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Loans, net and allowance for loan losses | 9 Months Ended
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Sep. 30, 2019
Loans, net and allowance for loan losses |
Loans, net and allowance for loan losses | 5. Loans, net and allowance for loan losses: The major classifications of loans outstanding, net of deferred loan origination fees and costs at September 30, 2019 and December 31, 2018 are summarized as follows. Net deferred loan costs were $903 and $744 at September 30, 2019 and December 31, 2018.
|  |  | September 30, 2019 |  |  | December 31, 2018 |
Commercial |  | $ | 497,985 |  | $ | 494,134 |
Real estate: |  |  |  |  |  |  |
Commercial |  |  | 976,258 |  |  | 907,803 |
Residential |  |  | 299,209 |  |  | 299,876 |
Consumer |  |  | 107,638 |  |  | 121,453 |
Total |  | $ | 1,881,090 |  | $ | 1,823,266 |
The changes in the allowance for loan losses account by major classification of loan for the three and nine months ended September 30, 2019 and 2018 are summarized as follows:
|  |  |  |  | Real estate |  |  |  |  |  |  |
September 30, 2019 |  | Commercial |  | Commercial |  | Residential |  | Consumer |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance July 1, 2019 |  | $ | 6,142 |  | $ | 11,042 |  | $ | 3,615 |  | $ | 1,131 |  | $ | 21,930 |
Charge-offs |  |  | (26) |  |  | (34) |  |  | (104) |  |  | (144) |  |  | (308) |
Recoveries |  |  | 12 |  |  |  |  |  | 11 |  |  | 47 |  |  | 70 |
Provisions |  |  | (205) |  |  | 762 |  |  | 34 |  |  | 109 |  |  | 700 |
Ending balance |  | $ | 5,923 |  | $ | 11,770 |  | $ | 3,556 |  | $ | 1,143 |  | $ | 22,392 |
|  |  |  |  | Real estate |  |  |  |  |  |  |
September 30, 2018 |  | Commercial |  | Commercial |  | Residential |  | Consumer |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance July 1, 2018 |  | $ | 5,191 |  | $ | 10,058 |  | $ | 3,156 |  | $ | 1,168 |  | $ | 19,573 |
Charge-offs |  |  | (148) |  |  | (63) |  |  |  |  |  | (117) |  |  | (328) |
Recoveries |  |  | 12 |  |  | 26 |  |  | 13 |  |  | 67 |  |  | 118 |
Provisions |  |  | 414 |  |  | 421 |  |  | 153 |  |  | 62 |  |  | 1,050 |
Ending balance |  | $ | 5,469 |  | $ | 10,442 |  | $ | 3,322 |  | $ | 1,180 |  | $ | 20,413 |
|  |  |  |  | Real estate |  |  |  |  |  |  |
September 30, 2019 |  | Commercial |  | Commercial |  | Residential |  | Consumer |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance January 1, 2019 |  | $ | 5,516 |  | $ | 10,736 |  | $ | 3,892 |  |  | 1,235 |  |  | 21,379 |
Charge-offs |  |  | (113) |  |  | (383) |  |  | (406) |  |  | (356) |  |  | (1,258) |
Recoveries |  |  | 22 |  |  |  |  |  | 27 |  |  | 122 |  |  | 171 |
Provisions |  |  | 498 |  |  | 1,417 |  |  | 43 |  |  | 142 |  |  | 2,100 |
Ending balance |  | $ | 5,923 |  | $ | 11,770 |  | $ | 3,556 |  | $ | 1,143 |  | $ | 22,392 |
|  |  |  |  | Real estate |  |  |  |  |  |  |
September 30, 2018 |  | Commercial |  | Commercial |  | Residential |  | Consumer |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance January 1, 2018 |  | $ | 5,513 |  | $ | 8,944 |  | $ | 3,111 |  | $ | 1,392 |  | $ | 18,960 |
Charge-offs |  |  | (150) |  |  | (1,232) |  |  | (381) |  |  | (389) |  |  | (2,152) |
Recoveries |  |  | 128 |  |  | 83 |  |  | 80 |  |  | 164 |  |  | 455 |
Provisions |  |  | (22) |  |  | 2,647 |  |  | 512 |  |  | 13 |  |  | 3,150 |
Ending balance |  | $ | 5,469 |  | $ | 10,442 |  | $ | 3,322 |  | $ | 1,180 |  | $ | 20,413 |
The allocation of the allowance for loan losses and the related loans by major classifications of loans at September 30, 2019 and December 31, 2018 is summarized as follows:
|  |  |  |  | Real estate |  |  |  |  |  |  |
September 30, 2019 |  | Commercial |  | Commercial |  | Residential |  | Consumer |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 5,923 |  | $ | 11,770 |  | $ | 3,556 |  | $ | 1,143 |  | $ | 22,392 |
