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Loans, net and allowance for loan losses | 12 Months Ended
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Dec. 31, 2020
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, 2020 and 2019 are summarized as follows. Included in the commercial balances at December 31, 2020 are $189,699 of Paycheck Protection Program (“PPP”) loans. Net deferred loan fees of $2,058 were included in loan balances at December 31, 2020 and net deferred loan costs of $908 were included in the December 31, 2019 loan balances. The deferred loan fees in 2020 is a result of the origination of PPP loans.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | December 31, 2020 |  | ​ | December 31, 2019 |
Commercial | ​ | $ | 679,286 | ​ | $ | 522,957 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 1,137,990 | ​ |  | 1,011,423 | ​
Residential | ​ |  | 277,414 | ​ |  | 301,378 | ​
Consumer | ​ |  | 83,292 | ​ |  | 102,482 | ​
Total | ​ | $ | 2,177,982 | ​ | $ | 1,938,240 | ​
​ Loans outstanding to directors, executive officers, principal stockholders or to their affiliates totaled $5,031 and $12,248 at December 31, 2020 and 2019, respectively. The decrease in loans outstanding is due to loan balances related to three former directors who retired in 2020. Advances and repayments during 2020 totaled $3,747 and $5,574, respectively, and 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, 2020 and 2019. Deposits from related parties amounted to $9.0 million at December 31, 2020 and $12.9 million at December 31, 2019. At December 31, 2020, the majority of the Company’s loans were at least partially secured by real estate in our market region. 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, 2020, 2019, and 2018 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Real estate | ​ | ​ | ​ | ​ | ​ | ​ |
December 31, 2020 | ​ | Commercial | ​ | Commercial | ​ | Residential | ​ | Consumer | ​ | Total |
Allowance for loan losses: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  |  | ​ | ​ | ​
Beginning balance | ​ | $ | 6,888 | ​ | $ | 11,496 | ​ | $ | 3,226 | ​ | $ | 1,067 | ​ | $ | 22,677 | ​
Charge-offs | ​ |  | (2,771) | ​ |  | (144) | ​ |  | (247) | ​ |  | (317) | ​ |  | (3,479) | ​
Recoveries | ​ |  | 525 | ​ |  | 16 | ​ |  | 57 | ​ |  | 148 | ​ |  | 746 | ​
Provisions | ​ |  | 4,092 | ​ |  | 3,191 | ​ |  | 93 | ​ |  | 24 | ​ |  | 7,400 | ​
Ending balance | ​ | $ | 8,734 | ​ | $ | 14,559 | ​ | $ | 3,129 | ​ | $ | 922 | ​ | $ | 27,344 | ​
Ending balance: individually evaluated for impairment | ​ |  | 947 | ​ |  | 180 | ​ |  | 75 | ​ |  | ​ | ​ |  | 1,202 | ​
Ending balance: collectively evaluated for impairment | ​ | $ | 7,787 | ​ | $ | 14,379 | ​ | $ | 3,054 | ​ | $ | 922 | ​ | $ | 26,142 | ​
Loans receivable: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending balance | ​ | $ | 679,286 | ​ | $ | 1,137,990 | ​ | $ | 277,414 | ​ | $ | 83,292 | ​ | $ | 2,177,982 | ​
Ending balance: individually evaluated for impairment | ​ |  | 4,297 | ​ |  | 3,952 | ​ |  | 1,546 | ​ | ​ | 111 | ​ |  | 9,906 | ​
Ending balance: collectively evaluated for impairment | ​ | $ | 674,989 | ​ | $ | 1,134,038 | ​ | $ | 275,868 | ​ | $ | 83,181 | ​ | $ | 2,168,076 | ​
