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Allowance for Loan Losses | 3 Months Ended
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Mar. 31, 2020
Text Block [Abstract] |
Allowance for Loan Losses | (5) Allowance for Loan Losses Management has an established methodology for determining the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. For purposes of determining the allowance for loan losses, the Company has segmented certain loans in the portfolio by product type. Loss migration rates for each risk category are calculated and used as the basis for calculating loan loss allowance allocations. Loss migration rates are calculated over a three-year period for all portfolio segments. Management also considers certain economic factors for trends that management uses to account for the qualitative and environmental changes in risk, which affects the level of the reserve. The following economic factors are analyzed:
| • | Changes in lending policies and procedures
| • | Changes in experience and depth of lending and management staff
| • | Changes in quality of credit review system
| • | Changes in nature and volume of the loan portfolio
| • | Changes in past due, classified and nonaccrual loans and TDRs
| • | Changes in economic and business conditions
| • | Changes in competition or legal and regulatory requirements
| • | Changes in concentrations within the loan portfolio
| • | Changes in the underlying collateral for collateral dependent loans
The total allowance reflects management’s estimate of loan losses inherent in the loan portfolio at the balance sheet date. The Company considers the allowance for loan losses of $16,948 adequate to cover loan losses inherent in the loan portfolio, at March 31, 2020. The following tables present, by portfolio segment, the changes in the allowance for loan losses for the three months ended March 31, 2020. Allowance for loan losses:
For the three months ended March 31, 2020 |  | Beginning balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provision |  |  | Ending Balance |
Commercial & Agriculture |  | $ | 2,219 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 180 |  |  | $ | 2,400 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 2,541 |  |  |  | — |  |  |  | 7 |  |  |  | 262 |  |  |  | 2,810 |
Non-Owner Occupied |  |  | 6,584 |  |  |  | — |  |  |  | 3 |  |  |  | 1,030 |  |  |  | 7,617 |
Residential Real Estate |  |  | 1,582 |  |  |  | (23 | ) |  |  | 48 |  |  |  | 343 |  |  |  | 1,950 |
Real Estate Construction |  |  | 1,250 |  |  |  | — |  |  |  | 1 |  |  |  | 355 |  |  |  | 1,606 |
Farm Real Estate |  |  | 344 |  |  |  | — |  |  |  | 2 |  |  |  | (36 | ) |  |  | 310 |
Consumer and Other |  |  | 247 |  |  |  | (1 | ) |  |  | 17 |  |  |  | (17 | ) |  |  | 246 |
Unallocated |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 9 |
Total |  | $ | 14,767 |  |  | $ | (24 | ) |  | $ | 79 |  |  | $ | 2,126 |  |  | $ | 16,948 |
For the three months ended March 31, 2020, the Company provided $2,126 to the allowance for loan losses. The provision was the result of an increase in the bank’s qualitative factors related to the economic shutdown that is driven by COVID-19 pandemic. Economic impacts include the loss of revenue being experience by our business clients, additional employee costs for businesses due to the pandemic, higher unemployment rates throughout our footprint and a large percentage of customers requesting payment relief. In addition, the allowance for Commercial & Agriculture loans increased due to an increase in general reserves required for this type as a result of an increase in loss rates. The result was represented as an increase in the provision. The allowance for Commercial Real Estate – Owner Occupied loans increased due to an increase in general reserves required for this type as a result of higher loan balances and an increase in loss rates. The result was represented as an increase in the provision. The allowance for Commercial Real Estate – Non-Owner Occupied loans increased due to an increase in general reserves required as a result of an increase in loan balances and loss rates. This was represented as an increase in the provision. The