Ending balance: individually evaluated for impairment |  |  | 394 |  |  | 225 |  |  | 196 |  |  |  |  |  | 815 |
Ending balance: collectively evaluated for impairment |  | $ | 5,529 |  | $ | 11,545 |  | $ | 3,360 |  | $ | 1,143 |  | $ | 21,577 |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 497,985 |  | $ | 976,258 |  | $ | 299,209 |  | $ | 107,638 |  | $ | 1,881,090 |
Ending balance: individually evaluated for impairment |  |  | 4,772 |  |  | 3,603 |  |  | 2,450 |  |  | 262 |  |  | 11,087 |
Ending balance: collectively evaluated for impairment |  | $ | 493,213 |  | $ | 972,655 |  | $ | 296,759 |  | $ | 107,376 |  | $ | 1,870,003 |
|  |  |  |  | Real estate |  |  |  |  |  |  |
December 31, 2018 |  | Commercial |  | Commercial |  | Residential |  | Consumer |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 5,516 |  | $ | 10,736 |  | $ | 3,892 |  | $ | 1,235 |  | $ | 21,379 |
Ending balance: individually evaluated for impairment |  |  | 50 |  |  | 403 |  |  | 666 |  |  | 60 |  |  | 1,179 |
Ending balance: collectively evaluated for impairment |  | $ | 5,466 |  | $ | 10,333 |  | $ | 3,226 |  | $ | 1,175 |  | $ | 20,200 |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 494,134 |  | $ | 907,803 |  | $ | 299,876 |  | $ | 121,453 |  | $ | 1,823,266 |
Ending balance: individually evaluated for impairment |  |  | 2,237 |  |  | 3,121 |  |  | 4,071 |  |  | 212 |  |  | 9,641 |
Ending balance: collectively evaluated for impairment |  | $ | 491,897 |  | $ | 904,682 |  | $ | 295,805 |  | $ | 121,241 |  | $ | 1,813,625 |
The Company segments loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Loans are individually analyzed for credit risk by classifying them within the Company’s internal risk rating system. The Company’s risk rating classifications are defined as follows:
| · |  | Pass- A loan to borrowers with acceptable credit quality and risk that is not adversely classified as Substandard, Doubtful, Loss nor designated as Special Mention.
| · |  | Special Mention- A loan that has potential weaknesses that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special Mention loans are not adversely classified since they do not expose the Company to sufficient risk to warrant adverse classification.
| · |  | Substandard- A loan that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected.
| · |  | Doubtful – A loan classified as Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make the collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
| · |  | Loss- A loan classified as Loss is considered uncollectible and of such little value that its continuance as bankable loan is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future.
The following tables present the major classification of loans summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system at September 30, 2019 and December 31, 2018:
|  |  |  |  | Special |  |  |  |  |  |  |  |  |  |
September 30, 2019 |  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Total |
Commercial |  | $ | 488,395 |  | $ | 1,971 |  | $ | 7,619 |  | $ |  |  | $ | 497,985 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 948,854 |  |  | 2,644 |  |  | 24,760 |  |  |  |  |  | 976,258 |
Residential |  |  | 296,565 |  |  |  |  |  | 2,644 |  |  |  |  |  | 299,209 |
Consumer |  |  | 107,354 |  |  |  |  |  | 284 |  |  |  |  |  | 107,638 |
Total |  | $ | 1,841,168 |  | $ | 4,615 |  | $ | 35,307 |  | $ |  |  | $ | 1,881,090 |
|  |  |  |  | Special |  |  |  |  |  |  |  |  |  |
December 31, 2018 |  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Total |
Commercial |  | $ | 491,531 |  | $ | 869 |  | $ | 1,734 |  | $ |  |  | $ | 494,134 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 886,849 |  |  | 8,934 |  |  | 12,020 |  |  |  |  |  | 907,803 |
Residential |  |  | 295,758 |  |  | 357 |  |  | 3,761 |  |  |  |  |  | 299,876 |
Consumer |  |  | 121,229 |  |  |  |  |  | 224 |  |  |  |  |  | 121,453 |