​ The allowance for loan losses increased $4.6 million to $27.3 million at December 31, 2020, from $22.7 million at the end of 2019. The increase resulted from a provision for loan losses of $7.4 million less net loans charged-off of $2.7 million. Changes made during the first six months of 2020 to the qualitative factors, which related to economic decline resulting from the adverse impact of the COVID-19 crisis, was the primary reason for the higher provision. Commercial loan charge-offs were $2.8 million and included a $1.1 million partial write down of a specific credit relationship, which has been subsequently paid off in January 2021 and $0.9 million related to a group of small business lines of credit in our Greater Delaware Valley market. Commercial loan recoveries increased $0.5 million and included $0.2 million related to the group of small business lines of credit in the Greater Delaware Valley market and $0.2 million on a separate credit. 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 and $1.0 million of other commercial loan relationships. 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 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, 2020. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 | ​
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, 2020 and 2019:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
December 31, 2020 |  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Total |
Commercial | ​ | $ | 660,559 | ​ | $ | 14,305 | ​ | $ | 4,422 | ​ | $ | ​ | ​ | $ | 679,286 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 1,107,699 | ​ |  | 17,517 | ​ |  | 12,774 | ​ | ​ | ​ | ​ |  | 1,137,990 | ​
Residential | ​ |  | 274,327 | ​ |  | 144 | ​ |  | 2,943 | ​ | ​ | ​ | ​ |  | 277,414 | ​
Consumer | ​ |  | 83,215 | ​ |  | ​ | ​ |  | 77 | ​ | ​ | ​ | ​ |  | 83,292 | ​
Total | ​ | $ | 2,125,800 | ​ | $ | 31,966 | ​ | $ | 20,216 | ​ | $ | ​ | ​ | $ | 2,177,982 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 commercial special mention loans from December 31, 2019 to December 31, 2020 is primarily associated with a credit relationship to a public entity totaling $13.0 million which is experiencing short-term cash flow issues. The increase in commercial real estate special mention loans is due to the reclassification of four large credits. Two commercial real estate credits totaling $9.0 million were downgraded to special mention due to the loss of major tenants, while another credit totaling $4.5 million is related to the hospitality industry and is experiencing financial difficulties due to COVID-19. The decrease to commercial real estate substandard loans resulted in part 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 December 31, 2020 and 2019 is summarized as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | December 31, 2020 |  | ​ | December 31, 2019 |
Commercial | ​ | $ | 3,822 | ​ | $ | 3,336 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 3,262 | ​ |  | 2,765 | ​
Residential | ​ |  | 922 | ​ |  | 1,148 | ​
Consumer | ​ |  | 111 | ​ |  | 261 | ​
Total | ​ | $ | 8,117 | ​ | $ | 7,510 | ​
The major classification of loans by past due status at December 31, 2020 and 2019 are summarized as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | Greater |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Loans > 90 |
​ | ​ | 30-59 Days | ​ | 60-89 Days | ​ | than 90 | ​ | Total Past | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Days and |
December 31, 2020 | ​ | Past Due | ​ | Past Due | ​ | Days | ​ | Due | ​ | Current | ​ | Total Loans | ​ | Accruing |
Commercial | ​ | $ | 73 | ​ | ​ | ​ | ​ | $ | 3,822 | ​ | $ | 3,895 | ​ | $ | 675,391 | ​ | $ | 679,286 | ​ | ​ | ​ | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 344 | ​ | $ | 134 | ​ |  | 3,262 | ​ |  | 3,740 | ​ |  | 1,134,250 | ​ |  | 1,137,990 | ​ | ​ | ​ | ​
Residential | ​ |  | 2,072 | ​ |  | 480 | ​ | ​ | 993 | ​ |  | 3,545 | ​ |  | 273,869 | ​ |  | 277,414 | ​ | $ | 71 | ​
Consumer | ​ |  | 374 | ​ |  | 63 | ​ |  | 111 | ​ |  | 548 | ​ |  | 82,744 | ​ |  | 83,292 | ​ |  | ​ | ​
