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Loans, net and allowance for loan losses | 6 Months Ended
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Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 are summarized as follows. The Company had net deferred loan origination fees of $3,508 at June 30, 2020 due to the origination of $201.3 million of PPP loans and $6.6 million of SBA processing fees during the 2020 second quarter. At December 31, 2019, we had net deferred loan costs of $908. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | June 30, 2020 |  | ​ | December 31, 2019 |
Commercial | ​ | $ | 694,551 | ​ | $ | 522,957 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 1,099,818 | ​ |  | 1,011,423 | ​
Residential | ​ |  | 297,880 | ​ |  | 301,378 | ​
Consumer | ​ |  | 89,660 | ​ |  | 102,482 | ​
Total | ​ | $ | 2,181,909 | ​ | $ | 1,938,240 | ​
​ The PPP loans are included in the commercial loan classification and had an outstanding balance at June 30, 2020 of $201,274. The PPP loans are risk rated ‘Pass’ and do not carry an allowance for loan losses due to a 100% SBA guarantee. The outstanding balance is considered current at June 30, 2020. ​ The changes in the allowance for loan losses account by major classification of loan for the three and six months ended June 30, 2020 and 2019 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | ​ | ​ | Real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​
June 30, 2020 |  | Commercial |  | Commercial |  | Residential | ​ | Consumer | ​ | Total |
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning Balance April 1, 2020 | ​ | $ | 7,969 | ​ | $ | 13,007 | ​ | $ | 3,624 | ​ | $ | 1,086 | ​ | $ | 25,686 | ​
Charge-offs | ​ |  | (335) | ​ |  | (47) | ​ |  | (81) | ​ |  | (154) | ​ |  | (617) | ​
Recoveries | ​ |  | 31 | ​ |  | ​ | ​ |  | 3 | ​ |  | 54 | ​ |  | 88 | ​
Provisions | ​ |  | 822 | ​ |  | 895 | ​ |  | 21 | ​ |  | 62 | ​ |  | 1,800 | ​
Ending balance | ​ | $ | 8,487 | ​ | $ | 13,855 | ​ | $ | 3,567 | ​ | $ | 1,048 | ​ | $ | 26,957 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​
June 30, 2019 |  | Commercial |  | Commercial |  | Residential | ​ | Consumer | ​ | Total |
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning Balance April 1, 2019 | ​ | $ | 5,955 | ​ | $ | 11,074 | ​ | $ | 3,880 | ​ | $ | 1,196 | ​ | $ | 22,105 | ​
Charge-offs | ​ |  | (10) | ​ |  | (343) | ​ |  | (143) | ​ |  | (80) | ​ |  | (576) | ​
Recoveries | ​ |  | 2 | ​ |  | ​ | ​ |  | 12 | ​ |  | 37 | ​ |  | 51 | ​
Provisions | ​ |  | 195 | ​ |  | 311 | ​ |  | (134) | ​ |  | (22) | ​ |  | 350 | ​
Ending balance | ​ | $ | 6,142 |  | $ | 11,042 | ​ | $ | 3,615 | ​ | $ | 1,131 | ​ | $ | 21,930 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | Real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​
June 30, 2020 |  | Commercial |  | Commercial |  | Residential | ​ | Consumer | ​ | Total | ​
Allowance for loan losses: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning Balance January 1, 2020 |  | $ | 6,888 | ​ | $ | 11,496 | ​ | $ | 3,226 | ​ | $ | 1,067 | ​ | $ | 22,677 | ​
Charge-offs |  |  | (985) | ​ |  | (47) | ​ |  | (135) | ​ |  | (248) | ​ |  | (1,415) | ​
Recoveries |  |  | 298 | ​ |  | ​ | ​ |  | 13 | ​ |  | 84 | ​ |  | 395 | ​
Provisions |  |  | 2,286 | ​ |  | 2,406 | ​ |  | 463 | ​ |  | 145 | ​ |  | 5,300 | ​
