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Loans and Allowance for Credit Losses | 3 Months Ended
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Mar. 31, 2020
Receivables [Abstract] |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses Outstanding loans are summarized as follows:
Loan Type (Dollars in thousands) |  | March 31, 2020 |  | % of Total Loans |  | December 31, 2019 |  | % of Total Loans
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 102,606 |  |  | 11.0 | % |  | $ | 102,541 |  |  | 10.9 | %
Agricultural production |  | 17,162 |  |  | 1.9 | % |  | 23,159 |  |  | 2.6 | %
Total commercial |  | 119,768 |  |  | 12.9 | % |  | 125,700 |  |  | 13.5 | %
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | 198,551 |  |  | 21.4 | % |  | 197,946 |  |  | 21.0 | %
Real estate construction and other land loans |  | 79,794 |  |  | 8.6 | % |  | 73,718 |  |  | 7.8 | %
Commercial real estate |  | 326,044 |  |  | 35.2 | % |  | 329,333 |  |  | 34.9 | %
Agricultural real estate |  | 67,935 |  |  | 7.3 | % |  | 76,304 |  |  | 8.1 | %
Other real estate |  | 33,184 |  |  | 3.6 | % |  | 31,241 |  |  | 3.3 | %
Total real estate |  | 705,508 |  |  | 76.1 | % |  | 708,542 |  |  | 75.1 | %
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 61,601 |  |  | 6.6 | % |  | 64,841 |  |  | 6.9 | %
Consumer and installment |  | 41,341 |  |  | 4.4 | % |  | 42,782 |  |  | 4.5 | %
Total consumer |  | 102,942 |  |  | 11.0 | % |  | 107,623 |  |  | 11.4 | %
Net deferred origination costs |  | 1,551 |  |  |  |  |  | 1,515 |  |  |  |
Total gross loans |  | 929,769 |  |  | 100.0 | % |  | 943,380 |  |  | 100.0 | %
Allowance for credit losses |  | (10,546 | ) |  |  |  |  | (9,130 | ) |  |  |
Total loans |  | $ | 919,223 |  |  |  |  |  | $ | 934,250 |  |  |  |
At March 31, 2020 and December 31, 2019, loans originated under Small Business Administration (SBA) programs totaling $21,044,000 and $21,910,000, respectively, were included in the real estate and commercial categories, of which, $15,747,000 or 75% and $16,372,000 or 75%, respectively, are secured by government guarantees. Allowance for Credit Losses The allowance for credit losses (the “Allowance”) is a valuation allowance for probable incurred credit losses in the Company’s loan portfolio. The Allowance is established through a provision for credit losses which is charged to expense. Additions to the Allowance are expected to maintain the adequacy of the total Allowance after credit losses and loan growth. Credit exposures determined to be uncollectible are charged against the Allowance. Cash received on previously charged-off credits is recorded as a recovery to the Allowance. The overall Allowance consists of two primary components, specific reserves related to impaired loans and general reserves for probable incurred losses related to loans that are not impaired. For all portfolio segments, the determination of the general reserve for loans that are not impaired is based on estimates made by management, including but not limited to, consideration of historical losses by portfolio segment (and in certain cases peer data) over the most recent 20 quarters, and qualitative factors including economic trends in the Company’s service areas, industry experience and trends, geographic concentrations, estimated collateral values, the Company’s underwriting policies, the character of the loan portfolio, and probable losses inherent in the portfolio taken as a whole. The following table shows the summary of activities for the Allowance as of and for the three months ended March 31, 2020 and 2019 by portfolio segment (in thousands):
|  | Commercial |  | Real Estate |  | Consumer |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, January 1, 2020 |  | $ | 1,428 |  |  | $ | 6,769 |  |  | $ | 897 |  |  | $ | 36 |  |  | $ | 9,130 |