allowance for Residential Real Estate loans increased due to an increase in general reserves required for this type as a result of an increase in loss rates, represented by an increase in the provision. The allowance for Real Estate Construction loans increased due to an increase in general reserves required as a result of an increase in loan balances and loss rates, represented by an increase in the provision. The allowance for Farm Real Estate loans decreased due to a decrease in general reserves required as a result of a decrease in loan balances and loss rates. The result was represented as a decrease in the provision. The allowance for Consumer and Other loans decreased due to a decrease in loss rates. The result was represented as a decrease in the provision. Management feels that the unallocated amount is appropriate and within the relevant range for the allowance that is reflective of the risk in the portfolio at March 31, 2020. Allowance for loan losses:
For the three months ended March 31, 2019 |  | Beginning balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provision |  |  | Ending Balance |
Commercial & Agriculture |  | $ | 1,747 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 86 |  |  | $ | 1,834 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 1,962 |  |  |  | (60 | ) |  |  | 223 |  |  |  | (146 | ) |  |  | 1,979 |
Non-Owner Occupied |  |  | 5,803 |  |  |  | — |  |  |  | 14 |  |  |  | 172 |  |  |  | 5,989 |
Residential Real Estate |  |  | 1,531 |  |  |  | (98 | ) |  |  | 124 |  |  |  | (123 | ) |  |  | 1,434 |
Real Estate Construction |  |  | 1,046 |  |  |  | (24 | ) |  |  | — |  |  |  | (51 | ) |  |  | 971 |
Farm Real Estate |  |  | 397 |  |  |  | — |  |  |  | 1 |  |  |  | (32 | ) |  |  | 366 |
Consumer and Other |  |  | 284 |  |  |  | (57 | ) |  |  | 19 |  |  |  | 5 |  |  |  | 251 |
Unallocated |  |  | 909 |  |  |  | — |  |  |  | — |  |  |  | 89 |  |  |  | 998 |
Total |  | $ | 13,679 |  |  | $ | (239 | ) |  | $ | 382 |  |  | $ | — |  |  | $ | 13,822 |
For the three months ended March 31, 2019, the allowance for Commercial & Agriculture loans increased due to an increase in general reserves required for this type as a result of higher loan balances. The result was represented as an increase in the provision. The allowance for Commercial Real Estate –Owner Occupied loans increased due to an increase in general reserves required as a result of higher loan balances, offset by lower loss rates and recoveries on previously charged off amounts. This was represented as a decrease in the provision. The allowance for Commercial Real Estate – Non-Owner Occupied loans increased due to an increase in general reserves required as a result of higher loan balances. This was represented as an increase in the provision. The allowance for Residential Real Estate loans was reduced by a decrease in general reserves required for this type as a result of a decrease in loss rates and recoveries on previously charged off amounts, represented by a decrease in the provision. The allowance for Real Estate Construction loans decreased due to a decrease in general reserves required as a result of lower loan balances. The allowance for Farm Real Estate loans was reduced by a decrease in general reserves required for this type as a result of lower outstanding loan balances. The result was represented as a decrease in the provision. The following tables present, by portfolio segment, the allocation of the allowance for loan losses and related loan balances as of March 31, 2020 and December 31, 2019.
March 31, 2020 |  | Loans acquired with credit deterioration |  |  | Loans individually evaluated for impairment |  |  | Loans collectively evaluated for impairment |  |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Agriculture |  | $ | — |  |  | $ | — |  |  | $ | 2,400 |  |  | $ | 2,400 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | — |  |  |  | 9 |  |  |  | 2,801 |  |  |  | 2,810 |
Non-Owner Occupied |  |  | — |  |  |  | — |  |  |  | 7,617 |  |  |  | 7,617 |
Residential Real Estate |  |  | — |  |  |  | 83 |  |  |  | 1,867 |  |  |  | 1,950 |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | 1,606 |  |  |  | 1,606 |