Ending balance |  | $ | 8,487 |  | $ | 13,855 | ​ | $ | 3,567 | ​ | $ | 1,048 | ​ | $ | 26,957 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​
June 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 | ​ |  | (87) | ​ |  | (349) | ​ |  | (302) | ​ |  | (212) | ​ |  | (950) | ​
Recoveries | ​ |  | 10 | ​ |  | ​ | ​ |  | 16 | ​ |  | 75 | ​ |  | 101 | ​
Provisions | ​ |  | 703 | ​ |  | 655 | ​ |  | 9 | ​ |  | 33 | ​ |  | 1,400 | ​
Ending balance | ​ | $ | 6,142 | ​ | $ | 11,042 | ​ | $ | 3,615 | ​ | $ | 1,131 | ​ | $ | 21,930 | ​
​ The Company's allowance for loan losses increased $4.3 million or 18.9% in 2020, due largely to the adjustment of qualitative factors in our allowance for loan losses methodology, which reflect current economic decline due to COVID-19's adverse impact on economic and business operating conditions. ​ The allocation of the allowance for loan losses and the related loans by major classifications of loans at June 30, 2020 and December 31, 2019 is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | ​ | Real estate | ​ | ​ | ​ | ​ | ​ | ​ |
June 30, 2020 |  | Commercial |  | Commercial |  | Residential |  | Consumer |  | Total |
Allowance for loan losses: | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending balance | ​ | $ | 8,487 | ​ | $ | 13,855 |  | $ | 3,567 | ​ | $ | 1,048 | ​ | $ | 26,957 |
Ending balance: individually evaluated for impairment |  |  | 1,339 | ​ | ​ | 239 | ​ | ​ | 163 | ​ | ​ | ​ | ​ |  | 1,741 |
Ending balance: collectively evaluated for impairment |  | $ | 7,148 | ​ | $ | 13,616 | ​ | $ | 3,404 | ​ | $ | 1,048 | ​ | $ | 25,216 |
Loans receivable: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending balance | ​ | $ | 694,551 | ​ | $ | 1,099,818 |  | $ | 297,880 | ​ | $ | 89,660 | ​ | $ | 2,181,909 |
Ending balance: individually evaluated for impairment | ​ |  | 5,408 | ​ | ​ | 4,490 | ​ | ​ | 1,925 | ​ | ​ | 160 | ​ |  | 11,983 |
Ending balance: collectively evaluated for impairment | ​ | $ | 689,143 | ​ | $ | 1,095,328 | ​ | $ | 295,955 | ​ | $ | 89,500 | ​ | $ | 2,169,926 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | ​ | Real estate | ​ | ​ | ​ | ​ | ​ | ​ |
December 31, 2019 |  | Commercial |  | Commercial |  | Residential |  | Consumer |  | Total |
Allowance for loan losses: | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 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 June 30, 2020 and December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
June 30, 2020 |  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Total |
Commercial | ​ | $ | 677,234 | ​ | $ | 10,915 | ​ | $ | 6,402 | ​ | $ | ​ | ​ | $ | 694,551 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 1,083,864 | ​ |  | 6,606 | ​ |  | 9,348 | ​ | ​ | ​ | ​ |  | 1,099,818 | ​
Residential | ​ |  | 294,627 | ​ |  | ​ | ​ |  | 3,253 | ​ | ​ | ​ | ​ |  | 297,880 | ​
Consumer | ​ |  | 89,483 | ​ |  | ​ | ​ |  | 177 | ​ | ​ | ​ | ​ |  | 89,660 | ​
Total | ​ | $ | 2,145,208 | ​ | $ | 17,521 | ​ | $ | 19,180 | ​ | $ | ​ | ​ | $ | 2,181,909 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 | ​
