |  |  | $ | — |  |  | $ | 1,358 |
Purchased credit impaired |  | 6,307 |  |  | 679 |  |  | 3,095 |  |  | 25 |  |  | 10,106 |
Collectively evaluated |  | 240,470 |  |  | 90,103 |  |  | 470,670 |  |  | 46,623 |  |  | 847,866 |
Total |  | $ | 246,965 |  |  | $ | 91,208 |  |  | $ | 474,509 |  |  | $ | 46,648 |  |  | $ | 859,330 |
The following is a summary of impaired loans at September 30, 2019 and December 31, 2018: Business Activities Loans
|  | September 30, 2019
(in thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 5,634 |  |  | 5,675 |  |  | — |
Commercial |  | 657 |  |  | 713 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 2,082 |  |  | 2,236 |  |  | — |
Home equity |  | — |  |  | — |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |
Construction and land development |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Other commercial real estate |  | 3,124 |  |  | 3,262 |  |  | 989 |
Commercial |  | 666 |  |  | 694 |  |  | 240 |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 561 |  |  | 594 |  |  | 66 |
Home equity |  | 13 |  |  | 13 |  |  | 1 |
Other consumer |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |
Commercial real estate |  | $ | 8,759 |  |  | $ | 8,938 |  |  | $ | 990 |
Commercial and industrial |  | 1,323 |  |  | 1,407 |  |  | 240 |
Residential real estate |  | 2,643 |  |  | 2,830 |  |  | 66 |
Consumer |  | 13 |  |  | 13 |  |  | 1 |
Total impaired loans |  | $ | 12,738 |  |  | $ | 13,188 |  |  | $ | 1,297 |
Acquired Loans
|  | September 30, 2019
(in thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 90 |  |  | 90 |  |  | — |
Commercial |  | 414 |  |  | 508 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 616 |  |  | 852 |  |  | — |
Home equity |  | — |  |  | — |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 167 |  |  | 168 |  |  | 12 |
Commercial |  | — |  |  | — |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 357 |  |  | 376 |  |  | 32 |
Home equity |  | — |  |  | — |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |
Commercial real estate |  | $ | 257 |  |  | $ | 258 |  |  | $ | 12 |
Commercial and industrial |  | 414 |  |  | 508 |  |  | — |
Residential real estate |  | 973 |  |  | 1,228 |  |  | 32 |
Consumer |  | — |  |  | — |  |  | — |
Total impaired loans |  | $ | 1,644 |  |  | $ | 1,994 |  |  | $ | 44 |
Business Activities Loans
|  | December 31, 2018
(in thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 8,209 |  |  | 8,301 |  |  | — |
Commercial |  | 649 |  |  | 669 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 1,671 |  |  | 1,709 |  |  | — |
Home equity |  | — |  |  | — |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |
Construction and land development |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Other commercial real estate |  | 1,625 |  |  | 1,660 |  |  | 421 |
Commercial |  | 796 |  |  | 855 |  |  | 78 |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |
Residential real estate |  | 891 |  |  | 916 |  |  | 111 |
Home equity |  | 13 |  |  | 13 |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |
Commercial real estate |  | $ | 9,835 |  |  | $ | 9,962 |  |  | $ | 422 |
Commercial and industrial |  | 1,445 |  |  | 1,524 |  |  | 78 |
Residential real estate |  | 2,562 |  |  | 2,625 |  |  | 111 |
Consumer |  | 13 |  |  | 13 |  |  | — |
Total impaired loans |  | $ | 13,855 |  |  | $ | 14,124 |  |  | $ | 611 |
Acquired Loans
|  | December 31, 2018
(in thousands) |  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance: |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 188 |  |  | 187 |  |  | — |
Commercial |  | 426 |  |  | 510 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt |  | — |  |  | — |  |  | — |
Residential mortgages |  | 375 |  |  | 524 |  |  | — |
Home equity |  | — |  |  | — |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | — |  |  | — |  |  | — |
Commercial |  | — |  |  | — |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |
Tax exempt |  | — |  |  | — |  |  | — |
Residential mortgages |  | 369 |  |  | 379 |  |  | 41 |
Home equity |  | — |  |  | — |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |
Commercial real estate |  | $ | 188 |  |  | $ | 187 |  |  | $ | — |
Commercial and industrial |  | 426 |  |  | 510 |  |  | — |
Residential real estate |  | 744 |  |  | 903 |  |  | 41 |
Consumer |  | — |  |  | — |  |  | — |
Total impaired loans |  | $ | 1,358 |  |  | $ | 1,600 |  |  | $ | 41 |
The following is a summary of the average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2019 and 2018: Business Activities Loans
|  | Three Months Ended September 30, 2019 |  | Three Months Ended September 30, 2018