Farm Real Estate |  |  | — |  |  |  | — |  |  |  | 310 |  |  |  | 310 |
Consumer and Other |  |  | — |  |  |  | — |  |  |  | 246 |  |  |  | 246 |
Unallocated |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 9 |
Total |  | $ | — |  |  | $ | 92 |  |  | $ | 16,856 |  |  | $ | 16,948 |
Outstanding loan balances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Agriculture |  | $ | — |  |  | $ | — |  |  | $ | 201,860 |  |  | $ | 201,860 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | — |  |  |  | 415 |  |  |  | 255,218 |  |  |  | 255,633 |
Non-Owner Occupied |  |  | — |  |  |  | 371 |  |  |  | 615,821 |  |  |  | 616,192 |
Residential Real Estate |  |  | 484 |  |  |  | 1,742 |  |  |  | 456,252 |  |  |  | 458,478 |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | 163,807 |  |  |  | 163,807 |
Farm Real Estate |  |  | — |  |  |  | 665 |  |  |  | 31,487 |  |  |  | 32,152 |
Consumer and Other |  |  | — |  |  |  | — |  |  |  | 15,003 |  |  |  | 15,003 |
Total |  | $ | 484 |  |  | $ | 3,193 |  |  | $ | 1,739,448 |  |  | $ | 1,743,125 |
December 31, 2019 |  | Loans acquired with credit deterioration |  |  | Loans individually evaluated for impairment |  |  | Loans collectively evaluated for impairment |  |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Agriculture |  | $ | — |  |  | $ | — |  |  | $ | 2,219 |  |  | $ | 2,219 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | — |  |  |  | 9 |  |  |  | 2,532 |  |  |  | 2,541 |
Non-Owner Occupied |  |  | — |  |  |  | — |  |  |  | 6,584 |  |  |  | 6,584 |
Residential Real Estate |  |  | — |  |  |  | 82 |  |  |  | 1,500 |  |  |  | 1,582 |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | 1,250 |  |  |  | 1,250 |
Farm Real Estate |  |  | — |  |  |  | — |  |  |  | 344 |  |  |  | 344 |
Consumer and Other |  |  | — |  |  |  | — |  |  |  | 247 |  |  |  | 247 |
Unallocated |  |  | — |  |  |  | — |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | — |  |  | $ | 91 |  |  | $ | 14,676 |  |  | $ | 14,767 |
Outstanding loan balances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Agriculture |  | $ | — |  |  | $ | 367 |  |  | $ | 202,743 |  |  | $ | 203,110 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | — |  |  |  | 426 |  |  |  | 245,180 |  |  |  | 245,606 |
Non-Owner Occupied |  |  | — |  |  |  | 374 |  |  |  | 591,848 |  |  |  | 592,222 |
Residential Real Estate |  |  | 467 |  |  |  | 1,764 |  |  |  | 460,801 |  |  |  | 463,032 |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | 155,825 |  |  |  | 155,825 |
Farm Real Estate |  |  | — |  |  |  | 666 |  |  |  | 33,448 |  |  |  | 34,114 |
Consumer and Other |  |  | — |  |  |  | — |  |  |  | 15,061 |  |  |  | 15,061 |
Total |  | $ | 467 |  |  | $ | 3,597 |  |  | $ | 1,704,906 |  |  | $ | 1,708,970 |
The following tables present credit exposures by internally assigned risk grades as of March 31, 2020 and December 31, 2019. The risk rating analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled or at all. The Company’s internal credit risk grading system is based on experiences with similarly graded loans. The Company’s internally assigned risk grades are as follows:
| • | Pass – loans which are protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral.
| • | Special Mention – loans where a potential weakness or risk exists, which could cause a more serious problem if not corrected.
| • | Substandard – loans that have a well-defined weakness based on objective evidence and are characterized by the distinct possibility that Civista will sustain some loss if the deficiencies are not corrected.
| • | Doubtful – loans classified as doubtful have all the weaknesses inherent in a substandard asset. In addition, these weaknesses make collection or liquidation in full highly questionable and improbable, based on existing circumstances.
| • | Loss – loans classified as a loss are considered uncollectible, or of such value that continuance as an asset is not warranted.
Generally, Residential Real Estate, Real Estate Construction and Consumer and Other loans are not risk-graded, except when collateral is used for a business purpose. Only those loans that have been risk rated are included below.