Provision charged to operations |  | 225 |  |  | 786 |  |  | 302 |  |  | 62 |  |  | 1,375 |
Losses charged to allowance |  | (28 | ) |  | — |  |  | (15 | ) |  | — |  |  | (43 | )
Recoveries |  | 32 |  |  | — |  |  | 52 |  |  | — |  |  | 84 |
Ending balance, March 31, 2020 |  | $ | 1,657 |  |  | $ | 7,555 |  |  | $ | 1,236 |  |  | $ | 98 |  |  | $ | 10,546 |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, January 1, 2019 |  | $ | 1,671 |  |  | $ | 6,539 |  |  | $ | 826 |  |  | $ | 68 |  |  | $ | 9,104 |
(Reversal) provision charged to operations |  | (252 | ) |  | 170 |  |  | 61 |  |  | (4 | ) |  | (25 | )
Losses charged to allowance |  | — |  |  | — |  |  | (9 | ) |  | — |  |  | (9 | )
Recoveries |  | 31 |  |  | — |  |  | 17 |  |  | — |  |  | 48 |
Ending balance, March 31, 2019 |  | $ | 1,450 |  |  | $ | 6,709 |  |  | $ | 895 |  |  | $ | 64 |  |  | $ | 9,118 |
The following is a summary of the Allowance by impairment methodology and portfolio segment as of March 31, 2020 and December 31, 2019 (in thousands):
|  | Commercial |  | Real Estate |  | Consumer |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance, March 31, 2020 |  | $ | 1,657 |  |  | $ | 7,555 |  |  | $ | 1,236 |  |  | $ | 98 |  |  | $ | 10,546 |
Ending balance: individually evaluated for impairment |  | $ | 175 |  |  | $ | 3 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 194 |
Ending balance: collectively evaluated for impairment |  | $ | 1,482 |  |  | $ | 7,552 |  |  | $ | 1,220 |  |  | $ | 98 |  |  | $ | 10,352 |
Ending balance, December 31, 2019 |  | $ | 1,428 |  |  | $ | 6,769 |  |  | $ | 897 |  |  | $ | 36 |  |  | $ | 9,130 |
Ending balance: individually evaluated for impairment |  | $ | 2 |  |  | $ | 3 |  |  | $ | 35 |  |  | $ | — |  |  | $ | 40 |
Ending balance: collectively evaluated for impairment |  | $ | 1,426 |  |  | $ | 6,766 |  |  | $ | 862 |  |  | $ | 36 |  |  | $ | 9,090 |
The following table shows the ending balances of loans as of March 31, 2020 and December 31, 2019 by portfolio segment and by impairment methodology (in thousands):
|  | Commercial |  | Real Estate |  | Consumer |  | Total
Loans: |  |  |  |  |  |  |  |  |  |  |  |
Ending balance, March 31, 2020 |  | $ | 119,768 |  |  | $ | 705,508 |  |  | $ | 102,942 |  |  | $ | 928,218 |
Ending balance: individually evaluated for impairment |  | $ | 12,995 |  |  | $ | 1,876 |  |  | $ | 1,242 |  |  | $ | 16,113 |
Ending balance: collectively evaluated for impairment |  | $ | 106,773 |  |  | $ | 703,632 |  |  | $ | 101,700 |  |  | $ | 912,105 |
Loans: |  |  |  |  |  |  |  |
Ending balance, December 31, 2019 |  | $ | 125,700 |  |  | $ | 708,542 |  |  | $ | 107,623 |  |  | $ | 941,865 |
Ending balance: individually evaluated for impairment |  | $ | 187 |  |  | $ | 2,036 |  |  | $ | 1,511 |  |  | $ | 3,734 |
Ending balance: collectively evaluated for impairment |  | $ | 125,513 |  |  | $ | 706,506 |  |  | $ | 106,112 |  |  | $ | 938,131 |
The following table shows the loan portfolio by class allocated by management’s internal risk ratings at March 31, 2020 (in thousands):
|  | Pass |  | Special Mention |  | Sub-Standard |  | Doubtful |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 87,749 |  |  | $ | 2,364 |  |  | $ | 12,493 |  |  | $ | — |  |  | $ | 102,606 |
Agricultural production |  | 11,284 |  |  | — |  |  | 5,878 |  |  | — |  |  | 17,162 |
Real Estate: |  |  |  |  |  |  |  |  |  |
Owner occupied |  | 187,015 |  |  | 6,870 |  |  | 4,666 |  |  | — |  |  | 198,551 |
Real estate construction and other land loans |  | 77,411 |  |  | 333 |  |  | 2,050 |  |  | — |  |  | 79,794 |
Commercial real estate |  | 324,088 |  |  | 854 |  |  | 1,102 |  |  | — |  |  | 326,044 |
Agricultural real estate |  | 60,058 |  |  | 1,000 |  |  | 6,877 |  |  | — |  |  | 67,935 |
Other real estate |  | 33,184 |  |  | — |  |  | — |  |  | — |  |  | 33,184 |
