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Loans, net and allowance for loan losses | 12 Months Ended
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Dec. 31, 2019
Loans, net and allowance for loan losses |
Loans, net and allowance for loan losses | 4. Loans, net and allowance for loan losses: The major classifications of loans outstanding, net of deferred loan origination fees and costs at December 31, 2019 and 2018 are summarized as follows. Net deferred loan costs included in loan balances were $908 and $744 in 2019 and 2018, respectively.
|  |  | December 31, 2019 |  |  | December 31, 2018 |
Commercial |  | $ | 522,957 |  | $ | 494,134 |
Real estate: |  |  |  |  |  |  |
Commercial |  |  | 1,011,423 |  |  | 907,803 |
Residential |  |  | 301,378 |  |  | 299,876 |
Consumer |  |  | 102,482 |  |  | 121,453 |
Total |  | $ | 1,938,240 |  | $ | 1,823,266 |
Loans outstanding to directors, executive officers, principal stockholders or to their affiliates totaled $12,248 and $14,701 at December 31, 2019 and 2018, respectively. Advances and repayments during 2019 totaled $7,857 and $9,376 respectively. There were no related party loans that were classified as nonaccrual, past due, or restructured at December 31, 2019 and 2018. Deposits from related parties amounted to $12.9 million at December 31, 2019 and $16.2 million at December 31, 2018. At December 31, 2019, the majority of the Company’s loans were at least partially secured by real estate in the eastern Pennsylvania and southern tier New York counties. Therefore, a primary concentration of credit risk is directly related to the real estate market in these regions. Changes in the general economy, local economy or in the real estate market could affect the ultimate collectability of this portion of the loan portfolio. Management does not believe there are any other significant concentrations of credit risk that could affect the loan portfolio. The changes in the allowance for loan losses account by major classification of loan for the year ended December 31, 2019, 2018, and 2017 were as follows:
|  |  |  |  | Real estate |  |  |  |  |  |  |
December 31, 2019 |  | Commercial |  | Commercial |  | Residential |  | Consumer |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,516 |  | $ | 10,736 |  | $ | 3,892 |  | $ | 1,235 |  | $ | 21,379 |
Charge-offs |  |  | (3,314) |  |  | (817) |  |  | (477) |  |  | (459) |  |  | (5,067) |
Recoveries |  |  | 69 |  |  | 1 |  |  | 29 |  |  | 166 |  |  | 265 |
Provisions |  |  | 4,617 |  |  | 1,576 |  |  | (218) |  |  | 125 |  |  | 6,100 |
Ending balance |  | $ | 6,888 |  | $ | 11,496 |  | $ | 3,226 |  | $ | 1,067 |  | $ | 22,677 |
Ending balance: individually evaluated for impairment |  |  | 363 |  |  | 279 |  |  | 135 |  |  |  |  |  | 777 |
Ending balance: collectively evaluated for impairment |  | $ | 6,525 |  | $ | 11,217 |  | $ | 3,091 |  | $ | 1,067 |  | $ | 21,900 |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 522,957 |  | $ | 1,011,423 |  | $ | 301,378 |  | $ | 102,482 |  | $ | 1,938,240 |
Ending balance: individually evaluated for impairment |  |  | 4,658 |  |  | 3,048 |  |  | 2,153 |  |  | 261 |  |  | 10,120 |
Ending balance: collectively evaluated for impairment |  | $ | 518,299 |  | $ | 1,008,375 |  | $ | 299,225 |  | $ | 102,221 |  | $ | 1,928,120 |
The allowance for loan losses increased $1.3 million to $22.7 million at December 31, 2019, from $21.4 million at the end of 2018. The increase resulted from a provision for loan losses of $6.1 million less net loans charged-off of $4.8 million. The charge-offs for fiscal 2019 primarily occurred in the fourth quarter. We charged-off $3.3 million of commercial loans in 2019 substantially all of which were in the fourth quarter. Included in this amount was $2.3 million related to certain small business lines of credit in our Greater Delaware Valley market. In March 2020, we identified certain issues with a group of small business lines of credit, all of which had been originated by one of our lenders. All of these lines of credit were subject to credit review at origination and were considered satisfactory at such time. As a number of these lines of credit entered our annual renewal process, we identified changes in the credit quality of the borrowers which warranted action. We commenced a full review of this lender’s portfolio, as well as a review of other loans in our portfolio with similar characteristics. As a result of our review, we determined a number of the small business lines of credit originated by the particular lender to be impaired and collection doubtful at December 31, 2019. As such, we have charged-off $2.3 million of these loans and established a specific reserve of $0.3 million on one other line of credit retrospectively to December 31, 2019. All remaining small business commercial lines of credit for this lender were downgraded to special mention. We believe that all of the other loans in our portfolio with similar characteristics that were subject to our review were properly reflected in our allowance methodology at December 31, 2019.