(in thousands) |  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 5,528 |  |  | 52 |  |  | 6,639 |  |  | 31 |
Commercial |  | 747 |  |  | 4 |  |  | 625 |  |  | 2 |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 2,041 |  |  | 16 |  |  | 3,955 |  |  | 9 |
Home equity |  | — |  |  | — |  |  | 158 |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |
Construction and land development |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Other commercial real estate |  | 3,217 |  |  | — |  |  | 2,214 |  |  | — |
Commercial |  | 654 |  |  | — |  |  | 788 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 551 |  |  | 2 |  |  | 888 |  |  | 3 |
Home equity |  | 12 |  |  | — |  |  | 13 |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 8,746 |  |  | $ | 52 |  |  | $ | 8,854 |  |  | $ | 31 |
Commercial and industrial |  | 1,401 |  |  | 4 |  |  | 1,413 |  |  | 2 |
Residential real estate |  | 2,592 |  |  | 18 |  |  | 4,843 |  |  | 12 |
Consumer |  | 12 |  |  | — |  |  | 171 |  |  | — |
Total impaired loans |  | $ | 12,751 |  |  | $ | 74 |  |  | $ | 15,281 |  |  | $ | 45 |
|  | Nine Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2018
(in thousands) |  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 5,466 |  |  | 56 |  |  | 6,204 |  |  | 46 |
Commercial |  | 792 |  |  | 7 |  |  | 628 |  |  | 7 |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 2,089 |  |  | 47 |  |  | 4,027 |  |  | 28 |
Home equity |  | — |  |  | — |  |  | 236 |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |
Construction and land development |  | $ | 2 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Other commercial real estate |  | 2,972 |  |  | 29 |  |  | 1,600 |  |  | 6 |
Commercial |  | 497 |  |  | — |  |  | 716 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 540 |  |  | 7 |  |  | 800 |  |  | 7 |
Home equity |  | 13 |  |  | — |  |  | 13 |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 8,440 |  |  | $ | 85 |  |  | $ | 7,805 |  |  | $ | 52 |
Commercial and industrial |  | 1,289 |  |  | 7 |  |  | 1,344 |  |  | 7 |
Residential real estate |  | 2,629 |  |  | 54 |  |  | 4,827 |  |  | 35 |
Consumer |  | 13 |  |  | — |  |  | 249 |  |  | — |
Total impaired loans |  | $ | 12,371 |  |  | $ | 146 |  |  | $ | 14,225 |  |  | $ | 94 |
Acquired Loans
|  | Three Months Ended September 30, 2019 |  | Three Months Ended September 30, 2018
(in thousands) |  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 88 |  |  | — |  |  | 95 |  |  | — |
Commercial |  | 395 |  |  | — |  |  | 469 |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 702 |  |  | — |  |  | 276 |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 165 |  |  | — |  |  | — |  |  | — |
Commercial |  | — |  |  | — |  |  | — |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 352 |  |  | — |  |  | 181 |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 253 |  |  | $ | — |  |  | $ | 95 |  |  | $ | — |
Commercial and industrial |  | 395 |  |  | — |  |  | 469 |  |  | — |
Residential real estate |  | 1,054 |  |  | — |  |  | 457 |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |
Total impaired loans |  | $ | 1,702 |  |  | $ | — |  |  | $ | 1,021 |  |  | $ | — |
|  | Nine Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2018
(in thousands) |  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 89 |  |  | — |  |  | 97 |  |  | 1 |
Commercial |  | 429 |  |  | — |  |  | 445 |  |  | 1 |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 593 |  |  | — |  |  | 124 |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial real estate |  | 123 |  |  | — |  |  | — |  |  | — |
Commercial |  | — |  |  | — |  |  | — |  |  | — |
Agricultural |  | — |  |  | — |  |  | — |  |  | — |
Tax exempt loans |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate |  | 361 |  |  | — |  |  | 186 |  |  | — |
Home equity |  | — |  |  | — |  |  | — |  |  | — |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 212 |  |  | $ | — |  |  | $ | 97 |  |  | $ | 1 |
Commercial and industrial |  | 429 |  |  | — |  |  | 445 |  |  | 1 |
Residential real estate |  | 954 |  |  | — |  |  | 310 |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |
Total impaired loans |  | $ | 1,595 |  |  | $ | — |  |  | $ | 852 |  |  | $ | 2 |
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 non-performing 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 nine months ended September 30, 2019 and 2018, 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. Modifications may include adjustments to interest rates, payment amounts, extensions of maturity, court ordered concessions or other actions intended to minimize economic loss and avoid foreclosure or repossession of collateral.