Total | ​ | $ | 2,863 | ​ | $ | 677 | ​ | $ | 8,188 | ​ | $ | 11,728 | ​ | $ | 2,166,254 | ​ | $ | 2,177,982 | ​ | $ | 71 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | 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 increase in the greater than 90 day category was due to a net increase in nonaccrual loans which are included in the category. Three large commercial loans added to non-accrual were partially offset by a partial charge-off of a non-accrual commercial relationship. The three loans added all have been individually measured for impairment. Two of the loans have specific reserves allocated, while the other credit was charged down to the SBA guaranteed amount. The following tables summarize information concerning impaired loans as of and for the years ended December 31, 2020, 2019 and 2018 by major loan classification:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | For the Year Ended | ​
​ | ​ | ​ | ​ | ​ | Unpaid | ​ | ​ | ​ | ​ | Average | ​ | Interest |
​ | ​ | Recorded | ​ | Principal | ​ | Related | ​ | Recorded | ​ | Income |
December 31, 2020 |  | Investment |  | Balance |  | Allowance |  | Investment |  | Recognized |
With no related allowance: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​
Commercial | ​ | $ | 2,251 | ​ | $ | 3,421 | ​ | ​ | ​ | ​ | $ | 2,915 | ​ | $ | 30 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 2,372 | ​ |  | 2,964 | ​ | ​ | ​ | ​ |  | 2,148 | ​ |  | 28 | ​
Residential | ​ |  | 1,086 | ​ |  | 1,263 | ​ | ​ | ​ | ​ |  | 1,223 | ​ |  | 21 | ​
Consumer | ​ |  | 111 | ​ |  | 121 | ​ | ​ | ​ | ​ |  | 167 | ​ | ​ | ​ | ​
Total | ​ |  | 5,820 | ​ |  | 7,769 | ​ | ​ | ​ | ​ |  | 6,453 | ​ |  | 79 | ​
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 2,046 | ​ |  | 2,094 | ​ | ​ | 947 | ​ |  | 2,038 | ​ |  | 17 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 1,580 | ​ |  | 1,710 | ​ |  | 180 | ​ |  | 1,687 | ​ |  | 36 | ​
Residential | ​ |  | 460 | ​ |  | 482 | ​ |  | 75 | ​ |  | 624 | ​ |  | 13 | ​
Consumer | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Total | ​ |  | 4,086 | ​ |  | 4,286 | ​ |  | 1,202 | ​ |  | 4,349 | ​ |  | 66 | ​
Total impaired loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 4,297 | ​ |  | 5,515 | ​ |  | 947 | ​ |  | 4,953 | ​ |  | 47 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 3,952 | ​ |  | 4,674 | ​ |  | 180 | ​ |  | 3,835 | ​ |  | 64 | ​
Residential | ​ |  | 1,546 | ​ |  | 1,745 | ​ |  | 75 | ​ |  | 1,847 | ​ |  | 34 | ​
Consumer | ​ |  | 111 | ​ |  | 121 | ​ |  | ​ | ​ |  | 167 | ​ |  | ​ | ​
Total | ​ | $ | 9,906 | ​ | $ | 12,055 | ​ | $ | 1,202 | ​ | $ | 10,802 | ​ | $ | 145 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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 | ​
There were no amounts of interest income recognized using the cash-basis method on impaired loans for the years ended December 31, 2020, 2019 and 2018. 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 $2,818 and $2,193 at December 31, 2020 and 2019 respectively. There were four loans modified in 2020, one loan modified in 2019 and one loan modified in 2018 that resulted in troubled debt restructurings. The four loans modified in 2020 were adversely impacted by COVID-19 and the economic slowdown and did not qualify for the CARES Act exclusion due to current and prior delinquencies. Two of the loans were to one restaurant and two of the loans were to retail related small businesses. The following tables summarize the loans whose terms have been modified resulting in troubled debt restructurings during the year ended December 31, 2020 and 2019 and 2018.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Pre-Modification |  | Post-Modification |  | ​ | ​ |