|  |  |  |  | Real estate |  |  |  |  |  |
December 31, 2018 |  | Commercial |  | Commercial |  | Residential |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,513 |  | $ | 8,944 |  | $ | 3,111 |  | $ | 1,392 |  | $ | 18,960
Charge-offs |  |  | (154) |  |  | (1,250) |  |  | (405) |  |  | (545) |  |  | (2,354)
Recoveries |  |  | 137 |  |  | 136 |  |  | 98 |  |  | 202 |  |  | 573
Provisions |  |  | 20 |  |  | 2,906 |  |  | 1,088 |  |  | 186 |  |  | 4,200
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
|  |  |  |  | Real estate |  |  |  |  |  |  |
December 31, 2017 |  | Commercial |  | Commercial |  | Residential |  | Consumer |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,452 |  | $ | 7,548 |  | $ | 2,961 |  | $ | 1,000 |  | $ | 15,961 |
Charge-offs |  |  | (173) |  |  | (706) |  |  | (533) |  |  | (737) |  |  | (2,149) |
Recoveries |  |  | 20 |  |  | 124 |  |  | 44 |  |  | 160 |  |  | 348 |
Provisions |  |  | 1,214 |  |  | 1,978 |  |  | 639 |  |  | 969 |  |  | 4,800 |
Ending balance |  | $ | 5,513 |  | $ | 8,944 |  | $ | 3,111 |  | $ | 1,392 |  | $ | 18,960 |
Ending balance: individually evaluated for impairment |  |  | 159 |  |  | 263 |  |  | 336 |  |  | 8 |  |  | 766 |
Ending balance: collectively evaluated for impairment |  | $ | 5,354 |  | $ | 8,681 |  | $ | 2,775 |  | $ | 1,384 |  | $ | 18,194 |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 476,199 |  | $ | 786,210 |  | $ | 287,935 |  | $ | 142,721 |  | $ | 1,693,065 |
Ending balance: individually evaluated for impairment |  |  | 2,463 |  |  | 4,289 |  |  | 3,793 |  |  | 177 |  |  | 10,722 |
Ending balance: collectively evaluated for impairment |  | $ | 473,736 |  | $ | 781,921 |  | $ | 284,142 |  | $ | 142,544 |  | $ | 1,682,343 |
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 December 31, 2019 and 2018:
|  |  |  |  | Special |  |  |  |  |  |  |  |  |  |
December 31, 2019 |  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Total |
Commercial |  | $ | 513,994 |  | $ | 3,837 |  | $ | 5,126 |  | $ |  |  | $ | 522,957 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 993,645 |  |  | 2,508 |  |  | 15,270 |  |  |  |  |  | 1,011,423 |
Residential |  |  | 298,449 |  |  | 597 |  |  | 2,332 |  |  |  |  |  | 301,378 |
Consumer |  |  | 102,145 |  |  |  |  |  | 337 |  |  |  |  |  | 102,482 |
Total |  | $ | 1,908,233 |  | $ | 6,942 |  | $ | 23,065 |  | $ |  |  | $ | 1,938,240 |
|  |  |  |  | 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 commercial special mention loans was primarily due to the downgrade of approximately $2.5 million of small business loans originated by a specific lender that exhibit potential weaknesses that could impact collectability. The increase in substandard commercial loans is due to two relationships that have encountered some financial difficulties, however, both are considered adequately collateralized at December 31, 2019. The decrease in special mention commercial real estate loans and the resulting increase in substandard loans was primarily associated with the downgrade of a $5.1 million commercial real estate credit relationship that was subsequently paid in full during January 2020. The decline in outstanding substandard residential real estate loans was primarily due to the sale of $1.1 million in non-performing residential real estate loans during the first quarter of 2019. Information concerning nonaccrual loans by major loan classification at December 31, 2019 and 2018 is summarized as follows:
|  |  | December 31, 2019 |  |  | December 31, 2018 |
Commercial |  | $ | 3,336 |  | $ | 776 |
Real estate: |  |  |  |  |  |  |