March 31, 2020 |  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Ending Balance |
Commercial & Agriculture |  | $ | 197,330 |  |  | $ | 2,121 |  |  | $ | 2,409 |  |  | $ | — |  |  | $ | 201,860 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 246,602 |  |  |  | 5,970 |  |  |  | 3,061 |  |  |  | — |  |  |  | 255,633 |
Non-Owner Occupied |  |  | 612,645 |  |  |  | 2,126 |  |  |  | 1,421 |  |  |  | — |  |  |  | 616,192 |
Residential Real Estate |  |  | 72,553 |  |  |  | 507 |  |  |  | 6,413 |  |  |  | — |  |  |  | 79,473 |
Real Estate Construction |  |  | 148,589 |  |  |  | — |  |  |  | 9 |  |  |  | — |  |  |  | 148,598 |
Farm Real Estate |  |  | 28,980 |  |  |  | 551 |  |  |  | 2,621 |  |  |  | — |  |  |  | 32,152 |
Consumer and Other |  |  | 779 |  |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | 793 |
Total |  | $ | 1,307,478 |  |  | $ | 11,275 |  |  | $ | 15,948 |  |  | $ | — |  |  | $ | 1,334,701 |
December 31, 2019 |  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Ending Balance |
Commercial & Agriculture |  | $ | 199,649 |  |  | $ | 2,236 |  |  | $ | 1,225 |  |  | $ | — |  |  | $ | 203,110 |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 237,171 |  |  |  | 5,617 |  |  |  | 2,818 |  |  |  | — |  |  |  | 245,606 |
Non-Owner Occupied |  |  | 588,633 |  |  |  | 2,155 |  |  |  | 1,434 |  |  |  | — |  |  |  | 592,222 |
Residential Real Estate |  |  | 73,289 |  |  |  | 528 |  |  |  | 6,495 |  |  |  | — |  |  |  | 80,312 |
Real Estate Construction |  |  | 145,251 |  |  |  | — |  |  |  | 9 |  |  |  | — |  |  |  | 145,260 |
Farm Real Estate |  |  | 30,808 |  |  |  | 567 |  |  |  | 2,739 |  |  |  | — |  |  |  | 34,114 |
Consumer and Other |  |  | 1,289 |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 1,295 |
Total |  | $ | 1,276,090 |  |  | $ | 11,103 |  |  | $ | 14,726 |  |  | $ | — |  |  | $ | 1,301,919 |
The following tables present performing and nonperforming loans based solely on payment activity for the periods ended March 31, 2020 and December 31, 2019 that have not been assigned an internal risk grade. The types of loans presented here are not assigned a risk grade unless there is evidence of a problem. Payment activity is reviewed by management on a monthly basis to evaluate performance. Loans are considered to be nonperforming when they become 90 days past due and if management determines that we may not collect all of our principal and interest. Nonperforming loans also include certain loans that have been modified in Troubled Debt Restructurings (TDRs) where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions due to economic status. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months.
March 31, 2020 |  | Residential Real Estate |  |  | Real Estate Construction |  |  | Consumer and Other |  |  | Total |
Performing |  | $ | 379,005 |  |  | $ | 15,209 |  |  | $ | 14,193 |  |  | $ | 408,407 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | 17 |
Total |  | $ | 379,005 |  |  | $ | 15,209 |  |  | $ | 14,210 |  |  | $ | 408,424 |
December 31, 2019 |  | Residential Real Estate |  |  | Real Estate Construction |  |  | Consumer and Other |  |  | Total |
Performing |  | $ | 382,720 |  |  | $ | 10,565 |  |  | $ | 13,766 |  |  | $ | 407,051 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 382,720 |  |  | $ | 10,565 |  |  | $ | 13,766 |  |  | $ | 407,051 |
The following tables include an aging analysis of the recorded investment of past due loans outstanding as of March 31, 2020 and December 31, 2019.