Total |  | $ | 1,795,367 |  | $ | 10,160 |  | $ | 17,739 |  | $ |  |  | $ | 1,823,266 |
The increase in substandard loans from December 31, 2018 to September 30, 2019 is primarily associated with the reclassification of several larger commercial credits to this category. The largest relationship totals $10.4 million and consists of commercial real estate and equipment financing for a borrowing group that has encountered some financial difficulties. The second largest reclassification consists of a $5.3 million commercial real estate construction loan that experienced significant construction delays. The construction is complete and the certificate of occupancy has been issued for the property. The Bank considers both of these credit relationships to be well secured and both relationships were current as of September 30, 2019. Information concerning nonaccrual loans by major loan classification at September 30, 2019 and December 31, 2018 is summarized as follows:
|  |  | September 30, 2019 |  |  | December 31, 2018 |
Commercial |  | $ | 3,343 |  | $ | 776 |
Real estate: |  |  |  |  |  |  |
Commercial |  |  | 3,246 |  |  | 2,663 |
Residential |  |  | 1,548 |  |  | 2,580 |
Consumer |  |  | 262 |  |  | 212 |
Total |  | $ | 8,399 |  | $ | 6,231 |
The major classifications of loans by past due status are summarized as follows:
|  |  |  |  |  |  |  | Greater |  |  |  |  |  |  |  |  |  |  | Loans > 90 |
|  | 30-59 Days |  | 60-89 Days |  | than 90 |  | Total Past |  |  |  |  |  |  |  | Days and |
September 30, 2019 |  | Past Due |  | Past Due |  | Days |  | Due |  | Current |  | Total Loans |  | Accruing |
Commercial |  | $ | 9 |  | $ | 25 |  | $ | 3,396 |  | $ | 3,430 |  | $ | 494,555 |  | $ | 497,985 |  | $ | 53 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 776 |  |  | 159 |  |  | 3,300 |  |  | 4,235 |  |  | 972,023 |  |  | 976,258 |  |  | 54 |
Residential |  |  | 656 |  |  | 996 |  |  | 1,827 |  |  | 3,479 |  |  | 295,730 |  |  | 299,209 |  |  | 279 |
Consumer |  |  | 435 |  |  | 146 |  |  | 262 |  |  | 843 |  |  | 106,795 |  |  | 107,638 |  |  |  |
Total |  | $ | 1,876 |  | $ | 1,326 |  | $ | 8,785 |  | $ | 11,987 |  | $ | 1,869,103 |  | $ | 1,881,090 |  | $ | 386 |
The Company classifies all nonaccrual loans in the greater than 90 days category.
|  |  |  |  |  |  |  | Greater |  |  |  |  |  |  |  |  |  |  | Loans > 90 |
|  | 30-59 Days |  | 60-89 Days |  | than 90 |  | Total Past |  |  |  |  |  |  |  | Days and |
December 31, 2018 |  | Past Due |  | Past Due |  | Days |  | Due |  | Current |  | Total Loans |  | Accruing |
Commercial |  | $ | 973 |  | $ | 79 |  | $ | 776 |  | $ | 1,828 |  | $ | 492,306 |  | $ | 494,134 |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 1,889 |  |  | 218 |  |  | 2,736 |  |  | 4,843 |  |  | 902,960 |  |  | 907,803 |  | $ | 73 |
Residential |  |  | 2,486 |  |  | 1,545 |  |  | 3,430 |  |  | 7,461 |  |  | 292,415 |  |  | 299,876 |  |  | 850 |
Consumer |  |  | 756 |  |  | 292 |  |  | 212 |  |  | 1,260 |  |  | 120,193 |  |  | 121,453 |  |  |  |
Total |  | $ | 6,104 |  | $ | 2,134 |  | $ | 7,154 |  | $ | 15,392 |  | $ | 1,807,874 |  | $ | 1,823,266 |  | $ | 923 |
The following tables summarize information concerning impaired loans as of and for the three and nine months ended September 30, 2019 and September 30, 2018, and as of and for the year ended December 31, 2018 by major loan classification:
|  |  |  |  |  |  |  |  |  |  | This Quarter |  | Year-to-Date |
|  |  |  |  | Unpaid |  |  |  |  | Average |  | Interest |  | Average |  | Interest |
|  | Recorded |  | Principal |  | Related |  | Recorded |  | Income |  | Recorded |  | Income |
September 30, 2019 |  | Investment |  | Balance |  | Allowance |  | Investment |  | Recognized |  | Investment |  | Recognized |
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 3,766 |  | $ | 4,272 |  |  |  |  | $ | 4,131 |  | $ | 18 |  | $ | 3,974 |  | $ | 52 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,981 |  |  | 3,219 |  |  |  |  |  | 2,969 |  |  | 8 |  |  | 2,501 |  |  | 31 |