Commercial |  |  | 2,765 |  |  | 2,663 |
Residential |  |  | 1,148 |  |  | 2,580 |
Consumer |  |  | 261 |  |  | 212 |
Total |  | $ | 7,510 |  | $ | 6,231 |
The major classification of loans by past due status at December 31, 2019 and 2018 are summarized as follows:
|  |  |  |  |  |  |  | Greater |  |  |  |  |  |  |  |  |  |  | Loans > 90 |
|  | 30-59 Days |  | 60-89 Days |  | than 90 |  | Total Past |  |  |  |  |  |  |  | Days and |
December 31, 2019 |  | Past Due |  | Past Due |  | Days |  | Due |  | Current |  | Total Loans |  | Accruing |
Commercial |  | $ | 75 |  |  |  |  | $ | 3,036 |  | $ | 3,111 |  | $ | 519,846 |  | $ | 522,957 |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 926 |  | $ | 175 |  |  | 2,765 |  |  | 3,866 |  |  | 1,007,557 |  |  | 1,011,423 |  |  |  |
Residential |  |  | 2,164 |  |  | 1,227 |  |  | 1,526 |  |  | 4,917 |  |  | 296,461 |  |  | 301,378 |  | $ | 378 |
Consumer |  |  | 523 |  |  | 123 |  |  | 261 |  |  | 907 |  |  | 101,575 |  |  | 102,482 |  |  |  |
Total |  | $ | 3,688 |  | $ | 1,525 |  | $ | 7,588 |  | $ | 12,801 |  | $ | 1,925,439 |  | $ | 1,938,240 |  | $ | 378 |
|  |  |  |  |  |  |  | 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 increase in loans greater than ninety days delinquent at December 31, 2019 when compared to December 31, 2018 is due primarily to one commercial relationship involving four separate credits totaling $2.6 million which were placed on non-accrual during 2019. As of December 31, 2019, sufficient collateral supported the outstanding balances. The following tables summarize information concerning impaired loans as of and for the years ended December 31, 2019, 2018 and 2017 by major loan classification:
|  |  |  |  |  |  |  |  |  |  | For the Year Ended |
|  |  |  |  | Unpaid |  |  |  |  | Average |  | Interest |
|  | Recorded |  | Principal |  | Related |  | Recorded |  | Income |
December 31, 2019 |  | Investment |  | Balance |  | Allowance |  | Investment |  | Recognized |
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 3,638 |  | $ | 4,175 |  |  |  |  | $ | 3,907 |  | $ | 63 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 1,918 |  |  | 2,205 |  |  |  |  |  | 2,385 |  |  | 38 |
Residential |  |  | 1,718 |  |  | 2,060 |  |  |  |  |  | 1,362 |  |  | 25 |
Consumer |  |  | 261 |  |  | 274 |  |  |  |  |  | 233 |  |  |  |
Total |  |  | 7,535 |  |  | 8,714 |  |  |  |  |  | 7,887 |  |  | 126 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 1,020 |  |  | 1,038 |  |  | 363 |  |  | 1,012 |  |  | 32 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 1,130 |  |  | 1,811 |  |  | 279 |  |  | 1,050 |  |  | 10 |
Residential |  |  | 435 |  |  | 450 |  |  | 135 |  |  | 1,408 |  |  | 29 |
Consumer |  |  |  |  |  |  |  |  |  |  |  | 20 |  |  |  |
Total |  |  | 2,585 |  |  | 3,299 |  |  | 777 |  |  | 3,490 |  |  | 71 |
Total impaired loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 4,658 |  |  | 5,213 |  |  | 363 |  |  | 4,919 |  |  | 95 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 3,048 |  |  | 4,016 |  |  | 279 |  |  | 3,435 |  |  | 48 |
Residential |  |  | 2,153 |  |  | 2,510 |  |  | 135 |  |  | 2,770 |  |  | 54 |
Consumer |  |  | 261 |  |  | 274 |  |  |  |  |  | 253 |  |  |  |
Total |  | $ | 10,120 |  | $ | 12,013 |  | $ | 777 |  | $ | 11,377 |  | $ | 197 |
|  |  |  |  |  |  |  |  |  |  | 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 |
|  |  |  |  |  |  |  |  |  |  | For the Year Ended |
|  |  |  |  | Unpaid |  |  |  |  | Average |  | Interest |
|  | Recorded |  | Principal |  | Related |  | Recorded |  | Income |