|  | Three Months Ended September 30, 2019
(in thousands, except modifications) |  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Other commercial real estate |  | 4 |  |  | $ | 268 |  |  | $ | 267 |
Agricultural |  | 1 |  |  | 141 |  |  | 141 |
Residential mortgages |  | 2 |  |  | 399 |  |  | 342 |
Total |  | 7 |  |  | $ | 808 |  |  | $ | 750 |
|  | Three Months Ended September 30, 2018
(in thousands, except modifications) |  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Construction and land development |  | 1 |  |  | $ | 2 |  |  | $ | 1 |
Other commercial real estate |  | 1 |  |  | 72 |  |  | 72 |
Commercial |  | 5 |  |  | 104 |  |  | 60 |
Residential mortgages |  | 2 |  |  | 228 |  |  | 225 |
Total |  | 9 |  |  | $ | 406 |  |  | $ | 358 |
|  | Nine Months Ended September 30, 2019
(in thousands) |  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Other commercial real estate |  | 9 |  |  | $ | 543 |  |  | $ | 529 |
Other commercial |  | 4 |  |  | 168 |  |  | 91 |
Agricultural |  | 1 |  |  | 141 |  |  | 141 |
Residential mortgages |  | 11 |  |  | 1,133 |  |  | 1,034 |
Total |  | 25 |  |  | $ | 1,985 |  |  | $ | 1,795 |
|  | Nine Months Ended September 30, 2018
(in thousands) |  | Number of Modifications |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Construction and land development |  | 1 |  |  | $ | 2 |  |  | $ | 1 |
Other commercial real estate |  | 9 |  |  | 1,896 |  |  | 1,564 |
Other commercial |  | 7 |  |  | 556 |  |  | 486 |
Agricultural |  | 1 |  |  | 167 |  |  | — |
Residential mortgages |  | 15 |  |  | 2,752 |  |  | 2,168 |
Home equity |  | 1 |  |  | 100 |  |  | 100 |
Other consumer |  | 2 |  |  | 5 |  |  | 4 |
Total |  | 36 |  |  | $ | 5,478 |  |  | $ | 4,323 |
The following tables summarize the types of loan concessions made for the periods presented:
|  | Three Months Ended September 30,
|  | 2019 |  | 2018
(in thousands, except modifications) |  | Number of Modifications |  | Post-Modification Outstanding Recorded Investment |  | Number of Modifications |  | Post-Modification Outstanding Recorded Investment
Interest only payments |  | 2 |  |  | $ | 90 |  |  | — |  |  | $ | — |
Forbearance |  | 1 |  |  | 141 |  |  | 1 |  |  | 115 |
Forbearance and interest only payments |  | 2 |  |  | 176 |  |  | 3 |  |  | 72 |
Forbearance and maturity concession |  | — |  |  | — |  |  | 4 |  |  | 143 |
Forbearance, amortization and maturity concession |  | 2 |  |  | 343 |  |  | — |  |  | — |
Maturity concession |  | — |  |  | — |  |  | 1 |  |  | 28 |
Total |  | 7 |  |  | $ | 750 |  |  | 9 |  |  | $ | 358 |
|  | Nine Months Ended September 30,
|  | 2019 |  | 2018
(in thousands, except modifications) |  | Number of Modifications |  | Post-Modification Outstanding Recorded Investment |  | Number of Modifications |  | Post-Modification Outstanding Recorded Investment
Interest rate and maturity concession |  | — |  |  | $ | — |  |  | 1 |  |  | $ | 16 |
Interest only payments |  | 2 |  |  | 90 |  |  | — |  |  | — |
Interest only payments and maturity concession |  | 2 |  |  | 73 |  |  | — |  |  | — |
Amortization and maturity concession |  | 4 |  |  | 273 |  |  | — |  |  | — |
Amortization, interest rate and maturity concession |  | 1 |  |  | 77 |  |  | — |  |  | — |
Forbearance |  | 3 |  |  | 253 |  |  | 3 |  |  | 271 |
Forbearance and interest only payments |  | 5 |  |  | 331 |  |  | 6 |  |  | 121 |
Forbearance and maturity concession |  | — |  |  | — |  |  | 17 |  |  | 1,774 |
Forbearance, amortization and maturity concession |  | 7 |  |  | 640 |  |  | — |  |  | — |
Maturity concession |  | — |  |  | — |  |  | 2 |  |  | 440 |
Restructure with maturity concession |  | — |  |  | — |  |  | 5 |  |  | 1,419 |
Other |  | 1 |  |  | 58 |  |  | 2 |  |  | 282 |
Total |  | 25 |  |  | $ | 1,795 |  |  | 36 |  |  | $ | 4,323 |
For the three and nine months ended September 30, 2019, 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. Foreclosure As of September 30, 2019 and December 31, 2018, the Company maintained bank-owned residential real estate property with a fair value of $2.5 million. Additionally, residential mortgage loans collateralized by real estate property that are in the process of foreclosure as of September 30, 2019 and December 31, 2018 totaled $931 thousand and $1.5 million, respectively. Mortgage Banking Total residential loans included held for sale loans of $4.0 million and $168 thousand at September 30, 2019 and December 31, 2018, respectively.

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