​ The increase in special mention loans from December 31, 2019 to June 30, 2020 is primarily associated with the reclassification of one large commercial real estate credit and two large commercial credits. The commercial real estate credit totaled $3.8 million and was downgraded to special mention due to the loss of major tenants. The commercial credits relate to a $6.8 million relationship which is experiencing short-term cash flow issues while the other credit totaling $2.1 million has experienced financial difficulties directly related to COVID-19. The decrease to substandard loans resulted from the payoff of a $5.1 million commercial real estate construction loan that had experienced significant construction delays. ​ Information concerning nonaccrual loans by major loan classification at June 30, 2020 and December 31, 2019 is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | June 30, 2020 |  | ​ | December 31, 2019 |
Commercial | ​ | $ | 5,443 | ​ | $ | 3,336 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 3,109 | ​ |  | 2,765 | ​
Residential | ​ |  | 1,135 | ​ |  | 1,148 | ​
Consumer | ​ |  | 160 | ​ |  | 261 | ​
Total | ​ | $ | 9,847 | ​ | $ | 7,510 | ​
​ 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 |
June 30, 2020 | ​ | Past Due | ​ | Past Due | ​ | Days | ​ | Due | ​ | Current | ​ | Total Loans | ​ | Accruing |
Commercial | ​ | $ | 329 | ​ | $ | 351 | ​ | $ | 5,468 | ​ | $ | 6,148 | ​ | $ | 688,403 | ​ | $ | 694,551 | ​ | $ | 25 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 575 | ​ | ​ | 234 | ​ |  | 3,149 | ​ |  | 3,958 | ​ |  | 1,095,860 | ​ |  | 1,099,818 | ​ | ​ | 40 | ​
Residential | ​ |  | 80 | ​ |  | 150 | ​ |  | 1,361 | ​ |  | 1,591 | ​ |  | 296,289 | ​ |  | 297,880 | ​ | ​ | 226 | ​
Consumer | ​ |  | 229 | ​ |  | 66 | ​ |  | 160 | ​ |  | 455 | ​ |  | 89,205 | ​ |  | 89,660 | ​ |  | ​ | ​
Total | ​ | $ | 1,213 | ​ | $ | 801 | ​ | $ | 10,138 | ​ | $ | 12,152 | ​ | $ | 2,169,757 | ​ | $ | 2,181,909 | ​ | $ | 291 | ​
​ The Company implemented a customer payment deferral program to assist both consumer and business borrowers that may be experiencing financial hardship due to COVID-19 related challenges. On March 22, 2020, the federal bank regulatory agencies issued an “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus.” This guidance encourages financial institutions to work prudently with borrowers that may be unable to meet their contractual obligations because of the effects of COVID-19. The guidance goes on to explain that, in consultation with the FASB staff, the federal bank regulatory agencies concluded that short-term modifications (e.g. six months) made on a good faith basis to borrowers who were current as of the implementation date of a relief program are not TDRs. Section 4013 of the CARES Act also addresses COVID-19 related modifications and specifies that COVID-19 related modifications on loans that were current as of December 31, 2019 are not TDRs. Through June 30, 2020, the Company granted payment deferral requests for up to six months on 479 commercial loans with outstanding balances of $306,770 and on 512 consumer loans with outstanding balances of $23,349. In accordance with Section 4013 of the CARES Act and the interagency statement, we have not accounted for such loans as TDRs, nor have we designated them as past due or nonaccrual. ​ The increase in the greater than 90 day category was due to an increase in nonaccrual loans which are included in the category. Three large commercial loans were added to non-accrual. All three loans have been individually measured for impairment and have specific reserves allocated. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | 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 | ​