March 31, 2020 |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or Greater |  |  | Total Past Due |  |  | Current |  |  | Purchased Credit- Impaired Loans |  |  | Total Loans |  |  | Past Due 90 Days and Accruing |
Commercial & Agriculture |  | $ | 422 |  |  | $ | — |  |  | $ | 120 |  |  | $ | 542 |  |  | $ | 201,318 |  |  | $ | — |  |  | $ | 201,860 |  |  | $ | — |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 179 |  |  |  | 327 |  |  |  | 592 |  |  |  | 1,098 |  |  |  | 254,535 |  |  |  | — |  |  |  | 255,633 |  |  |  | — |
Non-Owner Occupied |  |  | 170 |  |  |  | — |  |  |  | 8 |  |  |  | 178 |  |  |  | 616,014 |  |  |  | — |  |  |  | 616,192 |  |  |  | — |
Residential Real Estate |  |  | 3,323 |  |  |  | 79 |  |  |  | 1,962 |  |  |  | 5,364 |  |  |  | 452,630 |  |  |  | 484 |  |  |  | 458,478 |  |  |  | — |
Real Estate Construction |  |  | 50 |  |  |  | — |  |  |  | — |  |  |  | 50 |  |  |  | 163,757 |  |  |  | — |  |  |  | 163,807 |  |  |  | — |
Farm Real Estate |  |  | 26 |  |  |  | — |  |  |  | 6 |  |  |  | 32 |  |  |  | 32,120 |  |  |  | — |  |  |  | 32,152 |  |  |  | — |
Consumer and Other |  |  | 72 |  |  |  | 40 |  |  |  | 20 |  |  |  | 132 |  |  |  | 14,871 |  |  |  | — |  |  |  | 15,003 |  |  |  | 17 |
Total |  | $ | 4,242 |  |  | $ | 446 |  |  | $ | 2,708 |  |  | $ | 7,396 |  |  | $ | 1,735,245 |  |  | $ | 484 |  |  | $ | 1,743,125 |  |  | $ | 17 |
December 31, 2019 |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or Greater |  |  | Total Past Due |  |  | Current |  |  | Purchased Credit- Impaired Loans |  |  | Total Loans |  |  | Past Due 90 Days and Accruing |
Commercial & Agriculture |  | $ | 27 |  |  | $ | 35 |  |  | $ | 106 |  |  | $ | 168 |  |  | $ | 202,942 |  |  | $ | — |  |  | $ | 203,110 |  |  | $ | — |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 453 |  |  |  | 63 |  |  |  | 663 |  |  |  | 1,179 |  |  |  | 244,427 |  |  |  | — |  |  |  | 245,606 |  |  |  | — |
Non-Owner Occupied |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | 8 |  |  |  | 592,214 |  |  |  | — |  |  |  | 592,222 |  |  |  | — |
Residential Real Estate |  |  | 2,399 |  |  |  | 198 |  |  |  | 1,775 |  |  |  | 4,372 |  |  |  | 458,193 |  |  |  | 467 |  |  |  | 463,032 |  |  |  | — |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 155,825 |  |  |  | — |  |  |  | 155,825 |  |  |  | — |
Farm Real Estate |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | 7 |  |  |  | 34,107 |  |  |  | — |  |  |  | 34,114 |  |  |  | — |
Consumer and Other |  |  | 129 |  |  |  | 46 |  |  |  | — |  |  |  | 175 |  |  |  | 14,886 |  |  |  | — |  |  |  | 15,061 |  |  |  | — |
Total |  | $ | 3,008 |  |  | $ | 342 |  |  | $ | 2,559 |  |  | $ | 5,909 |  |  | $ | 1,702,594 |  |  | $ | 467 |  |  | $ | 1,708,970 |  |  | $ | — |
The following table presents loans on nonaccrual status, excluding purchased credit-impaired (PCI) loans, as of March 31, 2020 and December 31, 2019.