Consumer: |  |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 59,732 |  |  | 515 |  |  | 1,354 |  |  | — |  |  | 61,601 |
Consumer and installment |  | 41,341 |  |  | — |  |  | — |  |  | — |  |  | 41,341 |
Total |  | $ | 881,862 |  |  | $ | 11,936 |  |  | $ | 34,420 |  |  | $ | — |  |  | $ | 928,218 |
The following table shows the loan portfolio by class allocated by management’s internally assigned risk grade ratings at December 31, 2019 (in thousands):
|  | Pass |  | Special Mention |  | Sub-Standard |  | Doubtful |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 86,705 |  |  | $ | 2,635 |  |  | $ | 13,201 |  |  | $ | — |  |  | $ | 102,541 |
Agricultural production |  | 18,814 |  |  | — |  |  | 4,345 |  |  | — |  |  | 23,159 |
Real Estate: |  |  |  |  |  |  |  |  |  |
Owner occupied |  | 186,370 |  |  | 6,881 |  |  | 4,695 |  |  | — |  |  | 197,946 |
Real estate construction and other land loans |  | 72,142 |  |  | — |  |  | 1,576 |  |  | — |  |  | 73,718 |
Commercial real estate |  | 310,982 |  |  | 17,202 |  |  | 1,149 |  |  | — |  |  | 329,333 |
Agricultural real estate |  | 68,032 |  |  | 946 |  |  | 7,326 |  |  | — |  |  | 76,304 |
Other real estate |  | 31,241 |  |  | — |  |  | — |  |  | — |  |  | 31,241 |
Consumer: |  |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 62,776 |  |  | 519 |  |  | 1,546 |  |  | — |  |  | 64,841 |
Consumer and installment |  | 42,782 |  |  | — |  |  | — |  |  | — |  |  | 42,782 |
Total |  | $ | 879,844 |  |  | $ | 28,183 |  |  | $ | 33,838 |  |  | $ | — |  |  | $ | 941,865 |
The following table shows an aging analysis of the loan portfolio by class and the time past due at March 31, 2020 (in thousands):
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 90 Days Past Due |  | Total Past Due |  | Current |  | Total Loans |  | Recorded Investment > 90 Days Accruing |  | Non-accrual
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 209 |  |  | $ | — |  |  | $ | — |  |  | $ | 209 |  |  | $ | 102,397 |  |  | $ | 102,606 |  |  | $ | — |  |  | $ | 20 |
Agricultural production |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,162 |  |  | 17,162 |  |  | — |  |  | — |
Real estate: |  | — |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |
Owner occupied |  | — |  |  | — |  |  | 218 |  |  | 218 |  |  | 198,333 |  |  | 198,551 |  |  | — |  |  | 411 |
Real estate construction and other land loans |  | 191 |  |  | — |  |  | — |  |  | 191 |  |  | 79,603 |  |  | 79,794 |  |  | — |  |  | — |
Commercial real estate |  | 205 |  |  | — |  |  | — |  |  | 205 |  |  | 325,839 |  |  | 326,044 |  |  | — |  |  | 360 |
Agricultural real estate |  | 324 |  |  | — |  |  | — |  |  | 324 |  |  | 67,611 |  |  | 67,935 |  |  | — |  |  | 195 |
Other real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 33,184 |  |  | 33,184 |  |  | — |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 11 |  |  | — |  |  | — |  |  | 11 |  |  | 61,590 |  |  | 61,601 |  |  | — |  |  | 129 |
Consumer and installment |  | 178 |  |  | — |  |  | — |  |  | 178 |  |  | 41,163 |  |  | 41,341 |  |  | — |  |  | — |
Total |  | $ | 1,118 |  |  | $ | — |  |  | $ | 218 |  |  | $ | 1,336 |  |  | $ | 926,882 |  |  | $ | 928,218 |  |  | $ | — |  |  | $ | 1,115 |
The following table shows an aging analysis of the loan portfolio by class and the time past due at December 31, 2019 (in thousands):
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 90 Days Past Due |  | Total Past Due |  | Current |  | Total Loans |  | Recorded Investment > 90 Days Accruing |  | Non- accrual
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |  |  | $ | 102,524 |  |  | $ | 102,541 |  |  | $ | — |  |  | $ | 187 |
Agricultural production |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,159 |  |  | 23,159 |  |  | — |  |  | — |
Real estate: |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | — |  |  | 218 |  |  | — |  |  | 218 |  |  | 197,728 |  |  | 197,946 |  |  | — |  |  | 416 |