Residential |  |  | 1,644 |  |  | 1,974 |  |  |  |  |  | 1,132 |  |  | 6 |  |  | 1,273 |  |  | 17 |
Consumer |  |  | 262 |  |  | 275 |  |  |  |  |  | 257 |  |  |  |  |  | 226 |  |  |  |
Total |  |  | 8,653 |  |  | 9,740 |  |  |  |  |  | 8,489 |  |  | 32 |  |  | 7,974 |  |  | 100 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 1,006 |  |  | 1,008 |  |  | 394 |  |  | 1,213 |  |  | 9 |  |  | 1,010 |  |  | 21 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 622 |  |  | 1,103 |  |  | 225 |  |  | 766 |  |  |  |  |  | 1,030 |  |  | 10 |
Residential |  |  | 806 |  |  | 813 |  |  | 196 |  |  | 1,234 |  |  | 8 |  |  | 1,651 |  |  | 26 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20 |  |  |  |
Total |  |  | 2,434 |  |  | 2,924 |  |  | 815 |  |  | 3,213 |  |  | 17 |  |  | 3,711 |  |  | 57 |
Total impaired loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 4,772 |  |  | 5,280 |  |  | 394 |  |  | 5,344 |  |  | 27 |  |  | 4,984 |  |  | 73 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 3,603 |  |  | 4,322 |  |  | 225 |  |  | 3,735 |  |  | 8 |  |  | 3,531 |  |  | 41 |
Residential |  |  | 2,450 |  |  | 2,787 |  |  | 196 |  |  | 2,366 |  |  | 14 |  |  | 2,924 |  |  | 43 |
Consumer |  |  | 262 |  |  | 275 |  |  |  |  |  | 257 |  |  |  |  |  | 246 |  |  |  |
Total |  | $ | 11,087 |  | $ | 12,664 |  | $ | 815 |  | $ | 11,702 |  | $ | 49 |  | $ | 11,685 |  | $ | 157 |
|  |  |  |  |  |  |  |  |  |  | For the Year Ended |
|  |  |  |  | Unpaid |  |  |  |  | Average |  | Interest |
|  | Recorded |  | Principal |  | Related |  | Recorded |  | Income |
December 31, 2018 |  | Investment |  | Balance |  | Allowance |  | Investment |  | Recognized |
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,562 |  | $ | 1,900 |  |  |  |  | $ | 1,318 |  | $ | 67 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 1,969 |  |  | 2,299 |  |  |  |  |  | 2,822 |  |  | 28 |
Residential |  |  | 1,970 |  |  | 2,658 |  |  |  |  |  | 2,193 |  |  | 22 |
Consumer |  |  | 152 |  |  | 160 |  |  |  |  |  | 135 |  |  |  |
Total |  |  | 5,653 |  |  | 7,017 |  |  |  |  |  | 6,468 |  |  | 117 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 675 |  |  | 675 |  |  | 50 |  |  | 1,006 |  |  | 30 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 1,152 |  |  | 1,323 |  |  | 403 |  |  | 1,676 |  |  | 18 |
Residential |  |  | 2,101 |  |  | 2,328 |  |  | 666 |  |  | 1,585 |  |  | 22 |
Consumer |  |  | 60 |  |  | 60 |  |  | 60 |  |  | 21 |  |  |  |
Total |  |  | 3,988 |  |  | 4,386 |  |  | 1,179 |  |  | 4,288 |  |  | 70 |
Total impaired loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,237 |  |  | 2,575 |  |  | 50 |  |  | 2,324 |  |  | 97 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 3,121 |  |  | 3,622 |  |  | 403 |  |  | 4,498 |  |  | 46 |
Residential |  |  | 4,071 |  |  | 4,986 |  |  | 666 |  |  | 3,778 |  |  | 44 |
Consumer |  |  | 212 |  |  | 220 |  |  | 60 |  |  | 156 |  |  |  |
Total |  | $ | 9,641 |  | $ | 11,403 |  | $ | 1,179 |  | $ | 10,756 |  | $ | 187 |
|  |  |  |  |  |  |  |  |  |  | This Quarter |  | Year-to-Date |
|  |  |  |  | Unpaid |  |  |  |  | Average |  | Interest |  | Average |  | Interest |
|  | Recorded |  | Principal |  | Related |  | Recorded |  | Income |  | Recorded |  | Income |
September 30, 2018 |  | Investment |  | Balance |  | Allowance |  | Investment |  | Recognized |  | Investment |  | Recognized |
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,356 |  | $ | 1,538 |  |  |  |  | $ | 1,269 |  | $ | 17 |  | $ | 1,257 |  | $ | 50 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 3,414 |  |  | 3,666 |  |  |  |  |  | 3,143 |  |  | 5 |  |  | 3,036 |  |  | 20 |
Residential |  |  | 2,366 |  |  | 3,003 |  |  |  |  |  | 2,256 |  |  | 7 |  |  | 2,249 |  |  | 15 |