|  | March 31, 2020 |  |  | December 31, 2019 |
Commercial & Agriculture |  | $ | 160 |  |  | $ | 173 |
Commercial Real Estate: |  |  |  |  |  |  |  |
Owner Occupied |  |  | 855 |  |  |  | 938 |
Non-Owner Occupied |  |  | 8 |  |  |  | 8 |
Residential Real Estate |  |  | 4,256 |  |  |  | 4,183 |
Real Estate Construction |  |  | 9 |  |  |  | 9 |
Farm Real Estate |  |  | 274 |  |  |  | 284 |
Consumer and Other |  |  | 12 |  |  |  | 4 |
Total |  | $ | 5,574 |  |  | $ | 5,599 |
Nonaccrual Loans: Loans are considered for nonaccrual status upon reaching 90 days delinquency, unless the loan is well secured and in the process of collection, although the Company may be receiving partial payments of interest and partial repayments of principal on such loans. When a loan is placed on nonaccrual status, previously accrued but unpaid interest is deducted from interest income. Payments received on nonaccrual loans are applied to the unpaid principal balance. A loan may be returned to accruing status only if one of three conditions are met: the loan is well-secured and none of the principal and interest has been past due for a minimum of 90 days; the loan is a TDR and has made a minimum of six months payments; or the principal and interest payments are reasonably assured and a sustained period of performance has occurred, generally six months. Modifications: A modification of a loan constitutes a TDR when the Company for economic or legal reasons related to a borrower’s financial difficulties grants a concession to the borrower that it would not otherwise consider. The Company offers various types of concessions when modifying a loan, however, forgiveness of principal is rarely granted. Commercial Real Estate loans modified in a TDR often involve reducing the interest rate lower than the current market rate for new debt with similar risk. Residential Real Estate loans modified in a TDR primarily involve interest rate reductions where monthly payments are lowered to accommodate the borrowers’ financial needs. Loans modified in a TDR are typically already on non-accrual status and partial charge-offs have in some cases already been taken against the outstanding loan balance. As a result, loans modified in a TDR may have the financial effect of increasing the specific allowance associated with the loan. An allowance for impaired loans that have been modified in a TDR are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, less any selling costs, if the loan is collateral dependent. Management exercises significant judgment in developing these estimates. As of March 31, 2020, TDRs accounted for $92 of the allowance for loan losses. As of December 31, 2019, TDRs accounted for $91 of the allowance for loan losses. There were no loans modified as TDRs during the period ended March 31, 2020. Loan modifications that are considered TDRs completed during the period ended March 31, 2019 were as follows:
|  | For the Three-Month Period Ended |
|  | March 31, 2019 |
|  | Number of Contracts |  |  | Pre- Modification Outstanding Recorded Investment |  |  | Post- Modification Outstanding Recorded Investment |
Commercial & Agriculture |  |  | — |  |  | $ | — |  |  | $ | — |
Commercial Real Estate—Owner Occupied |  |  | — |  |  |  | — |  |  |  | — |
Commercial Real Estate—Non-Owner Occupied |  |  | 1 |  |  |  | 382 |  |  |  | 382 |
Residential Real Estate |  |  | — |  |  |  | — |  |  |  | — |
Real Estate Construction |  |  | — |  |  |  | — |  |  |  | — |
Farm Real Estate |  |  | — |  |  |  | — |  |  |  | — |
Consumer and Other |  |  | — |  |  |  | — |  |  |  | — |
Total Loan Modifications |  |  | 1 |  |  | $ | 382 |  |  | $ | 382 |
Recidivism, or the borrower defaulting on its obligation pursuant to a modified loan, results in the loan once again becoming a non-accrual loan. Recidivism occurs at a notably higher rate than do defaults on new origination loans, so modified loans present a higher risk of loss than do new origination loans. During both the three-month periods ended March 31, 2020 and March 31, 2019, there were no defaults on loans that were modified and considered TDRs during the respective previous twelve months. Impaired Loans: Larger (greater than $350) Commercial & Agricultural and Commercial Real Estate loan relationships, all TDRs and Residential Real Estate and Consumer loans that are part of a larger relationship are tested for impairment on a quarterly basis. These loans are analyzed to determine if it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. The following table includes the recorded investment and unpaid principal balances for impaired loans, excluding PCI loans, with the associated allowance amount, if applicable, as of March 31, 2020 and December 31, 2019.