Real estate construction and other land loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 73,718 |  |  | 73,718 |  |  | — |  |  | — |
Commercial real estate |  | — |  |  | 381 |  |  | — |  |  | 381 |  |  | 328,952 |  |  | 329,333 |  |  | — |  |  | 381 |
Agricultural real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 76,304 |  |  | 76,304 |  |  | — |  |  | 321 |
Other real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 31,241 |  |  | 31,241 |  |  | — |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | — |  |  | — |  |  | — |  |  | — |  |  | 64,841 |  |  | 64,841 |  |  | — |  |  | 388 |
Consumer and installment |  | 168 |  |  | — |  |  | — |  |  | 168 |  |  | 42,614 |  |  | 42,782 |  |  | — |  |  | — |
Total |  | $ | 185 |  |  | $ | 599 |  |  | $ | — |  |  | $ | 784 |  |  | $ | 941,081 |  |  | $ | 941,865 |  |  | $ | — |  |  | $ | 1,693 |
The following table shows information related to impaired loans by class at March 31, 2020 (in thousands):
|  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance recorded: |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 13 |  |  | $ | 14 |  |  | $ | — |
Real estate: |  |  |  |  |  |  |  |  |
Owner occupied |  | 411 |  |  | 424 |  |  | — |
Commercial real estate |  | 1,083 |  |  | 1,351 |  |  | — |
Agricultural real estate |  | 232 |  |  | 237 |  |  | — |
Total real estate |  | 1,726 |  |  | 2,012 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 279 |  |  | 325 |  |  | — |
Total with no related allowance recorded |  | 2,018 |  |  | 2,351 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 12,132 |  |  | 12,134 |  |  | 158 |
Agricultural production |  | 850 |  |  | 850 |  |  | 17 |
Total commercial |  | 12,982 |  |  | 12,984 |  |  | 175 |
Real estate: |  |  |  |  |  |  |  |  |
Commercial real estate |  | 150 |  |  | 151 |  |  | 3 |
Consumer: |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 963 |  |  | 963 |  |  | 16 |
Total with an allowance recorded |  | 14,095 |  |  | 14,098 |  |  | 194 |
Total |  | $ | 16,113 |  |  | $ | 16,449 |  |  | $ | 194 |
The recorded investment in loans excludes accrued interest receivable and net loan origination fees, due to immateriality. The following table shows information related to impaired loans by class at December 31, 2019 (in thousands):
|  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance
With no related allowance recorded: |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 163 |  |  | $ | 432 |  |  | $ | — |
Real estate: |  |  |  |  |  |  |  |  |
Owner occupied |  | 416 |  |  | 426 |  |  | — |
Real estate construction and other land loans |  | — |  |  | — |  |  | — |
Commercial real estate |  | 1,110 |  |  | 1,361 |  |  | — |
Agricultural real estate |  | 321 |  |  | 321 |  |  | — |
Total real estate |  | 1,847 |  |  | 2,108 |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 220 |  |  | 256 |  |  | — |
Total with no related allowance recorded |  | 2,230 |  |  | 2,796 |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 24 |  |  | 27 |  |  | 2 |
Real estate: |  |  |  |  |  |  |  |  |
Commercial real estate |  | 152 |  |  | 153 |  |  | 3 |
Agricultural real estate |  | 37 |  |  | 37 |  |  | — |
Total real estate |  | 189 |  |  | 190 |  |  | 3 |
Consumer: |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 1,291 |  |  | 1,292 |  |  | 35 |
Total with an allowance recorded |  | 1,504 |  |  | 1,509 |  |  | 40 |
Total |  | $ | 3,734 |  |  | $ | 4,305 |  |  | $ | 40 |
The recorded investment in loans excludes accrued interest receivable and net loan origination fees, due to immateriality. The following tables present by class, information related to the average recorded investment and interest income recognized on impaired loans for the three months ended March 31, 2020 and 2019 (in thousands).