​ The following tables summarize information concerning impaired loans as of and for the three and six months ended June 30, 2020 and June 30, 2019, and as of and for the year ended December 31, 2019 by major loan classification: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | This Quarter | ​ | Year-to-Date | ​
​ | ​ | ​ | ​ | ​ | Unpaid | ​ | ​ | ​ | ​ | Average | ​ | Interest |  | Average | ​ | Interest |
​ | ​ | Recorded | ​ | Principal | ​ | Related | ​ | Recorded | ​ | Income |  | Recorded | ​ | Income |
June 30, 2020 |  | Investment |  | Balance |  | Allowance |  | Investment |  | Recognized |  | Investment |  | Recognized |
With no related allowance: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​
Commercial | ​ | $ | 2,921 | ​ | $ | 3,480 | ​ | ​ | ​ | ​ | $ | 3,314 | ​ | $ | 9 | ​ | $ | 3,422 | ​ | $ | 25 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 2,042 | ​ |  | 2,606 | ​ | ​ | ​ | ​ |  | 2,153 | ​ |  | 17 | ​ |  | 2,074 | ​ |  | 22 | ​
Residential | ​ |  | 1,115 | ​ |  | 1,273 | ​ | ​ | ​ | ​ |  | 1,122 | ​ |  | 5 | ​ |  | 1,321 | ​ |  | 10 | ​
Consumer | ​ |  | 160 | ​ |  | 178 | ​ | ​ | ​ | ​ |  | 181 | ​ | ​ | ​ | ​ |  | 207 | ​ | ​ | ​ | ​
Total | ​ |  | 6,238 | ​ |  | 7,537 | ​ | ​ | ​ | ​ |  | 6,770 | ​ |  | 31 | ​ |  | 7,024 | ​ |  | 57 | ​
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 2,487 | ​ |  | 2,516 | ​ | ​ | 1,339 | ​ |  | 2,222 | ​ |  | ​ | ​ |  | 1,821 | ​ |  | 6 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 2,448 | ​ |  | 2,774 | ​ |  | 239 | ​ |  | 1,856 | ​ |  | ​ | ​ |  | 1,614 | ​ |  | ​ | ​
Residential | ​ |  | 810 | ​ |  | 878 | ​ |  | 163 | ​ |  | 758 | ​ |  | 3 | ​ |  | 650 | ​ |  | 7 | ​
Consumer | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Total | ​ |  | 5,745 | ​ |  | 6,168 | ​ |  | 1,741 | ​ |  | 4,836 | ​ |  | 3 | ​ |  | 4,085 | ​ |  | 13 | ​
Total impaired loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 5,408 | ​ |  | 5,996 | ​ |  | 1,339 | ​ |  | 5,536 | ​ |  | 9 | ​ |  | 5,243 | ​ |  | 31 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 4,490 | ​ |  | 5,380 | ​ |  | 239 | ​ |  | 4,009 | ​ |  | 17 | ​ |  | 3,688 | ​ |  | 22 | ​
Residential | ​ |  | 1,925 | ​ |  | 2,151 | ​ |  | 163 | ​ |  | 1,880 | ​ |  | 8 | ​ |  | 1,971 | ​ |  | 17 | ​
Consumer | ​ |  | 160 | ​ |  | 178 | ​ |  | ​ | ​ |  | 181 | ​ |  | ​ | ​ |  | 207 | ​ |  | ​ | ​
Total | ​ | $ | 11,983 | ​ | $ | 13,705 | ​ | $ | 1,741 | ​ | $ | 11,606 | ​ | $ | 34 | ​ | $ | 11,109 | ​ | $ | 70 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | This Quarter | ​ | Year-to-Date | ​
​ | ​ | ​ | ​ | ​ | Unpaid | ​ | ​ | ​ | ​ | Average | ​ | Interest |  | Average | ​ | Interest |
​ | ​ | Recorded | ​ | Principal | ​ | Related | ​ | Recorded | ​ | Income |  | Recorded | ​ | Income |
June 30, 2019 |  | Investment |  | Balance |  | Allowance |  | Investment |  | Recognized |  | Investment |  | Recognized |
With no related allowance: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​