|  | March 31, 2020 |  |  | December 31, 2019 |
|  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Agriculture |  | $ | — |  |  | $ | — |  |  |  |  |  |  | $ | 367 |  |  | $ | 367 |  |  |  |  |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 162 |  |  |  | 162 |  |  |  |  |  |  |  | 168 |  |  |  | 168 |  |  |  |  |
Non-Owner Occupied |  |  | 371 |  |  |  | 371 |  |  |  |  |  |  |  | 374 |  |  |  | 374 |  |  |  |  |
Residential Real Estate |  |  | 1,555 |  |  |  | 1,627 |  |  |  |  |  |  |  | 1,571 |  |  |  | 1,643 |  |  |  |  |
Farm Real Estate |  |  | 665 |  |  |  | 665 |  |  |  |  |  |  |  | 666 |  |  |  | 666 |  |  |  |  |
Total |  |  | 2,753 |  |  |  | 2,825 |  |  |  |  |  |  |  | 3,146 |  |  |  | 3,218 |  |  |  |  |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 253 |  |  |  | 253 |  |  | $ | 9 |  |  |  | 258 |  |  |  | 258 |  |  | $ | 9 |
Residential Real Estate |  |  | 187 |  |  |  | 191 |  |  |  | 83 |  |  |  | 193 |  |  |  | 197 |  |  |  | 82 |
Farm Real Estate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 440 |  |  |  | 444 |  |  |  | 92 |  |  |  | 451 |  |  |  | 455 |  |  |  | 91 |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Agriculture |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 367 |  |  |  | 367 |  |  |  | — |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  |  | 415 |  |  |  | 415 |  |  |  | 9 |  |  |  | 426 |  |  |  | 426 |  |  |  | 9 |
Non-Owner Occupied |  |  | 371 |  |  |  | 371 |  |  |  | — |  |  |  | 374 |  |  |  | 374 |  |  |  | — |
Residential Real Estate |  |  | 1,742 |  |  |  | 1,818 |  |  |  | 83 |  |  |  | 1,764 |  |  |  | 1,840 |  |  |  | 82 |
Farm Real Estate |  |  | 665 |  |  |  | 665 |  |  |  | — |  |  |  | 666 |  |  |  | 666 |  |  |  | — |
Total |  | $ | 3,193 |  |  | $ | 3,269 |  |  | $ | 92 |  |  | $ | 3,597 |  |  | $ | 3,673 |  |  | $ | 91 |
The following table includes the average recorded investment and interest income recognized for impaired financing receivables for the three-month periods ended March 31, 2020 and 2019.
|  | March 31, 2020 |  |  | March 31, 2019 |
For the three months ended |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
Commercial & Agriculture |  | $ | 183 |  |  | $ | 4 |  |  | $ | 367 |  |  | $ | 6 |
Commercial Real Estate—Owner Occupied |  |  | 421 |  |  |  | 7 |  |  |  | 478 |  |  |  | 8 |
Commercial Real Estate—Non-Owner Occupied |  |  | 372 |  |  |  | 5 |  |  |  | 206 |  |  |  | 4 |
Residential Real Estate |  |  | 1,753 |  |  |  | 13 |  |  |  | 1,213 |  |  |  | 16 |
Farm Real Estate |  |  | 666 |  |  |  | 7 |  |  |  | 694 |  |  |  | 7 |
Total |  | $ | 3,395 |  |  | $ | 36 |  |  | $ | 2,958 |  |  | $ | 41 |
Changes in the amortizable yield for PCI loans were as follows, since acquisition:
|  | For the Three-Month Period Ended March 31, 2020 |  |  | For the Three-Month Period Ended March 31, 2019 |
|  | (In Thousands) |  |  | (In Thousands) |
Balance at beginning of period |  | $ | 255 |  |  | $ | 336 |
Acquisition of PCI loans |  |  | — |  |  |  | — |
Accretion |  |  | (162 | ) |  |  | (10 | )
Transfer from non-accretable to accretable |  |  | 113 |  |  |  | — |
Balance at end of period |  | $ | 206 |  |  | $ | 326 |
The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30:
|  | At March 31, 2020 |  |  | At December 31, 2019 |
|  | Acquired Loans with Specific Evidence of Deterioration of Credit Quality (ASC 310-30) |  |  | Acquired Loans with Specific Evidence of Deterioration of Credit Quality (ASC 310-30) |
|  | (In Thousands) |
Outstanding balance |  | $ | 1,004 |  |  | $ | 1,149 |
Carrying amount |  |  | 484 |  |  |  | 467 |
There was no allowance for loan losses recorded for acquired loans with or without specific evidence of deterioration in credit quality as of March 31, 2020 or December 31, 2019, respectively. Foreclosed Assets Held For Sale Foreclosed assets acquired in settlement of loans are carried at fair value less estimated costs to sell and are included in other assets on the Consolidated Balance Sheet. As of March 31, 2020 and December 31, 2019, respectively, there were no foreclosed assets included in other assets. As of March 31, 2020 and December 31, 2019, the Company had initiated formal foreclosure procedures on $881 and $1,022, respectively, of consumer residential mortgages.

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