|  | Three Months Ended March 31, 2020 |  | Three Months Ended March 31, 2019
|  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 121 |  |  | $ | — |  |  | $ | 249 |  |  | $ | — |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | 413 |  |  | — |  |  | 213 |  |  | — |
Real estate construction and other land loans |  | — |  |  | — |  |  | 2,217 |  |  | 16 |
Commercial real estate |  | 1,101 |  |  | 12 |  |  | 1,171 |  |  | 12 |
Agricultural real estate |  | 258 |  |  | — |  |  | — |  |  | — |
Total real estate |  | 1,772 |  |  | 12 |  |  | 3,601 |  |  | 28 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 300 |  |  | 3 |  |  | 196 |  |  | 1 |
Total with no related allowance recorded |  | 2,193 |  |  | 15 |  |  | 4,046 |  |  | 29 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 3,048 |  |  | 173 |  |  | 84 |  |  | 1 |
Agricultural production |  | 212 |  |  | 12 |  |  | — |  |  | — |
Total commercial |  | 3,260 |  |  | 185 |  |  | 84 |  |  | 1 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | 151 |  |  | 3 |  |  | 572 |  |  | 3 |
Agricultural real estate |  | 19 |  |  | — |  |  | 44 |  |  | 1 |
Total real estate |  | 170 |  |  | 3 |  |  | 616 |  |  | 4 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 1,124 |  |  | 14 |  |  | 1,105 |  |  | 14 |
Consumer and installment |  | 3 |  |  | — |  |  | — |  |  | — |
Total consumer |  | 1,127 |  |  | 14 |  |  | 1,105 |  |  | 14 |
Total with an allowance recorded |  | 4,557 |  |  | 202 |  |  | 1,805 |  |  | 19 |
Total |  | $ | 6,750 |  |  | $ | 217 |  |  | $ | 5,851 |  |  | $ | 48 |
Foregone interest on nonaccrual loans totaled $24,000 and $32,000 for the three month periods ended March 31, 2020 and 2019, respectively. Troubled Debt Restructurings: As of March 31, 2020 and December 31, 2019, the Company has a recorded investment in troubled debt restructurings of $15,085,000 and $2,362,000, respectively. The Company has allocated $193,000 and $38,000 of specific reserves to loans whose terms have been modified in troubled debt restructurings as of March 31, 2020 and December 31, 2019, respectively. The Company has committed to lend no additional amounts as of March 31, 2020 to customers with outstanding loans that are classified as troubled debt restructurings. During the three months ended March 31, 2020, two loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk. During the same period, there were no troubled debt restructurings in which the amount of principal or accrued interest owed from the borrower was forgiven or which resulted in a charge-off or change to the allowance for loan losses. The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ended March 31, 2020 (in thousands):
Troubled Debt Restructurings: |  | Number of Loans |  | Pre-Modification Outstanding Recorded Investment (1) |  | Principal Modification (2) |  | Post Modification Outstanding Recorded Investment (3) |  | Outstanding Recorded Investment
Commercial: |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 1 |  |  | $ | 12,925 |  |  | $ | — |  |  | $ | 12,925 |  |  | $ | 12,125 |
Agricultural production |  | 1 |  |  | 850 |  |  | — |  |  | 850 |  |  | 850 |
Total |  | 2 |  |  | $ | 13,775 |  |  | $ | — |  |  | $ | 13,775 |  |  | $ | 12,975 |
(1) | Amounts represent the recorded investment in loans before recognizing effects of the Troubled Debt Restructurings, if any.
(2) | Principal modification includes principal forgiveness at the time of modification, contingent principal forgiveness granted over the life of the loan based on borrower performance, and principal that has been legally separated and deferred to the end of the loan, with zero percent contractual interest rate.
(3) | Balance outstanding after principal modification, if any borrower reduction to recorded investment.
The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ended March 31, 2019 (in thousands):
Troubled Debt Restructurings: |  | Number of Loans |  | Pre-Modification Outstanding Recorded Investment (1) |  | Principal Modification (2) |  | Post Modification Outstanding Recorded Investment (3) |  | Outstanding Recorded Investment
Consumer: |  |  |  |  |  |  |  |  |  |  |
Equity loans and lines of credit |  | 1 |  |  | $ | 13 |  |  | — |  | $ | 13 |  |  | $ | 13 |
Total |  | 1 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 13 |
Troubled Debt Restructuring
Troubled Debt Restructuring
A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no defaults on troubled debt restructurings, within twelve months following the modification, during the three months ended and three months ended March 31, 2020 or March 31, 2019.

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