Commercial | ​ | $ | 4,495 | ​ | $ | 4,931 | ​ | ​ | ​ | ​ | $ | 5,284 | ​ | $ | 17 | ​ | $ | 4,043 | ​ | $ | 34 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 2,957 | ​ |  | 3,116 | ​ | ​ | ​ | ​ |  | 2,528 | ​ | ​ | 10 | ​ |  | 2,341 | ​ | ​ | 23 | ​
Residential | ​ |  | 619 | ​ |  | 888 | ​ | ​ | ​ | ​ |  | 740 | ​ | ​ | 4 | ​ |  | 1,150 | ​ | ​ | 11 | ​
Consumer | ​ |  | 251 | ​ |  | 261 | ​ | ​ | ​ | ​ |  | 245 | ​ | ​ | ​ | ​ |  | 214 | ​ | ​ | ​ | ​
Total | ​ |  | 8,322 | ​ |  | 9,196 | ​ | ​ | ​ | ​ |  | 8,797 | ​ | ​ | 31 | ​ |  | 7,748 | ​ | ​ | 68 | ​
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 1,420 | ​ |  | 1,432 | ​ | $ | 615 | ​ |  | 1,180 | ​ | ​ | 5 | ​ |  | 1,012 | ​ | ​ | 12 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 910 | ​ |  | 1,380 | ​ |  | 216 | ​ |  | 1,174 | ​ |  | 5 | ​ |  | 1,166 | ​ |  | 10 | ​
Residential | ​ |  | 1,661 | ​ |  | 1,740 | ​ |  | 295 | ​ |  | 1,848 | ​ |  | 7 | ​ |  | 1,932 | ​ |  | 18 | ​
Consumer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 20 | ​ | ​ | ​ | ​
Total | ​ |  | 3,991 | ​ |  | 4,552 | ​ |  | 1,126 | ​ |  | 4,202 | ​ |  | 17 | ​ |  | 4,130 | ​ |  | 40 | ​
Total impaired loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 5,915 | ​ |  | 6,363 | ​ |  | 615 | ​ |  | 6,464 | ​ |  | 22 | ​ |  | 5,055 | ​ |  | 46 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 3,867 | ​ |  | 4,496 | ​ |  | 216 | ​ |  | 3,702 | ​ |  | 15 | ​ |  | 3,507 | ​ |  | 33 | ​
Residential | ​ |  | 2,280 | ​ |  | 2,628 | ​ |  | 295 | ​ |  | 2,588 | ​ |  | 11 | ​ |  | 3,082 | ​ |  | 29 | ​
Consumer | ​ |  | 251 | ​ |  | 261 | ​ | ​ | ​ | ​ |  | 245 | ​ | ​ | ​ | ​ |  | 234 | ​ | ​ | ​ | ​
Total | ​ | $ | 12,313 | ​ | $ | 13,748 | ​ | $ | 1,126 | ​ | $ | 12,999 | ​ | $ | 48 | ​ | $ | 11,878 | ​ | $ | 108 | ​
​ Loan Modifications/Troubled Debt Restructurings/COVID-19 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 $3,168 at June 30 2020, $2,193 at December 31, 2019 and $2,677 at June 30, 2019. ​ 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.
​
| ● | 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.
​ The following table provides the number of loans modified in a troubled debt restructuring and the pre- and post-modification recorded investment by class of receivable: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 2020 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended June 30, | ​ | For the Six Months Ended June 30,
​ | ​ | ​ | ​ | ​ | Pre-Modification | ​ | Post-Modification | ​ | ​ | ​ | ​ | Pre-Modification | ​ | ​ | Post-Modification
​ | ​ | Number | ​ | Recorded | ​ | Recorded | ​ | Number | ​ | ​ | Recorded | ​ | ​ | Recored
​ | ​ | of Loans |  | Investment |  | Investment |  | of Loans |  | ​ | Investment |  | ​ | Investment
Commercial real estate | ​ | 3 | ​ | $ | 1,073 | ​ | $ | 1,073 | ​ | 3 | ​ | $ | 1,073 | ​ | $ | 1,073
Commercial and industrial | ​ | 1 | ​ | ​ | 12 | ​ | ​ | 12 |  | 1 | ​ | ​ | 12 | ​ | ​ | 12
Total | ​ | 4 | ​ | $ | 1,085 | ​ | $ | 1,085 |  | 4 | ​ | $ | 1,085 | ​ | $ | 1,085
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 2019 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended June 30, | ​ | For the Six Months Ended June 30,
​ | ​ | ​ | ​ | ​ | Pre-Modification | ​ | Post-Modification | ​ | ​ | ​ | ​ | Pre-Modification | ​ | ​ | Post-Modification
​ | ​ | Number | ​ | Recorded | ​ | Recorded | ​ | Number | ​ | ​ | Recorded | ​ | ​ | Recored