December 31, 2017 |  | Investment |  | Balance |  | Allowance |  | Investment |  | Recognized |
With no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,279 |  | $ | 1,439 |  |  |  |  | $ | 1,668 |  | $ | 43 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,888 |  |  | 3,190 |  |  |  |  |  | 2,985 |  |  | 24 |
Residential |  |  | 2,196 |  |  | 2,672 |  |  |  |  |  | 2,227 |  |  | 21 |
Consumer |  |  | 169 |  |  | 181 |  |  |  |  |  | 173 |  |  |  |
Total |  |  | 6,532 |  |  | 7,482 |  |  |  |  |  | 7,053 |  |  | 88 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 1,184 |  |  | 1,218 |  | $ | 159 |  |  | 991 |  |  | 50 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 1,401 |  |  | 1,496 |  |  | 263 |  |  | 2,202 |  |  | 18 |
Residential |  |  | 1,597 |  |  | 1,759 |  |  | 336 |  |  | 1,335 |  |  | 23 |
Consumer |  |  | 8 |  |  | 8 |  |  | 8 |  |  | 20 |  |  |  |
Total |  |  | 4,190 |  |  | 4,481 |  |  | 766 |  |  | 4,548 |  |  | 91 |
Total impaired loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,463 |  |  | 2,657 |  |  | 159 |  |  | 2,659 |  |  | 93 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 4,289 |  |  | 4,686 |  |  | 263 |  |  | 5,187 |  |  | 42 |
Residential |  |  | 3,793 |  |  | 4,431 |  |  | 336 |  |  | 3,562 |  |  | 44 |
Consumer |  |  | 177 |  |  | 189 |  |  | 8 |  |  | 193 |  |  |  |
Total |  | $ | 10,722 |  | $ | 11,963 |  | $ | 766 |  | $ | 11,601 |  | $ | 179 |
There were no amounts of interest income recognized using the cash-basis method on impaired loans for the years ended December 31, 2019, 2018 and 2017. Included in the commercial loan, commercial real estate and residential real estate categories are troubled debt restructurings that were classified as impaired. Trouble debt restructurings totaled $2,193 and $2,779 at December 31, 2019 and 2018 respectively. There was one loan modified in 2019, one loan modified in 2018 and six loans modified in 2017 that resulted in troubled debt restructurings. The following tables summarize the loans whose terms have been modified resulting in troubled debt restructurings during the year ended December 31, 2019 and 2018 and 2017.
|  |  |  | Pre-Modification |  | Post-Modification |  |  |  |
|  | Number |  | Outstanding Recorded |  | Outstanding |  | Recorded |
December 31, 2019 |  | of Contracts |  | Investment |  | Recorded Investment |  | Investment |
Commercial real estate |  | 1 |  | $ | 346 |  | $ | 346 |  | $ | 241 |
|  |  |  | Pre-Modification |  | Post-Modification |  |  |  |
|  | Number |  | Outstanding Recorded |  | Outstanding |  | Recorded |
December 31, 2018 |  | of Contracts |  | Investment |  | Recorded Investment |  | Investment |
Commercial real estate |  | 1 |  | $ | 340 |  | $ | 340 |  | $ | 340 |
|  |  |  | Pre-Modification |  | Post-Modification |  |  |  |
|  | Number |  | Outstanding Recorded |  | Outstanding |  | Recorded |
December 31, 2017 |  | of Contracts |  | Investment |  | Recorded Investment |  | Investment |
Commercial |  | 2 |  | $ | 885 |  | $ | 885 |  | $ | 864 |
Commercial real estate |  | 3 |  |  | 721 |  |  | 721 |  |  | 700 |
Residential mortgage |  | 1 |  |  | 64 |  |  | 64 |  |  | 64 |
Total |  | 6 |  | $ | 1,670 |  | $ | 1,670 |  | $ | 1,628 |
There were no payment defaults within 12 months of its modification on loans considered troubled debt restructurings for the years ended December 31, 2019, December 31, 2018 and December 31, 2017. The amount of residential loans in the formal process of foreclosure totaled $665 at December 31, 2019 and $1,823 at December 31, 2018.

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