​ | ​ | Number | ​ | Outstanding Recorded | ​ | Outstanding | ​ | Recorded |
December 31, 2020 | ​ | of Contracts | ​ | Investment | ​ | Recorded Investment | ​ | Investment |
Commercial | ​ | 1 | ​ | $ | 12 | ​ | $ | 12 | ​ | $ | 5 | ​
Commercial real estate |  | 3 | ​ | ​ | 1,073 | ​ | ​ | 1,073 | ​ | ​ | 1,046 | ​
Total |  | 4 | ​ | $ | 1,085 | ​ | $ | 1,085 | ​ | $ | 1,051 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | 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 | ​
​ There were no payment defaults within 12 months of its modification on loans considered troubled debt restructurings for the years ended December 31, 2020, December 31, 2019 and December 31, 2018. ​ The amount of residential loans in the formal process of foreclosure totaled $135 at December 31, 2020 and $665 at December 31, 2019. ​ The Company received a significant number of requests to modify loan terms and/or defer principal and/or interest payments from borrowers affected by COVID-19, and has agreed to many such deferrals. The federal banking regulators issued guidance and encouraged banks to work prudently with, and provide short-term payment accommodations to borrowers affected by COVID-19. Section 4013 of the CARES Act includes a provision for the Company to opt out of applying the troubled debt restructuring (“TDR”) guidance for certain loan modifications and specified that such modifications made on loans that were current as of December 31, 2019 do not need to be classified as TDRs. Peoples has applied this guidance. The payment modifications granted included principal only payments and principal and interest deferrals and generally ranged from 90 to 180 days. The modified loans were not considered past due unless the modified payment was delinquent. 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. During 2020, the Company made a total of 479 commercial loan and 512 consumer loan temporary modifications with principal balances totaling $330,119. At December 31, 2020, 18 commercial loans and 26 consumer loans remain on deferral with principal balances of $6,084. The following tables provide information as of December 31, 2020 and the total during 2020 with respect to the Company’s payment deferrals granted in accordance with the CARES Act on commercial loans by North American Industry Classification System (“NAICS”) categories: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage | ​ | ​ | Percentage | ​
​ | ​ | Number | ​ | ​ | ​ | ​ | of Total | ​ | ​ | of Tier 1 | ​
​ | ​ | of | ​ | ​ | ​ | ​ | Loan | ​ | ​ | Capital | ​
December 31, 2020 NAICS category | ​ | Loans | ​ | ​ | Balance | ​ | Portfolio | ​ | ​ | (Bank) | ​
Lessors of Residential Buildings and Dwellings | ​ | 3 | ​ | $ | 143 | ​ | ​ | ​ | ​ | 0.1 | %
Full-Service Restaurants | ​ | 3 | ​ | ​ | 1,961 | ​ | 0.1 | % | ​ | 0.8 | ​
General Automotive Repair | ​ | 1 | ​ | ​ | 1,459 | ​ | 0.1 | ​ | ​ | 0.6 | ​
School and Employee Bus Transportation | ​ | 1 | ​ | ​ | 725 | ​ | ​ | ​ | ​ | 0.3 | ​
All Others | ​ | 10 | ​ | ​ | 1,508 | ​ | 0.1 | ​ | ​ | 0.6 | ​
​ | ​ | 18 | ​ | $ | 5,796 | ​ | 0.3 | % | ​ | 2.3 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage | ​ | ​ | Percentage | ​
​ | ​ | Number | ​ | ​ | ​ | ​ | of Total | ​ | ​ | of Tier 1 | ​
​ | ​ | of | ​ | ​ | ​ | ​ | Loan | ​ | ​ | Capital | ​
2020 NAICS category | ​ | Loans | ​ | ​ | Balance | ​ | Portfolio | ​ | ​ | (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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