​ | ​ | of Loans |  | Investment |  | Investment |  | of Loans |  | ​ | Investment |  | ​ | Investment
Commercial real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | $ | 340 | ​ | $ | 300
Total | ​ | ​ | ​ | $ | ​ | ​ | $ | ​ |  | 1 | ​ | $ | 340 | ​ | $ | 300
​ During the six months ended June 30, 2020, there was one payment default on a residential real estate loan in the amount of $52 and there were no payment defaults on troubled debt restructurings. During the three and six months ended June 30, 2019, there were payment defaults on two restructured commercial real estate loans with balances totaling $335 which were subsequently charged-off. ​ The Company has received a significant number of requests to modify loan terms and/or defer principal and/or interest payments, and has agreed to many such deferrals or are in the process of doing so. Under Section 4013 of the CARES Act, loans less than 30 days past due as of December 31, 2019, will be considered current for COVID-19 modifications. A financial institution can then use FASB agreed upon temporary changes to GAAP for loan modifications related to COVID-19 that would otherwise be categorized as a troubled debt restructuring (TDR), and suspend any determination of a loan modified as a result of COVID-19 being a TDR, including the requirement to determine impairment for accounting purposes. Similarly, FASB has confirmed that short-term modifications made on a good-faith basis in response to COVID-19 to loan customers who were current prior to any relief are not TDRs. ​ Beginning in March 2020, the Company began receiving requests for temporary modifications to the repayment structure for borrower loans. As of June 30, 2020, the Company had 479 commercial loan and 512 consumer loan temporary modifications with principal balances totaling $330,119. As of July 30, 2020, 481 commercial loans and 505 consumer loans were on deferral with principal balances of $330,135. ​ The following table provides information as of June 30, 2020 with respect to the Company’s payment deferrals granted on commercial loans by North American Industry Classification System (“NAICS”) categories: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
NAICS category | ​ | Number of Loans | ​ | ​ | Balance | ​ | Percentage of Total Loan Portfolio | ​ | ​ | Percentage of Tier 1 Capital (Bank) | ​
Lessors of Nonresidential Buildings | ​ | 65 | ​ | $ | 71,899 | ​ | 3.3 | % | ​ | 26.9 | %
Lessors of Residential Buildings and Dwellings | ​ | 64 | ​ | ​ | 53,564 | ​ | 2.5 | ​ | ​ | 19.9 | ​
Hotels and Motels | ​ | 27 | ​ | ​ | 39,261 | ​ | 1.8 | ​ | ​ | 14.5 | ​
Full-Service Restaurants | ​ | 33 | ​ | ​ | 27,783 | ​ | 1.3 | ​ | ​ | 10.3 | ​
Limited-Service Restaurants | ​ | 8 | ​ | ​ | 11,829 | ​ | 0.5 | ​ | ​ | 4.4 | ​
Gasoline Stations with Convenience Stores | ​ | 18 | ​ | ​ | 12,422 | ​ | 0.6 | ​ | ​ | 4.6 | ​
Construction and Mining | ​ | 13 | ​ | ​ | 9,718 | ​ | 0.4 | ​ | ​ | 3.6 | ​
Assisted Living Facilities for the Elderly | ​ | 2 | ​ | ​ | 6,319 | ​ | 0.3 | ​ | ​ | 2.3 | ​
Colleges, Universities, and Professional Schools | ​ | 1 | ​ | ​ | 6,301 | ​ | 0.3 | ​ | ​ | 2.3 | ​
All Others | ​ | 248 | ​ | ​ | 67,674 | ​ | 3.1 | ​ | ​ | 24.9 | ​
​ | ​ | 479 | ​ | $ | 306,770 | ​ | 14.1 | % | ​ | 113.7 | %
​

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