Consumer |  |  | 142 |  |  | 149 |  |  |  |  |  | 101 |  |  |  |  |  | 131 |  |  |  |
Total |  |  | 7,278 |  |  | 8,356 |  |  |  |  |  | 6,769 |  |  | 29 |  |  | 6,673 |  |  | 85 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 939 |  |  | 1,086 |  | $ | 93 |  |  | 1,020 |  |  | 7 |  |  | 1,089 |  |  | 23 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 1,669 |  |  | 1,774 |  |  | 462 |  |  | 1,712 |  |  | 8 |  |  | 1,807 |  |  | 18 |
Residential |  |  | 1,312 |  |  | 1,508 |  |  | 362 |  |  | 1,369 |  |  | 5 |  |  | 1,456 |  |  | 13 |
Consumer |  |  | 14 |  |  | 14 |  |  | 14 |  |  | 9 |  |  |  |  |  | 11 |  |  |  |
Total |  |  | 3,934 |  |  | 4,382 |  |  | 931 |  |  | 4,110 |  |  | 20 |  |  | 4,363 |  |  | 54 |
Total impaired loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,295 |  |  | 2,624 |  |  | 93 |  |  | 2,289 |  |  | 24 |  |  | 2,346 |  |  | 73 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 5,083 |  |  | 5,440 |  |  | 462 |  |  | 4,855 |  |  | 13 |  |  | 4,843 |  |  | 38 |
Residential |  |  | 3,678 |  |  | 4,511 |  |  | 362 |  |  | 3,625 |  |  | 12 |  |  | 3,705 |  |  | 28 |
Consumer |  |  | 156 |  |  | 163 |  |  | 14 |  |  | 110 |  |  |  |  |  | 142 |  |  |  |
Total |  | $ | 11,212 |  | $ | 12,738 |  | $ | 931 |  | $ | 10,879 |  | $ | 49 |  | $ | 11,036 |  | $ | 139 |
Included in the commercial loan and commercial and residential real estate categories are troubled debt restructurings that are classified as impaired. Troubled debt restructurings totaled $2,262 at September 30, 2019, $2,779 at December 31, 2018 and $3,230 at September 30, 2018. Troubled debt restructured loans are loans with original terms, interest rate, or both, that have been modified as a result of a deterioration in the borrower’s financial condition and a concession has been granted that the Company would not otherwise consider. Unless on nonaccrual, interest income on these loans is recognized when earned, using the interest method. The Company offers a variety of modifications to borrowers that would be considered concessions. The modification categories offered generally fall within the following categories:
| · |  | Rate Modification - A modification in which the interest rate is changed to a below market rate.
| · |  | Term Modification - A modification in which the maturity date, timing of payments or frequency of payments is changed.
| · |  | Interest Only Modification - A modification in which the loan is converted to interest only payments for a period of time.
| · |  | Payment Modification - A modification in which the dollar amount of the payment is changed, other than an interest only modification described above.
| · |  | Combination Modification - Any other type of modification, including the use of multiple categories above.
There were no loans modified as troubled debt restructurings during the three or nine months ended September 30, 2019. For the three months ended September 30, 2018, there were no loans modified as troubled debt restructurings. There was one commercial real estate loan modified as a troubled debt restructuring during the nine months ended September 30, 2018 in the amount of $340. During the three months ended September 30, 2019, there were no payment defaults on troubled debt restructings and one commercial real estate loan paid-off totaling $332. During the nine months ended September 30, 2019, there were payment defaults on two restructured commercial real estate loans with balances totaling $335 which were subsequently charged-off. During the three months ended September 30, 2018, there was one payment default on a restructured residential real estate loan with an outstanding balance of $6. During the nine months ended September 30, 2018, there were two payment defaults on restructured residential real estate loans with a total outstanding balance of $64.

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